MIRA INFORM REPORT

Report Date :

19.10.2008

IDENTIFICATION DETAILS

Name :	SHAKAI CONTAINERS PRIVATE LIMITED
Registered Office :	70, Medows Street, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Neutral Glass Ampoules for injectibles

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

Maximum Credit Limit :	USD 40000
Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track records. Trade relations are fair. Payments are unknown. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/ Factory :	70, Medows Street, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22814241
Fax No.:	91-22-22819363
E-Mail :	rohit@kaishamanufacturers.com kaisha@vsnl.net

DIRECTORS

Name :	Mr. Kairus Shavak Dadachanji
Designation :	Director
Address :	Bakhtawar Building, Opposite Colaba Post, Office Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	04.09.1961
Date of Appointment :	26.07.1990
Name :	Mr. Rahul Adeshwar Jain
Designation :	Director
Address :	Tirupati Balaji Co-Op Housing Society, Plot No.437, Flat No.10, 14^th Road, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	17.09.1951
Date of Appointment :	17.08.1990
Name :	Mr. Zorawarsingh K. Rathore
Designation :	Director
Address :	Shivsagar, Flat No.16, 19 Worli SEA Face, Worli, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	28.11.1946
Date of Appointment :	20.04.1996
Name :	Mr. Pervin Kairus Dadachanji
Designation :	Director
Address :	Bakhtawar Building, Opposite Colaba Post, Office Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	20.04.1961
Date of Appointment :	10.06.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 06.08.2005)

Names of Shareholders	No. of Shares
Shapoor P. Mistry	8050
Kairus S. Dadachanji	8050
Total	16100

(As on 31.03.2006)

Category	Percentage
Directors or relatives of directors	50.00
Other top fifty shareholders (Other than listed above)	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Neutral Glass Ampoules for injectibles

GENERAL INFORMATION

Bankers :

The Shamrao Vithal Co-op Bank Limited Cuffe Parade, Mumbai – 400005, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	Z. M. Bathena and Company Chartered Accountant
Address :	Mansion, First Floor, Perin Nariman Street, Mumbai – 400001, Maharashtra, India
Associates/Subsidiaries :	Kaisha Manufacturers Private Limited CIN No.U26100MH1994PTC083938

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
16100	Equity Shares	Rs.100/- each	Rs.1.610 Millions
13900	Unclassified Shares	Rs.100/- each	Rs.1.390 Millions
	Total		Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16100	Equity Shares	Rs.100/- each	Rs.1.610 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		1.610	1.610
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		6.161	7.576
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.771	9.186
LOAN FUNDS
1] Secured Loans		0.458	4.613
2] Unsecured Loans		0.900	0.900
TOTAL BORROWING		1.358	5.513
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		9.129	14.699
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.081	3.301
Capital work-in-progress		0.000	0.000
INVESTMENT		3.150	3.103
DEFERREX TAX ASSETS		0.162	0.179
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	5.038
	Sundry Debtors	0.067	7.573
	Cash & Bank Balances	0.191	0.195
	Other Current Assets	0.000	0.000
	Loans & Advances	7.942	6.885
Total Current Assets		8.200	19.691
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4.517	10.818
	Provisions	0.947	0.757
Total Current Liabilities		5.464	11.575
Net Current Assets		2.736	8.116
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		9.129	14.699

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	0.88	1.86
Current Ratio (Current Asset/Current Liability)	1.50	1.70

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	SHAKAI CONTAINERS PRIVATE LIMITED
Presented By	The Shamrao Vithal Co-op Bank Limited Cuffe Parade, Mumbai – 400005, Maharashtra, India
1) Date and description of instrument creating the change	Common Deed of hypothecation of movable assets/ debts dated 22.06.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.8.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present and future stock of raw materials, goods in process of manufacturer and all finished and manufacture red goods and articles such as glass containers including glass, bottles, ampoules and vials etc. withal stores of the borrower. All present and future book debts outstanding monies, receivable, claims, bills right to or in movable properties and movable assets due to the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To Secure the due repayment of cash credit facility granted by the Bank to the borrower Rate of Interests : 9.50% p.a.
5) Name and Address and description of the person entitled to the charge.	The Shamrao Vithal Co-op Bank Limited Cuffe Parade, Mumbai – 400005, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

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.48.68
UK Pound	1	Rs.84.37
Euro	1	Rs.65.70

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	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