MIRA INFORM REPORT

Report No. :	317163
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	TWINSTAR AGENCIES PRIVATE LIMITED
Registered Office :	501/502, Shivmani Building, Near Santacruz Railway Station, Santacruz (East), Mumbai – 400055, Maharashtra
Tel. No.:	91-22-26101542
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.12.2003
Com. Reg. No.:	11-143773
Capital Investment / Paid-up Capital :	Rs. 4.600 Million
CIN No.: [Company Identification No.]	U51102MH2003PTC143773
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 :	Distributor, Importer and Stockist of Paper and Paper boards, Book binding cloth and Acrylic coated paper.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 :	Subject is an established company having satisfactory track record. Management of the company has reported decent profitability during the financial year 2013-2014. The company possesses adequate liquidity and decent net worth. 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.

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. Himanshu Venilal Mehta
Designation :	Director
Contact No.:	91-9320214111
Date :	11.04.2015

LOCATIONS

Registered Office :	501/502, Shivmani Building, Near Santacruz Railway Station, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-26101542/43/46/47/48
Mobile No.:	91-9320214111 (Mr. Himanshu Venilal Mehta)
Fax No.:	91-22-26101545
E-Mail :	mehtapolyboards@vsnl.net
Website :	www.mehtapolyboards.com
Warehouse :	Unit No. 11, Survey No. 149, Rehnel Village, Taluka Bhiwandi, District Thane – 421302, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Himanshu Venilal Mehta
Designation :	Director
Address :	9, Vainmatheya Abdul Softeck, Computer, S. V. Road, Vile Parle (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	11.06.1959
Date of Appointment :	31.12.2003
DIN No.:	00307325
Name :	Kapila Venibhai Mehta
Designation :	Director
Address :	New Manubhuvan, Bhagatsingh Road, Vileparle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	22.08.1938
Date of Appointment :	24.08.2012
DIN No.:	06363434

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Himanshu Venilal Mehta	309000	67.17
Devang Himanshu Mehta	75000	16.30
Devansh Himanshu Mehta	75000	16.30
Aarti Himanshu Mehta	1000	0.22
Total	460000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor, Importer and Stockist of Paper and Paper boards, Book binding cloth and Acrylic coated paper.
Products :	Paper Paper boards Book binding cloth Acrylic coated paper
Brand Names :	Not Divulged
Agencies Held :	Eska Graphic Board B V Ecological Fibers Inc. Van Heek Scholco Int. B V
Exports :	Not Divulged
Imports :
Products :	Paper Board
Countries :	Netherland
Terms :
Selling :	Cash and Credit (30-60-90 Days)
Purchasing :	Cash and Credit (30-60-90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

• End Users
• OEMS

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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	HDFC bank
Branch	Vile Parle (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Car loan from HDFC Bank	0.581	1.352
Short-term borrowings
Car loan from HDFC Bank	0.947	0.947
Total	1.528	2.299

Auditors :
Name :	Parikh and Amin Associates Chartered Accountants
Address :	2nd Floor, B Wing, Abhinav Apartment , 302, Shradhanand Road .Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-40441600/26161717
Fax No.:	91-22-26161818
E-Mail :	Admin@caparikhadmin.com
Website:	www.caparikhadmin.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFM0369B
Memberships :	--
Collaborators :	--
Associates:	Himanshu Mehta HUF Mehta Poly Board (Proprietor Himanshu Mehta)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
460000	Equity Shares	Rs.10/- each	Rs. 4.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	4.600	4.600	4.600
(b) Reserves & Surplus	8.182	6.560	4.890
(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)	12.782	11.160	9.490
(3) Non-Current Liabilities
(a) long-term borrowings	0.581	1.352	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.581	1.352	0.000
(4) Current Liabilities
(a) Short term borrowings	0.947	0.947	0.000
(b) Trade payables	8.238	3.402	3.852
(c) Other current liabilities	0.062	0.358	0.035
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	9.247	4.707	3.887
TOTAL	22.610	17.219	13.377
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.873	3.841	1.026
(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)	0.140	0.033	0.105
(d) Long-term Loan and Advances	0.864	1.455	0.704
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.877	5.329	1.835
(2) Current assets
(a) Current investments	4.628	6.000	5.500
(b) Inventories	1.625	3.393	3.816
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	12.480	2.443	2.226
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.054	0.000
Total Current Assets	18.733	11.890	11.542
TOTAL	22.610	17.219	13.377

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	44.818	44.903	25.845
	Other Income
	TOTAL	44.818	44.903	25.845
Less	EXPENSES	41.576	42.459	24.336
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.242	2.444	1.509
Less/ Add	DEPRECIATION/ AMORTISATION	0.968	0.274	0.278
	PROFIT/ (LOSS) BEFORE TAX	2.274	2.170	1.231
Less	TAX	0.653	0.500	0.295
	PROFIT/ (LOSS) AFTER TAX	1.621	1.670	0.936
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	6.560	4.890	3.954
	Balance Carried to the B/S	8.181	6.560	4.890
	Earnings / (Loss) Per Share (Rs.)	3.52	3.63	2.03

Expected Sales (2014-2015) : Rs.50.000 Million

The above information has been parted by Mr. Himanshu Mehta

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.12	12.63	9.28
Return on Investment (ROI) (PBT/Networth)		0.18	0.19	0.13
Debt Equity Ratio (Total Debt /Networth)		0.12	0.21	0.00
Current Ratio (Current Asset/Current Liability)		2.03	2.53	2.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.600	4.600	4.600
Reserves & Surplus	4.890	6.560	8.182
Net worth	9.490	11.160	12.782
long-term borrowings	0.000	1.352	0.581
Short term borrowings	0.000	0.947	0.947
Total borrowings	0.000	2.299	1.528
Debt/Equity ratio	0.000	0.206	0.120

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)
Total Income	25.845	44.903	44.818
		73.740	(0.189)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	25.845	44.903	44.818
Profit	0.936	1.670	1.621
	3.62%	3.72%	3.62%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No

NOTE: Registered office of the company has been shifted from 403, Chheda Bhavan Masjid Bunder Bridge, Near Masjid Bunder Station, Mumbai – 400009, Maharashtra, India to the present address w.e.f. 01.12.2006

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Computer
• Laptop
• Printer
• Air Conditioner
• Furniture and Fixture
• Office equipment
• Mobile Phone
• Motor Car

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.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUC
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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		43

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.