MIRA INFORM REPORT

Report No. :	327326
Report Date :	15.06.2015

IDENTIFICATION DETAILS

Name :	AVI GLOBAL PLAST PRIVATE LIMITED (w.e.f. 27.08.2008)
Formerly Known As :	COLLAR PACK PRIVATE LIMITED
Registered Office :	Survey No. 266/4/5/6, Village Dunetha, Bhenslore, Nanidaman – 396210, Daman and Diu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.2001
Com. Reg. No.:	24-002958
Capital Investment / Paid-up Capital :	Rs.7.049 Millions
CIN No.: [Company Identification No.]	U18101DD2001PTC002958
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTC00182A
PAN No.: [Permanent Account No.]	AABCC5843R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged mainly in processing, manufacturing of plastic polymers viz. PVC Films, PET films, Collar Bands, Butterflies and Pet Products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 was erstwhile started as a partnership concern in 1995 in the name of “Collar Pack”. Later in 2001 the firm was converted into a private limited. It is an established company having moderate track. The company possesses a moderate financial profile marked by an adequate net worth base and moderate coverage indicators along with high gearing level due to debt funded capex, slow debtor realization and high working capital requirements. Management has witnessed a growth in its sales volume has reported a loss from its operations during FY 2014. The rating also take into consideration the vulnerability to adverse fluctuations in foreign currency as well as the diversification in its operations which may mitigate the product concentration risks. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of established track record, the subject can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	ICRA
Rating	Fund Based Limits (Term Loans) = BB+
Rating Explanation	Inadequate - credit - quality and high credit risk
Date	February, 2015

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	February, 2015

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 DENIED BY

Name :	Mr. Nilesh
Designation :	Accounts Department
Contact No.:	91-22-39559393
Date :	13.06.2015

LOCATIONS

Registered Office/ Factory :	Survey No. 266/4/5/6, Village Dunetha, Bhenslore, Nanidaman – 396210, Daman and Diu, India
Tel. No.:	91-260-3296626
Mobile No. :	91-9820452598 (Mr. Sukhdeep Sethi)
Fax No.:	Not Available
E-Mail :	info@aviglobalplast.com akhilesh.bhargava@avivinyl.com
Website :	www.avigloplast.com
Head Office / Corporate Office :	Bhargava House, 49, Marol Cooperative Industrial Estate, M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-39559393
Fax No.:	91-22-39559327
E-Mail :	sethi@avigloplast.com

DIRECTORS

As on 23.12.2014

Name :

Mr. Bhargava Akhilesh Kameshwar

Designation :

Director

Address :

604, Hill N Sea Apartment, 72, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.07.1975

Date of Appointment :

24.09.2004

PAN No.:

AADPB8369A

DIN No.:

00380931

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	U18101DD2001PTC002958	AVI GLOBAL PLAST PRIVATE LIMITED	Director	24/09/2004	24/09/2004	-	Active	NO
2	U74999MH2005PTC150554	COOLDECK INDUSTRIES PRIVATE LIMITED	Director	11/01/2005	11/01/2005	05/04/2013	Active	NO
3	U24130MH2005PTC154963	AVI VINYLS PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Amalgamated	NO

Name :

Mr. Sukhdeep Singh Sethi

Designation :

Director

Address :

B – 305, Sushilabaug, S. V Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

17.05.1979

Date of Appointment :

24.09.2004

PAN No.:

AXFPS4802A

DIN No.:

00381016

Name :

Mr. Kameshwar Bhargava

Designation :

Director

Address :

604, Hill N Sea Apartment, 72, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

13.04.1944

Date of Appointment :

24.09.2004

PAN No.:

AAAPB9874H

DIN No.:

02031330

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	U15540MH1991PTC060263	BHARGAVA FOODS PRIVATE LIMITED	Managing director	12/02/1991	12/02/1991	-	Active	NO
2	U18101DD2001PTC002958	AVI GLOBAL PLAST PRIVATE LIMITED	Director	24/09/2004	24/09/2004	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Prakash Durve
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS

As on 23.12.2014

Names of Shareholders	No. of Shares
Akhilesh and Kameshwar Prasad Bhargava	80000
Aveesh Bhargava	14100
Bhaskar Bhargava	650
Bhaskar Bhargava – HUF	4500
Geeta Bhargava	58860
Kameshwar Prasad Bhargava	60416
Pooja Bhargava	8650
Pranay Bhargava	10175
Rishika Bhargava	14100
Shashi Bhargava	27000
Teenal Shethi	23500
V.P. Bhargava	7050
Akhilesh Bhargava	367675
Rajveer Singh Sethi	14100
Sukhdeep Singh Sethi	14100
Total	704876

Equity Share Break up (Percentage of Total Equity)

As on 23.12.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged mainly in processing, manufacturing of plastic polymers viz. PVC Films, PET films, Collar Bands, Butterflies and Pet Products.
Products :	Plastic Polymers Pvc Films Pet Films Collar Bands Butterflies Pet Product
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• State Bank of India – MIDC Andheri (East) Branch, Andheri (East), Mumbai - 400093, Maharashtra, India
• Citi Bank N.A, Citi Group Centre, Bandra Kurla Complex, G Block Bandra East, Mumbai – 400051, Maharashtra, India
• HDFC Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	7.975	50.495
Rupee term loans from others	0.000	2.369
Loans taken for fixed assets	1.659	0.492
SHORT TERM BORROWINGS
Working capital loans from banks	191.472	185.066
Other loans and advances	116.631	222.100
Total	317.737	460.522

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	303, Konark Sharm, 156, Tardeo Road, Mumbai Central, Mumbai – 400034, Maharashtra, India
PAN No.:	AAJFS8455L
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Nishika Industries Nexus Corporation Cool Deck Aqua Solution Private Limited Bhargava Home Industries

CAPITAL STRUCTURE

As on 23.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
704876	Equity Shares	Rs.10/- each	Rs.7.049 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	7.049	7.049	7.049
(b) Reserves & Surplus	233.789	270.386	228.856
(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)	240.838	277.435	235.905
(3) Non-Current Liabilities
(a) long-term borrowings	42.428	75.714	93.867
(b) Deferred tax liabilities (Net)	27.322	34.027	42.219
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.173	6.620	4.949
Total Non-current Liabilities (3)	73.923	116.361	141.035
(4) Current Liabilities
(a) Short term borrowings	320.945	407.166	454.431
(b) Trade payables	180.199	60.002	74.618
(c) Other current liabilities	135.849	66.354	83.212
(d) Short-term provisions	9.488	5.404	15.283
Total Current Liabilities (4)	646.481	538.926	627.544
TOTAL	961.242	932.722	1,004.484
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	450.919	433.152	398.050
(ii) Intangible Assets	3.008	2.457	3.013
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	5.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.179	3.636	20.393
(e) Other Non-current assets	44.430	33.725	0.063
Total Non-Current Assets	499.541	472.975	426.524
(2) Current assets
(a) Current investments	0.000	5.000	0.000
(b) Inventories	135.561	123.744	130.363
(c) Trade receivables	306.051	269.139	255.614
(d) Cash and cash equivalents	3.443	1.606	171.950
(e) Short-term loans and advances	16.493	60.258	14.286
(f) Other current assets	0.153	0.000	5.747
Total Current Assets	461.701	459.747	577.960
TOTAL	961.242	932.722	1,004.484

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1,453.025	1,256.933	1,048.322
		Other Income		7.364	11.038	13.793
		Profit on sale of assets		1.532	0.463	104.286
		TOTAL (A)		1,461.921	1,268.434	1,166.401
Less	EXPENSES			1,429.101	1,140.635	1,024.222
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			32.820	127.799	142.179
Less	DEPRECIATION/ AMORTISATION			76.123	65.482	35.695
	PROFIT/(LOSS) BEFORE TAX			(43.303)	62.317	106.484
Less	TAX			0.000	28.959	6.858
	PROFIT/(LOSS) AFTER TAX			(43.303)	33.358	99.626
Add	DEFERRED TAX ON THE CURRENT YEAR			6.706	8.192	(27.166)
	BALANCE CARRIED TO THE B/S			(36.597)	41.550	72.460
	EARNINGS IN FOREIGN CURRENCY
			Direct Export	124.525	88.358	105.545
	TOTAL EARNINGS			124.525	88.358	105.545
	Earnings / (Loss) Per Share (Rs.)			(51.92)	47.32	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(2.98)	2.65	9.50
Return on Total Assets (PBT/Total Assets}	(%)	(4.50)	6.68	10.65
Return on Investment (ROI) (PBT/Networth)		(0.18)	0.22	0.45
Debt Equity Ratio (Total Debt /Networth)		1.51	1.74	2.32
Current Ratio (Current Asset/Current Liability)		0.71	0.85	0.92

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	7.049	7.049	7.049
Reserves & Surplus	228.856	270.386	233.789
Share Application money pending allotment	0.000	0.000	0.000
Net worth	235.905	277.435	240.838
Long Term borrowings	93.867	75.714	42.428
Short Term borrowings	454.431	407.166	320.945
Total borrowings	548.298	482.880	363.373
Debt/Equity ratio	2.324	1.741	1.509

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
Sales	1,048.322	1,256.933	1,453.025
		19.900	15.601

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,048.322	1,256.933	1,453.025
Profit	99.626	33.358	(43.303)
	9.50%	2.65%	(2.98%)

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	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
Rupee term loans from others	6.447	0.000
Loans and advances from related parties	26.347	22.358
SHORT TERM BORROWINGS
Term loans from banks	6.466	0.000
Loans and advances from related parties	1.850	0.000
Other loans and advances	4.526	0.000
Total	45.636	22.358

GENERAL INFORMATION

Subject is engaged mainly in processing/ manufacturing of plastic polymers viz. PVC Films, PET films, Collar Bands, Butterflies and Pet Products and after considering the nature of raw materials and class of customers and the methods of sales and distribution of products, the management is of the view that the Company's products are falling under single segment and therefore the whole operation is considered under single segment which has been relied upon.

OPERATIONS AT NEW SITE

The company’s growths in sales have improved as shown above by 15.60% as against the similar increase in previous year. The operating profits before tax have declined due to increase in cost of raw materials, increase in repair Maintenance cost of Machinery and exchange loss. The Management is of the view that the performance may improve with better results barring unforeseen circumstances. The company commissioned two major projects in the financial year that is PET sheet and Thermoforming. These segments have a big potential, however since the company was new in both the segments the company suffered a loss on this account

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362445	30/05/2014 *	64,000,000.00	State Bank Of India	Midc, Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai, Maharashtra - 400093, India	C06532766
2	10108613	04/08/2014 *	569,700,000.00	State Bank Of India	Midc, Andheri (East) Branch,, Marol Central Road, Andheri (East), Mumbai, Maharashtra - 400093, India	C32074445
3	90354565	10/08/2007 *	75,655,000.00	State Bank Of India	Industrial Finance Branch, Telli Galli,, Snehal Chembers, Andheri (East), Mumbai, Maharashtra - 400069, India	A20520219

*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 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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.89

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		34

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.