MIRA INFORM REPORT

Report No. :	309935
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	PVC CONVERTERS INDIA PRIVATE LIMITED
Registered Office :	P.O. Box 6043, 7-B, Trust House, 7^th Floor, 35, Hospital Avenue, Dr. E Borges Road, Parel – 400 012, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.12.2000
Com. Reg. No.:	11-129988
Capital Investment / Paid-up Capital :	Rs.8.878 million
CIN No.: [Company Identification No.]	U24116MH2000PTC129988
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMP12309D MUMP11566C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling PVC sheets and Films.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-61331000/ 24110676)

LOCATIONS

Registered Office/ Head Office :	P.O. Box 6043, 7-B, Trust House, 7^th Floor, 35, Hospital Avenue, Dr. E Borges Road, Parel – 400 012, Maharashtra, India
Tel. No.:	91-22-61331000/ 24110674/ 24110675/ 24110676
Fax No.:	91-22-61331099/ 24110673
E-Mail :	pvcjayesh@gmail.com
Website :	http://www.pvcconverters.com
Factory :	Plot No.60, 61, 72, Panchal Udyog Nagar, Bhimpore, Daman – 396 210, Daman and Diu, India
Tel No.:	91-260-258269

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Raoul Ajai Verma

Designation :

Director

Address :

8, Ratnakar, Narayan Dabholkar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

22.02.1981

Date of Appointment :

01.09.2012

DIN No.:

01559186

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	U24134MH1988PTC048062	THOR POLYMERS PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U74100MH2005PTC154917	INTEGRATED KNOWLEDGE AND INFORMATION MANAGEMENT PRIVATE LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
3	U99999MH1986PTC038997	RAKIM INVESTMENTS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
4	U24130MH1986PTC041265	KUKRESA PLASTICS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
5	U25200MH1986PTC038635	ANCHOR ICE AND PLASTICS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
6	U24116MH2000PTC129988	PVC CONVERTERS INDIA PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
7	U51900MH1988PTC046207	SANAMEX TRADING PRIVATE LIMITED	Director	29/09/2012	03/09/2012	-	Active	NO
8	U45200MH1986PTC038950	BOMBAY KUNSTSTOFF PHARMA SUPPLIES PRIVATE LIMITED	Director	30/09/2013	01/04/2013	-	Active	NO
9	U01110MH1989PTC054230	MAGNUM FARMS PRIVATE LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO
10	U22200MH1996PTC103351	STARLITE PRINTERS PRIVATE LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO
11	U67120MH1985PTC038257	MAGNUM HOLDINGS PRIVATE LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO

Name :

Ms. Kim Verma Modi

Designation :

Director

Address :

7-A, Trust House, 7^th Floor, 35, Hospital Avenue, Dr. E Borges Road, Parel – 400 012, Maharashtra, India

Date of Birth/Age :

17.06.1977

Date of Appointment :

22.02.2001

DIN No.:

00179163

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	U24116MH2000PTC129988	PVC CONVERTERS INDIA PRIVATE LIMITED	Director	22/02/2001	22/02/2001	-	Active	NO
2	U24130MH1986PTC041265	KUKRESA PLASTICS PRIVATE LIMITED	Director	19/07/2005	19/07/2005	-	Active	NO
3	U74100MH2005PTC154917	INTEGRATED KNOWLEDGE AND INFORMATION MANAGEMENT PRIVATE LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
4	U51900MH1978PTC020876	PARK EXPORTS PRIVATE LIMITED	Director	30/09/2014	16/12/2013	-	Active	NO
5	U45200MH1946PTC005239	MANGALDAS N VERMA PRIVATE LIMITED	Director	24/02/2014	24/02/2014	-	Active	NO
6	AAC-9606	VINYL PROCESSORS LLP	Designated Partner	24/11/2014	24/11/2014	-	Active	NO

Name :

Mr. Homiyar T. Bhumgar

Designation :

Director

Address :

A-2 Block, 2^nd Floor, Avabai Petit Lane, Balaram Street, Grant Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

22.06.1955

Date of Appointment :

15.12.2000

DIN No.:

00128531

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders (With Voting Rights)	No. of Shares
Kim Verma	167667
Raoul Verma	166667
Master Rishav Verma Through Natural Kawal Verma	83333
Trustees of Rishav Accumulation Trust	83333
Fazal M.K. Ali Manekia	125000
Anil Nanda	27000
Ajai Verma	164800
Total	817800

Names of Shareholders (Without Voting Rights)	No. of Shares
Plastchem FZC, U.A.E.	70000
Total	70000

AS ON 30.09.2014

Equity Shares Break – up

Category	Percentage of holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.96
Directors or relatives of directors	78.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling PVC sheets and Films.

Products :

Products Description	Item Code No.
Rigid PVC Film	392041
Flexible PVC Film	392042
PVC Leather Cloth	590310

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Bandra (West) Branch, Radhasoami Apartments, T.P.S. III, 36^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans from Banks	51.223	70.598
Less: Current Maturities of Long Term Debt	(19.158)	(19.159)
Car Loans from banks	4.239	1.892
Less: Current Maturities of Long Term Debt	(1.298)	(1.411)
SHORT TERM BORROWINGS
Cash Credit	75.983	79.539
Total	110.989	131.459

Banking Relations :	--
Auditors :
Name :	Patkar and Pendse Chartered Accountants
Address :	9/204, Chartered House, 297/298, Dr. Cawasji Hormasji Street, Marine Lines, Mumbai – 400 002, Maharashtra, India
Tel. No. :	91-22-22060309/ 22062272/ 65224568
Fax No. :	91-22-22060868
PAN No.:	AAAFP2081Q
Memberships :	Not Available
Collaborators :	Not Available
Companies under the same management (As on 31.03.2013) :	· Thor Polymers Private Limited · Bombay Kunstoff Pharma Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Voting Rights Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
817800	Voting Rights Equity Shares	Rs.10/- each	Rs.8.178 million
70000	Non-Voting Rights Equity Shares	Rs.10/- each	Rs.0.700 million
	Total		Rs.8.878 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (Consolidated)	31.03.2013 (Consolidated)	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	8.878	8.878	8.878
(b) Reserves & Surplus	106.983	102.368	99.810
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.083	0.083	0.083
Total Shareholders’ Funds (1) + (2)	115.944	111.329	108.771
(3) Non-Current Liabilities
(a) Long-term borrowings	53.176	59.920	61.955
(b) Deferred tax liabilities (Net)	3.935	4.796	-0.208
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.739	0.690	0.466
Total Non-current Liabilities (3)	57.850	65.406	62.213
(4) Current Liabilities
(a) Short term borrowings	75.983	79.539	60.924
(b) Trade payables	187.792	135.246	98.182
(c) Other current liabilities	44.615	43.467	31.299
(d) Short-term provisions	2.479	4.140	5.586
Total Current Liabilities (4)	310.869	262.392	195.991
TOTAL	484.663	439.127	366.975
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.373	203.902	107.981
(ii) Intangible Assets	0.059	0.059	0.059
(iii) Capital work-in-progress	0.000	0.000	62.207
(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	2.596	2.028	2.429
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	193.028	205.989	172.676
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.941	52.271	33.175
(c) Trade receivables	147.428	120.677	93.464
(d) Cash and cash equivalents	15.825	13.764	14.201
(e) Short-term loans and advances	66.441	46.426	53.459
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	291.635	233.138	194.299
TOTAL	484.663	439.127	366.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Consolidated)	31.03.2013 (Consolidated)	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		4.616	2.558	8.149
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	79.356	54.266
	TOTAL EARNINGS		NA	79.356	54.266
	Earnings / (Loss) Per Share (Rs.)		5.20	2.88	NA

KEY RATIOS

PARTICULARS	31.03.2014 (Consolidated)	31.03.2013 (Consolidated)	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	1.11	1.25	1.13
Current Ratio (Current Asset/Current Liability)	0.94	0.89	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	8.878	8.878	8.878
Reserves & Surplus	99.810	102.368	106.983
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.083	0.083	0.083
Net worth	108.771	111.329	115.944
Long Term borrowings	61.955	59.920	53.176
Short Term borrowings	60.924	79.539	75.983
Total borrowings	122.879	139.459	129.159
Debt/Equity ratio	1.130	1.253	1.114

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The registered office has been shifted from 701-B, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India to the present address w.e.f. 01.02.2012.

BACKGROUND

Subject was incorporated on 12^th December 2000 under the provisions of Companies Act, 1956. The company is engaged in the manufacturing and selling PVC sheets and Films. The company caters both domestic and international market. The company has manufacturing units at Daman (Union Territory of India) and Head Office in Mumbai.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans from Related Parties	18.170	8.000
Total	18.170	8.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90237463	26/05/2014 *	268,500,000.00	INDIAN OVERSEAS BANK	BANDRA (WEST) BRANCH, RADHASOAMI APARTMENTS, T.P.S. III, 36^TH ROAD, BANDRA (WEST), MUMBAI, MAHARASHTRA - 400050, INDIA	C09068354

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Factory Building

· Borewell

· Plant and Machinery

· Tools and Equipments

· Moulds

· Office Equipments

· Furniture and Fixtures

· Electric Installation

· Air Conditioner

· Computer and Accessories

· Motor Vehicle

Intangible Assets

· Goodwill

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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.