MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	VYANKTESH PLASTICS AND PACKAGINGS PRIVATE LIMITED
Registered Office :	42, Chhota Sarafa, Ujjain – 456006, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.05.1989
Com. Reg. No.:	10-005238
Capital Investment / Paid-up Capital :	Rs.9.689 Millions
CIN No.: [Company Identification No.]	U25232MP1989PTC005238
TAN No.: [Tax Deduction & Collection Account No.]	BPLV00188G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of Corrugated Boxes and Accessories.
No. of Employees :	Not Available

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 230000
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 :	42, Chhota Sarafa, Ujjain – 456006, Madhya Pradesh, India
Tel. No.:	91-734-2527325
Fax No.:	Not Available
E-Mail :	vppl2007@rediffmail.com
Factory :	75/14 Industrial Area, Shop No.1, Maxi Road, Ujjain – 456010, Madhya Pradesh, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mrs. Saroj Bangur

Designation :

Managing Director

Address :

1 Ramkrishna Colony, Ujjain – 456010, Madhya Pradesh, India

Date of Birth/Age :

02.06.1943

Date of Appointment :

24.01.2009

DIN No.:

00774752

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25232MP1989PTC005238	VYANKTESH PLASTICS AND PACKAGINGS PRIVATE LIMITED	Managing director	24/01/2009	1/6/1995	Active	NO
2	U51109MP2004PTC016960	SHRINIWAS CONTAINERS AND CLOSURES PRIVATE LIMITED	Director	17/09/2004	17/09/2004	Active	NO
3	U51909MP1995PTC019206	SWATI COMMERCIAL PRIVATE LIMITED	Director	29/09/2007	18/06/2007	Active	NO
4	U99999MP1993PTC019207	ARPIT PACKAGING PRIVATE LIMITED	Director	25/09/2010	16/06/2008	Active	NO

Name :

Mr. Roop Narayan Jhanwar

Designation :

Director

Address :

99, Gonda Ki Chowki, Budhwariya, Ujjain – 456006, Madhya Pradesh, India

Date of Appointment :

29.09.2007

DIN No.:

00297008

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17122MP1993PTC008006	PADMA POLYTEX INDIA PRIVATE LIMITED	Director	24/03/2000	24/03/2000	Active	NO
2	U17297WB1994PTC064762	KAYVEE POLYESTERS PRIVATE LIMITED	Director	26/12/2005	26/12/2005	Active	NO
3	U25232MP1989PTC005238	VYANKTESH PLASTICS AND PACKAGINGS PRIVATE LIMITED	Director	29/09/2007	16/07/2007	Active	NO
4	U25202MP2008PTC020459	UJJAIN PACKAGING PRIVATE LIMITED	Director	17/03/2008	17/03/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Saroj Bangur	35215
Anand Bangur	1200
Deval N. Shah	700
Ranjeesh Bhatt	280
Vyanktesh Securities Private Limited, India	9000
BABITA GUPTA	500
Anita Bhatt	450
M. Solanki	450
Nilesh shah	675
Arpit Bangur	5000
Balaji Suppliers Private Limited, India	9350
Arpit Packaging Private Limited, India	15350
Anusha Bangur	2600
Kailash Garg	200
Anand Bangur (Karta)	900
Prakash Sharma	850
Rajendra Maru	150
Pramod Solanki	675
Anita Joshi	2575
Sanjay Choudhary	2930
Rajshree Joshi	5160
Atal Rajendra Singh	2680
Total	96890

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	34.78
Directors or relatives of directors	45.43
Other top fifty shareholders	19.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of Corrugated Boxes and Accessories.

Products :

Products Description	Item Code No.
Corrugated Boxes	289101007

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Corrugated Boxes and Accessories	2025 MT	2025 MT	284764 Nos. for consumption of 300294 Kgs o Paper, 39258 Kg of Gum, 9737 Kg of Stitching Wire and Job Work 1004243 Kg.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

Kanthal Branch, Ujjain – 456001, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Punjab National Bank C/C Hypothecation (Stock)	27.109	24.206
Punjab National Bank C/C Hypothecation (Book Debts)	0.000	3.642
Total	27.109	27.848
NOTE: Various working capital facilities from Punjab National Bank are secured by way of hypothecation of inventories, Raw Materials, Work in Process, Finished Goods, Stores and Spares, Book Debts including documentary bills (usance) and Other movable assets and are further secured by extension of charge on land, building both existing and future and hypothecation on plant and machinery. The above mentioned loans and limits are also secured by way personal guarantee of Mrs. Mangla Bangur, Mrs. Saroj Bangur (Director) and Mr. Anand Bangur (Chief Executive)
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Dwarkesh Finance Limited	0.320	0.000
LIC	2.000	2.086
Total	2.320	2.086

Banking Relations :	--
Auditors :
Name :	V. K. Ladha and Associates Chartered Accountants
Address :	36, Kshirsagar Colony, Ujjain – 456006, Madhya Pradesh, India
PAN No.:	AACFV8671N

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96890	Equity Shares	Rs.100/- each	Rs.9.689 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		9.689	9.689	9.689
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.393	44.737	43.893
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.082	54.426	53.582
LOAN FUNDS
1] Secured Loans		27.109	27.848	9.010
2] Unsecured Loans		2.320	2.086	2.000
TOTAL BORROWING		29.429	29.934	11.010
DEFERRED TAX LIABILITIES		1.284	1.343	1.493
TOTAL		87.795	85.703	66.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.138	4.244	4.719
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	9.329	14.254	13.325
	Sundry Debtors	72.319	18.211	52.602
	Cash & Bank Balances	5.381	15.790	9.795
	Other Current Assets	1.624	1.187	1.519
	Loans & Advances	35.140	46.521	0.891
Total Current Assets		123.793	95.963	78.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	37.834	13.472	15.252
	Other Current Liabilities	0.974	0.580	0.842
	Provisions	1.328	0.452	0.672
Total Current Liabilities		40.136	14.504	16.766
Net Current Assets		83.657	81.459	61.366
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		87.795	85.703	66.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	328.598	196.330	216.682
		Other Income		0.000	0.000
		TOTAL (A)	328.598	196.330	216.682
Less	EXPENSES
		Increase/ Decrease in Stock		(0.035)	(0.258)
		Raw Materials Consumption		182.959	202.489
		Payments to Employees		2.932	3.016
		Manufacturing and Other Direct Expenses	322.944	2.809	3.440
		Administrative and Other Expenses		3.753	3.068
		Rates and Taxes		0.574	0.006
		Selling and Distributors		0.091	0.611
		Loss on Sale of Vehicles		0.012	0.057
		TOTAL (B)	322.944	193.095	212.429
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.654	3.235	4.253
Less	FINANCIAL EXPENSES (D)		1.150	1.461	2.062
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.504	1.774	2.192
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.537	0.632	0.661
	PROFIT BEFORE TAX (E-F) (G)		3.967	1.142	1.531
Less	TAX (H)		1.311	0.298	0.613
	PROFIT AFTER TAX (G-H) (I)		2.656	0.844	0.918
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.582	0.738	0.820
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	1.000	1.000
	BALANCE CARRIED TO THE B/S		0.238	0.583	0.738
	Earnings Per Share (Rs.)		27.41	8.71	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.81	0.43	0.42
Net Profit Margin (PBT/Sales)	(%)	NA	0.58	0.71
Return on Total Assets (PBT/Total Assets}	(%)	3.10	1.14	1.85
Return on Investment (ROI) (PBT/Networth)		0.07	0.02	0.03
Debt Equity Ratio (Total Liability/Networth)		1.22	0.82	0.52
Current Ratio (Current Asset/Current Liability)		3.08	6.62	4.66

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number (CIN) or foreign company registration number of the company	U25232MP1989PTC005238
Name of the company	VYANKTESH PLASTICS AND PACKAGINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	42, Chhota Sarafa, Ujjain, Madhya Pradesh, India vppl2007@rediffmail.com
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	--
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank Kanthal Branch, Ujjain – 456006, Madhya Pradesh, India bo0459@pnb.co.in
Nature of instrument creating charge	Letter dated March 30, 2011 in favour of Punjab National Bank thereby creating extension of equitable mortgage on Company's (Guarantor) Land and Building situated at 75/7B Industrial Area Maxi Road Ujjain - 456010 to provide Corporate Guarantee for the repayment of following facilities provided/to be provided by Bank to Shree Packers (MP) Private Limited (Borrower): a. Term Loan of Rs.6.400 Millions b. Cash Credit (Hypothecation) and Book Debts upto Rs.40.000 Millions.
Date of instrument Creating the charge	30.03.2011
Amount secured by the charge	Rs.46.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Not Applicable, being Guarantor Terms of Repayment: Not Applicable, being Guarantor Margin: Not Applicable, being Guarantor Extent and Operations of the charge: Extension of Equitable Mortgage on Company's (Guarantor) Land and Building situated at 75/7B Industrial Area Maxi Road Ujjain - 456010 to provide Corporate Guarantee to secure the repayment of Term Loan of Rs.6.400 Millions and Cash Credit (Hypothecation) and Book Debts upto Rs.40.000 Millions provided to Shree Packers (MP) Private Limited (Borrower)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Extension of Equitable Mortgage on Company's (Guarantor) Land and Building situated at 75/7B Industrial Area Maxi Road Ujjain - 456010

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture

· Vehicles

· Two Wheeler

· Car

· Office Equipment

· Computer

· Tubewell

· Mobile

· Water Cooler

· Air Conditions

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.52

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	NO
--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.