MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	SHINI PLASTICS TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	C 204, Vaibhav Industrial Estate, Opposite Oxford Chamber, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.05.2009
Com. Reg. No.:	11-192522
Capital Investment / Paid-up Capital :	Rs.16.667 Millions
CIN No.: [Company Identification No.]	U29253MH2009PTC192522
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic machinery.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Datta Bhosle
Designation :	Accountant
Contact No.:	91-2135-660600
Date :	08.12.2014

LOCATIONS

Registered Office :	C 204, Vaibhav Industrial Estate, Opposite Oxford Chamber, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9594906911 (Ms. Harshadao)
Fax No.:	Not Available
E-Mail :	finance@shiniindia.com
Website :	www.shiniindia.com
Location:	Rented
Locality:	Commercial
Factory:	Plot No. A-46, Chakan Industrial Estate, Phase II, Vasu – Ii, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India

DIRECTORS

As on 29.09.2013

Name :	Mr. Janardhan Narsimha Bhat
Designation :	Director
Address :	115A/3950 Geet Govind Tilak Nagar, Chembur, Mumbai - 400 089, Maharashtra, India
Date of Birth/Age :	28.05.1962
Date of Appointment :	21.05.2009
DIN No.:	00401805
Name :	Mr. Nandkumar Kushe
Designation :	Director
Address :	103/Parle Neel Gagan Cooperative Hosing Society,P M Road Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	06.04.1963
Date of Appointment :	21.05.2009
DIN No.:	00546564
Name :	Win Hsing Wu Chen
Designation :	Director
Address :	3F., No.33, Lane 30, Sec. 2, Xinsheng S. Road, Taipie City, Taiwan, Taiwan, Province Of China 10650
Date of Birth/Age :	01.07.1946
Date of Appointment :	18.09.2009
DIN No.:	02752010
Name :	AI Cheng WU
Designation :	Director
Address :	No. 23, Minhe Street, Shulin City, Taipei County, Taiwan, Taiwan, Province Of China 23852
Date of Birth/Age :	13.09.1976
Date of Appointment :	18.09.2009
DIN No.:	02752042
Name :	I Fun WU
Designation :	Director
Address :	No. 23, Minhe Street, Shulin City, Taipei County, Taiwan, Taiwan, Province Of China 23852
Date of Birth/Age :	27.07.1944
Date of Appointment :	18.09.2009
DIN No.:	02752062
Name :	Chung Den WU
Designation :	Director
Address :	No. 23, Minhe Street, Shulin City, Taipei County, Taiwan, Taiwan, Province Of China 23852
Date of Birth/Age :	28.09.1971
Date of Appointment :	18.09.2009
DIN No.:	02752082
Name :	Chun Jui WU
Designation :	Director
Address :	10F, No. 2, Sec. 1, Fuxing Road, Xinzhuang City, Taipei County, Taiwan, Taiwan, Province Of China
Date of Birth/Age :	24.12.1969
Date of Appointment :	18.09.2009
DIN No.:	02752092
Name :	Mr. Chien Chou WU
Designation :	Director
Address :	13F, No. 500, Long-An Road, Xinzhuang City, Taipei County,, Taiwan, Taiwan, Province Of China - 24260
Date of Birth/Age :	26.10.1973
Date of Appointment :	18.09.2009
DIN No.:	02752118

KEY EXECUTIVES

Name :	Mr. Datta Bhosle
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2013

Names of Shareholders	No. of Shares
Janardhan Narsimha Bhat	1
Omkar Sales Private Limited, India	499999
ISP Holding, Mauritius	1166667
Total	1666667

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.00
Bodies corporate	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastic machinery.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Plastic machinery
Countries :	China Kuwait
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Denu, Pune, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Harish Hegde and Company Chartered Accountants
Address :	D-211, Ghatkopar Industrial Estate, LBS Marg, Behind R-City Mall, Ghtkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25007600
E-Mail :	info@harishhegde.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFH6834G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1666667	Equity Shares	Rs.10/- each	Rs. 16.667 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.667	16.667	16.667
(b) Reserves & Surplus	62.257	51.997	39.604
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	78.924	68.664	56.271
(3) Non-Current Liabilities
(a) long-term borrowings	163.704	69.957	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.600	0.600	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	164.304	70.557	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	40.950	30.960	39.769
(c) Other current liabilities	6.029	1.988	1.811
(d) Short-term provisions	13.114	7.894	5.141
Total Current Liabilities (4)	60.093	40.842	46.721
TOTAL	303.321	180.063	102.992
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	115.196	73.274	12.833
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.114	0.002	-0.082
(d) Long-term Loan and Advances	4.043	3.614	3.237
(e) Other Non-current assets	122.140	41.949	33.888
Total Non-Current Assets	241.493	118.839	49.876
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32.305	34.454	31.068
(c) Trade receivables	8.528	10.446	12.028
(d) Cash and cash equivalents	1.283	9.463	2.210
(e) Short-term loans and advances	4.777	0.227	0.717
(f) Other current assets	14.935	6.634	7.093
Total Current Assets	61.828	61.224	53.116
TOTAL	303.321	180.063	102.992

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Turnover	123.195	122.192	93.394
	Other Income	8.839	2.728	0.000
	TOTAL	132.034	124.920	93.394
Less	EXPENSES	114.518	103.788	81.426
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	17.516	21.132	11.968
Less/ Add	DEPRECIATION/ AMORTISATION	2.261	2.330	2.276
	PROFIT/ (LOSS) BEFORE TAX	15.255	18.802	9.692
Less	TAX	4.994	6.405	3.097
	PROFIT/ (LOSS) AFTER TAX	10.261	12.397	6.595
	Earnings / (Loss) Per Share (Rs.)	6.16	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	150.000

The above information has been parted by Mr. Datta Bhosle (Accountant)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	8.33	10.15	7.06
Return on Total Assets (PBT/Total Assets}	(%)	5.03	10.44	9.40
Return on Investment (ROI) (PBT/Networth)		0.19	0.27	0.17
Debt Equity Ratio (Total Debt /Networth)		2.07	1.02	0.00
Current Ratio (Current Asset/Current Liability)		1.03	1.50	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.667	16.667	16.667
Reserves & Surplus	39.604	51.997	62.257
Net worth	56.271	68.664	78.924
long-term borrowings	0.000	69.957	163.704
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	69.957	163.704
Debt/Equity ratio	0.000	1.019	2.074

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	93.394	122.192	123.195
		30.835	0.821

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	93.394	122.192	123.195
Profit	6.595	12.397	10.261
	7.06%	10.15%	8.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS

The turnover was Rs.123.195 Millions during the year under report compared to Rs.122.192 Millions in the previous year. After providing for tax, the Company did earn a net profit at Rs.10.261 Millions as against Rs.12.392 Millions in the previous year. The company’s products have been well accepted by the industry and the Board expects to achieve better growth rate in the years to come.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
External Commercial Borrowings ISP Holding Inc	163.704	69.957
Total	163.704	69.957

FIXED ASSETS

• Land
• Building
• Air Conditioner
• Computer
• Furniture
• Office Equipment’s
• Electrical Installation
• Plant and Machinery
• Motor Car
• Scooter

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.