MIRA INFORM REPORT

Report No. :	315823
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	MEHTA FLEX PRIVATE LIMITED (w.e.f.05.12.2000)
Formerly Known As :	MEHTA FLAX PRIVATE LIMITED
Registered Office :	B-48, New Empire Industrial Estate, Kondivita Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.09.1999
Com. Reg. No.:	11-121864
Capital Investment / Paid-up Capital :	Rs.4.740 Million
CIN No.: [Company Identification No.]	U25202MH1999PTC121864
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM14241D
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Multilayer Co-Extrussion Plastic Film/ Bag
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 :	It is an established company having satisfactory track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the document related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, financial position of the company seems to be decent. Trade relations are 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DECLINED BY

Management non-cooperative (91-22-28324463)

LOCATIONS

Registered Office :	B-48, New Empire Industrial Estate, Kondivita Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28324463/ 28365625/ 28366208/ 28378757/ 28394888/ 28320910
Fax No.:	91-22-28365901
E-Mail :	flexfilm@vsnl.com customer@abcmfilms.com
Website:	www.abcmfilms.com
Location :	Owned
Factory :	Survey No. 376/2 (4,5,6), 376/8 and 380/1(5a), Zaricauseway Road, Kachigam, Daman, Daman and Diu, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Vijay Nagraj Mehta
Designation :	Director
Address :	402, Bharat Apartment, C D Barfiwala Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	06.06.1964
Date of Appointment :	21.09.1999
DIN No.:	00898178
Name :	Mr. Ranjit Nagraj Mehta
Designation :	Director
Address :	402, Bharat Apartment, C D Barfiwala Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	01.07.1958
Date of Appointment :	19.01.2001
DIN No.:	00898061

MAJOR SHAREHOLDERS

As on 30.09.2014

Name of Shareholders	No. of Shares	%age
Kantilal Mehta	72000	15.19
Nirmala Mehta	50000	10.55
Pratik Mehta	21000	4.43
Rahul Mehta	85000	17.93
Ranjit Mehta	86000	18.14
Ranjit N Mehta [HUF]	1000	0.21
Sunita Mehta	71000	14.98
Usha Mehta	1000	0.21
Vijay Mehta	87000	18.35
Total	4,74,000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Multilayer Co-Extrussion Plastic Film/ Bag

Products :

Product Description	Item Code No. (ITC Code)
Multilayer Co-Extrusion Films and Bags	39239.00-10

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• Singapore
• Hong Kong

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Reliance Industries Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

• Wholesalers and Retailers

Reference :	Ruchi Infrastructure Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Oil Packaging Film

· Bunge India Private Limited

· Kalisuwari Refinery Private Limited

· K.L.F. Oil Industry Private Limited

· M.K. Agro Tech Private Limited

· Poonam Dal and Oil Industries Limited

· Ruche Soy Industries

· Liberty Oil Mills

· Kamani Oil Industries

· Raj Oil Mills

· B.L. Agro Industries

PET/Poly and PE/ PE Laminated Film

· Natural Remedies Private Limited

· Neo Petcon (India) Private Limited

· K.L.F. Oil Industries

· V.V.V. and Sons

Milk/ Ghee Packaging Film

· Kolhapur Zilla Sahakari Dudh Utpadak Sangh Limited

· Warana Sahakari Dudh Utpadak Sangh Limited

· Sinnar Taluka Vibhagiya Sahakari Dudh Sangh

· Kerala Co-op Milk Marketing Federation

· Hatsun Agro Tech Limited

· Reliance Dairy Food Limited

· Paras Dairy

Shrink Packaging Film

· SAB Miller

· AGI Glaspac

· Pepsico India

· Hindustan Coca-Cola Beverages Private Limited

Lamination Film

Paper Products Limited

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

HDFC Bank House senapati Bapat Marg, Lower Parel West, Mumbai- 400013, Maharashtra, India

· Vijaya Bank

Excelsior Branch, Fort, Mumbai- 400001, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loan from banks	5.308	25.344
SHORT TERM BORROWING
Loans and advances from related parties	62.300	59.324
Loan repayable on demand	0.000	25.433
Total	67.608	110.101

Auditors :
Name :	R Trivedi and Associates Chartered Accountants
Address :	119, Ranjit Studio, G-Block, Ground Floor, D.S.P Road, Dadar (East), Mumbai-400014, Maharashtra, India
PAN No.:	AABPT8670Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Barrier Films Private Limited Clearex Films Metropolythene Manufacturers Anand Polyrotex

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
474000	Equity Shares	Rs.10/- each	Rs. 4.740 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.740	4.740
(b) Reserves & Surplus	402.402	353.214
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	407.142	357.954
(3) Non-Current Liabilities
(a) long-term borrowings	9.189	31.519
(b) Deferred tax liabilities (Net)	7.656	9.479
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	16.845	40.998
(4) Current Liabilities
(a) Short term borrowings	62.300	84.757
(b) Trade payables	56.178	20.018
(c) Other current liabilities	5.412	0.711
(d) Short-term provisions	17.868	9.119
Total Current Liabilities (4)	141.758	114.605
TOTAL	565.745	513.557
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	212.475	245.533
(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	0.055	0.055
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	212.530	245.588
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	110.284	100.409
(c) Trade receivables	198.393	128.515
(d) Cash and cash equivalents	13.023	5.258
(e) Short-term loans and advances	31.515	33.787
(f) Other current assets	0.000	0.000
Total Current Assets	353.215	267.969
TOTAL	565.745	513.557

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		4.740
2] Share Application Money		0.000
3] Reserves & Surplus		329.131
4] (Accumulated Losses)		0.000
NETWORTH		333.871
LOAN FUNDS
1] Secured Loans		52.515
2] Unsecured Loans		104.900
TOTAL BORROWING		157.415
DEFERRED TAX LIABILITIES		8.277
TOTAL		499.563
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		280.481
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.300
	Sundry Debtors	113.849
	Cash & Bank Balances	8.673
	Other Current Assets	0.000
	Loans & Advances	48.726
Total Current Assets		249.548
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.985
	Other Current Liabilities	0.045
	Provisions	7.436
Total Current Liabilities		30.466
Net Current Assets		219.082
MISCELLANEOUS EXPENSES		0.000
TOTAL		499.563

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income			977.619
	Other Income			4.617
	TOTAL	1400.095	1087.273	982.236
Less	EXPENSES
	Manufacturing and other Expenses			834.756
	TOTAL	1325.573	1046.600	834.756
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			147.480
Less	FINANCIAL EXPENSES	Including depression and financial expenses	Including depression and financial expenses	11.632
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			135.848
Less/ Add	DEPRECIATION/ AMORTISATION			49.223
	PROFIT/ (LOSS) BEFORE TAX	74.522	40.673	86.625
Less	TAX	25.334	15.389	21.010
	PROFIT/ (LOSS) AFTER TAX	49.188	25.284	65.615
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	352.216	326.932	261.317
	Balance Carried to the B/S	401.404	352.216	326.932
	Earnings / (Loss) Per Share (Rs.)	103.77	53.34	138.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	3.51	2.33	6.71
Operating Profit Margin (PBDIT / Sales)	(%)	NA	NA	15.09
Return on Total Assets (PBT/Total Assets}	(%)	13.17	7.92	67.41
Return on Investment (ROI) (PBT/Networth)		0.18	0.11	86.62
Debt Equity Ratio (Total Debt /Networth)		0.18	0.32	0.47
Current Ratio (Current Asset/Current Liability)		2.49	2.34	8.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.740	4.740	4.740
Reserves & Surplus	329.131	353.214	402.402
Net worth	333.871	357.954	407.142
long-term borrowings		31.519	9.189
Short term borrowings		84.757	62.300
Total borrowings	157.415	116.276	71.489
Debt/Equity ratio	0.471	0.325	0.176

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)
Total Income	982.236	1087.273	1400.095
		10.694	28.771

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	982.236	1087.273	1400.095
Profit	65.615	25.284	49.188
	6.68%	2.33%	3.51%

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	No
10]	Designation of contact person	No
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	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	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Other loan and advances	3.881	6.175
Total	3.881	6.175

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80056124	25/01/2014 *	123,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B95027140
2	90143610	25/08/2004 *	8,500,000.00	VIJAYA BANK	EXCELSIOR BRANCH, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS

v Freehold Land

v Buildings

v Plant and Machinery

v Motor Vehicles

v Furniture and Fixtures

v Office Equipment’s

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.