MIRA INFORM REPORT

Report No. :	303244
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	MANISH PACKAGING PRIVATE LIMITED

Registered Office :	Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat – 395008, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.01.1997

Com. Reg. No.:	04-031603

Capital Investment / Paid-up Capital :	Rs.30.000 Millions

CIN No.: [Company Identification No.]	U25209GJ1997PTC031603

TIN No.:	Not Available

IEC No.:	5296003276

TAN No.: [Tax Deduction & Collection Account No.]	SRTM00134B

PAN No.: [Permanent Account No.]	AABCM6018Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Packaging Materials.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	Regular

Litigation :	Not Available

Comments :	Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relation are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	20.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2
Rating Explanation	Have strong degree of safety and low credit risk
Date	20.11.2014

Reason for Suspensions: The suspension of ratings is on account of no-cooperation by MPPL with CRISIL’s efforts to undertake a review of the rating outstanding.

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. Mrugesh S. Raval
Designation :	Director
Contact No.:	91-261-2399999
Date :	13.01.2014

LOCATIONS

Registered Office :	Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat – 395008, Gujarat, India
Tel. No.:	91-261-2399999 / 799 / 2399899
Fax No.:	91-261-2399998
E-Mail :	accounts@manishfilms.com mrugesh@manishfilms.com manishpackaging@dedcs.net
Website :	www.manishpackaging.com
Area :	3000 Sq. Ft.
Location :	Owned

Head Office :	Plot No. 539, Road No.5, G.I.D.C., Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-2399999/ 2399899
Fax No.:	91-261-2399998
E-Mail :	info@manishpackaging.com
Area :	5000 Sq. Ft.
Location :	Leased

Factory :	Block No. 690 and 691, Village Maroli, Taluka Navasari, Valsad, Gujarat, India
Tel. No.:	91-2637-273029
Area :	5000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 01.09.2014

Name :	Mr. Kanaiyalal Bhagvandas Patel
Designation :	Director
Address :	112, Sarjan Society, Near Citylight Road 3, Athwalines, Surat - 395001, Gujarat, India
Date of Birth/Age :	29.03.1943
Date of Appointment :	29.01.1997
PAN No.:	ADQPP0309J
DIN No.:	00382405

Name :	Mr. Manish Kanaiyalal Patel
Designation :	Director
Address :	1-B, Rudravan Apartment Co-Operative Housing Society, Near Experimental School, Athwalines Surat - 395007 Gujarat, India
Date of Birth/Age :	22.09.1968
Date of Appointment :	03.02.1997
PAN No.:	AANPP3239R
DIN No.:	00382298

Name :	Mr. Mrugesh S. Raval
Designation :	Director
Address :	4, Krishnakunj Society, Bhairavnath Road, Kankaria Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	07.06.1973
Date of Appointment :	15.04.2004
PAN No.:	AGFPR4758R
DIN No.:	00382553

Name :	Mr. Vikas Kanaiyalal Patel
Designation :	Director
Address :	112 Sarjan Society, Near Citylight Road Athwalines, Surat- 395001, Gujarat, India
Date of Birth/Age :	12.12.1970
Date of Appointment :	03.02.1997
PAN No.:	AANPP2524K
DIN No.:	00411715

MAJOR SHAREHOLDERS

As on 01.09.2014

Names of Shareholders		No. of Shares
Kanaiyalal Bhagvandas Patel		913473
Patel Kanaiyalal (HUF)		557142
Vasantiben Kanaiyalal Patel		287214
Vikas Kanaiyalal Patel		619896
Nilam Manishbhai Patel		1000
Manish Kanaiyalal Patel		619906
Kekul Vikasbhai Patel		1000
Amit D. Gajjar		71
Vikas Traders, India		100
Manish Kanaiyalal Patel (HUF)		80
Vikas Kanaiyalal Patel (HUF)		80
Kanaiyalal B Patel (Addplast Agencies)		24
Kanaiyalal B Patel (Vikas Traders)		14
Total		3000000

Equity Share Break up (Percentage of Total Equity)

As on 01.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Packaging Materials.

Products :

Product Description	Item Code No. (ITC Code)
PVC Film	39204900

Brand Names :

Agencies Held :

Exports :

Products :

Packaging Materials

Countries :

· UK

· Italy

· Russia

· Turkey

· South America

Imports :

Products :

Raw Material

Countries :

· Singapore

· Taiwan

· UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference 1 :	Ineos Vinyls, UK
Reference 2 :	Formosa, Taiwan
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 :

Reference :	Kale Noble, Turkey
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 :

300 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	MID Corporate Branch, Trade House, Ring Road, Surat -395002, Gujarat, India
Person Name (With Designation)	Mr. Bharat Raj (Deputy Manager)
Contact Number	91-7600041121
Name of Account Holder	Manish Packaging Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	5 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Fund Based = Rs.280.000 Millions NFB = Rs.240.000 Millions
Account Operation	Good
Remarks (If any)	Accounts is good and healthy, no complaints or negative points.

· ICICI Bank Limited, Platinum Plaza, Athwalines, Surat – 395002, Gujarat, India

· Standard Chartered Bank Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	43.691	70.059
SHORT TERM BORROWINGS
Working capital loans from banks	128.442	129.301
Total	172.133	199.360

Notes:

Long Term Borrowings

The Long Term and Short Term facility from Standard Chartered Bank is secured by hypothecation of imported machinery and industrial land and building, and personal guarantee of the directors of the company.

The Long Term and Short Term facility from State Bank of India is secured by hypothecation of windmills and Plant and Machinery of the company, stock and book debts of the company and personal guarantee of the directors / shareholders of the company

The unsecured loans are subject to confirmation however, the directors have certified the respective balances.

Short Term Borrowings

The Long Term and Short Term facility from Standard Chartered Bank is secured by hypothecation of imported machinery and industrial land and building, and personal guarantee of the directors of the company.

The Long Term and Short Term facility from State Bank of India is secured by hypothecation of windmills and Plant and Machinery of the company, stock and book debts of the company and personal guarantee of the directors / shareholders of the company.

The Short Term facility from ICICI Bank is secured by hypothecation of current asset of the company and personal guarantee of the directors / shareholders of the company.

The Foreign Currency Non-Residential Account B (FCNB), Pre-Shipment Credit in Foreign Currency (PCFC), Export Bill Re-Discounting (EBR) and Cash Credit facilities from State Bank of India and ICICI Bank are secured by hypothecation of stock, book debts, etc., of the company and personal guarantee of the directors of the company.


Auditors :
Name :	DSI and Company Chartered Accountants
Address :	C-32, 33, Corner Point Complex, Citylight Petrol Pump Lane, City Light Road, Surat, Gujarat, India
PAN No.:	AAFFD4002N

Memberships :	--

Collaborators :	--

Associates :	· Vikas Traders · Addplast Agencies

CAPITAL STRUCTURE

As on 01.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

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	30.000	30.000	30.000
(b) Reserves & Surplus	823.543	694.697	535.080
(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)	853.543	724.697	565.080

(3) Non-Current Liabilities
(a) long-term borrowings	143.947	155.413	129.195
(b) Deferred tax liabilities (Net)	22.053	35.067	40.077
(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)	166.000	190.480	169.272

(4) Current Liabilities
(a) Short term borrowings	128.442	129.301	129.738
(b) Trade payables	34.632	86.015	26.971
(c) Other current liabilities	36.696	44.267	29.431
(d) Short-term provisions	67.355	70.486	28.429
Total Current Liabilities (4)	267.125	330.069	214.569

TOTAL	1,286.668	1,245.246	948.921

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	395.242	458.408	347.788
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	31.317	0.422	4.569
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	58.379	42.735	52.204
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.672	10.770	8.326
(e) Other Non-current assets	0.000	0.000	0.022
Total Non-Current Assets	496.610	512.335	412.909

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	412.018	341.590	244.369
(c) Trade receivables	225.755	225.922	194.308
(d) Cash and cash equivalents	18.989	39.846	29.031
(e) Short-term loans and advances	133.296	125.553	68.219
(f) Other current assets	0.000	0.000	0.085
Total Current Assets	790.058	732.911	536.012

TOTAL	1,286.668	1,245.246	948.921

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012

	SALES TURNOVER		1620.000 (Approximately)	NA	NA

	EXPENSES		NA	NA	NA

	PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEM AND EXTRAORDINARY ITEMS		178.861	225.351	89.742

Add	EXCEPTIONAL ITEM		4.429	0.213	0.168

Less	EXTRAORDINARY ITEMS		(0.102)	0.471	0.011

	PROFIT/ (LOSS) BEFORE TAX		183.188	225.093	89.899

Less	TAX		54.342	65.477	20.743

	PROFIT/ (LOSS) AFTER TAX		128.846	159.616	69.156

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		681.629	522.013	452.857

	BALANCE CARRIED TO THE B/S		810.475	681.629	522.013

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	600.967	600.245	555.678
	TOTAL EARNINGS		600.967	600.245	555.678

	Earnings / (Loss) Per Share (Rs.)		42.95	53.21	23.05

Expected Sales (2014-2015): Rs.1850.000 Millions

The above information has been parted by Mr. Mrugesh S. Raval.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	15.30	18.73	10.08

Return on Investment (ROI) (PBT/Networth)		0.21	0.31	0.16

Debt Equity Ratio (Total Debt /Networth)		0.32	0.39	0.46

Current Ratio (Current Asset/Current Liability)		2.96	2.22	2.50

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	30.000	30.000	30.000
Reserves & Surplus	535.080	694.697	823.543
Share Application money pending allotment	0.000	0.000	0.000
Net worth	565.080	724.697	853.543

Long Term borrowings	129.195	155.413	143.947
Short Term borrowings	129.738	129.301	128.442
Total borrowings	258.933	284.714	272.389
Debt/Equity ratio	0.458	0.393	0.319

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Millions

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of long term debt	32.925	40.049	22.890
Total	32.925	40.049	22.890

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	Yes
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 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	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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	100.256	85.354
Total	100.256	85.354

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10415785	26/03/2013	100,000,000.00	ICICI Bank	Commercial Banking Group, Landmark, West Wing, Mezzaine Floor, Race Course Circle, Varodara, Gujarat - 390007, India	B72010135
2	10222645	07/06/2010	34,400,000.00	Standard Chartered Bank	Abhijeet II, Gr. Floor, Near Mithakali Six Road, Ahmedabad, Gujarat - 380006, India	A87086377
3	10124601	15/10/2008	56,555,000.00	Standard Chartered Bank	Abhijeet II, Gr. Floor, Near Mithakali Six Road, Ahmedabad, Gujarat - 380006, India	A47704291
4	10125994	06/10/2008	40,000,000.00	Standard Chartered Bank	90, M G Road, Fort, Mumbai, Maharashtra - 400001, India	A47704424
5	80019686	20/04/2007 *	115,500,000.00	State Bank Of India	Specialised Commercial Branch, Kiran Chambers, Ring Road, Surat, Gujarat - 395002, India	-
6	90106776	15/05/2013 *	589,600,000.00	State Bank Of India	Mid Corporate Branch, Trade House, Ring Road, Surat, Gujarat - 395002, India	B75691378

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.10
UK Pound	1	Rs.94.09
Euro	1	Rs.73.42

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	RAS

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

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

TOTAL		49

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.

MIRA INFORM REPORT

Unit