MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	K PACK SYSTEMS PRIVATE LIMITED
Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.10.1991
Com. Reg. No.:	04-016385
Capital Investment / Paid-up Capital :	Rs.0.300 million
CIN No.: [Company Identification No.]	U51909GJ1991PTC016385
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and solution provider of processing plant, chemical processing plant, oil water separation unit, API oil water separator, cross flow separator, dissolved air flotation unit, plug flow reactor, pressure sand filter and activated carbon filter.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 104000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears to be some continuous dip in the turnover and profitability of the company. However, 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
Designation :	Manager
Contact No.:	91-9886202940
Date :	13.12.2011

LOCATIONS

Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9967484848 (Mr. Vivek V. Shah) 91-9886202940 (Mr. Suresh)
Fax No.:	Not Available
E-Mail :	kpack@vsnl.com kpackblr@airtelmail.in kpack@vsnl.com rajanrajput1980@gmail.com
Website :	http://www.kpack.info
Area :	1200 sq ft
Location :	Owned
Head Office/ Factory :	No.3, 9^th Main, 9^th Cross, Vasath Nagar, Bangalore – 560 052, Karnataka, India
Tel. No.:	91-80-40731300/ 40731301
Fax No.:	91-80-40731399/ 41148708
Area :	6000 sq ft
Location :	Rented

DIRECTORS

As on 21.09.2011

Name :

Mr. Vivek Vinay Shah

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

18.09.1960

Qualification :

MBA

Date of Appointment :

15.05.2011

DIN No.:

00062360

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31501GJ1990PTC014714	Suvi Technologies Private Limited	Director	28-11-90	28-11-90	-	Active	NO
2	U51909GJ1990PTC014453	Apex Distributors Private Limited	Director	15-10-91	15-10-91	02-02-11	Active	NO
3	U67190GJ1992PTC017184	Shree Finlease Private Limited	Director	26-02-92	26-02-92	02-02-11	Active	NO
4	U70102MH1992PLC068391	Shugun Realtors Limited	Director	03-09-92	03-09-92	02-03-11	Active	NO
5	U45201GJ1991PTC014926	Sarang Realtors Private Limited	Director	30-11-92	30-11-92	-	Active	NO
6	U45201GJ1979PTC003375	Construction India Private Limited	Director	25-09-93	25-09-93	02-02-11	Active	NO
7	U65922MH1994PLC077868	Noble House Securities and Holdings Limited	Director	11-11-94	11-11-94	-	Active	NO
8	U24117MH2001PLC131723	Heena Marketing Limited	Director	23-04-01	23-04-01	-	Active	NO
9	U45201GJ1994PTC021882	Zen Properties Private Limited	Director	20-06-01	20-06-01	02-03-11	Active	NO
10	U51900MH1994PLC078153	Zen Marketing Limited	Director	10-04-03	10-04-03	-	Active	NO
11	U29119GJ1989PTC012028	Flexican Bellows and Hoses Private Limited	Director	27-10-08	27-10-08	-	Active	NO
12	U51909GJ1991PTC016385	K Pack Systems Private Limited	Director	15-05-11	15-05-11	-	Active	NO
13	U29253MH2010PTC204952	K Pack Bio Systems Private Limited	Director	16-05-11	16-05-11	-	Active	NO
14	U90000GJ2011PTC066743	Tauw India Private Limited	Director	12-08-11	12-08-11	-	Active	NO

Name :

Mrs. Pratima Vinay Chipalkatti

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

01.02.1938

Qualification :

SSC

Date of Appointment :

09.10.1991

DIN No.:

01215815

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	U51909GJ1991PTC016385	K Pack Systems Private Limited	Director	09-10-91	09-10-91	Active	NO
2	U29253MH2010PTC204952	K Pack Bio Systems Private Limited	Director	28-06-10	28-06-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Manager
Name :	Mr. Prakash
Designation :	General Manager - Project
Name :	Mr. Raghu
Designation :	Manager - Projects
Name :	Ms. Kalyani
Designation :	Manager - Accounts
Name :	Mr. Shankar Rao
Designation :	Executive Assistant to M.D.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Pratima Vinay Chipalkatti	15297	50.99
Vinay Vasant Chipalkatti	3	0.01
Rutwik Vivek Shah	14700	49.00
Total	30000	100.00

As on 21.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and solution provider of processing plant, chemical processing plant, oil water separation unit, API oil water separator, cross flow separator, dissolved air flotation unit, plug flow reactor, pressure sand filter and activated carbon filter.
Products :	v CPI/ TPI Plate Oil Water Separators v DAF Dissolved Air Flotation Plants v Cross-flow Separators v API Separators v Lamella Settlers v Pipe Flocculators v Flash Mixers and Flocculators v Sewage Treatment Plants (Conventional) v SBR/ MBR Sewage Treatment Plants v Grey Water Recycle Plants v Sand/ Clay Water Recycle Plants
Exports :
Products :	Oil Water Separators
Countries :	v Middle East v Australia
Imports :
Products :	Raw Materials
Countries :	US
Terms :
Selling :	L/C depends
Purchasing :	L/C depends

GENERAL INFORMATION

Customers :

Contractors

v Bharat Petroleum Corporation Limited

v Hindustan Dorr Oliver Limited

v National Peroxide

v Larsen and Toubro

v Sacede

v IAL

v Hindustan Petroleum Corporation Limited

v Calcutta Port Trust

v Deepak Fertilisers

v Geo Miller

v Madras Refineries

v Hindustan Petroleum

v Lloyd Steel

v Nicco

v B.J. Engineering

v Steel Authority

v Geo Miller

v Bongaigon Refineries

v Nicco

v Thermax

v Beardsell

v Durgapur Steel

v Nicco

v Indo Nippon

v Bechtel

v Kirloskar AAF

v Reliance Refineries

v Reliance Refineries

v Aic Watson

v Delphi

v Ion Exchange

v Tata Projects Limited

v Balcke-Durr

v HPL

No. of Employees :

35 (Approximately)

Bankers :

Corporation Bank Limited, 11, Nandi, 8^th Main, Vasanth Nagar, Bangalore – 560 052, Karnataka, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Cash Credit from Bank (Secured by hypothecation of stock-in-trade and Debtors of the Company.)	3.443	3.595
Total	3.443	3.595

Banking Relations :	--
Auditors :
Name :	Sanjay K. Thanawala and Company Chartered Accountants
Address :	Office No.2, Dhairya Co-Operative Society, S.V. Road, Naupada, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-25398144
Income-tax PAN of auditor or auditor's firm :	AAHPT3244N
Group Companies :	v Zaverchand Sports Equipments Private Limited v Heetu Chemicals

CAPITAL STRUCTURE

As on 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.752	23.820	20.384
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.052	24.120	20.684
LOAN FUNDS
1] Secured Loans		3.443	3.595	14.020
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3.443	3.595	14.020
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.495	27.715	34.704
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.253	6.210	4.673
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.189	0.126	0.064
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.928	0.172	2.220
	Sundry Debtors	13.010	30.620	36.979
	Cash & Bank Balances	0.589	0.131	4.361
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.280	13.012	12.271
Total Current Assets		34.807	43.935	55.831
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.046	17.251	22.272
	Other Current Liabilities	3.708	2.543	2.631
	Provisions	0.000	2.775	0.974
Total Current Liabilities		10.754	22.569	25.877
Net Current Assets		24.053	21.366	29.954
MISCELLANEOUS EXPENSES		0.000	0.013	0.013
TOTAL		29.495	27.715	34.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Supervision Charges	64.544	90.279	122.994
		Other Income	0.454	0.573	0.186
		TOTAL (A)	64.998	90.852	123.180
Less	EXPENSES
		Increase /Decrease in Stock	(2.755)	2.048	0.410
		Purchases	32.238	26.773	64.788
		Labour Charges	1.535	1.970	3.208
		Payment to/ Provision for Employees	5.358	9.669	5.390
		Administrative Expenses	13.589	24.015	15.542
		Selling and Distribution Expenses	9.151	10.522	10.191
		TOTAL (B)	59.116	74.997	99.529
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.882	15.855	23.651
Less	INTEREST & OTHER FINANCIAL EXPENSES (D)		0.424	0.901	1.537
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.458	14.954	22.114
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.262	1.277	1.126
	PROFIT BEFORE TAX (E-F) (G)		4.196	13.677	20.988
Less	TAX (H)		1.687	4.441	4.104
	PROFIT AFTER TAX (G-H) (I)		2.509	9.236	16.884
Less	Prior Period Items		0.000	0.017	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.940	17.004	2.620
Less	APPROPRIATIONS
		Dividend on Equity Shares	0.501	5.010	0.000
		Tax on Dividend	0.075	0.773	0.000
		Transferred to General Reserve	0.700	2.500	2.500
	BALANCE CARRIED TO THE B/S		19.173	17.940	17.004
	EARNINGS IN FOREIGN CURRENCY		NA	15.141	16.201
	IMPORT VALUE		NA	0.753	0.214
	Earnings Per Share (Rs.)		83.63	307.87	562.80

Expected Sales (2011-2012): Rs.100.000 millions

The above information has been parted by Mr. Suresh (Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.86	10.17	13.71
Net Profit Margin (PBT/Sales)	(%)	6.50	15.15	17.06
Return on Total Assets (PBT/Total Assets}	(%)	10.47	27.27	34.69
Return on Investment (ROI) (PBT/Networth)		0.16	0.57	1.01
Debt Equity Ratio (Total Liability/Networth)		0.54	1.08	1.93
Current Ratio (Current Asset/Current Liability)		3.24	1.95	2.16

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	--
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8:

Corporate identity number of the company	U51909GJ1991PTC016385
Name of the company	K PACK SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat, India E-Mail: kpack@vsnl.com
This form is for	Creation of charge
Type of charge	Book Debts Others (entire fixed assets both present and future and current asset)
Particular of charge holder	CIN No.: U99999KA1972PLC001067 Corporation Bank Limited, 11, Nandi, 8^th Main, Vasanth Nagar, Bangalore – 560 052, Karnataka, India E-Mail: cb747@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Deposit of title deeds
Date of instrument Creating the charge	03.04.2009
Amount secured by the charge	Rs.11.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: COBAR - 1.75% i.e. 12.25% p.a. on 2.000 millions cash credit and 12.25% on 0.500 million under LC/BG Terms of Repayment: CC A/C - running account payable on demand subject to annual renewal import/inland LC cum BG-one year Margin: 30% for stock and book debts. Book debts less than 90 DATS only 40% cash margin 25% Extent and Operation of the charge: Till closure of the loan
Short particulars of the property charged	All the fixed assets. book debts and deposit of title deeds of property belongs to Vinay Chiplkatti and Kusum Chipalkatti

TRADE REFERENCES:

v VATECH

v Ion Exchange

v Thermax

v Hindustan Dorr Oliver Limited

v B.J. Engineering

FIXED ASSETS:

v Furniture and Guest House Furniture

v Machinery

v Computers

v Computer Software

v Xerox Machine

v LCD TV

v Telephone Equipments

v Toyota Car

v Nissan Car

v Tata Car

v Scooter

v Bombay Office Asset

v Air Conditioners

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.54.23
UK Pound	1	Rs.83.77
Euro	1	Rs.70.46

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	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.