MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	LOTUS POLY-PACKS (INDIA) PRIVATE LIMITED
Registered Office :	H No. 9-271, Plot No. 5, Rajiv Gandhi Nagar, Near SS Rubbers Pvt. Ltd., I.D.A. Kukatpally, Hyderabad – 500037, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.06.2009
Com. Reg. No.:	063992
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U25209AP2009PTC063992
TAN No.: [Tax Deduction & Collection Account No.]	HYDL02274G
PAN No.: [Permanent Account No.]	AABCL6620K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 10088
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of previous year. 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 cautions.

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. Ajay Agarwal
Designation :	Director
Contact No.:	91-09391193454
Date :	01.06.2012

LOCATIONS

Registered Office/Factory :	H No. 9-271,Plot No. 5, Rajiv Gandhi Nagar, Near SS Rubbers Pvt. Ltd., I.D.A. Kukatpally, Hyderabad – 500037, Andhra Pradesh
Tel. No.:	91-40-40113097
Mobile No.:	91-09391193454 (Mr. Ajay Agarwal)
E-Mail :	info@lotuspolypacks.com
Website :	www.lotuspolypacks.com
Area :	8000 sq.ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sanjay Kanodia
Designation :	Director
Address :	3-2-308/309, 502 J, Chappal Bazar, Hyderabad – 500027, Andhra Pradesh, India
Date of Birth/Age :	12.06.1967
Date of Appointment :	15.06.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24240AP2009PTC062986	VIBGYOR POLY ADDITIVES PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
2	U25209AP2009PTC063992	LOTUS POLY-PACKS (INDIA) PRIVATE LIMITED	Director	15/06/2009	15/06/2009	-	Active	NO

Name :	Mr. Ajay Kumar Agarwal
Designation :	Director
Address :	10-5-19/21, 107, Major residency, Block-II, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Date of Birth/Age :	15.08.1968
Date of Appointment :	15.06.2009

Name :	Mr. Nirmal Kumar Agarwal
Designation :	Director
Address :	15-9-223, chotta Maharaj Gunj, Begum Bazar, Hyderabad – 500012, Andhra Pradesh, India
Date of Birth/Age :	05.07.1967
Date of Appointment :	15.06.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Sanjay Kanodia	55000
Mr. Ajay Kumar Agarwal	100000
Mr. Nirmal Kumar Agarwal	50000
Ms. Sarita Kanodia	45000
Total	250000

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials
Exports :
Products :	Flexible Packaging Materials
Countries :	· Malawi
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· Allied Agency

Customers :

· End Users

· Ravi Foods Limited

No. of Employees :

25 (in office + in factory) (Approximately)

Bankers :

· Andhra Bank, Balanagar Branch, Hyderabad – 500037, Andhra Pradesh, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank O D a/c	1.362	(0.117)
Secured Loans	4.491	4.740
TOTAL	5.853	4.623
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	3.611	1.140
From Others	0.350	0.565
TOTAL	3.961	1.705

Banking Relations :	--
Auditors :
Name :	Jeetendra Kulkarni Chartered Accountant
Address :	1^st Floor, 2-3-21/2, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.022	0.000
4] (Accumulated Losses)		0.000	(0.227)
NETWORTH		2.522	2.273
LOAN FUNDS
1] Secured Loans		5.853	4.623
2] Unsecured Loans		3.961	1.705
TOTAL BORROWING		9.814	6.328
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		12.336	8.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.740	7.688
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.939	0.462
	Sundry Debtors	8.411	0.119
	Cash & Bank Balances	0.057	1.175
	Other Current Assets	0.000	0.000
	Loans & Advances	0.546	0.685
Total Current Assets		14.953	2.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.211	1.820
	Other Current Liabilities	0.142	(0.221)
	Provisions	0.067	0.000
Total Current Liabilities		9.420	1.599
Net Current Assets		5.533	0.842
MISCELLANEOUS EXPENSES		0.063	0.071
TOTAL		12.336	8.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Goss Income from Sales	45.951	0.104
		Other Income	0.041	0.000
		TOTAL (A)	45.992	0.104
Less	EXPENSES
		Manufacturing Expenses	42.366	0.230
		Administrative & Selling Expenses	1.446	0.048
		TOTAL (B)	43.812	0.278
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.180	(0.174)
Less	FINANCIAL EXPENSES (D)		0.798	0.010
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.382	(0.184)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.086	0.043
	PROFIT BEFORE TAX (E-F) (G)		0.296	(0.227)
Less	TAX (I)		0.046	--
	PROFIT AFTER TAX (G-I) (J)		0.250	(0.227)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.227)	--
	BALANCE CARRIED TO THE B/S		0.023	(0.227)

Particulars	31.03.2012
Sales Turnover (Approximately)	110.000

Expected Sales (2012-2013) : Rs. 150.000 Millions

The above information has been parted by (Mr. Ajay Agarwal – Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.54	(218.26)
Net Profit Margin (PBT/Sales)	(%)	0.64	(218.26)
Return on Total Assets (PBT/Total Assets}	(%)	1.36	(2.24)
Return on Investment (ROI) (PBT/Networth)		0.11	(0.09)
Debt Equity Ratio (Total Liability/Networth)		7.62	3.48
Current Ratio (Current Asset/Current Liability)		1.58	1.52

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 two 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	No
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

Note – The registered office address of the company has been shifted from Plot No.190, Prashanti Nagar, Kukatpally Industrial Area, Hyderabad – 500072, Andhra Pradesh, India, to present address w.e.f. 25.01.2011

TRADE REFERENCES

· Allied Agency

· Ravi Foods Limited

Fixed Assets

· Control Panel for Drives

· Electricals

· Ele. Weighing Machine

· Fire Extinguisher

· Lamination Machine

· Roto Printing Machine

· Slitting and Rewinding Machine

· Reel Lifter (handy)

· Computer

· Core Cutting Machine

· HP Printer

· Furniture

Form 8

Corporate identity number of the company	U25209AP2009PTC063992
Name of the company	LOTUS POLY-PACKS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.190,Prashanti Nagar, Kukatpally Industrial Area, Hyderabad – 500072, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Immovable property
Particular of charge holder	Andhra Bank, Balanagar Branch, Hyderabad – 500037, Andhra Pradesh, India Email - bmhydm057@andhrabank.co.in
Nature of instrument creating charge	Composite Agreement
Date of instrument Creating the charge	08.03.2010
Amount secured by the charge	Rs. 8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Occ: Plr Minus Spread Of 0.50% Presently Plr Is 12% Rate Of Interest @11.50% Additional Interest@2% For Term Loan : Plr Minus Spread Of 0.50% Plus T.P 0.25% Presently@11.75% Terms of Repayment OCC: Repayable on demand TL: Repayable in 20 quarterly installment with a gestation period of 6 months commencing from 0ctober, 2010 Margin 25% On Stocks 50%On Book Debts 25% On Machinery Extent and Operation of the charge The company has agreed to hypothecate the plant and machineries and test equipments to be purchased worth Rs.8.150 millions and hypothecation of raw material and finished goods and receivables not older than 90 days Others Nil
Short particulars of the property charged	hypothecation of plant and machineries and test equipments to be purchased worth Rs.81.50 hypothecation of raw material and finished goods and receivables not older than 90 days

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.55.91
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NLM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.