MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	LUCKY FORMS PRIVATE LIMITED
Registered Office :	Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2004
Com. Reg. No.:	11-68955
Capital Investment / Paid-up Capital :	Rs. 5.500 Millions
CIN No.: [Company Identification No.]	U26991MH2004PTC068955
TAN No.: [Tax Deduction & Collection Account No.]	MUML02388B
PAN No.: [Permanent Account No.]	AAACL2684E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Paper Products.
No. of Employees :	100 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company in the current year i.e. 2010-11. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Ashish
Designation :	HR Department
Contact No.:	91-22-42002000
Date :	10.11.2011

LOCATIONS

Registered Office/ Factory :	Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-25784848 / 25774911 / 25974911 / 25784858/ 42002000
Fax No.:	91-22-25772712/ 42002020
E-Mail :	mhjain@vsnl.net luckyforms@gmail.com info@luckyforms.com rakesh@luckyforms.com omprakash@luckyforms.net
Website :	www.luckyforms.net
Area :	10000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Dilip Mansukhlal Shah
Designation :	Director
Address :	1103, Adinath Building, Sudha Park, Opposite Shanti Park, Garodia Nagar, Mumbai – 400 077, Maharashtra
Date of Birth/Age :	25.03.1963
Date of Appointment :	30.09.2004
DIN No.:	01263227

Other Directorship

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
U30007MH2004PTC146993	Devharsh Infotech Private Limited	Director	16-06-04	16-06-04	-	Active	NO
U26991MH2004PTC068955	Lucky Forms Private Limited	Director	30-09-04	30-09-04	-	Active	NO

Name :	Mr. Rakesh M. Shah
Designation :	Director
Address :	Flat No. 601, 6^th Floor, Parasnath Building, Sidha Park, Garodia Nagar, Ghatkopar, Mumbai – 400 077, Maharashtra
Date of Birth/Age :	08.02.1969
Date of Appointment :	30.09.2004
DIN No.:	01627360

Other Directorship

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
U30007MH2004PTC146993	Devharsh Infotech Private Limited	Director	16-06-04	16-06-04	-	Active	NO
U26991MH2004PTC068955	Lucky Forms Private Limited	Director	30-09-04	30-09-04	-	Active	NO
U91920PN2009NPL133681	Card Manufacturers' Association Of India	Additional director	18-08-11	18-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish
Designation :	HR Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dilip Shah	22950
Rakesh Shah	22970
Bharatiben Shah	1000
Mansukhlal D Shah	3000
Manisha D Shah	2500
Dhruvi Shah	2500
Dilip M Shah and Rakesh Shah	10
Ayushi Shah	10
Dilip M Shah (HUF)	10
Ramesh M Shah (HUF)	10
Devanshu Shah	10
Maitry R shah	10
Hrishi R. Shah	10
Devarsh Infotech (Private) Limited, India	10
Total	55000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.02
Directors or relatives of directors	94.47
Other top fifty shareholders	5.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Paper Products.
Products :	· Paper Products · POS Rolls · Printed Paper Products · Barcode Solutions · RFID Solutions · Card Solutions · Printed Paper with security features · Labeling Solutions · OMR Sheets · Data Printing · Mailing Solutions · Ticketing Solutions · Thermal Solutions · Computer Stationer
Exports :
Products :	Paper Products
Countries :	South Africa
Imports :
Products :	Raw Material
Countries :	· Japan · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity (Annual Capacity – ‘000)
Computer Stationery	196000

GENERAL INFORMATION

Suppliers :

Setiya Paper Mill Private Limited

Customers :

Wholesalers and Retailers

• Godrej

No. of Employees :

100 (Approximately) (In Office + In Factory)

Bankers :

• The Saraswat Co-operative Bank limited, Vikhroli (West) Branch, Station Road, Mumbai – 400 083, Maharashtra, India

Facilities :

Cash Credit Facility : Rs.2.500 Millions (The Saraswat Co-operative Bank limited)

Secured loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Terms Loan from bank (Secured by hypothecation of plant and machinery and further guaranteed by Directors	2.854	5.288
Cash Credit from Banks (Secured by hypothecation of Stocks in trade and Debtors, plant and Machinery and further guaranteed by Directors)	21.718	33.327
Total	24.572	38.615

Unsecured loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Short Term Loans
From Director	34.880	25.109
From Shareholders	1.221	1.851
Total	36.101	26.960

Banking Relations :	--
Auditors :
Name :	M.H. Jain and Company Chartered Accountants
Address :	103, Kothari Niwas, Sanetorium Lane, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-25125416/ 23449097
PAN No.:	AACCC0642D
Associates/Subsidiaries :	Devarsh Infotech Private Limited Address : Gala No. 16, Mumbai, Maharashtra, India Activity : Manufacturer and Exporter of all types of Paper Products and Continuous Products Accurate Graphics Private Limited Address : Gala No. 15, Mumbai, Maharashtra, India Activity : Manufacturer and Exporter of all types of Paper Products and Continuous Products

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55000	Equity Shares	Rs.100/- each	Rs.5.500 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		5.500	5.500	5.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	7.082	5.723
4] (Accumulated Losses)		(1.408)	0.000	0.000
NETWORTH		4.092	12.582	11.223
LOAN FUNDS
1] Secured Loans		24.572	38.615	25.186
2] Unsecured Loans		36.101	26.960	16.399
TOTAL BORROWING		60.673	65.575	41.585
DEFERRED TAX LIABILITIES		0.212	0.471	0.304
TOTAL		64.977	78.628	53.112
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.345	7.813	7.061
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.056	0.056	0.056
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.894	38.126	29.570
	Sundry Debtors	25.541	23.365	27.889
	Cash & Bank Balances	2.571	1.718	2.356
	Other Current Assets	1.273	1.391	5.394
	Loans & Advances	17.913	31.567	16.133
Total Current Assets		79.192	96.167	81.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.570	15.530	20.728
	Other Current Liabilities	9.046	5.198	10.361
	Provisions	0.000	4.680	4.258
Total Current Liabilities		21.616	25.408	35.347
Net Current Assets		57.576	70.759	45.995
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		64.977	78.628	53.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	208.065	151.229	162.411
		Other Income	4.052	0.645	1.077
		TOTAL	212.117	151.874	163.488
Less	EXPENSES
		Consumption of Raw Materials	215.058	144.726	118.213
		Manufacturing Overdrafts			21.647
		Employees Remuneration			2.963
		Administrative and Selling Expenses			13.130
		Direct Expenses			0.000
		Indirect Expenses			0.000
		TOTAL	215.058	144.726	155.953
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(2.941)	7.148	7.535
Less	FINANCIAL EXPENSES		3.773	3.274	3.501
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(6.714)	3.874	4.034
Less/ Add	DEPRECIATION/ AMORTISATION		1.755	1.399	1.592
Add	PROFIT / (LOSS) ON SALE OF ASSETS		0.000	0.000	0.001
Less	LOSS ON SALE OF ASSETS		0.036	0.506	0.000
	PROFIT / (LOSS) BEFORE TAX		(8.505)	1.969	2.443
Less	TAX		(0.259)	0.610	1.218
	PROFIT / (LOSS) AFTER TAX		(8.246)	1.359	1.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.082	5.723	4.669
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Proposed Dividend	0.000	0.000	0.000
		Fringe Benefit Tax	0.000	0.000	0.171
		Income Tax	0.245	0.000	0.000
	BALANCE CARRIED TO THE B/S		(1.409)	7.082	5.723
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	33.156	43.105
	TOTAL EARNINGS		NA	33.156	43.105
	IMPORTS
		Import Value	NA	21.352	19.023
	TOTAL IMPORTS		NA	21.352	19.023
	Earnings / (Loss) Per Share (Rs.)		(149.93)	24.71	22.27

Expected Sales (2011-2012) : Rs.250.000 Millions

The above information has been parted by Mr. Ashish.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.89)	0.89	0.75
Net Profit Margin (PBT/Sales)	(%)	(4.09)	1.30	1.50
Return on Total Assets (PBT/Total Assets}	(%)	(9.83)	1.89	2.76
Return on Investment (ROI) (PBT/Networth)		(2.08)	0.16	0.22
Debt Equity Ratio (Total Liability/Networth)		20.11	7.23	6.85
Current Ratio (Current Asset/Current Liability)		3.66	3.78	2.30

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	NO
13) Reasons for variation <> 20%	NO
14) Estimation for coming financial year	YES
15) Capital in the business	YES
16) Details of sister concerns	YES
17) Major suppliers	YES
18) Major customers	YES
19) Payments terms	YES
20) Export / Import details (if applicable)	YES
21) Market information	--
22) Litigations that the firm / promoter	--
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	--

FORM 8:

Corporate identity number of the company	U26991MH2004PTC068955
Name of the company	LUCKY FORMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala No.16, Samrat Silk Mills Compound, L.B.S. Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra, India E-Mail: mhjain@vsnl.net
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others (Machinery)
Particular of charge holder	The Saraswat Co-operative Bank limited, SME Branch, Prabhat Bhavan, 1^st Floor, Opposite CILPA, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Tangible Movable Property.
Date of instrument Creating the charge	06.10.2009
Amount secured by the charge	Rs.3.580 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.50% p.a. Terms of Repayment: Term loan of Rs.3.580 millions will be payable in 60 monthly installments as follows. 59 monthly installments of Rs.0.060 million each and last installment of Rs.0.040 million. Margin: Imported Machinery 25% Indigenous Machinery 30% Extent and Operation of the charge: As per the sanction terms.
Short particulars of the property charged	Hypothecation of Imported and Indigenous Machinery.

trade references:

· Godrej

· Setiya Paper Mill Private Limited

Fixed Assets:

· Buildings

· Computer

· Plant and Machinery

· Office Equipments

· Motor Vehicles

· Furniture and Fixtures

· Laboratory Equipments

· Software and Technology

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.50.56
UK Pound	1	Rs.80.30
Euro	1	Rs.68.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		27

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.