MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	STANDARD CARTONS PRIVATE LIMITED
Registered Office :	679/1 and 690, Devli Village, Nai Basti, New Delhi-110062
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.02.1999
Com. Reg. No.:	55-098283
Capital Investment / Paid-up Capital :	Rs.2.649 Millions
CIN No.: [Company Identification No.]	U21022DL1999PTC098283
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier of Duplex Cartons, Corrugated Boxes, Off-set Printing of Books, Periodicals and Catalogues, Publicity Materials, etc and Other Packaging Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 63000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, 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 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

LOCATIONS

Registered Office :	679/1 and 690, Devli Village, Nai Basti, New Delhi-110062, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rocdak@gmail.com
Factory :	Plot No. 15-16/2, 16/3-17-/1, Sector 35, Phase VII, HSIDC Udyog Vihar, (Begampur Khatola), Gurgaon-122001, Narsingpur, Haryana, India
Tel. No.:	91-124-4113308/43388862
Fax No.:	91-124-4113310
E-Mail :	standardcartonspvtltd@rediffmail.com info@standardcartonsindia.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Vijay Bhaskar

Designation :

Director

Address :

R/O 323, Narmada Apartments, Alaknanda, Kalka Ji, New Delhi-110019, India

Date of Birth/Age :

14.04.1959

Date of Appointment :

08.02.1999

Din No.:

00907927

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U21022DL1999PTC098283	STANDARD CARTONS PRIVATE LIMITED	Director	08/02/1999	08/02/1999	Active	NO
2	U25202DL2008PTC173605	V A CARTONS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	Active	NO

Name :

Raka Bhaskar

Designation :

Director

Address :

R/O 323, Narmada Apartments, Alaknanda, Kalka Ji, New Delhi-110019, India

Date of Birth/Age :

01.03.1961

Date of Appointment :

08.02.1999

Din No.:

01016187

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vijay Bhaskar	77794
Raka Bhaskar	149579
Neha Bhaskar	20000
Richa Bhaskar	17500
Total	264873

As on 15.10.2011

Names of Allottees	No. of Shares
Mayank Bhaskar	673000
Raka Bhaskar	450000
Neha Bhaskar	20000
Richa Bhaskar	20000
Pashupati Nath Paper Convertor, India	50000
Total	1213000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier of Duplex Cartons, Corrugated Boxes, Off-set Printing of Books, Periodicals and Catalogues, Publicity Materials, etc and Other Packaging Materials.

GENERAL INFORMATION

Customers :

· Auto Mobile Sector

· Honda Motor cycles Scooter India Private Limited

· Honda Siel Cars India Limited

· GKN Drivelines India Limited (Maruti Udyog Limited. Concern)

· Musashi Auto Parts Private Limited

· Sona Okegawa Precision Forgings Limited

· Eicher Tractors Limited, Faridabad

· Escorts Tractors Limited,

· Escorts Construction Equipments Limited

· Fiat India Limited

· Unipatch Rubber Limited

· Bright Autoplasts Private Limited

· Mahle Filter Systems India Limited

· Terex Vectra

No. of Employees :

Not Available

Bankers :

State Bank of Hyderabad, Commercial Branch, 74, Janpath, New Delhi-110001, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
SBH C/C A/C	10.223	6.435
SBH Term Loan New	2.002	1.727
SBH Term Loan A/C	2.537	2.963
Riico Limited	11.982	0.000
Loan against vehicles	2.455	2.580
Total	29.199	13.705
UNSECURED LOAN
From Financial Institutions
India Bulls Financial Services	0.905	1.788
Intec Security	4.001	3.324
Megma Finance Limited	0.970	1.775
Standard Chartered Bank Lan-470804092	1.077	0.000
From Others
Asra Overseas	0.050	0.050
Baba Packaging Industry	0.807	0.535
D.K. Singh	0.050	0.050
Krishna Gupta	0.100	0.100
Manmohan Kumar	0.100	0.100
Ajay Bhaskar	0.115	0.115
Y.K. Gupta	0.700	0.700
Kusum Aggarwal	0.042	0.042
Paramanand Singh	0.050	0.050
Ram Bhagat	0.079	0.079
Shree Mohan Jha	0.100	0.100
Unipack	0.988	0.988
Vashisht Finance Private Limited	0.000	1.000
Richa Aggarwal	0.323	0.405
Ruchi Gupta	0.250	0.250
Rakesh Gupta	0.150	0.150
Master Khanna	0.300	0.300
Sunil Kr Gupta	0.362	0.000
Total	11.519	11.901

Banking Relations :	--
Financial Institution :	Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi-110019, India
Auditors :
Name :	Praveen Aggarwal and Company Chartered Accountants
Address :	Flat No. 257, DDA Commercial Complex – I, Cycle Market, Jhandewalan Extension, New Delhi-110055, India
Tel. No.:	91-11-23526495/43525470 [Office] 91-11-25746006/25730396 [Residential]
Fax No.:	91-11-23548424
E-Mail :	pkagg123@gmail.com
Pan No.:	AAEEP9238M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
264873	Equity Shares	Rs.10/- each	Rs.2.649 Millions

As on 30.09.2011

Authorised Capital : Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.15.279 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		2.649	2.649	2.649
2] Share Application Money		0.600	0.600	0.600
3] Reserves & Surplus		12.703	6.584	4.168
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.952	9.833	7.417
LOAN FUNDS
1] Secured Loans		29.199	13.705	7.648
2] Unsecured Loans		11.519	11.901	11.498
TOTAL BORROWING		40.718	25.606	19.146
DEFERRED TAX LIABILITIES		0.000	1.922	1.279
TOTAL		56.670	37.361	27.842
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.456	25.104	16.392
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.317	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.429	2.725	3.714
	Sundry Debtors	18.309	13.588	11.745
	Cash & Bank Balances	2.341	0.125	0.052
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.751	0.425	0.989
Total Current Assets		27.830	16.863	16.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.051	3.956	4.810
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.882	0.650	0.240
Total Current Liabilities		14.933	4.606	5.050
Net Current Assets		12.897	12.257	11.450
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.670	37.361	27.842

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	82.879	63.136	48.488
		Other Income	NA	2.671	2.151
		TOTAL (A)	NA	65.807	50.639
Less	EXPENSES
		Purchase		46.746	39.623
		Electricity and Fuel Expenses		1.431	2.100
		Wages and Labour Salary		1.226	1.140
		Job Work Charges	NA	1.475	1.109
		Freight and Forwarding Charges		0.011	0.000
		Salary and Other Benefits		2.056	1.785
		Administration, Selling and Distributions		4.727	2.428
		Increase / Decrease in Stocks		0.989	(2.194)
		TOTAL (B)		58.661	45.991
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	7.146	4.648
Less	FINANCIAL EXPENSES (D)			2.094	1.349
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.270	5.052	3.299
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.507	1.070	0.780
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.763	3.982	2.519
Less	TAX (H)		(1.356)	1.566	0.377
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.118	2.416	2.142
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	4.168	2.026
	BALANCE CARRIED TO THE B/S		NA	6.584	4.168
	Earnings / (Loss) Per Share (Rs.)		23.10	9.12	8.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.67	4.23
Net Profit Margin (PBT/Sales)	(%)	5.75	6.30	5.20
Return on Total Assets (PBT/Total Assets}	(%)	6.68	9.49	7.65
Return on Investment (ROI) (PBT/Networth)		0.30	0.40	0.34
Debt Equity Ratio (Total Liability/Networth)		3.49	3.07	3.26
Current Ratio (Current Asset/Current Liability)		1.86	3.66	3.27

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) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U21022DL1999PTC098283
Name of the company	STANDARD CARTONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	679/1 and 690, Devli Village, Nai Basti, New Delhi-110062, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Intec Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi-110019, India
Email	complianceofficer@inteccapital.com
Nature of description of the instrument creating or modifying the charge	Loan Agreement and Performa Invoices
Date of instrument Creating the charge	17.05.2012
Amount secured by the charge	Rs.5.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.26% calculated on reducing basis Terms of Repayment TOTAL 36 Installments From 1-18 = Rs.0.169 Million From 19-36 = Rs.0.072 Million Extent and Operation of the charge First and exclusive charge on assets financed by Intec Capital Limited

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer and Peripheral

· Furniture and Fittings

· Vehicles – Motor Car

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.55.65
UK Pound	1	Rs.85.89
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.