MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	COMMERCIAL SYNBAGS LIMITED (w.e.f. 21.05.1993)
Formerly Known As :	COMMERCIAL SYN-BAGS PRIVATE LIMITED
Registered Office :	Commercial House, 34, Jaora Compound, M.Y. Road, Indore – 452 001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.12.1984
Com. Reg. No.:	10-002669
Capital Investment / Paid-up Capital :	Rs.16.445 Millions
CIN No.: [Company Identification No.]	U25202MP1984PLC002669
TAN No.: [Tax Deduction & Collection Account No.]	BPLC00292F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of FIBC Bulk Bags, Poly Tarpaulin, Woven sacks/Bags, PP/HDPE Fabric.
No. of Employees :	400 (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 182000
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 :	Commercial House, 34, Jaora Compound, M.Y. Road, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2704007
Fax No.:	91-731-2704130
E-Mail :	abhiakj@rediffmail.com mails@comsyn.com comsyn@comsyn.com
Website :	http://www.comsyn.com
Factory 1:	Plot No.S-4/3, Sector – I, Pithampur, District – Dhar, Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-415152
Factory 2:	Plot No S-3/1, Sector- I, Pithampur Industrial Area, District - Dhar, Madhya Pradesh, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anil Choudhary

Designation :

Chairman cum Managing Director

Address :

A-4, Mangal Maruty Nagar, Chitawad Road, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

03.12.1958

Date of Appointment :

10.12.1984

DIN No.:

00017913

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	U25202MP1984PLC002669	COMMERCIAL SYNBAGS LTD	Managing director	20/02/2008	10/12/1984	-	Active	NO
2	U91110MP1996GAP011278	INDIAN PLAST PACK FORUM	Director	23/09/2006	23/09/2006	-	Active	NO
3	U70101MP2012PTC028078	ABA REALBUILD PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO

Name :

Mr. Sameer Pathak

Designation :

Whole Time Director

Address :

Bunglow No. B-2, Mahesh Guard Lines, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

25.12.1974

Date of Appointment :

01.04.2006

DIN No.:

00037646

Name :

Mr. Ranjana Choudhary

Designation :

Director

Address :

104, Agrawal Nagar, Nai Bhoomi, Indore – 452002, Madhya Pradesh, India

Date of Birth/Age :

04.05.1981

Date of Appointment :

05.06.2011

DIN No.:

03349699

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	U45200MP2010PTC024973	MOHRA INFRATECH PRIVATE LIMITED	Director	15/12/2010	15/12/2010	-	Active	NO
2	U25202MP1984PLC002669	COMMERCIAL SYNBAGS LIMITED	Director	30/09/2011	5/6/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer Pathak
Designation :	Logistics Manager
Name :	Mr. Ramesh Tomar
Designation :	Production Manager
Name :	Mr. Suresh Raguvanshi
Designation :	Finishing Head
Name :	Mr. Abhisekh Jain
Designation :	Finance Manager
Name :	Mr. Abhijeet
Designation :	Accounts Department
Name :	D.K. Jain and Company
Designation :	Company Secretaries
Address :	4^th Floor, Silver Ark Plaza, 20/1, New Palasia, Indore – 452 001, Madhya Pradesh, India
Te. No.:	91-731-2532813

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Choudhary Mohanlal	134750
Choudhary Anil	97300
Choudhary Vidhya	40270
Choudhary Pramal	45400
Chudhary Anil (HUF)	21280
Choudhary Mohanlal (HUF)	35000
Bansal Subhash	1000
Bansal Manish	1000
Bansal Manorama	500
Kedar Premsukh (HUF)	500
Bansal Suresh	500
Bansal Nirmala	500
Bansal Sarita	500
Choudhary Veenal	24425
Garg Shambhulal	1000
Goyal Lal Mishri	10000
Goyal Wati Kala	10000
Garg Krishna	10000
Agrawal Tilak	10000
Agrawal Chand Manak	10000
Airen Bhupendra	10000
Airen Umesh	10000
Agrawal Kamal Kishore	10000
Garg Vijendra	10000
Agrawal Ramesh	10000
Agrawal Pawan	10000
Gupta Arvind	10000
Goyal Lalit	10000
Gupta Ram Chandra	10000
Agrawal Dinesh	20000
Agrawal Ashish	10000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	51.89
Directors or relatives of directors	47.48
Other top fifty shareholders	0.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of FIBC Bulk Bags, Poly Tarpaulin, Woven sacks/Bags, PP/HDPE Fabric.

Products :

Products Description	Item Code No.
H.D.P.E./ P.P. Bags	39232990
H.D.P.E./ P.P. Fabric	39269080
H.D.P.E./ P.P. Tarpaulin	39269080

PRODUCTION STATUS

Installed Capacity

Particulars	Unit	31.03.2010
Installed Capacity per annum (Three Shift Basis)	Kg	6500000

Actual Production

Particulars	Unit	31.03.2010
Production (Plastic Goods)
H.D.P.E. Bags (Including FIBC)	In Nos.	5471324
H.D.P.E. All Fabric	In Kg	568229
H.D.P.E. Tarpauline	In Sqf	18617834
Wastage	In Kg	174495

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

· Bank of Baroda, Goyal Nagar Branch, Ring Road, Indore – 452 016, Madhya Pradesh, India

· Bank of India, Santha Bazar Branch, 1 Santha Bazar, Indore – 452 002, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loans	As On 31.03.2010	As On 31.03.2009
Bank of India (Secured by Hypothecation of stock of Raw materials, work in Process, finished goods, Book Debts, Movable Fixed Assets and equipment of Factory building at Pithampur and office building at Indore) (Term Loan Rs.37.094 Millions)	70.745	27.615
Total	70.745	27.615
Unsecured Loans	As On 31.03.2010	As On 31.03.2009
From Directors, their relatives and Share Holders	4.360	3.652
From Financial Institution and Banks	1.364	0.207
Total	5.724	3.859

Banking Relations :	--
Auditors :
Name :	Gupta and Ashok Chartered Accountants
Address :	125-126, Sunrise Tower, 579, M. G. Road, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2539821
E-Mail :	agrawals_indore@yahoo.com
PAN NO. :	AABFG4513F
Associates :	Super Sack Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1622000	Equity Shares	Rs.10/- each	Rs.16.220 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
1582000	Equity Shares	Rs.10/- each	Rs.15.820 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
1582000	Equity Shares	Rs.10/- each	Rs.15.820 Millions
125000	Forfeited Shares	Rs.5/- each	Rs.0.625 Million
	Total		Rs.16.445 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		16.445	14.520	12.395
2] Share Application Money		0.000	0.000	2.500
3] Reserves & Surplus		29.038	20.614	11.733
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.483	35.134	26.628
LOAN FUNDS
1] Secured Loans		70.745	27.615	32.729
2] Unsecured Loans		5.724	3.859	2.002
TOTAL BORROWING		76.469	31.474	34.731
DEFERRED TAX LIABILITIES		3.162	1.230	1.046
TOTAL		125.114	67.838	62.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.480	17.941	11.713
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.015
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.283	24.123	33.999
	Sundry Debtors	36.708	35.543	37.775
	Cash & Bank Balances	4.755	5.661	3.314
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.623	10.343	10.670
Total Current Assets		95.369	75.670	85.758
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	46.442	22.349	31.750
	Other Current Liabilities	0.333	1.472	1.667
	Provisions	0.974	1.974	1.695
Total Current Liabilities		47.749	25.795	35.112
Net Current Assets		47.620	49.875	50.646
MISCELLANEOUS EXPENSES		0.014	0.022	0.031
TOTAL		125.114	67.838	62.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	296.166	272.076	227.568
		Conversion Charges	1.083	1.771	1.074
		Other Income	2.227	0.352	3.368
		TOTAL (A)	299.476	274.199	232.010
Less	EXPENSES
		Increase/ Decrease in Stock of Finished / Goods	2.808	6.360	(7.968)
		Manufacturing and Other Expenses	280.377	254.914	229.097
		Excise Duty	0.139	(0.229)	0.280
		Prior Period income	0.000	0.000	(0.788)
		TOTAL (B)	283.324	261.045	220.621
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.152	13.154	11.389
Less	INTEREST & FINANCIAL EXPENSES (D)		7.405	7.065	6.253
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.747	6.089	5.136
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.127	1.822	1.541
	PROFIT BEFORE TAX (E-F) (G)		5.620	4.267	3.595
Less	TAX (H)		2.801	1.393	1.172
	PROFIT AFTER TAX (G-H) (I)		2.819	2.874	2.423
Less	Previous year Taxation adjustments (Net)		0.171	0.047	0.057
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.381	7.554	5.188
	BALANCE CARRIED TO THE B/S		13.029	10.381	7.554
	EARNINGS IN FOREIGN CURRENCY		203.796	199.153	153.824
	IMPORTS
		Raw Materials	73.967	30.072	28.316
	TOTAL IMPORTS		73.967	30.072	28.316
	Earnings Per Share (Rs.)		1.95	2.27	1.99

Particulars	31.03.2011
Sales Turnover (Approximately)	470.000 (Due to expansion)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.94	1.05	1.04
Net Profit Margin (PBT/Sales)	(%)	1.90	1.57	1.58
Return on Total Assets (PBT/Total Assets}	(%)	3.25	4.56	3.69
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.14
Debt Equity Ratio (Total Liability/Networth)		2.73	1.63	2.62
Current Ratio (Current Asset/Current Liability)		1.99	2.93	2.44

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCE AND CAPITAL

Due to increasing needs of the company, the company has increased its paid up capital from Rs.14.520 Millions to Rs.15.713 Millions by allotment of 42500 equity shares of Rs.10/- (Rs.7.50/- Paid-up each). The directors appreciate the confidence shown by the investors towards the management of the Company.

CONTINGENT LIABILITIES IN RESPECT OF

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Claim against Company not acknowledged as debts
- In respect of Income Tax	0.215	0.215
- In Respect of Entry Tax	0.000	0.000
- In Respect of Excise Matters	0.441	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202MP1984PLC002669
Name of the company	COMMERCIAL SYNBAGS LIMITED
Address of the registered office or of the principal place of business in India of the company	34, Jaora Compound, M.Y. Road, Indore – 452 001, Madhya Pradesh, India abhiakj@rediffmail.com
This form is for	Modifications of charge
Charge identification (ID) number of the charge to be modified	10157525
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Santha Bazar Branch, Indore -452002, Madhya Pradesh, India Indore.Indore@Bankofindia.Co.In
Nature of instrument creating charge	-Agreement of Term loan and Hypothecation of Movable Assets/Goods/property/Plant & Machinery for Rs.27.000 Millions. -Agreement of Term loan for Rs.7.000 Millions. -Extention and creation of Equitable-Mortgage-oral assent
Date of instrument Creating the charge	23.01.2012
Amount secured by the charge	Rs.76.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25 over Base rate i.e. 14% p.a.% (inclusive of Term Premium of 0.50%) Terms of Repayment TL1 Remaining amount Rs.42.400 Millions: No change in terms of repayment. TL 2 Rs.27.000 Millions: To be repaid in 7 years including on year moratorium period with 24 quarterly installments commencing from Sept. 2012. TL 3 Rs. 7.000 Millions: To be repaid in 7 years including on year moratorium period with 24 quarterly installments commencing from Sept. 2012. As per the terms and conditions of the loan agreement. Margin Plant and Machineries-25% Civil Construction/site development-30% Extent and Operation of the charge As Per Agreement Others Personal guarentee of Shri Anil Choudhary , Mrs. Ranjana Choudhary, Directors of the Company and M/s Super Sack Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Companies stock of F/G,WIP, S and S, PM at various Godowns /sites/Ports or at such other places as may be approved by the Bank from time to time including goods at in transit/o/s money, B/d, B/R and other CA Charge by way of Hypothecation of entire fixed assets of the Company consisting of Plant & Machinery. First charge over fixed assets of the Company including factory land & building situated at S-4/3, S -4/2 and S-4/3A, pithampur, Sector-1, distt. Dhar on unit no.1 common to all the credit facilities. First charge over staff quarters to be costructed out of bank finance by way of EQM over land and building situated at Plot No. 40 to 45, Shalimar Residency, Mhow, comman to all the credit facilities. EQM of Block A & B of office Premises situated at 3-4, Jaora Compound, Indore Belonging to Company (Exclusively charged to our bank).
Date of instrument modifying the charge	24.03.2009
Particulars of the present modification	The Bank has sanctioned new term Loan No.2 and 3 and now the total term loan facilities are agranted to the Company as under: Existing Term Loan (Balance Amount) Rs.42.400 Millions New Term Loan-II of Rs.27.000 Millions New Term Loan- III of Rs.7.000 Millions

FIXED ASSETS:

· Site development

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Vehicles

· Office Equipment

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Report Prepared by :

NTH

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	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	YES
--AFFILIATION	YES/NO	YES
--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.