MIRA INFORM REPORT

Report Date :

05.06.2012

IDENTIFICATION DETAILS

Name :	APEX PACKING PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No.186, Kundaim Industrial Estate, Kundiam, Goa- 403115, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.02.1999
Com. Reg. No.:	24- 002659
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U21014GA1999PTC002659
TAN No.: [Tax Deduction & Collection Account No.]	BLRA03468D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Wrappers Paper Film .
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1300000
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 (30.06.2011)	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 DENIED BY

Management Non-Coprative

LOCATIONS

Registered Office :	Plot No.186, Kundaim Industrial Estate, Kundiam, Goa- 403 115, Maharashtra, India
Tel. No.:	91-832-2395620 / 2395619
Fax No.:	91-832-2395013
E-Mail :	ykakodkar@satyam.net.in apexgoa@satyam.net.in apexgoa@sify.com

DIRECTORS

As on 17.02.1999

Name :

Mr. Yatin Kakodkar

Designation :

Director

Address :

H No.812, Post Office, Alto Porvorim Bardez, Alto Porvorim, North Goa- 403521, Goa, India

Date of Birth/Age :

01.06.1964

Qualification :

MBA

Date of Appointment :

17.02.1999

DIN No.:

00001433

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	U21014GA1999PTC002659	APEX PACKING PRODUCTS PRIVATE LIMITED	Director	17/02/1999	17/02/1999	-	Active	NO
2	U51222GA2004PTC003670	KAKODKAR AGRO RETAILERS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO

Name :

Ms. Sonal Yatin Kakodkar

Designation :

Director

Address :

H No.812, Post Office, Alto Porvorim Bardez, Alto Porvorim, North Goa- 403521, Goa, India

Date of Birth/Age :

21.02.1968

Qualification :

MBA

Date of Appointment :

17.02.1999

DIN No.:

00384463

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	U21023GA1995PTC001806	SUPERTEC PACKAGING PRIVATE LIMITED	Director	23/03/1995	23/03/1995	28/09/2007	Active	NO
2	U21014GA1999PTC002659	APEX PACKING PRODUCTS PRIVATE LIMITED	Director	17/02/1999	17/02/1999	-	Active	NO
3	U26103KA2004PTC034843	SMS PACKAGING PRIVATE LIMITED	Director	11/10/2004	11/10/2004	-	Active	NO
4	U21020MH2006PTC160592	COMFORT ZONE PACKING PRIVATE LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.02.1999

Names of Shareholders	No. of Shares
Yatin Kakodkar	100000
Sonal Kakodkar	100000
Total	200000

As on 17.02.1999

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 :

Manufacturer of Packaging Wrappers Paper Film .

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Actual Production
BOPP Wrappers / Laminates	Kgs.	4937720
Paper Wrappers	Kgs.	152962

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
HDFC Bank cash credit Account (Secured by mortgage of land and factory building on plot Nos. 186, 187, Kundaim Industrial Estate)	0.000	4.004
Total	0.000	4.004
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	14.697	14.698
Total	14.697	14.698

Banking Relations :	--
Auditors :
Name :	P.V Bhandare and Company Chartered Accountants
Address :	SF/1, Sukerkar Mansion, Near Government, Printing Press, Panji- 403001, Goa, India
Tel. No.:	91-832-2426689/2424120
Fax No.:	91-832-2426689
E-Mail :	pvbhandare@dataone.in bhandare13@rediffmail.com
PAN.:	ACJB1246L

CAPITAL STRUCTURE

As on 31.03.20111

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- Each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- Each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		325.566	263.926	179.577
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		345.566	283.926	199.577
LOAN FUNDS
1] Secured Loans		0.000	4.004	2.943
2] Unsecured Loans		14.697	14.698	14.698
TOTAL BORROWING		14.697	18.702	17.641
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		360.263	302.628	217.218
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.616	58.064	50.964
Capital work-in-progress		0.728	0.782	0.000
INVESTMENT		71.082	65.391	51.638
DEFERREX TAX ASSETS		0.218	0.194	0.179
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.899	49.298	41.529
	Sundry Debtors	98.265	101.057	73.920
	Cash & Bank Balances	115.580	66.838	1.237
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	71.500	49.848	67.919
Total Current Assets		336.244	267.041	184.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.513	37.271	33.060
	Other Current Liabilities	2.209	2.518	1.892
	Provisions	71.903	49.055	35.216
Total Current Liabilities		116.625	88.844	70.168
Net Current Assets		219.619	178.197	114.437
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		360.263	302.628	217.218

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	814.343	745.528	655.613
		Other Income
		TOTAL	814.343	745.528	655.613
Less	EXPENSES
		Office Expenses	724.731	634.029	615.435
		Administrative Expenses
		Advertising Expenses
		TOTAL	724.731	634.029	615.435
	PROFIT BEFORE TAX		89.612	111.499	40.178
Less	TAX		20.976	22.011	13.451
	PROFIT AFTER TAX		68.636	89.488	26.727
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.044	NA	NA
	TOTAL EARNINGS		3.044	NA	NA
	IMPORTS
		Consumables	0.057	NA	0.411
		Plant and Machinery	1.419	NA	NA
		Spare Parts	0.201	0.946	NA
		Laboratory Equipment	1.032	NA	NA
	TOTAL IMPORTS		2.709	0.946	0.411
	Earnings Per Share (Rs.)		343.18	447.44	133.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.43	12.00	4.08
Return on Total Assets (PBT/Total Assets}	(%)	22.13	34.30	17.06
Return on Investment (ROI) (PBT/Networth)		0.26	39.27	0.20
Debt Equity Ratio (Total Liability/Networth)		0.38	0.38	0.44
Current Ratio (Current Asset/Current Liability)		2.88	3.01	2.63

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	No
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	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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

Fixed Assets

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Computer
• Laboratory Equipments

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.55.52
UK Pound	1	Rs.85.29
Euro	1	Rs.68.86

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.