MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	AKASH PLASTOPACK PRIVATE LIMITED
Registered Office :	Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.07.1996
Com. Reg. No.:	04-030165
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U25206GJ1996PTC030165
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01346C
PAN No.: [Permanent Account No.]	AABCA9803D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Twistwrap Films, PVC Heat Sealable Films, etc.
No. of Employees :	100 [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 160000
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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mrs. Jyoti
Designation :	Marketing Manager
Contact No.:	91-9374553044
Date :	24.11.2011

LOCATIONS

Registered Office / Factory:	Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, Gujarat, India
Tel. No.:	91-261-2375742/2375741
Mobile No.:	91-9374553044 [Mrs. Jyoti]
Fax No.:	91-261-2374757
E-Mail :	sales@aakashwrap.com info@aakashwrap.com aakash@worldgatein.com bharattulsiani@yahoo.com fibrewaljyoti@yahoo.com akashplastopack@drdcs.net
Website :	http://ww.aakashwrap.com
Area :	1040 sq. ft.
Location :	Owned
Corporate Office :	402, Meridian Tower, Beside Rajkumar Cinema, Udhna Gate, Surat-395002, Gujarat, India
Tel. No.:	91-261-2345711/2339751/2351373
Fax No.:	91-261-2346493

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Kishanchand Giyanchand Tulsiani

Designation :

Director

Address :

7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, Surat, Gujarat, India

Date of Appointment :

09.07.1996

Din No.:

01970530

Name :

Mr. Bharat Kishanchand Tulsiani

Designation :

Director

Address :

7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, Surat, Gujarat, India

Date of Appointment :

09.07.1996

Din No.:

00949243

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	U25209GJ1996PTC030165	AKASH PLASTOPACK PRIVATE LIMITED	Director	09-07-96	09-07-96	Active	NO
2	U17119GJ1994PLC022937	AAKASH POLYFILMS LIMITED	Director	14-04-00	14-04-00	Active	NO

Name :

Mrs. Bharti Bharat Tulsiani

Designation :

Director

Address :

7 B, Jaihind Sindhi Society, Near Ambika Nikaten, Athwalines, Surat, Gujarat, India

Date of Appointment :

01.05.1997

Din No.:

02118390

KEY EXECUTIVES

Name :	Mrs. Jyoti
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Kishanchand Giyanchand Tulsiani	4500
Rajniben Kishanchand Tulsiani	32000
Bharat Kishanchand Tulsiani	4500
Bharti Bharat Tulsiani	4500
Pavan Kishanchand Tulsiani	4500
Total	50000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC Twistwrap Films, PVC Heat Sealable Films, etc.

Products :

Product Description	Item Code
PVC and Metalized Films	3820

Exports :

Products :

PVC all Products

Countries :

· Srilanka

· Kenya

Imports :

Products :

Raw Material

Countries :

· Japan

· Thailand

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	In Kgs.
Production On:
- Own Account	159606
- Jobwork	150780

GENERAL INFORMATION

Suppliers :

· Reliance Industries Limited

Customers :

Wholesalers and Retailers

· Ravalgaon Sugar Farm Limited

No. of Employees :

100 [Approximately]

Bankers :

· IDBI Bank Limited, Surat Branch, Balkrishna Shopping Center, Chauta Pool, Surat-395001, Gujarat, India

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan From:
The IDBI Bank Limited	1.116	3.206
Working Capital Facilities From:
The IDBI Bank Limited (EPC)	5.500	5.500
The IDBI Bank Limited (Cash Credit)	3.718	4.500
The IDBI Bank Limited (B.D. Account)	2.722	7.640
Hire Purchase Loan From:
ICICI Bank (Santro)	0.000	0.019
ICICI Bank (Skoda)	0.203	0.405
Reliance Capital (Honda CRV)	0.510	0.971
Total	13.769	22.241
Unsecured Loan
From Directors and Shareholders	5.225	2.586
Total	5.225	2.586

Banking Relations :	--
Auditors :
Name :	DSI and Company Chartered Accountants
Address :	17-26, Nariman Point, Shoping Centre, City Light Road, Surat-395007, Gujarat, India
Tel. No.:	91-261-3992929/3994747
Fax No.:	91-261-3053838
E-Mail :	dsi@dsica.com
Pan No.:	AAFFD4002N
Subsidiaries :	Aakash Polyfilms Limited [U17119GJ1994PLC022937]

CAPITAL STRUCTURE

AS ON 31.03.2010

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
50000	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.331	34.364	33.172
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		41.331	39.364	38.172
LOAN FUNDS
1] Secured Loans		13.769	22.241	15.906
2] Unsecured Loans		5.225	2.586	2.373
TOTAL BORROWING		18.994	24.827	18.279
DEFERRED TAX LIABILITIES		0.000	0.000	0.034
TOTAL		60.325	64.191	56.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.937	24.052	23.355
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.058	8.058	8.058
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.160	18.978	17.355
	Sundry Debtors	5.756	9.852	12.517
	Cash & Bank Balances	2.444	1.909	4.890
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.704	11.742	9.276
Total Current Assets		41.064	42.481	44.038
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.472	5.937	14.292
	Other Current Liabilities	0.047	0.128	0.000
	Provisions	5.215	4.335	4.674
Total Current Liabilities		12.734	10.400	18.966
Net Current Assets		28.330	32.081	25.072
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		60.325	64.191	56.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	140.745	140.204	1205.566
		Other Income	0.124	0.486	1.325
		TOTAL	140.869	140.690	1206.891
Less	EXPENSES
		Office Expenses
		Administrative Expenses	134.678	135.138	1201.576
		Advertising Expenses
		TOTAL	134.678	135.138	1201.576
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.191	5.552	5.315
Less/ Add	DEPRECIATION/ AMORTISATION		3.240	3.498	3.017
	PROFIT BEFORE TAX		2.951	2.054	2.298
Less	TAX		0.983	0.863	0.848
	PROFIT AFTER TAX		1.968	1.191	1.450
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.364	33.172	31.722
	BALANCE CARRIED TO THE B/S		36.332	34.363	33.172
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	80.378	84.685	58.338
	TOTAL EARNINGS		80.378	84.685	58.338
	IMPORTS
		Raw Materials	71.247	61.725	49.565
	TOTAL IMPORTS		71.247	61.725	49.565
	Earnings Per Share (Rs.)		59.04	23.82	29.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.40	0.85	0.12
Net Profit Margin (PBT/Sales)	(%)	2.10	1.47	0.19
Return on Total Assets (PBT/Total Assets}	(%)	4.54	3.09	3.41
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.06
Debt Equity Ratio (Total Liability/Networth)		0.77	0.89	0.97
Current Ratio (Current Asset/Current Liability)		3.22	4.08	2.32

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
For Goods	5.466	4.927	14.245
For Expenses	2.006	1.010	0.047
Total	7.472	5.937	14.292

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	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	No
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 involved in	--
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	--

OPERATIONS:

During the year, the company continued trading and manufacturing activities. The turnover of the company for the year was Rs.140.745 millions. The company has earned profit before depreciation and taxation of Rs.6.191 millions for the year. The company earned net profit of Rs.1.968 millions after providing for depreciation and taxation.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U25209GJ1996PTC030165
Name of the company	AKASH PLASTOPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 1, 141/142, Road No. ID-1, GIDC, Sachin, Surat-394230, Gujarat, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
Email	dharmesh.rathod@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of consolidation of loan-cum-hypothecation and deed of consolidation of equitable mortgage.
Date of instrument Creating the charge	20.12.2010
Amount secured by the charge	Rs.67.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. On cash Credit- BBR plus 525 bps 2. On Term, Loan- BBR plus 525 bps 3. On Export Packing Credit- BBR plus 200 bps (Upto 270 days), BBR plus 850 bps (above 270 days) Terms of Repayment On demand for CC and monthly installment for term loan. Margin 1. Cash Credit- 25% on paid stocks and 40% on Book Debts (upto 90 days) 2. Term Loan-25% 3. Export Packing Credit- 10% on stock 4.Letter of Credit-10% Extent and Operation of the charge This charge is the consolidation of all the previous charges lying with the bank. The limit has increased from Rs. 45.500 millions to Rs. 67.000 millions through Hypothecation of the assets and Equitable Mortgage Deed. The details of all the consolidated charges.
Short particulars of the property charged	All those tangible movable properties both present and future including stocks, plant and machineries, vehicles, book debts, outstanding, etc. Land bearing plot no. I-141 admeasuring 1293.75 sq. mtrs with construction in block No. 630/P and 649/P Land Bearing plot no. I142 admeasuring 1311.96 sq. mtrs with construction in block no. 630/P and 649/P Immovable property bearing office no. 402 admeasuring 1422 sq. ft at Meridian Tower

TRADE REFERENCES:

· Ravalgaon Sugar Farm Limited

· Reliance Industries Limited

FIXED ASSETS:

· Land

· Factory Building

· Office

· Plant and Machinery

· Electric Installation

· Gas Connections

· Furniture

· Computer

· Vehicles

· A.C. Machines

· Weighing Machine

· Attendance Machine

· Strapling Machine

· Fax

· Camera

· Mobile Phone

· Cooler

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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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	NO
--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.