Business information report

1. Summary Information

		Country	India
Company Name	KESAR IMPEX	Principal Name 1	Mr. Ashok Bhanushali
Status	Satisfactory	Principal Name 2	Mr. Kishor Bhanushali
		Registration #	26000003790
Street Address	S. No. 216/3, Plot No. 11, Canal Road, Dadra, Silvassa – 396230, Dadra And Nagar Haveli, Union Territory
Established Date	22.12.2002	SIC Code	--
Telephone#	91-260-2669168	Business Style 1	Manufacturer
Fax #	91-260-2669299	Business Style 2	--
Homepage	kesar_impex@yahoo.co.in	Product Name 1	HM HDPE
# of employees	126 (Approximately)	Product Name 2	LLDPE
Paid up capital	Rs. 48,514,000/-	Product Name 3	PP Carry Bangs
Shareholders	--	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	9 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Sister Concern	India	Kesar Papers LLP	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	76,923,000	Current Liabilities	10,322,000
Inventories	27,887,000	Long-term Liabilities	95,747,000
Fixed Assets	49,773,000	Other Liabilities	0,000
Deferred Assets	0,000	Total Liabilities	106,069,000
Invest& other Assets	0,000	Retained Earnings	0,000
		Net Worth	48,514,000
Total Assets	154,583,000	Total Liab. & Equity	154,583,000
Total Assets (Previous Year)	123,829,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	161,053,000	Net Profit	10,464,000
Sales(Previous yr)	182,994,000	Net Profit(Prev.yr)	8,090,000

MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	KESAR IMPEX
Registered Office :	S. No. 216/3, Plot No. 11, Canal Road, Dadra, Silvassa – 396230, Dadra And Nagar Haveli, Union Territory
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.12.2002
Com. Reg. No.:	26000003790
Capital Investment / Paid-up Capital :	Rs. 48.514 Millions
IEC No.:	00304090034
PAN No.: [Permanent Account No.]	AAHFK0113H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners.
Line of Business :	Manufacturer of HM HDPE, LLDPE, PP Carry Bangs, Grocery Bags, Shopping Bags, Bags on Roll and various kinds of bags with and without printing.
No. of Employees :	126 (In Office-6 and In Factory-120) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established partnership concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern 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. Kishore Bhanushali
Designation :	Partner
Date :	07.01.2012

LOCATIONS

Registered Office / Factory :	S. No. 216/3, Plot No. 11, Canal Road, Dadra, Silvassa – 396230, Dadra And Nagar Haveli, Union Territory, India
Tel. No.:	91-260-2669168
Mobile No.:	91-9825690990 (Mr. Ashok Bhanushali)
Fax No.:	91-260-2669299
E-Mail :	kesar_impex@yahoo.co.in
Area :	6200 sq.mtr. is land Area and 2100 Sq. mtr. is build up area
Location :	Owned

PARTNERS

Name :	Mr. Ashok Bhanushali
Designation :	Partner
Address :	A/104, Bhanukiran, Near Gunjan Cinema, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	31 years
Qualification :	Under Graduate
Experience :	10 years
Name :	Mr. Kishor Bhanushali
Designation :	Partner
Address :	A/104, Bhanukiran, Near Gunjan Cinema, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	36 years
Qualification :	Diploma in Mechanical Engg.
Experience :	17 years
Name :	Mr. Tarun Bhanushali
Designation :	Partner
Address :	A/104, Bhanukiran, Near Gunjan Cinema, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	29 years
Qualification :	Graduate
Experience :	5 years

BUSINESS DETAILS

Line of Business :	Manufacturer of HM HDPE, LLDPE, PP Carry Bangs, Grocery Bags, Shopping Bags, Bags on Roll and various kinds of bags with and without printing.
Brand Names :	· YASH · KESAR · RUBY · QUALITY
Exports :
Products :	Plastic Bags and Packaging Products
Countries :	· USA · Singapore
Imports :
Products :	· HM HDPE · LLDPE Granules
Countries :	· UAE · Japan · Thailand · Korea · Taiwan

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
HM HDPE, LLDPE, PP Carry Bangs, Grocery Bags, Shopping Bags, Bags on Roll and various kinds of bags with and without printing	MT / Month	500	300

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	126 (In Office-6 and In Factory-120) (Approximately)
Bankers :	Axis Bank Limited, GIDC Vapi, Gujarat, India
Facilities :	Sanction Limit Rs.146.200 Millions Availed Limit Rs. 89.000 Millions (Term Loan, Cash Credit, BG etc)

Banking Relations :	--
Auditors :
Name :	J. V. Vasani and Company Chartered Accountants
Address :	Kakaria’s Excellenza, Royal Fortune Complex, Daman Road, Chala, Vapi-396191, Gujarat, India
Mobile No.:	91-9925042671
E-Mail :	cajvvapi@gmail.com
Sister Concern :	Kesar Papers LLP Address: S. No. 260/3/2, Sheetal Indutrial Estate, Demni Road, Dadra, Silvassa-396230, Union Territory, India Line of Business : Manufacturer of School, Office and Personal Stationery

CAPITAL STRUCTURE

AS ON 31.03.2011

Capital Investment :
Owned :	Rs. 48.514 Millions
Borrowed :	Rs. 95.747 Millions
Total :	Rs. 144.261 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		48.514	35.458	23.636
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.514	35.458	23.636
LOAN FUNDS
1] Secured Loans		68.555	59.443	40.951
2] Unsecured Loans		27.192	18.087	19.266
TOTAL BORROWING		95.747	77.530	60.217
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		144.261	112.988	83.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.773	52.921	46.903
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	2.373	2.661
DEFERREX TAX ASSETS		0.000	0.0000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.887	29.286	35.013
	Sundry Debtors	59.557	27.520	13.107
	Cash & Bank Balances	0.214	1.913	0.054
	Loans & Advances	17.152	9.816	2.752
Total Current Assets		104.810	68.535	50.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.322	10.227	6.871
	Other Current Liabilities		0.000	8.938
	Provisions	0.000	0.614	0.828
Total Current Liabilities		10.322	10.841	16.637
Net Current Assets		94.488	57.694	34.289
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.261	112.988	83.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	161.053	182.994	100.515
		Other Income	0.837	1.278	1.005
		TOTAL	161.890	184.272	101.520
Less	EXPENSES
		Purchase and Direct Expenses	129.748	0.000	0.000
		Cost of Goods Sold	0.000	132.821	70.759
		Manufacturing Expenses	0.000	21.857	9.252
		Administrative, Selling and General Expenses	15.304	8.505	3.554
		TOTAL	145.052	163.183	83.565
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.838	21.089	17.955
Less	FINANCIAL EXPENSES		0.000	6.472	7.324
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.838	14.617	10.631
Less/ Add	DEPRECIATION/ AMORTISATION		6.374	6.527	5.877
	NET PROFIT		10.464	8.090	4.754

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.46	4.39	4.68
Net Profit Margin (PBT/Sales)	(%)	6.50	4.42	4.73
Return on Total Assets (PBT/Total Assets}	(%)	6.77	6.66	4.86
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.20
Debt Equity Ratio (Total Liability/Networth)		2.19	2.49	3.25
Current Ratio (Current Asset/Current Liability)		10.15	6.32	3.06

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

TRADE REFRENCES:

· Primetech Global Corporation

· Edison NJ Baggs Inc

· Edison NJ Superpak Pte Limited, Singapore

· SCG Petrochemicals, Thailand

· Formosa Petrochemicals, Taiwan

· Mitsui Petrochemicals, Japan

· Middle East Petrochemicals Industries, Jebel Ali

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. 52.73
UK Pound	1	Rs. 81.33
Euro	1	Rs. 67.00

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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.