MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	KAPISH LAMINATORS PRIVATE LIMITED
Registered Office :	96, Industrial Area, Rani Bazar, Bikaner – 334001, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.06.1992
Com. Reg. No.:	17-006809
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U28992RJ1992PTC006809
TAN No.: [Tax Deduction & Collection Account No.]	JDHK01461F
PAN No.: [Permanent Account No.]	AAALK9438R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Flexible Packaging Materials.
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 10000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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. Manak Chand Agarwal
Designation :	Director
Contact No.:	91-9828110815
Date :	05.06.2012

LOCATIONS

Registered Office / Factory :	96, Industrial Area, Rani Bazar, Bikaner – 334001, Rajasthan, India
Tel. No.:	91-151-2525575/2525516
Mobile No.:	91-9828110815 (Mr. Manak Chand Agarwal)
Fax No.:	Not Available
E-Mail :	kapishbkn@gmail.com bgdaiya@gmail.com

DIRECTORS

As on 24.09.2011

Name :	Mr. Manak Chand Agarwal
Designation :	Director
Address :	Near Brahmchari, Ashram Rani Bazar, Bikaner – 334001, Rajasthan, India
Qualification:	10^th
Date of Appointment :	25.06.1992
DIN No.:	00899101
Name :	Mrs. Parwati Devi Agarwal
Designation :	Director
Address :	Near Brahmchari, Ashram Rani Bazar, Bikaner – 334001, Rajasthan, India
Qualification:	10^th
Date of Appointment :	20.03.1996
DIN No.:	00899110

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Kiran Chand Golcha	10
Nirmala Agarwal	150
Manju Agarwal	120
Manak Chand Agarwal	18707
Brij Ratan Agarwal	4510
Moti Lal Agarwal	10
Basati Agarwal	80
Satyanarayan Agarwal	70
Gayatri Agarwal	140
Neeta Agarwal	70
Parwati Agarwal	110
Brij Ratan Agarwal	1000
Shore Nandki Agarwal	10
Bazi Devi Bachhawat	1
Hanuman Das	1
Jyoti Agarwal	1
Kamal Agarwal	1
Manak Chand HUF	1
Manish Agarwal	1
Manish Kaitan	1
Manoj Kumar Parikh	1
Neeta Bachawat	1
Nikita Agarwal	1
Pushpa Kochar	1
Vinit Agarwal	1
Manish Dujari	1
Total	25000

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of Flexible Packaging Materials.
Products :	Polyster Laminated Flexible Pouch and Rolls
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity
PP Bags	Pcs.	2.4000 Lacs

Note:

a) There was no production of PP Bags in number of pieces

b) That capacity is technical matter and taken as certified by the director of the company

GENERAL INFORMATION

Suppliers :

· Henkel

Customers :

Manufacturer

No. of Employees :

20 (Approximately)

Bankers :

State Bank of India, Bikaner

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit Hypothecation from State Bank of Indore. Bikaner	0.000	1.153
Cash Credit Hypothecation from State Bank of India, Bikaner	1.055	0.000
Total	1.055	1.153
Note: Cash Credit special hypothecation limit granted by the State Bank of India, Bikaner is secured by hypothecation of (a) all present and future stock of raw materials, store and spares at premises or godown of the unit situated at 96A Industrial Area, Bikaner and (b) Personal guarantee of directors, (c) Second charge land, building and machinery of the unit located at 96 A Industrial area, Bikaner.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	0.175	0.816
From Others	4.879	2.428
Total	5.054	3.244

Banking Relations :	--
Financial Institutions:	Rajasthan Financial Corporation, Bikaner, Rajasthan, India
Auditors :
Name :	Daiya Tiwari and Soni Chartered Accountant
Address :	Rani Bazar, Bikaner – 334001, Rajasthan, India
Mobile No.:	91-9829217675
PAN.:	AAAFB7201l

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- 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	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.600	0.600	0.600
4] (Accumulated Losses)		(0.537)	(0.799)	(1.183)
NETWORTH		2.563	2.301	1.917
LOAN FUNDS
1] Secured Loans		1.055	1.153	1.132
2] Unsecured Loans		5.054	3.244	2.297
TOTAL BORROWING		6.109	4.397	3.429
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.672	6.698	5.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.827	2.928	2.519
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.0000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.844	6.785	4.465
	Sundry Debtors	3.454	3.816	3.882
	Cash & Bank Balances	0.077	0.025	0.240
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.246	0.420	0.636
Total Current Assets		10.621	11.046	9.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.304	5.936	5.015
	Other Current Liabilities	1.371	1.197	1.144
	Provisions	0.104	0.146	0.241
Total Current Liabilities		5.779	7.279	6.400
Net Current Assets		4.842	3.767	2.824
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.672	6.698	5.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	31.363	31.353	30.673
		Other Income
		TOTAL (A)	31.363	31.353	30.673
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	29.974	30.266	29.195
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.389	1.269	1.478
Less	FINANCIAL EXPENSES (D)		0.597	0.419	0.420
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.792	0.850	1.058
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.530	0.388	0.362
	PROFIT BEFORE TAX (E-F) (G)		0.262	0.462	0.696
Less	TAX (I)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-I) (J)		0.262	0.462	0.696
	Earnings Per Share (Rs.)		10.49	15.37	24.94

Particulars	31.03.2012
Sales Turnover (Approximately)	35.000

Expected Sales (2012-2013): Rs.40.000 Millions

The above information has been parted by Mr. Manak Chand Agarwal - Director

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.84	1.47	2.27
Return on Total Assets (PBT/Total Assets}	(%)	2.47	4.18	7.55
Return on Investment (ROI) (PBT/Networth)		0.10	0.20	0.36
Debt Equity Ratio (Total Liability/Networth)		2.25	3.16	3.34
Current Ratio (Current Asset/Current Liability)		1.84	1.53	1.44

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	No
17) Major suppliers	Yes
18) Major customers	No
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

FINANCIAL RESULT

That during the year turnover has remained almost stagnant to reflect at Rs.31.363 Millions. Net profit has been declined to Rs.0.262 Millions before tax from Rs.0.462 Millions as compared to preceding year. In fact company is having facility to print taking base of eight colours only whereas in competition scenario several industries have which are taking twelve colours printing base. This has put enormous pressure on margin of the company. Directors are hopeful of reporting better result in the coming year.

Fixed Assets

· Land

· Building

· Plant and Machinery

· Furniture

· Vehicle

· Computer

· Fax Machine

· Fire Fighting Equipments

· Electronic Weight Meter

· Gas Cylinder

· Air Compressor

· Air Conditioner

· Packing Machine

· Video Camera

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.55.49
UK Pound	1	Rs.85.57
Euro	1	Rs.69.30

INFORMATION DETAILS

Information Gathered by :	SBA
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	NO
--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.