MIRA INFORM REPORT

Report No. :	331430
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	PYRAMID TECHNOPLAST PRIVATE LIMITED
Registered Office :	Office No. 2, 2nd Floor, Shah Trade Centre, Rani Sati Marg, Near W. E. Highway, Malad (East), Mumbai – 400097, Maharashtra
Tel. No.:	91-22-42761500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.12.1997
Com. Reg. No.:	11-112723
Capital Investment / Paid-up Capital :	Rs. 3.205 Million
CIN No.: [Company Identification No.]	U28129MH1997PTC112723
IEC No.:	0304090263
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCP5074E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HM-HDPE Plastic Barrels, Canes and Jars
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is private limited company incorporated in the year 1997, having satisfactory track. Company has achieved significant increase in its sales turnover and profit in FY 14. However, rating constrained on account of unfavorable gap exist between trade receivable and trade payables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Jaiprakash Bijaykumar Agarwal
Designation :	Director
Contact No.:	91-9867367030
Date :	10.07.2015

LOCATIONS

Registered Office/ Factory 1 :	Office No. 2, 2nd Floor, Shah Trade Centre, Rani Sati Marg, Near W. E. Highway, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-42761500
Mobile No.:	91-9867367030 (Mr. Jaiprakash Agarwal)
Fax No.:	91-22-42761501
E-Mail :	yashbarrels@gmail.com info@yashbarrels.com
Website :	www.yashbarrels.com
Factory 2 :	Survey No.82/3/2/2, Near Supreme Industries, Village Kharadpada, Silvassa, Dadra Nagar Haveli, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Jaiprakash Bijaykumar Agarwal
Designation :	Director
Address :	C-108, Upvan Tower, Govind Nagar, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	14.05.1982
Date of Appointment :	06.06.2003
DIN No.:	01490093
Name :	Mrs. Madhu Agarwal
Designation :	Director
Address :	C-108, Upvan Tower, Govind Nagar, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	09.01.1981
Date of Appointment :	19.05.2006
DIN No.:	02267682

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Bijay Kumar Agarwal	27740
Nutan Kumari Agarwal	10
Jaiprakash Agarwal	28490
Credence Finacial Consultancy Private Limited	81990
Yash Synthetics Private Limited	115250
Anmol Monower Plastic Private Limited	7500
Pushpa Devi Agarwal	36180
Madhu Agarwal	23350
Total	320510

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	63.88
Directors or relatives of Directors	36.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of HM-HDPE Plastic Barrels, Canes and Jars
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Saudi Arabia
Terms :
Selling :	Cash / L/C / Credit (30/60/90 Days)
Purchasing :	Cash / L/C / 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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	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	Bank Of India
Branch	SSI Andheri (East) Branch, Mathuria Apartment, 49, Sir M.V. Road, Andheri (East), Mumbai - 400069, Maharashtra, India
Person Name (With Designation)	Mr. R.K. Jain
Contact Number	91-22-28932985
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)	Cash Credit Rs.340.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	47.031	52.768
Short-term borrowings
Other loans and advances	82.290	68.489
Total	129.321	121.257

Auditors :
Name :	VMRS and Company Chartered Accountants
Address :	Shah Arcade 1, "A" Wing, 1st Floor, Rani Sati Marg, Malad (East), Mumbai – 400097, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFV7105Q
Memberships :	--
Collaborators :	--
Enterprises over which Key Management Personnel and Relatives of such Personnel exercise significant influence :	Anmol Monower Plastic Private Limited Yash Synthetics Private Limited Credence Financial Consultancy Private Limited B. J. Polycontainer Jai Packaging Hriday Plastics

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs.10/- each	Rs. 4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
320,510	Equity Shares	Rs.10/- each	Rs. 3.205 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	3.205	2.862	2.426
(b) Reserves & Surplus	132.925	108.397	85.064
(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)	136.130	111.259	87.490
(3) Non-Current Liabilities
(a) long-term borrowings	47.031	52.768	41.709
(b) Deferred tax liabilities (Net)	13.760	12.391	10.106
(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)	60.791	65.159	51.815
(4) Current Liabilities
(a) Short term borrowings	82.290	68.489	56.562
(b) Trade payables	307.593	203.861	159.747
(c) Other current liabilities	34.451	29.596	8.380
(d) Short-term provisions	6.159	2.924	14.643
Total Current Liabilities (4)	430.493	304.870	239.332
TOTAL	627.414	481.288	378.637
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	180.123	182.405	131.566
(ii) Intangible Assets	0.381	0.000	0.000
(iii) Capital work-in-progress	1.427	3.263	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.641	10.821	10.744
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.165	3.735	0.579
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	195.737	200.224	142.889
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	128.951	57.371	66.152
(c) Trade receivables	199.648	153.846	100.058
(d) Cash and cash equivalents	3.748	2.978	17.072
(e) Short-term loans and advances	65.231	51.942	52.466
(f) Other current assets	34.099	14.927	0.000
Total Current Assets	431.677	281.064	235.748
TOTAL	627.414	481.288	378.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	1333.200	931.400	775.900
Less	EXPENSES
		TOTAL	1317.000	916.800	763.200
	PROFIT BEFORE TAX		16.200	14.600	12.700
Less	TAX		4.600	5.200	4.300
	PROFIT AFTER TAX		11.600	9.400	8.400
	Earnings Per Share (Rs.)		36.19	35.21	34.49

Particulars	31.03.2015
Sales Turnover (Approximately)	1500.000

The above information has been parted by Mr. Jaiprakash Agarwal (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	21.263	3.018
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	48.124	61.227	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.87	1.01	1.08
Return on Total Assets (PBT/Total Assets}	(%)	2.63	3.12	3.45
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.15
Debt Equity Ratio (Total Debt /Networth)		0.95	1.28	1.16
Current Ratio (Current Asset/Current Liability)		1.00	0.92	0.99

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	2.426	2.862	3.205
Reserves & Surplus	85.064	108.397	132.925
Net worth	87.490	111.259	136.130
long-term borrowings	41.709	52.768	47.031
Short term borrowings	56.562	68.489	82.290
Total borrowings	98.271	121.257	129.321
Debt/Equity ratio	1.123	1.090	0.950

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	775.900	931.400	1333.200
		20.041	43.139

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	775.900	931.400	1333.200
Profit	8.400	9.400	11.600
	1.08%	1.01%	0.87%

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	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
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

NOTE: Registered office of the company has been shifted from New Ashirwad Industrial Estate No. 5, Unit No. 248 & 249, Ram Mandir Road, Goregaon (W), Mumbai – 400104, Maharashtra, India to the present address w.e.f. 11.11.2011

PERFORMANCE

During the year the Company has performed reasonably well. The total income of the Company was higher at Rs. 1333.200 Million as compared to Rs. 931.400 Million during the previous year. However the net profit after tax was higher at Rs. 11.600 Million as compared to Rs. 9.400 Million during the previous year. The Directors are hopeful of even better performance during the current year.

Bankers Charges Report as per Registry

This form is for

Creation of charge

Modification of charge

Charge identification number of the modified

U28129MH1997PTC112723

Corporate identity number of the company

10236875

Name of the company

PYRAMID TECHNOPLAST PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Office No.2, 2nd Floor, Shah Trade Centre,

Rani Sati Marg, Near W.E Highway, Malad (East)

Mumbai -400097,Maharashtra, India

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :	Bank of India
Address :	SSI Andheri (East) Branch, Mathuria Apartment, 49, Sir M.V. Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Email :	ssiandherie.mumbainorth@bankofindia.co.in

Nature of description of the instrument creating or modifying the charge

Extension of Equitable Mortgage - Oral Assent.

Date of instrument Creating the charge

13/01/2014

Amount secured by the charge

342,700,000.00

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Interest/Commission at the rates as mentioned in the copy of Extension of Equitable Mortgage - Oral Assent attached or at such other rate/s as may be notified by the bank from time to time.

Terms of Repayment

Cash Credit, LC - On Demand, Term Loans - as per respective repayment schedules.

Margin

Stock:25%, Book Debts:40%, TL(IV) & TL(V) :25%, TL(VI):26%, TL(VII):35% Margin for factory Land & 25% for Plant & Machinery, TL(VIII):40.49%, TL:(IX):26.75%, LC & BG:10% or as required by the bank from time to time.

Extent and Operation of the charge

The charge will operate to the extent of Rs.34.27Millionon the immovable properties of the company.

Others

Revised Facilities & Limits (Rs. in Crore): FB 1)TL - i) TL IV Rs.0.12, ii)TL V Rs.0.27, iii)TL VI Rs.0.57, iv)TL VII Rs.1.09, v)TL VIII Rs.0.55, vi)TL IX Rs.3.42, vii)TL X Rs.1.05 - Total TL Rs.7.07, 2)Cash Credit - i) Stock Rs.2.25, ii)BD upto 90 Days Rs.8.00 - WCFBL Max.8.00 - Total FBL Rs.15.07, NFBL i)LC - I/F DA 90 days Rs.18, ii) Buyers Credit (within LC Limit Rs.9.00), ii) Bank Guarantee Rs.1.20 - Total NFBL Rs.19.20 - Total/ Maximum Rs.34.27

Short particulars of the property charged

Immovable property situated at 1) Survey No.261/1/3 village Athal, Silvassa area 1750 sq.mtrs with factory building Gr.Floor 616.53 sq.mtrs and 1st Floor 616.53 sq.mtrs

FIXED ASSETS

• Land
• Factory Building
• Plant and Machineries
• Cooling Tower
• Electrical Installation
• Moulds and Dies
• Generator
• Office Equipment
• Griender
• Air compressor
• Furniture
• Computers
• Mobile Phone
• Office Premises

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 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.63.37
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.