MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	SHANKAR PACKAGINGS LIMITED
Registered Office :	303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai - 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.05.1985
Com. Reg. No.:	11-036120
Capital Investment / Paid-up Capital :	Rs. 28.049 millions
CIN No.: [Company Identification No.]	U25202MH1985PTC036120
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01961B / MUMS40482B / MUMS40819C
PAN No.: [Permanent Account No.]	AAACS8076P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of FIBC/HDPE/ PP Woven Sacks
No. of Employees :	210 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba ( 52)

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

Maximum Credit Limit :	USD 2010000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Cash Credit)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	February, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 / Corporate Office:	303, Turf Estate, Dr. E Moses Road, Shakti Mills Lane, Mumbai - 400011, Maharashtra, India
Tel. No.:	91-22-24903236 / 24903225 / 24903228
Mobile No.:	91-22-24903236
Fax No.:	91-22-24903227
E-Mail :	shankar1@mtnl.net.in corporate@shankarpack.com
Website :	http://www.shankarpack.com
Factory & Sales Office :	4-5-6, GIDC Estate, Vaghodia, District: Baroda – 391 760, Gujarat – India
Tel. No.:	91-2668-262334 / 262434
Fax No.:	91-2668-262833
E-Mail :	info@shankarpack.com
Branch Office :	(Hyderabad - Marketing) 508, Maheshwari Chambers, Somajiguda, Hyderabad – 500082, Andhra Pradesh – India
Tel. No.:	91-40-40038828

DIRECTORS

As on 30.09.2011

Name :

Mr. Akshayshankar Pratapshankar Pandya

Designation :

Director

Address :

112-A, Paradise Apartments, 44 Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

02.06.1965

Date of Appointment :

21.09.2010

DIN No : 

01557239

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	21/09/2010	06/05/1985	-	Active	NO
2	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03/04/1995	03/04/1995	-	Active	NO
3	U67120MH1995PTC093476	SHANKAR SECURITIES PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO
4	U55101RJ1992PTC006948	MALLANI HOTELS,MOTELS AND RESTAURANTS PVT. LTD	Director	30/09/1996	30/09/1996	-	Active	NO
5	U99999MH2006PTC159430	SHANKAR REALTY PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
6	U70102MH2007PTC173215	SPRINGNATURE ESTATE PRIVATE LIMITED	Director	18/08/2007	18/08/2007	-	Active	NO
7	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
8	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Director	30/09/2010	30/09/2010	-	Active	NO

Name :

Mr. Govind Shankar Pandya

Designation :

Director

Address :

A-5, Garibdas CHS Limited, No. S.J.V.P.D., Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.03.1930

Date of Appointment :

09.04.2008

DIN No : 

00316822

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	09/04/2008	01/04/1986	-	Active	NO

Name :

Mr. Vikramshankar Govindshankar Pandya

Designation :

Director

Address :

A/5, Garib CHSL, N S Road, No. 5, JVPD, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

06.04.1961

Date of Appointment :

09.04.2008

DIN No : 

01595269

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Managing director	09/04/2008	01/04/1995	-	Active	NO

Name :

Mr. Anandshankar Revashankar Pandya

Designation :

Director

Address :

1402, Pleasant Palace, 16 N D Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.04.1923

Date of Appointment :

21.06.1986

DIN No : 

01163634

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	21/06/1986	21/06/1986	-	Active	NO
2	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03/04/1995	03/04/1995	01/04/2010	Active	NO
3	U67120MH1995PTC093476	SHANKAR SECURITIES PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Active	NO
4	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Additional director	30/03/2009	30/03/2009	-	Active	NO
5	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO

Name :

Mr. Praveen Shankar Pratap Shankar Pandya

Designation :

Director

Address :

132/133, 13^th Floor, B Building, Petit Hall 66, Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

04.10.1950

Date of Appointment :

06.05.1985

DIN No : 

00316843

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	06/05/1985	06/05/1985	-	Active	NO
2	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Director	29/12/1989	29/12/1989	-	Active	NO
3	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03/04/1995	03/04/1995	-	Active	NO
4	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	17/01/2000	17/01/2000	-	Active	NO
5	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	16/12/2002	16/12/2002	-	Active	NO
6	U91110GJ2000NPL039065	GUJARAT HIRA BOURSE	Director	09/03/2004	09/03/2004	-	Active	NO
7	U99999MH2006PTC159430	SHANKAR REALTY PRIVATE LIMITED	Managing director	01/02/2006	01/02/2006	-	Active	NO
8	U65999MH2006PTC163129	BULK DIAMONDS PRIVATE LIMITED	Director	17/07/2006	17/07/2006	-	Active	NO
9	U99100MH1966GAP013486	THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL	Director	29/09/2006	29/09/2006	21/09/2010	Active	NO
10	U36996MH2012PLC233853	COLOURJEWELS INDIA LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Ganga Sharan Agrawal

Designation :

Director

Address :

801, Pleasant Palace, Narayan Dabholkar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

31.07.1931

Date of Appointment :

27.02.1988

DIN No : 

00216838

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	27/02/1988	27/02/1988	-	Active	NO
2	U74899DL2000PTC106325	RAMPGREEN SOLUTIONS PRIVATE LIMITED	Director	16/06/2000	16/06/2000	-	Active	NO
3	U74140DL2003PTC120443	NEW VC SERVICES PRIVATE LIMITED	Director	21/05/2003	21/05/2003	05/04/2010	Active	NO
4	U65990MH2005PTC155070	NAPEAN FINVEST PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
5	U74900DL2006PTC241501	SATRANG ADVISORY SERVICES PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
6	U64203DL2007PTC191740	CORNERSTEEL SYSTEM INDIA PRIVATE LIMITED	Director	27/02/2007	27/02/2007	31/03/2009	Active	NO
7	U72300DL2009PTC195607	New vc International Private Limited	Director	29/09/2010	05/04/2010	-	Amalgamated	NO
8	U72900DL2010PTC208730	Techgenie services international private limited	Director	29/09/2011	13/04/2011	23/04/2012	Active	NO

Name :

Mr. Gaj Singh Jodhpur

Designation :

Director

Address :

Umaid Bhavan Palace, Jodhpur – 342006, Rajasthan, India

Date of Birth/Age :

13.01.1948

Date of Appointment :

27.02.1988

DIN No : 

00061278 

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	U55101RJ1971PTC001349	MARUDHAR HOTELS PVT LTD	Director	14/10/2011	31/03/1971	-	Active	NO
2	U70101RJ1971PTC001348	JODHAN REAL ESTATE DEVELOPMENT CO PVT LTD	Director	31/03/1971	31/03/1971	-	Active	NO
3	U74899DL1978PTC009369	MARUDHAR CULTIVATORS PRIVATE LIMITED	Director	18/12/1978	18/12/1978	-	Active	NO
4	U74899DL1978PTC009368	MARUDHAR THEATER PRIVATE LIMITED	Director	18/12/1978	18/12/1978	-	Active	NO
5	U74899DL1978PTC009231	MARUDHAR INVESTMENT PVT LTD	Director	18/12/1978	18/12/1978	-	Active	NO
6	U63040RJ1967PTC001220	MAYUR TRAVELS RAJASTHAN PVT LTD.	Director	20/01/1980	20/01/1980	-	Active	NO
7	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	27/02/1988	27/02/1988	-	Active	NO
8	U51909DL1978PTC009232	ENGINEERS IMPEX Private limited	Director	10/08/1990	10/08/1990	-	Active	NO
9	U85110MH1992PLC068793	JODHANA MEDICAL AND RESEARCH CENTRE LTD	Director	29/09/1992	29/09/1992	-	Active	NO
10	U65993DL1981PTC012505	UMAID INVESTMENT CO PRIVATE LIMITED	Director	18/10/1993	18/10/1993	-	Active	NO
11	L24230DL1975PLC007908	DABUR INDIA LIMITED	Director	16/11/1993	16/11/1993	30/10/2008	Active	NO
12	U22101RJ1995PTC009282	MEHRANGARH PUBLISHERS PVT. LTD.	Director	04/01/1995	04/01/1995	-	Active	NO
13	U55101DL1995PLC099973	FORTUNE PARK HOTELS LIMITED	Director	26/07/1995	26/07/1995	-	Active	NO
14	U74899DL1995PLC099649	MAHARAJA HERITAGE RESORTS LIMITED	Director	28/08/1995	28/08/1995	-	Active	NO
15	U55101RJ1992PTC006948	MALLANI HOTELS,MOTELS AND RESTAURANTS PVT. LTD	Director	30/09/1996	30/09/1996	-	Active	NO
16	U63040RJ1999PTC015546	MARUDHAR TOURS AND TRAVELS PRIVATE LIMITED	Director	16/04/1999	16/04/1999	-	Active	NO
17	U65991DL1998FTC095176	ACAM TRUST COMPANY PRIVATE LIMITED.	Director	20/09/1999	20/09/1999	14/03/2007	Active	NO
18	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	19/11/2002	19/11/2002	05/02/2008	Active	NO
19	U45200MH2007PTC168282	URBAN AKARSH INFRASTRUCTURE PRIVATE LIMITED	Director	24/05/2007	24/05/2007	13/10/2010	Active	NO
20	U15411MH2007PTC168244	ESS GEE REALTY PRIVATE LIMITED	Director	24/05/2007	24/05/2007	13/10/2010	Active	NO
21	U92400MH2004PTC146693	ROYAL MARWAR HOSPITALITY PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO
22	U65993RJ1970PTC001290	JODHAN INVESTMENT AND FINANCE CORPORATION PRIVATE LIMITED	Managing director	26/12/2007	26/12/2007	-	Active	NO
23	U45200DL2008PTC176653	JODHANA DEVELOPERS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
24	U55204DL2008PTC176937	JODHANA HERITAGE RESORTS PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
25	U55101MH2008PLC200363	APODIS HOTELS & RESORTS LIMITED	Director	30/09/2009	12/11/2008	28/01/2011	Active	NO
26	U40106DL2008PTC173114	Jodhana Alternative Energy Solutions India Private Limited	Director	30/09/2009	26/12/2008	-	Active	NO
27	U92199RJ2009NPL028272	RAJASTHAN CREATIVE ALLIANCE NETWORK	Director	09/02/2009	09/02/2009	-	Active	NO
28	U70109DL2010PTC199778	UMAID HERITAGE ESTATE MANAGEMENT PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
29	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	30/07/2010	16/07/2010	-	Active	NO
30	U55101DL2010PTC206049	PALACE HOTELS (INDIA) PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
31	U55101DL2011PTC214931	STADIUM HOTELS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
32	U92322RJ2011NPL036676	MEHRANGARH ENTERPRISES	Director	11/10/2011	11/10/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders	No. of Shares
Praveen Shankar Pandya	35547
Rajeev Shankar Pandya	34500
Anand Shankar Pandya	141295
Umaid Investment Company Private Limited, India	690000
Govind Shankar Pandya	147375
Vikram Shankar Pandya	290905
Alka Rajeev Pandya	31625
Rati Pandya	1572
Aparna Kulkarni	5750
Manoj Selot	5750
Sangeeta Pandya	34500
Namita Praveen Pandya	29274
Urvashi B Bhatt and Balkrishna B Bhatt	2185
Akshay Shankar Pandya	34500
Vidyaben Pandya	46000
Saroj Pandya	62360
Shivani Pandya	34500
Shuchi Pandya	34500
Avinash Pandya	58937
Siddarth Pandya	58937
Vivek Pandya	34500
Shankar Securities Private Limited, India	150000
Bulk Bags India Limited, India	391100
Mountain Peak Investment INC, USA	161000
Dolphin Investments Limited, Hong Kong	150600
Jyotishankar Pandya, Englewood	43125
Revashankar Gems Limited, India	11250
Shankar Jewels Limited, India	11250
Shankar Realty Private Limited, India	22590
R D Pandya (HUF)	650
Dhruv Akshay Pandya	24438
Kashyap Akshay Pandya	24438
Total	2804953

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.00
Bodies corporate	21.00
Directors or relatives of Directors	66.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of FIBC/HDPE/ PP Woven Sacks

Products :

Product Description	ITC Code
FIBC	39.23.90
Tape	39.2032
Fabric	39.26.90

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Woven Stocks	MT	15264	11909

GENERAL INFORMATION

No. of Employees :

210 (Approximately)

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited

52/60 Mahatma Gandhi Road, Fort , Mumbai-400001, Maharashtra, India

· State Bank of India

MIDC Group Industrial Finance Branch, Marble Arch, Race Course, Vadodara-390007, Gujarat, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	135.634	77.221
Working capital loans banks secured	292.677	190.724
Deferred sales tax loan secured	1.576	1.526
Other debt secured	0.155	1.095
Total	430.042	270.566
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other debt unsecured	2.282	1.250
Interest accrued due other debt unsecured	0.117	0.068
Total	2.399	1.318

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311, Dalamal Tower, 211, Nariman Point, Mumbai - 400021, Maharashtra, India
PAN No.:	AAAFR1878D

CAPITAL STRUCTURE

As on 31.03.2011

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2804953	Equity Shares	Rs. 10/- each	Rs. 28.049 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		28.049	28.049	28.049
2] Share Application Money		4.775	0.000	0.000
3] Reserves & Surplus		470.489	392.184	353.481
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		503.313	420.233	381.530
LOAN FUNDS
1] Secured Loans		430.042	270.566	239.188
2] Unsecured Loans		2.399	1.318	1.273
TOTAL BORROWING		432.441	271.884	240.461
DEFERRED TAX LIABILITIES		31.944	27.146	23.417
TOTAL		967.698	719.263	645.408
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		523.065	423.104	359.555
Capital work-in-progress		43.237	3.969	7.529
INVESTMENT		36.998	30.152	41.799
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	239.578	156.343	123.579
	Sundry Debtors	135.422	82.843	92.663
	Cash & Bank Balances	27.712	11.182	39.797
	Other Current Assets	0.604	0.485	0.326
	Loans & Advances	179.600	143.870	114.381
Total Current Assets		582.916	394.723	370.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	120.650	75.830	67.997
	Other Liabilities	1.870	0.643	1.026
	Provisions	95.998	56.212	65.198
Total Current Liabilities		218.518	132.685	134.211
Net Current Assets		364.398	262.038	236.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		967.698	719.263	645.408

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1598.995	1138.161	1246.872
		Other Income	5.995	7.402	4.212
		TOTAL (A)	1604.990	1145.563	1251.084
Less	EXPENSES
		Consumption materials changes inventories	833.083	622.400	1094.086
		Manufacturing service costs	307.110	237.802
		Employee related expenses	63.360	38.143
		Administrative selling other expenses	200.483	133.329
		Exceptional Income Expenses	7.101	(8.235)
		TOTAL (B)	1411.137	1023.439	1094.086
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		193.853	122.124	156.998
Less	FINANCIAL EXPENSES (D)		36.735	28.505	40.034
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		157.118	93.619	116.964
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.115	31.070	25.108
	PROFIT BEFORE TAX (E-F) (G)		122.003	62.549	91.856
Less	TAX (H)		35.548	15.642	31.262
	PROFIT AFTER TAX (G-H) (I)		86.455	46.907	58.812
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		302.832	268.820	224.093
	APPROPRIATIONS
		Transfer to General Reserve	8.645	4.691	5.881
		Dividend		7.012	7.012
		Tax on Dividend	8.150	1.192	1.192
	BALANCE CARRIED TO THE B/S		372.492	302.832	268.820
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of goods exported	1402.700	1009.849	996.711
	TOTAL EARNINGS
	IMPORTS
		Raw Materials	160.272	125.390	38.771
		Stores & Spares	9.988	5.720	9.425
		Plant and Machinery	49.467	16.469	19.374
	TOTAL IMPORTS		219.727	147.579	67.570
	Earnings Per Share (Rs.)		30.82	16.72	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.39	4.09	4.70
Net Profit Margin (PBT/Sales)	(%)	7.63	5.50	7.37
Return on Total Assets (PBT/Total Assets}	(%)	11.03	7.65	12.58
Return on Investment (ROI) (PBT/Net worth)		0.24	0.15	0.24
Debt Equity Ratio (Total Liability/Net worth)		1.29	0.96	0.98
Current Ratio (Current Asset/Current Liability)		2.67	2.97	2.76

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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The Registered address of the company has been shifted from A-4, Purshottam Buildings, Opera House, Mumbai, Maharashtra, India to present address w.e.f. 13.04.2008

OPERATING RESULTS AND BUSINESS

The gross turnover of the company for the year increased to Rs. 160.000 millions which is a quantum jump of nearly 40% over the previous year. In tune with increased sales, the profit after tax of the company has gone up from 469 lacs to 864 lacs. During the year the company completed the expansion programme by raising the capacity to 15264 M.T. per annum. The capacity was increased due to de-bottlenecking, efficiency improvement, infrastructure up gradation and installing new tape line and additional Sulzer looms. The Company is in the process building up an extra capacity of nearly 6000 M.T. per annum by undertaking a Greenfield project. Thus, total capacity of the company would go up 21715 M.T. per annum.The enhanced capacity will start production from September 2011. The business environment of the company continues to remain favourable barring developments in the global environment. Markets are still very strong and order flow is fairly healtly and satisfactory. The gross realisation is expected to be slightly better in this year as compared to the last year.

The company has recently incorporated a new subsidiary company in Europe called Shankar (Europe) bvba in Belgium. This has been done to have a closer overview of the European Market which is the main market for the company. In addition a joint venture has been initiated in Serbia for the production of FIBC'S for the European market.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202MH1985PLC036120
Name of the company	SHANKAR PACKAGINGS LIMITED
Address of the registered office or of the principal place of business in India of the company	303, Turf Estate, Dr. E Moses Road, Shakti Mills Lane, Mumbai - 400011, Maharashtra, India Email: shankar1@mtnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10062886
Type of charge	Immovable property
Particular of charge holder	State Bank of India MIDC Group Industrial Finance Branch, Marble Arch, Race Course, Vadodara-390007, Gujarat, India Email: laxmi.yadav@sbi.co.in
Nature of instrument creating charge	Supplemental Deed of Mortgage
Date of instrument Creating the charge	10.06.2011
Amount secured by the charge	Rs. 960.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC- at 4.50% above Base Rate with monthly rest, Term Loans - II and III - 4.75% above Base Rate with monthly rest, SLC - 1% above normal rate applicable to CC and in case of NF comm. at normal rate Terms of Repayment working capital - on demand, Term loan (old) as per existing terms, TL - III (new) repayable in 19 quarterly instalments to start from July - Sept - 2012 and last instalment in Janu - March – 2017 Margin Raw materials - 10%, SIP, FG - 25%, Receivables (cover period 90 days) 30%, EPC - 10%, L/C - 10%, L/C - stores and spares 25%, BG - 15%, TL-III (new) and project L/C within TL III - 49.43% Extent and Operation of the charge The various credit facilities are collaterally secured by way of mortgage of immovable properties more particularly described in schedule I, II, III and IV of the Supplemental Deed of Mortgage. Others Credit facilities - Cash Credit - Rs. 450.000 Millions + SLC - Rs. 40.000 Millions + TL- I (o/s) Rs. 47.200 Millions + TL- II (O/s) Rs.130.000 Millions + TL - III (new) Rs.160.000 Millions + L/C Rs.100.000 Millions + BG Rs.10.000 Million + credit exposure limit for forward contract Rs. 22.800 Millions aggregating to Rs.960.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Leasehold imm. prop. being plot no.3, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.787/p, 789/p, 1102/p adm. 4862.50 sq. mtrs. of Vill. Waghodia, Dist. Baroda. Leasehold imm. prop. being plot no.4, 5, 6 GIDC Ind. Estate, Waghodia Dist.Vadodara lying upon land inter alia bearing R.S.No.790/p, 790/2/p, 791/p, 792/p and779/p adm.14812.50 sq.mtrs. of Vill.Waghodia Leasehold imm. prop. being plot no.1013, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.1542/2/p and 1557/p adm. 1000 sq. mtrs. of Vill. Waghodia, Dist.Baroda Leasehold imm. prop. being plot no.1034, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No. 1499/Part adm. 510 sq. mtrs. of Vill. Waghodia, Dist. Baroda. Leasehold imm. prop. being plot no.1036 and 1037, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.1549/P and 1550/P adm.1020 sq.mtrs. of Vill.Waghodia, Dist.Baroda. Leasehold imm. prop. being plot no.1035, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.1499/p adm. 510 sq. mtrs. of Vill. Waghodia, Dist. Baroda. Leasehold imm. prop. being plot no.2, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.787/p, 789/p and 1182/p adm.5806 sq. mtrs. of Vill. Waghodia, Dist. Baroda. Leasehold imm. prop. being plot no.1038, GIDC Ind. Estate, Waghodia Dist. Vadodara lying upon land inter alia bearing R.S.No.1551/p adm.1000 sq. mtrs. of Vill. Waghodia, Dist. Baroda. Leasehold imm. prop. being plot no.1415, GIDC Ind. Estate, Waghodia Dist. Vadodara consisting of R.S.No.39/paiki, 40/paiki, 40/1/paiki, 42/paiki, 43/paiki, 1954/paiki, 1955/paiki, 1956/paiki, 51/2/paiki, 51/paiiki and 49/paiki adm.18797.50 sq. mtrs. of Vill. Waghodia, Dist. Baroda and plot no.1416, Waghodia Ind. Estate, Waghodia Dist. Vadodara adm.22295.70 sq. mtrs Waghodia, Dist. Baroda.
Date of instrument modifying the charge	07.06.2010
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs. 796.300 Millions to Rs. 960.000 Millions Credit facilities - Cash Credit - Rs. 450.000 Millions + SLC - Rs. 40.000 Millions + TL- I (o/s) Rs. 47.200 Millions + TL- II (O/s) Rs.130.000 Millions + TL - III (new) Rs.160.000 Millions + L/C Rs.100.000 Millions + BG Rs.10.000 Crore + credit exposure limit for forward contract Rs.22.800 Millions aggregating to Rs.960.000 Millions

 Fixed Assets:

· Leasehold Land

· Buildings

· Office Equipments

· Plant and Machinery

· Office and Other Equipments

· Vehicles

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 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.54.56
UK Pound	1	Rs.87.89
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.