MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	SAIKRIPA INSULATIONS PRIVATE LIMITED
Registered Office :	A – 36, Peenya Industrial Estate, 2nd Stage, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.05.1979
Com. Reg. No.:	08-3524
Paid up Capital :	Rs.3.405 millions
CIN No.: [Company Identification No.]	U31300KA1979PTC003524
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02361C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Importer of Corrugated Boxes and Printed Cartons
No. of Employees :	34 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 34488
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

INFORMATION PARTED BY

Name :	Mr. Manohar Shetty
Designation :	Director
Contact No.:	91-9845026376
Date :	05.10.2011

LOCATIONS

Registered Office :	A – 36, Peenya Industrial Estate, 2nd Stage, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41171281
Mobil No.:	91-9845026376 (Mr. Manohar Shetty)
Fax No.:	91-80-41171282
E-Mail :	skipl@airtelbroadband.in
Website:	http://skipl.tradeindia.com
Area:	10000sq.fts
Location:	Owned
Factory :	A – 105, Peenya Industrial Estate, Peenya 2nd Stage, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41171281/ 41171283/ 41171282
Fax No.:	91-80-41171282
Area:	10000sq.fts
Location:	Owned
Factory :	A-151 and 152, 3^rd Cross, 1^st Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41171281/41171283/41171282
Fax No.:	91-80-41171282
Area:	Owned
Location:	10000 Sq. ft.

DIRECTORS

(AS ON 25.09.2010)

Name :	Mrs. Pramila M Shetty
Designation :	Director
Address :	#190, Flat No. G-1, H. D. Hukar, Chamber, 1^st Map, Mahalaxmi Layout, Bangalore – 560 010, Karnataka, India
Date of Birth/Age :	16.04.1967
Date of Appointment :	25.03.2002

Name :	Mr. Manohar Shetty
Designation :	Managing Director
Address :	#190, Flat No. G-1, H. D. Hukar, Chamber, 1^st Map, Mahalaxmi Layout, Bangalore – 560010, Karnataka, India
Date of Birth/Age :	16.08.1958
Date of Appointment :	25.03.2002

Other Directorship

Name:

MANOHAR SHETTY

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	U31300KA1979PTC003524	Saikripa Insulations Private Limited	Managing director	25/03/2002	25/03/2002	-	Active	NO
2	U26103KA2004PTC034843	Sms Packaging Private Limited	Managing director	11/10/2004	11/10/2004	21/12/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.09.2010)

Names of Shareholders	No. of Shares
Manohar Shetty	27000
Pramila M Shetty	7050
Total	34050

(AS ON 25.09.2010)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Corrugated Boxes and Printed Cartons
Products :	· Heavy Duty Corrugated Boxes · E Flute and Flute Printed Cartons · Glued Cartons · Corrugated Fitment Boxes · Water Proof Boxes · Printed Carton
Imports :
Products :	Craft Paper
Countries :	Sweden
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· Sri Bhaskar Trading

· Indoz Polymers and Products

· Bangalore Trading Company

· Reliance Forwarders

· Zenith Die Makers Private Limited

· Bazargaon Paper and Pulp Mills Private Limited

· ANS Paper Mills Private Limited

· Indo Bio Chemicals and Company

· Luxmi Paper Mart

· Chitra Enterprises

· Vishwa Kutimb

· Sri Rangnatha Industries

· Box Printers Advances

Customers :

· Walmart

· Hewlett Packard India Sales Private Limited.

· Motorola India Private Limited

· SDKF India Limited.

· Karbnataa Antibiotics and Pharmaceuticals Limited.

· TATA BP Solar India Limited.

· Web Peripherals Limited.

· Woodstock Electronics (Philips)

· Medrich Steilab Limited

· HP India Limited

· Balaji Packaging Industries

· Select Technologies Limited

· Tata BP Solar India Limited

· Sanyo BPL Private Limited

· Ficus Pax Private Limited

· Motherson Sumi Systems Limited

No. of Employees :

34 (in office + in factory)

Bankers :

· Indian Bank

SSI Branch, No. 130, Ramiah Complex, 100FT Road, Peenya Industrial Estate, Bangalore – 560057, Karnataka, India

· Standard Chartered Bank

· ICICI Bank

· Ing Vysya Bank, 25 & 26,3rd Main Road, Margosa Road, 10th Cross, Malleswaram, Bangalore - 560003, Karnataka, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
India Bank	1.691	--
India Bank T. L A/C No.702715387	0.000	0.162
India Bank T. L A/C No.702720023	0.166	0.416
India Bank T. L A/C No.702508107	0.000	0.387
Indian Bank OCC a/c	12.861	16.970
Total	14.718	17.935
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
ABN Amro Bank Loan	0.642	1.171
Indiabulls Loan	1.102	2.106
Reliance Capital Limited	1.150	1.601
KMBL Loan a/c	0.094	0.684
Loan from others	3.600	2.300
SCB – SME Loan	0.000	0.356
SCB – loan	0.127	0.726
Manohar S Shetty	3.700	0.000
Total	10.415	8.944

Banking Relations :	--
Auditors :
Name :	Sogasani and Company Chartered Accountants
Address :	No.40/1, 5^th Cross, 3^rd Main, Wilson Garden, Bangalore – 560027, Karnataka, India
Name :	Venkat S. Reddy Chartered Accountant
Address :	No. 40/1, 5^th Cross, 3^rd Main, Wilson Garden, Bangalore – 560027, Karnataka, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34,050	Equity Shares	Rs.100/-each	Rs.3.405 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	85.000

The above information has been parted by (Mr. Manohar Shetty - Director)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.405	3.405	3.405
2] Share Application Money		0.300	0.300	0.000
3] Reserves & Surplus		4.917	4.133	5.646
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.622	7.838	9.051
LOAN FUNDS
1] Secured Loans		14.718	17.935	16.788
2] Unsecured Loans		10.415	8.944	9.933
TOTAL BORROWING		25.133	26.879	26.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.755	34.717	35.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.530	6.339	7.137
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	16.608	14.188	13.649
	Sundry Debtors	10.480	10.679	13.810
	Cash & Bank Balances	0.285	0.035	0.047
	Other Current Assets	0.240	5.603	4.672
	Loans & Advances	8.048	3.587	3.479
Total Current Assets		35.661	34.092	35.657
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.956	5.501	6.663
	Other Current Liabilities	0.271	0.081	0.096
	Provisions	0.209	0.132	0.263
Total Current Liabilities		7.436	5.714	7.022
Net Current Assets		28.225	28.378	28.635
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.755	34.717	35.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	53.825	39.967	52.458
		Other Income	1.962	0.896	0.804
		TOTAL (A)	55.787	40.863	53.262
Less	EXPENSES
		Consumption of Material	35.247	23.488	31.214
		Direct Expenses	8.574	7.969	10.717
		Administrative Expenses	6.600	5.740	7.282
		Excess of Closing Stock	0.000	1.143	(0.040)
		TOTAL (B)	50.421	38.340	49.173
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.366	2.523	4.089
Less	FINANCIAL EXPENSES (D)		3.584	2.930	2.539
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.782	(0.407)	1.550
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.929	1.105	1.289
	PROFIT BEFORE TAX (E-F) (G)		0.853	(1.512)	0.261
Less	TAX (H)		0.069	0.000	0.130
	PROFIT AFTER TAX (G-H) (I)		0.784	(1.512)	0.131

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.40	(3.70)	0.24
Net Profit Margin (PBT/Sales)	(%)	1.58	(3.78)	0.49
Return on Total Assets (PBT/Total Assets}	(%)	2.07	(3.74)	0.60
Return on Investment (ROI) (PBT/Networth)		0.09	(0.19)	0.02
Debt Equity Ratio (Total Liability/Networth)		3.77	4.16	3.72
Current Ratio (Current Asset/Current Liability)		4.79	5.97	5.07

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE:

· Ruby Mecons Limited

· TIC Bhadra

FORM 8:

Corporate identity number of the company

U31300KA1979PTC003524

Name of the company

SAI KRIPA INSULATIONS PRIVATE LIMITED

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

A- 36, Peenya Industrial Estate, 2^nd Stage, Bangalore – 40, Karnataka, India

skipl@airtelbroadband.in

This form is for

Creation of charge

Type of charge

Book debts

Floating Charge

Particular of charge holder

Name :	Ing Vysya Bank,
Address :	25 & 26,3rd Main Road, Margosa Road, 10th Cross, Malleswaram, Bangalore - 560003, Karnataka, India
Email :	cms@companiesinn.com

Nature of instrument creating charge

General Hypothecation Agreement

Date of instrument Creating the charge

27.12.2010

Amount secured by the charge

Rs. 19.000 Millions

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

Rate of Interest

OD-SIT/BD : IVBR+3.75%

ILC/FLC : Commission-As per norms

Terms of Repayment

OD-SIT/BD : On Demand

ILC/FLC : Max period 90 days for ILCs & 120 days for FLCs

Margin

OD-SIT/BD : 25% on stocks and book debts.

ILC/FLC : Cash margin - 10%

Extent and Operation of the charge

First charge on the stocks of the company both present and future.

First charge on goods purchased out of LC from time to time.

First charge on the book debts of the company from time to time.

First charge on Accepted bills of exchange till retirement of the Bill and Documents of title to goods purchased/purchased under LC till acceptance of Bill.

Others

NIL

Particulars of the property charged

All the stocks of the company both present and future.

All the goods purchased out of LC stored/ to be stored at A-36, Peenya Industrial Estate, II Main, Peenya 2nd Stage, Bangalore-560058.

All the book debts of the company from time to time.

Accepted bills of exchange till retirement of the Bill and Documents of title to goods purchased/purchased under LC till acceptance of Bill.

Corporation identity number or foreign company registrations number of the company	U31300KA1979PTC003524
Name of the company	Sai Kripa Insulations Private Limited
Address	A- 36, Peenya Industrial Estate, 2^ndStage, Bangalore – 40, Karnataka, India skipl@airtelbroadband.in
This Form is for	Modification of charge
Type of Charges	Book debts Movable property Floating Charge
Particular of the charge holder	Indian Bank No. 130, Ramaiah Complex, 100 Feet Road, Peenya, Industrial Estate, Bangalore – 560057, Karnataka, India E-Mai ID : ssipeenya@indian.co.in
Nature or description of the instrument creating charge	Agreement for hypothecation of goods received under advance payment guarantees/ LC s
Date of the instrument creating charge	17.03.2010
Amount Secure by the charge	Rs.20.520 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest: Import LC-16% p.a. Sec OD and WCTL - 12% p.a. MTL - 12.50% p.a (BPLR + TP), All the above said interest rate is subject to revision from time to time. Term of repayment: OD - Running account repayable on demand TL - As per existing/sanction terms Other limits as per sanction terms Margin: Import LC-10% Cash Margin Sec OD - 20% on Stocks and Book Debts upto 120 days. Sub limit of Import / Inland LC - 10% WCTL- Nil. MTL-25% Extent and operation of the charge: The charge shall operate to the extent of entire loan amount plus interest, commission, costs, expenses and other charges if any thereon. Other: The said amount of Rs.20.520 Millions comprises of Secured OD Rs.14.000 Millions (with a sublimit of Rs.3.000 Millions), WCTL Rs.2.000 Millions, MTL I Rs.0.700 Million, MTL II Rs.1.070 Millions, MTL III Rs.1.250 Millions (all continued at the existing level), Import LC Rs.1.500 newly sanctioned.
Short Particulars of the property charged (including location of the property)	First charge by way of (a) hypothecation all goods, produce, merchandise, stocks, plant and machinery, book debts and other movables present and future and all fixed assets of the company stored/installed at company premises at A 36, Peenya Industrial Estate II Stage, Bangalore 560058 or at any other place
Particulars of the present modification	By the amount stands enhanced from Rs.19.020 Millions to Rs.20.520 Millions. (All other terms and conditions remains unchanged)

Name of the company	Sai Kripa Insulations Private Limited
Presented By	Sai Kripa Insulations Private Limited and Indian Bank, Peenya Branch, Bangalore
1) Date and description of instrument creating the change	15.02.2006 Agreement of hypothecation of Movables Agreement for hypothecation of Goods Received Received Under Advance payment Guarantee, etc.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.16.770 millions (SOD Rs.15.000 millions (with a sub limit of Rs.3.000 millions for OD) MTL Rs.0.700 millions; MTL II Rs.1.070 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	First charge by way of hypothecation of each and all of the borrowers present and future: a) Goods, produce and merchandise comprising items as per, stock statement enclosed to the agreement; b) Plant and machinery and other movables including those enumerated in the list attached to the agreement c) Book debts, Outstanding moneys, recoverable claims, bills, etc Items (a) and (b) stored in the premises at A – 56, 2^nd Main, Peenya 2nd Stage, Bangalore 58 or Wherever else.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest – SOD-BPLR-1.5%p.a. TL I – BPLR + TP-1.5%p.a. TL II – BPLR+TP Margin:- 25% Repayment:- TL I repayable in 48 monthly installments of Rs. 0.014 millions besides servicing monthly interest starting January -06, TL II repayable in 60 monthly installments of Rs.0.017 millions besides servicing monthly interest starting from 3 months from the date of availment or from April -06 whichever is earlier
5) Name and Address and description of the person entitled to the charge.	Indian Bank, SSI Branch, 130, Ramiah Complex, 100Ft. Road, Peenya Bangalore -560 057

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Generator

· Boiler

· Electrical Installation

· Furniture and Fixture

· Dies and Moulds

· Office Equipment

· Motor Car

· Computers

· Type Writer

· Quality Control Equipment

· Air Conditioner

· Art Work

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	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
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	Yes
28) Incorporation details, if applicable	----------------------
29) Last accounts filed at ROC	----------------------
30) Major Shareholders, if available	----------------------

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.49.06
UK Pound	1	Rs.77.41
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		43

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.