MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	CLEARPACK INDIA PRIVATE LIMITED
Formerly Known As :	319, Mehata Chambers, 3rd Floor Achole Road, Nallasopara (East), Thane – 401209, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.06.1996
Com. Reg. No.:	11-100267
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U21014MH1996PTC100267
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler and Trader of Wrapping Banding Machines, Packaging Machines and Conveyor Transmission Belts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 10000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the sales turnover during 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	319, Mehata Chambers, 3rd Floor Achole Road, Nallasopara (East), Thane – 401209, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	raichur@sps.clearpack.com
Website :	http://www.clearpack.com
Head Office :	Shrenuj House, Ground Floor, Plot No.A-7, M.I.D.C. Road No.5, Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-42532209/ 28596422/ 28513819/ 28520897/ 42532200/ 42532222
Fax No.:	91-22-28509391/ 28509394/ 28389360

DIRECTORS

As on: 30.09.2011

Name :

Mr. Subhash Chandra Pagaria

Designation :

Director

Address :

8/154, Juhu Harshal, JVPD Scheme Andheri (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.05.1947

Date of Appointment :

17.06.1996

DIN No.:

00716554

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC076024	SHRINK PACKAGING SYSTEMS PRIVATE LIMITED	Director	12/01/1994	12/01/1994	16/01/2012	Active	NO
2	U21014MH1996PTC100267	CLEARPACK INDIA PRIVATE LIMITED	Director	17/06/1996	17/06/1996	13/01/2012	Active	NO
3	U74140MH2000PTC126201	PAGARIA CONSULTANTS PRIVATE LIMITED	Director	27/04/2000	27/04/2000	-	Active	NO

Name :

Mr. Anthony Alexander Denis Rozario Dsouza

Designation :

Director

Address :

D-4, Crompark Co-operative Society, Lokmany Nagar II, Thane – 400606, Maharashtra, India

Date of Birth/Age :

10.12.1968

Date of Appointment :

02.01.2009

DIN No.:

02527060

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21014MH1996PTC100267	CLEARPACK INDIA PRIVATE LIMITED	Director	02/01/2009	02/01/2009	12/06/2012	Active	NO
2	U36912MH2012PTC230987	MESPACK INDIA PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
V. S. Bhandari	100
S. C Pagaria	1000
Clearpack Group Limited, Singapore	8900
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	89.00
Directors or relatives of directors	11.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler and Trader of Wrapping Banding Machines, Packaging Machines and Conveyor Transmission Belts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Andhra Bank

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Inter-Company Deposit	1.000	0.500
Total	1.000	0.500

Banking Relations :	--
Auditors :
Name :	S.K. Loonker and Company Chartered Accountants
Address :	11/13, Botawalala Bldg, 2nd Floor, Room No.5, Horniman Circle, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22673313
Fax No.:	91-22-22662574
PAN No.:	AEKPL4874Q
Associates :	· Clearpack Singapore Pte. · Clearpack Middle East · Clearpack Philippines · Shrink Packaging Systems Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs0.100 Million

Note:

(Out of the above 10,000 shares, 8900 shares are held by Clearpack group Limited which is a foreign company)

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.538	0.960	(0.526)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.638	1.060	(0.426)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.000	0.500	0.238
TOTAL BORROWING		1.000	0.500	0.238
DEFERRED TAX LIABILITIES		0.053	0.041	0.023
TOTAL		3.691	1.601	(0.165)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.346	1.307	0.497
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	4.554	3.568	0.000
	Sundry Debtors	7.051	12.105	0.743
	Cash & Bank Balances	0.796	2.362	0.044
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.403	3.988	0.803
Total Current Assets		17.804	22.023	1.590
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.299	8.121	0.513
	Other Current Liabilities	11.068	11.728	1.080
	Provisions	2.094	1.884	0.664
Total Current Liabilities		15.461	21.733	2.257
Net Current Assets		2.343	0.290	(0.667)
MISCELLANEOUS EXPENSES		0.002	0.004	0.005
TOTAL		3.691	1.601	(0.165)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Services	55.534	64.590	10.185
		Interest on Fixed Deposit	0.029	0.061	0.008
		Foreign Exchange Gain/ (Loss)	0.000	0.018	0.099
		Other Income	0.000	0.008	0.000
		TOTAL (A)	55.563	64.677	10.292
Less	EXPENSES
		Cost of Production	18.483	26.833	0.000
		Employment Costs	23.221	23.035	7.534
		Administrative and other Expenses	2.834	4.726	1.557
		Marketing Related Expenses	7.777	7.796	1.551
		Foreign Exchange (Gain)/ Loss	0.524	0.000	0.000
		TOTAL (B)	52.839	62.390	10.642
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.724	2.287	(0.350)
Less	FINANCIAL EXPENSES (D)		0.146	0.060	0.015
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.578	2.227	(0.365)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.298	0.273	0.051
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.280	1.954	(0.416)
Less	TAX (I)		0.702	0.468	0.119
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		1.578	1.486	(0.535)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.960	(0.526)	0.009
	BALANCE CARRIED TO THE B/S		2.538	0.960	(0.526)
	IMPORTS
		Raw Materials	4.573	0.000	0.000
		Stores & Spares	4.404	5.326	0.000
	TOTAL IMPORTS		8.977	5.326	0.000
	Earnings Per Share (Rs.)		15.78	14.86	(5.35)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.84	2.30	(5.20)
Net Profit Margin (PBT/Sales)	(%)	4.11	3.03	(4.08)
Return on Total Assets (PBT/Total Assets}	(%)	11.91	8.38	(19.93)
Return on Investment (ROI) (PBT/Networth)		0.86	1.84	0.98
Debt Equity Ratio (Total Liability/Networth)		6.24	20.97	(5.86)
Current Ratio (Current Asset/Current Liability)		1.15	1.01	0.70

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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%	--
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 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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

Note:

The Registered Office of the company has been shifted from 8/154 Juhu Harshalsamarth Ramdas Marg, JVPD Scheme, Mumbai – 400049, Maharashtra, India to the present address w.e.f. 10.04.2012

OPERATIONS:

During the year, the company embarked upon manufacturing and trading of packaging machines and post sales machine servicing and installation services and clocked a revenue of Rs 33.218 Millions from this segment apart from revenues of Rs 22.315 Millions generated from back office activities. Looking at the huge growth in FMCG and Pharma companies, the largest market segment using there machines, the company has spent large amounts during the year in new recruitment and training of marketing and service personnel, participation in various exhibitions and advertisement, the fruits of which will flow to the company in the coming years. The company is trying to capture substantial market share of the packaging machinery revenues in India and the directors are quite hopeful of achieving a manifold increase in its revenues and net profits in the years to come.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Guarantees and counter guarantee given by the company to the bankers against guarantees issued by them on behalf of the company	0.000	0.300

FIXED ASSETS:

· Furniture and Fixture

· Plant and Machinery

· Office Equipment

· Computers

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.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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

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.