MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	MANOHAR PACKAGINGS PRIVATE LIMITED
Registered Office :	D/2, 6 and 7 Mapusa Industrial Estate, Bardez, Mapusa-403507, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.1994
Com. Reg. No.:	24-001529
Capital Investment / Paid-up Capital :	Rs. 2.000 millions
CIN No.: [Company Identification No.]	U74950GA1994PTC001529
TAN No.: [Tax Deduction & Collection Account No.]	BLRMO7247C
PAN No.: [Permanent Account No.]	AACCM4748G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Labels and Packing Materials
No. of Employees :	Not Available

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 570000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appear some losses incurred by the company in the current year. However the networth appears to be satisfactory. 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	D/2, 6 and 7 Mapusa Industrial Estate, Bardez, Mapusa-403507, Goa, India
Tel. No.:	91-832-2251109 / 2263357
Mobile No.:	Not Available
Fax No.:	91-22-24146298
E-Mail :	companytaxservices@gmail.com enquiry@manoharmail.com shilpa_bhide@rediffmail.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Aditya Vinayak Patwardhan
Designation :	Director
Address :	401, 4^th Floor, Rita Building, 15, Golf Links Road, Khar (West), Mumbai – 400 052, Maharashtra, india
Date of Birth/Age :	24.07.1976
Date of Appointment :	12.11.2009
DIN No.:	02179405
Name :	Mr. Anuya Shirodkar Nathani
Designation :	Director
Address :	H.No. DX3 Solanki, Heights Alto Betim, Porvorim, North Goa, Goa – 403 501, India
Date of Birth/Age :	29.04.1973
Date of Appointment :	21.02.1994
DIN No.:	00800910
Name :	Mr. Jitendra Vishindas Nathani
Designation :	Director
Address :	H.No. DX3 Solanki, Heights Alto Betim, Porvorim, North Goa, Goa – 403 501, India
Date of Birth/Age :	14.12.1964
Date of Appointment :	21.02.1994
DIN No.:	00802986

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nishakant Shamrao Shirodhar	16500
Aparna Nishakant Shriodkar	18000
Nishakant Shamrao Shirodkar (HUF)	18000
Pandurang Dattaram Kotwal	10
Neelam Shirodkar	135480
Anuya Nathani	12010
TOTAL	200000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Labels and Packing Materials

GENERAL INFORMATION

Suppliers :

· Aretz Graphics

· Ashok Bearing Enterprises

· AS Tools

· C H Java and Company

· Crombel Pinto

· Dsign Square

· Excel Corporation

· Excel Prints and Packs

· Deepraj Marketing

· Development Resource

· Goa Waste Trading Suppliers

· Harsh Enterprises

· Namdev Ganesh Shetye

· Pioneer Traders

· Royal Enterprises

· Shree Baldev Polyplast

· Star Computer

· Vinit Graphics

· Zenith International

Customers :

· Aegis Beverages Private Limited

· Associated Blenders Private Limited

· Balaji Distillery Limited

· Centinary District Private Limited

· Empire Alcobrev Private Limited

· Heritage Distilleries Private Limited

· Imperial Distilleries and Vintners Private Limited

· Kanidi Cosmeceuticals

· Khemani District Private Limited

· Percos India Private Limited

· Ramon Distilleries Limited

· Omprakash K

· Pearl Distillers Limited

· General Metallisers Limited

· United Spirits Limited

No. of Employees :

Not Available

Bankers :

· Apna Sahakari Bank Limited, A/4-5, Royal Industrial Estate, Wadala, Mumbai-400031, Maharashtra, India

· Indian Overseas Bank, Mapusa, Wadala and Bangalore

· ICICI Bank, Mapusa Branch

· The Goa State Co-op. Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
DPLN	0.000	4.000
Term Loan – PMLN / 444	96.786	0.000
Interest on Loans Payable	0.000	0.183
Total	96.786	4.183
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Jitendra V Nathani	1.000	1.029
Aparna Patwardhan	3.100	0.000
Mr. Nishikant Shirodkar	140.164	86.764
Anuya Nathani	8.975	4.767
Neelam Shirodkar	26.035	17.549
Total	179.274	110.109

Banking Relations :	--
Auditors :
Name :	Vaze Joshi and Associates Chartered Accountant
Address :	Office No. 9-11, Dwarkanath Centre, Boshan Homes, Calangute Road, Mapusa-403507, Goa, India
Tel. No.:	91-832-2254640 / 2256394
PAN.:	AABFV2248N

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		141.591	157.083	134.775
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.591	3	136.775
LOAN FUNDS
1] Secured Loans		96.786	4.183	97.621
2] Unsecured Loans		179.275	110.109	28.125
TOTAL BORROWING		276.061	114.292	125.746
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		419.652	273.375	262.521
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		347.714	224.061	220.979
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.019	17.544	0.000
	Sundry Debtors	56.080	47.191	33.641
	Cash & Bank Balances	3.351	4.409	4.368
	Other Current Assets	24.667	23.130	8.377
	Loans & Advances	51.356	6.889	27.624
Total Current Assets		155.473	99.163	74.010
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.287	23.960	14.492
	Other Current Liabilities		2.561	5.753
	Provisions	24.748	23.828	12.723
Total Current Liabilities		84.035	50.349	32.968
Net Current Assets		71.438	48.814	41.042
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		419.652	273.375	262.521

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income	413.700	NA	NA
		TOTAL	413.700	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	421.837	NA	NA
		TOTAL	421.837	NA	NA
	PROFIT BEFORE TAX		(8.136)	33.051	(3.175)
Less	TAX		7.338	11.318	5.390
	PROFIT AFTER TAX		(15.475)	21.732	(8.566)
	EARNINGS IN FOREIGN CURRENCY		1.311	5.115	NA
	IMPORTS		7.408	NIL	3.467
	Earnings Per Share (Rs.)		77.37

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(1.61)	10.20	(1.07)
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.20	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.50	1.03	1.15
Current Ratio (Current Asset/Current Liability)		1.85	0.50	0.44

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	Yes
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	No
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	Yes
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Corporate identity number of the company	U74950GA1994PTC001529
Name of the company	MANOHAR PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D/2, 6 and 7 Mapusa Industrial Estate, Bardez, Mapusa-403507, Goa, India e-mail: companytaxservices@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10297821
Type of charge	Book debts Movable property Floating Charge
Particular of charge holder	Apna Sahakari Bank Limited, A/4-5, Royal Industrial Estate, Wadala, Mumbai-400031, Maharashtra, India e-mail: loan@apnabank.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	02.02.2012
Amount secured by the charge	Rs. 100.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 11 % p.a. Terms of Repayment The Borrower shall on demand pay the whole amount due to the Bank with interest and costs. Margin Margin – 30% Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc Others Details of Credit Facilities: (Rs. in millions) 1.) Cash Credit (Existing) 50.000 2.) Cash Credit (Additional) 50.000 ------------ Total :- 100.000 -------------
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge and security by way of hypothecation of present and future stock and book debts.
Date of instrument modifying the charge	15.07.2011
Particulars of the present modification	By present modification charge enhanced from Rs. 50.000 millions to 100.000 millions

FIXED ASSETS

· Land and Building

· Furniture and Fixtures

· Plant and Machinery

· Motor Cars

· Air Conditioners

· Water Fillers

· Inter Com (Tele Facility)

· Fire Extinguishing Equipment

· Mobile Phone

· Office Equipment

· Tools and Tackels

· Generator

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.55.38
UK Pound	1	Rs.86.79
Euro	1	Rs.68.06

INFORMATION DETAILS

Report Prepared by :

NID

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	NO
--AFFILIATION	YES/NO	YES
--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.