MIRA INFORM REPORT

Report No. :	295928
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	DYNAFLEX PRIVATE LIMITED
Registered Office :	12, Sampatrao Colony, Productivity Road, Behind Mangaldeep Complex, Alkapuri, Vadodara - 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.06.1984
Com. Reg. No.:	04-007018
Capital Investment / Paid-up Capital :	Rs.3.750 Millions
CIN No.: [Company Identification No.]	U25200GJ1984PTC007018
IEC No.:	0889000824
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDD00708B
PAN No.: [Permanent Account No.]	AAACD8084A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and sale of printed poly bags and ploy products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 DENIED

Management Non Co-Operative (Tel No.: 91-265-2336248)

LOCATIONS

Registered Office :	12, Sampatrao Colony, Productivity Road, Behind Mangaldeep Complex, Alkapuri, Vadodara-390007, Gujarat, India
Tel. No.:	91-2676-247999 / 247166 / 247009 91-265-2336248 / 2340803
Mobile No.:	91-9724327025 (Mr. Kailash Mishra) 91-9328274881 (Mr. Anand Ambadkar)
Fax No.:	91-2676-247066 91-265-2355281 / 2336248
E-Mail :	marketing@dynaflex.com ncv@dynaflex.in sid.vora@dynaflex.in accounts@dynaflex.com
Website :	http://www.dynaflex.co.in
Area :	2000 Sq Ft
Location :	Owned
Factory :	Plot No.321, P.O. Baska, Baroda-Halol Express-way, Taluka-Halol, District Panchmahal - 389 350, Gujarat, India
Tel. No.:	91-2676-247999 / 247009
Fax No.:	91-2676-247066
E-Mail :	info@dynaflex.co.in
Area :	40000 Sq. Ft
Location :	Owned

DIRECTORS

As on 23.09.2014

Name :

Mr. Niranjan Chhotalal Vora

Designation :

Director

Address :

12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India

Date of Birth :

06.04.1939

Qualification :

B.E. Mechanical

Date of Appointment :

19.06.1984

Voter ID No.:

GJ/22/148/447272

DIN No.:

01678272

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	U25200GJ1984PTC007018	DYNAFLEX PRIVATE LIMITED	Managing director	01/12/2012	19/06/1984	-	Active	NO

Name :

Mr. Gaurav Niranjan Vora

Designation :

Director

Address :

12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India

Date of Birth :

09.08.1973

Qualification :

B.A.

Date of Appointment :

02.09.1996

Voter ID No.:

GJ/22/148/447600

DIN No.:

01571664

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	U25200GJ1984PTC007018	DYNAFLEX PRIVATE LIMITED	Whole-time director	01/12/2012	02/09/1996	-	Active	NO

Name :

Mr. Siddharth Niranjan Vora

Designation :

Director

Address :

12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India

Date of Birth :

09.01.1976

Qualification :

MBA

Date of Appointment :

01.01.2000

Voter ID No.:

GJ/22/148/447427

DIN No.:

01678339

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	U25200GJ1984PTC007018	DYNAFLEX PRIVATE LIMITED	Whole-time director	01/12/2012	01/01/2000	-	Active	NO

MAJOR SHAREHOLDERS

As on 23.09.2014

Names of Shareholders	No. of Shares	% of Holding
Niranjan Chhotalal Vora	22100	58.93
Hansa Vora	5250	14.00
Hansa Vora and Niranjan Chhotalal Vora	2650	7.07
Gaurav Niranjan Vora	3750	10.00
Siddharth Niranjan Vora	3750	10.00
Total	37500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and sale of printed poly bags and ploy products
Products :	Printed Poly Bags and Ploy Products
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• The Makarpura Industrial Estate Co-Operative Bank Limited, Community Hakll ; G.I.D.C., Vadodara - 390010, Gujarat, India
• Bank of Baroda, Rakhial Industrial Estate Branch, Ashram Road, Ahmedabad-380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Axis Bank Limited - Innova Car Loan (In rupee Currency)	0.000	0.064
HDFC Bank Limited Term Loan: No:32 7090 1	10.474	8.643
HDFC Bank Limited New Land T/L No: 3383413	5.563	4.300
HDFC Bank Limited :Buyers Credit	43.736	72.917
HDFC Bank Limited (Honda Amaze Car)	0.355	0.000
HDFC Bank Limited (BC)	20.480	0.000
SHORT TERM BORROWINGS
Cash Credit facility from HDFC Bank	42.793	38.834
Total	123.401	124.758

Banking Relations :	--
Financial Institution :	Siemens Financial Services Private Limited, 130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountants
Address :	2, “Samarpan”, 26, Haribhakti Colony, Race Course Circle, Vadodara – 390015, Gujarat, India
Tel. No.:	91-265-2337064
Fax No.:	91-265-2354386
E-Mail :	shahsanghvi@gmail.com
PAN No.:	AITPS7818Q
Membership :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 23.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions
10000	Preference Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37500	Equity Shares	Rs.100/- each	Rs.3.750 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	3.750	3.750	3.750
(b) Reserves & Surplus	120.311	94.559	71.238
(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)	124.061	98.309	74.988
(3) Non-Current Liabilities
(a) long-term borrowings	142.504	144.070	27.742
(b) Deferred tax liabilities (Net)	14.721	5.114	5.130
(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)	157.225	149.184	32.872
(4) Current Liabilities
(a) Short term borrowings	42.793	38.834	16.185
(b) Trade payables	69.124	20.171	23.353
(c) Other current liabilities	28.829	20.948	11.626
(d) Short-term provisions	13.384	14.116	7.819
Total Current Liabilities (4)	154.130	94.069	58.983
TOTAL	435.416	341.562	166.843
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.121	69.533	75.464
(ii) Intangible Assets	1.064	1.213	1.144
(iii) Capital work-in-progress	0.000	110.575	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	10.418	14.909	1.492
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	233.603	196.230	78.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.388	36.502	31.699
(c) Trade receivables	70.144	51.624	35.825
(d) Cash and cash equivalents	31.378	35.788	7.253
(e) Short-term loans and advances	32.903	21.418	13.966
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	201.813	145.332	88.743
TOTAL	435.416	341.562	166.843

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		365.617	274.398	213.341
Less	EXPENSES			327.566	239.646	190.454
	PROFIT/(LOSS) BEFORE TAX			38.051	34.752	22.887
Less	TAX			12.298	11.432	7.445
	PROFIT/(LOSS) AFTER TAX			25.753	23.320	15.442
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			91.376	68.056	52.614
	BALANCE CARRIED TO THE B/S			117.129	91.376	68.056
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	23.988	16.642	21.749
	TOTAL EARNINGS			23.988	16.642	21.749
	Earnings Per Share (Rs.)			686.75	621.87	411.79

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	8.74	15.05	13.72
Return on Investment (ROI) (PBT/Networth)		0.31	0.35	0.31
Debt Equity Ratio (Total Debt /Networth)		1.49	1.86	0.59
Current Ratio (Current Asset/Current Liability)		1.31	1.54	1.50

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	3.750	3.750	3.750
Reserves & Surplus	71.238	94.559	120.311
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	74.988	98.309	124.061
long-term borrowings	27.742	144.070	142.504
Short term borrowings	16.185	38.834	42.793
Total borrowings	43.927	182.904	185.297
Debt/Equity ratio	0.586	1.861	1.494

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	213.341	274.398	365.617
		28.619	33.243

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	213.341	274.398	365.617
Profit	15.442	23.320	25.753
	7.24%	8.50%	7.04%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	58.838	54.826
Loans and advances other than related parties	3.058	3.320
Total	61.896	58.146

COMPANY INFORMATION

Subject domiciled in India and incorporate under the provisions of the companies act, 1956. The company is engaged in the manufacture and sale of printed poly bags and ploy products. The company’s manufacturing facilities are at Halol, Baroda, Gujarat, India

OPERATIONS:

During the year the total income of the company was Rs.365.618 Millions previous year Rs.274.398 Millions. The profit after tax for the year was Rs.25.753 Millions previous year Rs.23.320 Millions.

The directors have decide to plough back the profits, hence do not recommend any dividend for the current year. The company had not accepted any deposit form the public during the year

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537185	03/12/2014	2,103,862.00	Siemens Financial Services Private Limited	130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India	C37292687
2	10537156	03/12/2014	18,734,893.00	Siemens Financial Services Private Limited	130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India	C37278819
3	10520286	21/08/2014	2,319,030.00	Siemens Financial Services Private Limited	130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India	C20924288
4	10501997	15/05/2014	12,108,458.00	Siemens Financial Services Private Limited	130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India	C06133565
5	10495548	30/04/2014	5,590,878.00	Siemens Financial Services Private Limited	130, Pandurang Budhkar Marg,, Worli, Mumbai, Maharashtra - 400018, India	C04729117
6	10082844	19/06/2014 *	214,137,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C10823714
7	10071230	30/12/2014 *	452,637,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C40207052

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.61.59
UK Pound	1	Rs.93.92
Euro	1	Rs.73.01

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
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	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.