MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	KAMAKSHI FLEXIPRINTS PRIVATE LIMITED
Registered Office :	42, Changodar Industrial Estate, Sarkhej-Rajkot Highway, Changodar, Taluka Sanand, District Ahmedabad-382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.07.1994
Com. Reg. No.:	04-022457
Capital Investment / Paid-up Capital :	Rs.10.300 Millions
CIN No.: [Company Identification No.]	U25200GJ1994PTC022457
TAN No.: [Tax Deduction & Collection Account No.]	AHMK00338C
PAN No.: [Permanent Account No.]	AAACK8773B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Packaging Material.
No. of Employees :	52 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 DECLINED BY

Name :	Mr. Narendra Madanlal Goel
Designation :	Director
Contact No.:	91-9825608081
Date :	17.02.2012

LOCATIONS

Registered Office/Factory :	42, Changodar Industrial Estate, Sarkhej-Rajkot Highway, Changodar, Taluka Sanand, District Ahmedabad-382213, Gujarat, India
Tel. No.:	91-2717-250140
Mobile No.:	91-9825608081 (Mr. Narendra Dhupar)
Fax No.:	91-2717-250540
E-Mail :	narendra@kamakshiflexiprints.com
Website :	www.kamakshiflexiprints.com
Area :	3085 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Harish Surendrakumar Goel

Designation :

Director

Address :

A-9/104, Goyal Intercity, Near Drivein – Cinema, Thaltej, Ahmedabad, Gujarat, India.

Date of Birth/Age :

14.10.1969

Qualification :

BSC

Date of Appointment :

11.07.1994

Din No.:

00586207

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	U25200GJ1994PTC022457	KAMAKSHI FLEXIPRINTS PRIVATE LIMITED	Director	11-07-94	11-07-94	-	Active	NO
2	U73200GJ2010PTC060272	ORCHID MEDISERVICES AND RESEARCH PRIVATE LIMITED	Director	15-04-10	15-04-10	31-08-10	Active	NO

Name :

Mr. Surendra Ratanlal Goel

Designation :

Director

Address :

A-9/104, Goyal Intercity, Near Drivein – Cinema, Thaltej, Ahmedabad, Gujarat, India.

Qualification :

B.Com

Date of Appointment :

10.12.1995

Din No.:

00513864

Name :

Mr. Narendra Madanlal Goel

Designation :

Director

Address :

A/301, Ayodhya Apartment, Near Ashwamegh Banglow – 3, Satellite, Ahmedabad – 380015, Gujarat, India

Qualification :

B.Com

Date of Appointment :

20.04.2008

Din No.:

00104123

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	U65910RJ1995PLC034694	IDEAL FISCAL SERVICES LIMITED	Director	23-02-95	23-02-95	06-12-10	Active	NO
2	U67120MH1995PTC089129	NARESH SECURITIES PRIVATE LIMITED	Director	31-07-02	31-07-02	-	Active	NO
3	U65990GJ1982PTC004955	KABRA INVESTMENT PRIVATE LIMITED	Director	14-05-05	14-05-05	15-07-11	Active	NO
4	U25209GJ2002PTC041156	EVERPLUS PLASTICS PRIVATE LIMITED	Director	14-05-05	14-05-05	11-08-08	Active	NO
5	U65910GJ1995PTC024751	EVERPLUS FINANCE AND INVESTMENT PRIVATE LIMITED	Director	07-08-06	07-08-06	-	Active	NO
6	U24299GJ2005PTC046874	TRIFLEX INK PRIVATE LIMITED	Director	01-02-07	01-02-07	15-11-11	Active	NO
7	U74900GJ2007PTC050473	GURUDEV CONSULTANCY PRIVATE LIMITED	Director	17-12-07	17-12-07	-	Active	NO
8	U45201GJ2008PTC053067	GURUDEV REALTY PRIVATE LIMITED	Director	27-02-08	27-02-08	-	Active	NO
9	U25200GJ1994PTC022457	KAMAKSHI FLEXIPRINTS PRIVATE LIMITED	Director	06-04-08	06-04-08	-	Active	NO
10	U17120GJ2008PTC055045	PADMAVATI FABRITEXT PRIVATE LIMITED	Director	22-09-10	26-07-10	-	Active	NO

Name :

Mr. Rajesh Jagdishprasad Tibrewal

Designation :

Director

Address :

C-3, Mantrana Society, B/H LD Eng Collage, Near Jhanvi Restaurant, Navrangpura, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

15.06.1967

Date of Appointment :

22.04.2010

Din No.:

00145623

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	U24110GJ1981PTC004378	GUJARAT DYESTUFF INDUSTRIES PRIVATE LIMITED	Director	06-11-97	06-11-97	-	Active	NO
2	U25200GJ1994PTC022457	KAMAKSHI FLEXIPRINTS PRIVATE LIMITED	Director	30-09-10	22-04-10	01-10-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harish Surendrakumar Goel	95410
Vinodkumar R Mittal	47350
Anilkumar R Mittal	53850
Yogeshkumar R Agrawal	4000
Ramesh K Chandra Agrawal	4000
Surendra Ratanlal Goel	57900
Latatrani S Goel	41960
Divyarani H Goel	229070
Deepa S Goel	10980
Renuka Agrawal	4000
Asha Vinodkumar Agrawal	12010
Shalini Govindsharan Agrwal	6000
Gallant Impex Private Limited, India	74800
Swatantra Veer Gupta	20002
Jyoti Dhupar	20002

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	14.82
Directors or relatives of directors	62.67
Other top fifty shareholders	22.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Flexible Packaging Material.

Products :

Product Description	Item Code
Flexible Packing Materials	392010.01

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
3 layer Co-Extruded Polythin Film	MT	2447
Printed and Laminated Plastic Co-Extruded Films/Products	MT	2533

Actual Production:

Particulars	Actual Production
Own Production:
Plastic Film Roll [IN MT]	1231
Bags and Pouches [Nos. in Thousand]	15025
Job Production:
Plastic Film Roll [IN MT]	61
Bags and Pouches [Nos. in Thousand]	0

GENERAL INFORMATION

No. of Employees :

52 [Approximately]

Bankers :

· Bank of Baroda, Ashram Road Branch, Ashram Road, Ahmedabad-380009, Gujarat, India

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Small Industries Development Bank of India
Term Loan [These facilities are secured by first charge on entire fixed assets of the company including plant and machinery and second charge on the current assets and personal guarantee of directors of the company, as stipulated amount repayable within one year Rs.4.560 millions]	40.560	48.095
Working Capital Term Loan [These facilities are secured by first charge on entire fixed assets of the company including plant and machineries and second charge on the current assets and personal guarantees of directors of the company as stipulated amount repayable within one year Rs. Nil]	0.000	2.215
From HDFC Bank Limited [Secured by hypothecation of car and personnel guarantee of director as stipulated amount repayable within one year Rs.0.450 million]	0.899	0.770
From Bank of Baroda
Cash Credit	47.605	49.844
Buyer Credit / Acceptances Under LC [Secured by hypothecation of raw materials, work in process, finished goods, stores and spares, packing materials and book debts and second charge over fixed assets and personal guarantee of directors of the company]	9.481	0.000
Total	98.545	100.924
Unsecured Loan
From Directors and Shareholders	5.083	3.799
Subordinate Debt SIDBI	6.000	0.000
Optionally Convertible Subordinate Debt SIDBI	10.000	10.000
Total	21.083	13.799

Banking Relations :	--
Auditors :
Name :	Agrawal and Mandowara Chartered Accountants
Address :	709, Hemkoot Complex, Opposite Nehru Bridge, Ashram Road, Ahmedabad-380009, Gujarat, India
Pan No.:	ADMPM4331K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030000	Equity Shares	Rs.10/- each	Rs.10.300 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		10.300	10.300	10.300
2] Share Application Money		1.600	3.500	2.800
3] Reserves & Surplus		32.281	31.273	28.223
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.181	45.073	41.323
LOAN FUNDS
1] Secured Loans		98.545	100.924	62.971
2] Unsecured Loans		21.083	13.799	11.960
TOTAL BORROWING		119.628	114.723	74.931
DEFERRED TAX LIABILITIES		5.397	5.467	3.764
TOTAL		169.206	165.263	120.018
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.787	88.387	40.115
Capital work-in-progress		0.000	0.000	7.370
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.031	33.935	26.049
	Sundry Debtors	30.670	44.033	35.786
	Cash & Bank Balances	3.727	2.742	4.385
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.313	17.053	25.846
Total Current Assets		100.741	97.763	92.066
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.718	16.260	18.005
	Other Current Liabilities	0.164	2.658	0.104
	Provisions	1.440	2.081	1.650
Total Current Liabilities		16.322	20.999	19.759
Net Current Assets		84.419	76.764	72.307
MISCELLANEOUS EXPENSES		0.000	0.112	0.226
TOTAL		169.206	165.263	120.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	222.133	231.915	160.881
		Other Income	1.202	1.327	1.630
		TOTAL (A)	223.335	233.242	162.511
Less	EXPENSES
		Raw Materials Consumed and Purchases	183.382	192.334	133.249
		Manufacturing Expenses	15.872	15.746	12.628
		Payments to and Provisions for Employee	4.413	3.864	3.171
		General, Administrative and Selling Expenses	12.382	14.122	10.400
		Increase / Decreases in Stocks	(10.517)	(5.848)	(6.261)
		TOTAL (B)	205.532	220.218	153.187
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.803	13.024	9.324
Less	FINANCIAL EXPENSES (D)		11.264	7.282	5.101
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.539	5.742	4.223
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.600	1.405	2.437
	PROFIT BEFORE TAX (E-F) (G)		0.939	4.337	1.786
Less	TAX (H)		(0.070)	1.723	0.771
	PROFIT AFTER TAX (G-H) (I)		1.009	2.614	1.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.520	5.471	4.456
	MAT CREDIT OF EARLIER YEARS		0.000	0.435	0.000
	EARNINGS IN FOREIGN CURRENCY		0.000	0.419	0.199
	IMPORTS		31.442	34.965	NA
	BALANCE CARRIED TO THE B/S		9.529	8.520	5.471
	Earnings Per Share (Rs.)		0.98	2.54	1.28

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.45	1.12	0.62
Net Profit Margin (PBT/Sales)	(%)	0.42	1.87	1.11
Return on Total Assets (PBT/Total Assets}	(%)	0.51	2.33	1.35
Return on Investment (ROI) (PBT/Networth)		0.02	0.10	0.04
Debt Equity Ratio (Total Liability/Networth)		3.07	3.01	2.29
Current Ratio (Current Asset/Current Liability)		6.17	4.66	4.66

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
Creditors For Goods	12.420	13.322	14.932
Creditors For Expenses	0.663	0.785	1.172
Creditors For Capital Expenditure	0.732	0.354	1.901
Creditors For Cylinders	0.903	1.799	0.000
Total	14.718	16.260	18.005

OPERATIONS:

The year has seen consolidation of operations by the company. The company has focused on developing laminates sales and rationalize the Polyfilm Sales. As a result for the same, despite marginal reduction in the income from operations, the company has achieved higher PBIDT of Rs.17.803 millions in the year against Rs.13.024 millions in the previous year, an increase of 36.69%. The directors expect a robust growth in sales and profitability in the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90099861
Corporate identity number of the company	U25200GJ1994PTC022457
Name of the company	KAMAKSHI FLEXIPRINTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	42, Changodar Industrial Estate, Sarkhej-Rajkot Highway, Changodar, Taluka Sanand, District Ahmedabad-382213, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Ashram Road Branch, Ashram Road, Ahmedabad-380009, Gujarat, India
Email	ashram@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Memorandum of deposit of title deeds
Date of instrument Creating the charge	09.01.2012
Amount secured by the charge	Rs.70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment On Demand Margin As Per Agreement Extent and Operation of the charge The charge modified from Rs.54.000 millions to Rs.70.000 millions by enhancing limit of Rs.16.000 millions memorandum of deposit of title deeds.
Short particulars of the property charged	All those piece and parcel of land bearing plot no. 42 comprised in Blok no. 388. Situate at Mouje Changodar village, Ta. Sanad, dist. Ahmedabad adm. 1485 sq. mtrs All those piece and parcel of land bearing plot no. 42(p) comprised in Blok no. 388. Situate at Mouje Changodar village, ta. Sanad, dist. Ahmedabad adm. 1086.07 sq. mtrs
Particulars of the present modification	The charge modified from Rs.54.000 millions to Rs.70.000 millions by enhancing limit of Rs.16.000 millions memorandum of deposit of title deeds by way of second charge over immovable properties of the company.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Vehicles
• Furniture and Fixtures
• Computer
• Office Equipment

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	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		34

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.