MIRA INFORM REPORT

Report Date :

09.01.2014

IDENTIFICATION DETAILS

Name :	MANIKA MOULDS PRIVATE LIMITED
Registered Office :	Aar-Pee Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.1996
Com. Reg. No.:	11-099111
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U74999MH1996PTC099111
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20410F
PAN No.: [Permanent Account No.]	AABCM4545Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter all types of plastic moulded products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2410000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Terms Bank Facilities = BBB
Rating Explanation	Moderate credit quality and average credit risk
Date	12.03.2013

Rating Agency Name	CARE
Rating	Short Terms Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	12.03.2013

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Bhavin Shah
Designation :	Accounts Executive
Contact No.:	91-22-42234300
Date :	08.01.2014

LOCATIONS

Registered Office / Corporate Office :	Aar-Pee Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28200992/ 42234300
Fax No.:	91-22-28200996
E-Mail :	info@manikamoulds.com bhavin@manikmoulds.com marketing@manikamoulds.com
Website :	http://www.manikamoulds.com
Area :	3500 Sq. Fts
Location :	Owned
Factory :	Located at · Silvassa · Dehradun · Hosur

DIRECTORS

As on 30.09.2013

Name :

Mr. Nikunj Mohanlal Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.05.1947

Qualification :

BSC

Date of Appointment :

25.04.1996

PAN No.:

AANPK7822K

DIN No.:

00877120

Name :

Mr. Munjal Nikunj Kapadia

Designation :

Director

Address :

Flat 602, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.08.1977

Qualification :

Graduate in Plastic Technologies

Date of Appointment :

25.04.1996

PAN No.:

AAMPK5015H

DIN No.:

00876921

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1996PTC099111	MANIKA MOULDS PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO

Name :

Mr. Mihir Nikunj Kapadia

Designation :

Director

Address :

Flat 703, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

09.04.1979

Qualification :

BE in Production Engineering, Pain Plastically

Date of Appointment :

28.06.1997

PAN No.:

AAMPK9822E

DIN No.:

00877316

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1996PTC099111	MANIKA MOULDS PRIVATE LIMITED	Director	28/06/1997	28/06/1997	-	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
3	U25190MH2013PTC242987	DRIVE CONTAINERS PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Pratik Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

02.11.1983

Qualification :

Post Graduate in Plastic Technology

Date of Appointment :

05.11.2001

PAN No.:

AAMPK9823F

DIN No.:

00877370

KEY EXECUTIVES

Name :	Mr. Bhavin Shah
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Nikunj Mohanlal Kapadia	4000000
Malti Nikunj Kapadia	4000000
Munjal Nikunj Kapadia	4000000
Mihir Nikunj Kapadia	4000000
Pratik Nikunj Kapadia	4000000
Total	20000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter all types of plastic moulded products.

Products :

Product description	ITC Code
Other Parts (Battery Cases)	85079090

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

State Bank of India

Address: IFB, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel No.: 91-22-26819718

Contact Person : Mr. Vicky

Designation: Accounts Executive

Note: Mr. Vicky, accounts executive told that the company is vialing facilities CC = Rs.400.000 Millions and bill discounting Rs.38.900 Millions and he also told that relation with the bank is excellent.

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	87.109	149.157
Rupee term loans from others	0.000	0.065
Short Term Borrowings
Working capital loans from banks	500.772	387.493
Total	587.881	536.715

Banking Relations :	--
Auditors :
Name :	D G Thakarar and Associates Chartered Accountants
Address :	B-14, Shubhlaxmi, 2nd Floor, 8th Road, Santacruz (East), Mumbai-400055, Maharashtra, India
PAN :	AAAFD4545P
Subsidiary Company :	Aquiline INC FZE
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Manika Technoplast Private Limited CIN No.: U25200MH1999PTC118168

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 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	200.000	200.000	200.000
(b) Reserves & Surplus	403.115	255.019	200.318
(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)	603.115	455.019	400.318
(3) Non-Current Liabilities
(a) long-term borrowings	87.109	149.222	118.361
(b) Deferred tax liabilities (Net)	26.864	22.369	9.104
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	113.973	171.591	127.465
(4) Current Liabilities
(a) Short term borrowings	557.257	497.585	341.736
(b) Trade payables	354.012	254.924	226.376
(c) Other current liabilities	105.656	102.521	75.008
(d) Short-term provisions	2.083	11.457	0.000
Total Current Liabilities (4)	1019.008	866.487	643.120
TOTAL	1736.096	1493.097	1170.903
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	522.181	471.978	320.974
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	13.849	49.615	72.517
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	1.695	1.695
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.246	16.327	34.096
(e) Other Non-current assets	0.516	0.688	0.860
Total Non-Current Assets	549.792	540.303	430.142
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	462.436	373.274	335.160
(c) Trade receivables	536.238	471.496	325.153
(d) Cash and cash equivalents	87.819	69.441	55.007
(e) Short-term loans and advances	98.804	38.048	25.114
(f) Other current assets	1.007	0.535	0.327
Total Current Assets	1186.304	952.794	740.761
TOTAL	1736.096	1493.097	1170.903

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2192.948	1581.638	1598.914
		Other Income		NA	NA	NA
		TOTAL (A)		NA	NA	NA
Less	EXPENSES
		Cost of Materials Consumed
		Employee Benefits Expenses
		Other Expenses
		TOTAL (B)		NA	NA	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			346.910	246.942	282.855
Less	FINANCIAL EXPENSES (D)			141.404	114.285	69.310
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			205.506	132.657	213.545
Less	DEPRECIATION/ AMORTISATION (F)			54.814	44.770	33.510
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			150.692	87.887	180.035
Less	TAX (H)			2.596	33.186	22.416
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			148.096	54.701	157.619
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			95.018	80.317	73.098
Less	APPROPRIATIONS
			Transfer to General Reserve	100.000	40.000	150.400
	BALANCE CARRIED TO THE B/S			143.114	95.018	80.317
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	66.985	57.562	68.083
	TOTAL EARNINGS			66.985	57.562	68.083
	IMPORTS			NA	NA	144.489
	Earnings Per Share (Rs.)			7.40	2.73	7.88

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	6.87	5.56	11.26
Return on Total Assets (PBT/Total Assets}	(%)	8.82	6.17	16.96
Return on Investment (ROI) (PBT/Networth)		0.25	0.19	0.45
Debt Equity Ratio (Total Debt /Networth)		1.07	1.42	1.15
Current Ratio (Current Asset/Current Liability)		1.16	1.10	1.15

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	Yes
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 three 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand	56.485	110.092
Total	56.485	110.092

BUSINESS OPERATIONS:

The Company continues to retain its leadership position in its business segment.

Total Revenue for the company has increased from 1698.900 Millions to Rs.2369.900 Millions a growth of 40%.

The Company has registered a growth of 40% in operating profit (PBIDT) during the year which shows consistency with growth in revenue.

The operating Profit before tax has increased to Rs.150.600 Millions from Rs.87.800 Millions in the previous year showing thereby a growth of 72%.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10203917	09/05/2011 *	276,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch Sakinaka, 1st Floor,, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai, Maharashtra - 400072, INDIA	B12695219
2	10193822	22/03/2013 *	901,000,000.00	State Bank of India (Lead Bank)	IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai, Maharashtra - 400069, INDIA	B71825855

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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.62.24
UK Pound	1	Rs.102.17
Euro	1	Rs.84.82

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.