MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	INTEGRATED CAPS PRIVATE LIMITED
Registered Office :	42, Anand Lok, New Delhi-110049
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1988
Com. Reg. No.:	55-030427
Capital Investment / Paid-up Capital :	Rs.90.000 Millions
CIN No.: [Company Identification No.]	U74899DL1988PTC030427
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bottle Cap.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Networth of the company has been eroded due to continuous accumulated loss incurred from its operations. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DECLINED BY

Name :	Mr. Dinesh Sharma
Designation :	Business Head Department
Contact No.:	91-9810229073
Date :	15.05.2014

LOCATIONS

Registered Office :	42, Anand Lok, New Delhi-110049, India
Tel. No.:	Not Available
Mobile No.:	91-9810229073 [Mr. Dinesh Sharma]
Fax No.:	Not Available
E-Mail :	birensab@intcaps.com
Website :	http://www.intcaps.in/contactus.html
Metal (Ropp) Division – Unit I :	A 12, Phase 3, Greater Noida, Sector 57, Block B, Noida-201307, Uttar Pradesh, India
Tel No.:	91-120-2581093/2581158-2589680
Fax No.:	91-120-2581311
Crown Division – Unit II :	C-94, Phase II Extension, Noida, Uttar Pradesh, India
Tel No.:	91-120-2568052/2567059/2563623
Fax No.:	91-120-2567060
Pet Preforms Division – Unit III :	C-92, Phase II Extension, Noida, Uttar Pradesh, India
Tel No.:	91-120-2462050/2462450/2462451
Email :	administrator@intcaps.com
Branch Office :	Located At: · Navi Mumbai · Kolkata · Bangalore · Chennai

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Biren Sabharwal

Designation :

Managing Director

Address :

42, Anand Lok, New Delhi-110049, India

Date of Birth/Age :

27.10.1952

Date of Appointment :

04.01.2003

Din No.:

01633440

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	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC030427	INTEGRATED CAPS PRIVATE LIMITED	Managing director	01-04-2003	01-04-2003	Active	NO
2	U45400DL2008PTC174182	ORANGE SERVICED APARTMENTS PRIVATE LIMITED	Director	19-02-2008	19-02-2008	Strike off	NO

Name :

Mr. Bubbles Sabharwal

Designation :

Director

Address :

42, Anand Lok, New Delhi-110049, India

Date of Birth/Age :

08.07.1954

Date of Appointment :

01.02.1988

Din No.:

01776020

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	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC030427	INTEGRATED CAPS PRIVATE LIMITED	Director	01-02-1988	01-02-1988	Active	NO
2	U45400DL2008PTC174182	ORANGE SERVICED APARTMENTS PRIVATE LIMITED	Director	19-02-2008	19-02-2008	Strike off	NO

Name :

Mr. Hasdeep Kohli

Designation :

Director

Address :

J-170, 1, Rajouri Garden, New Delhi-110027, India

Date of Birth/Age :

18.04.1979

Date of Appointment :

11.04.2011

Din No.:

00090734

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	U74899DL2000PTC109011	IKNOOR TECHNOLOGY PRIVATE LIMITED	Director	26-12-2000	26-12-2000	-	Active	NO
2	U22122DL2003PTC121398	VIJAYLAKSHMI PRINTING WORKS PRIVATE LIMITED	Whole-time director	01-10-2003	01-10-2003	26-03-2012	Active	NO
3	U74899DL1988PTC030427	INTEGRATED CAPS PRIVATE LIMITED	Director	30-09-2011	31-03-2007	-	Active	NO
4	U45201DL2005PTC132866	ENVIRONMENT PROMOTERS PRIVATE LIMITED	Director	03-05-2007	03-05-2007	-	Active	NO
5	U25202DL2009PTC194975	A ONE PACKAGING PRIVATE LIMITED	Director	07-10-2009	07-10-2009	-	Active	NO
6	U74899DL2005PTC143625	MASTER BUILDWELL PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
7	U45201DL2006PTC145692	WINDSOR DUROBUILD PRIVATE LIMITED	Director	29-09-2011	28-02-2011	12-02-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Sharma
Designation :	Business Head Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Biren Sabharwal	4050000	45.00
Vibhu Drinks Private Limited, India	600000	6.67
Hyderabad Beverages Private Limited, India	755600	8.40
Nagpur Frozen Foods Products Private Limited, India	811800	9.02
Nagpur Beverages Private Limited, India	732600	8.14
Sreeram Drinks Private Limited, India	750000	8.33
Universal Drinks Private Limited, India	400000	4.44
Hasdeep Kohli	900000	10.00
TOTAL	9000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	45.00
Directors or relatives of directors	55.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bottle Cap.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Syndicate Bank, Hauz Khas, New Delhi-110016, India

· ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 to G5, 1^st Floor, Shop No. 1001 ot 1007, Barakhamba Road, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	199.014	208.976
Term loans from others	0.101	0.152
TOTAL	199.115	209.128

Banking Relations :	--
Financial Institution :	Hindustan Coca-Cola Beverages Private Limited, 13, Abul Fazal Road, Bengali Market, New Delhi-110001, India
Auditors :
Name :	O.P. Bagla and Company Chartered Accountants
Address :	8/12, Kalkaji Extension, Delhi, India
PAN No:	AAAFO1030A

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions
5000000	Preferences Shares	Rs.10/- each	Rs.50.000 Millions
	TOTAL		Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	90.000	90.000
(b) Reserves & Surplus	(125.019)	(306.719)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	160.000	50.000
Total Shareholders’ Funds (1) + (2)	124.981	(166.719)
(3) Non-Current Liabilities
(a) long-term borrowings	199.115	209.128
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.740	0.770
Total Non-current Liabilities (3)	200.855	209.898
(4) Current Liabilities
(a) Short term borrowings	6.639	113.207
(b) Trade payables	149.193	122.376
(c) Other current liabilities	64.502	64.453
(d) Short-term provisions	1.125	0.638
Total Current Liabilities (4)	221.459	300.674
TOTAL	547.295	343.853
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	279.053	134.335
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.648	3.424
(e) Other Non-current assets	3.260	0.000
Total Non-Current Assets	285.961	137.759
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	25.612	34.527
(c) Trade receivables	164.122	93.620
(d) Cash and cash equivalents	17.253	23.279
(e) Short-term loans and advances	19.947	21.054
(f) Other current assets	34.400	33.614
Total Current Assets	261.334	206.094
TOTAL	547.295	343.853

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		90.000
2] Share Application Money		50.000
3] Reserves & Surplus		0.600
4] (Accumulated Losses)		(341.893)
NETWORTH		(201.293)
LOAN FUNDS
1] Secured Loans		257.326
2] Unsecured Loans		117.390
TOTAL BORROWING		374.716
DEFERRED TAX LIABILITIES		0.000
TOTAL		173.423
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.846
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.251
	Sundry Debtors	42.083
	Cash & Bank Balances	14.087
	Other Current Assets	0.000
	Loans & Advances	73.698
Total Current Assets		179.119
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	147.710
	Provisions	0.832
Total Current Liabilities		148.542
Net Current Assets		30.577
MISCELLANEOUS EXPENSES		0.000
TOTAL		173.423

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		45.737	56.191	NA
Less/ Add	DEPRECIATION/ AMORTISATION		23.067	21.609	NA
	PROFIT / (LOSS) BEFORE TAX		22.670	34.582	(46.693)
Less	TAX		0.000	0.008	0.000
	PROFIT / (LOSS) AFTER TAX		22.670	34.574	(46.693)
	EARNINGS IN FOREIGN CURRENCY		2.420	NA	NA
	IMPORTS		2.139	NA	NA
	Earnings / (Loss) Per Share (Rs.)		2.52	3.84	(5.19)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	4.14	10.05	(14.50)
Return on Investment (ROI) (PBT/Networth)		0.18	(0.21)	0.28
Debt Equity Ratio (Total Debt/Networth)		1.65	(1.93)	(1.93)
Current Ratio (Current Asset/Current Liability)		1.18	0.69	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	90.000	90.000
Reserves & Surplus	(306.719)	(125.019)
Net worth	(216.719)	(35.019)
long-term borrowings	209.128	199.115
Short term borrowings	113.207	6.639
Total borrowings	322.335	205.754
Debt/Equity ratio	(1.487)	(5.875)

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10471652	20/12/2013	93,183,625.00	HINDUSTAN COCA-COLA BEVERAGES PRIVATE LIMITED	13 ABUL FAZAL ROAD, BENGALI MARKET, NEW DELHI - 110001, INDIA	B94039922
2	10002521	06/04/2013 *	383,897,000.00	SYNDICATE BANK	HAUZ KHAS, NEW DELHI- 110016, INDIA	B74762477
3	10002635	06/04/2013 *	383,897,000.00	SYNDICATE BANK	HAUZ KHAS, NEW DELHI- 110016, INDIA	B74762592

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Rupee Term loans from banks	6.489	1.554
Term loans from others	0.150	111.653
TOTAL	6.639	113.207

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 records 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] 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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.