MIRA INFORM REPORT

Report No. :	313069
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	EMPOWERA TECHNORGANICS PRIVATE LIMITED (w.e.f. 28.05.2008)

Formerly Known As :	ZEE PLAST INDIA PRIVATE LIMITED

Registered Office :	129, Harsh Vihar, Pitampura, New Delhi – 110 034

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.06.1994

Com. Reg. No.:	55-059508

Capital Investment / Paid-up Capital :	Rs.12.002 million

CIN No.: [Company Identification No.]	U74899DL1994PTC059508

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of trading and manufacturing of dying, chemicals and adhesives and allied products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 36800

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low reserves and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

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.

LOCATIONS

Registered Office :	129, Harsh Vihar, Pitampura, New Delhi – 110 034, India
Tel. No. :	91-11-27013941/ 27022941/ 65366775
Fax No. :	91-11-27022941
E-Mail :	info@empowera.net accounts@empowera.net fcaskk@gmail.com
Website :	http://www.empowera.net

Branch Office :	6040, Sixth Floor, Trade House, Ring Road, Surat – 395 002, Gujrat, India
Tel. No.:	91-261-2334111

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sushil Mahajan

Designation :

Director

Address :

129, Harsh Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

03.08.1958

Date of Appointment :

05.07.1995

DIN No. :

01803997

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	U74899DL1994PTC059508	EMPOWERA TECHNORGANICS PRIVATE LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
2	U36100DL2009PTC194031	GACHHA BONDING SYSTEMS PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

Name :

Mr. Pawan Mahajan

Designation :

Director

Address :

129, Harsh Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

16.10.1963

Date of Appointment :

05.07.1995

DIN No. :

01804021

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	U74899DL1994PTC059508	EMPOWERA TECHNORGANICS PRIVATE LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
2	U36100DL2009PTC194031	GACHHA BONDING SYSTEMS PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

Name :

Mr. Hariom Mahajan

Designation :

Director

Address :

129, Harsh Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

14.06.1961

Date of Appointment :

05.07.1995

DIN No. :

01804052

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	U74899DL1994PTC059508	EMPOWERA TECHNORGANICS PRIVATE LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
2	U36100DL2009PTC194031	GACHHA BONDING SYSTEMS PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Hariom Mahajan		317600
Kuldeep Raj Mahajan		100
Anita Mahajan		34200
Ritu Mahajan		44900
Jyoti Mahajan		29850
Atul Kapoor		8000
H.O. Mahajan		15500
P.K. Mahajan		14000
Rahul Mahajan		32000
Raj Rani Mahajan		5500
Sangeeta Mahajan		57000
S.K. Mahajan		34000
Khawashish Mahajan		1000
Nikhil Mahajan		1000
Shaifali Mahajan		500
Sushil Mahajan		265000
Pawan Mahajan		340010
Total		1200160

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.33
Other top fifty shareholders	0.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading and manufacturing of dying, chemicals and adhesives and allied products.

Products :	· Industrial Adhesives Wet Lamination Adhesives Dry Lamination Adhesive Labeling Adhesives Sidepasting Adhesives Pressure Sensitive Adhesives Packaging Adhesive · Industrial Coatings

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	The Federal Bank Limited
Branch Address	B-156, Lok Vihar, Road No.44, Pitampura, Delhi – 110 034, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· HDFC Bank Limited

· The Nainital Bank Limited

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· The Federal Bank Limited, Surat, Gujarat, India

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
HDFC Bank-Car Loan	0.000	0.926
Nainital Bank-Car Loan	0.000	0.078
SHORT TERM BORROWINGS		1.004
[Secured against Hypothecation of stock and book debts]
The Federal Bank-Delhi	0.000	2.059
ICICI Bank-Delhi	4.657	0.000
Total	4.657	4.067

Banking Relations :	--

Auditors :
Name :	Sandeep Sarthak and Associates Chartered Accountants
Address :	317, RG Mall, Sector-9, Rohini, Near Glorious Public School, Rohini (West) Metro Station, New Delhi – 110 085, India
Tel. No. :	91-11-27553051/ 47086221
Mobile No. :	91-9810082246
PAN No.:	AAIPK1799A

Memberships :	Not Available

Collaborators :	Not Available

Other Related Parties :	Raj Sons (Director’s Firm)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200160	Equity Shares	Rs.10/- each	Rs.12.002 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	12.002	3.907	3.907
(b) Reserves & Surplus	0.871	0.300	(0.018)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.905	0.405
Total Shareholders’ Funds (1) + (2)	12.873	5.112	4.294

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	1.004	8.037
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	1.004	8.037

(4) Current Liabilities
(a) Short term borrowings	6.828	11.103	1.195
(b) Trade payables	33.207	27.753	17.959
(c) Other current liabilities	0.525	0.348	0.454
(d) Short-term provisions	0.282	0.148	0.043
Total Current Liabilities (4)	40.842	39.352	19.651

TOTAL	53.715	45.468	31.982

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.876	2.453	0.925
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.143	0.123	0.117
(d) Long-term Loan and Advances	0.000	0.000	0.891
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.019	2.576	1.933

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.217	2.673	1.612
(c) Trade receivables	39.695	34.874	25.436
(d) Cash and cash equivalents	4.147	1.039	0.930
(e) Short-term loans and advances	6.461	4.208	1.973
(f) Other current assets	0.176	0.098	0.098
Total Current Assets	51.696	42.892	30.049

TOTAL	53.715	45.468	31.982

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	114.644	70.942	54.240
		Other Income
		TOTAL	114.644	70.942	54.240

Less	EXPENSES
		TOTAL	113.798	70.484	54.133

	PROFIT/ (LOSS) BEFORE TAX		0.846	0.458	0.107

Less	TAX		0.262	0.141	0.033

	PROFIT/ (LOSS) AFTER TAX		0.584	0.317	0.074

	Earnings / (Loss) Per Share (Rs.)		0.49	0.81	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.01	0.34

Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.02

Debt Equity Ratio (Total Debt/Networth)		0.53	2.37	2.15

Current Ratio (Current Asset/Current Liability)		1.27	1.09	1.53

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	3.907	3.907	12.002
Reserves & Surplus	(0.018)	0.300	0.871
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.405	0.905	0.000
Net worth	4.294	5.112	12.873

Long Term borrowings	8.037	1.004	0.000
Short Term borrowings	1.195	11.103	6.828
Total borrowings	9.232	12.107	6.828
Debt/Equity ratio	2.150	2.368	0.530

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	54.240	70.942	114.644
		30.793	61.602

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	54.240	70.942	114.644
Profit	0.074	0.317	0.584
	0.14%	0.45%	0.51%

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

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from Related Parties Payable on Demand
From Directors and Shareholders	1.921	8.794
From Inter-Corporate Loans	0.250	0.250
Total	2.171	9.044

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10480261	27/02/2014	9,500,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B97455299

FIXED ASSETS

· Car

· Computers

· Office Equipment

· Plant and Machinery

· Motor Cycle

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.62.82
UK Pound	1	Rs.92.83
Euro	1	Rs.66.17

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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

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