MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	RAINBOW PACKAGING PRIVATE LIMITED
Registered Office :	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-S, Ahmedabad-382213, Gujarat, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.02.1986
Com. Reg. No.:	04-008506
Capital Investment / Paid-up Capital :	Rs.12.236 Millions
CIN No.: [Company Identification No.]	U25200GJ1986PTC008506
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00242R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Drums and Polyethylene Films.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000
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.

INFORMATION PARTED BY

Name :	Mr. Anil
Designation :	Accounts Manager
Contact No.:	91-2717-251154
Date :	17.02.2012

LOCATIONS

Registered Office / Factory :	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-S, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-2717-251154/251151 to 3
Fax No.:	91-2717-251151/2/3/251154
E-Mail :	info@rpplindia.com pcschirag@rediffmail.com ravi@ravics.com rpplindia@yahoo.com
Website :	http://www.rpplindia.com
Area :	5389 Sq. Ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Gautam R Makwana

Designation :

Director

Address :

8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park, Ahmedabad, Gujarat, India

Date of Birth/Age :

01.12.1973

Qualification :

Graduate

Date of Appointment :

19.04.2004

Din No.:

00175351

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	U17110GJ1988PTC010497	S B FIBRES PRIVATE LIMITED	Director	04-03-03	04-03-03	Active	NO
2	U25200GJ1986PTC008506	RAINBOW PACKAGING PRIVATE LIMITED	Director	19-01-04	19-01-04	Active	NO

Name :

Mrs. Nividita Mukeshkumar Makwana

Designation :

Director

Address :

8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park, Ahmedabad, Gujarat, India

Date of Birth/Age :

08.05.1972

Qualification :

Engineer

Date of Appointment :

30.09.2009

Din No.:

02588383

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	U25200GJ1986PTC008506	RAINBOW PACKAGING PRIVATE LIMITED	Director	30-09-09	21-01-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vidhi G Makwana	2425
Rajeshkumar R Makwana	6461
Maniben H Chauhan	500
Nividita Mukeshkumar Makwana	22426
Pollyben C Makwana	481
Pratik M Solanki	5948
Laxmiben Shamjibhai Parmar	200
Mohanbhai B Solanki	919
Kirtiben M Solanki	1900
Gautam R Makwana	31164
Motiben Pethabhai	500
Sterling Enterprise Limited	1
Sethlal D Makwana	670
Manjuben J Makwana	670
Natwarlal G Solanki	650
Savitaben N Solanki	650
Binaben Bhanuprasad	670
B.B. Fibre Private Limited	14275
Minaxiben Makwana	7850
V.J. Zala	1
Gulabben V. Zala	1
Dhaval H Parmar	1
Nividita Mukeshkumar Makwana	24000
Total	122363

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	11.67
Other top fifty shareholders	88.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Drums and Polyethylene Films.
Products :	· Multilayer Blown Polyethylene Films · HDPE Barrels · HDPE Films · LDPE Films · PP Films · PVC Materials · Polyester Films · Polythene Films · Plastic Raw Materials · Plastic Granules
Exports :
Products :	Plastic Drums and Polyethylene Films
Countries :	· European Country
Imports :
Products :	Raw Materials
Countries :	· Middle East · USA · Europe
Terms :
Selling :	L/C
Purchasing :	L/C [Against document]

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Film	MT	4800
Barrel	MT	900

ACTUAL PRODUCTION:

Particulars	Unit	Actual Production
Polyethylene Film	MT	1999.957
Polyethylene Waste	MT	122.02
Barrel	MT	422.09

GENERAL INFORMATION

Customers :

Wholesalers and Others [Manufacturer]

No. of Employees :

100 [Approximately]

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Navrangpura, Ahmedabad-380006, Gujarat, India
• Bank of Maharashtra, Ashram Road Branch, Ashram Road, Ahmedabad-380009, Gujarat, India
• HDFC Bank, Marung Para, Ahmedabad, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks
Cash Credit	71.159	59.390
Term Loan	3.246	6.412
HDFC Vehicles Loan	0.862	0.000
Total	75.267	65.802
Unsecured Loan
From Shareholders and Body Corporate	42.256	24.415
Total	42.256	24.415

Banking Relations :	--
Financial Institution:	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai-400031, Maharashtra, India
Auditors :
Name :	Surana Maloo and Company Chartered Accountants
Address :	4^th Floor, Shaival Plaza, Near Gujarat College Road, Ellisbridge, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26420336/7/9
Fax No.:	91-79-26424100
Pan No.:	AEGPN8667P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122363	Equity Shares	Rs.100/- each	Rs.12.236 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		12.236	7.436	7.436
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.196	29.975	26.439
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.432	37.411	33.875
LOAN FUNDS
1] Secured Loans		75.267	65.802	75.605
2] Unsecured Loans		42.256	24.415	24.819
TOTAL BORROWING		117.523	90.217	100.424
DEFERRED TAX LIABILITIES		8.321	5.612	5.204
TOTAL		177.276	133.240	139.503
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.631	44.851	37.849
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	34.918	14.965	20.134
	Sundry Debtors	97.406	78.105	70.558
	Cash & Bank Balances	9.651	0.278	3.801
	Other Current Assets	0.014	0.021	2.465
	Loans & Advances	26.071	16.982	18.267
Total Current Assets		168.060	110.351	115.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.408	20.320	13.037
	Other Current Liabilities	3.484	1.245	0.000
	Provisions	1.523	0.406	0.553
Total Current Liabilities		53.415	21.971	13.590
Net Current Assets		114.645	88.380	101.635
MISCELLANEOUS EXPENSES		0.000	0.009	0.019
TOTAL		177.276	133.240	139.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	482.657	342.800	315.263
		Other Income	3.111	6.195	4.245
		TOTAL (A)	485.768	348.995	319.508
Less	EXPENSES
		Cost of Materials Consumed	425.359	296.193	277.286
		Manufacturing Expenses	43.021	18.969	15.960
		Employee Cost	4.406	4.317	2.428
		Administrative, Selling and Distributions Expenses	5.000	7.043	5.184
		Increase / Decrease in Stocks	(12.996)	3.595	0.000
		Prior Period Items	0.000	0.000	0.202
		TOTAL (B)	464.790	330.117	301.060
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.978	18.878	18.448
Less	FINANCIAL EXPENSES (D)		11.080	10.205	11.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.898	8.673	7.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.482	2.828	2.500
	PROFIT BEFORE TAX (E-F) (G)		6.416	5.845	4.565
Less	TAX (H)		2.893	2.309	1.216
	PROFIT AFTER TAX (G-H) (I)		3.523	3.536	3.349
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.343	14.807	0.000
Add	EXCESS OF PRIOR PERIOD PROVISION		0.957	0.000	0.000
	BALANCE CARRIED TO THE B/S		22.823	18.343	3.349
	IMPORTS		NA	70.148	22.757
	EARNINGS IN FOREIGN CURRENCY		NA	1.099	0.000
	Earnings Per Share (Rs.)		28.79	47.55	--

Expected Sales (2011-12) : Rs.550.000 Millions.

The above information has been parted by Mr. Anil.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.73	1.01	1.05
Net Profit Margin (PBT/Sales)	(%)	1.33	1.70	1.45
Return on Total Assets (PBT/Total Assets}	(%)	2.78	3.77	2.98
Return on Investment (ROI) (PBT/Networth)		0.12	0.16	0.13
Debt Equity Ratio (Total Liability/Networth)		3.32	3.00	3.37
Current Ratio (Current Asset/Current Liability)		3.15	5.02	8.48

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Sundry Creditors For Goods	44.616	17.052	9.702
Sundry Creditors For Expenses and Others	3.792	3.268	3.335
Total	48.408	20.320	13.037

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL RESULTS:

During the year the company has earned a profit of Rs.3.523 millions as compared to profit of Rs.3.536 millions for the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10176958
Corporate identity number of the company	U25200GJ1986PTC008506
Name of the company	RAINBOW PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-S, Ahmedabad-382213, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Maharashtra, Ashram Road Branch, Ashram Road, Ahmedabad-380009, Gujarat, India
Email	bom773@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Deed of Simple Mortgage by Borrower and Guarantor to secure Credit Facilities and Term Loan.
Date of instrument Creating the charge	25.07.2011
Amount secured by the charge	Rs.164.150 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest In Cash Credit-Base Rate+ 5.50% i.e. presently 15.00% p.a. with monthly interest, Import LC Facility - As per C.O. guidelines, New T/ L- Base Rate + 5.50% presently 15.00% p.a. T/L I and II-as applied. Terms of Repayment Cash Credit - on demand Import letter Of Credit-90 days New Term Loan- Entire loan to be repaid within 5 years including moratorium period Term Loan-I -Rs.0.412 million per quarter with immediate effect co - terminus with terms of SBI term Loan-II- Rs.0.175 Million per quarter with immediate effect co - terminus with terms of SBI Margin Cash Credit-25% Bank Favour Import Letter of Credit- 25% New Term Loan-Nil Term Loan I- 25% Term Loan II-25% Extent and Operation of the charge To cover entire credit facilities granted by the Bank
Short particulars of the property charged	All that piece and parcels of Non-Agricultural Land situate, Lying and being at Mouje Changodar Taluka Sanand bearing Block No. 355 Palki 4 (Old Revenue Survey No. 285) Paiki Sub-Plot No. 15/B Admeasuring 5389 Sq. Mtrs. together with Construction of Factory Building and Godown in the Registration District, Ahmedabad and Sub District, Sanand at Ahmedabad Together with the buildings and structures constructed to/to be constructed thereon and all the fixed P/M and fixture.
Date of latest modification prior to the present modification	17.07.2011
Particulars of the present modification	By this modification CC Limit is enhanced to Rs.96.000 Millions, Import Inland L/C enhanced to Rs.45.000 Millions. Bank has also granted fresh Term loan of Rs.15.400 Millions. Entire break up of Facilities granted are as follow:- 1. Cash Credit-Rs 21.000 Millions, 2. Import L/C - Rs.30.000 Millions, 3.New T/L-Rs.15.400 Millions, 4.T/L -I- 4.950 Millions and T/L- II- 2.800 Millions.

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Electric Installations
• Furniture
• Office Equipments
• Computer
• Motor Car
• 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 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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.48

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	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		46

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.