MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	OSHYAN MERCANTILE PRIVATE LIMITED
Registered Office :	14 Ganesh Chandra Avenue, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.01.1998
Com. Reg. No.:	21-086287
Capital Investment / Paid-up Capital :	Rs. 3.750 Millions
CIN No.: [Company Identification No.]	U51109WB1998PTC086287
TAN No.: [Tax Deduction & Collection Account No.]	CALO00555C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Materials.
No. of Employees :	50 ( Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 30000
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 small 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 PARTED BY

Name :	Mr. Sourabh Bothra
Designation :	Director
Contact No.:	91-33-24351909
Date :	02.06.2012

LOCATIONS

Registered Office :	14 Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-40054317 / 22151059 /22259676
Mobile No.:	91-9339873762 (Mr. Sourabh Bothra)
Fax No.:	91-33-2371139
E-Mail :	oshyan_merc@yahoo.co.in
Area :	1000 sq.ft.
Location :	Owner
Factory :	Garia Main Road, 24 Parganas (South), West Bengal, India
Tel. No.:	91-33-24351909
Area :	10000 sq.ft.
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :	Mr. Sourabh Bothra
Designation :	Director
Address :	33, Bondel Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	12.11.1980
Date of Appointment :	12.09.2008
DIN No.:	02340764

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	U51109WB1998PTC086287	OSHYAN MERCANTILE PRIVATE LIMITED	Director	12-09-08	12-09-08	Active	NO

Name :	Mr. Yashwant Bothra
Designation :	Director
Address :	33, Bondel Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	13.04.1977
Date of Appointment :	08.01.1998
DIN No.:	00826422

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	U51109WB1998PTC086287	OSHYAN MERCANTILE PRIVATE LIMITED	Director	08-01-98	08-01-98	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Yashwant Bothra	61350
Sourabh Bothra	61350
Ashok Kumar Bothra	78300
Subhash Kumar Baid	5000
Kusum Devi Bothra	27500
Geeta Srivastav	7500
Subhash Kumar Baid	5000
Satish Srivastav	7500
Ashok Kumar Bothra (HUF)	24000
Antu Bothra	20000
Rahul Bothra	20000
Bhagwati Dealers Private Limited, India	11500
Shublabh Dealers Private Limited, India	12500
Yashwant Bothra (HUF)	10500
Sourabh Bothra (HUF)	10500
Kanchan Devi Bhansali	12500
Total	375000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.40
Directors or relatives of Directors	93.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packaging Materials.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Pouches	Quantity in Kgs	18,689,100,000
Rolls	Quantity in Kgs	382,162,330
Scrap	Quantity in Kgs	35,848,000

GENERAL INFORMATION

Suppliers :

Purb Flexipack

Customers :

Wholesalers, Retailers and End Users

• Priya Food Products
• Amal Biscuits

No. of Employees :

50 (Approximately)

Bankers :

UCO Bank, India Exchange Place Branch, 2, India Exchange Place, Kolkata - 700001, West Bengal, India

Facilities :

Cash Credit Rs. 7.200 Millions

Term Loan Rs. 1.500 Millions

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit in UCO Bank*	7.361	6.899
HDFC Bank Car loan	0.229	0.198
Term Loan	0.000	1.151
Total	7.590	8.248
Note: *Cash Credit limit is secured by the way of providing primary security of Stock and Book debts and fixed deposits as collateral.
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	2.714	2.484
Total	2.714	2.484

Banking Relations :	--
Auditors :
Name :	RSVA and Company Chartered Accountants
Address :	209, A.J.C Bose Road, 148, 4th Floor, Karnani Estate, Kolkata, West Bengal – 700017, India
Tel. No.:	91-33-22904267/4268
Fax No.:	91-33-22901307
E-Mail :	adminkol@rsva.co.in
PAN.:	AEIPB4725P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
375000	Equity Shares	Rs.10/- each	Rs. 3.750 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		3.500	3.250	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.168	2.954	1.919
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.668	6.204	4.919
LOAN FUNDS
1] Secured Loans		7.590	8.248	7.632
2] Unsecured Loans		2.714	2.484	2.089
TOTAL BORROWING		10.304	10.732	9.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.003
TOTAL		17.972	16.936	14.643
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.865	5.104	3.586
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.150	0.059	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.540	4.707	3.088
	Sundry Debtors	17.057	13.420	12.964
	Cash & Bank Balances	5.123	5.528	0.781
	Other Current Assets	0.404	0.398	0.195
	Loans & Advances	1.909	0.313	3.828
Total Current Assets		30.033	24.366	20.856
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.522	12.090	9.497
	Other Current Liabilities	0.098	0.094	0.055
	Provisions	0.475	0.435	0.279
Total Current Liabilities		17.095	12.619	9.831
Net Current Assets		12.938	11.747	11.025
MISCELLANEOUS EXPENSES		0.019	0.026	0.032
TOTAL		17.972	16.936	14.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	105.662	68.334	71.711
		Other Income	0.964	0.717	0.309
		TOTAL (A)	106.626	69.051	72.020
Less	EXPENSES
		Purchase	95.384	62.466	62.566
		Increase/ (Decrease) in stock	(0.832)	(1.618)	0.952
		Excise Duty	0.770	0.090	0.816
		Administrative & Other Expenses	9.209	6.536	6.342
		Auditor Remuneration	0.016	0.013	0.014
		Preliminary expenses written off	0.007	0.007	0.007
		Loss on Sale of Machinery	0.140	0.000	0.000
		TOTAL (B)	104.694	67.494	70.697
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.932	1.557	1.323
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.273	1.146	0.849
	PROFIT BEFORE TAX (E-F) (G)		0.659	0.411	0.474
Less	TAX (I)		0.195	0.127	0.171
	PROFIT AFTER TAX (G-I) (J)		0.464	0.284	0.303
Less	Prior Period Expenses		0.000	0.000	0.153
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.204	0.919	0.769
	BALANCE CARRIED TO THE B/S		1.668	1.204	0.919
	Earnings Per Share (Rs.)		0.13	0.87	0.50

Particulars	31.03.2012
Sales Turnover (Approximately)	140.000

Expected Sales (2012-2013) : Rs. 200.000 Millions

The above information has been parted by Mr. Sourabh Bothra

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.44	0.41	0.42
Net Profit Margin (PBT/Sales)	(%)	0.62	0.60	0.66
Return on Total Assets (PBT/Total Assets}	(%)	1.88	1.39	1.94
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.10
Debt Equity Ratio (Total Liability/Networth)		3.57	3.76	3.97
Current Ratio (Current Asset/Current Liability)		1.76	1.93	2.12

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
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

FORM 8

Corporate identity number of the company	U51109WB1998PTC086287
Name of the company	OSHYAN MERCANTILE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14 Ganesh Chandra Avenue, Kolkata – 700013, West Bengal
This form is for	Modification of charge
Charge identification number of the modified	90245402
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Others
Particular of charge holder	UCO Bank, India Exchange Place Branch, 2, India Exchange Place, Kolkata - 700001, West Bengal, India Email: ucoiepcal@vsnl.net
Nature of description of the instrument creating or modifying the charge	(1) Deed of hypothecation of goods to secure demand cash credit, (2) Deed of hypothecation of book debts to secure demand cash credit, (3) Agreement relating to term loan (4) Deed of hypothecation of movable plant and machinery to secure term loan.
Date of instrument Creating the charge	23.06.2011
Amount secured by the charge	Rs. 28.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 3.90% p.a. above base rate which is at present 10.00% p.a. i.e. @ 13.90% P.A. with monthly rests subject to change by the bank/RBI from time to time. Terms of Repayment Working capital (Rs. 15.600 Millions) : repayable on demand. Term loan (Rs. 12.600 Millions) : repayable in 60 equal monthly installments of Rs. 0.210 Millions each commencing from 1st April 2012. Margin 25% on Stocks And 40% on Book Debts. Extent and Operation of the charge Exclusive first charge in favour of UCO bank, India exchange place branch, Kolkata. Others The hypothecated assets shall be insured against loss or damage under bank clause.
Short particulars of the property charged	Hypo. of stocks of raw materials like Poly papers, Printing materials etc, WIP, Finished goods like Poly packates etc. stores and spares and other movables which now or hereafter from time to time .During this security shall be brought into stored or be in or about the borrower's premises, godowns situated at Garia Main Road, Garia, Kolkata-700084 or wherever else. Hypo. of all present and future book debts, outstanding moneys, receivables, claims etc and other current assets of the borrower. Hypo. of all existing plant and machinery installed and 3 new machines namely 8 colour Rotogravura printing machine, Uflex solvent less laminator machine, cantilever type high speed . Slilling machine to be purchased out of term loan and to be installed at the borrower's factory premises situated at Garia main road, Garia, Kolkata-700084.
Date of latest modification prior to the present modification	25.05.2009
Particulars of the present modification	By this modification the overall credit facility has been enhanced to Rs. 28.200 Millions comprising of : Cash credit : Rs. 15.600 Millions Term loan : Rs. 12.600 Millions. All other terms, conditions and properties charged as security remain unaltered.

FIXED ASSETS:

• Plant and Machinery
• Motor Cycle
• Computer
• Motor Car
• Furniture and Fixture
• A.C. Machine
• Mobile Phone

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 :	SVA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		29

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.