MIRA INFORM REPORT

Report No. :	356060
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	SHREE INSUPAC
Registered Office :	W-228, M.I.D.C., Taloja Industrial Area, Taluka - Panvel, District Raigad-410208, Maharashtra
Tel. No.:	91-22-27412764
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2000
Capital Investment / Paid-up Capital :	Rs. 27.624 million
IEC No.:	0303056363
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AAOFS4331C
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Subject engaged in the business as manufacturer and importer of polystyrene. (Confirmed by management)
No. of Employees :	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 partnership concern started in the year 2000 having satisfactory track. Subject is engaged in the business as manufacturer and importer of polystyrene. The concern is performing well. General financial position of the concern is sound and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported usually correct and as per commitments. The concern can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sawant
Designation :	Account Manager
Contact No.:	91-22-27412764
Date :	21.12.2015

LOCATIONS

Registered Office/ Factory :	W-228, M.I.D.C., Taloja Industrial Area, Taluka - Panvel, District Raigad-410208, Maharashtra, India
Tel. No.:	91-22-27412764
Mobile No.:	91-9820189042 (Mr. Karkhanis)
Fax No.:	Not Available
E-Mail :	insupac@vsnl.net info@shreeinsupac.in
Website :	http://www.shreeinsupac.in
Location :	Owned
Locality:	Industrial

PARTNERS

Name :	Mr. Dilip Prabhakar Karkhanis
Designation :	Partner
Address :	27, Chhaya Co-Operative Housing Society Limited, AR S.T. Workshop Old Agra Road,  Thane- 400601, Maharashtra, India
Date of Birth/Age :	63 Years
Qualification :	B.Sc.
Name :	Mr. Ramchandra P. Patil
Designation :	Pandurang Niwas, At Sanpada, K.U. Bazar, Navi Mumbai -400705, Maharashtra, India
Address :	Partner
Date of Birth/Age :	65 Years
Qualification :	SSC
Name :	Mr. Sadanand Bala Patil
Designation :	House No. 52, At Sanpada, K.U. Bazar, Navi-Mumbai 400705, Maharashtra, India
Address :	Partner
Date of Birth/Age :	68 Years
Qualification :	SSC

KEY EXECUTIVES

Name :	Mr. Sawant
Designation :	Account Manager

BUSINESS DETAILS

Line of Business :	Subject engaged in the business as manufacturer and importer of polystyrene. (Confirmed by management)
Products :	EPS Blocks and Sheet Insulated Boxes Decorative Items Pipe Sections Industrial Packaging
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit (30/ 60 Days)
Purchasing :	Cash, L/C and Credit (30/ 60 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Supreme petrochem Limited
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 :

Wholesalers, Retailers and End Users

• A.M. Plastic
• Aeolus Technovation Private Limited
• Aim Packaging
• Annu Insulation Traders
• Arvind Industries
• Bajaj Tempo Limited
• Borosil Glass Works Limited
• Brian and Company
• City Construction
• Classic Frozen Foods Private Limited
• Crutica Enterprises
• Dinesh Packaging Company
• Dr. Reddy's Laboratories Limited

Reference :	Exide Industries Limited
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 :

28 (Approximately)

Bankers :

• Parsik Janata Sahakari Bank Limited, Navi Mumbai - 400705, Maharashtra, India

Banker Name	Bank of Baroda
Branch Address	Chetan Building, “A” Rajawadi, Ghatkopar (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-21022570 (Continuously ringing)
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)	Over Draft – Rs. 4.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	E.A. Patil and Associates Chartered Accountant
Address :	Sector 17, Nirman Vyapar Kendra, Vashi, New Mumbai – 400703, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 27.624 million
Borrowed :	--
Total :	Rs. 27.624 million

FINANCIAL DATA

[all figures are in Rupees Millions]

BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1} Partner Capital		27.624	28.357
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		27.624	28.357
LOAN FUNDS
1] Secured Loans		0.000	0.768
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.768
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		27.624	29.125
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.487	18.124
Capital work-in-progress		0.000	0.000
INVESTMENT		0.125	0.125
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.454	14.361
	Sundry Debtors	16.346	3.250
	Cash & Bank Balances	0.454	0.010
	Other Current Assets	0.449	0.325
	Loans & Advances	5.064	5.984
Total Current Assets		24.767	23.930
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.122	7.132
	Other Current Liabilities	0.437	0.337
	Provision for Tax	6.346	5.026
	Expenses Payable	0.850	0.559
Total Current Liabilities		14.755	13.054
Net Current Assets		10.012	10.876
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		27.624	29.123

PROFIT AND LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	77.834	74.586
		Other Income	8.533	5.831
		TOTAL	86.367	80.417
Less	EXPENSES
		Cost of Goods Manufacturing	58.293	59.869
		Vat Payments	0.183	0.215
		Cost Of Finished Goods	0.307	(0.017)
		Manpower Cost	4.801	3.932
		Insurance	0.125	0.137
		Selling And Distribution Expenses	2.167	1.783
		Other Expenses	4.085	3.898
		TOTAL	69.961	69.817
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.406	10.600
Less	FINANCIAL EXPENSES		0.189	0.267
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		16.217	10.333
Less	DEPRECIATION/ AMORTISATION		1.736	1.707
	NET PROFIT		14.481	8.626

The above information has been parted by Mr. Sawant Account (Manager)

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	18.60	11.57
Operating Profit Margin (PBIDT/Sales)	(%)	21.08	14.21
Return on Total Assets (PBT/Total Assets}	(%)	34.27	20.51
Return on Investment (ROI) (PBT/Networth)		0.52	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.03
Current Ratio (Current Asset/Current Liability)		1.78	1.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner Capital	28.357	27.624
Reserves & Surplus	0.000	0.000
Net worth	28.357	27.624
Secured Loan	0.768	0.000
Unsecured Loan	0.000	0.000
Total Loans	0.768	0.000
Debt/Equity ratio	0.027	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	74.586	77.834
		4.355

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	74.586	77.834
Profit	8.626	14.482
	11.57%	18.61%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	No
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Fixed Assets:

• Plant and Machinery
• Building
• Car Office Equipment
• Vehicles
• Computer

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 records 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 records 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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.