MIRA INFORM REPORT

Report No. :	316858
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	VAIBHAV INTERNATIONAL PRIVATE LIMITED
Registered Office :	132/A, Bombay Talkies Compound, Malad (West), Mumbai-400064, Maharashtra
Tel No.:	91-22-28803602
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.05.2011
Com. Reg. No.:	11-217698
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74120MH2011PTC217698
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK8554D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of plastic Granules, petrochemical, polyethylene PE, Polypropylene PP.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has shown decent top line growth over previous year but profitability of the company remains low. Rating further constrained on account of company’s moderate financial risk profile and huge external borrowing takes by the company, which acts as threatening the liquidity position 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

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 :	Ms. Urvi
Designation :	Accountant
Contact No.:	91-22-66879999
Date :	10.04.2015

LOCATIONS

Registered Office :	132/A, Bombay Talkies Compound, Malad (West), Mumbai-400064, Maharashtra, India
Tel. No.:	91-22-28803602
Fax No.:	Not Available
E-Mail :	vaibhavp99@yahoo.co.in info@vipl.asia
Website :	www.vipl.asia
Branch Office :	240, Neo Corporate Plaza, 2^nd floor, opposite kapol banquet, kachpada, malad (west), Mumbai-400064, Maharashtra, India
Tel. No.:	91-22-66879999
Fax No.:	91-22-66879900
Warehouse :	Located at Daman Gujarat

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Jayantilal Shah

Designation :

Director

Address :

A/201/204, Saral Chs Ltd, Off Vanshree Compound,, Marve Road, Malad West, Mumbai-- 400064, Maharashtra, India

Date of Appointment :

20.05.2011

DIN No.:

03505276

Name :

Mrs. Pankti Jayur Shah

Designation :

Director

Address :

F/1801 Agarwal Residency,, Shankar Lane, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Appointment :

20.05.2011

DIN No.:

03505282

Name :

Mr. Jayur Kishor Shah

Designation :

Director

Address :

F/1801 Agarwal Residency,, Shankar Lane, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Appointment :

20.05.2011

DIN No.:

03505286

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	U74120MH2011PTC217698	VAIBHAV INTERNATIONAL PRIVATE LIMITED	Whole-time director	20/05/2011	20/05/2011	-	Active	NO
2	U70102MH2011PTC220193	K TALSANIA REALTORS AND DEVELOPERS PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO

Name :

Mr. Kishor Jayantilal Shah

Designation :

Director

Address :

B-14, Shradha Apt, Marve Rd,, Adarsh Dugdhalay, Malad (W), Mumbai-400064, Maharashtra, India

Date of Appointment :

20.05.2011

DIN No.:

03505288

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	U74120MH2011PTC217698	VAIBHAV INTERNATIONAL PRIVATE LIMITED	Whole-time director	20/05/2011	20/05/2011	-	Active	NO
2	U70102MH2011PTC220193	K TALSANIA REALTORS AND DEVELOPERS PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Urvi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Ashok Jayantilal Shah	2250	22.50
Kishor Kumar Jayantilal Shah	2250	22.50
Jayur Kishorbhai Shah	5100	51.00
Pankti Jayur Shah	400	4.00
Total	10000	100.00

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 :	Trader of Plastic Granules, petrochemical, polyethylene PE, Polypropylene PP.
Products :	Plastic Granules Petrochemical Polyethylene PE Polypropylene PP
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

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

No. of Employees :

30 (Approximately)

Bankers :

Banker Name :	Union Bank Of India
Branch Address :	Malad West Branch, Hetal Arch,, S. V. Road, Opp. Natraj Market, Malad (West),, Mumbai - 400064, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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)	Rs.47.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	0.896	0.449
Short Term Borrowing
Loans repayable on demand from banks	36.319	0.000
Total	37.215	0.449

Auditors :
Name :	Ajmera Ajmera and Associates Chartered Accountants
Address :	2/334, New Sonal Link Indl Estate, Link Road, Malad West, Mumbai-400064, Maharashtra, India
PAN No.:	AAJFA6672P
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Shree Padmavati Plastic Industries K Shushban Construction Vishaldeep Plastics Industries Vaibhav Plastics Amardeep Plastics

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,00,000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	5.998	2.334	0.000
(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)	6.098	2.434	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	32.186	6.919	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)	32.186	6.919	0.000
(4) Current Liabilities
(a) Short term borrowings	36.319	0.000	0.248
(b) Trade payables	81.630	43.482	0.000
(c) Other current liabilities	10.259	32.640	0.007
(d) Short-term provisions	0.410	0.460	0.000
Total Current Liabilities (4)	128.618	76.582	0.255
TOTAL	166.902	85.935	0.355
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.642	1.162	0.000
(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	3.665	0.065	0.000
(e) Other Non-current assets	0.000	0.000	0.161
Total Non-Current Assets	6.307	1.227	0.161
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.891	42.808	0.000
(c) Trade receivables	112.037	32.367	0.000
(d) Cash and cash equivalents	4.296	0.183	0.087
(e) Short-term loans and advances	14.371	9.350	0.025
(f) Other current assets	0.000	0.000	0.082
Total Current Assets	160.595	84.708	0.194
TOTAL	166.902	85.935	0.355

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013
SALES TURNOVER		1023.297	519.522
EXPENSES
	TOTAL	NA	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.984	3.504
DEPRECIATION/ AMORTISATION		NA	NA
PROFIT BEFORE TAX		NA	NA
TAX		NA	NA
PROFIT AFTER TAX		3.663	2.334
Earnings Per Share (Rs.)		36.63	23.34

Particulars	31.03.2015
Sales Turnover (Approximately)	1500.000

The above information has been parted by Ms. Urvi (Accountant)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.36	0.45	NA
Debt Equity Ratio (Total Debt /Networth)		11.23	2.84	2.48
Current Ratio (Current Asset/Current Liability)		1.25	1.11	0.76

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	0.100	0.100	0.100
Reserves & Surplus	0.000	2.334	5.998
Net worth	0.100	2.434	6.098
long-term borrowings	0.000	6.919	32.186
Short term borrowings	0.248	0.000	36.319
Total borrowings	0.248	6.919	68.505
Debt/Equity ratio	2.480	2.843	11.234

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	519.522	1023.297
		96.969

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	519.522	1023.297
Profit	2.334	3.663
	0.45%	0.36%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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]	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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties	31.290	6.470
Total	31.290	6.470

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10516435	31/07/2014	110,000,000.00	Standard Chartered Bank	SME Credit, Crescenzo, 3A/F, Plot no. C-38 & 39,  G Block, Bandra Kurla Complex, Bandra East, Mumbai , Maharashtra - 400051, INDIA	C17853482
2	10453038	13/09/2013	37,500,000.00	UNION BANK OF INDIA	MALAD WEST BRANCH, HETAL ARCH,, S. V. ROAD, OPP.  NATRAJ MARKET, MALAD (WEST),, MUMBAI, Maharashtra  - 400064, INDIA	B86645637
3	10453040	13/09/2013	47,500,000.00	UNION BANK OF INDIA	MALAD WEST BRANCH, HETAL ARCH,, S. V. ROAD, OPP.  NATRAJ MARKET, MALAD (WEST),, MUMBAI, Maharashtra  - 400064, INDIA	B86646080

* Date of charge modification

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Computer equipments
• Office equipment

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.62.38
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	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		27

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.