MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	SHINE FLEXIBLE PRINT AND PACKS PRIVATE LIMITED
Registered Office :	Door No. XII/272 B, Moolekkadu Manalimukku, Nad Post, Ernakulam, District Aluva – 683563, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.08.2006
Com. Reg. No.:	09-019726
Capital Investment / Paid-up Capital :	Rs.3.300 Millions
CIN No.: [Company Identification No.]	U36991KL2006PTC019726
TAN No.: [Tax Deduction & Collection Account No.]	CHNS04069C
PAN No.: [Permanent Account No.]	AAKCS5063N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Preprinted and Laminated Films
No. of Employees :	Not available

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 23000
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 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. Kavil .Rajan Nair
Designation :	Director
Date :	05.07.2012

LOCATIONS

Registered Office :	Door No. XII/272 B, Moolekkadu Manalimukku, Nad Post, Ernakulam, District Aluva – 683563, Kerala, India
Tel. No.:	91-484-2541787
Fax No.:	91-484-2541787
E-Mail :	mca@krishnakumar.org shinaflexi@rediffmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Lalu. Kandengath Shekharan

Designation :

Director

Address :

Kandagath House Mullassery.P.O. Thrissur-680 509, Kerala, India

Date of Birth/Age :

12.05.1974

Date of Appointment :

11.08.2006

DIN No.:

01844826

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	U52599KL1994PTC008259	FOSTER MARKETING COMPANY PRIVATE LIMITED	Director	28/09/1999	28/09/1999	24/11/2011	Active	NO
2	U22212KL1999PTC013399	GRAND FOST PRINT AND PACK PRIVATE LIMITED	Director	26/06/2000	26/06/2000	-	Active	NO
3	U36991KL2006PTC019726	SHINE FLEXIBLE PRINT AND PACKS PRIVATE LIMITED	Director	11/8/2006	11/8/2006	-	Active	NO
4	U52599KL2009PTC024836	KRP TRADES (INDIA) PRIVATE LIMITED	Director	7/10/2009	7/10/2009	-	Active	NO

Name :

Mr. Kavil .Rajan Nair

Designation :

Director

Address :

'Naisreyasam' Udaya Nagar, 2nd Cross, Ayyanthole P.O Thrissur-680003, Kerala, India

Date of Birth/Age :

03.05.1952

Date of Appointment :

11.08.2006

DIN No.:

01844856

KEY EXECUTIVES

Name :	Mr. Krishna Kumar
Designation :	Company Secretary
Address :	2nd Floor, Therattil Pudukkadan Aipu Building, Rice Bazar, Thrissur-680 001, Kerala India
Tel. No.:	91-0487-2423281
Fax No.:	91-0487-2423281
E-Mail :	mail@krishnakumar.org
Website :	www.krishnakumar.org

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Lalu. K.S	450
K. Rajan Nair	400
Rarmiath Aboobacker Jaleel	300
Mrs.Shoubnath Jaleel	200
Kum. Rufeeda Jaleel (Minor- Repesented by Father: Mr.Ramnath Aboobacker Jaleel	200
Rameeza Jaleel	200
Jamshad Jaleel	200
Bisha Lalu	350
Surendran P.K	300
P. Mallika	300
Midhun R Nair	200
Rohit R Nair	200
Total	3300

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	57.58
Other top fifty shareholders	42.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Preprinted and Laminated Films

Products :

Product Description	Item Code No
Manufacturing of Preprinted and Laminated Films	392510.00

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	Kg	180000
Actual Production	Kg	221215.400

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Travancore, SME Branch, South Kalamassery, Holy Angel's Building, Ernakulam – 683104, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan - 1 from State Bank of Travancore (Secured by mortgage of immovable properties and by hypothecation of Plant and Machinery)	1.336	1.829
Term Loan - 2 from State Bank of Travancore (Secured by mortgage of immovable properties )	0.297	0.482
Cash Credit Accounts with State Bank of Travancore (Secured by hypothecation of inventories)	15.876	10.851
Total	17.509	13.162

Banking Relations :	--
Auditors :
Name :	K. J. Narayanan Chartered Accountants
Address :	Paliyam Road, Thrissur – 680001, Kerala, India
PAN.:	AADFK0184C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3300	Equity Shares	Rs.1000/- each	Rs.3.300 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		3.300	3.300	3.300
2] Share Application Money		0.850	0.850	0.250
3] Reserves & Surplus		1.702	0.401	0.149
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.852	4.551	3.699
LOAN FUNDS
1] Secured Loans		17.509	13.162	8.735
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		17.509	13.162	8.735
DEFERRED TAX LIABILITIES		0.708	0.313	0.107
Margin Money From District Industries Centre.		0.266	0.250	0.000
TOTAL		24.335	18.276	12.541
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.583	9.081	6.096
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.425	3.664	4.663
	Sundry Debtors	14.780	9.488	8.741
	Cash & Bank Balances	0.688	0.264	0.197
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.051	4.071	3.105
Total Current Assets		24.944	17.487	16.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.361	7.635	9.398
	Other Current Liabilities	1.395	0.573	0.821
	Provisions	0.436	0.084	0.042
Total Current Liabilities		11.192	8.292	10.261
Net Current Assets		13.752	9.195	6.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.335	18.276	12.541

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	50.569	42.642	41.493
		Other Income	0.097	0.285	0.098
		TOTAL	50.666	42.927	41.591
Less	EXPENSES
		Office Expenses
		Administrative Expenses	48.001	42.027	40.981
		Advertising Expenses
		TOTAL	48.001	42.027	40.981
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.665	0.900	0.610
Less/ Add	DEPRECIATION/ AMORTISATION		0.533	0.360	0.360
	PROFIT BEFORE TAX		2.132	0.540	0.250
Less	TAX		0.831	0.289	0.123
	PROFIT AFTER TAX		1.301	0.251	0.127
	Earnings Per Share (Rs.)		394.24	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.57	0.59	0.31
Net Profit Margin (PBT/Sales)	(%)	4.21	1.27	0.60
Return on Total Assets (PBT/Total Assets}	(%)	6.00	2.03	1.10
Return on Investment (ROI) (PBT/Networth)		0.36	0.12	0.07
Debt Equity Ratio (Total Liability/Networth)		4.90	4.71	5.14
Current Ratio (Current Asset/Current Liability)		2.23	2.11	1.63

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	No
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	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36991KL2006PTC019726
Name of the company	SHINE FLEXIBLE PRINT AND PACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Door No. Xii/272 B, Moolekkadu Manalimukku, Nad Post, Ernakulam District Aluva – 683563, Kerala, India mca@krishnakumar.org
This form is for	Creation of charge
Type of charge	· Immovable property · Movable property (not being pledge)
Particular of charge holder	State Bank of Travancore, SME Branch, South Kalamassery, Holy Angel's Building, Ernakulam – 683104, Kerala, India ssikalama@sbt.co.in
Nature of instrument creating charge	1. Term Loan Agreement for High Value Advances; 2. Deed of Hypothecation for Term Loan; and 3. No instrument. Two Letters evidencing Memorandum of extension of Equitable Mortgage.
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs.4.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.00% Above SBT Base Rate (SBTBR) subject to a minimum of 14.50% per annum with monthly rests. Terms of Repayment 77 Equal Monthly Installments of Rs.0.056 Million and last installment of Rs.0.027 Million the first of which installments be paid on the date of 13^th September 212 and the subsequent installments on or before the same day of each month thereafter as the case may be and interest accrued shall be paid on the respective due dates. Margin 20.00% Extent and Operation of the charge Company availed a new Term Loan of Rs.4.300 Millions from State Bank of Travancore, Kalamassery Branch and hypothecated its Machinery (One Automatic Pouch Making Machine Model Galaxy) and extended Equitable Mortgage of 39.66 Ares of Land in Sy.No.226/3 and 283/3 in Akathiyoor Village and 8.54 Ares of land in Re-Sy.No.250/52P Block No.36 of Aluva East Village as security for the Term Loan facility availed from the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Machinery(One Automatic Pouch Making Machine Model Galaxy) 39.66 Ares of Land in Sy.No.226/3 and 283/3 in Akathiyoor Village, Thalapilly Taluk, Akkikavu Sub-District, Thrissur District together with all improvements including the buildings. 8.54 Ares of Land in Sy.No.250/52P Block No.36 in Aluva East Village, Aluva Taluk, Aluva Sub-District, Ernakulam District together with all improvements including the buildings.

Fixed Assets

· Land

· Building

· Plant and Machinery

· Lab Equipments

· Moulds

· Computers

· Electrical Fittings

· Furniture and Fixtures

· Vehicles

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.85.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.