MIRA INFORM REPORT

Report No. :	344603
Report Date :	08.10.2015

IDENTIFICATION DETAILS

Name :	PLASTENE INDIA LIMITED (w.e.f. 02.01.2007)

Formerly Known As :	OSWAL AGLOIMPEX LIMITED (w.e.f. 24.05.2006) OSWAL AGLOIMPEX PRIVATE LIMITED

Registered Office :	H.B. Jirawala House, 13, Nav Bharat Society, Opposite Panchsheel Bus Stand, Usmanpura, Ahmedabad – 380013, Gujarat
Tel. No.:	91-79-27550764

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.10.1998

Com. Reg. No.:	04-034861

Capital Investment / Paid-up Capital :	Rs. 265.932 Million

CIN No.: [Company Identification No.]	U25209GJ1998PLC034861

IEC No.:	Not Available

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

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

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged mainly in the business of plastic products consisting of all types of Plastic Fabrics and Bags.

No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3335000

Status :	Satisfactory

Payment Behavior :	Usually correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1998 and it is a manufacturer and exporter of plastic products. For the financial year ended 2014, company has reported 22.46% sales turnover growth as compared to previous sales turnover but company has failed to marinated profitability margins and reported low margins at 0.65% during the year under a review. Rating takes into consideration vast experience of the promoters along with the established track record of operations of company in the flexible plastic packaging industry supported by satisfactory financial base and sound debt protection metric of the company. However, rating strength partially offset by high working capital intensity of its operations and its presence in the highly competitive and fragmented flexible packaging industry. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CARE
Rating	Long-term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 08, 2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 08, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Jitesh Patel
Designation :	Company Secretary
Contact No.:	91-9925110097

LOCATIONS

Registered Office :	H.B. Jirawala House, 13, Nav Bharat Society, Opposite Panchsheel Bus Stand, Usmanpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27550764
Mobile No.:	91-9925110097 (Mr. Jitesh Patel)
Fax No.:	91-79-27551764
E-Mail :	cs@champalalgroup.com infro@champalalgroup.com
Website :	http://www.champalalgroup.com

Factory 1 :	Survey No.317/1, Nani Chirai, Kutch – 370140, Gujarat, India
Location :	Owned

Factory 2 :	Survey No.1551 and 1552/1, Village Rajpur, Ahmedabad Mehsana Highway No.8, Taluka Kadi, District Mehsana – 382715, Gujarat, India

Gandhidham Office :	D-93, Jhanda Chowk, Gandhidham - 370201, Gujarat, India
Tel. No.:	91-2836-226629
Fax No.:	91-2836-236872

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Chetankumar Shantilal Parekh

Designation :

Director

Address :

Plot No 183, Sector 4, Gandhidham - 370201, Gujarat, India

Date of Birth/Age :

30.01.1982

Date of Appointment :

26.09.2014

DIN No.:

00159465

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	U01110GJ1995PLC027910	HCP ENTERPRISE LIMITED	Director	21/04/2004	21/04/2004	-	Active	NO
2	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Whole-time director	01/04/2010	27/01/2005	29/03/2014	Active	NO
3	U45201GJ2008PLC053258	PLASTENE INFRASTRUCTURE LIMITED	Director	14/03/2008	14/03/2008	11/01/2013	Active	NO
4	U25200GJ2009PLC058586	PLASTENE POLYFILMS LIMITED	Director	16/11/2009	16/11/2009	26/04/2010	Active	NO
5	U25200MP2010PTC023141	K. P. WOVEN PRIVATE LIMITED	Director	02/03/2010	02/03/2010	-	Active	NO
6	U25190GJ2011PLC063719	PLASTENE FLEXIBLES Limited	Director	19/01/2011	19/01/2011	29/03/2014	Active	NO
7	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Director	26/09/2014	16/01/2013	-	Active	NO

Name :

Mr. Parvesh Chander Suri

Designation :

Director

Address :

A-3, Navroj Appartments, Dafnala Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/Age :

31.12.1942

Qualification :

B. Com

Date of Appointment :

30.09.2008

DIN No.:

01861687

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	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Director	30/09/2008	12/11/2007	-	Active	NO
2	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Director	29/08/2011	25/01/2011	29/03/2014	Active	NO

Name :

Mr. Prakashkumar Hiralal Parekh

Designation :

Managing Director

Address :

7/B, Sumati Nagar Society, Usmanpura, Ahmedabad - 380013, Gujarat, India

Date of Birth/Age :

26.09.1973

Qualification :

B.E.

Date of Appointment :

23.12.2010

PAN No.:

ADAPP3077D

DIN No.:

00158264

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	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Managing director	23/12/2010	08/09/2004	-	Active	NO
2	U25200GJ2005PTC047216	PLASPACK SYNTHETICS PRIVATE LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO
3	U45201GJ2008PLC053258	PLASTENE INFRASTRUCTURE LIMITED	Director	14/03/2008	14/03/2008	15/12/2012	Active	NO
4	U25200GJ2009PLC058586	PLASTENE POLYFILMS LIMITED	Managing director	02/09/2013	16/11/2009	01/09/2015	Active	NO
5	U25200MP2010PTC023141	K. P. WOVEN PRIVATE LIMITED	Director	29/09/2012	06/07/2012	09/04/2013	Active	NO

Name :

Ms. Supriya Agarwal

Designation :

Additional Director

Address :

15, Ram Bhavan, Prakash Nagar Foysagar Road, Ajmer - 305001, Rajasthan, India

Date of Appointment :

30.09.2015

DIN No.:

07110218

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	U25200GJ2004PLC045239	OSWAL EXTRUSION LIMITED	Additional director	03/03/2015	03/03/2015	06/04/2015	Active	NO
2	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Director	30/09/2015	03/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitesh Joitaram Patel
Designation :	Company Secretary
Address :	D/404, Sambhavi Appartment, Near Nalanda School, Ghatlodia, Ahmedabad - 380061, Gujarat, India
PAN No :	APAPP0878E
Date of Appointment :	09.01.2015

Name :	Mr. Chetankumar Shantilal Parekh
Designation :	Chief Financial Officer
Address :	Plot No. 183, Sector 4, Gandhidham - 370201, Gujarat, India
PAN No :	AHIPP9683P
Date of Appointment :	26.09.2014

MAJOR SHAREHOLDERS

AS ON 26.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies (s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.09
Bodies corporate	53.99
Directors or relatives of Directors	43.40
Other top fifty shareholders	2.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged mainly in the business of plastic products consisting of all types of Plastic Fabrics and Bags.

Products :

ITC Code No.	Product Descriptions
63053200	FIBC

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

FIBC

Countries :

United States America
United kingdom
Middle East
European Country
South America
Australia
New Zealand

Imports :

Products :

Raw Material

Countries :

Gulf Countries

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS: (AS ON 31.03.2014)

Licensed Capacity: No license is required for plastic woven and multilayer products

PARTICULARS	Unit	Installed Capacity
Jumbo Bags	M.T.	13000
Plastic Woven Fabric/Bags	M.T.	25200
Plastic Multilayer Film/Bags	M.T.	6000
Filler, Master Batch, Webbing Multi Filament Yarn	M.T.	7000

PARTICULARS	Unit	Actual Production (Net of Captive Consumption)
Jumbo Bags	M.T.	9746
Plastic Woven Fabric/Bags/Tarpaulin	M.T.	9057
Plastic Multilayer Film/Bags	M.T.	2144
Filler, Master Batch, Webbing Multi Filament Yarn	M.T.	3943

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 :

End Users and OEMs

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 :

1000 (Approximately)

Bankers :

Bank Name:	State Bank of Patiala
Branch:	Mid Corporate Branch, Navrangpura, Ahmedabad - 380009, Gujarat, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Bank of Baroda, Corporate Financial Services Branch Baroda, 1 Floor, Opposite Petrol Pump, R.C Dutt Road, Alkapuri, Varodad - 390007, Gujarat, India

· State Bank of India, Industrial Finance Branch, 1st Floor, Neptune Tower Annex, Ashram Road, Ahmedabad - 380009, Gujarat, India

IndusInd Bank
EXIM Bank
State Bank of Mysore
State Bank of Hyderabad
State Bank of Travancore

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Loans taken for vehicles (Term Loans secured by way of Hypothecation of specific vehicles and equipments)	4.081	2.868
Other Loans and Advances, Others (All the aforesaid facilities are also secured by personal guarantee Mr. Prakash Parekh, Managing Director of the Company and Mr. Champalal Parekh, Promoter of the Company.)	197.643	266.032
SHORT-TERM BORROWINGS
Working capital loans from banks (All the aforesaid facilities are also secured by personal guarantee Mr. Prakash Parekh, Managing Director of the Company and Mr. Champalal Parekh, Promoter of the Company.)	1458.635	1096.901
Loans taken for vehicles (Term Loans secured by way of Hypothecation of specific vehicles and equipments)	2.328	1.858
Other Loans and Advances, Others	125.578	115.000
Total	1788.265	1482.659

Financial Institution :	PNB Investment Services Limited - Security Trustee, Motor Sales and Services Building, Near RBI Ashram Road, Ahmedabad – 380009, Gujarat, India

Auditors :
Name :	Vijay Moondra and Company Chartered Accountants
Address :	201-202, Sarap, Opposite Najivan Press, Ashram Road, Ahmedabad – 380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFV1724H

Memberships :	-----

Collaborators :	-----

Subsidiary Company :	Oswal Extrusion Limited [U25200GJ2004PLC045239]

Associates :	· Parekh Polymers · Plasto Processors · YMP Machineries Private Limited · Oswal Timber Industries · Plastene Infrastructure Limited · Plastene Polyfilms Limited · K. P. Woven Private Limited · Oliva Garden

CAPITAL STRUCTURE

AFTER 26.09.2014

Authorised Capital : Rs. 361.000 Million

Paid-up Capital : Rs. 281.982 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

36100000	Equity Shares	Rs.10/- each	Rs. 361.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

26593189	Equity Shares	Rs.10/- each	Rs. 265.932 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	265.932	265.932	252.485
(b) Reserves & Surplus	814.789	779.493	669.427
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	86.800	16.800	10.000
Total Shareholders’ Funds (1) + (2)	1167.521	1062.225	931.912

(3) Non-Current Liabilities
(a) long-term borrowings	320.025	268.900	155.141
(b) Deferred tax liabilities (Net)	158.880	140.605	135.010
(c) Other long term liabilities	48.795	81.291	143.457
(d) long-term provisions	5.718	6.685	5.099
Total Non-current Liabilities (3)	533.418	497.481	438.707

(4) Current Liabilities
(a) Short term borrowings	1586.541	1213.759	903.733
(b) Trade payables	1179.745	1228.474	1060.129
(c) Other current liabilities	150.087	127.240	72.247
(d) Short-term provisions	10.718	3.158	15.175
Total Current Liabilities (4)	2927.091	2572.631	2051.284

TOTAL	4628.030	4132.337	3421.903

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1112.860	1176.170	1073.418
(ii) Intangible Assets	67.596	66.959	0.000
(iii) Capital work-in-progress	84.863	103.130	179.935
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	181.325	181.291	61.291
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	161.004	1.977	85.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1607.648	1529.527	1399.844

(2) Current assets
(a) Current investments	0.179	10.179	11.679
(b) Inventories	996.412	1025.325	858.368
(c) Trade receivables	969.771	829.259	607.123
(d) Cash and cash equivalents	94.824	163.241	149.855
(e) Short-term loans and advances	362.010	220.473	384.664
(f) Other current assets	597.186	354.333	10.370
Total Current Assets	3020.382	2602.810	2022.059

TOTAL	4628.030	4132.337	3421.903

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5380.229	4393.544	3680.247
	Other Income	11.076	4.813	67.768
	TOTAL	5391.305	4398.357	3748.015

Less	EXPENSES
	Cost of Materials Consumed	2496.896	2310.349	2237.076
	Purchases of Stock-in-Trade	1683.614	1113.549	517.585
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(61.945)	(183.053)	(52.603)
	Employees benefits expense	164.394	158.200	139.667
	Prior Period Items	0.000	0.546	0.844
	Other expenses	484.514	569.492	478.328
	TOTAL	4767.473	3969.083	3320.897

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	623.832	429.274	427.118

Less	FINANCIAL EXPENSES	360.674	223.149	287.215

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	263.158	206.125	139.903

Less/ Add	DEPRECIATION/ AMORTISATION	209.587	191.063	64.615

	PROFIT/ (LOSS) BEFORE TAX	53.571	15.062	75.288

Less	TAX	18.275	7.472	32.673

	PROFIT/ (LOSS) AFTER TAX	35.296	7.590	42.615

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	392.932	385.342	342.727

	Balance Carried to the B/S	428.228	392.932	385.342

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2150.882	1972.908	1568.409
	TOTAL EARNINGS	2150.882	1972.908	1568.409

	Earnings / (Loss) Per Share (Rs.)	1.32	0.38	1.92

Particulars

31.03.2015

Sales Turnover (Approximately)

4930.000

Expected Sales (2015-2016): Rs. 5000.000 Million

The above information has been parted by Mr. Jitesh J. Patel (Company Secretary).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	(80.057)	26.676	423.589

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.66	0.17	1.16

Operating Profit Margin (PBIDT/Sales)	(%)	11.59	9.77	11.61

Return on Total Assets (PBT/Total Assets}	(%)	1.23	0.39	2.37

Return on Investment (ROI) (PBT/Networth)		0.05	0.01	0.08

Debt Equity Ratio (Total Debt /Networth)		1.63	1.40	1.14

Current Ratio (Current Asset/Current Liability)		1.03	1.01	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	252.485	265.932	265.932
Reserves & Surplus	669.427	779.493	814.789
Share Application money pending allotment	10.000	16.800	86.800
Net worth	931.912	1062.225	1167.521

long-term borrowings	155.141	268.900	320.025
Short term borrowings	903.733	1213.759	1586.541
Total borrowings	1058.874	1482.659	1906.566
Debt/Equity ratio	1.136	1.396	1.633

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)
Sales	3680.247	4393.544	5380.229
		19.382	22.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3680.247	4393.544	5380.229
Profit	42.615	7.590	35.296
	1.16%	0.17%	0.66%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	----------
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWING
Other Loans and Advances	118.301	0.000
Total	118.301	0.000

INDEX OF CHAREGS:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10578666	10/07/2015	360,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, FIRST FLOOR, OPPOSITE. PETROL PUMP, R. C. DUTT ROAD, VADODARA - 390007, GUJARAT, INDIA	C58278300
2	10531822	31/10/2014	965,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,1ST FLOOR ISCON ELEGANCE, NEAR SHAPAT V, S.G HIGHWAY, AHMEDABAD - 380015, GUJARAT , INDIA	C33956210
3	10461106	19/11/2013	1,910,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST) MUMBAI - 400013, MAHARASHTRA, INDIA	B89906986
4	10443222	08/07/2013	40,000,000.00	MAGMA FINCORP LIMITED	MAGMA HOUSE, 24 PARK STREET, (WEST), KOLKATA - 700016 , BENGAL, INDIA	B81972606
5	10403777	19/01/2013	100,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, NEPTUNE TOW ER ANNEX, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT , INDIA	B68316751
6	10351436	25/04/2012	150,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B38097648
7	10090762	04/02/2008	693,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A33781097
8	90104323	07/02/2014 *	2,640,000,000.00	PNB INVESTMENT SERVICES LIMITED	MOTOR SALES AND SERVICES BUILDING, NEAR RBI ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B97472989
9	90105465	07/02/2014 *	2,640,000,000.00	PNB INVESTMENT SERVICES LIMITED - SECURITY TRUSTEE	MOTOR SALES AND SERVICES BUILDING, NEAR RBI ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B97473029

* Date of charge modification

FIXED ASSETS

Tangible Assets:

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment

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. 65.25
UK Pound	1	Rs. 99.53
Euro	1	Rs. 73.46

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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 unfavorable 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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