MIRA INFORM REPORT

Report Date :

12.06.2012

IDENTIFICATION DETAILS

Name :	KAPOOR FLEXIBLE PACKAGING PRIVATE LIMITED (w.e.f.17.11.2006)
Formerly Known As :	DJ HINDUSTAN PUBLISHERS PRIVATE LIMITED
Registered Office :	Plot No. 3, Government Industrieal Estate, Kalpi Road, Kanpur 208012, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.08.2000
Com. Reg. No.:	032531
Capital Investment / Paid-up Capital :	Rs.4.802 millions
CIN No.: [Company Identification No.]	U22190UP2000PTC032531
TAN No.: [Tax Deduction & Collection Account No.]	KNPD01491A
PAN No.: [Permanent Account No.]	AABD6215C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Rolls / Pouches
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 69020
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 DECLINED BY

Name :	Mr. Kamal
Designation :	Key Executive
Contact No.:	91-9839039293
Date :	06.06.2012

LOCATIONS

Registered Office /Factory :	Plot No. 3, Government Industrieal Estate, Kalpi Road, Kanpur 208012, Uttar Pradesh, India
Mobile No.:	91-9839039293 (Mr. Kamal)
E-Mail :	S_kumarcs@sify.com

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Sanjay Kapoor
Designation :	Director
Address :	R/o. 120/382-A, Lajpat Nagar, Kanpur, Uttar Pradesh, India
Date of Birth/Age :	20.06.1968
Date of Appointment :	18.10.2005
Name :	Mr. Shailendra Srivastava
Designation :	Director
Address :	R/o. 120/382-A, Lajpat Nagar, Kanpur, Uttar Pradesh, India
Date of Appointment :	07.12.2005
Name :	Mrs. Sapna Kapoor
Designation :	Director
Address :	R/o. Plot No. 47, Barra, Kanpur, Uttar Pradesh, India
Date of Birth/Age :	08.12.1965
Date of Appointment :	07.12.2005

KEY EXECUTIVES

Name :	Mr. Kamal
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Sanjay Kapoor S/O Late Shri Tilak Raj Kapoor	290100
Sunil Kapoor S/O Late Shri Tilak Raj Kapoor	130100
Amrish Chaturvedi S/O Shri Jitendra Roa Chaube	5000
Jagat Narayan Singh S/O Late Shri Prithvi Raj Singh	15000
Shailendra Srivastava S/O Shri L.N. Srivastava	10000
Durga Nath Jha S/O Shri Uma Shankar Jha	3600
Rakesh Verma S/O Shri R.K. Verma	5000
Rajiv Chaturvedi S/O Shri Jitendra Rao Chaube	5000
Lavanya Prabha D/O Shri S.K. Roy Chaudhary	5000
Sapna Kapoor W/O Shri Sunil Kapoor	10000
Brij Lal, S/O Late Shri Badu Mal	200
Harish Kr. Huf	200
Savita Agarwal	200
Durga Devi	200
Mallika Shah W/O B. L. Shah	100
Sanjay Kumar H.U.F.	200
Niranjan Lal Gupta (H.U.F.)	200
Sanjay Kumar Agarwal (H.U.F.)	100
Total	480200

AS ON 29.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		87.50
Other top fifty shareholders		12.50
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging Rolls / Pouches

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra, Sindhu Nagar, Kanpur 208001, Uttar Pradesh, India

· Small Industrial Development Bank of India, 1^st Floor, Krishna Tower, 15/63/Civil Lines, Kanpur 208001, Uttar Pradesh, India

· HDFC Bank Limited

· Punjab National Bank

· State Bank of India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Car Loan fro HDFC Bank (secured against hypothecation of motor car)	0.144	0.315
Car Loan fro Kotak Mahindra Prime Limited (secured against hypothecation of motor car)	0.615	0.000
Term Loan from SIDBI (secured against mortgage of factory land and building and hypothecation of all moveable properties, book debts, inventories and furniture and fixtures etc. )	13.660	9.975
Total	14.419	10.290
UNSECURED LOAN
From Directors and Their Relatives	0.465	4.531
From Share Holders	4.579	4.559
From Body Corporate	0.057	0.056
Total	5.101	9.146

Banking Relations :	--
Auditors :
Name :	V Pandey Associates Chartered Accountant
Address :	SF 4, Clyde House, 128, The Mall, Kanpur 208004, Uttar Pradesh, India
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10 each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480200	Equity Shares	Rs. 10 each	Rs.4.802 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		4.802	4.802	4.802
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.453	7.225	3.345
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.255	12.027	8.147
LOAN FUNDS
1] Secured Loans		14.419	10.290	7.915
2] Unsecured Loans		5.101	9.146	9.564
TOTAL BORROWING		19.520	19.436	17.479
DEFERRED TAX LIABILITIES		1.092	0.454	0.565
TOTAL		37.867	31.917	26.191
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.775	20.967	22.916
Capital work-in-progress		0.000	8.051	0.000
INVESTMENT		1.617	1.616	1.616
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.350	5.407	6.673
	Sundry Debtors	29.332	46.585	41.288
	Cash & Bank Balances	1.432	0.204	0.183
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.211	4.035	2.996
Total Current Assets		40.325	56.231	51.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.980	49.050	43.253
	Other Current Liabilities	4.870	4.108	4.112
	Provisions	2.000	1.790	2.145
Total Current Liabilities		35.850	54.948	49.510
Net Current Assets		4.475	1.283	1.630
MISCELLANEOUS EXPENSES		0.000	0.000	0.029
TOTAL		37.867	31.917	26.191

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES	195.938	155.587	161.889
	EXPENSES	169.920	138.882	136.161
	PROFIT BEFORE TAX (E-F) (G)	7.921	5.107	8.580
Less	TAX (H)	2.638	1.680	2.101
	PROFIT AFTER TAX (G-H) (I)	5.283	3.427	6.479
	BALANCE CARRIED TO THE B/S	12.453	7.225	3.345
	Earnings Per Share (Rs.)	11.00	6.97	10.55

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	4.04	3.28	5.30
Return on Total Assets (PBT/Total Assets}	(%)	10.98	6.61	11.58
Return on Investment (ROI) (PBT/Networth)		0.45	0.42	1.05
Debt Equity Ratio (Total Liability/Networth)		3.27	6.22	8.29
Current Ratio (Current Asset/Current Liability)		1.12	1.02	1.03

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL PERFORMANCE

This was the 11^th financial year of the company after incorporation. The company earned a profit of Rs. 7.920 millions against net sales of Rs. 178.511 millions. the performance of the company has improved in comparison to previous financial year in terms of sale as well as net profit. The directors are confident of achieving still better performance during the year under review.

NOTE:

Registered office of the company has been shifted from 201 Surya Kiran Building, Kasturba Gandhi Marg, New Delhi 110001, India to the present address w.e.f. 16.10.2006

FORM 8

Corporate identity number of the company	U22190UP2000PTC032531
Name of the company	KAPOOR FLEXIBLE PACKAGING PRIVATE LIMITED (w.e.f.17.11.2006)
Address of the registered office or of the principal place of business in India of the company	Plot No. 3, Government Industrieal Estate, Kalpi Road, Kanpur 208012, Uttar Pradesh, India
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Small Industrial Development Bank of India, 1^st Floor, Krishna Tower, 15/63/Civil Lines, Kanpur 208001, Uttar Pradesh, India Email: akpandey@sidbi.in
Nature of instrument creating charge	Agreement For Term Loan Limit- Cum-Hypothecation dtd 27/03/2012 Declaration and undertaking to mortgage dated 27/03/2012
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs. 5.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest .50% above SIDBI's PLR i.e current PLR being 12.75% current effective would be 13.25% Terms of repayment The loan shall be repayable in 12 quarterly installments of Rs. 0.475 million each commencing after a moratorium of 2 month from the date of first disbursement. Extent and operation of the charge Movable/immovable properties of the Borrower more particularly described in the Schedule to Agreement For Term Loan Limit- Cum-Hypothecation and declaration and undertaking to mortgage are hypothecated/mortgaged to SIDBI as security for and be charged with the repayment to SIDBI of principal amount of the Loan and repayment or payment of other moneys including interest, further interest, Penal Interest, costs, charges and expenses and all other moneys due to SIDBI under Agreement.
Short particulars of the property charged (Including location of the property)	First charge on all assets hypothecated to SIDBI vide deed of hypothecation dated 16/03/2007, 05/02/2010, 18/11/2010 and 27/03/2012 Extension of first charge on all those piece and parcel of immovable property admeasuring 2687 sq. yards, bearing Plot No. 3 in Block J situate at Government Industrial Estate, Kalpi Road, Kanpur, U.P

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Fire Extinguisher

· Office Equipments

· Electric Fittings

· Air Conditioners

· Cellular

· Computer

· Invertor

· Motor Car

· Water Cooler

· Furniture and Fixture

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 involved in	--
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

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.55.24
UK Pound	1	Rs.85.93
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.