MIRA INFORM REPORT

Report Date :

23.07.2012

IDENTIFICATION DETAILS

Name :	MUDRIKA LABELS PRIVATE LIMITED
Registered Office :	18/20, Nirman Industrial Estate, Linking Road, Chincholi, Malad (West), Mumbai-400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.1997
Com. Reg. No.:	11-105389
Capital Investment / Paid-up Capital :	Rs.4.361 Millions
CIN No.: [Company Identification No.]	U22219MH1997PTC105389
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22475F MUMM15946A
PAN No.: [Permanent Account No.]	AABCM5217D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Labels, Stickers, Mono Cartons, Catalogs, Corrugated Boxes, etc.
No. of Employees :	65 [In Office 8, In Branch 7 and In Factory 50] [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 360000
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 (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Manish Rajnikant Desai
Designation :	Director
Contact No.:	91-9049992288
Date :	20.07.2012

LOCATIONS

Registered Office :	18/20, Nirman Industrial Estate, Linking Road, Chincholi, Malad (West), Mumbai-400064, Maharashtra, India
Tel. No.:	91-22-66784500/28810454/66784503
Mobile No.:	91-9820025200 [Mr. Manish Rajnikant Desai] 91-9049992288 [Ms. Poonam Vaishnav]
Fax No.:	91-22-66784503
E-Mail :	mudrikalabel@hotmail.com
Area:	4000sq.fts
Location:	Owned
Factory :	Real Building No. 6, Gala No. 9 and 10, Prime Industrial Complex, Sativali Road, Sativali, Vasai (East) – 401208, Thane, Maharashtra, India
Tel No.:	91-250-3290220
Branch Office :	Building No. 10-B, Near Blue Chip Industrial Estate, Survey No. 80, Hissa No. 1 and 2, Sativali Road, Vasai (East) 401208, Thane, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vipul Rajnikant Desai
Designation :	Director
Address :	45, Radhika Niwas, Sir M V Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	14.10.1965
Qualification :	Environmental Engineer
Date of Appointment :	24.01.1997
Din No.:	00063616

Other Directorship:

Top of Form

Bottom of Form

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U21098MH1995PTC090149	MUDRA ARTS (INDIA) PRIVATE LIMITED	Director	30/06/1995	30/06/1995	-	Active	NO
2	U22219MH1997PTC105389	MUDRIKA LABELS PRIVATE LIMITED	Director	24/01/1997	24/01/1997	-	Active	NO
3	U51491WB2000PTC091563	SURAJ DEALERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
4	U15209WB1996PTC076876	BEAUTY COMMERCIAL COMPANY PVT LTD	Director	08/02/2006	08/02/2006	-	Active	NO
5	U51109WB1994PTC066481	WHITE-UP COMMODITIES PVT LTD	Director	14/04/2010	14/04/2010	-	Active	NO
6	U22300MH2011PTC220664	MUDRIKA SANG BONG FOILS (INDIA) PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO

Name :	Mr. Manish Rajnikant Desai
Designation :	Director
Address :	45, Radhika Niwas, Sir M V Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	11.08.1968
Qualification :	B. Com
Date of Appointment :	24.01.1997
Din No.:	00063631

Other Directorship:

Top of Form

Bottom of Form

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U21098MH1995PTC090149	MUDRA ARTS (INDIA) PRIVATE LIMITED	Director	30/06/1995	30/06/1995	-	Active	NO
2	U22219MH1997PTC105389	MUDRIKA LABELS PRIVATE LIMITED	Director	24/01/1997	24/01/1997	-	Active	NO
3	U74999MH2002NPL136516	LABEL MANUFACTURERS ASSOCIATION OF INDIA	Director	16/07/2002	16/07/2002	-	Active	NO
4	U51491WB2000PTC091563	SURAJ DEALERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
5	U15209WB1996PTC076876	BEAUTY COMMERCIAL COMPANY PVT LTD	Director	08/02/2006	08/02/2006	-	Active	NO
6	U29309AP1985PTC005224	KEYEL ELECTRONICS PVT LTD	Director	03/04/2007	03/04/2007	-	Active	NO
7	U51109WB1994PTC066481	WHITE-UP COMMODITIES PVT LTD	Director	14/04/2010	14/04/2010	-	Active	NO
8	U22300MH2011PTC220664	MUDRIKA SANG BONG FOILS (INDIA) PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO

Name :	Mr. Sandeep Manubhai Kadakia
Designation :	Director
Address :	1201, Adarsh Heights, Adarsh Vihar Complex, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India
Qualification :	BSC
Date of Appointment :	24.01.1997
Din No.:	00193587

KEY EXECUTIVES

Name :	Ms. Poonam Vaishnav
Designation :	Management Representative

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vipul Rajnikant Desai	8780
Manish Rajnikant Desai	8780
Sandeep Manubhai Kadakia	8780
Keyal Electronics Private Limited, India	7250
Suraj Dealers Private Limited, India	6000
Vipul Rajnikant Desai HUF	10
Rajnikant Desai	10
White Up Commodities Private Limited, India	4000
Total	43610

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	39.56
Directors or relatives of directors	60.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Labels, Stickers, Mono Cartons, Catalogs, Corrugated Boxes, etc.
Exports :
Products :	Labels, Stickers, Mono Cartons, Catalogs, Corrugated Boxes, etc.
Countries :	· Sri Lanka · Bangladesh · Nigeria
Imports :
Products :	Raw Materials
Countries :	· Germany · Italy · Switzerland
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Stickers and Labels	Pcs	27159775

GENERAL INFORMATION

Suppliers :

UPM

Customers:

· End Users

· Colgate Palmolive India Limited

No. of Employees :

65 [In Office 8, In Branch 7 and In Factory 50] [Approximately]

Bankers :

The Saraswat Co-Operative Bank Limited, Malad (West) Branch, Malad, Mumbai-400064, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan
The Saraswat Co-Operative Bank Limited [Secured against plant and machinery]	14.668	21.003
HDFC Bank [Car Loan] [Secured against motor car]	0.170	0.480
Total	14.838	21.483
Unsecured Loan
From directors and share holders	0.419	1.999
From inter corporate deposits	5.264	1.160
Total	5.683	3.159

Banking Relations :	--
Auditors :
Name :	Bharat P. Shah and Company Chartered Accountants
Address :	159/4, Smruti, Jawahar Nagar, Road No. 2, Goregaon (West), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-28767488/28737904 91-22-28732862 [Residential]
Mobile No.:	91-9892166440
Pan No.:	AAFPS4384J
Sister Concern :	· Multivision Packaging · Mudrika Sangbang Foils India Private Limited · Inter Pack Industries
Related Parties :	· Venus Arts · V-Tech · Online Labels · Mudra Arts · Mudra Arts (India) Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43610	Equity Shares	Rs.100/- each	Rs.4.361 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		4.361	3.961	3.961
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.750	66.498	58.087
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.111	70.459	62.048
LOAN FUNDS
1] Secured Loans		14.838	21.483	10.053
2] Unsecured Loans		5.683	3.159	2.851
TOTAL BORROWING		20.521	24.642	12.904
DEFERRED TAX LIABILITIES		2.719	2.917	2.076
TOTAL		113.351	98.018	77.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.839	60.489	40.553
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.607	7.107	0.057
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.678	9.466	5.128
	Sundry Debtors	56.210	40.661	36.723
	Cash & Bank Balances	28.665	20.838	15.108
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.112	13.212	9.938
Total Current Assets		122.665	84.177	66.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.968	50.073	29.247
	Other Current Liabilities	4.094	0.063	1.232
	Provisions	5.698	3.619	0.000
Total Current Liabilities		69.760	53.755	30.479
Net Current Assets		52.905	30.422	36.418
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		113.351	98.018	77.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	210.168	182.857	133.217
		Other Income	1.989	1.792	0.789
		TOTAL (A)	212.157	184.649	134.006
Less	EXPENSES
		Raw Material Consumed	142.775	121.697	85.804
		Manufacturing and Other Expenses	23.408	21.081	17.504
		Selling and Administrative Expenses	25.820	21.135	15.641
		TOTAL (B)	192.003	163.913	118.949
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.154	20.736	15.057
Less	FINANCIAL EXPENSES (D)		3.000	2.236	1.329
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.154	18.500	13.728
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.542	6.655	5.274
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		8.612	11.845	8.454
Less	TAX (H)		2.659	3.434	3.134
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.953	8.411	5.320
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.329	31.918	0.000
	BALANCE CARRIED TO THE B/S		46.282	40.329	5.320
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.160	2.278	NA
	IMPORTS
		Raw Materials	17.601	0.000
		Components and Spare Parts	0.000	0.000	NA
		Capital Goods	2.977	22.052
	TOTAL IMPORTS		20.578	22.052	NA
	Earnings / (Loss) Per Share (Rs.)		136	212	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.81	4.55	3.97
Net Profit Margin (PBT/Sales)	(%)	4.10	6.47	6.35
Return on Total Assets (PBT/Total Assets}	(%)	4.88	8.19	7.87
Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.14
Debt Equity Ratio (Total Liability/Networth)		1.00	1.11	0.70
Current Ratio (Current Asset/Current Liability)		1.76	1.57	2.19

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	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 (if applicable)	Yes
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	U22219MH1997PTC105389
Name of the company	MUDRIKA LABELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	18/20, Nirman Industrial Estate, Linking Road, Chincholi, Malad (West), Mumbai-400064, Maharashtra, India
Type of charge	Movable Property [Not being pledge]
Particular of charge holder	The Saraswat Co-Operative Bank Limited, Malad (West) Branch, Malad, Mumbai-400064, Maharashtra, India
Email	njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	31.05.2011
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.5% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment On demand or by 30 May 2016 if the same is not demanded earlier Margin 25% Extent and Operation of the charge This is term loan facility
Short particulars of the property charged	Hypothecation of plant and machinery tangible movable property (both present and future) belonging to the borrowers and lying and being at the borrowers place of business at Unit No 15/21, Nirman INdustrial Estate, Chincholi Bunder Link Rd, Malad West, Mumbai 64 or wherever else the same may be.

FIXED ASSETS:

· Electric Installation

· Office Equipments

· Furniture and Fixtures

· Motor Car

· Computers

· Plant and Machinery

· Land

· Fax Machine

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.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SDA

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	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.