MIRA INFORM REPORT

Report Date :

29.04.2011

IDENTIFICATION DETAILS

Name :	KAMSRI FLEX FORMS PRIVATE LIMITED
Registered Office :	B-2, 62/3, Essae Industrial Estate, Begur Road, Bommanahalli, Bangalore – 560068, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.12.1991
Com. Reg. No.:	08-012662
CIN No.: [Company Identification No.]	U25209KA1991PTC012662
TAN No.: [Tax Deduction & Collection Account No.]	BLRK01435A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Printed Cartons

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

Name :	Mr. Suresh
Designation :	Finance Manager
Date :	26.04.2011

LOCATIONS

Registered Office/ Factory :	B-2, 62/3, Essae Industrial Estate, Begur Road, Bommanahalli, Bangalore – 560 068, Karnataka, India
Tel. No.:	91-80-25732220 / 57626805 / 65626802
Fax No.:	91-80-25734380
E-Mail :	info@kamsri.com kamsriflex@gmail.com accounts@kamsri.com kamsri@bgl.vsnl.net
Website :	http://www.kamsri.com

DIRECTORS

As On 30.09.2010

Name :	Mr. Suresh Srinivasan
Designation :	Managing Director
Address :	Villa No. 69, Adarsh Vista, Vibuthpura, Basava Nagar, Behind Helicopter Division, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	27.06.1963
Qualification :	Engineer
Date of Appointment :	27.12.1991
DIN No.:	00390432
Name :	Mrs. Lakshmi Suresh
Designation :	Director
Address :	Villa No. 69, Adarsh Vista, Vibuthpura, Basava Nagar, Behind Helicopter Division, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	16.09.1965
Qualification :	B.Com
Date of Appointment :	27.12.1991
DIN No.:	00390437
Name :	Mr. Ravi Srinivasan
Designation :	Director
Address :	No. 50, SIDCI Industrial Estate, Thirumudivakkam, Chennai – 600 044, Tamilnadu, India
Date of Birth/Age :	15.04.1964
Qualification :	Lawyer
Date of Appointment :	27.12.1991
DIN No.:	00734508

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Suresh S	89593
Lakshmi S	119628
Ravi S	35465
Anand Bharathan	200
Jayanthi Ramachandran	650
Joseph V J	200
Kamala Srinivasan	130
Mahesh Babu R	350
Padmini Anand	150
Prakash S	250
Ramachandran L	400
Srikam Print Packs (Private) Limited – India	1000
Srinivasan K	1750
Srividya R	200

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Printed Cartons

Products :

Product Description	ITC Code
Printed Cartons	48192020
Printed Labels	48211020
Printed Packing Materials	48195090
Printed Posters	49111010
Printed Leaflets	49011020

Exports :

Products :

• Printed Cartons

Countries :

• Bangladesh
• Nigeria

Imports :

Products :

• Raw Material

Countries :

• Africa
• Finland

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Actual Production
Printed Cartons, PVC Cartons, Printed Tags, Stickers, Printed Labels, Printed Sheets, Printed Leaflets, Printed Books, Printed Eluted Cartons, Printed Broachers and Printed Postures.	Nos.	212190152

GENERAL INFORMATION

Customers :

• Retailers
• Manufacturer

Apparel  Industries

· Aravind Mills Limited

· Page Apparels Manufacturing Private Limited (Jockey)

· Indus League Clothing Limited

· Lovable Lingerie Private Limited

· Crocodile Private Limited

· Coats India Limited

· Madura Garments

Pharmaceuticals

· The Himalaya Drug Company

· Mc Laren Biotech Private Limited

· M Apotheke Private Limited

· Medopharm

· Star Drugs and Research Lab Limited

· Embiotic Laboratories (Private) Limited

· Juggat Pharma

· Amazon Drugs Private Limited

· Bal Pharma Limited

Consumer  Products

· Reckitt and Benckiser India Limited

· Bata India Limited

· Fourell Appliances

· Tata Tea Limited

· Paragon

· Perfetti Vanmelle India Private Limited

· Sparrow Electronic Limited (Bpl)

· Geep Bateries India (Private) Limited

Incense Manufacturers

· Sandesh Agarbathis

· Rajalakshmi Perfumery Works

· Ambika Agarbathis

· Ashika Incense

No. of Employees :

210 (Office + Factory)

Bankers :

· State Bank of India – Specialised Commercial Branch, Krishi Bhavan, 1^st Floor, Hudson Circle, Bangalore – 560 001, Karnataka, India

· ICICI Bank Limited

· Axis Bank Limited

· State Bank of India – SIB, Dn. Bangalore City Branch, C Road, Bangalore – 560002, Karnataka, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In millions)
Cash Credit – SBI	70.268	60.768
Medium Term Loan – SBI	23.422	23.267
Vehicle Loan – ICICI Bank Limited	0.034	0.101
Axis Bank Limited	16.331	0.000
Corporate Loan – SBI	0.000	1.220
Total	110.055	85.356

Banking Relations :	--
Auditors :
Name :	K Gururaj Acharya and Company Chartered Accountant
Address :	No. 14, Girls School Street, Kumarapark (W), Seshadripuram, Bangalore – 560 020, Karnataka, India
Pan No.:	AAHFK8720C

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
127500	Equity Shares	Rs.100/- each	Rs.12.750 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		12.750	12.750	12.750
2] Share Application Money		11.162	2.292	7.446
3] Reserves & Surplus		39.515	31.242	25.352
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.427	46.284	45.548
LOAN FUNDS
1] Secured Loans		110.055	85.356	81.057
2] Unsecured Loans		14.400	13.315	5.200
TOTAL BORROWING		124.455	98.671	86.257
DEFERRED TAX LIABILITIES		10.606	8.541	8.340
TOTAL		198.488	153.496	140.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		103.960	71.906	73.105
Capital work-in-progress		0.612	0.000	0.000
INVESTMENT		1.651	1.503	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.039	50.175	37.507
	Sundry Debtors	53.171	39.379	36.248
	Cash & Bank Balances	1.487	2.022	14.537
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.355	12.385	7.214
Total Current Assets		128.052	103.961	95.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.416	21.352	27.273
	Other Current Liabilities	2.608	0.741	0.658
	Provisions	0.763	1.781	0.535
Total Current Liabilities		35.787	23.874	28.466
Net Current Assets		92.265	80.087	67.040
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		198.488	153.496	140.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	216.087	137.476	129.187
		Other Income	0.154	0.264	1.216
		TOTAL (A)	216.241	137.740	130.403
Less	EXPENSES
		Material Cost	131.258	78.493	76.985
		Employees remuneration and benefits	22.208	12.539	9.147
		Manufacturing expenses	15.880	11.010	9.781
		Repairs and maintenance	1.297	1.218	0.878
		Selling, general and administrative expenses	14.949	10.265	8.548
		TOTAL (B)	185.592	113.525	105.339
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.649	24.215	25.064
Less	FINANCIAL EXPENSES (D)		13.364	11.518	12.434
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.285	12.697	12.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.846	4.215	4.181
	PROFIT BEFORE TAX (E-F) (G)		12.439	8.482	8.449
Less	TAX (I)		4.166	2.586	2.667
	PROFIT AFTER TAX (G-I) (J)		8.273	5.896	5.782
	(Short) / Excess Provision of Tax for earlier years		(0.001)	(0.006)	(0.011)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.242	25.352	19.581
	BALANCE CARRIED TO THE B/S		39.514	31.242	25.352
	Earnings Per Share (Rs.)
	- Basic		64.88	46.24	45.35
	- Diluted		53.34	37.16	NA

Expected Sales (2010-2011) : Rs. 260.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.83	4.28	4.43
Net Profit Margin (PBT/Sales)	(%)	5.76	6.17	6.54
Return on Total Assets (PBT/Total Assets}	(%)	5.36	4.82	5.01
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.19
Debt Equity Ratio (Total Liability/Networth)		2.53	2.65	2.52
Current Ratio (Current Asset/Current Liability)		3.58	4.35	3.36

LOCAL AGENCY FURTHER INFORMATION

Operational Activities

During the year the company has achieved sales and other income amounting to Rs.216.200 Millions as compared to previous year figure of Rs. 137.700 Millions, and earned a net profit of Rs.8.273 Millions compared to previous year of Rs.5.896 Millions, after providing for depreciation and Income Tax.

The Company is confident of achieving higher turn over and profits during the years to come.

Form No. 8

Corporate identity number of the company	U25209KA1991PTC012662
Name of the company	KAMSRI FLEX FORMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-2, 62/3, Essae Industrial Estate, Begur Road, Bommanahalli, Bangalore – 560 068, Karnataka, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India Specialised Commercial Branch, Krishi Bhavan, 1^st Floor, Hudson Circle, Bangalore – 560 001, Karnataka, India
Nature of instrument creating charge	Form A
Date of instrument Creating the charge	09.02.2010
Amount secured by the charge	Rs.193.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest – As applicable · Terms of repayment - Repayable on demand · Margin - As applicable · Extent and operation of the charge Charge extended by way of first charge on all the assets throughout the period of sanctioned limits.
Particulars of the property charged	EM on co's immovable properties comprising of Industrial land situated at Plot No. 9-U, Sy. No. parts of 27/1C and 28/1C, Yarandanhalli Village, Bommasandra Industrial Area, Jigani Hobli, Anekal Taluk Bangalore District measuring 4044 Sq mtrs
Date of last modification prior to the present modification	04.01.2010
Particulars of the present modification	Total limits remains unchanged at Rs. 193.400 millions. Additional EM on co's immovable properties comprising of Industrial land situated at Plot No. 9-U, Sy. No. parts of 27/1C and 28/1C, Yarandanhalli Village, Bommasandra Industrial Area, Jigani Hobli, Anekal Taluk, Bangalore District measuring 4044 Sq mtrs. All other terms, conditions and existing securities to continue.

Trade References:

• India Paper Product
• Mittal Trading Company

Fixed Assets

· Lease Hold Land

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Motor Vehicles

· Computer and Accessories

· Office Equipment

· Cycle

· Motor Car

· Xerox Machine

WEB DETAILS

PROFILE

The group of Companies comprising of M/s. Kamsri Flex Forms (Private) Limited, M/s Shreya Prints M/s Srikam Print Pack (Private) Limited Is into Printing and Packaging, Commercial Printing and POP. They have a standing for the business principles and grown significantly in a short time. The client list is an absolute who's who of the industry.

They Specialize in Designing and manufacture of multi-colored Offset Printed Cartons, E-Fluted Cartons, Labels, Blister Cards, Inserts, Leaflets, Stickers, Posters Catalogues, Magazines, Brochures, Booklets, Calendars, Desk Top Calendars, Visual Aids, Eco-friendly Paper Carry Bags, Annual Reports, Institution manuals, Danglers, Hang Tags, Greeting Cards, Poly Carbonate stickers, Display Boards, thermoformed blisters, dome stickers, security stickers, statics - self adhesive stickers and many more.

They Cater to many exporters and buying houses. The main sectors being Pharmaceutical Companies, the garment industry, footwear divisions, ready to eat food industry, Consumer goods, aromatic industry, telecommunications, automobile spare parts manufacturers and Several other Corporate and multinational companies. They also export finished goods to Russia and Latin America.

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.44.33
UK Pound	1	Rs.74.13
Euro	1	Rs.65.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.