MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	AMARTARA PRIVATE LIMITED
Registered Office :	Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.06.1964
Com. Reg. No.:	11-012950
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U20290MH1964PTC012950
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22400A
PAN No.: [Permanent Account No.]	AADCA9217F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Exporter and Importer of rigid PVC / PVDC films used in pharmaceutical packaging industries.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 910000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by average networth base and low gearing along with its moderated liquidity profile due to large investments in group companies and working capital intensive operations as a result of slow realization of debtors and accrued payables. Management has witnessed a growth in its top-line and has reported a minimal net profit during Fy14, as against a previous year loss. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of the extensive experience of the promoters, the company can be considered for business dealings with caution.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation
Date	21.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	21.03.2014

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. Shankar Navkar
Designation :	Account Department
Contact No.:	91-22-28580000
Date :	13.11.2014

LOCATIONS

Registered Office / Corporate Office / Factory 1 :	Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India
Tel. No.:	91-22-28577700/ 28570884
Fax No.:	91-22-28570470
E-Mail :	amartara@vsnl.com atladmin@amartara.com atl.admin@amartara.com
Website :	http://www.amartara.com
Location :	Owned
Factory 2 :	215/3, Halol – Godhra Road, Village: Madhvas – 389 330, Taluka.: Kalol, District Panchmahal, Gujarat, India
Tel. No.:	91-2676-661005 / 661008
Sales Offices :	Located At Bangalore  Chennai  Goa  Haryana  Indore  Kolkata  Vadodara

DIRECTORS

As on 30.09.2013

Name :	Mr. Arun Anand Sarup
Designation :	Director
Address :	Aashiana, Powai Park Drive, Saki Vihar Road, Powai, Mumbai- 400072, Maharashtra, India
Date of Birth/Age :	27.01.1945
Date of Appointment :	20.06.1984
DIN No.:	00498300
Name :	Mr. Arjun Arun Sarup
Designation :	Director
Address :	Aashiana, Powai Park Drive, Saki Vihar Road, Powai, Mumbai- 400072, Maharashtra, India
Date of Birth/Age :	16.10.1975
Date of Appointment :	01.01.2006
DIN No.:	00498328
Name :	Ms. Geeta Arun Sarup
Designation :	Director
Address :	91-E, Bharat Bhavan, Walkeswar Road, Mumbai- 400006, Maharashtra, India
Date of Birth/Age :	20.03.1947
Date of Appointment :	10.08.2000
DIN No.:	00498359
Name :	Ms. Tara Anand Sarup
Designation :	Director
Address :	Powai House Bangalow, Saki Vihar Road, Powai, Mumbai- 400072, Maharashtra, India
Date of Appointment :	12.11.1984
DIN No.:	00501615
Name :	Mr. Farzana Arjun Sarup
Designation :	Additional Director
Address :	Aashiana, Powai Park Drive, Saki Vihar Road, Powai, Mumbai- 400072, Maharashtra, India
Date of Birth/Age :	12.05.1977
Date of Appointment :	30.09.2013
DIN No.:	06525500

KEY EXECUTIVES

Name :	Mr. Shankar Navkar
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Arun Sarup	43990
Arjun Sarup	9005
Geeta Sarup	4004
Tara Sarup	3000
Argenta Hotels Private Limited	5
Argenta Developers Private Limited	5
Ajay Industrial Packaging Private Limited	39980
Farzana Sarup	10
Total	99999

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	39.99
Directors or relatives of Directors	60.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Exporter and Importer of rigid PVC / PVDC films used in pharmaceutical packaging industries.
Products :	Not Available
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	Malaysia Indonesia Singapore Bangladesh Nepal
Imports :
Products :	Raw Material
Countries :	Korea France
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Reference	Somaiya Carriers
Name of The Person:	Mr. Ashwin, (Operation Head)
Contact Number:	91-22-28508951
Since How Long Know :	7 Years
Experience:	Satisfactory (They are satisfied with their payment behavior and delivery terms)
Maximum Limited Dealt:	Rs.0.050 Million

Customers :

Others

Reference	Pfizer Limited
Name of The Person:	Ms. Vanita Mehta, (Export Department )
Contact Number:	91-22-66932077
Since How Long Know :	Rs.50.000 Millions
Experience:	Good
Maximum Limited Dealt:	Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

• Bank of Baroda, Apple Heritage, Ground Floor, 54 C, Sir Mathuradas, Vassanji Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:91-22-26879832

• State Bank of Hyderabad
• Indian Overseas Bank, 2/10 Veer Nariman Road Fort, Mumbai – 400023, Maharashtra, India
• ICICI Bank Limited, ICICI Bank Tower, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Term Loan from Bank of Baroda for Manufacturing Division – Vadodara for New Factory Building, Plant and machinery and Electrical Installation	25.496	33.685
Loans from other Banks for Vehicle	3.963	5.166
SHORT TERM BORROWINGS
Cash and Credit	56.204	41.331
Bank of Baroda	74.090	37.051
State Bank of Hyderabad O D	4.025	19.168
Bank of Baroda – ILC Discounting Clan Limits	2.075	0.000
Total	165.853	136.401

Banking Relations :	---
Auditors :
Name :	Pramod H. Shah and Company Chartered Accountants
Address :	113, Doctors House, Bora Bazar, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22695403
E-Mail :	phsca_pramod@yahoo.co.in
PAN No.:	ABCPS5658F
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99999	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders’ Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	309.357	295.018	320.586
€ 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)	319.357	305.018	330.586
(3) Non-Current Liabilities
(a) long-term borrowings	54.569	60.664	54.936
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
€ Other long term liabilities	2.407	2.752	6.011
(d) long-term provisions	3.277	2.650	2.092
Total Non-current Liabilities (3)	60.253	66.066	63.039
(4) Current Liabilities
(a) Short term borrowings	140.263	103.187	64.737
(b) Trade payables	115.558	87.892	63.886
€ Other current liabilities	43.560	33.021	25.461
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	299.381	224.100	154.084
TOTAL	678.991	595.184	547.709
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	156.562	169.958	103.237
(ii) Intangible Assets	8.645	8.645	1.500
(iii) Capital work-in-progress	3.852	15.204	52.741
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	204.222	153.940	154.710
€ Deferred tax assets (net)	21.428	28.040	16.080
(d) Long-term Loan and Advances	7.354	7.007	4.832
€ Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	402.063	382.794	333.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.025	40.629	33.974
€ Trade receivables	174.009	106.358	98.721
(d) Cash and cash equivalents	31.648	42.476	72.763
€ Short-term loans and advances	17.372	20.213	8.504
(f) Other current assets	0.874	2.714	0.647
Total Current Assets	276.928	212.390	214.609
TOTAL	678.991	595.184	547.709

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	TOTAL INCOME	563.161	384.417	NA
	EXPENSES TOTAL	619.857	444.419	NA
PROFIT / (LOSS) BEFORE TAX, EXCEPTIONAL ITEMS		(40.693)	(42.321)	NA
Exceptional Items		(61.645)	0.000	NA
PROFIT (LOSS) BEFORE TAX		20.952	(42.321)	NA
TAX		6.612	(16.753)	NA
PROFIT (LOSS) AFTER TAX		14.340	(25.568)	29.068
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.480	135.048	105.980
BALANCE CARRIED TO THE B/S		123.820	109.480	135.048
EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	160.934	122.324	101.952
TOTAL EARNINGS		160.934	122.324	101.952
IMPORTS
	Raw Materials	37.115	263.541	205.895
TOTAL IMPORTS		37.115	263.541	205.895
Earnings / (Loss) Per Share (Rs.)		143.40	-225.68	590.69

Expected Sales (2014-15) : Rs. 700.000 Millions

The above information has been parted by Mr. Shankar Navkar

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.66	(10.63)	NA
Return on Investment (ROI) (PBT/Networth)		0.07	(0.14)	NA
Debt Equity Ratio (Total Debt /Networth)		0.61	0.54	0.36
Current Ratio (Current Asset/Current Liability)		0.93	0.95	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	320.586	295.018	309.357
Net worth	330.586	305.018	319.357
long-term borrowings	54.936	60.664	54.569
Short term borrowings	64.737	103.187	140.263
Total borrowings	119.673	163.851	194.832
Debt/Equity ratio	0.362	0.537	0.610

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	384.417	563.161
		46.497

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	384.417	563.161
Profit	-25.568	14.340
	-6.65%	2.55%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From Directors	24.218	20.919
From Companies under the same management	0.893	0.894
SHORT TERM BORROWINGS
Temporary Overdraft balance with State Bank of Hyderabad	0.844	0.296
Deposits	3.024	5.341
Total	28.979	27.450

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10293269	03/08/2012 *	243,166,000.00	BANK OF BARODA	SAKINAKA BRANCH, 4 & 5, TOWN CENTRE, ANDHERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	B56558604
2	10187261	01/08/2012 *	243,166,000.00	BANK OF BARODA	SAKINAKA BRANCH, 4 & 5, TOWN CENTRE, ANDHERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	B57961690
3	10018895	29/08/2006	280,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	ITC CENTRE, 3RD FLOOR 760, ANNA SALAI, CHENNAI -  600002, CHENNAI - 600002, TAMILNADU - 600002, INDIA	A04481974
4	90218475	28/10/2013 *	254,806,000.00	BANK OF BARODA	SAKINAKA BRANCH, 4 & 5, TOWN CENTRE, ANDHERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	B90826447
5	90216317	02/07/2002	100,000,000.00	HDFC LIMITED	RAMON HOUSE H T PAREKH MARG, 169 BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and machinery
• Electrical Installation
• Motor Vehicles
• Furniture and Fixtures
• Office 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.61.56
UK Pound	1	Rs.97.10
Euro	1	Rs.76.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	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		30

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.