MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	SKYPACK INDIA PRIVATE LIMITED
Registered Office :	1216, Sector 14, Faridabad-121007, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.10.1987
Com. Reg. No.:	05-029602
Capital Investment / Paid-up Capital :	Rs.4.740 Millions
CIN No.: [Company Identification No.]	U32109HR1987PTC029602
TAN No.: [Tax Deduction & Collection Account No.]	RTKS06043C
PAN No.: [Permanent Account No.]	AACCS5331F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packing Material
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually 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 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 Parasar
Designation :	Account Manager
Contact No.:	91-9873660841

LOCATIONS

Registered Office :	1216, Sector 14, Faridabad-121007, Haryana, India
Mobile No.:	91-9873660841 (Mr. Suresh)
E-Mail :	sunikhanna_ca@hotmail.com accounts@skypackindia.com hr@skypackindia.com sales@skypackindia.com info@skypackindia.com lamitubes@skypackindia.com
Website :	http://www.skypackinida.com
Area :	550 Sq. Yard
Location :	Owned
Factory 1:	Plot No.190-A, Sector -59, Mathura Road, Ballabgarh, Faridabad, Haryana, India
Tel. No.:	91-129-2307188 / 4154926 / 4154927/ 4189000
Fax No.:	91-129-2307199
Area :	4800 Sq. Yard
Location :	Owned
Factory 2 :	24/2, Milestone, Mathurav Road, Ballabgarh-121004, Haryana, India
Area :	4800 Sq. Yard
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Naresh Kumar

Designation :

Director

Address :

House No.1216, Sector 14, Faridabad-121007, Haryana, India

Date of Appointment :

26.10.1987

DIN No.:

00017324

Name :

Mr. Shashi Talwar

Designation :

Director

Address :

House No.1216, Sector 14, Faridabad-121007, Haryana, India

Date of Appointment :

26.10.1987

DIN No.:

00017535

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109HR1987PTC029602	SKYPACK INDIA PRIVATE LIMITED	Director	26/10/1987	26/10/1987	Active	NO
2	U22219DL2003PTC118804	SKYROTO PRINT PRIVATE LIMITED	Director	2/5/2003	2/5/2003	Active	NO
3	U74899HR2005PTC034328	SKYFLEX PACKS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	Active	NO

Name :

Mr. Naveen Talwar

Designation :

Director

Address :

House No.1216, Sector 14, Faridabad-121007, Haryana, India

Date of Appointment :

30.09.2004

DIN No.:

00017427

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109HR1987PTC029602	SKYPACK INDIA PRIVATE LIMITED	Director	7/9/1999	7/9/1999	Active	NO
2	U22219DL2003PTC118804	SKYROTO PRINT PRIVATE LIMITED	Director	2/5/2003	2/5/2003	Active	NO
3	U74899HR2005PTC034328	SKYFLEX PACKS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Parasar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Naresh Kumar	15842
Shashi Talwar	6080
Skyflex Packs Private Limited, India	22000
Naveen Talwar	3478
Total	47400

(AS ON 30.09.2010)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Packing Material

GENERAL INFORMATION

Customers :

Manufacturer

• Hindustan Syringes and Medical Device Limited
• Nestle
• Mother Dairy
• Safal
• Dhara
• Sheela Foams
• Tilda
• Hindustan Latex Limited
• Reliance Retail

No. of Employees :

300 (Approximately)

Bankers :

· Citi Bank N.A.

DLF Square, M Block, Jacaranda Marg, DLF City Phase II, Gurgaon – 122002, Haryana, India

· Axis Bank Limited,

Plot No.40, SCO, Sector 7, Ballabhgarh-121006, Haryana, India

· Canara Bank,

8A, Nehru Ground, NIT, Faridabad-121001, Haryana, India

· Standard Chartered Bank,

No.10, Parliament Street, New Delhi-110001, Delhi, India

· SIDBI

· ABN Amro Bank, Gurgaon Branch

· ICICI Bank, Faridabad Branch

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Canara Bank
Term Loan (Secured against hypothecation of land and building, plant and machinery and other fixed assets of the company etc. and personal guarantee of the directors) (installments due within one year Rs.9.328 millions Previous Year Rs.10.300 millions)	31.076	13.761
Cash Credit Account (Secured against the stock of raw material, semi finished and finished goods, stores and spares, book debts and fixed assets of the company and personal guarantee of the directors.)	2.168	23.657
Vehicle Loans (Secured against hypothecation of vehicles and personal guarantee of the directors) (installments due within one year Rs.0.968 millions Previous Year Rs.0.591 millions)	0.960	1.547
Standard Chartered Bank
Term Loan (Secured against residential house of the company and personal guarantee of the directors) (installments due within one year Rs.5.159 millions Previous Year Rs.0.799 millions)	20.000	4.870
ABN Amro Bank
(secured against hypothecation of land and building, plant and machinery and other fixed assets of the company etc. and personal guarantee of the directors) (installments due within one year Rs.12.111 millions Previous Year Rs.12.111)	30.277	42.802
SIDBI
(secured against hypothecation of land and building, plant and machinery and other fixed assets of the company etc. and personal guarantee of the directors) (installments due within one year Rs.1.008 millions Previous Year Rs.1.008 Millions)	3.066	4.077
Total	87.547	90.714
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors	0.300	0.900
Total	0.300	0.900

Banking Relations :	--
Auditors :
Name :	Sumeet Khanna Chartered Accountant
Address :	606, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, Delhi, India
Tel. No.:	91-11-41608766 / 41608767 / 41608768
Fax No.:	91-11-41608765
E-Mail :	sunilkhanna_ca@hotmail.com
PAN No.:	AIHPK2572J
Associates/Subsidiaries :	· Sky Flex Packs Private Limited · Skyroto Print Private Limited Address : 1216, Sector 14, Faridabad-121007, Haryana, India Line of Business : Manufacturer of Packing Material

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47400	Equity Shares	Rs.100/- each	Rs.4.740 millions

NOTE:

Of these 1080 Equity shares have been allotted as fully paid up for consideration other than cash.

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		4.740	4.740	4.740
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		219.358	143.969	108.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		224.098	148.709	112.966
LOAN FUNDS
1] Secured Loans		87.547	90.714	47.087
2] Unsecured Loans		0.300	0.900	0.000
TOTAL BORROWING		87.847	91.614	47.087
DEFERRED TAX LIABILITIES		29.641	19.311	13.870
TOTAL		341.586	259.634	173.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		319.591	209.841	161.450
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.330	3.330	3.330
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.314	43.552	42.640
	Sundry Debtors	65.652	46.775	30.664
	Cash & Bank Balances	18.051	3.570	4.261
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.668	31.952	55.669
Total Current Assets		172.685	125.849	133.234
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	106.798	56.425	68.020
	Other Current Liabilities	13.837	5.746	14.055
	Provisions	33.385	17.215	42.016
Total Current Liabilities		154.020	79.386	124.091
Net Current Assets		18.665	46.463	9.143
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		341.586	259.634	173.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	DEPRECIATION/ AMORTISATION		NA	9.862	NA
	PROFIT BEFORE TAX		NA	55.184	46.328
Less	TAX		NA	14.000	NA
	PROFIT AFTER TAX		NA	41.184	NA
	EARNINGS IN FOREIGN CURRENCY		NA	NA	0.575
	IMPORTS
		Raw Materials	NA	NA	20.729
		Plant, Machinery and Spares Parts	NA	NA	83.669
	TOTAL IMPORTS		NA	NA	104.398
	Earnings Per Share (Rs.)		NA	868.86	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	NA	16.44	15.72
Return on Investment (ROI) (PBT/Networth)		NA	0.37	0.41
Debt Equity Ratio (Total Liability/Networth)		1.08	1.15	1.52
Current Ratio (Current Asset/Current Liability)		1.12	1.59	1.07

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	SKYPACK INDIA PRIVATE LIMITED
Presented By	SKYPACK INDIA PRIVATE LIMITED
1) Date and description of instrument creating the change	The Borrower (company) has by declaration created the hypothecation on its stock and book debts in favor of the Standard Charred Bank.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.11.100 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Residential house locate at Site No.1216, Sector 14, Faridabad-121007, Haryana, India in the name of the company (situated at Urban Estate)
4) Gist of the terms and conditions and extent and operation of the charge.	Charge operates as first and paramount charge in favor of the bank as security for all dues under the Term Loan facility.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank, No.10, Parliament Street, New Delhi-110001, Delhi, India
6) Date and brief description of instrument modifying the charge	Date of Modification of charge 29.11.2005 Charge being modified through supplementary memorandum of entry.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Banks charge over the residential house property at 1216, Sector 14, Faridabad-121007, Haryana, India enhanced from Rs.3.600 millions to Rs.11.100 millions to cover the following facilities together with interest. Compound interest and or addition / interest in case of default, penal interest, liquidated damages, commitments charges, premia on prepayment or on redemption, costs, charges, expenses and other monies payable by the company to the bank under its heads of agreements / Loan agreements, sanctions and terms and conditions as amended from time to time Term Loan (I) : Rs.2.500 millions Term Loan (II) : Rs.1.100 millions Term Loan (III) : Rs.7.500 millions Charge operates as first and paramount charge in favor of the bank as security for all dues under the Term Loan facility to Skypack India Private Limited

Corporate identity number of the company	U32109HR1987PTC029602
Name of the company	SKYPACK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1216, Sector 14, Faridabad-121007, Haryana, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Axis Bank Limited, Plot No.40, SCO, Sector 7, Ballabhgarh-121006, Haryana, India Email ID : branchhead.ballabhgarh@axisbank.com
Nature of instrument creating charge	Deed of Hypothecation of Machinery and other movable fixed assets dated 15.02.2010.
Date of instrument Creating the charge	15.02.2010
Amount secured by the charge	Rs.99.272 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-4.25% @10.5% presently. 6 month Libor + 750 BP (Inclusive of hedging cost) (subject to change from time to time) Interest to be payable at monthly intervals. Terms of Repayment The term loan shall be repayable in 60 monthly installments. Margin As per bank norms Extent and Operation of the charge First charge on assets to secure a term loan of Rs.99.272 millions
Short particular of the property or asset(s) charged	Exclusive Hypothecation charge over assets/ machinery financed by the bank.

FIXED ASSETS

· Air Conditioner

· Building

· Computers

· Cycle

· Electricity Installation

· Plant and Machinery

· Land

· Refrigerator

· Office Equipment

· Furniture and Fixture

· Vehicle

· Water Cooler

AS PER WEB DETAILS

PROFILE

Subject and its two sister concerns Skyflex Packs Private Limited and Skyroto Print Private Limited are in the business of providing flexible packaging material to Pharmaceutical and food industry. An exporter of films to European countries, subject has expertise to manufacture films and tubes for a variety of applications. The infrastructure and capability is to provide a hygienic processing environment for manufacturing packaging for steralizable surgical instruments, Pharma tubes and food grade products.

Subject was started by Mr. Naresh Kumar, who has been in the plastic packaging business since 1973. Plastic was a new concept in India at that time. He started his career with the sole objective of supplying injection molded rigid packaging material. Their first few clients were Dabur, Hammer Master and Hindustan Syringes Limited.

Soon, he diversified into the field of flexible packaging. Today, subject is the sole supplier of packaging material to Hindustan Syringes and Medical Devices Limited (HMD) and is also supplying to companies like Nestle, Reliance Retail etc. Subject can boast of a team which keeps quality and precision as its ultimate goal.

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.51.65
UK Pound	1	Rs.81.06
Euro	1	Rs.69.51

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		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	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.