MIRA INFORM REPORT

Report No. :	302195
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	VARMORA PLASTECH PRIVATE LIMITED
Registered Office :	Plot No. 3, Block No. 86, PO: Vasna Chacharvadi, Near Divya Bhaskar Press, Bavla-Changodar, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.05.2013
Com. Reg. No.:	04-074802
Capital Investment / Paid-up Capital :	Rs. 56.625 Millions
CIN No.: [Company Identification No.]	U28112GJ2013PTC074802
TAN No.: [Tax Deduction & Collection Account No.]	AHMV05496B
PAN No.: [Permanent Account No.]	AAECV4247P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Household Plastic Items and Plastic Molded Furniture.
No. of Employees :	200 (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. Mr. Mikil Vora, Finance Manager provided all information and also confirmed that the company commenced with its commercial operation from January 2014. It is the company first year of business operation and the company has achieved a sizeable turnover from its operation however incurred a loss. Networth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating = B+
Rating Explanation	High risk of default.
Date	December 10, 2013

Rating Agency Name	CRISIL
Rating	Short-term rating = A4
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	December 10, 2013

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. Mikil Vora
Designation :	Finance Manager
Contact No.:	91-79-40301073
Date :	07.01.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 3, Block No. 86, PO: Vasna Chacharvadi, Near Divya Bhaskar Press, Bavla-Changodar, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-79-40301074
Fax No.:	Not Available
E-Mail :	cs@varmoraplastech.com parekhparekhass@gmail.com info@varmoraplastech.com
Website :	http://www.varmoraplastech.com
Corporate Office :	C/1009, Ganesh Meridian, Near Sola Over Bridge, S.G. Highway, Ahmedabad – 380060, Gujarat, India
Tel. No.:	91-79-40301073/ 74
Location :	Rented
Branch Offices :	Located at: · Rajkot Bangalore Bhatinda Ghaziabad Hyderabad Indore Jabalpur Jaipur Nagpur Rajasthan Thane

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Prakash Parsotambhai Varmora
Designation :	Director
Address :	Co. Sunshine Fasteners, 101, 1/A, GIDC, Wadhwan – 363030, Gujarat, India
Date of Birth/Age :	17.12.1973
Date of Appointment :	01.05.2013
DIN No.:	00772320
Name :	Mr. Dhaval Harjibhai Patel
Designation :	Director
Address :	B-302, Rajendra Complex, Tirupati Apartment, C.S. Road, Dahisar [East], Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	23.03.1987
Date of Appointment :	01.05.2013
PAN No.:	AQRPP8971G
DIN No.:	06537903
Name :	Mrs. Bhumika Dhirubhai Patel
Designation :	Additional director
Address :	56, Kailashdham Society, New Sama Road, Vadodara – 390008, Gujarat, India
Date of Birth/Age :	25.11.1987
Date of Appointment :	14.05.2013
DIN No.:	06538534
Name :	Mr. Kalpesh Amrutlal Patel
Designation :	Additional director
Address :	C-30, Snehal Flats, Sola Road, Ghatlodiya, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	25.02.1980
Date of Appointment :	14.05.2013
PAN No.:	AOMPP4619Q
DIN No.:	06584340

KEY EXECUTIVES

Name :	Mr. Mikil Vora
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.16
Bodies corporate	23.16
Directors or relatives of directors	76.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Household Plastic Items and Plastic Molded Furniture.

Products/ Services :

ITC Code No.	Product Descriptions
83089040	Plastic

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Canada

US

South Africa

Nepal

Sri Lanka

UK

Saudi Arabia

Imports :

Products :

Raw Material

Countries :

· China

Taiwan

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	C.G. Road, Navrangpura, Ahmedabad - 380009, Gujarat, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	104.750
Term loans from others	24.617
SHORT TERM BORROWINGS
Working capital loans from banks	42.599
Total	171.966

Banking Relations :	--
Auditors :
Name :	Vora Jiruwala and Associates Chartered Accountants
Address :	G-8, Sulabha Flats, Near Mirambika School, Near Jain Derasar, Navranpura, Ahmedabad – 380013, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AALFV6946R
Associates :	· Varmora Granito Private Limited [U26914GJ2003PTC043194] Varmora Furnitures Private limited [U36100GJ2013PTC074995] SPL Plast Private Limited [U25209GJ2012PTC069071] Varmora Homewares Private Limited [U25203GJ2013PTC074931] SPL Fasteners Private Limited [U28991GJ2008PTC053811]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,671,510	Equity Shares	Rs. 10/- each	Rs. 56.715 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,670,000	Equity Shares	Rs. 10/- each	Rs. 56.700 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,662,510	Equity Shares	Rs. 10/- each	Rs. 56.625 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	56.625
(b) Reserves & Surplus	15.579
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	72.204
(3) Non-Current Liabilities
(a) Long-term borrowings	139.430
(b) Deferred tax liabilities (Net)	5.393
(c) Other long term liabilities	15.827
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	160.650
(4) Current Liabilities
(a) Short term borrowings	42.599
(b) Trade payables	55.217
(c) Other current liabilities	10.205
(d) Short-term provisions	1.414
Total Current Liabilities (4)	109.435
TOTAL	342.289
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.986
(ii) Intangible Assets	10.232
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	8.845
Total Non-Current Assets	207.063
(2) Current assets
(a) Current investments	0.000
(b) Inventories	68.996
(c) Trade receivables	34.363
(d) Cash and cash equivalents	6.742
(e) Short-term loans and advances	6.202
(f) Other current assets	18.923
Total Current Assets	135.226
TOTAL	342.289

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014
SALES
	Income from Operations	47.392
	Other Income	3.557
	TOTAL	50.949
EXPENSES
	TOTAL	NA
DEPRECIATION/ AMORTISATION		3.325
PROVISION FOR TAX		5.393
PROFIT/ (LOSS) AFTER TAX		(12.796)
IMPORTS
	Capital Goods	74.713
	Raw Materials	12.339
TOTAL IMPORTS		87.052
Earnings/ (Loss) Per Share (Rs.)		(2.26)

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

The above information has been parted by Mr. Mikil Vora [Finance Manager]

KEY RATIOS

PARTICULARS	31.03.2014
Debt Equity Ratio (Total Debt/Networth)	2.52
Current Ratio (Current Asset/Current Liability)	1.24

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

PARTICULARS	31.03.2014 (Rs. In Millions)
Current maturities of long-term debt	4.200

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 one year	Yes
12]	Profitability for last one year	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10449851	22/09/2013	248,500,000.00	STATE BANK OF INDIA	C.G.ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B85313237

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits	10.063
Total	10.063

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 503/1-Bhagyalaxmi Industrial Estate, Near Doll Plastic, Rakanpur, Kalol – 382721, Gujarat, India to the present address w.e.f.18.06.2013

OPERATIONS:

During the year, the Company has registered a total loss of Rs. 12.795 Millions as this is the first year of operation due to various operational setups, the company is unable to earn profits. The directors are hopeful for the bright future of the company in the years to come.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)
Bank Guarantee	5.005

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Factory equipments

Furniture and fixtures

Other plant and equipment

Office equipment

Computer equipments

Other equipments

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 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. 63.45
UK Pound	1	Rs. 95.99
Euro	1	Rs. 75.28

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.