MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	IMAGINATIVE FLEXIPACKS LIMITED
Registered Office :	ZB-19/487, Dilshad Garden, G. T. Road, Shahdara, Delhi-110095
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.08.1996
Com. Reg. No.:	55-081036
Capital Investment / Paid-up Capital :	Rs. 11.625 Millions
CIN No.: [Company Identification No.]	UU25202DL1996PLC081036
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Paper Cupes and Paper Glasses
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 72000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability 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 business dealings with some caution.

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. Rakesh Bansal
Designation :	Director
Contact No.:	91-9811319194
Date :	18.07.2012

LOCATIONS

Registered Office / Factory :	ZB-19/487, Dilshad Garden, G. T. Road, Shahdara, Delhi-110095, India
Tel. No.:	91-11-22591638
Mobile No.:	91-9811319194 (Mr. Rakesh Bansal)
Fax No.:	91-11-22591638
E-Mail :	maginativeflexipacks@yahoo.com
Area :	10000 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2011

Name :	Ms. Sangeeta Bansal
Designation :	Director
Address :	C-1/96, Pushpanjali Vikas Marg, Delhi-110092, India
Date of Birth/Age :	09.05.1962
Date of Appointment :	08.08.1996
DIN No.:	00009426
Name :	Mr. Rakesh Bansal
Designation :	Director
Address :	C-1/96, Pushpanjali Vikas Marg, Delhi-110092, India
Date of Birth/Age :	20.08.1958
Date of Appointment :	08.08.1996
DIN No.:	00009463
Name :	Mr. Ratan Prakash Sheel
Designation :	Director
Address :	C-1/96, Pushpanjali Vikas Marg, Delhi-110092, India
Date of Birth/Age :	06.03.1935
Date of Appointment :	24.11.2006
DIN No.:	00009477
Name :	Mr. Pritpal Singh Dhanjal
Designation :	Director
Address :	R-5/100, Raj Nagar, Ghaziabad-201002, Uttar Pradesh, India
Date of Birth/Age :	01.01.1972
Date of Appointment :	02.04.2007
DIN No.:	01197611

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Rakesh Bansal	516498
Sangeeta Bansal	351520
Rattan Prakash Sheel	93957
Vijay Mohan	350
Shyam Kishore	350
Sandeep Kumar Gupta	350
Babita Gupta	350
Hema Gupta	350
Sneh Lata Gupta	350
Sanjay Kr. Gupta	700
Kajori Aggarwal	350
Pitika Bansal	90350
Manju Aggarwal	350
Kanika Aggarwal	350
Shivika Bansal	90825
S S Watch House Private Limited, India	4500
Kapeeshwer Homes Private Limited	2500
Gautam Budh Infrastructure Private Limited, India	3000
Utkarsh Printing Press Private Limited, India	1500
Jitendra Singh	1500
Jai Kishen	2500
TOTAL	1162500

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	1.00
Directors or relatives of Directors	98.63
Other top fifty shareholders	0.37
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Paper Cupes and Paper Glasses

Products :

ITC CODE	PRODUCTS
482360	Packing Material

Exports :

Products :

· Paper Cupes

· Glasses

Countries :

· Nepal

· UK

· Nigeria

Imports :

Products :

· Raw Materials

Countries :

· Finland

· Germany

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Suppliers :

· Westcost Paper Mill Limited

Customers :

· Cafe Coffee Day, Bangalore

No. of Employees :

80 (Approximately)

Bankers :

· Oriental Bank of Commerce, Rajgarh Colony, Rajgarh, Delhi-110031 India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Oriental Bank of Commerce (C.C. Limit) (Secured against hypothecation of stock and book debts)	4.962	3.196
Oriental Bank of Commerce (Term Loan) (Secured against hypothecation of Plant and Machinery)	3.455	5.396
Total	8.417	8.592

Banking Relations :	--
Auditors :
Name :	Vivek Sanjay and Company Chartered Accountant
Address :	207, Triveni Plaza, 17-A/56, W.E.A. Karol Bagh, New Delhi-110005, India
Tel. No.:	91-11-28758777 / 28759777 / 42502959
PAN No.:	AACFV5772E
Related Parties :	Packwell Industries

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
1162500	Equity Shares	Rs.10/- each	Rs. 11.625 Millions

NOTES

Of the above equity share 812500 equity share were allotted as fully paid bonus shares by capitalization of Rs. 8.125 Millions from securities premium account.

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		11.625	3.250	3.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.550	9.205	8.884
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.175	12.455	12.134
LOAN FUNDS
1] Secured Loans		8.417	8.592	11.370
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		8.417	8.592	11.370
DEFERRED TAX LIABILITIES		1.243	1.522	1.562
TOTAL		27.835	22.569	25.066
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.344	14.146	15.513
Capital work-in-progress		3.047	3.047	3.046
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.113	8.865	12.125
	Sundry Debtors	6.981	5.420	4.703
	Cash & Bank Balances	0.086	0.402	0.338
	Other Current Assets	2.947	0.316	0.637
	Loans & Advances	0.262	0.420	0.170
Total Current Assets		21.389	15.423	17.973
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.118	7.327	9.253
	Other Current Liabilities	2.443	2.368	1.236
	Provisions	0.385	0.355	0.992
Total Current Liabilities		10.946	10.050	11.481
Net Current Assets		10.443	5.373	6.492
MISCELLANEOUS EXPENSES		0.000	0.002	0.014
TOTAL		27.835	22.569	25.066

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	47.538	50.320	45.623
		Other Income	0.171	0.058	0.477
		TOTAL (A)	47.709	50.378	46.100
Less	EXPENSES
		Direct Expenses	44.619	42.736	47.089
		Administrative Expenses	1.588	1.250	1.768
		Selling Distribution Expenses	0.140	0.075	0.054
		(Increase) / Decrease in Inventories	(2.249)	3.260	(5.398)
		TOTAL (B)	44.098	47.321	43.513
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.611	3.057	2.587
Less	FINANCIAL EXPENSES (D)		1.040	1.167	1.524
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.571	1.890	1.063
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.023	1.555	0.850
	PROFIT BEFORE TAX (E-F) (G)		0.548	0.335	0.213
Less	TAX (H)		(0.173)	0.015	0.251
	PROFIT AFTER TAX (G-H) (I)		0.721	0.320	(0.038)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.760	0.440	0.478
	BALANCE CARRIED TO THE B/S		1.481	0.760	0.440
	Earnings Per Share (Rs.)		0.63	0.28	(0.12)

Particulars	31.03.2012
Sales Turnover (Approximately)	60.000

Expected Sales (2012-2013) : Rs. 70.000

The above information has been parted by Mr. Ramesh Bansal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.51	0.64	(0.08)
Net Profit Margin (PBT/Sales)	(%)	1.15	0.67	0.47
Return on Total Assets (PBT/Total Assets}	(%)	1.53	1.13	0.64
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.02
Debt Equity Ratio (Total Liability/Networth)		1.13	1.62	2.01
Current Ratio (Current Asset/Current Liability)		1.95	1.53	1.57

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	Yes
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	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
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	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

NOTE

Registered office has been shifted from 591-B, Nakul Galivishwas Nagar, Shahdara, Delhi-110032, India to the present address w.e.f.18.12.2006.

TRADE REFERENCES

· Westcost Paper Mill Limited

· Cafe Coffee Day, Bangalore

FIXED ASSETS

· Industrial Plot

· Printing Machine

· Plant and Machinery

· Fire Extinguisher

· Air conditioner

· Computer

· Electric Installation

· Car

· Celluar Phone

· Furniture and Fixtures

· Factory Building

· Generator

· Water cooler

· Motor Cycles

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. 55.15
UK Pound	1	Rs. 86.57
Euro	1	Rs. 67.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.