MIRA INFORM REPORT

Report Date :

28.05.2008

IDENTIFICATION DETAILS

Name :	MRK PACKAGING
Registered Office :	70, Vardhman Nagar, Sola Road, P. O. Ghattodia, Ahmedabad – 380061, Gujarat
Country :	India
Financials (as on) :	31.03.2008 [Provisional]
Date of Incorporation :	26.01.2004
Com. Reg. No.:	GUJ/AMG – 16459 13.02.2004
PAN No.: [Permanent Account No.]	AAKFM0902B
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Existing : Manufacturing and Marketing of Aluminium Collapsible Proposed : Manufacturing and Marketing of Laminated Tubes

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed concern having satisfactory track. Partners are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Dadhich Shah [Part of the Family]
Contact No.:	91-9821092045
Date :	24.05.2008

LOCATIONS

Registered Office :	70, Vardhman Nagar, Sola Road, P. O. Ghattodia, Ahmedabad – 380061, Gujarat, India
Area :	Leased
Head Office :	309, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-66935998 / 26334517 / 26335663 / 91-20-56216213 [Res.]
Mobile No.:	91-9920675750
Fax No.:	91-22-26302013
E-Mail :	jayanttublu@hotmail.com mrktubes@hotmail.com
Area :	500 sq. ft. [Rented]
Factory 1 :	Survey No. 2/2/1, Rakholi, Madhuban, Village Karad, Silvassa
Area :	Leased
Factory 2 :	Survey No. 126/1P, Plot No. 48 Silvassa Industrial Co-operative Society Limited, Village Amli, Dadra and Nagar Haveli
Area :	Leased

PARTNERS

Name :	Mrs. Minoo R. Patel
Designation :	Partner
Address :	3, Solitair Kia Park, Prathmesh Complex, Vira Desai Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Tel No. :	91-22-26798959
Date of Birth/Age :	48 Years
Qualification :	Graduate
Name :	Mr. Rashesh G Patel
Designation :	Partner
Address :	3, Solitair Kia Park, Prathmesh Complex, Vira Desai Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Mobile No. :	91-9920675750
Date of Birth/Age :	51 Years
Qualification :	Business Administration

BUSINESS DETAILS

Line of Business :	Existing : Manufacturing and Marketing of Aluminium Collapsible Proposed : Manufacturing and Marketing of Laminated Tubes
Exports :
Countries :	Middle East Africa Malaysia Russia Central Asian Countries
Imports :
Products :	Aluminium
Countries :	Locally
Terms :
Selling :	Credit [30 days]
Purchasing :	Credit [30 days]

GENERAL INFORMATION

Suppliers :

• Akshay Enterprises
• Bhatia Graphic Private Limited
• Dawson Cargo Services
• Om Sai Electricals
• Shree Yogi Engineering
• Viva Graphics
• Welcome Furniture and Alu Works
• Yes Electricals
• Padmavari Machinery Corporation
• Punjab Chem Corporation Protection Limited
• P R Packaging Services
• Pas Industrial Services
• Rupam Trading Company
• Usha Engineering Works
• Viva Graphics
• Western Aluminium Industries

Customers :

End Users

• Pidilite Industries Limited, Mumbai
• Argos International, Moscow
• Proctor and Gamble Limited, Mumbai
• L’Oreal, Mumbai
• Ajanta Pharma Limited, Mumbai
• Dr. Reddy’s, Hyderabad
• Ranbaxy, Himachal Pradesh
• Elder Pharma, Mumbai
• Glenmark Pharma, Mumbai
• ZEN Pharma Private Limited
• Darien Electric Private Limited
• F D C Limited
• Resinnova Chemic Limited
• Twilight Chemic Limited

No. of Employees :

140

Bankers :

• Corporation Bank, Vile Parle East Branch
• Dena Bank
• HDFC Bank, Charkop
• HDFC Bank, Silvassa

Facilities :

From Corporation Bank :

Cash Credit of Rs. 10.000 Millions

Hypothecation of Stocks and Book Debts : Rate of Interest 13.75 %

Rs in Millions

Secured Loans	As on 31.03.2008 [Provisional]	As on 31.03.2007
Loans from Corporation Bank [CC] [Against Stock and Debtors]	2.142	9.272
Loans From Bank [car Loan]	[0.734]	0.804
Total	1.408	10.076

Banking Relations :	Satisfactory
Auditors :
1 Name :	Prajapati and Associates Chartered Accountants
Mumbai Office :	Office No. 9, Panchvati, 1^st Floor, Corner of S. V. Road, Bajaj Road, Kandivali [West], Mumbai – 400067
Tel. No.:	91-22-28654935 / 28610817
E-Mail :	mdprajapati@vsnl.net
Vapi Office :	Office No. 18, 2^nd Floor, Sahara Market, Vapi – Silvassa Road, Opposite Mehsana Nagar, Vapi Gujarat
Mobile No.:	91-9327926194
2 Name :	Jatin Parikh and Company [Current Year] Chartered Accountants
Address :	Ahmedabad

CAPITAL STRUCTURE

Rs in Millions

Particulars	As on 31.03.2008 [Provisional]	As on 31.03.2007
Partners Capital [Mrs. Minoo R Patel]
Opening Balance	18.365	7.196
Add : Additions	5.105	3.700
Salary to Partner	0.000	0.300
Interest to Partner	0.000	0.351
	23.470	11.547
Less : Withdrawals	9.316	5.071
Add : 97 % Share of Profit as per Profit and Loss Account	17.129	11.889
Total	31.283	18.365
Partners Capital [Mr. Rashesh G. Patel]
Opening Balance	--	--
Add : Interest to Partner	--	--
Less : Withdrawals	0.193	--
Add : 3 % Share of Profit as per Profit and Loss Account	0.530	--
Total	0.337	--

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 [Provisional]	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Partners Capital		31.620	18.901	8.154
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.620	18.901	8.154
LOAN FUNDS
1] Secured Loans		1.408	10.076	12.559
2] Unsecured Loans		0.466	0.000	0.000
TOTAL BORROWING		1.874	10.076	12.559
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.494	28.977	20.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.317	10.591	7.462
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.384	0.055	0.052
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.651	4.875	1.736
	Sundry Debtors	10.338	15.539	8.071
	Cash & Bank Balances	0.580	3.866	4.087
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.338	9.854	8.479
Total Current Assets		24.907	34.134	22.373
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	9.114	15.803	9.174
	Provisions
Total Current Liabilities		9.114	15.803	9.174
Net Current Assets		15.793	18.331	13.199
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.494	28.977	20.713

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 [Provisional]	31.03.2007	31.03.2006
Sales Turnover		91.979	88.076	55.188
Other Income		0.112	0.289	0.057
Total Income		92.091	88.365	55.245
Net Profit		17.658	12.257	9.798
Expenditures :
	Raw Material Consumed	32.497	46.859	22.405
	Manufacturing Expenses	18.253	13.644	10.078
	Employee Related Cost	10.577	8.303	6.327
	Administrative and Selling Expenses	11.394	8.697	7.193
	Finance Cost	1.117	0.000	0.000
	Accretion / [Decretion] in Stock	0.595	[1.396]	[0.555]
Total Expenditure		74.433	76.107	45.448

KEY RATIOS

PARTICULARS		31.03.2008 [Provisional]	31.03.2007	31.03.2006
PAT / Total Income	(%)	19.17	13.87	17.72
Net Profit Margin (PBT/Sales)	(%)	19.20	13.92	17.75
Return on Total Assets (PBT/Total Assets}	(%)	45.02	27.41	32.84
Return on Investment (ROI) (PBT/Networth)		0.56	0.65	1.20
Debt Equity Ratio (Total Liability/Networth)		0.35	1.37	2.67
Current Ratio (Current Asset/Current Liability)		2.73	2.16	2.44

PERSONAL BALANCE SHEET

[Mrs. Minoo R. Patel]

SOURCES OF FUNDS		31.03.2007
SHAREHOLDERS FUNDS
1] Partners Capital		30.633
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		30.633
LOAN FUNDS
1] Secured Loans		4.974
2] Unsecured Loans		0.000
TOTAL BORROWING		4.974
DEFERRED TAX LIABILITIES		0.000
TOTAL		35.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.135
Capital work-in-progress		0.000
INVESTMENT		3.310
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	2.330
	Other Current Assets	1.874
	Loans & Advances	19.958
Total Current Assets		24.162
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		24.162
MISCELLANEOUS EXPENSES		0.000
TOTAL		35.607

LOCAL AGENCY FURTHER INFORMATION

BUSINESS

The shares of the partners in the said partnership was as follows

Mrs. Minoo Rashesh Patel	97 %
R. G. Patel [HUF], represented by its Karta Mr. Rashesh Gunottam Patel	3 %
Total	100 %

Rs in Millions

Particulars	March 2008	March 2007	March 2006
Turnover	92.000	70.258 17.818	55.188
Net Profit	17.700	12.257	9.798
Retained Profit	17.700	12.257	9.798

Rs in Millions

Months	Turnover	Months	Turnover	Months	Turnover
April 2007	6.093	August 2007	9.042	December 2007	9.561
May 2007	5.829	September 2007	7.868	January 2007	6.001
June 2007	6.076	October 2007	8.477	February 2007	8.009
July 2007	7.607	November 2007	7.168	March 2007	10.167

Land and Building

Particulars	Existing		Proposed
Factory Land	2100	Leased	900	Leased
Factory Building	1900	Leased	700	Leased

General Information

Details of arrangement made for quality control

Quality control department based on ISO Systems

Particulars of R & D activity proposed

N.A.

Region / Area where the product is / will be sold

Domestic and Export

Extent of competition and No. of engaged in similar line in the area

Moderate Competitive

1. Essel Propark, Mumbai
2. Betts,s Goa

In price and quality, how does the units product compare with those of its competitors

Favorable

Financial Assistance Required

Rupee Loan

Rs. 19.300 Millions

Foreign Currency Loan

Rs. 9.800 Millions + Rs. 14.800 Millions = Rs. 14.800 Millions

Working Capital

Additional Rs. 4.500 Millions

[Enhancement of Working Capital Limit from Rs. 10.000 Millions to Rs. 14.500 Millions]

Bob Fund Based Limits

Foreign L/Cs for importing machinery

Repayment Programme

Term Loan : 7 Years will 6 months, moratorium

Details of securities to be offered

Primary

For Working Capital	For Term Loan
Hypothecation of Stock and Book Debts	Plant and Machinery

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Endowment Policy or Whole Life Policy	Annual Premium [Rs in Millions]	Sum Assured [Rs in Millions]
14.09.2005	893032768	LIC Jeevan Anurag	0.471	5.000

DETAILS OF EXISTING GUARANTEE OBLIGATIONS

Name of the Principal debtors on whose behalf guarantee is furnished	Extent to which guarantee is furnished [Rs. In Millions]	Name of the Creditors
MRK Packaging	Working Capital Limits Rs. 10.000 Millions	Corporation Bank

TECHNICAL FEASIBILITY

The body maker is Cylindrical form of forming tubes with a Simple technology of Heat Sealing and cut to size at an average speed of 95 pieces per minute.

The Shouldering and Neck forming machine are basic injection moulding machine with Two sides injecting systems, have a production capacity of approx 35 tubes per minute.

The Last stage of production of is Capping, which is done manually.

MANUFACTURING PROCESS [LAMINATED TUBES]

Laminate tubes are manufactured by using the laminate feed stock that is simply a poly-foil-poly structure that has polyethylene on either side of a thin gauge of foil. Some laminate structures also incorporate paper. The most popular way of decorating the laminate feedstock material is by either letterpress or rotogravure printing. Rotogravure printing is used extensively to provide a high quality print buried within the laminate structure. Letterpress printing is used to decorate the surface of the laminate feedstock just prior to tubing that is ideal for added flexibility or smaller quantities.

The laminate tubes are formed by placing the rolls of laminate material onto the needles of the machine. The material is then taken in a flat state and fed through the forming rolls, which very gently turn the tube and form it into a cylinder of variable size depending on the customer's needs. Heat generated by high frequency fuses the sides of the material together to form a solid cylindrical tube. After the tube has been formed, it goes to the cutting station that slices it into various lengths.

After the tube has been formed into the desired cylindrical shape and length, the tube is transferred to the heading operation. As with plastic tubes, several heading methodologies are available. One particular method uses a preformed head. The tube is then placed onto a mandrel, the preformed head and shoulder are fed down vibrator shoots and fused to the top of the tube by means of heat generated by high frequency energy. Other methodologies apply the head to the sleeve in a similar manner to plastic tubes - either by injection or compression molding whereby heat fuses the head to the tube body.

After the complete tube has been formed, it goes to the capping station. The cap -- flat style, fez style or pedestal style -- is chosen based on the customer's needs.

Tubes have a nomenclature, like many products, all their own. When ordering a tune, refer to and know the following key parts.

• Outside Diameter
• Body Length
• Wall Thickness
• Shoulder Thickness
• Neck Length
• Neck Orifice Diameter

MARKET

Mr. Rashesh Patel and Mrs. Minoo Patel and their team are the people behind “MRK Packaging”

Mr. Rashesh Patel and Mrs. Minoo Patel and their team believe that their business enterprises, in the long run, should not only ensure a profit but also win the cooperation of employees, gain the goodwill of customers and financial institutions and meet social responsibilities.

The proposed new machine for the ACT business is as a result of the management’s thinking of expansion through modernization.

MRK is flooded with enquiries, both from the domestic as also overseas market. This is reflected in its sales figures.

The Laminated tube business is a natural synergy. Most of the customers of ACT would also buy laminated Tubes. As a matter of fact, the existing customers have requested MRK to supply Laminated Tubes. Therefore, MRK does not envisage any problem in marketing its products.

Rs in Millions

COST OF FINANCE
Requirement of Funds	ACT Additional	Lami Proposed	Total	Already Incurred	To Be Incurred
Machinery	6.568	9.136	15.704	2.177	13.527
Electrical / Cable	0.650	1.600	2.250		2.250
Air Compressor / Plumbing		0.475	0.475		0.475
Cooling Tower		0.150	0.150		0.150
Material Movement Equipment		0.500	0.500		0.500
Installation		0.300	0.300		0.300
Furniture, Office Equipment		0.150	0.150		0.150
Working Capital [25 % Margin]		1.500	1.500		1.500
Contingencies		0.200	0.200		0.200
Total	7.218	14.011	21.229	2.177	19.052
MEANS OF FINANCE
Own Fund	2.218	4.211	6.429
Bank Finance [Term Loan]	5.000	9.800	14.800
Total	7.218	14.011	21.229

OPERATING STATEMENT

	Projected
Particulars	31.03.2009	31.03.2010	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
1. Gross Sales
I] Sales	115.000	148.000	161.000	172.000	172.000	172.000	172.000
II] DFRC Sales
III] Other Income	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Total	115.000	148.000	161.000	172.000	172.000	172.000	172.000
2. Less Excise Duty	10.549	13.568	14.776	15.741	15.741	15.741	15.741
3. Net Sales [1-2]	104.451	134.432	146.224	156.259	165.259	165.259	165.259
4. Percentage Rise [+] or Fall [-] in Net Sales as compared to previous year	25.84	28.70	8.77	6.86	0.000	0.000	0.000
5. Cost of Sales
i] Raw Materials [Including stores and other items used in the process of manufacture]
[a] Imported	0.00	0.00	0.00	0.00	0.00	0.00	0.00
[b] Indigenous	47.000	59.000	64.000	67.000	67.000	67.000	67.000
ii] Other Spares
[a] Imported	0.00	0.00	0.00	0.00	0.00	0.00	0.00
[b] Indigenous	0.00	0.00	0.00	0.00	0.00	0.00	0.00
iii] Power and Fuel	4.034	4.793	5.168	5.325	5.325	5.325	5.325
iv] Direct labour	13.429	15.936	17.182	17.693	17.693	17.693	17.693
[Factory Wages and Salaries]
v] Other Manufacturing Expenses	0.684	0.827	0.893	0.927	0.927	0.927	0.927
vi] Depreciation	4.061	3.451	2.937	2.502	2.132	1.818	1.550
vii] SUB TOTAL [i to iv]	69.208	84.006	90.180	93.447	93.077	92.762	92.495
viii] Add : Opening Stocks – in – process	1.541	2.884	3.500	3.757	3.894	3.878	3.865
SUB TOTAL	70.749	86.890	93.680	97.204	96.970	96.641	96.360
ix] Deduct : Closing Stock – in – Process	2.884	3.500	3.757	3.894	3.878	3.865	3.854
x] Cost of production	67.865	83.390	89.923	93.310	93.092	92.776	92.506
xi] Add : Opening Stock of finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Sub – total	67.865	83.390	89.923	93.310	93.092	92.776	92.506
xii] Deduct: Closing Stock – in - finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
xiii] SUB TOTAL [total cost of sales]	67.865	83.390	89.923	93.310	93.092	92.776	92.506
6. Selling general and administrative expenses	14.524	19.162	20.437	22.250	21.713	23.397	25.332
7. SUB – TOTAL [5+6]	82.389	102.551	110.360	115.560	114.806	116.172	117.838
8. Operation profit before interest [3-7]	22.062	31.881	35.864	40.699	41.454	40.087	38.421
9. Interest	3.256	4.065	3.833	3.567	3.262	2.912	2.511
10. Operating profit after interest [8-9]	18.806	27.816	32.031	37.132	38.192	37.175	35.911
11. i] Add : other non-operating income
Interest and others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Sub – total [Income]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
ii] Deduct other non-operating expenses
A] Preliminary Expenses W/off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
B] Prior Period Adjustment	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Sub total [Expenses]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
iii] Net of other non-operating income / expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12. Profit before tax / Loss [10+11[iii]]	18.806	27.816	32.031	37.132	38.192	37.175	35.911
13. Provision for taxes	4.655	6.884	7.928	9.190	9.453	9.201	8.888
14. Net profit / loss [12-13]	14.452	20.932	24.103	27.942	28.740	27.975	27.023
15. Retained profit / Net profit [%]	100.00	100.00	100.00	100.00	100.00	100.00	100.00

ANALYSIS OF BALANCE SHEET

	Projected
Particulars	31.03.2009	31.03.2010	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
CURRENT LIABILITIES
01 Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
I] From applicant Bank	14.500	14.500	14.500	14.500	14.500	14.500	14.500
II] From other banks	0.00	0.00	0.00	0.00	0.00	0.00	0.00
III] [of which BP and BD]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Sub Total [A]	14.500	14.500	14.500	14.500	14.500	14.500	14.500
02 Short Term borrowings from others
03 Sundry creditors [Trade]	7.079	9.467	9.455	9.844	9.771	9.771	9.771
04 Advance payments from customers/ Deposits from Dealers	0.00	0.00	0.00	0.00	0.00	0.00	0.00
05 Provision for tax [net of Tax paid]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
06 Expenses Payable	0.760	0.760	0.760	0.760	0.760	0.760	0.760
07 other statutory liabilities [due within one year]	0.100	0.100	0.100	0.100	0.100	0.100	0.100
08 Deposits / Installments of term loans / DPGs / debentures, etc [due within one year]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Term Loan	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Car Loan	0.00	0.00	0.00	0.00	0.00	0.00	0.00
09 Other current liabilities and provisions [due within one year]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Sub – Total [B]	7.939	10.327	10.315	10.704	10.631	10.631	10.631
10 TOTAL CURRENT LIABILITIES [Total of 1 to 9]	22.439	24.827	24.815	25.204	25.131	25.131	25.131
TERM LIABILITIES
11 Unsecured Loans	0.536	0.536	0.536	0.536	0.536	0.536	0.536
12 Term loans [excluding installments due within one year]
a. Vehicle Loans	0.00	0.00	0.00	0.00	0.00	0.00	0.00
b. Term Loans	14.318	12.733	10.917	8.834	6.445	3.707	0.568
13 Deferred Payment Credits excluding installments due within	0.00	0.00	0.00	0.00	0.00	0.00	0.00
14 Term deposit [repayable after one year]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
15 other Term Liabilities Retirement Benefits	0.00	0.00	0.00	0.00	0.00	0.00	0.00
17 TOTAL TERM LIABILITIES [Total of 11 to 16]	14.854	13.269	11.453	9.370	6.981	4.243	1.104
18 TOTAL OUTSIDE LIABILITIES [10 + 17]	37.293	38.096	36.268	34.573	32.112	29.374	26.235
NET WORTH
19 Partners Capital	18.901	18.901	18.901	18.901	18.901	18.901	18.901
20 General Reserve	0.00	0.00	0.00	0.00	0.00	0.00	0.00
21 Revaluation Reserve	0.00	0.00	0.00	0.00	0.00	0.00	0.00
22 Other Reserves [excluding provisions]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
23 Surplus [+] or deficit [-] in Profit and Loss Account	31.849	52.780	76.883	104.825	133.565	161.540	188.562
24 NET WORTH	50.750	71.681	95.784	123.726	152.466	180.441	207.463
25 TOTAL LIABILITIES [18+24]	88.043	109.778	132.052	158.300	184.578	209.815	233.698
CURRENT ASSETS
26 Cash and Bank Balance	0.920	2.489	3.902	7.224	7.150	6.217	5.662
27 Investments [Other than long term investments]
I] Government and other Trustee securities	0.00	0.00	0.00	0.00	0.00	0.00	0.00
II] Fixed deposit with bank	8.384	9.384	9.384	9.384	9.384	9.384	9.384
III] Investment available for expansion	3.00	12.000	32.00	54.500	83.00	11.100	137.000
28 I] Receivables other than deferred and exports [Including bills purchased and discounted by banks]	28.750	30.833	33.542	35.833	35.833	35.833	35.833
II] Export receivables [Including bills purchased / discounted by banks]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
29 Instalments of Deferred receivables [due within one year]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
30 Inventory
I] Raw materials [Including stores and other items used in the process of manufacture]
Imported	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Indigenous	3.917	9.833	10.667	11.167	11.167	11.167	11.167
II] Stock – in – process	2.884	3.500	3.757	3.894	3.878	3.865	3.854
II] Finished Goods	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IV] Other consumable spares
Imported	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Indigenous	0.00	0.00	0.00	0.00	0.00	0.00	0.00
31 Advances to suppliers of machinery	0.00	0.00	0.00	0.00	0.00	0.00	0.00
32 Advance payment of taxes [NET]	0.255	0.255	0.255	0.255	0.255	0.255	0.255
33 Other Current Assets	10.536	10.536	10.536	10.536	10.536	10.536	10.536
34 TOTAL CURRENT ASSETS [Total of 26 to 33]	58.646	83.831	109.042	137.792	166.203	193.257	218.691
FIXED ASSETS
35 Gross Block [Land and Building Machinery, Work in Progress ]	36.002	36.002	36.002	36.002	36.002	36.002	36.002
36. Depreciation to date	[6.605]	[10.056]	[12.993]	[15.495]	[17.627]	[19.445]	[20.995]
37 NET BLOCK [35-36]	29.397	25.946	23.009	20.507	18.375	16.558	15.007
OTHER NON – CURRENT ASSETS
38 Investments / book / debts / advances / deposits which are not Current Assts
I] [a] Investments in subsidiary companies / affiliates
[b] Investment in joint venture	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others	0.00	0.00	0.00	0.00	0.00	0.00	0.00
II] Advances to suppliers of capital goods and contractors	0.00	0.00	0.00	0.00	0.00	0.00	0.00
III} Deferred receivables [maturity exceeding one year]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IV] Others	0.00	0.00	0.00	0.00	0.00	0.00	0.00
39 non – Consumable stores and spares	0.00	0.00	0.00	0.00	0.00	0.00	0.00
40 Other non – current assets including dues from directors	0.00	0.00	0.00	0.00	0.00	0.00	0.00
41 TOTAL OTHER NON – CURRENT ASSETS [total of 38 to 40]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
42 Intangible assets [Patents, goodwill, prelim, expenses, bad / doubtful debts Not provided for etc.]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
43 TOTAL ASSETS	88.043	109.778	132.052	158.300	184.578	209.815	233.698
44 TANGIBLE NET WORTH	50.750	71.681	95.784	123.726	152.466	180.441	207.463
45 NET WORKING CAPITAL	36.207	59.004	84.228	112.589	141.072	168.127	193.560
46 Current Ratio [Items 34/10]	2.61	3.38	4.39	5.47	6.61	7.69	8.70

PROJECTED CASH FLOW STATEMENT FOR THE YEAR ENDED

	Projected
Particulars	31.03.2009	31.03.2010	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
Profit for the year	14.152	20.932	24.103	27.942	28.740	27.975	27.023
Depreciation	4.061	3.451	2.937	2.502	2.132	1.818	1.550
Increase in Cash Credit	9.098	0.00	0.00	0.00	0.00	0.00	0.00
Term Loan	14.800	0.00	0.00	0.00	0.00	0.00	0.00
Loan from Partners / Associates Companies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TERM LOAN	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	42.111	24.383	27.040	30.444	30.872	29.793	28.573
Increase in Fixed Assets	19.529	0.00	0.00	0.00	0.00	0.00	0.00
Repayment of car Loan	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	3.00	9.00	20.00	22.500	28.500	28.000	26.000
Repayment of Term Loan	0.482	1.585	1.817	2.083	2.388	2.738	3.139
Increase in Net Current Assets	18.274	12.229	3.811	2.539	0.058	[0.013]	[0.011]
	41.285	22.814	25.628	27.122	30.946	30.725	29.128
Surplus / Deficit	0.826	1.569	1.412	3.322	[0.074]	[0.933]	[0.555]
Opening Balance	0.095	0.920	2.489	3.902	7.224	7.150	6.217
	0.920	2.489	3.902	7.224	7.150	6.217	5.662

CALCULATION OF DSCR

	Projected
Particulars	31.03.2009	31.03.2010	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
1. Cash Generation	14.152	20.932	24.103	27.942	28.740	27.975	27.023
Cash Profit	3.256	4.065	3.833	3.567	3.262	2.912	2.511
Interest	17.408	24.997	27.936	31.509	32.001	30.886	29.533
2. Repayment to Bank
Annual Installment	0.482	1.585	1.817	2.083	2.388	2.738	3.139
Interest	3.256	4.065	3.833	3.567	3.262	2.912	2.511
	3.738	5.650	5.650	5.650	5.650	5.650	5.650
Ratio	4.66	4.42	4.94	5.58	5.66	5.47	5.23
Average DSCR	4.68

CALCULATION OF CURRENT RATIO

Particulars	Projected
	31.03.2009	31.03.2010	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
Cash / bank	9.20	24.89	39.02	72.24	71.50	62.17	56.62
Receivables	287.50	308.33	335.42	358.33	358.33	358.33	358.33
Raw materials	39.17	98.33	106.67	111.67	111.67	111.67	111.67
W. I. P.	28.84	35.00	37.57	38.94	38.78	38.65	38.54
Finished Goods	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FD with Bank	83.84	93.84	93.84	93.84	93.84	93.84	93.84
Loans and Advances	107.91	157.91	157.91	157.91	157.91	157.91	157.91
	556.46	718.30	770.43	832.93	832.03	822.57	816.91
SUNDRY CREDITORS	70.79	94.67	94.55	98.44	97.71	97.71	97.71
Short Term Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Advance for Goods	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	7.60	7.60	7.60	7.60	7.60	7.60	7.60
Other Statutory Liabilities	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Provisions	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	79.39	103.27	103.15	107.04	106.31	106.31	106.31
Working Capital	467.86	590.15	628.26	653.65	654.22	654.09	653.98
Increase in Working Capital	182.74	122.29	38.11	25.39	0.58	[0.13]	[0.11]
Current Ratio	2.48	2.89	3.10	3.30	3.31	3.27	3.25
Bank Finance	145.00	145.00	145.00	145.00	145.00	145.00	145.00
MPBF	145.00	145.00	0.00	0.00	0.00	0.00	0.00
Profit	141.52	209.32	241.03	279.42	287.40	279.75	270.23
Cash Profit	182.12	243.82	270.40	304.44	308.72	297.92	285.73
Cash / Bank Balance	9.20	24.89	39.02	72.24	71.50	62.17	56.62

DETAILS OF ASSETS OWNED

STATEMENT OF ASSETS AND LIABILITIES [Mrs. Minoo R. Patel]

Name of the Company / Firm / Concern in which investment is made	Amount invested [Rs in Millions]
MRK Packaging	19.903

DEPOSITS HELD WITH BANKS

Name of the Bank	Nature of Deposits held	Amount invested [Rs in Millions]
Corporation Bank	Current Account	0.004
HDFC Bank	Current Account	2.321

IMMOVABLE PROPERTIES

Name of the owner	Description of property	Location / Address
Mrs. Minoo R. patel	House Property	3, Solitair Kia Park, Prathmesh Complex, Vira Desai Road, Andheri [West], Mumbai – 400053, Maharashtra, India

Original Purchases cost [Rs in Millions]	Present market value	Details of encumbrances, if any on the property
6.299	Valuation Report	Already submitted Rs. 20.500 Millions financial by Corporation Bank

Description of security	Face value	Market Value
P.P.F.	0.327	0.327
6.50 % RBI Bond	0.262	0.262
ICICI Prem. Plan	0.200	0.200
Investment in Shares	1.052	1.000

OTHERS ASSETS

Nature / Details of assets	Market value of assets
Motor Car [Honda]	1.057
Jewellery	0.649
Television	0.129

Liabilities

Creditor limits / equalities with financial institutions and Banks :

Name of the Institution / Bank	Nature of credit facility	Extent []RS in Millions	Details of security furnished
Corporation Bank	Housing Land	3.931	Agent
ICICI Bank	Car Loan	1.041	Agreement

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Endowment Policy or Whole Life Policy	Annual Premium [Rs in Millions]	Sum Assured [Rs in Millions]
14.09.2005	893032768	LIC Jeevan Anurag	0.471	5.000

DETAILS OF EXISTING GUARANTEE OBLIGATIONS

Name of the Principal debtors on whose behalf guarantee is furnished	Extent to which guarantee is furnished [Rs. In Millions]	Name of the Creditors
MRK Packaging	Working Capital Limits Rs. 10.000 Millions	Corporation Bank

STATEMENT OF ASSETS AND LIABILITIES [Mr. Rashesh G. Patel]

IMMOVABLE PROPERTIES

Description of security	Face value
P.P.F.	0.385
ULIP 1971	0.002
IDBI Bonds	0.030

OTHERS ASSETS

Nature / Details of assets	Market value of assets
Jewellery	0.125
Cash	0.072
Shares	0.200
Bonds	0.117

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Endowment Policy or Whole Life Policy	Annual Premium [Rs in Millions]	Sum Assured [Rs in Millions]
01.12.1996	890603304	Jeevan Surbhi	0.026	0.500
06.10.2001	904597715	Shri	0.041	0.500

Borrowings form others

Name of the Lender	Amount Borrowed Rs in Millions
Karan R Patel	0.980

Fixed Assets

• Computer and Printer
• Electrical Installation
• Plant and Machinery
• Factory Renovation
• Air Conditioner
• EPABX Systems
• Furniture and Fixture
• Motor Car
• Air curtains
• Digital Lin and Systems
• Electric Equipments
• Fax Machine
• Mobile Telephone
• Office Fans
• Water Cooler
• Television

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 records 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.42.89
UK Pound	1	Rs.84.84
Euro	1	Rs.67.61

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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