MIRA INFORM REPORT

Report Date :

31.12.2012

IDENTIFICATION DETAILS

Name :	ACE FINEPACK PRIVATE LIMITED [w.e.f.12.03.2008]
Formerly Known As :	MAHAVIR FINE PACK SYSTEMS PRIVATE LIMITED
Registered Office :	Chittoor Road, Pullepady Junction, , Ernakulam, Cochin – 682035, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.02.1998
Com. Reg. No.:	09-012052
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U74950KL1998PTC012052
IEC No.:	1003005233
PAN No.: [Permanent Account No.]	AABCM6043R
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader and Importer of Packing Material and Machinery.
No. of Employees :	30 [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 28000
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 – 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

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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Bhatt
Designation :	Accounts Manager
Contact No. :	91-484-2353855
Date :	22.12.2012

LOCATIONS

Registered Office :	Chittoor Road, Pullepady Junction, , Ernakulam, Cochin – 682035, Kerala, India
Tel. No.:	91-484-2353855 / 2362948 / 4022155
Fax No.:	91-484-2372124
E-Mail :	info@mahavirpack.com mfpack@vsnl.com accounts@fivepackindia.com
Website :	www.finepackindia.com
Location :	Owned
Branch Office 1 :	No.33, Menods Street, Puraswakkam, Chennai – 600007, Tamilnadu, India
Tel. No.:	91-44-26430354
E-Mail :	Chennai@mahavirpack.com
Branch Office 2 :	32, Lakshmi Bhavan, Sindhi Society, S. T. Road, Chembur, Mumbai – 400071, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Sivasankaradas Jayakumar

Designation :

Managing Director

Address :

Jyothis, Jawahar Nagar, Ernakulam, Cochin – 682020, Karala, India

Date of Birth/Age :

12.04.1960

Date of Appointment :

03.02.1998

DIN :

01664525

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	U74950KL1998PTC012052	ACE FINEPACK PRIVATE LIMITED	Managing director	3/2/1998	3/2/1998	-	Active	NO
2	U55101KL1990PLC005911	RASA GURUKUL AND HOSPITALITY LIMITED	Director	4/7/2005	4/7/2005	31/05/2009	Active	NO
3	U63040KL2007PTC021451	RASA RIVERSIDE HOLIDAYS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	31/05/2009	Active	YES

Name :

Mrs. Bharathi Jayashree

Designation :

Director

Address :

Jyothis, Jawahar Nagar, Ernakulam, Cochin – 682020, Karala, India

Date of Birth/Age :

08.04.1969

Date of Appointment :

03.02.1998

DIN :

01741747

Name :

Mr. Pallypurath Krishna Pillai Sivasanakaradas

Designation :

Director

Address :

Ambadi thazhathu lane, Poonithura P O, Ernakulam, Cochin – 682305, Karala, India

Date of Birth/Age :

12.01.1931

Date of Appointment :

03.02.1998

DIN :

02474110

Name :

Mr. Jithin Das Jayakumar

Designation :

Director

Address :

Jyothis Jawahar Nagar, Ernakulam – 682020, Kerala, India

Date of Birth/Age :

26.04.1994

Date of Appointment :

29.09.2012

DIN :

05353136

KEY EXECUTIVE

Name :	Mr. Rajesh Bhatt
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
P. K. Sivasanakaradas	4000
S. Jayakumar	70000
B Jayashree	26000
Total	100000

As on 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Trader and Importer of Packing Material and Machinery.
Products :	Carton Sealing Machines Coding Machines Shrink Packing Machines Strapping Machines Band Sealers Tray Wrapping Sealers, etc.
Exports
Products :	Packing Material and Machinery.
Countries :	· Sri Lanka · USA
Imports :
Products :	Raw Materials
Countries :	China U.K. USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Powerband Industries Private Limited

Customers :

End Users

· A. V. Thomas and Company

No. of Employees :

30 [Approximately]

Bankers :

• Indian Bank, M. G. Road Branch, Ernakulam, Cochin – 682035, Kerala, India
• HDFC Bank Limited, M. G. Road Branch, Cochin, Kerala, India
• Standard Chartered Bank, M. G. Road Branch, Cochin, Kerala, India
• ICICI Bank Limited, M. G. Road Branch, Cochin, Kerala, India
• Kotak Mahindra Bank Limited, M. G. Road Branch, Cochin, Kerala, India

Facilities :

Secured Loans :	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
Term Loan
From Bank (Secured by mortgage of immovable properties of the company) Term of Repayment by 60 monthly installments	2.273	15.315
Working Capital Loans
From Banks (Secured by mortgage of immovable properties of the company) Terms of Repayment – by 60 Monthly installments	13.329
Total	15.602	15.315

Unsecured Loans :	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
Loan from Directors	10.859	10.796
Loan From Others	0.721
Total	11.580	10.796

Banking Relations :

--

Auditors :

Name :

G. Ravimon FCA

Chartered Accountants

Address :

Thulasi, KSN Menon Road, Kochi – 682016, Kerala, India

Tel. No. :

91-484-2357344 / 2357725

Fax No. :

91-484-2357344

Mobile No. :

91-9447152725

Email :

ravimong@yahoo.co.in

PAN :

ABDPR7444P

CAPITAL STRUCTURE

As on 31.03.2012

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
100000	Equity Shares	Rs.10/- Each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.887	4.903	3.569
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.887	5.403	4.069
LOAN FUNDS
1] Secured Loans		15.602	15.315	15.775
2] Unsecured Loans		11.580	10.796	8.543
TOTAL BORROWING		27.182	26.111	24.318
DEFERRED TAX LIABILITIES		0.161	0.140	0.106
TOTAL		34.230	31.654	28.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.131	9.731	9.915
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	13.145	10.550	10.707
	Sundry Debtors	20.125	20.832	14.489
	Cash & Bank Balances	0.896	0.873	0.777
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.539	1.070	0.765
Total Current Assets		35.705	33.325	26.738
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.749	9.559	6.902
	Other Current Liabilities	0.000	1.843	1.258
	Provisions	1.857	0.000	0.000
Total Current Liabilities		10.606	11.402	8.160
Net Current Assets		25.099	21.923	18.578
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.230	31.654	28.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	TURNOVER		109.678	100.155	86.782
	EXPENSES
		Office Expenses
		Administrative Expenses	NA	97.441	84.272
		Advertising Expenses
		TOTAL	NA	97.441	84.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.926	2.714	2.510
Less/ Add	DEPRECIATION/ AMORTISATION		0.710	0.698	0.820
	PROFIT BEFORE TAX		2.216	2.016	1.690
Less	TAX		0.732	0.683	0.544
	PROFIT AFTER TAX		1.484	1.333	1.146
	IMPORT			15.278	9.225
	Earnings Per Share (Rs.)		14.84	26.67	--

Expected Sales (2012-2013) : Rs.130.000 Millions

The above information has been parted by Mr. Rajesh Bhatt.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.94	4.68	4.61
Return on Investment (ROI) (PBT/Networth)		0.32	0.37	0.41
Debt Equity Ratio (Total Liability/Networth)		5.49	6.94	7.98
Current Ratio (Current Asset/Current Liability)		3.37	2.92	3.28

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	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%	--
14]	Estimation for coming financial year	Yes
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	Yes
29]	Last accounts filed at ROC	Yes
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	No

OPERATIONS:

The turnover of the company is higher at Rs.109.678 Millions as compared to the previous year and profit after tax has risen to Rs.1.484 Millions. This is after providing for depreciation of Rs.0.710 Millions. The company hopes to improve its performance and profits in coming years.

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Bank Guarantees	0.288	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74950KL1998PTC012052
Name of the company	ACE FINEPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Chittoor Road, Pulleppady Junction, Ernakulam, Cochin - 682035, Kerala, India E-mail Id : mfpack@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90019086
Type of charge	Book Debts Movable Property
Particular of charge holder	Indian Bank, M. G. Road Branch, Ernakulam, Cochin – 682035, Kerala, India Email : mgroadekm@indianbank.co.in
Nature of instrument creating charge	1) Agreement of Hypothecation of movables 2) Agreement for open cash credit (stock/bookdebts)
Date of instrument Creating the charge	06.03.2012
Amount secured by the charge	Rs.24.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.5% p.a. over bank rate + tenor premium of 0.50% p.a. (presently 13.75% p.a.) Terms of Repayment Renewable after 1 Year Margin – 25% on stocks and debtors Extent and Operation of the charge Hypothecation of receivables not more than 90 days old and stocks including those stored in the godowns of the company at Pullepady Junction, Chittoor road, Ernakulam, Aranagath Road, Ernakulam and Kadvanthra, Ernakulam Others – Sub Limit - Rs.2.175 Millions for Import L/C and Bank Guarantee Personal guarantee of directors
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of receivables not more than 90 days old and stocks including those stored in the godowns of the company at Pullepady Junction, Chittoor road, Aranagath Road, and Kadvanthra Ernakulam
Date of instrument modifying the charge	16.02.2011
Particulars of the present modification	OCC limit increased from Rs.16.000 Millions to Rs.24.000 Millions

TRADE REFERENCES:

· Powerband Industries Private Limited, Daman, India

· V. Thomas and Company, Kerla, India

FIXED ASSETS:

• Land
• Building
• Plant
• Furniture and Fixtures
• Computer
• Vehicle
• Motor Car
• Office Equipments
• Welding Machinery
• Electrical Equipment

WEBSITE DETAILS:

PROFILE:

Subject an ISO 9001: 2008 Certified Company established in 1988, has transformed packaging into an art in itself. Using innovative technologies backed by a team spirit and a professional sense of commitment towards their clients. Ace Finepack emerged as top notch in the packaging products.

Benefits of doing business with Subject

• Extensive Product Range and Being Always Innovative
• Knowledgeable Professionals
• Large Base Of Installed Equipment/Systems/Packaging Machines
• Supplies Support, Parts + Service Support

At subject problem solving coupled with cost effectiveness is a mission, people at subject achieve this by taking an objective approach to matching its customer needs with proper Packaging materials, Machines, Package Coding/Marking Equipment/Systems and Inks.

Subject mission is to help Industries to mark or identify products and package products through innovative marking equipment/systems/inks and innovative packaging materials, and machines backed-up with timely supplies and after sales service.

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 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.54.85
UK Pound	1	Rs.88.40
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.