MIRA INFORM REPORT

Report Date :

03.01.2012

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) :	31.03.2011
Date of Incorporation :	03.02.1998
Com. Reg. No.:	09-012052
Capital Investment / Paid-up Capital :	Rs.0.500 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 of Packing Material and Machinery.
No. of Employees :	28 [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 21000
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

INFORMATION PARTED BY

Name :	Mr. Rajesh Bhatt
Designation :	Accounts Manager
Contact No. :	91-484-2353855
Date :	26.12.2011

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 :	No.33, Menods Street, Puraswakkam, Chennai – 600007, India
Tel. No.:	91-44-26430354
E-Mail :	Chennai@mahavirpack.com
Branch Office :	32, Lakshmi Bhavan, Sindhi Society, S. T. Road, Chembur, Mumbai – 400071, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Jayakumar Sivasankaradas

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. Jayashree Jayakumar

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

KEY EXECUTIVE

Name :	Mr. Rajesh Bhatt
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
P. K. Sivasanakaradas	2000
S. Jayakumar	35000
B Jayashree	13000
Total	50000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Trader of Packing Material and Machinery.
Products :	Carton Sealing Machines Coding Machines Shrink Packing Machines Strapping Machines Band Sealers Tray Wrapping Sealers, etc.
Imports :
Products :	Raw Materials
Countries :	China U.K.
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers
• End Users

No. of Employees :

28 [Approximately]

Bankers :

• Indian Bank, M. G. Road Branch, Ernakulam, Cochin – 682035, Kerala, India
• HDFC Bank
• Standard Chartered Bank
• State Bank of Travancore

Facilities :

Secured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Loan from Directors :
Secured by first charge of all the movable Assets and stocks of the company
Indian Bank (OCC 1883)	11.002	10.309
Indian Bank Own Shop Loan	2.735	3.475
Vehicle Loan- Indian Bank	0.834	1.038
Godown Loan – Indian Bank	0.744	0.953
Total	15.315	15.775

Unsecured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Loan from Directors :
P. K.Sivosonkorodos	1.479	0.598
B. Joyosree	4.549	3.853
S. Jayakumar	3.821	2.666
Loan from Others:
Annanadavally	0.189	0.189
S. Bhanumathi	0.099	0.143
Career Build	0.279	0.279
Mahavir Services	0.131	0.131
HDFC Loan	0.249	0.204
Others	0.000	0.480
Total	10.796	8.543

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 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- Each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- Each	Rs.0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.903	3.569	2.423
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.403	4.069	2.923
LOAN FUNDS
1] Secured Loans		15.315	15.775	15.515
2] Unsecured Loans		10.796	8.543	9.833
TOTAL BORROWING		26.111	24.318	25.348
DEFERRED TAX LIABILITIES		0.140	0.106	0.088
TOTAL		31.654	28.493	28.359
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.731	9.915	10.331
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	10.550	10.707	10.594
	Sundry Debtors	20.832	14.489	13.532
	Cash & Bank Balances	0.873	0.777	0.428
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.070	0.765	1.399
Total Current Assets		33.325	26.738	25.953
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.559	6.902	7.063
	Other Current Liabilities	1.843	1.258	0.862
	Provisions	0.000	0.000	0.000
Total Current Liabilities		11.402	8.160	7.925
Net Current Assets		21.923	18.578	18.028
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.654	28.493	28.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		100.155	86.782	76.892
Less	EXPENSES
		Office Expenses
		Administrative Expenses	97.441	84.272	74.943
		Advertising Expenses
		TOTAL	97.441	84.272	74.943
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.714	2.510	1.949
Less/ Add	DEPRECIATION/ AMORTISATION		0.698	0.820	0.620
	PROFIT BEFORE TAX		2.016	1.690	1.329
Less	TAX		0.683	0.544	0.462
	PROFIT AFTER TAX		1.333	1.146	0.867
	IMPORT		15.278	9.225	6.925
	Earnings/[Loss] Per Share (Rs.)		26.67	-	-

Expected Sales (2011-2012) : Rs.130.000 millions

The above information has been parted by Mr. Rajesh Bhatt [Account Manager].

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.33	1.32	1.13
Net Profit Margin (PBT/Sales)	(%)	2.01	1.95	1.73
Return on Total Assets (PBT/Total Assets}	(%)	4.68	4.61	3.66
Return on Investment (ROI) (PBT/Networth)		0.37	0.41	0.45
Debt Equity Ratio (Total Liability/Networth)		6.94	7.98	11.38
Current Ratio (Current Asset/Current Liability)		2.92	3.28	3.27

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters 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 the business	No
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

OPERATIONS:

The turnover of the company is higher at Rs.100.155 Millions as compared to the previous year and profit after tax has risen to Rs.1.333 Millions. This is after providing for depreciation of Rs.0.698 Millions. The company hopes to improve its performance and profits in coming years.

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
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	16.02.2011
Amount secured by the charge	Rs.16.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – 14% BR 9.5+4+0.5 Terms of Repayment - subject to review after 1 year Margin – 25% on stocks and debtors 10% for LC 25% for guarantee 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.2175 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	20.11.2009
Particulars of the present modification	OCC limit increased from Rs.13.000 millions to Rs.16.000 millions

Name of the company	ACE FINEPACK PRIVATE LIMITED
Presented By	Mr. Jayakumar S. , Managing Director
1) Date and description of instrument creating the change	21.03.2003 1) Agreement of Hypothecation of Movable. 2) Agreement of open cash credit
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.100 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	1) First charge by way of Hypothecation of goods, produce, merchandise, stock stored or to be stored from time to time in the premises at Chittoor Road, Cochin – 682035 and/or wherever stored from time to time. 2) Book debts, outstanding monies, receivable claims, bills, contracts engagements, securities, investments, right and assets as more fully described in schedule II, these being book debts, receivable and other claims.
4) Gist of the terms and conditions and extent and operation of the charge.	1) Personal guarantee of all the directors. 2) Interest payable @ 11.75 % p.a. 3) Margin @ 15% on stocks.
5) Name and Address and description of the person entitled to the charge.	Indian Bank, M. G. Road, Ernakulam, Cochin – 682035, Kerala, India
6) Date and brief description of instrument modifying the charge	1) 03.12.2004, Agreement for open cash credit stock/book debt. 2) 03.12.2004, Agreement of hypothecation movable.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The cash credit facility increased from Rs.1.000 Million to Rs.2.100 Million by adhoc increase of 1.000 Million upto 31.03.2005 with interest @ 15% p.a. and margin 15% p.a. with existing securities under same terms and conditions.

This form is for	Modification of charge
Charge identification number of the modified	90019086
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 mfpack@vsnl.com
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Indian Bank, M. G. Road Branch, Ernakulam, Cochin – 682035, Kerala, India ibmgroad@dataone.in
Nature of description of the instrument creating or modifying the charge	1) Agreement of Hypothecation of movables 2) Agreement for Open Cash Credit (Stock/Book debts) for Rs.13.000 Millions 3) Counter guarantee 4) Agreement for hypothecation of goods received under advance payment guarantees / LCs
Date of instrument Creating the charge	20/11/2009
Amount secured by the charge	Rs.13.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: On OCC, BPLR presently 12% Terms of Repayment: 1) OCC renewed 2) Term loan in 84 monthly installments Margin: 1) 15 % on OCC 2) Import LC 10% 3) Guarantee 25% 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 and Arangath Road, Ernakulam. Others: Personal guarantee of directors.
Short particulars of the property charged	Hypothecation of receivables and stocks including those stored in the godowns of the company at Pullepady Junction, Chittoor Road, Ernakulam and Arangath Road, Ernakulam.
Date of latest modification prior to the present modification	19/12/2008
Particulars of the present modification	1) The OCC limit increased from Rs.10.675 Millions to 13.000 Millions

Fixed Assets:

• Land
• Building
• Computer
• Vehicle
• Motor Car
• Furniture
• 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 Ace Finepack

• 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.

Ace Finepack 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 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.53.29
UK Pound	1	Rs.82.66
Euro	1	Rs.68.90

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.