MIRA INFORM REPORT

Report No. :	343031
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	AMISHA VINYLS PRIVATE LIMITED
Registered Office :	21, Dr. D. N. Road, Sitaram Building, Block, Mumbai - 400001, Maharashtra
Tel no. :	91-22-23427535
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.05.1986
Com. Reg. No.:	11-039749
Capital Investment / Paid-up Capital :	Rs. 10.887 Million
CIN No.: [Company Identification No.]	U67120MH1986PTC039749
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA11918E
PAN No.: [Permanent Account No.]	AAACA3345D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of polyvinyl chloride (PVC) films and sheets.
No. of Employees :	Not Divulged

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 860000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was set up in 1986, it manufactures PVC sheets and films. It has manufacturing facility in Daman, the operations are managed by its director, Mr. Pranay Bharagava. It has satisfactory track record. The company possesses a decent profile marked by decent networth base along with fair liquidity and profitability. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term Rating = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	17.07.2015

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 DENIED BY

Name :	Ms. Falguni
Designation :	Finance Department
Contact No.:	91-22-23427535/36
Date :	28.09.2015

LOCATIONS

Registered Office :	21, Dr. D. N. Road, Sitaram Building, Block, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-23427535/36/37 / 25980487
Fax No.:	91-22-23435810 / 25980482
E-Mail :	sales@amishavinyls.com
Website :	http://www.amishavinyls.com
Factory :	Survey No.362/11, Sri Ganesh Industrial Estate, Kachigam Daman - 396 210, Union Territory, India
Tel. No.:	91-260-2243238/39
Fax No.:	91-260-2241977

DIRECTORS

As on 11.09.2014

Name :

Mr. Pranay Bhasker Bhargava

Designation :

Director

Address :

605/606, Golden Heights, Plot No. T -35, Samarth Chowk, Lokhandwala Complex, Andheri West, Mumbai - 400053, Maharashtra, India.

Date of Birth/Age :

29.12.1980

Date of Appointment :

11.03.2008

DIN No.:

00381067

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	U30000MH1973PTC016385	SUPERIOR ELECTRONIC SYSTEMS PRIVATE LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
2	U24130MH2005PTC154963	AVI VINYLS PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Amalgamated	NO
3	U67120MH1986PTC039749	AMISHA VINYLS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO

Name :

Mr. Shashi Bhasker Bhargava

Designation :

Director

Address :

605/606, Golden Heights, Plot No. T -35, Samarth Chowk, Lokhandwala Complex, Andheri West, Mumbai - 400053, Maharashtra, India.

Date of Birth/Age :

07.05.1954

Date of Appointment :

06.05.1986

DIN No.:

00381111

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	U67120MH1986PTC039749	AMISHA VINYLS PRIVATE LIMITED	Director	06/05/1986	06/05/1986	-	Active	NO
2	U99999MH1960PTC011872	MATRIKA PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO

Name :

Mr. Jayantilal Ambashanker Trivedi

Designation :

Director

Address :

Choudhary House, Daulat Nagar, S.V. Road, Borivali East, Mumbai - 400066, Maharashtra, India.

Date of Birth/Age :

20.03.1936

Date of Appointment :

01.11.1996

DIN No.:

00381203

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.09.2014

Names of Shareholders	No. of Shares
Amita Bhargava	1500
Bhakti Bhargava	29300
Bhakti Bhargava	11900
Bhasker Bhargava (H.U.F)	100000
Bhakti B. Bhargava	9000
Shashi Bhasker Bhargava	204440
Pradeep A. Shah	10
Pranay Bhasker Bhargava	52500
Jayantilal A. Trivedi	140050
Abhilasa Bhargava	5000
Pranay Bhasker Bhargava	297500
Nikita Bhargava	50000
Shashi Bhasker Bhargava	112500
O. Babulal Jai	6000
O. Kantilal Jain	25000
O. Babulal Jain	20000
O. Jayantilal Jain	24000
Total	1088700

As on 11.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of polyvinyl chloride (PVC) films and sheets.

Products :

Product Description	Item Code No. (ITC Code)
PVC Sheets and Films	84778090

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 :

Not Divulged

Bankers :

• Bank of Baroda, Thakurdwar Branch, Nana Shankerseth Smruti, J.S.S. Road, Chira Bazar Bus Stop, Mumbai - 400002, Maharashtra, India

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	18.000	0.000
Loan and advances from related parties	98.067	0.000
SHORT TERM BORROWING
Other Loans and advances	97.902	54.009
Total	213.969	54.009

Auditors :
Name :	Parikh and Shah Chartered Accountants
Address :	Bhupati Chambers, 1^st Floor, Mathew Road, Opera House, Mumbai-400004, Maharashtra, India.
Tel. No.:	91-22-23630269 / 23632314 / 23598373
Fax No.:	91-22-23618472
PAN.:	AAAFB1850B
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Prabhat Polycoater

CAPITAL STRUCTURE

As on 11.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1088700	Equity Shares	Rs.10/- each	Rs.10.887 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	10.887	10.887	10.887
(b) Reserves & Surplus	288.931	272.520	235.558
(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)	299.818	283.407	246.445
(3) Non-Current Liabilities
(a) long-term borrowings	116.066	0.000	0.000
(b) Deferred tax liabilities (Net)	9.887	(0.681)	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)	125.953	(0.681)	0.000
(4) Current Liabilities
(a) Short term borrowings	103.032	59.009	69.411
(b) Trade payables	101.507	22.104	17.143
(c) Other current liabilities	9.725	5.518	3.072
(d) Short-term provisions	7.687	4.373	4.682
Total Current Liabilities (4)	221.951	91.004	94.308
TOTAL	647.722	373.730	340.753
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	182.648	24.403	28.269
(ii) Intangible Assets	0.000	0.000	0.513
(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	0.513	0.513	0.503
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.287	49.707	35.453
(e) Other Non-current assets	34.012	35.724	19.876
Total Non-Current Assets	218.460	110.347	84.614
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.410	26.887	21.040
(c) Trade receivables	336.329	215.822	196.802
(d) Cash and cash equivalents	24.779	9.858	35.377
(e) Short-term loans and advances	1.653	1.592	1.159
(f) Other current assets	28.091	9.224	1.761
Total Current Assets	429.262	263.383	256.139
TOTAL	647.722	373.730	340.753

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1037.136	758.881	683.516
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	EXPENSES
	TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	78.298	63.523	NA
Less	FINANCIAL EXPENSES (D)	20.736	4.627	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	57.562	58.896	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	24.068	4.021	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	33.494	54.875	57.379
Less	TAX (I)	17.090	17.972	18.588
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	16.404	36.903	38.791
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	149.186	112.283	91.084
Less	APPROPRIATIONS
	Transfer to General Reserve	NA	NA	10.000
	Internal Dividend	NA	NA	3.266
	Tax on Internal Dividend	NA	NA	0.530
	Final Dividend	NA	NA	3.266
	Tax on Final Dividend	NA	NA	0.530
	Total (M)	NA	NA	17.592
	Balance Carried to the B/S (J+K+L-M)	165.590	149.186	112.283
	EARNINGS IN FOREIGN CURRENCY	10.548	18.946	34.727
	IMPORTS
	Raw Materials	126.735	73.183	67.201
	Components and Stores parts	126.395	0.000	0.000
	Capital Goods	0.934	0.522	0.984
	TOTAL IMPORTS	254.064	73.705	68.185
	Earnings / (Loss) Per Share (Rs.)	15.07	33.90	35.63

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 flows from (used in) operations	60.443	7.532	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.58	4.86	5.68
Operating Profit Margin (PBDIT / Sales)	(%)	7.55	8.37	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.18	14.70	16.86
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.23
Debt Equity Ratio (Total Debt /Networth)		0.73	0.21	0.28
Current Ratio (Current Asset/Current Liability)		1.93	2.89	2.72

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	10.887	10.887	10.887
Reserves & Surplus	235.558	272.520	288.931
Net worth	246.445	283.407	299.818
long-term borrowings	0.000	0.000	116.066
Short term borrowings	69.411	59.009	103.032
Total borrowings	69.411	59.009	219.098
Debt/Equity ratio	0.282	0.208	0.731

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	683.516	758.881	1037.136
		11.026	36.666

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	683.516	758.881	1037.136
Profit	38.791	36.903	16.404
	5.68%	4.86%	1.58%

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)	No
16	No. of employees	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Deposits from others	5.129	5.000
Total	5.129	5.000

REVIEW OF OPERATIONS:

The Company has taken a growth oriented path through its efforts. The Performance of the Company, as total Revenue, has increased by 37% as compared to Last Year. Due to Financial cost the net profit has declined.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10406223	18/04/2015 *	268,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C51720548

* Date of charge modification

FIXED ASSETS:

• Land
• Factory Buildings
• Plant and Machinery
• Dies and Tools
• Furniture and Fixtures
• Electrical Equipments
• Office Equipments
• Computers
• Vehicles
• Laboratory Equipments

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.66.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.95

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	ART

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	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	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		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 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.