MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	SPACK LAMINATORS PRIVATE LIMITED
Registered Office :	C 173 Anand Vihar, Delhi 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.02.1991
Com. Reg. No.:	043228
Capital Investment / Paid-up Capital :	Rs.10.230 millions
CIN No.: [Company Identification No.]	U74899DL1991PTC043228
TAN No.: [Tax Deduction & Collection Account No.]	DELS20046F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PE Films, Flexible Laminates, Hydrogenated Oil Films, Edible Oil Films, Milk Films, Mineral Water Films, Lamination Grade Films, Surface Protection Films, Release Films, Explosive Films, Shrink / Stretch Films, Hot Pressure Lamination Films, Co-extruded Films.
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 103184
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 :	C 173 Anand Vihar, Delhi 110092, India
Tel. No.:	91-11-22163311
E-Mail :	RKG@spacklaminators.com
Factory :	60 7 75 Anand Industrial Estate, Mohan Nagar, Ghaziabad 201007, Uttar Pradesh, India
Tel. No.:	91-120-3094110 / 3094199 /
Fax No.:	91-120-2940090

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rajender Gupta
Designation :	Director
Date of Birth/Age :	10.03.1952
Date of Appointment :	25.02.1991
DIN No.:	00310940

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	U74899DL1991PTC043228	Spack Laminators Private Limited	Director	25/02/1991	25/02/1991	-	Active	NO
2	U74950DL2006PTC150511	Shree Maa Roll Wrap Private Limited	Director	14/07/2006	14/07/2006	-	Active	NO

Name :	Mr. Ritesh Bansal
Designation :	Director
Date of Birth/Age :	12.05.1976
Date of Appointment :	02.08.1995
DIN No.:	01112879

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	U74899DL1991PTC043228	Spack Laminators Private Limited	Director	02/08/1995	02/08/1995	-	Active	NO

Name :	Mr. Indra Gupta
Designation :	Director
Date of Birth/Age :	17.04.1953
Date of Appointment :	25.02.1991
DIN No.:	01171547

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	U74899DL1979PTC009953	Indian Wrappers Private Limited	Director	01/04/1989	01/04/1989	-	Active	NO
2	U74899DL1991PTC043228	Spack Laminators Private Limited	Director	25/02/1991	25/02/1991	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
R.K. Gupta	16259
R.K. Gupta (HUF)	1
Indra Gupta	260
S.K. Gupta	10
P.K.Gupta	10
C.S. Gupta	10
N.K. Gupta	10
Dinesh Gupta	10
Ritesh Bansal	26000
Kishan Chand	1000
Jitender Ahuja	500
Ajay Ahuja	500
Padma Rani	150
Lalit Kumar. Gupta	150
Kajal Bajaj	150
S.K. Bajaj	150
Narender	150
Madhu Gupta	100
Usha Gupta	100
Nisha gupta	105
Shiv kr. Aggarwal	100
Sujata Gupta	90
Promila Gupta	10
Siddharatha Gupta	10
Preeti Gupta	10
Mahesh Gupta	10
Jitender kumar	10
Laxmi Gupta	10
Shiv Kumar	10
Vishwa Nath	10
Munish Chand	5
S.K. Gupta	700
Sneh Gupta	10
Hem Chand	250
Sardar Gyan Singh	600
Kamlesh	2500
Sushil Gupta	400
Shalini Gupta	12600
Shalini Bansal	6010
Saroj Gupta	5000
Lal Construction (P) Limited, Delhi, India	5000
Shanti Pesticider India (P) Limited, Delhi, India	2000
Fortune Fertilizer Chemicals (P)	2000
Fairway Securities and Finance Service, Delhi, India	2500
Indo Europion Froric Private Limited	1
Zany Share Trading Private Limited, Mumbai, Maharashtra, India	7000
TOTAL	92471

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		20.00
Directors or relatives of directors		72.00
Other top fifty shareholders		8.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PE Films, Flexible Laminates, Hydrogenated Oil Films, Edible Oil Films, Milk Films, Mineral Water Films, Lamination Grade Films, Surface Protection Films, Release Films, Explosive Films, Shrink / Stretch Films, Hot Pressure Lamination Films, Co-extruded Films.

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Actual Production
Co-extruded Films	M.T.	2934.79

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Andhra Bank, 14, Community Centre, Preet Vihar, New Delhi 110092, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
I) CASH CREDIT FROM ANDHRA BANK, DELHI (Secured by the way of Secured Charge on Land and Buildings including third party and hypothecation of stock and book debts both present and future and also personal guarantee of the directors of the Company and Sh. S.K. Gupta )	40.757	31.457
II) TERM LOAN FROM ANDHRA BANK (I), DELHI (Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta )	0.000	0.536
III) ICICI Bank (Secured by way of hypothecation of Vehicles financed and Personal guarantee of Directors of the Company)	0.000	0.090
IV) HDFC Bank { 4 Accounts } (Secured by way of hypothecation of Vehicles financed and Personal guarantee of Directors of the Company)	2.445	1.984
V)TERM LOAN FROM ANDHRA BANK (II) (Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta )	0.981	2.517
VI) TERM LOAN FROM ANDHARA BANK(III) (Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta )	1.055	2.398
VII) TERM LOAN FROM ANDHRA BANK (IV) (Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta )	1.366	0.928
Total	46.604	39.910
UNSECURED LOAN
From Director	0.127	0.253
From Shareholder	2.949	4.153
Total	3.076	4.406

Banking Relations :	--
Auditors :
Name :	M K Kuchchhal and Company Chartered Accountant
Address :	Room No. 118, M J Shopping Centre, 3 Veer Savarkar Block, Shakarpur, Delhi 110092, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100 each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92471	Equity Shares	Rs. 100 each	Rs.9.247 millions
	Of the above shares, NIL Equity shares were issued for consideration other than cash.
	Share Application Money		Rs. 0.983 millions
	Total		Rs.10.230 millions

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		9.247	9.247	9.247
2] Share Application Money		0.983	0.133	0.133
3] Reserves & Surplus		15.566	10.256	7.376
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.796	19.636	16.756
LOAN FUNDS
1] Secured Loans		46.604	39.910	31.528
2] Unsecured Loans		3.076	4.406	4.594
TOTAL BORROWING		49.680	44.316	36.122
DEFERRED TAX LIABILITIES		0.743	0.945	1.090
TOTAL		76.219	64.897	53.968
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.546	26.646	27.365
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.991	25.268	17.953
	Sundry Debtors	56.843	63.729	36.771
	Cash & Bank Balances	2.480	1.104	1.973
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.732	8.738	7.793
Total Current Assets		118.046	98.839	64.490
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.970	55.820	33.344
	Other Current Liabilities	5.782	3.319	3.166
	Provisions	2.621	1.449	1.377
Total Current Liabilities		67.373	60.588	37.887
Net Current Assets		50.673	38.251	26.603
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		76.219	64.897	53.968

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	386.830	323.820	251.610
		Other Income	0.790	5.944	0.685
		TOTAL (A)	387.620	329.764	252.295
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	369.951	316.862	240.266
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	369.951	316.862	240.266
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.669	12.902	12.029
Less	FINANCIAL EXPENSES (D)		5.456	4.431	4.282
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.213	8.471	7.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.483	4.286	3.970
	PROFIT BEFORE TAX (E-F) (G)		7.730	4.185	3.777
Less	TAX (H)		2.419	1.305	1.148
	PROFIT AFTER TAX (G-H) (I)		5.311	2.880	2.629
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	1.444	0.000
	IMPORTS
		Raw Materials	54.149	35.848	12.857
	Earnings Per Share (Rs.)		57.43	31.14	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.37	0.87	1.04
Net Profit Margin (PBT/Sales)	(%)	1.99	1.29	1.50
Return on Total Assets (PBT/Total Assets}	(%)	5.38	3.33	4.11
Return on Investment (ROI) (PBT/Networth)		0.30	0.21	0.22
Debt Equity Ratio (Total Liability/Networth)		4.56	5.39	4.48
Current Ratio (Current Asset/Current Liability)		1.75	1.63	1.70

LOCAL AGENCY FURTHER INFORMATION

WORKING RESULTS

The Company experienced rapid growth this year as well. Total Sales/revenues grew to Rs. 386.830 millions during the year from Rs. 323.820 millions last year, a growth rate of 19.46%. Operating profit before Interest, depreciation and tax stood at Rs.16.879 millions. Board of directors are pleased to announce that your company earned a net profit of Rs.5.310 millions after taxes, an increase of 84.41% over the preceding financial year and hope to perform much better in the future. However because of financial needs no dividend is recommended by the board of directors.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Electrical Items

· Generator

· Vehicles

· Weighing Machine

· Cellular Phone

· Computer

· Software

· Sound System

· Land Building

FORM 8

Corporate identity number of the company	U74899DL1991PTC043228
Name of the company	SPACK LAMINATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C 173 Anand Vihar, Delhi 110092
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Andhra Bank, 14, Community Centre, Preet Vihar, New Delhi 110092, India Email: guptaashish75@gmail.com
Nature of instrument creating charge	Working Capital for Hypothecation of all kind of stocks and book debts
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs. 40.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BASE RATE + 4.50% i.e. 14.00 p.a. at present at monthly rests Terms of repayment As Per The Agreement Margin As Per The Agreement Extent and operation of the charge 100 %
Short particulars of the property charged (Including location of the property)	Ext. Equitable mortgage of residential property situated at c-173, basement, ground floor, first floor and second floor, at anand vihar, delhi-92 measuring 360 sq yds ( building constructed thereon) Ext. Equitable mortgage of land and building at plot no. 5 7, functional industrial area, patparganj, delhi, measuring 360 sq yds ( building constructed thereon) Ext. Equitable mortgage of land and building at plot no. 63, anand industrial area, mohan nagar, ghaziabad. Ext. Equitable mortgage of land and building at plot no. 62, anand industrial area, mohan nagar, ghaziabad. Ext. Equitable mortgage of land and building at plot no. 60, anand industrial area, mohan nagar, ghaziabad. Ext. Equitable mortgage of land and building at plot no. 75, anand industrial area, mohan nagar, ghaziabad. Ext. Equitable mortgage of land and building at plot no. 80, anand industrial area, mohan nagar, ghaziabad. Ext. Equitable mortgage of land and building at plot no. 116, anand industrial area, mohan nagar, ghaziabad.
Date of instrument modifying the charge	14.11.2009
Particulars of the present modification	Enhancement from Rs. 30.000 millions to Rs. 40.000millions

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.49.78
UK Pound	1	Rs.80.12
Euro	1	Rs.68.82

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.