MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	ECO-PACK PRIVATE LIMITED
Registered Office :	New No. 72, Old No.203, Arcot Road, Porur, Chennai – 600116, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.1981
Com. Reg. No.:	18-008849
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U25209TN1981PTC008849
TAN No.: [Tax Deduction & Collection Account No.]	CHEE00187F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers of Polythene Bags and Tubes Bag - Plastic and Paper.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 33000
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

LOCATIONS

Registered Office/ Factory:	New No. 72, Old No.203, Arcot Road, Porur, Chennai – 600116, Tamilnadu, India
Tel. No.:	91-44-24767013/ 24767338
Fax No.:	Not Available
E-Mail :	ecopackchennai@yahoo.co.in kumarappan89@yahoo.co.in

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Meiyappan Lakshmanan

Designation :

Director

Address :

Old No.12, New No.25, III Street, Royapettah High Road, Mylapore, Chennai - 600 004, Tamilnadu, India

Date of Birth/Age :

08.09.1954

Date of Appointment :

01.10.1989

DIN No.:

01918685

Name :

Mrs. Shanta Meiyappan

Designation :

Director

Address :

Old No.12, New No.25, III Street, Royapettah High Road, Mylapore, Chennai - 600 004, Tamilnadu, India

Date of Birth/Age :

06.12.1954

Date of Appointment :

03.04.2011

DIN No.:

03495450

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	U25209TN1981PTC008849	ECO-PACK PRIVATE LIMITED	Whole-time director	30-09-11	03-04-11	Active	NO

Name :

Mr. Kumarappan Meiyappan

Designation :

Director

Address :

Old No.12, New No.25, III Street, Royapettah High Road, Mylapore, Chennai - 600 004, Tamilnadu, India

Date of Birth/Age :

06.09.1989

Date of Appointment :

03.04.2011

DIN No.:

03495448

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	U25209TN1981PTC008849	ECO-PACK PRIVATE LIMITED	Whole-time director	30-09-11	03-04-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Meiyappan Lakshmanan	250
Shanta Meiyappan	1100
L Kumarappan	50
Kumarappan Meiyappan	600
Total	2000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Polythene Bags and Tubes Bag - Plastic and Paper.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Polythe Bags	KGS.	--	--	537669

GENERAL INFORMATION

Suppliers :

· Amess Controls Private Limited

· Vorouge Private Limited

· Jumbo Bag Limited

· Plasto Polychem Industries

· Sai Packaging Industries

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

Kodambakkam Branch, Arcot Road, Chennai - 600024, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Indian Overseas Bank OD A/c	10.603	9.683
Term Loan	0.144	0.477
Rupee Loan from Others	0.000	0.055
Total	10.747	10.215

Banking Relations :	--
Auditors :
Name :	Suresh Kumar and Company Chartered Accountants
Address :	34 Strotten Muthiah Mudali Street, II Floor, Chennai – 600079, Tamilnadu, India
Tel No.:	91-44-25365897
Mobile No.:	91-9840180841
Email :	sureshfca@hotmail.com
PAN No.:	AAEPM0295M

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Share	Rs.100/- each	Rs.0.200 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		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.959	6.393	4.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.159	6.593	5.136
LOAN FUNDS
1] Secured Loans		10.747	10.215	6.032
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10.747	10.215	6.032
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.906	16.808	11.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.148	4.692	4.430
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.007	0.007	0.007
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.050	1.857	1.377
	Sundry Debtors	11.772	11.826	8.398
	Cash & Bank Balances	0.024	0.078	0.019
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.822	0.853	0.722
Total Current Assets		17.668	14.614	10.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.321	1.771	3.588
	Other Current Liabilities and Provisions	0.601	0.739	0.202
Total Current Liabilities		2.922	2.510	3.790
Net Current Assets		14.746	12.104	6.726
MISCELLANEOUS EXPENSES		0.005	0.005	0.005
TOTAL		18.906	16.808	11.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	87.613	70.420	55.029
		TOTAL	87.613	70.420	55.029
Less	EXPENSES
		Office Expenses
		Administrative Expenses	84.455	67.191	52.561
		Advertising Expenses
		TOTAL	84.455	67.191	52.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.158	3.229	2.468
Less/ Add	DEPRECIATION/ AMORTISATION		0.942	1.000	0.814
	PROFIT BEFORE TAX		2.216	2.229	1.654
Less	TAX		0.650	0.774	0.603
	PROFIT AFTER TAX		1.566	1.455	1.051
	Earnings Per Share (Rs.)		783.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.79	2.07	1.91
Return on Total Assets (PBT/Total Assets}	(%)	10.16	11.55	11.07
Return on Investment (ROI) (PBT/Networth)		0.27	0.34	0.32
Debt Equity Ratio (Total Liability/Networth)		0.96	1.93	1.91
Current Ratio (Current Asset/Current Liability)		6.05	5.82	2.77

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from, No 2, Nair Road, T Nagar, Madras-17, Tamilnadu, India, to the present address w.e.f 04.06.2011.

OPERATION

The company has produced 933 mt against 793mt produced last year. The company had to discontinue supplies to two major customers -Shasun Pharmaceuticals and Orchid pharmaceuticals, both medical companies in view of quality issues. They have given a list of improvements to be carried out in the company's facility and only subject to audit the supplies would be renewed. As a result of this development the profitability of the company has declined. The rectifications suggested by the vendors are being carried out in a phased manner without affecting the production in a major way.

FORM 8:

Corporate identity number of the company

U25209TN1981PTC008849

Name of the company

ECO-Pack Private Limited

Address of the registered office or of the principal place of business in India of the company

No.2, Nair Road, T Nagar, Madras- 600017, Tamilnadu, India

ecopackchennai@yahoo.co.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90287593

Type of charge

Book Debts

Other: Hypothecation of stock, Machinery

Particular of charge holder

Indian Bank of India

Kodambakkam Branch, Arcot Road, Chennai - 600024, Tamilnadu, India

kdbkmbr@chemsco.iob.co.in

Nature of instrument creating charge

F-110E - Letter of Hypothecation Dt.07.07.10 for Modification of Limit from Rs.8.650 Millions to Rs.10.400 Millions.

Date of instrument Creating the charge

07.07.2010

Amount secured by the charge

Rs.10.400 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interests:

11.00%

Terms of Repayment:

Existing Term Loan - Repayment schedule fixed to be continued

Cash Credit - interest to be serviced then and there

Margin:

25%

Extent and Operation of the charges:

Cash Credit Limit has been increased from Rs.8.000 Millions to Rs.10.000 Millions.

Term Loan (Old) Limit Rs.0.250 Million stands closed

Term Loan (Old) Limit Rs.0.400 Million to be continued as per original terms and conditions.

Particulars of the property charged

The Total Limit of Rs.10.400 Millions to be secured by equitable mortgage of property situated at Old No.203/ New No.72, Arcot Road, Porur, Chennai-116 owned by K. M. Lakshmanan

Particulars of the present modification

The Existing Total Limit of Rs.8.650 Millions has been increased to Rs.10.400 Millions.

(Rs. Ind Millions)

	Existing Limit	Revised Limit
Cash Credit	8.000	10.000
Term Loan (1)	0.250	Nil
Term Loan (2)	0.400	0.400

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Weighting Machine

· Electricals Fittings

· Motor Cycles

· Furniture and Fixtures

· Computers

· Air Conditioner

· Resorts

· Mahindra Van

· Hyundai Car

· Honda Moter Cycle

· Ford Fiesta

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.