MIRA INFORM REPORT

Report Date :

22.10.2008

IDENTIFICATION DETAILS

Name :	KLASS PACK PRIVATE LIMITED
Registered Office :	H-27 MIDC Area, Ambad, Nashik – 422 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	29.05.1991
Com. Reg. No.:	61851
CIN No.: [Company Identification No.]	U74999MH1991PTC061851
IEC No.:	3102014313
TAN No.: [Tax Deduction & Collection Account No.]	NSKK01005E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Glass Ampoules and Vials

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 82000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr. Shekhar Chitni
Designation :	Accountant
Date :	21.10.2008

LOCATIONS

Registered Office :	H-27 MIDC Area, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2382404
Mobile No.:	91-9822017416
Fax No.:	91-253-2387907
E-Mail :	info@klasspack.com
Website :	www.klasspack.com
Area :	1 Acre
Location :	Owned
Factory :	Plot No. F-30, MIDC, Satpur, Nashik – 422 005, Maharashtra, India
Tel. No.:	91-253-2382404
Mobile No.:	91-9822017416
Fax No.:	91-253-2387907
E-Mail :	prashant@klasspack.com

DIRECTORS

Name :	Mr. Gangadhar Korgappa Amin
Designation :	Managing Director
Address :	Durgaprasad Bunglow, Pumping Station Road, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	16.06.1949
Qualification :	B.com
Date of Appointment :	01.01.1994
Name :	Mrs. Pramila Gangadhar Amin
Designation :	Director
Address :	Durgaprasad Bunglow, Pumping Station Road, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	27.01.1962
Qualification :	B.Com
Date of Appointment :	01.01.1994
Name :	Mr. Sunder Rama Adka
Designation :	Director
Address :	10-Priyanka CHS, Gangapur Road, N Nagar, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	09.03.1947
Qualification :	B.E.
Date of Appointment :	29.05.1991
Name :	Mr. Prashant Gangadhar Amin
Designation :	Director
Address :	Durgaprasad Bunglow, Pumping Station Road, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	17.10.1981
Qualification :	B.Com
Date of Appointment :	01.01.2000
Name :	Mrs. Shweta Prashant Amin
Designation :	Director
Address :	Durgaprasad Bunglow, Pumping Station Road, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	21.11.1981
Qualification :	B.Com
Date of Appointment :	01.08.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 29.09.2007)

Names of Shareholders	No. of Shares
Sunder Rama Adka	10
Gangadhar Korgappa Amin	26792
Pramila Gangadhar Amin	17510
Shivganga Caterers Private Limited	31800
Bhagirathi Korgappa Amin	10
Ajit Sadashiv Kelkar	1
A Krishnan	1
Shekhar Sanil	1
Shekhar Karkera	1
Yashoda Shekhar Karkera	1
Prashant Gangadhar Amin	2
Shweta Prashant Amin	1
Total	76130

List of Allottees

Names of Allottees	No. of Shares
Gangadhar Korgappa Amin	9000
Pramila Gangadhar Amin	15000
Shivganga Caterers Private Limited	15900
Total	39900

Equity shares Breakup (percentage of total equity)

(As on 30.09.2007)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Glass Ampoules and Vials
Products :	· Ampoules · Vials
Exports :
Products :	Finished Goods
Countries :	· UK · USA · Italy
Imports :
Products :	Glass Tubin
Countries :	Germany
Terms :
Selling :	Credit (60 days / 90 days)
Purchasing :	Credit (60 days)

GENERAL INFORMATION

Suppliers :

· Schott Glass India Private Limited

· Flexible Packaging Industries

· Girnar Corrugators Private Limited

· Anmol Sales Corporation

· A B Engineering Works

· Beauty Planners

· The Gentleman

· Kothari Octroi Services

· Ace Polybond Private Limited

· Jupiter Industries

· Akash Industries

· National Electricals

· Vaibhav Enterprises

· Om Industries

Customers :

· End Users

· Schott Glass India Private Limited

· Cadila Health Care Limited

· TTK Healthcare Limited

· BDH Industries Limited

· Torrent Pharma Limited

· Shalin Laboratories

· Adin Dental Implants Systems

· JKN International

· K N Enterprises

· Uni Sankyo Limited

· Atlas Medical

· Pulse Pharma

· Modern Office

· Sanjivani Parenterals Limited

· United Biotech Private Limited

· Sigma Laboratories Limited

No. of Employees :

40

Bankers :

· Bank of Baroda

Nasik Golf Club Branch, Shahapur Temple Link Road, Nasik – 422 002, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loans	(As on 31.03.2007) Rs. In millions
Bank of Baroda D/Loan (224)	0.022
Bank of Baroda T/Loan (259)	0.000
Bank of Baroda T/Loan (262)	0.168
Bank of Baroda T/Loan (485)	2.752
Bank of Baroda T/Loan (298)	2.170
Loan against Recurring Deposit	0.000
Bank of Baroda C C (130)	17.565
WMDC S T Deterral Account	6.541
ICICI Bank Car Loan	0.749
Total	29.967

Unsecured Loans	(As on 31.03.2007) Rs. In millions
Shivganga Caterers Private Limited	0.000
Mrs. Pramila G Amin	0.222
G K Amin	0.479
A Krishnan	0.500
Chandrashekhar Sanil	0.000
Shekhar Y Karkera	0.500
Mrs. Yashods Y Karkera	0.500
Mrs. Vandana H Sisodia	0.000
From Non-Share Holders
Mr. L R Anchan	0.500
Total	2.701

Banking Relations :	Satisfactory
Auditors :
Name :	R Jajoo and Associates Chartered Accountants
Address :	8, Janki Vilas Apartments, Advait Colony, Canada Corner, Sharanpur Road, Nashik – 422 005, Maharashtra, India

CAPITAL STRUCTURE

(As on 30.09.2007)

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs.9.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76130	Equity Shares	Rs.100/- each	Rs.7.613 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		7.613	3.623	3.623
2] Share Application Money		1.200	2.400	0.000
3] Reserves & Surplus		7.511	7.358	5.592
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.324	13.381	9.215
LOAN FUNDS
1] Secured Loans		29.967	29.838	31.490
2] Unsecured Loans		2.701	4.339	8.694
TOTAL BORROWING		32.668	34.177	40.184
DEFERRED TAX LIABILITIES		5.105	4.153	3.182
TOTAL		54.097	51.711	52.581
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.531	30.061	28.355
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.080	0.080	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.508	20.982	19.349
	Sundry Debtors	35.160	24.815	18.249
	Cash & Bank Balances	1.338	4.586	4.671
	Other Current Assets	0.811	0.400	0.865
	Loans & Advances	1.288	2.066	1.233
Total Current Assets		56.105	52.849	44.367
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	22.722	21.720	16.702
	Provisions	9.897	9.559	3.439
Total Current Liabilities		32.619	31.279	20.141
Net Current Assets		23.486	21.570	24.226
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.097	51.711	52.581

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		160.303	131.707
Other Income		0.000	0.000
Total Income		160.303	131.707
Profit/(Loss) Before Tax		2.590	8.859
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		2.590	8.859
Earnings in Foreign Currency :		$132571.21	$79383.45
Expenditures :
	Interest	3.672	3.773
	Depreciation & Amortization	4.560	20.396
	Other Expenditure	149.481	98.679
Total Expenditure		157.713	122.848

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.62	6.73	NA
Net Profit Margin (PBT/Sales)	(%)	1.62	6.73	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.92	10.69	NA
Return on Investment (ROI) (PBT/Networth)		0.16	0.66	NA
Debt Equity Ratio (Total Liability/Networth)		3.99	4.89	6.55
Current Ratio (Current Asset/Current Liability)		1.72	1.69	2.20

LOCAL AGENCY FURTHER INFORMATION

Additional Requirement of Indiamart for Trust-Seal

Service Tax No. : AAACK1797R ST 001

Excise Registration No.: AAACK1797R XM 001

VAT / TIN : 27190363157 V

IEC Code : 3102014313

PAN / TAN : AAACK1797R

Bank Name : Bank of Baroda

Bank Address : Nashik Golf Club Branch

Bank A/c. No.: C/C - 130

Account Since : 15 Years

In case of any affiliations / memberships / certifications :

Name : ISO 9001:2000

Type : Quality Management Mark

Expiry Date : 2011

Trade References

· Glexco Pharmaceuticals Limited

· Cadila Healthcare

· Cadila Pharma Limited

Form No. 8

Corporate identity number of the company	U74999MH1991PTC061851
Name of the company	KLASS PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H-27 MIDC Area, Ambad, Nashik – 422 010, Maharashtra, India
This form is for	Modification of charge
Type of charge	Hypothecation
Particular of charge holder	Bank of Baroda Nasik Golf Club Branch, Shahapur Temple Link Road, Nasik – 422 002, Maharashtra, India
Amount secured by the charge	Rs.9.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Other terms and conditions as per the above Ref. agreement dated 02.02.1998
Description of the property charged indicating whether it is a charged on	Immovable properties
Particulars of the property charged	At Company premises
Charge identification number of the charge to be modified	80006504
Brief description of the instrument modifying the charge under section 135	Memorandum of Entry
Date of instrument modifying the charge	03.06.2006
Particulars of the present modification	Originally covering all facilities up to Rs.24.622 millions by extending of equitable mortgage. By this mod Ext of Eqt Mort by deposit of title deeds to secured Agg. Amount of Rs.57.141 millions

Fixed Assets

· Leasehold Land

· Land – Gonde

· Site Development

· Building

· Flat (Devi Mangal)

· Electrical Installation

· Plant and Machinery

· Factory Equipments

· Oxygen Plant

· Office Equipment

· Computer

· Furniture and Fixture

· Cycle

· Maruti Zen

· Ford Icon

· Truck Mh 15-G-3219

· Honda City-Car

· Acsent Care

Web Details

Subject is engaged in manufacture of glass ampoules and vials used in various pharmaceutical companies.

Subject started with manufacturing of glass ampoules in June 1994 and has become one of  the largest ampoules manufac-turing industry in India. It has a now developed into the manufacturing of vials in neutral glass tubing.

This organization is situated at Nashik about 180 Km. North east of Mumbai (the financial capital of India) in the state of Maharashtra .

Subject is the outcome of progressive, ambitious and sheer hardwork of Mr. Gangadhar Amin which has brought it into the existence along with continuous support and dedication of Mr Sunder Adka acting as the Technical Director taking care of planning and designing new strategies to promote the products.

Infrastructure wise, Subject is very well equipped with all the necessary latest machineries and equipments to ensure manufacturing of quality products. Factory premise and inside factory are is fully environmental friendly, pollution free and having a very good work environment. A special care is taken care to maintain very high standard of maintenance and general cleanliness round the clock.

Subject is spread over a built up area of over 1 Acre sq. mts and has a strength of about total 140 employees. Workers and staff are well trained and fully motivated. To improve the quality and reduction of scrap percentage of the products they conduct regular classes to employees for their development. 

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.48.83
UK Pound	1	Rs.85.12
Euro	1	Rs.65.86

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	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		48

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