MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	DAGA STRIPS PRIVATE LIMITED
Registered Office :	Daga Building Paota A Road, Jodhpur, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.2006
Com. Reg. No.:	17-022076
Capital Investment / Paid-up Capital :	Rs.2.330 Millions
CIN No.: [Company Identification No.]	U27107RJ2006PTC022076
TAN No.: [Tax Deduction & Collection Account No.]	JDHD03536B
PAN No.: [Permanent Account No.]	AACCD3403F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fexible Laminated Pouches and Flexible Laminated Rolls.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 61000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred some losses during the year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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. Ravi
Designation :	Business Manager
Contact No.:	91-9414916687
Date :	05.06.2012

LOCATIONS

Registered Office / Factory 1 :	Daga Building Paota A Road, Jodhpur, Rajasthan, India
Tel. No.:	91-291-2740421
Mobile No.:	91-9414916687 (Mr. Ravi)
Fax No.:	91-291-2740781
E-Mail :	dagastrios@gmail.com jodmetal@satyam.net.in
Location :	Owned
Factory 2:	E-852-854, Boranada, Pahse-4, Jodhpur, Rajasthan, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Gagandeep Daga

Designation :

Director

Address :

Daga Building, Paota A Road, Jodhpur – 342006, Rajasthan, India

Date of Birth/Age :

15.02.1982

Date of Appointment :

13.02.2006

DIN No.:

00871710

Name :

Mr. Yogendra Daga

Designation :

Director

Address :

Daga Building, Paota A Road, Jodhpur – 342006, Rajasthan, India

Date of Birth/Age :

12.09.1969

Date of Appointment :

13.03.2006

DIN No.:

00871663

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	U74994RJ2006PTC022077	DAGA ART AND CRAFTS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
2	U27107RJ2006PTC022076	DAGA STRIPS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Business Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Yogendra Daga	27200
Gagandeep Daga	16800
Tulsi Ram Daga HUF	8000
Deo Krishna Daga HUF	8000
Savitri Daga	8000
Mamta Daga	8000
Nitika Daga	8000
Deo Krishna Daga	8000
Devenra Daga HUF	24000
Sandeep Daga HUF	16000
Vimla Ram Daga	16000
Kaushalya Daga	12000
Deokrishna Daga	10000
Devendra Daga	10000
Alankrit Daga	10000
Axon Infotech Limited, India	17000
Tilak Finance Limited, India	7000
Rock Finance Limited, India	9000
Saket Daga	10000
Total	233000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	18.00
Directors or relatives of Directors	82.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fexible Laminated Pouches and Flexible Laminated Rolls.
Product:	Item Code No	Product Description
	3923.90 and 3921.90	Fexible Laminated Pouches and Flexible Laminated Rolls
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	MT	600
Actual Production	Kgs	129136.410

GENERAL INFORMATION

Suppliers :

· Henkel

Customers :

Wholesalers and Retailers

· Taj Mahal Mehandi Udyog

No. of Employees :

20 (Approximately)

Bankers :

ING Vysya Bank Limited, 947, 10^th D Road, Sardapura, Jhodpur – 342001, Rajasthan, India

Facilities :

CC Ra. 10.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Baroda, Jodhpur (Term Loan Account secured by equitable mortgage by way of deposit of title documents of land and building situated at Boranada, Jodhpur and hypothecation of goods, book debts and movable Machinery situated there at along with personal guarantee of all the directors)	7.840	9.652
Bank of Baroda, Jodhpur (Cash Credit Account secured by way of Hypothecation of all type of Stocks and Book Debts along with personal guarantee of all the directors)	6.326	0.000
Total	14.166	9.652
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director
Gagandeep Daga, Jodhpur	0.037	0.033
Yogendra Daga, Jodhpur	0.201	0.037
From Members Other Than Directors
Sandeep Daga (HUF), Jodhpur	3.474	1.669
Tulsiram Daga (HUF), Jodhpur	2.537	0.558
Pradeep Daga, Jodhpur	0.124	0.048
Devendra Daga, Jodhpur	0.058	0.000
Devendra Daga (HUF), Jodhpur	0.176	0.000
From Others
Daga Art and Crafts Private Limited, Jodhpur	0.492	1.558
Total	7.099	3.903

Banking Relations :	--
Auditors :
Name :	Maheshwari and Jain Chartered Accountant
Address :	E-47, Shastri Nagar, Jodhpur – 342003, Rajasthan, India
PAN.:	AAIFM5689B
Sister Concern:	· Daga Udyog · Daga Poly Laminators Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
233000	Equity Shares	Rs.10/- each	RS.2.330 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		2.330	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.059	4.722	3.956
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.389	6.722	5.956
LOAN FUNDS
1] Secured Loans		14.166	9.652	3.254
2] Unsecured Loans		7.099	3.903	4.447
TOTAL BORROWING		21.265	13.555	7.701
DEFERRED TAX LIABILITIES		0.123	0.429	0.000
TOTAL		36.777	20.706	13.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.505	19.342	8.381
Capital work-in-progress		0.000	0.000	0.352
INVESTMENT		0.944	0.003	0.004
DEFERREX TAX ASSETS		0.000	0.0000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.733	2.167	0.005
	Sundry Debtors	12.515	1.851	3.455
	Cash & Bank Balances	0.203	0.403	0.303
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.054	1.111	1.930
Total Current Assets		19.505	5.532	5.693
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.013	3.672	0.413
	Other Current Liabilities	0.164	0.254	0.198
	Provisions	0.000	0.250	0.172
Total Current Liabilities		3.177	4.176	0.783
Net Current Assets		16.328	1.356	4.910
MISCELLANEOUS EXPENSES		0.000	0.005	0.010
TOTAL		36.777	20.706	13.657

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income
	Other Income
	TOTAL	24.876	26.724	47.094
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	26.088	25.962	46.755
PROFIT BEFORE TAX		(1.213)	1.452	0.338
TAX		(2.115)	0.686	0.144
PROFIT AFTER TAX		(0.903)	0.766	0.194
Earnings Per Share (Rs.)		(4.50)	3.83	0.97

Particulars	31.03.2012
Sales Turnover (Approximately)	25.000

Expected Sales (2012-2013): Rs.27.000 Millions

The above information has been parted by Mr. Ravi – Business Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.63	2.87	0.41
Return on Total Assets (PBT/Total Assets}	(%)	6.22	26.25	5.94
Return on Investment (ROI) (PBT/Networth)		0.08	0.22	0.06
Debt Equity Ratio (Total Liability/Networth)		0.21	0.62	0.13
Current Ratio (Current Asset/Current Liability)		6.14	1.32	7.27

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two 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	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
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

OPERATIONS

During the financial year under consideration, the company could achieve a turnover of Rs.24.876 Millions as against a turnover of Rs.26.724 Millions in the immediately preceding financial year. The company made a loss of Rs.0.903 Million as against a net profit of Rs.0.766 Millions during the said period. The turnover and profitability of the company declined during the year due to tough competition in the field and initial phase of the products of the company. The current year trend appears satisfactory and the directors are hopeful of achieving improved financial results during the year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27107RJ2006PTC022076
Name of the company	DAGA STRIPS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Daga Building Spaota Road, Jodhpur, Rajasthan, India Email: jodmetal@satyam.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10308910
Type of charge	Immovable property
Particular of charge holder	ING Vysya Bank Limited, 947, 10^th D Road, Sardapura, Jodhpur – 342001, Rajasthan, India Email: roc.charge@gmail.com
Nature of instrument creating charge	Letter of Deposit of Title Deeds
Date of instrument Creating the charge	23.12.2011
Amount secured by the charge	Rs.28.186 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-SIT : IVBR + 1.05% TL : IVBR + 1.05% FLC/BC : Commission on 0.50% Terms of Repayment CC-SIT : Payable on demand TL : 43 monthly installment of Rs.0.163 Million and 1 Last installment of Rs.163353.00 w.e.f. Aug 2011 FLC/BC: FLC to be retired through Buyers credit. Max 180 days for BC. Margin CC-SIT : 25% on Stock & Book debts TL : 25% on Plant and Machinery and 30% on Factory Building (Existing as per BOB) FLC/BC : 10% (By way of FDR) Extent and Operation of the charge CC-SIT limit - Rs. 6.000 Millions TL limit - Rs. 7.187 Millions FLC/BC limit - Rs.15.000 Millions Total exposure - Rs. 28.187 Millions Exclusive charge by way of Equitable Mortgage of the property bearing E-852 to E-854 situated at Boranada IV Phase, Jodhpur admeasuring 18038.70 sq.mts.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge by way of Equitable Mortgage of the property bearing E-852 to E-854 situated at Boranada IV Phase, Jodhpur admeasuring 18038.70 sq.mts.
Particulars of the present modification	Limit of Rs. 28.187 Millions is further secured by way of Equitable Mortgage of the property bearing E-852 to E-854 situated at Boranada IV Phase, Jodhpur. All other terms and condition remains the same.

Fixed Assets

· Land

· Plant and Machinery

· Weighing Scale

· Building

· Furniture and Fixtures

· Telephone Equipments

· Computer

· Vehicle

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.55.56
UK Pound	1	Rs.85.51
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.