MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	NANO INKS AND COATINGS PRIVATE LIMITED (w.e.f. 25.09.2009)
Formerly Known As :	STARPAC SPECIALITIES PRIVATE LIMITED
Registered Office :	Plot No.911, GIDC, Sarigam, Taluka Umargaom, Sarigam, Valsad – 396155, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.2004
Com. Reg. No.:	11-044765
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U24290GJ2004PTC044765
TAN No.: [Tax Deduction & Collection Account No.]	RKTS03851B
PAN No.: [Permanent Account No.]	AAICS4058B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Liquid Ink, Coating (for Wrapper)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 43000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company 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 slight 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

LOCATIONS

Registered/ Head Office :	Plot No.911, GIDC, Sarigam, Taluka Umargaom, Sarigam, Valsad – 396155, Gujarat, India
Tel. No.:	91-260-2780910/ 91/ 6455570-76
Mobile No.:	91-9978937374
Fax No.:	Not Available
E-Mail :	sheetalmehta@garnettpaper.com contact@nanoinks.in
Website :	http://www.nanoinks.in

IRECTORS

(AS ON 30.09.2011)

Name :

Ms. Sheetal Shashikant Mehta

Designation :

Managing Director

Address :

302 Tirth Appartment, 6/11, Jagnath Plot, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

12.08.1965

Date of Appointment :

16.11.2009

DIN No.:

00005547

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	U24133GJ2001PTC039805	SAURASHTRA SPECIALITIES PRIVATE LIMITED	Managing director	19/07/2001	19/07/2001	-	Active	NO
2	U24290GJ2004PTC044765	NANO INKS AND COATINGS PRIVATE LIMITED	Director	5/6/2011	20/09/2004	-	Active	NO
3	U21010GJ2005PLC045488	GARNETT SPECIALTY PAPER LIMITED	Managing director	28/08/2006	14/02/2005	11/9/2009	Active	NO
4	U21010GJ2005PTC047173	PAPER CELLAR (INDIA) PRIVATE LIMITED	Director	30/11/2005	30/11/2005	15/02/2010	Active	NO
5	U45200GJ2006PTC047871	GANETT INFRASTRUCTURE PRIVATE LIMITED	Director	3/3/2006	3/3/2006	-	Strike off	NO
6	U72300MH2007PTC169238	INDUSGEEKS SOLUTIONS PRIVATE LIMITED	Director	2/4/2007	2/4/2007	1/9/2009	Active	NO
7	U45201GJ2010PTC060009	PASHMINA INFRASTRUCTURE PRIVATE LIMITED	Managing director	15/11/2011	26/03/2010	-	Active	NO
8	U70101GJ2012PTC069816	SAMYAK INFRASTRUCTURE PRIVATE LIMITED	Director	11/4/2012	11/4/2012	-	Active	NO

Name :

Ms. Mahendra Kirchand Mehta

Designation :

Director

Address :

Saket Old Government Society, 41, New Jagnath, B/H. A. G. Office Street, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

23.02.1940

Date of Appointment :

16.11.2009

DIN No.:

00011778

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910GJ1991PTC015053	KIRTEJ INVESTMENTS PRIVATE LIMITED	Director	13/12/1991	13/12/1991	Dormant	NO
2	U22122GJ1974PTC002497	SAURASHTRA PACKAGING PRIVATE LIMITED	Director	6/9/1999	6/9/1999	Active	NO
3	U24133GJ2001PTC039805	SAURASHTRA SPECIALITIES PRIVATE LIMITED	Whole-time director	12/7/2004	12/7/2004	Active	NO
4	U24290GJ2004PTC044765	NANO INKS AND COATINGS PRIVATE LIMITED	Director	16/11/2009	20/09/2004	Active	NO

Name :

Mr. Tapas Taraprasanna Dutta

Designation :

Managing Director

Address :

Prabhat Complex, F-22, Shroff Road, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

22.02.1961

Date of Appointment :

16.11.2009

DIN No.:

00005662

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	U21010GJ2005PLC045488	GARNETT SPECIALTY PAPER LIMITED	Director	14/02/2005	14/02/2005	16/11/2011	Active	NO
2	U21010GJ2005PTC047173	PAPER CELLAR (INDIA) PRIVATE LIMITED	Director	30/11/2005	30/11/2005	26/05/2010	Active	NO
3	U72300MH2007PTC169238	INDUSGEEKS SOLUTIONS PRIVATE LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
4	U24290GJ2004PTC044765	NANO INKS AND COATINGS PRIVATE LIMITED	Managing director	28/06/2011	16/11/2009	-	Active	NO
5	U45201GJ2010PTC060009	PASHMINA INFRASTRUCTURE PRIVATE LIMITED	Director	31/03/2011	31/03/2011	15/10/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

EQUITY SHARES (AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Sheetal Shashikant Mehta	5000
Mahendra Mehta	5000
Purvi Mehta	5825
Chandrika Mehta	1000
Meera Mehta	21825
Bharti Mehta	100
Smitaben Kotecha	9825
Riddhi Gandhi	1000
Siddhi Mehta	1000
Trupti Maniyar	1000
Aditi D. Mehta	9725
Shashikant Mehta	100
Deepak S. Mehta	100
Shashikant Mehta – H.U.F.	100
Mahendra Mehta – H.U.F.	100
Sheetal Mehta – H.U.F.	48100
Meera Mehta	100
Mahendra Mehta	100
Saurashtra Specialties Private Limited, Rajkot	204000
Shimoli S. Mehta – Through Her Father And Natural Guardian	18000
Shalin S. Mehta – Through His Father And Natural Guardian	18000
Tapas Dutta	50000
Total	400000

PREFERENCE SHARE (AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Saurashtra Specialties Private Limited, Rajkot	500000
Total	500000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	51.00
Directors or relatives of directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Liquid Ink, Coating (for Wrapper)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Printing Inks	License Not Required	Not Ascertainable	368722

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Titan, Near KKV Circle, Kalawad Road, Rajkot - 360005, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks
Axis Bank Term Loan (against mortgage of land and Building, Machineries)	8.098	-
Axis Bank CC (against hypothecation of stock and Book Debts)	9.593	--
Tata Capital Limited (Car Loan) (against hypothecation of Motor Car)	0.876	--
lClCI Bank (Car Loan) (Against hypothecation of Motor Car)	--	0.041
Total	18.567	0.041
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Corporate Body	18.751	2.312
Total	18.751	2.312

Banking Relations :	--
Auditors :
Name :	M. J. Rindani and Associates Chartered Accountant
Address :	204 Trade Centre, Sardar Nagar Main Road, Rajkot – 360001, Gujarat, India
PAN No.:	ADFM6993K
Holding Company :	Saurashtra Specialties Private Limited CIN No.: U24133GJ2001PTC039805

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital: Rs.109.000 Millions

No. of Shares	Type	Value	Amount
10900000	Equity Shares	Rs.10/- each	Rs.109.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.9.000 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		9.000	9.000	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.737	1.683	1.433
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.737	10.683	1.933
LOAN FUNDS
1] Secured Loans		18.567	0.041	0.133
2] Unsecured Loans		18.751	2.312	1.098
TOTAL BORROWING		37.318	2.353	1.231
DEFERRED TAX LIABILITIES		0.602	0.000	0.000
TOTAL		48.657	13.036	3.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.781	0.269	0.278
Capital work-in-progress		0.000	11.034	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.009	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.757	0.367	0.318
	Sundry Debtors	18.985	0.634	3.437
	Cash & Bank Balances	0.039	1.123	0.053
	Other Current Assets	0.083	0.073	0.005
	Loans & Advances	3.644	1.455	1.677
Total Current Assets		34.508	3.652	5.490
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.791	1.908	1.772
	Other Current Liabilities	2.333	0.175	0.109
	Provisions	0.508	0.735	0.728
Total Current Liabilities		17.632	2.818	2.609
Net Current Assets		16.876	0.834	2.881
MISCELLANEOUS EXPENSES		0.000	0.890	0.000
TOTAL		48.657	13.036	3.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	36.025	9.124	12.230
		Other Income	0.001	0.105	0.208
		TOTAL	36.026	9.229	12.438
Less	EXPENSES
		TOTAL	34.629	8.744	11.952
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.397	0.485	0.486
Less/ Add	DEPRECIATION/ AMORTISATION		0.574	0.079	0.080
	PROFIT BEFORE TAX		0.823	0.406	0.406
Less	TAX		0.768	0.156	0.185
	PROFIT AFTER TAX		0.055	0.250	0.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.683	1.433	1.067
	BALANCE CARRIED TO THE B/S		1.738	1.683	1.288
	Earnings Per Share (Rs.)		0.14	2.31	7.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.15	2.74	1.78
Net Profit Margin (PBT/Sales)	(%)	2.28	4.45	3.32
Return on Total Assets (PBT/Total Assets}	(%)	1.24	10.35	7.04
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.21
Debt Equity Ratio (Total Liability/Networth)		5.12	0.48	1.98
Current Ratio (Current Asset/Current Liability)		1.96	1.29	2.10

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from, 104 Pattani Building, M G Road, Rajkot – 360001, Gujarat, India, to the present address w.e.f. 06.03.2012.

OPERATIONS:

The company has commenced its new diversified business activities of Ink Manufacturing and achieve turnover of Rs.36.025 Millions as compared to turnover of Rs.9.124 Millions in the previous year. Profit before tax was also almost doubled to Rs.0.823 million as compared to rs.0.406 Millions in the previous year. The directors are hopeful for better performance in next years.

Form 8:

Corporate identity number of the company	U24290GJ2004PTC044765
Name of the company	NANO INKS AND COATINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	104 Pattani Buildingm G Road, Rajkot – 360001, Gujarat, India Sheetalmehta@garnettpaper.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10239372
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Axis Bank Limited Titan, Near KKV Circle, Kalawad Road, Rajkot – 360005, Gujarat, India arupkumar.roy@axisbank.com
Nature of instrument creating charge	Memorandum of Entry – (Extension of Equitable Mortgage)
Date of instrument Creating the charge	09.08.2011
Amount secured by the charge	Rs.36.350 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Extent and Operation of the charge The properties mentioned are charged on a first charge basis to secure repayment of total finance of Rs. 36.350 Millions and interest, cost, expenses and other monies payable to the bank in connection with the herein mentioned finance facilities.
Short particulars of the property charged	Entire immovable property of the company situated at Factory Plot no. 911 consisting of revenue survey no. 343/P-344/P admeasuring 4085 sq. m within the village limits of Sarigam, Tal. Umbergam, Valsad
Date of last modification prior to the present modification	28/06/2011
Particulars of the present modification	Bank has extended existing mortgage over immovable property of the company as mentioned for its enhanced Financial facilities for Rs. 36.350 Millions

FIXED ASSETS:

· Motor Car – Alto

· Honda Sine

· Computer Systems

· Laptop-Sony Vaio

· Office Equipment

· Plant and Machinery

· Mobile Phone

· Innova

· Land

· Factory Building

· Electrical Equipments

· Lab Equipment

· Furniture and Fixture

· Safety Equipment

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.