MIRA INFORM REPORT

Report No. :	316232
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	KAVERI MATALLISING AND COATING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 11, Kamaldeep Industrial Estate, Opposite New Arvind Mill, Village Khatraj, Taluka Kalol, Ghandhinagar, Ahmedabad – 382721, Gujarat.
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.12.1999
Com. Reg. No.:	04- 037028
Capital Investment / Paid-up Capital :	Rs. 19.863 Million
CIN No.: [Company Identification No.]	U25209GJ1999PTC037028
IEC No.:	Not Available
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 :	Manufacture and Trader of BOPP Polyester Film
No. of Employees :	30 (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 96000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and leverage capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some 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 – 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 PARTED BY

Name :	Mr. Vinay Kurup
Designation :	Business Development Manager
Contact No.:	91-8155050660
Date :	06.04.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 11, Kamaldeep Industrial Estate, Opposite New Arvind Mill, Village Khatraj, Taluka Kalol, Ghandhinagar, Ahmedabad – 382721, Gujarat, India
Tel. No.:	91-2764-281536
Mobile No.:	91-9824249919 (Mr. Dhruv)
Fax No.:	91-2764-281501
E-Mail :	bharat_dhani@yahoo.com
Website :	http://www.kaverimetallising.co.in

DIRECTORS

As on: 30.09.2014

Name :

Mr. Bharatkumar Babulal Dani

Designation :

Director

Address :

16, Vasupujya Bunglows, Satellite Road, Ahmadabad-380015, Gujarat, India

Date of Appointment :

16.12.1999

DIN No.:

01471507

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	U74999GJ1991PTC016264	YOGI METALISED PRODUCTS PVT LTD	Director	17/09/1991	17/09/1991	01/12/2012	Active	NO
2	U25209GJ1999PTC037028	KAVERI METALLISING AND COATING INDUSTRIES PRIVATE LIMITED	Director	16/12/1999	16/12/1999	-	Active	NO

Name :

Mr. Dhruv BharatKumar Dani

Designation :

Director

Address :

16, Vasupujya Bunglows, Satellite Road, Ahmadabad-380015, Gujarat, India

Date of Appointment :

16.12.1999

DIN No.:

01537084

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	U25209GJ1999PTC037028	KAVERI METALLISING AND COATING INDUSTRIES PRIVATE LIMITED	Director	16/12/1999	16/12/1999	-	Active	NO
2	U74999GJ1991PTC016264	YOGI METALISED PRODUCTS PVT LTD	Director	01/01/2002	01/01/2002	01/12/2012	Active	NO

Name :

Mrs. Pragna Bharatkumar Dani

Designation :

Additional Director

Address :

16, Vasupujya Bunglows, Satellite Road, Ahmadabad-380015, Gujarat, India

Date of Appointment :

01.02.2011

DIN No.:

03439391

KEY EXECUTIVES

Name :	Mr. Vinay Kurup
Designation :	Business Development Manager
Address :	Not Available
Date of Birth/Age :	Not Available
Qualification :	Not Available
Experience :	Not Available
Date of Appointment :	Not Available

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Bharat Kumar Dani	472764
Pragna Dani	192510
Dhruv Dani	193296
Ajit Dani	671980
Hitesh Dani	53800
Hemal Dani	38000
Suryakant Goda	30000
Vandana Goda	23000
Pushpa Dani	70000
Radhika Dani	30000
Ajit Dani, HUF	21650
Crown Trade Link Private Limited, India	50000
Bharat Dani, HUF	8750
Aarti Mehta	4030
Ashok Meghani	10300
Bhavesh S Goda	7700
Darshana Mehta	13150
Divyesh M Mehta	27345
Gulab Gauri Dani	16150
Harshad Meghani	10800
Harshika Mehta	3000
Jalaram Mehta	1250
Jayesh Mehta	1000
Kiran Meghani	1300
Poonam Mehta	5950
Rita Goda	9550
Rupaben Goda	3050
Smitaben Mehta	5950
Roopa Mehta	10000
Total	1986275

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	2.52
Directors or relatives of Directors	97.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Trader of BOPP Polyester Film
Products :	Polyester Films BOPP Films Hot Melt Adhesive Synthetic Paper
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	African Countries Middle East Europe Countries
Imports :
Products :	Raw Materials
Countries :	Indonesia Canada USA Australia Thailand
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

SRS Private Limited – Thailand

Reference :	Not Available
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 :

Safal Flexybol Private Limited – Ahmedabad

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

No. of Employees :

30 (Approximately)

Bankers :

• State Bank of Saurashtra, Bhadra Branch, Ahmedabad – 380001, Gujarat, India.
• City Union Bank Limited, 149, Big Street, Kumbakonam, Tanjore District – 612001, Tamil Nadu, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	0.000	0.000
Term Loan From LIC (against Policy)	3.181	0.000
SHORT TERM BORROWING
Working capital facilities from banks (Cash credit from City Union Bank against hypothecation of stock and debtors)	13.997	9.727
Total	17.178	9.272

Auditors :
Name :	Dhariwal and Associates Chartered Accountant
Address :	101, Shivalik 09, Gulabi Tekra, Ellisbridge, Ahmadabad – 380006, Gujarat, India
PAN No.:	ADDPD8496F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1986275	Equity Shares	Rs.10/- each	Rs. 19.863 Million

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	19.863	19.863	19.863
(b) Reserves & Surplus	13.751	12.206	11.191
(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)	33.614	32.069	31.054
(3) Non-Current Liabilities
(a) long-term borrowings	22.540	21.299	12.810
(b) Deferred tax liabilities (Net)	2.474	3.081	3.279
(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)	25.014	20.142	16.089
(4) Current Liabilities
(a) Short term borrowings	13.996	9.727	18.462
(b) Trade payables	30.265	10.882	12.644
(c) Other current liabilities	3.522	5.524	1.532
(d) Short-term provisions	1.436	0.935	0.885
Total Current Liabilities (4)	49.219	31.306	33.523
TOTAL	107.847	83.517	80.666
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.715	17.362	17.984
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.527	0.572	0.641
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.242	17.934	18.625
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.231	25.938	28.617
(c) Trade receivables	45.606	33.439	30.562
(d) Cash and cash equivalents	0.390	0.045	0.199
(e) Short-term loans and advances	5.372	6.161	2.663
(f) Other current assets	0.006	0.000	0.000
Total Current Assets	91.605	65.583	62.041
TOTAL	107.847	83.517	80.666

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	183.347	122.865	87.148
		Other Income	0.286	0.070	0.128
		TOTAL	183.633	122.935	87.276
Less	EXPENSES
		Cost of Materials Consumed	158.233	103.447	73.997
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.884)	(0.349)	(0.926)
		Employees benefits expense	0.951	0.573	0.388
		Other expenses	19.799	12.919	9.505
		TOTAL	176.099	176.099	82.964
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.534	7.534	7.534
Less	FINANCIAL EXPENSES		3.953	3.953	3.953
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.581	3.581	3.581
Less/ Add	DEPRECIATION/ AMORTISATION		1.86	1.86	1.86
	PROFIT BEFORE TAX		1.721	1.721	1.721
Less	TAX		0.177	0.177	0.177
	PROFIT AFTER TAX		1.544	1.544	1.544
	Earnings Per Share (Rs.)		0.78	0.51	0.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.84	0.83	0.98
Operating Profit Margin (PBDIT / Sales)	(%)	4.11	5.16	4.95
Return on Total Assets (PBT/Total Assets}	(%)	1.60	1.70	1.56
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.04
Debt Equity Ratio (Total Debt /Networth)		1.09	0.97	1.01
Current Ratio (Current Asset/Current Liability)		1.86	2.42	1.85

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	11.191	12.206	13.751
Reserves & Surplus	0.000	0.000	0.000
Net worth	11.191	12.206	13.751
long-term borrowings	12.810	21.299	22.540
Short term borrowings	18.462	9.727	13.996
Total borrowings	31.272	31.026	36.536
Debt/Equity ratio	2.794	2.542	2.657

YEAR-ON-YEAR GROWTH:

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	87.148	122.865	183.347
		40.984	49.226

NET PROFIT MARGIN:

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	87.148	122.865	183.347
Profit	0.853	1.015	1.544
	0.98%	0.83%	0.84%

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	No
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	No
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 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Directors and Relatives	14.740	17.061
From Body Corporates	4.619	4.238
Total	19.359	21.299

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10273768	03/04/2014 *	42,000,000.00	CITY UNION BANK LTD	149, BIG STREET,, KUMBAKONAM,, TANJORE DISTRICT,  Tamil Nadu - 612001, INDIA	C05969571
2	10273769	12/09/2014 *	67,000,000.00	CITY UNION BANK LTD	149, TSR, BIG STREET,, KUMBAKONAM,, TANJORE DISTR  ICT, Tamil Nadu - 612001, INDIA	C32224644

FIXED ASSETS :

• Land And Development
• Buildings
• Plant And Machinery
• Fork Lift
• Electrical Installation
• Office Equipment
• Weight Machine
• Car
• Computer
• Furniture And Fixture
• Laboratory Equipment
• Tube well

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.62.32
UK Pound	1	Rs.92.52
Euro	1	Rs.67.59

INFORMATION DETAILS

Information Gathered by :	KAR
Analysis Done by :	DPA
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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.