MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	KRIS FLEXIPACKS PRIVATE LIMITED (w.e.f. 2007)
Formerly Known As :	NIKITA PLAST INDUSTRIES PRIVATE LIMITED
Registered Office :	65, Shanti Industrial Estate, S N Road, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.03.2007
Com. Reg. No.:	11-168369
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U25209MH2007PTC168369
TAN No.: [Tax Deduction & Collection Account No.]	MUMN14534C
PAN No.: [Permanent Account No.]	AACCN4672Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Quality Packaging Products.
No. of Employees :	500 (Approximately)

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 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct ad as per commitments. The concern 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.

INFORMATION PARTED BY

Name :	Mr. Umesh
Designation :	Finance Manager
Contact No.:	91-22-25907080
Date :	01.11.2011

LOCATIONS

Registered Office :	65, Shanti Industrial Estate, S N Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-67742222 / 25907080
Fax No.:	91-22-67742222 / 67742399 / 67973894
E-Mail :	kris.legal@krisflexipacks.com cs@pwiconnect.com vijay.l@krisflexipacks.com viral.s@krisflexipacks.com
Website :	http://www.krisflexipacks.com
Area :	They have 6 to 7 Galas in same premises
Location :	Owned
Factory :	Located at: · Daman · Pondicherry · Himachal Pradesh
Branch Office :	Located at: Bangalore Tirupur New Delhi (NCR) Chennai Pawai Mulund

DIRECTORS

As on 23.07.2011

Name :

Mr. Shailesh Gulabchand Sheth

Designation :

Chairman cum Managing Director

Address :

701, Tara Tower, S. N. Road, Mumlund (West), Mumbai – 400080, Maharashtra, India

1002, Tivoli, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

12.01.1960

Qualification :

B.Com

Date of Appointment :

06.03.2007

Din :

00206159

Partnership held in Partnership firm :

Nikita Plast

Address: 64, Shanti Industrial Estate, S.N. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

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	U74950MH1990PLC058775	Packaging Warehouse Limited	Director	29-05-92	29-05-92	Amalgamated	NO
2	U70101MH2006PTC164840	Vrs Realtors Private Limited	Director	22-09-06	22-09-06	Active	NO
3	U74999MH2006PTC165113	Metal Tech Private Limited	Director	10-10-06	10-10-06	Active	NO
4	U45201MH2006PTC166272	Packaging Properties Private Limited	Director	18-12-06	18-12-06	Active	NO
5	U70102MH2006PTC166273	Packaging Realtors Private Limited	Director	18-12-06	18-12-06	Active	NO
6	U25202MH2007PTC166756	Packaging Destinations Private Limited	Director	05-01-07	05-01-07	Active	NO
7	U25202MH2007PTC166757	Packaging Flexi Business Private Limited	Director	05-01-07	05-01-07	Active	NO
8	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Managing director	06-03-07	06-03-07	Active	NO
9	U25208MH2007PTC168522	R. S. Hangplast Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
10	U25209MH2007PTC168540	Susmit Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
11	U25209MH2007PTC168539	Web Prints Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
12	U25209MH2007PTC168569	Stick Plast Packaging Private Limited	Director	10-03-07	10-03-07	Amalgamated	NO
13	U25203MH2007PTC168642	Jay Jay Polymers Private Limited	Director	12-03-07	12-03-07	Amalgamated	NO
14	U74999MH2007PTC168682	Kalyan Packaging Private Limited	Director	13-03-07	13-03-07	Amalgamated	NO
15	U25209MH2007PTC168768	Jolly Polymers Packaging Private Limited	Director	24-03-07	24-03-07	Amalgamated	NO
16	U25202MH1999PTC118423	Miraaj Polyplast Private Limited	Director	28-03-07	28-03-07	Amalgamated	NO
17	U28129MH2007PTC169583	Packaging Business Vision Private Limited	Director	03-04-07	03-04-07	Strike off	NO
18	U25199MH2009PTC191477	Kris Automated Packaging Systems Private Limited	Director	03-04-09	03-04-09	Active	NO

Name :

Mr. Rajesh Gulabchand Sheth

Designation :

Whole Time Director

Address :

1002, Tivoli, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

23.10.1961

Qualification :

B.Com

Date of Appointment :

06.03.2007

Din :

00223733

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	U70101MH2006PTC164840	VRS Realtors Private Limited	Director	22-09-06	22-09-06	Active	NO
2	U45201MH2006PTC166272	Packaging Properties Private Limited	Director	18-12-06	18-12-06	Active	NO
3	U70102MH2006PTC166273	Packaging Realtors Private Limited	Director	18-12-06	18-12-06	Active	NO
4	U25202MH2007PTC166756	Packaging Destinations Private Limited	Director	05-01-07	05-01-07	Active	NO
5	U25202MH2007PTC166757	Packaging Flexi Business Private Limited	Director	05-01-07	05-01-07	Active	NO
6	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Director	06-03-07	06-03-07	Active	NO
7	U25208MH2007PTC168522	R. S. Hangplast Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
8	U25209MH2007PTC168540	Susmit Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
9	U25209MH2007PTC168539	Web Prints Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
10	U25209MH2007PTC168569	Stick Plast Packaging Private Limited	Director	10-03-07	10-03-07	Amalgamated	NO
11	U25203MH2007PTC168642	Jay Jay Polymers Private Limited	Director	12-03-07	12-03-07	Amalgamated	NO
12	U74999MH2007PTC168682	Kalyan Packaging Private Limited	Director	13-03-07	13-03-07	Amalgamated	NO
13	U25209MH2007PTC168768	Jolly Polymers Packaging Private Limited	Director	24-03-07	24-03-07	Amalgamated	NO
14	U25202MH1999PTC118423	Miraaj Polyplast Private Limited	Director	28-03-07	28-03-07	Amalgamated	NO
15	U74950MH1990PLC058775	Packaging Warehouse Limited	Director	28-03-07	28-03-07	Amalgamated	NO
16	U28129MH2007PTC169583	Packaging Business Vision Private Limited	Director	03-04-07	03-04-07	Strike off	NO

Name :

Mr. Viresh Gulabchand Sheth

Designation :

Whole Time Director

Address :

1002, Tivoli, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

28.08.1964

Qualification :

B.Com

Date of Appointment :

06.03.2007

Din :

00217977

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	U25202MH1999PTC118423	Miraaj Polyplast Private Limited	Director	18-02-99	18-02-99	Amalgamated	NO
2	U70101MH2006PTC164840	Vrs Realtors Private Limited	Director	22-09-06	22-09-06	Active	NO
3	U45201MH2006PTC166272	Packaging Properties Private Limited	Director	18-12-06	18-12-06	Active	NO
4	U70102MH2006PTC166273	Packaging Realtors Private Limited	Director	18-12-06	18-12-06	Active	NO
5	U25202MH2007PTC166756	Packaging Destinations Private Limited	Director	05-01-07	05-01-07	Active	NO
6	U25202MH2007PTC166757	Packaging Flexi Business Private Limited	Director	05-01-07	05-01-07	Active	NO
7	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Director	06-03-07	06-03-07	Active	NO
8	U25208MH2007PTC168522	R. S. Hangplast Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
9	U25209MH2007PTC168540	Susmit Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
10	U25209MH2007PTC168539	Web Prints Packaging Private Limited	Director	09-03-07	09-03-07	Amalgamated	NO
11	U25209MH2007PTC168569	Stick Plast Packaging Private Limited	Director	10-03-07	10-03-07	Amalgamated	NO
12	U25203MH2007PTC168642	Jay Jay Polymers Private Limited	Director	12-03-07	12-03-07	Amalgamated	NO
13	U74999MH2007PTC168682	Kalyan Packaging Private Limited	Director	13-03-07	13-03-07	Amalgamated	NO
14	U25209MH2007PTC168768	Jolly Polymers Packaging Private Limited	Director	24-03-07	24-03-07	Amalgamated	NO
15	U74950MH1990PLC058775	Packaging Warehouse Limited	Director	28-03-07	28-03-07	Amalgamated	NO
16	U28129MH2007PTC169583	Packaging Business Vision Private Limited	Director	03-04-07	03-04-07	Strike off	NO
17	U25199MH2009PTC191477	Kris Automated Packaging Systems Private Limited	Director	03-04-09	03-04-09	Active	NO

Name :

Mr. Ravi Chaturvedi

Designation :

Director

Address :

750, Ocean Royale Way, 702, Juno Beach, Florida-33408, USA

Date of Birth/Age :

14.11.1959

Date of Appointment :

01.04.2011

Din No.:

02787181

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	U74999DL1996PTC079004	Idiscoveri Education Private Limited	Director	28-12-09	22-10-09	Active	NO
2	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Director	23-07-11	01-04-11	Active	NO

Name :

Mr. Peranamallur Narayanaswamy Devrajan

Designation :

Director

Address :

A-1, Ground Floor, Nav Munjal Nagar, 2, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

15.02.1935

Date of Appointment :

01.04.2011

Din No.:

00003842

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	U72900MH1994PTC083007	Tropical Technologies Private Limited	Director	16-11-94	16-11-94	-	Active	NO
2	L85195AP1984PLC004507	Dr. Reddy's Laboratories Limited	Director	30-10-00	30-10-00	20-05-08	Active	NO
3	L74210TN2000PLC045167	Shriram Epc Limited	Director	11-08-01	11-08-01	12-09-07	Active	NO
4	U29120TN2002PTC049213	Geometric Engineering Construction Private Limited	Director	09-10-02	09-10-02	10-11-07	Active	NO
5	L15421TN1960PLC004310	Kothari Sugars And Chemicals Limited	Director	24-09-03	24-09-03	27-04-09	Active	NO
6	U65993MH2006PLC162533	Essel-Centrum Holdings Limited	Director	08-07-06	08-07-06	-	Active	NO
7	L29221TN1956PLC000204	Best And Crompton Engineering Limited	Director	22-09-07	31-01-07	07-01-09	Active	NO
8	U72200TN2006PTC059964	Sgt India Private Limited	Director	19-10-09	31-03-08	24-02-10	Active	NO
9	U29290MH1987PTC045499	Aarvi Encon Private Limited	Director	01-12-08	01-12-08	-	Active	NO
10	L11101TN1989PLC017347	Kothari Petrochemicals Limited.	Director	18-09-09	24-04-09	-	Active	NO
11	U72200AP2004PTC044250	Ogene Systems India Private Limited	Director	29-09-09	25-06-09	-	Active	NO
12	U24294TN1982PTC009401	Tex Biosciences Private Limited	Director	25-08-11	30-09-09	-	Active	NO
13	U24120WB2009PLC153272	Matix Fertilisers And Chemicals Limited	Director	08-11-10	16-01-10	-	Active	NO
14	U93000DL2010NPL199615	Sahyog Micro Finance Foundation	Additional director	15-04-10	15-04-10	-	Active	NO
15	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Director	23-07-11	01-04-11	-	Active	NO

Name :

Mr. Govindaraghavan Venkatraman

Designation :

Director

Address :

Flat No.171/172, 17^th Floor, Kalpataru Residency, Sion Circle, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

16.07.1945

Date of Appointment :

01.04.2011

Din No.:

00008683

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	U27100GJ1976FLC013787	Essar Steel Limited	Director	29-01-07	29-10-03	-	Active	NO
2	U72200MH1992PLC064816	Essar Information Technology Limited	Director	09-12-03	09-12-03	-	Active	NO
3	U31101GJ1995PLC065146	Bhander Power Limited	Director	17-08-04	17-08-04	30-04-09	Active	NO
4	U27100GJ2005FLC046273	Essar Steel (Hazira) Limited	Director	17-06-05	17-06-05	-	Amalgamated	NO
5	U27100GJ2005FLC046274	Essar Steel Chhattisgarh Limited	Director	17-06-05	17-06-05	18-12-08	Active	NO
6	U27100GJ2005PLC046272	Essar Steel Jharkhand Limited	Director	17-06-05	17-06-05	18-12-08	Active	NO
7	U31101DL2005PLC211274	Essar Power (Jharkhand ) Limited	Director	19-10-05	19-10-05	30-04-09	Active	NO
8	U31101DL2005PLC208862	Essar Power (Orissa) Limited	Director	19-08-11	19-10-05	-	Active	NO
9	U13100GJ2006PLC047506	Essar Mineral Resources Limited	Additional director	08-07-10	13-01-06	31-08-10	Active	NO
10	U74210MH2006PLC159709	Jubilee Shipping and Logistics Holdings Limited	Director	14-02-06	14-02-06	29-06-07	Active	NO
11	U27104MH2006PLC162609	Essar Steel Orissa Limited	Director	14-06-06	14-06-06	-	Amalgamated	NO
12	U25199GJ2007PLC050164	Hazira Pipe Mill Limited	Director	06-03-07	06-03-07	18-12-08	Amalgamated	NO
13	U27100GJ2005FLC046055	Essar Steel Karnataka Limited.	Director	02-05-07	02-05-07	17-06-08	Active	NO
14	U74900GJ2007PLC066273	Essar Power Gujarat Limited	Director	11-08-10	18-02-08	-	Active	NO
15	U40100DL2005PLC201961	Essar Power M P Limited	Director	29-09-08	18-02-08	-	Active	NO
16	U70100MH2006FLC159272	Essar SEZ Hazira Limited	Additional director	17-06-08	17-06-08	14-01-09	Active	NO
17	U65923MH2007PLC167381	Essar Capital Limited	Additional director	17-06-08	17-06-08	01-08-09	Active	NO
18	L65990TN2005PLC071791	Essar Securities Limited	Director	14-08-09	31-03-09	-	Active	NO
19	U65993MH2007PLC174810	Ethl Communications Holdings Limited	Additional director	13-04-09	13-04-09	-	Active	NO
20	U74999TN2008PTC067735	Essar Capital Finance Private Limited	Additional director	31-10-09	31-10-09	-	Active	NO
21	U51900MH2006PLC160647	The MobileStore Limited	Director	30-09-10	17-05-10	-	Active	NO
22	L65990MH1984PLC033128	Frontier Leasing And Finance Limited	Additional director	12-08-10	12-08-10	-	Active	NO
23	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	06-08-11	17-08-10	-	Active	NO
24	U74140MH2010PTC207439	Padmarag Project And Corporate Services Private Limited	Director	20-09-10	20-09-10	-	Active	NO
25	U13100WB2010PTC140900	Green Valley Energy Ventures Private Limited	Director	28-12-10	28-12-10	-	Active	NO
26	U11201GJ2002PLC041192	Asia Motorworks Limited	Additional director	28-01-11	28-01-11	04-05-11	Active	NO
27	U25209MH2007PTC168369	Kris Flexipacks Private Limited	Director	23-07-11	01-04-11	-	Active	NO
28	U74999MH2011PLC217380	Essar Services India Limited	Director	12-05-11	12-05-11	-	Active	NO
29	U99999MH1989PLC053280	Essar Projects (India) limited	Director	09-09-11	18-07-11	-	Active	NO
30	L99999TN1984PLC075902	India Securities Limited	Additional director	09-08-11	09-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Umesh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.07.2011

Names of Shareholders	No. of Shares
Shailesh Gulabchand Sheth	2700144
Rajesh Gulabchand Sheth	1349972
Viresh Gulabchand Sheth	1349972
Packaging Destinations Private Limited, Mumbai, India	1599970
Packaging Flexi Business Private Limited, Mumbai, India	699988
Packaging Properties Private Limited, Mumbai, India	699988
Varsha Sheth	799982
Aarti Sheth	399992
Tina V Sheth	399992
Total	10,000,000

As on 23.07.2011

Equity Share Break Up	Percentage
Bodies corporate	30.00
Directors or relatives of Directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of High Quality Packaging Products.

Products :

· Shrink Sleeves

· Garment Poly Bags

· Industrial Poly Bags

· Retail Bags

· Plastic Hangers

· Wooden Hangers

· Metal Hangers

· Laminates

· LD Shrink

· Wrap-around Labels

· Combi Pack

· Shrink Tunnel

· Moulded Products

· Soft and Rigid PP/PVC Boxes

Item Code No. (ITC Code)	3923.29.90
Product Description	Polybags
Item Code No. (ITC Code)	3923.90.90
Product Description	Sleeved Cups
Item Code No. (ITC Code)	3920.10.19
Product Description	PVC Shrink Labels

Exports :

Products :

Packing Products

Countries :

• Europe
• Korea

Terms :

Selling :

L/C / Cash / Credit

Purchasing :

L/C / Cash / Credit

GENERAL INFORMATION

Suppliers :

· Reliance

· IPCL

Customers :

Retailers and End Users

· PEPS

No. of Employees :

500 (Approximately)

Bankers :

• The Saraswat Co-Operative Bank Limited, Mulund Branch, Mulund, Mumbai – 400 080, Maharashtra, India
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
• The Saraswat Co-Operative Bank Limited, SME Vikhroli Branch, Prabhat Bhavan, LBS Marg, Vikhroli West, Mumbai – 400 079, Maharashtra, India
• State Bank of India, Mulund, Mumbai, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 (Rs. in millions)	As on 31.03.2009 (Rs. in millions)
Term Loans from Financial institutions and Banks (Secured by Hypothecation of movables and immovable and also personally guaranteed by directors)	317.916	352.864
Working Capital from Banks (Secured by Hypothecation of movables and immovable and also personally guaranteed by directors)	346.654	345.777
Buyers Credit (Secured by Hypothecation of movables and immovable and also personally guaranteed by directors)	110.441	69.219
Total	775.011	767.860

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
0% Convertible Debentures	50.000	28.400
12% Non Convertible Debentures	0.000	21.600
From Directors and Relatives	30.130	0.625
Total	80.130	50.625

Banking Relations :	--
Auditors :
Name :	K A Gandhi and Associates Chartered Accountant
Address :	14-B, Vaibhav, 1^st Floor, Corner of M G and S L R Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-25675205 / 25686061
Fax No.:	91-22-25686061
PAN No. :	AAJFK1030F
100% Subsidiaries :	Packaging Business Tech FZE Kris Automated Packaging Systems Private Limited
100% Subsidiary of Wholly Owned Subsidiary:	Packaging Warehouse (BD) Private Limited

CAPITAL STRUCTURE

As on 02.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions
5,000,000	Preference Shares	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		452.602	333.173	253.247
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		552.602	433.173	353.247
LOAN FUNDS
1] Secured Loans		775.011	767.860	629.387
2] Unsecured Loans		80.130	50.625	54.355
TOTAL BORROWING		855.141	818.485	683.742
DEFERRED TAX LIABILITIES		17.623	13.417	18.302
TOTAL		1425.366	1265.075	1055.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		670.553	663.526	580.788
Capital work-in-progress		6.435	0.406	20.101
INVESTMENT		69.082	68.581	47.737
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	249.068	209.791	124.387
	Sundry Debtors	536.667	468.900	367.483
	Cash & Bank Balances	14.761	20.653	32.254
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	86.576	74.902	45.736
Total Current Assets		887.072	774.246	569.860
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	179.284	194.085	121.349
	Other Current Liabilities	25.680	40.546	41.722
	Provisions	2.812	7.053	0.124
Total Current Liabilities		207.776	241.684	163.195
Net Current Assets		679.296	532.562	406.665
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1425.366	1265.075	1055.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Turnover / Sales	2043.182	1677.549	1290.544
		Other Income	6.552	1.134	NA
		TOTAL	2049.734	1678.683	NA
Less	EXPENSES
		Material	1458.873	1190.721	NA
		Manufacturing Expenses	64.574	53.026
		Staff Cost	83.295	75.150
		Other Expenses	89.348	67.219
		Selling Expenses	69.869	61.908
		Accretion/ Decretion in stock	(6.066)	(10.202)
		TOTAL	1759.893	1437.822	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		289.841	240.861
Less	FINANCIAL EXPENSES		91.654	105.979	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		198.187	134.882	160.294
Less/ Add	DEPRECIATION/ AMORTISATION		50.990	46.427	36.037
	PROFIT BEFORE TAX		147.197	88.455	124.257
Less	TAX		29.230	18.802	23.588
	PROFIT AFTER TAX BEFORE ADJUSTMENT IN PROVISION OF LAST YEARS		117.967	69.653	100.669
Add / Less	SHORT (EXCESS) PROVISION FOR EARLIER YEARS		(1.462)	0.129	--
	EXCESS DEFERRED TAX CHARGED IN EARLIER YEARS		0.000	(10.402)	--
	PROFIT AFTER TAX AFTER ADJUSTMENT IN PROVISION OF LAST YEARS		119.429	79.926	100.669
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		180.944	101.018	6.200
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.000	0.000	5.000
		Dividend Tax	0.000	0.000	0.851
	BALANCE CARRIED TO THE B/S		300.373	180.944	101.018
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Exports	60.412	57.516	NA
	TOTAL EARNINGS		60.412	57.516	NA
	IMPORTS
		Raw Materials	378.199	129.932	NA
		Capital Goods	14.101	29.941	NA
	TOTAL IMPORTS		392.300	159.873	NA
	Earnings Per Share (Rs.)		11.94	7.99	10.07

Particulars	31.03.2011
Sales Turnover (Approximately)	2300.000

Expected Sales (2011-12) : Rs.2500.000 Millions.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	3.03.2008
PAT / Total Income	(%)	5.83	4.76	NA
Net Profit Margin (PBT/Sales)	(%)	7.20	5.27	9.63
Return on Total Assets (PBT/Total Assets}	(%)	9.45	6.15	10.80
Return on Investment (ROI) (PBT/Networth)		0.27	0.20	0.35
Debt Equity Ratio (Total Liability/Networth)		1.92	2.45	2.40
Current Ratio (Current Asset/Current Liability)		4.27	3.20	3.49

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 capital	31.574	37.186	10.550
Sundry creditors others	147.710	156.899	110.799
Total	179.284	194.085	121.349

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	No
16. Details of sister concerns	----
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
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	------

BUSINESS OVERVIEW:

Despite this year being the year of global recession, which adversely affected the economies across the globe, more particularly during the first half of the financial year 2009-10, the year delivered good results.

During the year, the Company earned total income of Rs. 2052.400 Millions as compared to that of the Rs. 1688.900 Millions for previous year. The Profit after Tax of the Company was Rs. 119.400 millions as compared to that of Rs. 80.000 millions of the previous year. Earning per equity share was increased from Rs. 80.000 million to Rs. 119.400 millions

MAJOR ACTIVITIES:

As a part of continuous technology up gradation process, the Company has gone in for state-of-art HP Indigo digital printing technology. They are confident that with such a versatile printing technology, the Company will remain way ahead of all its competition. The Directors are also pleased to inform that the Company has successfully implemented ERP-integrated Credit Risk Management System. Against the backdrop of clearly laid down credit parameters, policies, guidelines and procedures, this system provides for automatic checks and balances and effective monitoring mechanism for the trade credits given to the market.

INDUSTRY OVERVIEW, BUSINESS PROSPECTS AND OUTLOOK

FY 2009-10 began amidst severe global financial crisis induced global economic recession. The economic environment in India was stressed as GDP growth fell from 9%+ to 5-6%. It was uncertain times. The Government of India responded through an economic stimulus which included cuts in excise duty, customs duty and service tax. Towards the later part of FY 2009-10, the economic stimulus and increased public expenditure, aided by a large domestic market, showed revival signs. Manufacturing and services sectors started bouncing back. The Government forecast for FY 2010-11 GDP growth was increased to 7%. However, amidst this, inflation soared and continues to be the biggest economic concern. In this highly uncertain environment, the company achieved a significantly improved financial performance in 2009-10. While Net Sales increased this year by 22% to Rs. 2052.400 millions, the Profit after tax increased by 48% to Rs 119.400 millions. The basic and diluted earnings per share (EPS) for FY 2009-10 were INR 11.94 as compared to INR 7.99 in the previous year. Amidst the challenges faced in a continuously changing environment, the Company maintained its focus on implementation of strategic initiatives.

The 2nd half of 2009 has clearly demonstrated that the Indian economy has survived the impact of the global financial crisis. Led by strong domestic demand and relatively quick revival in economic activity in the manufacturing and service sectors, the Indian economy grew despite all odds by 6% in 2009. India continues to be among the fast growing economies of the world. The growth for 2010 is projected at 7%.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209MH2007PTC168369
Name of the company	KRIS FLEXIPACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	65, Shanti Industrial Estate, S N Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge) Immovable Properrty
Particular of charge holder	The Saraswat Co-Operative Bank Limited, SME Vikhroli Branch, Prabhat Bhavan, LBS Marg, Vikhroli West, Mumbai – 400 079, Maharashtra, India E-Mail: njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movable Property Supplementary Recording Letter Evidencing Deposit of Title deeds
Date of instrument Creating the charge	25.01.2011
Amount secured by the charge	Rs. 64.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 10.5%p .a or at such rate as maybe determined by the bank from time to time Terms of Repayment: on demand or by 25.01.2011 if the same is not demanded earlier Margin: 20% in bank's favour Extent and Operation of the charge: This is term loan facility with multi line credit facilities with the term loan limits viz Buyer credit, foreign currency loan , letter of credit against machinery: Rs 28.000 million against immovable property: Rs 36.000 million Total term loan facility: Rs 64.000 million
Short particulars of the property charged	Hypothecation of machinery tangible movable property (both present and future) belonging to the borrower and lying and being at borrower place of business at 64-65, Shanti Industrial Estate, S N Road, Mulund West Mumbai 400080 or where ever else the same maybe. Mortgage by deposit of title deed property lying , being and situated at Gala no 65, Shanti Industrial Estate, S NRoad Mulund West, Mumbai , Gala no 261 Shanti Industrial Estate, S N Road, Mulund West Mumbai, land and building constructed on plot no 23/4, Uruvaiyaru Village, Villianur Commune, Pondichery, Unit no 64 in Shanti Industrial Estate, S N Road, Mulund West, Mumbai , land and building constructed on Plot no 43-45 Daman Indutrial estate situated within the village Ringanwada in village Panchayat Jurisdictions of Dabhel Taluka Daman District Daman, Land and building on Plot no 29A, Somnath Indutrial Estate, Dabhel Daman , Gala no 106, Shanti Industrial Estate, S N Road, Mulund West, Mumbai, land and building constructed on plot bearing survey no 185/5(22), 185/6(23), 185/7(24) and 185/8(25) in the village Bhiampure at Daman, land and building constructed there on land Khasara No 572/ 573/ 574/576/581/610 Kitas 7 situated in village Khera Tehsil Nalagarh Solan Himachal Pradesh Unit no 207, second floor ,Shanti Industrial Estate, S N Road, Mulund West, Mumbai ,land and building constructed on plot no 142A/54 in the Noida Export Processing Zone sub registrar Noida registration District Gautam Budha Nagar, land building constructed on plot no 360/3 situated at village Kanchigaon Nani Daman, Plot no 29B Somnath Industrial Estate, Somnath Road, Village Dabhel Daman, Gala no 204, Shanti Industrial Estate, S N Road, Mulund Mumbai, Land and building situated at Door No 22C Ranganathapuram First Street, Tirupur Tamilnadu solely belonging to the company

CONTINGENT LIABILITIES:

Nature of Liability	31.03.2010 (Rs. in millions	31.03.2009 (Rs. in millions)
Central Excise Duty Demand : Matters in Appeal – Duty and Penalties Show Cause Notice – Duty and Penalties	1.404 0.653	1.404 0.274
Income Tax Demand in Appeals	13.558	4.236
Claims Against the company Not acknowledge as debt	4.400	4.400
Unexpired Bank Guarantees	10.500	6.500
Unexpired Letter of credit (including buyers credit)	155.150	157.496
Total	185.665	174.310

TRADE REFERENCES:

• PEPS
• Reliance
• IPCL

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Office Equipment
• Factory Equipment
• Motor Car
• Motor Cycle
• Motor Truck-Eicher
• Vehicles
• Furniture and Fixtures
• Components
• Telephone Instrument
• Electrical Fittings
• Dies and Moulds
• Air Conditioner
• Trade Mark
• Software – ERP

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

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