MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	ZEN PACKAGING SOLUTIONS
Registered Office :	102-103, Raj Prabha Udyog Nagar, Extension 2, Building 1, Golani Naka, Vasai (East), Thane – 401208
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.12.2008
PAN No.: [Permanent Account No.]	AAKPG4792P
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturing of Packaging Materials like Polythene Bags, Pouches etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	New Concern
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a new proprietory concern establishing itself gradually. The networth statement and the valuation report appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. However it would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office/ Factory :	102-103, Raj Prabha Udyog Nagar, Extension 2, Building 1, Golani Naka, Vasai (East), Thane – 401208, India
Mobile No.:	91-9870523344 (Mr. Dinesh Chandra Jain)
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Nitin Mangaldas Ganatra
Designation :	Proprietor
Address :	A-704, Mihar Complex, Charkop Village, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	24.05.1967
Qualification :	HSC
Experience :	25 years

BUSINESS DETAILS

Line of Business :

Manufacturing of Packaging Materials like Polythene Bags, Pouches etc.

Products :

Products Description	Item Code No.
Rotogravure Printing on Plastic Bags, Rolls and Pouches.	22219
Rotogravure Printing on Plastic Bags, Rolls and Pouches.	74082

Terms :

Selling :

Credit (90 days)

Purchasing :

Credit (30 days)

PRODUCTION STATUS (AS ON 30.04.2010)

Particulars	Unit	Installed Capacity
Rotogravure Printing on Plastic Bags, Rolls and Pouches.	MT	100

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and OEM’s · Pankaj Exports 1104, Krishna Govinda Towers, Sector 24, Vashi- Sanpada, Navi Mumbai -400705, Maharashtra, India · Aspee Plant Protection Appliances Private Limited Antalia, Chikali Road, Billimora, Gujarat, India · Soyani Manufacturing Works Surat-Dhulia Road, Taluka Palsana, District Surat, Gujarat, India · New Chem Industries Sr. No. 217/5, Parshwanath Industrial Estate, Village Dadra- 396191, India · Dial India Corporation Sr. No. 217/5, Parshwanath Industrial Estate, Village Dadra- 396191, India · P. J. Corporation 471, Maulana Azad Road, Mumbai -400004, Maharashtra, India
No. of Employees :	12 (Office – 2 and Factory – 10)
Bankers :	· New India Co-operative Bank Shivam CHSL, Near Charkop Village, kandivali (West), Mumbai, Maharashtra, India · Corporation Bank

Banking Relations :	--
Auditors :
Name :	H. N. Sheth and Company (Mr. Harish N. Sheth) Chartered Accountant
Address :	212, Balaji Arcade, S. V. Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-28660331
Email :	harishsheth@yahoo.co.in

CAPITAL STRUCTURE

CAPITAL ACCOUNT

PARTICULARS	31.03.2010 (RS. IN MILLIONS)
Opening Balance	0.312
Add: Net Profit	0.258
	0.570
Less: Drawings	0.192
Total	0.378

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FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.378	0.312
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.378	0.312
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		2.354	1.353
TOTAL BORROWING		2.354	1.353
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2.732	1.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.858	0.024
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.175	0.104
	Sundry Debtors	0.873	0.678
	Cash & Bank Balances	0.222	0.364
	Other Current Assets	0.000	0.000
	Loans & Advances	0.614	0.716
Total Current Assets		2.884	1.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.976	0.212
	Other Current Liabilities	0.034	0.009
	Provisions	0.000	0.000
Total Current Liabilities		3.010	0.221
Net Current Assets		(0.126)	1.641
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2.732	1.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	4.934	0.932
		Other Income	0.350	0.000
		TOTAL	5.284	0.932
Less	EXPENSES
		Cost of Goods Sold	3.529	0.663
		Labour Charges	0.000	0.021
		Electricity Charges	0.118	0.002
		Mobile Charges	0.035	0.005
		Conveyance	0.000	0.006
		Other Expenses	1.025	0.050
		TOTAL	4.707	0.747
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.577	0.185
Less/ Add	DEPRECIATION/ AMORTISATION		0.319	0.008
	NET PROFIT		0.258	0.177

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	4.88	18.99
Net Profit Margin (PBT/Sales)	(%)	5.23	18.99
Return on Total Assets (PBT/Total Assets}	(%)	4.49	9.38
Return on Investment (ROI) (PBT/Networth)		0.68	0.57
Debt Equity Ratio (Total Liability/Networth)		14.19	5.04
Current Ratio (Current Asset/Current Liability)		0.96	8.43

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATREMENT

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013
	(PROJECTION)
Gross Sales	8.553	10.264	12.316
Labour Charges	1.200	1.440	1.584
Sub Total	9.753	11.704	13.900
Less : Excise Duty	0.000	0.000	0.000
Net Sales	9.753	11.704	13.900
%age rise (+) or fall (-) in net sales as compared to previous year	61.84	20.00	20.00
Cost of Sales
Raw Materials
a) Imported	0.000	0.000	0.000
b) Indigenous	7.437	7.758	9.454
Other Spares
a) Imported	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000
Factory Rent and Maintenance	0.252	0.302	0.363
Wages and Salaries	0.900	1.080	1.296
Power and Fuel	0.300	0.360	0.432
Other Manufacturing Expenses	0.060	0.072	0.086
Sub Total	8.949	9.573	11.632
Add : Opening Stock of Raw Materials	1.175	1.162	1.192
Sub Total	10.123	10.734	12.824
Less : Closing Stock of Raw Materials	1.162	1.192	1.430
Cost of Production	8.962	9.542	11.393
Add: Opening Stock of WIP and Finished Goods	0.000	1.212	1.454
Sub Total	8.962	10.754	12.847
Less : Closing Stock of WIP and Finished Goods	1.212	1.454	1.745
Sub Total (Total Cost of Sales)	7.750	9.300	11.102
% of Cost of Sales as a % to Sales	79.46	79.46	79.87
Gross Profit	2.003	2.404	2.798
Gross Profit Ratio	20.54	20.54	20.13
Selling, General and Administrative Expenses	0.309	0.371	0.445
Operating Profit Before Interest	1.694	2.032	2.353
Interest Cost	0.280	0.420	0.420
Depreciation	0.441	0.364	0.305
Operating Profit after Interest	0.972	1.249	1.628
Add : Other non-operating Income	0.000	0.000	0.000
Interest Income	0.000	0.000	0.000
Other Income	0.000	0.000	0.000
Sub Total (Income)	0.000	0.000	0.000
Less : Other non-operating Expenses	0.000	0.000	0.000
Misc. Expenses Written off	0.000	0.000	0.000
Sub Total (expanses)	0.000	0.000	0.000
Net other non-operating income/ expenses [net of 11(i) and 11(ii)]	0.000	0.000	0.000
Profit / Loss Before Tax	0.972	1.249	1.628
Provision for taxes	0.188	0.221	0.335
Net profit / Loss	0.784	1.028	1.293
Net Profit / Sales (%)	9.17	10.01	10.50
Drawings	0.200	0.220	0.242
Retained Profit	0.584	0.808	1.051
Retained Profit (%)	74.50	78.59	81.28
Cash Profit	1.225	1.391	1.598

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013
	(PROJECTION)
CURRENT LIABILITIES
Shot term borrowings from Bank (including bill purchased and excess borrowing placed on repayment basis)
i) From applicant Banks	4.000	4.000	4.000
ii) From other Banks	0.000	0.000	0.000
(Of which BP and BD)	0.000	0.000	0.000
Sub Total	4.000	4.000	4.000
Short term borrowings from others	0.000	0.000	0.000
Sundry Creditors (Trade) (Day’s Purchase)	0.620	0.647	0.788
Advance payments from customers/ deposits from dealers	0.000	0.000	0.000
Provision for Taxation	0.188	0.221	0.335
Dividend Payable	0.000	0.000	0.000
Other statutory liabilities (due within one year)	0.000	0.000	0.000
Deposits/ installments of term loans/ DPGs/ debentures etc. (due within one year)	0.000	0.000	0.000
Other current liabilities and provisions (due within one year)	0.040	0.048	0.058
Sub Total	0.848	0.916	1.181
TOTAL CURRENT LIABILITIES	4.848	4.916	5.181
TERM LIABILITIES
Debentures (not maturing within one year)	0.000	0.000	0.000
Preference Shares (redeemable after one year)	0.000	0.000	0.000
Term Loans (excluding installments payable within one year)	0.000	0.000	0.000
Additional Term Loan
Deferred Payment Credit (Excluding installments due within one year)	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000
Other Liabilities	2.003	2.003	2.003
TOTAL TERM LIABILITIES	2.003	2.003	2.003
TOTAL OUTSIDE LIABILITIES	6.852	6.919	7.184
Proprietors Capital Account	0.178	0.542	1.108
General Reserve	0.000	0.000	0.000
Revaluation Reserve	0.000	0.000	0.000
Share Application Money	0.000	0.000	0.000
Profit and Loss Account	0.584	0.808	1.051
NET WORTH	0.762	1.350	2.158
TOTAL LIABILITIES	7.614	8.269	9.342
ASSETS
Cash and Bank Balance	0.197	0.423	0.610
Investments (other than long term)
i) Government and other trustee securities	0.000	0.000	0.000
ii) FDs with Banks	0.000	0.000	0.000
iii) Other Investments	0.000	0.000	0.000
Receivables other than deferred and exports (including bill purchased / discounted by bank)	2.438	2.926	3.475
ii) Export receivable (including bill purchased / discounted by bank)	0.000	0.000	0.000
Installments of deferred receivables (due within one year)	0.000	0.000	0.000
Inventory
Raw Material	1.162	1.192	1.430
Stock-in-process	0.000	0.000	0.000
Finished Goods	1.212	1.454	1.745
Other consumable spares	0.000	0.000	0.000
Advances to suppliers of materials/ spares	0.000	0.000	0.000
Advance payment of taxes	0.188	0.221	0.335
Other Current Assets (Loans, Advances and Deposits)	0.000	0.000	0.000
TOTAL CURRENT ASSETS	5.197	6.216	7.595
FIXED ASSETS
Gross Block	3.185	3.185	3.185
Depreciation to date	0.769	1.132	1.437
NET BLOCK	2.417	2.053	1.748
OTHER NON-CURRENT ASSETS
Investment which are not current assets	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000
Others – New India Co-operative Bank	0.000	0.000	0.000
Advance to suppliers for capital goods	0.000	0.000	0.000
Deferred receivables	0.000	0.000	0.000
Others	0.000	0.000	0.000
Non consumables stores and spares	0.000	0.000	0.000
Other non current assets including dues from directors	0.000	0.000	0.000
TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000
Intangible Assets (patents, goodwill etc.)	0.000	0.000	0.000
TOTAL ASSETS	7.613	8.269	9.343
Tangible Net Worth	0.762	1.350	2.158
Net Working Capital	0.349	1.300	2.414
Current Ratio	1.07	1.26	1.47
TOTAL OUTSIDE LIABILITIES/ TANGIBLE NET WORTH	8.99	5.13	3.33
TOTAL TERM LIABILITIES/ TANGIBLE NET WORTH	2.63	1.48	0.93
TOL/ Net Owned Funds	1.75	1.47	1.24

CALCULATION OF NET OWNED FUNDS POSITION OF BORROWER

Net worth	0.762	1.350	2.158
Less: Intangible Assets	0.000	0.000	0.000
Tangible Networth	0.762	1.350	2.158
Add: Unsecured Loans (Quasi Capital)	2.003	2.003	2.003
Net Owned Funds (NOF)	2.765	3.353	4.162
Total Assets	7.613	8.269	9.343
Less: Non Current Assets	0.000	0.000	0.000
Total Funds Deployed (TFD)	7.613	8.269	9.343
NOF as a % of TFD	3.632	4.055	4.455

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013
	(PROJECTION)
A. CURRENT ASSETS
Raw Material
a) Imported	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000
b) Indigenous	1.162	1.192	1.430
Months Consumption	1.87	1.85	1.86
Other consumable spares, excluding those included in 1 above
a) Imported	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000
WIP and Finished Goods	1.212	1.454	1.745
Months cost of production	2.22	2.22	2.20
Receivable other than export and deferred receivables (including bills purchased and discounted by bankers)	2.438	2.926	3.475
Months domestic sales (excluding deferred payment sales )	3.00	3.00	3.00
Export receivables including bills purchased and discounted by bankers	0.000	0.000	0.000
Months export sales	0.000	0.000	0.000
Advances to supplier of raw materials and stores/ spares, consumable	0.000	0.000	0.000
Other Current Assets including cash and bank balances and deferred receivable due within one year	0.385	0.644	0.945
TOTAL CURRENT ASSETS	5.197	6.216	7.595
B. CURRENT LIABILITIES (Other than bank borrowing for working capital)
Creditors for purchases of raw materials and stores and consumable spares)	0.620	0.647	0.788
(Month purchase)	1.00	1.00	1.00
Advances from customers	0.000	0.000	0.000
Statutory liabilities	0.188	0.221	0.335
Other current liabilities short term borrowing, dividend payable, installment of TL, DPG, public deposit, debentures etc	0.040	0.048	0.058
TOTAL	0.848	0.916	1.181

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013
	(PROJECTION)
Total Current Assets	5.197	6.216	7.595
Other Current Liabilities (other than bank borrowings)	0.848	0.916	1.181
Working Capital Gap (WCG)	4.349	5.300	6.415
Mini. Stipulated net working capital i.e. 25% of WCG or 25% of total current assets (Export receivables to be excluded under both the method)	1.087	1.325	1.604
Actual/ projected net working capital	0.349	1.300	2.414
Item 3 minus item 4	3.261	3.975	4.811
Item 3 minus term 5	4.000	4.000	4.000
Maximum permissible Bank finance	3.261	3.975	4.000
Excess borrowings representing short fall in Net Working Capital	0.000	0.000	0.000

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FUND FLOW STATEMENT

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(PROJECTION)
A. SOURCES
Cash Accruals (NP before Taxes + Interests)	1.052	1.449
Increase in Capital / Other Income	0.000	0.000
Depreciation	0.441	0.364
Increase in long term loans	0.000	0.000
Increase in deferred Payment facilities	0.000	0.000
Increase in Current Liabilities and O. S. Expenses	(2.162)	(0.068)
Increase in Unsecured Loans/ Deposit/ Term Dep.	(0.350)	0.000
Increase in Bank Borrowing for Working Capital	4.000	0.000
Sales of Fixed Assets/ Investments	0.000	0.000
Other /Profit	0.000	0.000
Total Sources (A)	2.982	1.880
B. DISPOSITION OF FUNDS
Preliminary and Pre-Operative Expenses	0.000	0.000
Increase in Capital Expenditure	0.000	0.0000
Increase in current Assets
- Inventories	1.199	0.273
- Sundry debtors	1.565	0.488
- Others	(0.426)	0.033
Decrease In Long Term Loans/ Debentures	0.000	0.000
Increase in Deferred Payment facilities	0.000	0.000
Increase in Investment / advance and Loan	(0.164)	0.000
Interests	0.280	0.420
Taxation	0.188	0.221
Withdrawals / TDS W/Off	0.200	0.220
Other Expenses	0.000	0.000
Total Dispositions (B)	2.843	1.654
C. Opening Balance	0.058	0.197
D. Net Surplus (A-B)	0.139	0.226
E. Closing Balance	0.197	0.423

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STATEMENT OF ASSETS AND LIABILITIES

(MR. NITIN M. GANATRA)

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ Firm/ Concern in which investment is made	Amount Invested (Rs. In Millions)
Zen Packaging solutions	0.378
Total	0.378

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Location/ Address of Property	Type of Property
Mr. Nitin M. Ganatra	Ownership Flat	A-704, Mihar Complex, Charkop Village, Kandivali (West), Mumbai – 400067, Maharashtra, India	Residential

Details of Document conferring right	Date of Purchases of Property	Original Purchase Cost (Rs. In Millions)	Present Market Value (Rs. In Millions)
Agreement for Self	30.08.1999	0.890	6.230

TOTAL ASSETS

Rs.6.608 Millions

LIABILITIES

BORROWINGS FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
From Family members and Friends	2.353
Total	2.353

TOTAL LIABILITIES

Rs.2.352 Millions

NET WORTH

Rs.4.256 Millions

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STATEMENT OF ASSETS AND LIABILITIES

(MRS. SMITA NITIN GANATRA)

(RS. IN MILLIONS)

ASSETS

LIFE INSURANCE POLICIES

Policy	Surrender Value
LIC	0.250
Tata	0.125
Total	0.375

GOVERNMENT SECURITIES/ NATIONAL SAVINGS CERTIFICATES/ SHARES OF LISTED COMPANIES/ UNITS OF UNIT TRUST OF INDIA ETC

Description of security	Market Value
Balance in PPF Account	0.361
Total	0.361

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURE/ PLANT AND MACHINERY / VEHICLES/ JEWELS ETC

Nature/ Details of Assets	Market Value of assets
Jewellery	0.200
Cash and Bank Balance with Bank of Maharashtra (Chembur Station Branch)	0.100
Loan to Zen Packaging Solutions	0.800
Total	1.100

TOTAL ASSETS

Rs.1.836 Millions

NET WORTH

Rs.1.836 Millions

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DETAILS OF CREDIT LIMITS

Nature of Facility	Amount (Rs. In Millions)	Purpose
Cash Credit	5.000	Partly for Payment of Creditors and To provide Credit Facilities to Customers

DETAILS OF SECURITIES PRIME AS WELL AS COLLATERAL OFFERED

Name of the Owner	Location of the Property	Purchase Price/ Face Value/Cost (Rs. In Millions)	Market Value/ Surrender Value (Rs. In Millions)
Mr. Nitin Ganatra	A-704, Mihar Complex, Charkop Village, Kandivali (west), Mumbai – 400067, Maharashtra, India	0.890	7.800

GUARANTORS PROPOSED

Name of the Guarantor	Age	Occupation	Annual Income	Net Worth as per Statement
Mrs. Smita Nitin Ganatra	38 years	Teaching	0.320	Yes

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VALUATION REPORT OF IMMOVABLE PROPERTY

PART – I (QUESTIONNAIRE)

GENERAL INFORMATION

Purpose for which valuation is made:	To assess the fair market value for the purpose of availing collateral security/ Housing Loan from Corporation Bank, Shivaji Branch
Date as on which valuation is made:	19^th May 2010
Name of the owners/ Owners	Mr. Nitin M. Gantra
If the property is under Joint Ownership/ Co. – Ownership, share of each owner, is the share undivided	Ownership as per agreement dated 30.08.1999 Share Certificates No.38 Dated 10.04.2010 Distinctive No.276 to 280
Brief Description of the Property	The said property consists of Residential Premises, On 7^th Floor, Flat No. A-704 at Mihar A CHS Limited
Location, Street, Ward No.	Off M G Road, Charkop Village Kandivali (West), Mumbai – 400067, Maharashtra, India
Survey/ Plot No. of Land	S. No. 35, H No.35, CTS No.66, At Village Charkop, Tal – Borivali
It the property situated in residential/ commercial/ mixed/ industrial area	Situated in Residential Area
Classification of locality – High Class/ Middle Class/ Poor Class	Middle Class
Proximity to civic amenities like schools Offices, hospitals, market cinema etc.	Available at 1 to 3 km distance. Railway station Kandivali (West) at 4 km distance
Means and proximity to surface communication by which the locality is served	Autos, Buses, Taxis and Suburban Railway Services available. Western Express Highway at 5 km distances
LAND
Area of land supported by documentary proof.	Residential Premises on 7^th Floor, Flat No.A-704, At Mihar A CHS Limited. Admeasuring Carpet Area 745 sq. ft. (actual) And Built up area 969 sq. ft. as per my opinion And Built up area 890 sq. ft. (82.68 sq. mtr.) as per agreement.
Roads or lanes on which land is abutting.	At Charkop Village
Is it Freehold or lease land	Freehold Land
Does the land fall in area included in town planning scheme or any development of Govt. of any statutory body? If so give particulars	Falls Within Limits of MCGM Tal – Borivali
Has any Contribution been made towards development or is any contribution still outstanding?	Surrounded by Compounds walls and gates.
IMPROVEMENT
Is the building owner-occupied/ Tenanted/ both?	Owner Occupied (Residential Flat)
What is FSI permissible and percentage actually utilized?	O.C.No.CHE/8478/BPWS/AR Dated 02.11.1996
RENTS
Give Details of water and electricity charges if any to be borne by the owner	Borne by Owner
If a pump is installed, who has to bear the cost.	Cost born by owner
Who has to bear the cost of electricity for lighting of common space like entrance, hall. Stairs, passage, compounds etc.	Maintained by the owner and cost born by the owner.
What is the amount of property tax? Who has to bear it? Give details with documentary proof.	No Included in society maintenance charges Rs.1244/- Month and Born by Owner.
SALES
Give instance of sale of immovable property in the locality on a separate sheet, including the name and address of the property, registration No. sale price and are land sold.	The fair Market value of the said property is assessed from the market survey and inquiry from building and estate agents. The Flat is on 7^th Floor, Building is 13 years old. The said flat is facing Gorai Creek.
Land rate/ adopted in this valuation/ If sale instances are not available or relied upon the basis of arriving at the land rate.	Considering the above factors the Fair Market Value of said premises is a follows: The built up area 890 sq. ft. @ Rs.7000/- = Rs.6.230 Millions
COST OF CONSTRUCTION
Year of commencement of construction and year of completion.	Year 1995-96

TECHNICAL DETAILS FOR THE PREMISES

No. of floor and height of floor	Stilt + 7 Floors having 9’-6 height.
Plinth area – floor – wise (as per is 3861-1966)	Residential Premises on 7^th Floor, Flat No.A-704, At Mihar A CHS Limited. Admeasuring Carpet Area 745 sq. ft. (actual) And Built up area 969 sq. ft. as per my opinion And Built up area 890 sq. ft. (82.68 sq. mtr.) as per agreement.
Year of construction	2007-2008
Estimated future life	Approx. 45 years
Types of construction – load bearing wall / RCC	RCC Framed Structure
Types of Foundations	RCC
WALLS - Basement and Plinth – Walls - Super Structure above	9” thick brick masonry 9” thick brick masonry
Partitions	6” thick brick masonry
Door and windows (Floor – wise)	Wooden Frame Flush Door and Aluminium Windows.
Flooring (Floor – wise)	Italian / Spartex Tiles Flooring
Finishing (Floor – wise)	Sand face cement plaster externally and neeru cement plaster internally.
Roofing and terracing	Flat RCC Roof
Special architectural or decorative features	Not provided
- Internal wiring – surface or conduit	Conduit
- Class of fittings superior/ ordinary/ poor	Good Quality
Sanitary Installations	Two Toilets Provided
Class of fittings superior colored superior white/ ordinary	Average Quality
Compound Wall	Masonry wall provided with Gates
No. of Lift and Capacity	One
Underground Sump	Provided
Capacity	As per MCGM Regulations
Type of construction	RCC
Overhead Tank	Provided
Where located	On Terrace
Capacity	As per MCGM Regulations
Type of construction	RCC
Pumps No. and Their Horse Power	Provided of adequate capacity
Road and Paving within the compound approx area, type of paving.	Concrete Coba paving.
Sewage disposal/ whether connected to public sewers. If septic tanks provided, no. and capacity.	Connected to public sewer.

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INTRODUCTION

Subject is a proprietory concern of Mr. Nitin M. Ganatra and it specializes in manufacturing packaging materials. It produces various types of polythene bags (e.g. the kind that shopkeepers give), pouches (as in shampoo sachets, cream sachets etc.) and the food packets that have become an essential part of their daily life. Depending upon the product and the requirement of the client, the design, material to be used etc. are finalized. The kind of material that is required to manufacture the abovementioned items is plastic in layman’s term. However, a variety of rolls are used to meet the demand of the product. This material then undergoes various processes, described later in detail.

Subject is registered with Ministry of small Scale Industry Govt of India vide Entrepreneurs Memorandum No. 27-021-12-01967-Part II dated 30/04/2010. It is registered with Department of Sales Tax. Maharashtra vide MVAT registration no. (TIN No.) 27100686750V w e f year 2008.

PROMOTERS BACKGROUND AND EXPERIENCE

Mr. Nitin M. Ganatra aged 42 years come from an educated and modest background. His father was working for Central bank of India and mother, though a homemaker always kept herself self- employed by giving tuitions or by running the milk centre. He and his brothers were well looked after and encouraged to be self dependant by his parents.

Under the guidance of his father, immediately after his 12th science exams, he took up a job of a counter salesman at a wholesale plastic cutlery shop. Though it was not a white collared job, and the 3 months salary that he got barely covered travelling expenses, it exposed him to the basics of business. At that young age also he could sense that a new world was opening to him. After that, every vacation (Diwali and summer, both), he took seasonal marketing jobs on more commercial terms.

He had to skip his T.Y.B.Sc exam due to personal reasons, but that did not stop him from appearing for the interview for the job of a Medical representative in Famy Care Limited. The experience of marketing job in a proper company was very different as compared to his previous vacation jobs. He learned to push himself and excelled in the job. In spite of topping the sales charts, managers insisted on more out of him and targets always increased before they were met. He worked there for 21 months, and then decided to take a three month break to give his graduation exam.

This break turned out to be a turning point in his life. Exams ceased to be an important option then. The world of work was more interesting and Instead of appearing for final year exam, he and one of his college friends decided to start a small venture of supplying paper and plastic bags to small shops and factories. Though it was small scale and margins were not that high, it was exciting to work for my own self rather than working for someone else!

This discovery further led to trading in the packaging industry for couple of years. After this, Meckon Enterprises, his first registered company came up in partnership in the year (1989). They undertook small printing jobs and started selling printed plastic bags. By the year 1990, they started getting more and more orders and the existing set up could not meet the clients need. They realized that they needed better machinery and other infrastructure to give better service to the clients, and decided to invest in printing machine. In 1992, they bought their first second hand Roto-Gravure printing machine from one of the printers with whom they were doing work on job work basis. This machine, though not state of’ art, was a dream come true! he was looking after production and even trained workers to operate the machines.

Over the years he has understood that the strong technical knowledge that he gained at the initial stages have laid foundation for the existing set up and every entrepreneur must acquire mastery over the basic skills and processes carried out in his factory.

Meckon enterprises saw its ups and down and the firm was dissolved in 2001. Immediately after the break up Span Corporation was started along with new partner in a new place. He entered the Span. Corporation with his expertise.; printing machine and people. Span too did very well right from the beginning but before they could taste the fruit of what they had sown, it had to be dissolved due to different working styles of the partners.

This break up of partnership was a tough one, as the heart and soul was into it. However, the idea of freedom, being completely on my own without anyone interfering into the decisions, was equally attractive. Till 2008 he was continuously working with someone. This break up forced him to ponder over and he realized that his next venture should not be with a partners. He wanted to be on my own even if it was starting from the scratch! He became proprietor of this new firm subject in the year 2008.

Subject is the new company’s already seeing the fruits of experience that he has gathered over so many years in this field. The company is giving him complete opportunity to implement his ideas and ethics to its fullest. Subject saw the support of clients, vendors, suppliers, workers and even the machine manufacturers, with whom he share more than 17 years of professional relationship.

The existing company definitely has bright future, for his passion and zeal to be successful, lies with it. The company has already achieved its stipulated target in the first year of its functioning and has done better in the first quarter of the second year. The infrastructural and other demands are growing; so he need to focus on marketing and expansion now. The demands are increasing rapidly but he is not worried, for he know, “life’s battles don’t always go to the stronger or faster man, but sooner or later the man who wins, is the man who thinks he can.”

Kinds of rolls Purchased ans Materials used (Substrates):

1. PET (Polyester)

2. MET-PET(Metalized polyester)

3. BOPP (Bi-axially oriented polypropylene)

4. MET BOPP (Metalized Bi-axially oriente1 polypropylene)

5. P.P. (Poly Propylene)

6. LDPE (Low density polyethylene)

7. HMHDPE (High Molecular High density Polyethylene)

8. Al-foil (Aluminum Foil)

9. 3-Ply (Paper +Aluminum Foil-i- LDPE)

10. HST- BOPP (Heat Sealable BOPP)

These materials and various types of inks form the basis of manufacturing process. Most of the times, when the client approaches the company, he is fully aware of the end product that he wants. The job of the company then is to get the cylinders done, take a trial print and get it approved from the client before mass production. Sometimes, the product development may start from the scratch, like helping the client with design, suggesting him the materials that is best suited for the product he want etc. The following processes are commonly required to be carried out in manufacturing the product. Here is the brief description:

MANUFACTURING PROCESSES:

1. Printing: It is a process for reproducing text and image, typically with ink on any substrate using a printing machine. It is often carried out as a large-scale industrial process, and is an essential part of packaging and publishing. The copper printing rollers are engraved with a design and then plated with chrome for hardness. The engraved or recessed areas of the rollers pick up the ink and deposit it on the substrate. Gravure image areas consist of cells or wells etched or engraved into a copper cylinder and the unetched surface of the cylinder represents the non- printing areas. The image cylinder rotates in a bath of ink. The excess is wiped off the surface by a flexible steel doctor blade.

2. Lamination: It is a process of binding one material to another one using heat or adhesive bonding, an act of bonding together two or more thin layers; state of being laminated object which is formed of thin layers;

3. Slitting: slitting is a process by which printed (or unprinted), laminated or single, tubes are slit (cut) into required sizes.

4. Pouching: It is conversion of material into pouches

5. Folding: this process helps the material to be folded as per the requirement.

6. Bottom Sealing: tubes are cut and sealed to be converted into bags.

7. Side Sealing: The sheet and tubes are cut and sealed to be converted into bags.

As mentioned earlier, the company manufactures the variety of products as per the client’s requirements. Some clients require the material in roll form, so that they could fill their products and convert them into pouches in their own form filling—sealing machines. Some others want the same product in ready pouch form.

The broad description of the over all process is as follows:

First, the material is ordered in the requisite sizes from various vendors and is printed on the Roto- gravure printing machine according to the design finalized by the client. For it to print on the Roto gravure machine the design is etched on the printing rollers. These rollers transfer the ink from the etched design on the substrate (any of the above material). After the printing is done, then the printed material is laminated with other substrates as the properties required by the clients. The substrates are selected keeping in mind their density, their properties as well as their aesthetics which would contribute to the finished look of the product. For e.g. in case of ORS (oral rehydration salts), for making a pouch with good barrier property, printing is done on the polyester and is laminated with aluminum foil and then with LDPE. LDPE provides a good barrier against moisture as well as has excellent sealant properties to the. Met Pet is substituted in place if aluminum foil in some pouches. Some pouches are made of two layers, for e.g. in case of ‘Papads and namkeens’ PET and P.P. are used. Similarly, some food pouches require polyester and L.D.P.E. After lamination, slitting is done on the slitting machine. The slitted rolls are then converted into pouches on the pouching machine. Some clients require printed bags. In that case, tubing of the requisite material e.g. polypropylene, LDPE, HM-HDPE are ordered as per the required sizes, printed and then, made into bags on the bottom sealing or side sealing machine. The product is then ready to be packed and dispatched.

LOCATIONAL ADVANTAGES OF THE PRESENT SET UP

1) Vasai is Fast developing Industrial belt.

2) Availability of proper industrial estates (on rent as well as for outright purchase)

3) Cheaper rates as compared to Mumbai city. (On rent as well as for outright purchase)

4) Cheaper electricity rates as compared to Mumbai city.

5) Absence of Octroi/ Entry Tax.

6) Close Proximity to Western Express highway, Mumbai and Navi Mumbai.

7) Transport and other Facilities available.

8) Fast improving infrastructural facilities conducive to industrial development.

FUTURE OUTLOOK OF THE UNIT:

Subject is currently making tailor made rolls and pouches for a select few companies. Balance capacity of the machines is being utilized for labour jobs of similar converters, canvassers and traders, etc. These labour jobs allow the company to put its people and machine to maximum possible use.

In future, as the company grows financially strong, it will increase its capacity of directly selling its products to consumers leading to increase in its turnover, which in turn would reflect in the increase of its profits.

With the turnover of around 5.000 Millions in financial year 2009-10, when the company is still its infancy is motivating enough to look for the upward projections. Zen packaging solutions is looking forward to a very modest turnover of around 10.000 Millions in the financial Year 2010- 11.

Looking at the achievement of the first quarter in 2010-11, which is 2.000 Millions, the target is comfortably within reach. Very realistic and modest projection of the turnover for the financial year 2011-12, is around 10.000 Millions and 2.000 Millions, 10.000 Millions and 4.0000 Millions in the next financial year 2012-13 and 10.000 Millions and 5.0000 Millions in the financial year 2013-14.

Besides increasing the turnover, the company also aims to buy its own industrial space by the end of the year 2012, with the help of bank loan. The existing lease agreement will expire then and instead of renewing the agreement, the company would definitely like to shift in its own premises. Buying its own space will give a strong foundation to the company and will allow for smooth growth and expansion.

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TRADE REFERENCE:

· Himanshi Enterprises (PET, METPET, BOPP, METBOPP)

10, Geeta Estate, Daftary Road, Kurar Village, Malad (West), Mumbai – 400097, Maharashtra, India

Mr. Jeetubhai

Mobile No.: 91-9322866237

· Vision Inks and Resins (Printing Inks)

M-24, Additional MIDC, Kudavali, Murbad, Thane, 400603, India

Mr. Anil Sawant

Tel No.: 91-22-28683543

Mobile No.:91-9323560345

· P.N. Petro (Solvents)

C-13, Marble Arch Complex, Meena Nagar, Vasai East, Thane 401208, India

· Adhesives and Chemicals (Adhesives)

Plot No. 39, Neelkanth Shopping Arcade, R. C. Marg, Chembur, Mumbai -400 071, Maharashtra, India

· S.P. Industries (P.P., LDPE, H.M.)

Sr. No. 57/2 (12-A), Kunta-Daman Road, Village Bhensor, Dunetha, Daman 396210, India

· Sun Gravurs (Printing Rollers)

16, 17 Heera Panna Industrial Estate, Goregaon East, Mumbai -400063, Maharashtra, India

· Balaji Engravers (Printing Rollers)

8, Shree Bldg., Sagar Manthan Industrial Estate, Bhoidapada, Off Sativali Road, Vasai east, Thane 401208, India

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 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.46.02
UK Pound	1	Rs.73.21
Euro	1	Rs.60.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--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		44

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

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.