MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	KULODAY TECHNOPACK PRIVATE LIMITED
Formerly Known As :	KULODAY PLASTOMERS PRIVATE LIMITED
Registered Office :	25, Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.07.1995
Com. Reg. No.:	11-90795
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U25202MH1995PTC090795
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12625E
PAN No.: [Permanent Account No.]	AAACK3957H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Polythene Bags.
No. of Employees :	220 (Approximately) (Office – 20 and Factory 200)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported fair. Business is active. Payments are reported to be usually correct 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.

INFORMATION PARTED BY

Name :	Ms. Sayli
Designation :	Accounts Head
Contact No.:	91-22-28387113
Date :	17.02.2012

LOCATIONS

Registered Office :	25, Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-28387113/ 14
Fax No.:	91-22-66994884
E-Mail :	info@kuloday.com
Website :	http://www.kuloday.com
Area :	3000 Sq. ft.
Location :	Owned
Factory :	597/ 1B and 644/24, Agrawal Industrial Estate, Opposite Somnath Temple, Dabel, Daman (UT) 396210, India
Tel. No.:	91-260-2243003/ 2243870
E-Mail :	sales@kuloday.com
Area :	15000 Sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Krishna Kumar Prahladrai Chokhani

Designation :

Director

Address :

25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

12.11.1952

Qualification :

BSC

Date of Appointment :

26.09.2001

DIN No :

02795632

Name :

Mr. Arun Kumar Prahladrai Chokhani

Designation :

Director

Address :

25 Sona Udyog Industrial Estate, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

24.06.1961

Qualification :

B. Com

Date of Appointment :

19.07.1995

DIN No :

01718048

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	U28129MH1986PTC041179	KULODAY PACKAGING(INDIA) PVT LTD	Director	29/10/1986	29/10/1986	Active	NO
2	U25202MH1995PTC090795	KULODAY TECHNOPACK PRIVATE LIMITED	Director	19/07/1995	19/07/1995	Active	NO

KEY EXECUTIVES

Name :	Ms. Sayli
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mataji Kulodki	12
Krishna Kumar Prahladrai Chokhani	230988
Arun Kumar Prahladrai Chokhani	218988
Chokhani Geetadevi Prahladrai	12
Pushpadevi Kishankumar Chokhani	152940
Manju Arunkumar Chokhani	210000
Arunkumar Chokhani (HUF)	63000
Chokhani Kishanuamar (HUF) Prahladrai	81000
Anuj Arunkumar Chokhani	135000
Sunil Kishankumar Chokhani	252000
Ankit Arunkumar Chokhani	123000
Ruchita Kishankumar Chokhani	60
Shikha Sunilkumar Chokhani	33000
Total	1500000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Polythene Bags.
Exports :
Products :	Plastic Polythene Bags
Countries :	· UAE · Germany
Imports :
Products :	Raw Materials
Countries :	· Qatar · Germany · Abudhabi
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

220 (Approximately) (Office – 20 and Factory 200)

Bankers :

· Bank of India,

Malad (West) Branch, Opposite Natraj Market, S V Road, Malad (West), Mumbai – 400064, Maharashtra, India

· State Bank of India, JNPT Branch

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(Schedule Bank)
Cash Credit Account	74.123	48.842
Term Loan Account	49.602	37.699
Car Loan Account	0.528	0.845
Total	124.253	87.386
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan From director and Relatives	47.919	32.573
Total	47.919	32.573

Banking Relations :	--
Auditors :
Name :	Banka and Banka Chartered Accountants
Address :	204, B, Anupam Apartments, Opposite Rationing Office, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel No.:	91-22-28896585/ 28831244/ 28813125/ 28829966/ 28829967/ 28829968
Fax No.:	Extension 15
PAN No.:	AAAFB1145R
Email :	info@bankabanka.com bankabanka@rediffmail.com
Website :	http://www.bankabanka.com
Group Companies:	· Kuloday Technopack Private Limited · Kuloday Converters · Kuloday Udyog · Kuloday Packaging (India) Limited · Kuloday Consumer Products

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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		15.000	15.000	2.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.470	7.742	14.753
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.470	22.742	16.853
LOAN FUNDS
1] Secured Loans		124.253	87.386	35.795
2] Unsecured Loans		47.919	32.573	17.365
TOTAL BORROWING		172.172	119.959	53.160
DEFERRED TAX LIABILITIES		4.194	2.654	1.843
TOTAL		202.836	145.355	71.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.146	56.592	29.720
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.675	52.323	16.897
	Sundry Debtors	55.532	42.691	25.221
	Cash & Bank Balances	14.710	10.402	3.670
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.315	25.813	13.868
Total Current Assets		160.232	131.229	59.656
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	45.229	41.497	17.188
	Other Current Liabilities	4.223	0.824	0.000
	Provisions	0.643	0.715	0.832
Total Current Liabilities		50.095	43.036	18.020
Net Current Assets		110.137	88.193	41.636
MISCELLANEOUS EXPENSES		0.053	0.070	0.000
TOTAL		202.836	145.355	71.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	291.365	209.174	172.802
		Other Income	0.488	0.353	0.059
		TOTAL (A)	291.853	209.527	172.861
Less	EXPENSES
		TOTAL (B)	273.601	197.951	165.637
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.252	11.576	7.224
Less	FINANCIAL EXPENSES (D)		7.945	4.530	3.283
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.307	7.046	3.941
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.547	2.659	0.986
	PROFIT BEFORE TAX (E-F) (G)		5.760	4.387	2.955
Less	TAX (H)		2.032	1.397	0.666
	PROFIT AFTER TAX (G-H) (I)		3.728	2.990	2.289
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.743	12.333	10.041
Less	BONUS SHARES ISSUED		0.000	7.580	NA
	BALANCE CARRIED TO THE B/S		11.471	7.743	12.330
	EARNINGS IN FOREIGN CURRENCY		177.990	120.809	87.108
	Earnings Per Share (Rs.)		2.49	5.69	10.90

Expected Sales (2011-12): Rs.400.000 Millions

The above information has been parted by Mr. Sayli.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.28	1.43	1.33
Net Profit Margin (PBT/Sales)	(%)	1.98	2.10	2.01
Return on Total Assets (PBT/Total Assets}	(%)	2.28	2.34	3.88
Return on Investment (ROI) (PBT/Networth)		0.22	0.19	0.21
Debt Equity Ratio (Total Liability/Networth)		8.40	7.28	4.22
Current Ratio (Current Asset/Current Liability)		3.20	3.04	3.31

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
For Goods	32.524	31.211	11.306
For Expenses	12.705	10.286	5.881
Total	45.229	41.497	17.187

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FORM 8:

Corporate identity number of the company	U25202MH1995PTC090795
Name of the company	KULODAY TECHNOPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	25 Sona Udyog Industrialestate Parsi Panchayat, Road Andheri (East), Mumbai – 400069, Maharasahtra, India info@kuloday.com
This form is for	Modification of charge
Charge identification number of the modified	10024318
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of India Malad (West) Branch, Swami Vivekanand Road, Opposite Nataraj Market, Malad (West), Mumbai – 400064, Maharasahtra, India MaladW.MumbaiNorth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental deed of Hypothecation.
Date of instrument Creating the charge	13.10.2011
Amount secured by the charge	Rs.138.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (Stock), CC (BD): 3.25% over BR presently 14% p.a. with monthly rests, EPC/PCFC, FBP/FCBD: As per extant guidelines or at such other rate/s of interest as may be notified by the bank from time to time. Terms of Repayment On Demand. Margin As may be required by the bank from time to time. Extent and Operation of the charge Security in favour of Bank as first charge for due payment of all monies including the principal sums/interest/commission, costs, charges and expenses and all other moneys, whatsoever due owing and payable by the borrower to Bank under or in respect of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and /or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future. Others: Indebtedness and liabilities of borrower to Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs and expenses. Revised Facilities and Limits (Rs. in Millions) :1) CC (Stock) Rs.40.900 Millions 2) CC (Book Debts) Rs.27.500 Millions, Max.(1+2) Rs.40.900 Millions 3) EPC/PCFC Rs.55.000 Millions 4) FBP/FCBD: Rs.55.000 Millions Max. (1 to 4) Rs.55.000 Millions, 5)TL I :Rs.0.900 Millions, 6)TL II:Rs.1.600 Millions, 7) L/C (I/F) Rs.75.000, Millions 8)Bank Guarantee Rs.6.000 Millions, Total: Rs.138.500 Millions
Short particulars of the property charged	a) All tangible movable machineries and plant both present and future b) All tangible movable properties and assets of whatsoever nature (both present and future) at Daman or wherever else c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower
Particulars of the present modification	4th Modification .The principal amount of charge on hypothecated assets is increased from to Rs.109.400 Millions to Rs.138.500 Millions. Revised Facilities and Limits (Rs. in Millions): 1) CC (Stock) Rs.40.900 Millions 2) CC (Book Debts) Rs.27.500 Millions, Max.(1+2) Rs.40.900 Millions, 3) EPC/PCFC Rs.55.000 Millions 4) FBP/FCBD: Rs.55.000 Millions Max. (1 to 4) Rs.55.000 Millions, 5)TL I :Rs.0.900 Million, 6)TL II:Rs.1.600 7) L/C (I/F) Rs.75.000 Millions, 8)Bank Guarantee Rs.6.000 Millions Total: Rs.138.500 Millions

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrification

· Computers

· Motor Car

· Office Furniture

· Capital WIP

· Office Equipment

· Weighting Machine

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.