MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Name :	ABHISHRI PACKAGING PRIVATE LIMITED
Registered Office :	Tainwala House, Road No. 18, MIDC, Andheri (E), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.02.2003
Com. Reg. No.:	11-139261
CIN No.: [Company Identification No.]	U28129MH2003PTC139261
TAN No.: [Tax Deduction & Collection Account No.]	MUMA27815E
PAN No.: [Permanent Account No.]	AAFCA6446G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Dealer of Drum, Coolers and Plastic Sheets 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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Simran
Designation :	Accountant
Contact No.:	91-22-67166161
Date :	07.04.2011

LOCATIONS

Registered Office :	Tainwala House, Road No. 18, MIDC, Andheri (E), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-67166161/67166100/67166150
Fax No.:	91-22-28387039
E-Mail :	simran@tainwala.in
Website :	http://www.abhishri.co.in
Area :	Owned
Factory :	Located At: Silvassa Umargaon

DIRECTORS

AS ON 23.09.2010

Name :	Mr. Rakesh Dungarmal Tainwala
Designation :	Director
Address :	71, Kalpataru, Nutan Laxmi Society, JVPDS, Juhu, Vile Parle (W), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	05.05.1968
Date of Appointment :	05.08.2008
Name :	Mr. Ashok Kumar Mukherjee
Designation :	Director
Address :	204-201, Samir Co Operative Housing Society, Seven Bunglows, Andheri (East), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	14.10.1954
Date of Appointment :	02.05.2008
Name :	Mr. Ajay Jugalkishore Tulsyan
Designation :	Director
Address :	1, Raj Apartment, Naroli Road, Opposite Natraj Hotel, Silvassa-396230, Dadra Nagar Haveli, India
Date of Birth/Age :	27.08.1975
Date of Appointment :	10.07.2008
Name :	Amishi Rakesh Tainwala
Designation :	Director
Address :	71, Kalpataru, Nutan Laxmi Society, JVPDS, Juhu, Vile Parle (W), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	06.04.1974
Date of Appointment :	20.02.2003
Name :	Mrs. Shobha Ramesh Tainwala
Designation :	Director
Address :	71, Kalpataru, Nutan Laxmi Society, JVPDS, Juhu, Vile Parle (W), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	08.08.1960
Date of Appointment :	20.03.2006

KEY EXECUTIVES

Name :	Ms. Simran
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2010

Names of Shareholders	No. of Shares
Rakesh Dungarmal Tainwala	476000
Dungarmal Gangadhar Tainwala	2000
Amishi Rakesh Tainwala	527000
Katyayan Construction and Developers Private Limited, India	1480000
Periwinkle Fashions Private Limited, India	1425000
Ramesh Dungarmal Tainwala	550000
Tainwala Trading and Investment Private Limited, India	20000
Ayush Ramesh Tainwala	480000
Total	4960000

AS ON 23.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	58.97
Directors or relatives of directors	41.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Dealer of Drum, Coolers and Plastic Sheets etc.
Imports :
Products :	Raw Material
Countries :	Europe Countries
Terms :
Selling :	Cash / Credit (30 days)
Purchasing :	L/C / Cash / Credit

PRODUCTION STATUS ( AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Luggage (Bags)	Nos.	700000	621996
Plastic Sheet	Nos.	NA	4044
Coolers	Nos.	120000	70133

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan (Amount repayable within one year of Rs.16.443 millions, previous year Rs.11.197 millions)	41.696	37.416
Working Capital Facility (Secured by way of first charge by equitable mortgage of immovable properties of Silvassa and Umbergaon units of the company and hypothecation of all present and future current assets inclusive of all stocks, book debt / receivable and movable plant and machineries and collaterally secured by personal guarantee of two of the director of the company.)	52.326	8.888
HDFC / ICICI Bank Limited	0	0
Vehicle Loan (Secured against hypothecation of vehicles purchased there against amount repayable within one year Rs.0.394 millions previous year Rs.0.207 millions)	1.006	0.926
Total	95.028	47.230
Unsecured Loans
Directors	3.775	1.668
Body Corporate	55.746	40.212
Total	59.521	41.880

Banking Relations :	--
Auditors :
Name :	Rungta and Associates Chartered Accountant
Address :	504, Rainbow Chembers, S.V Road, Kandivali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-28625153
Mobile No.:	91-9820354138

CAPITAL STRUCTURE

AS ON 23.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4960000	Equity Shares	Rs.10/- each	Rs.49.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		49.600	40.000	18.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.875	18.972	11.442
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.475	58.972	29.492
LOAN FUNDS
1] Secured Loans		95.028	47.230	50.371
2] Unsecured Loans		59.521	41.880	40.229
TOTAL BORROWING		154.549	89.110	90.600
DEFERRED TAX LIABILITIES		10.679	7.545	5.014
TOTAL		247.703	155.627	125.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.121	131.638	106.949
Capital work-in-progress		11.056	0.264	6.814
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.230	14.441	1.471
	Sundry Debtors	71.535	15.751	4.767
	Cash & Bank Balances	1.133	0.862	0.112
	Other Current Assets	0.000	0.994	0.554
	Loans & Advances	20.211	13.964	11.142
Total Current Assets		150.109	46.012	18.046
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.767	17.991	3.479
	Other Current Liabilities	7.056	3.811	3.007
	Provisions	0.760	0.485	0.217
Total Current Liabilities		65.583	22.287	6.703
Net Current Assets		84.526	23.725	11.343
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		247.703	155.627	125.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	238.643	77.654	56.365
		Other Income	0.769	1.012	NA
		TOTAL (A)	239.412	78.666	NA
Less	EXPENSES
		Raw Material Consumed	171.950	29.196
		Manufacturing and Other Expenses	40.697	32.541	NA
		Increase / Decrease in Stocks	(13.141)	(9.760)
		TOTAL (B)	199.506	51.977	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.906	26.689	NA
Less	FINANCIAL EXPENSES (D)		13.290	10.572	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.616	16.117	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.774	4.468	NA
	PROFIT BEFORE TAX (E-F) (G)		20.842	11.649	16.118
Less	TAX (H)		6.934	3.062	5.544
	PROFIT AFTER TAX (G-H) (I)		13.908	7.530	10.574
Less	PRIOR PERIOD TAXATION ADJUSTMENTS		0.005	0.000	0.000
	NET PROFIT		13.903	7.530	10.574
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.972	11.442	0.868
	BALANCE CARRIED TO THE B/S		32.875	18.972	11.442
	IMPORTS
		Raw Materials	12.051	3.378	0.000
		Plant and Machinery	11.050	12.735	13.685
	TOTAL IMPORTS		23.101	16.113	13.685
	Earnings Per Share (Rs.)		3.04	2.65	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.81	9.57	NA
Net Profit Margin (PBT/Sales)	(%)	8.73	15.00	28.60
Return on Total Assets (PBT/Total Assets}	(%)	6.90	6.55	12.89
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.55
Debt Equity Ratio (Total Liability/Networth)		2.67	1.89	3.30
Current Ratio (Current Asset/Current Liability)		2.29	2.06	2.69

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	57.767	17.991	3.479

OPERATIONS:

During the year the turnover of the company was Rs.238.643 millions as compared to turnover of Rs.77.654 millions during the previous year. the net profit after tax was Rs.13.908 millions.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10106633
Corporate identity number of the company	U28129MH2003PTC139261
Name of the company	ABHISHRI PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Tainwala House, Road No. 18, MIDC, Andheri (E), Mumbai-400093, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India
Email	rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	30.08.2010
Amount secured by the charge	Rs.208.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall be repayable On Demand and Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded & gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item, as security for repayment of Rs.208.500 Millions , together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	I) Immovable property situated at Plot No.401, Revenue Survey No.127, Paiki Umergaon, Taluka Umbergaon, Dist. Valsad. II) Immovable property situated at Plot No.2,3,4 and 5 and SR No.108/8, Paikee Village-Khadoli, Dadra and Nagar Haweli.
Date of latest modification prior to the present modification	01.09.2009
Particulars of the present modification	The equitable mortgage/charge shall now stand increased from Rs.122.500 Millions to Rs.208.200 Millions (comprising: Cash Credit of Rs.102.500 Millions , Letter of Credit of Rs.10.000 Millions , Bank Guarantee (Sub limit of LC Rs.10.000 Millions ),Term Loan I of Rs.50.000 Millions , Term Loan-II of Rs.5.000 Millions , Term Loan-III of Rs.15.000 Millions , Capex IIF LC (Sub limit of Term Loan III of Rs.15.000 Millions ), Term Loan IV of Rs.26.000 Millions , Capex I/F LC (Sub limit of Term Loan IV of Rs.26.000 Millions ), in favour the Bank.

Fixed Assets:

• Freehold Land
• Leasehold Land
• Plant and Machinery
• Electrical Installation
• Office Equipments
• Dies and Moulds
• Computer and Software
• Furniture and Fixtures
• Cycles

Trade References:

• Visen Industries Limited
• Sterling Chemicals Limited

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.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

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	4
--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		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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.