MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	VICTORY LAMINATIONS LIMITED
Registered Office :	B-3, Industrial Estate, Ambattur, Chennai – 600058, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.1986
Com. Reg. No.:	18-013098
Capital Investment / Paid-up Capital :	Rs. 46.510 Millions
CIN No.: [Company Identification No.]	L25209TN1986PLC013098
TAN No.: [Tax Deduction & Collection Account No.]	CHEV00658A
PAN No.: [Permanent Account No.]	AAACV2002N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Packaging Pouches and Roll like Laminated Pouches, Multi Layer Pouches etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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. Rana Murthy
Designation :	Admin Manager
Contact No.:	91-44-26358415
Date :	11.06.2012

LOCATIONS

Registered Office / Factory :	B-3, Industrial Estate, Ambattur, Chennai – 600058, Tamil Nadu, India
Tel. No.:	91-44-26358415 / 26253803 /24838039
Mobile No.:	91-9444061000 (Mr. Vijayaraghavan Thothadri)
Fax No.:	91-44-26253803 / 26521906
E-Mail :	vlladmn@gmail.com sect@shriramcity.in rrsk_chnn@yahoo.co.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Aroor Venkatachari Srinivasaraghava Raja
Designation :	Director
Address :	A – 7, Annanagar, Chennai – 600102, Tamil Nadu, India
Date of Birth/Age :	05.03.1939
Date of Appointment :	29.11.1997
DIN No.:	00163331

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U67120TN1986PLC012883	SHRIRAM PERMANENT FUND LTD	Director	08-04-86	08-04-86	Active	NO
2	U65992AP1981PTC003312	SHRIRAM CHITS PVT LTD	Director	01-07-88	01-07-88	Active	NO
3	U65991TN1989PTC018223	SHRIRAM CHITS CHENNAI PRIVATE LIMITED	Director	23-11-89	23-11-89	Strike off	NO
4	L29255TN1964PLC005153	MADRAS SPINDLE CO LTD	Director	13-05-91	13-05-91	Active	NO
5	U24131KA1994PTC016265	PREMIER NITRATESANDCHEMICALS PRIVATE LIMITED	Director	16-09-94	16-09-94	Strike off	NO
6	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	29-11-97	29-11-97	Active	NO
7	U45201TN2006PTC060512	SHRIRAM FOUNDATIONS PRIVATE LIMITED	Director	11-07-06	11-07-06	Active	NO
8	U74900TN2012PTC085127	SHRIRAM VYAPAR PRIVATE LIMITED	Director	23-03-12	23-03-12	Active	NO

Name :	Mr. Mani Naganatha Davey
Designation :	Director
Address :	New No. 6, Old No. 21, Postal Colony, 4^th ST, Chennai – 600033, Tamil Nadu, India
Date of Birth/Age :	26.12.1960
Qualification :	Graduate
Date of Appointment :	15.09.2006
DIN No.:	00083259

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U67120TN1986PLC012883	SHRIRAM PERMANENT FUND LTD	Director	08-04-86	08-04-86	Active	NO
2	U74210TN1987PTC014558	RAMBAL ENGINEERING AND INVESTMENTS PRIVATE LIMITED	Director	22-06-87	22-06-87	Active	NO
3	U65991TN1988PTC015699	T J FINANCIAL CONSULTANCY AND INVESTMENTS PRIVATE LIMITED	Director	12-05-88	12-05-88	Active	NO
4	U29256TN1988PTC016346	SHRIRAM ENGINEERING PRODUCTS PRIVATE LIMITED	Director	14-10-88	14-10-88	Active	NO
5	L29255TN1964PLC005153	MADRAS SPINDLE CO LTD	Director	18-01-90	18-01-90	Active	NO
6	U17111TN1980PTC008286	ALAGIRI SPINNING AND WEAVING MILLS PRIVATE LIMITED	Director	26-09-90	26-09-90	Active	NO
7	U45201TN1993PTC024666	ASSET BUILDERS PRIVATE LIMITED	Director	23-03-93	23-03-93	Active	NO
8	U65991TN1989PTC017943	SHRIRAM CHITS TAMILNADU PRIVATE LIMITED	Director	01-10-94	01-10-94	Active	NO
9	U67190TN1995PLC032506	SHRIRAM ENTREPRENEURIAL VENTURES LIMITED	Director	04-08-95	04-08-95	Active	NO
10	U35999TN1996PLC034671	RAMBAL LIMITED	Director	29-02-96	29-02-96	Active	NO
11	U15419TN1986PTC013772	S.S.INTERNATIONAL PRIVATE LIMITED	Director	30-09-01	30-09-01	Active	NO
12	U67120TN1995PLC031813	Shriram Insight Share Brokers Limited	Director	15-12-05	15-12-05	Active	NO
13	U65992KA1990PTC010662	SHRIRAM CHITS (KARNATAKA) PRIVATE LIMITED	Director	31-03-07	31-03-07	Active	NO
14	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	30-09-10	05-10-09	Active	NO

Name :	Mr. Thiagarajan Jayaraman
Designation :	Director
Date of Appointment :	05.10.2009
DIN No.:	00163823

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22211TN2000PTC044738	CGM SHRIRAM INDIA PRIVATE LIMITED	Director	11-09-00	11-09-00	-	Active	NO
2	U15142TN1988PLC016142	OMAYAL AGRO INDUSTRIES LIMITED	Director	27-03-01	27-03-01	-	Active	NO
3	U65191TN1988PTC016345	VEAN MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	05-02-02	05-02-02	-	Active	NO
4	U36920TN1996PTC035489	HARMONY MUSICAL INSTRUMENTS (MADRAS) PRIVATE LIMITED	Director	05-08-02	05-08-02	10-12-06	Active	NO
5	U67190TN2003PTC050569	SHRIRAM DTH PRIVATE LIMITED	Director	25-03-03	25-03-03	-	Active	NO
6	U65991TN1986PTC013160	SHRIRAM CAPITAL TRUST PRIVATE LIMITED	Director	14-01-04	14-01-04	-	Active	NO
7	U45201TN1995PTC030333	SHRI HOUSING PRIVATE LIMITED	Director	16-01-04	16-01-04	26-03-09	Active	NO
8	U80302TN2001PTC048108	AEC TAKE INSTITUTE FOR LOGISTICS MANAGEMENT PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Active	NO
9	U73100TN1998PTC041127	AEC BUSINESS SCHOOL PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO
10	U74920TN2000PLC045539	PROSPERITY SHOP (INDIA) LIMITED	Director	27-07-05	27-07-05	-	Active	NO
11	U65999TN2006PTC060047	NMS CONSULTANCY PRIVATE LIMITED	Director	31-05-06	31-05-06	-	Active	NO
12	U65999TN2006PTC060048	MSA SECURITIES SERVICES PRIVATE LIMITED	Director	31-05-06	31-05-06	-	Active	NO
13	U15135TN2000PTC045542	ASIA GLOBAL TRADING (CHENNAI) PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Active	NO
14	U35999TN1969PTC005770	CONVEYOR EQUIPMENT COMPANY Private Limited	Director	15-06-06	15-06-06	-	Active	NO
15	U65992TN1985PLC011741	SHRIRAM HOUSING FINANCE AND DEVELOPMENT COMPANY LTD	Director	28-08-06	28-08-06	-	Active	NO
16	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	20-08-07	15-09-06	-	Active	NO
17	U99999DL1996NPL098456	INDIAN DIRECT SELLING ASSOCIATION	Director	01-04-07	01-04-07	08-05-09	Active	NO
18	U67190TN2008PTC068099	VMS FOOD AND BEVERAGES SERVICES PRIVATE LIMITED	Director	09-06-08	09-06-08	-	Active	NO
19	U67190TN2008PTC068116	SMA Professional Services Private Limited	Director	10-06-08	10-06-08	-	Active	NO
20	U93000TN2009PTC070388	Smart Professional Services Private Limited	Director	05-01-09	05-01-09	-	Active	NO
21	U74140TN2009PTC070484	Firstchoice Professional Services Private Limited	Director	15-01-09	15-01-09	-	Active	NO
22	U74900TN2009PTC070787	Green Field Consultants Private Limited	Director	20-02-09	20-02-09	-	Active	NO
23	U45200TN2009PTC070834	SHRIRAM AUTOMALL LAND HOLDINGS PRIVATE LIMITED	Director	26-02-09	26-02-09	-	Active	NO
24	U74999TN2009PTC071206	Shriram Distribution Services Private Limited	Director	01-04-09	01-04-09	15-12-09	Active	NO
25	U30007TN1996PLC035171	IRIS MANUFACTURING LIMITED	Director	10-08-09	31-05-09	-	Active	NO
26	L29255TN1964PLC005153	MADRAS SPINDLE CO LTD	Director	16-08-10	18-11-09	-	Active	NO
27	U74140TN2009PTC073702	Nissan Management Consultants Private Limited	Director	27-11-09	27-11-09	-	Active	NO
28	U52334TN2009PTC073716	SHRIRAM RETAIL AND FRANCHISEES PRIVATE LIMITED	Director	30-11-09	30-11-09	-	Active	NO
29	U74140TN2009PTC073756	Inspire Management Consultants Private Limited	Director	02-12-09	02-12-09	-	Active	NO
30	U74140TN2009PTC074089	Shamani Management Services Private Limited	Director	31-12-09	31-12-09	-	Active	NO
31	U45200TN2010PTC075701	SHRIRAM PROPERTIES HOLDINGS PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Active	NO
32	U45300TN2010PTC075837	SHRIRAM INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	26-05-10	26-05-10	-	Amalgamated	NO
33	U52399TN2008PTC066278	AIRPLAZA RETAIL HOLDINGS PRIVATE LIMITED	Director	15-09-10	01-06-10	08-11-10	Active	NO
34	U65993TN2006PTC060100	CS HOLDINGS PRIVATE LIMITED	Director	30-09-11	15-12-10	-	Active	NO
35	U67190TN2011PTC079382	SHRIRAM FINANCIAL VENTURES (CHENNAI) PRIVATE LIMITED	Director	28-02-11	28-02-11	-	Active	NO
36	U67100TN2011PTC079652	SHRIRAM FINANCIAL PRODUCTS SOLUTIONS (CHENNAI) PRIVATE LIMITED	Director	15-03-11	15-03-11	01-02-12	Active	NO
37	U65191TN1986PTC012662	EMINENT PORTFOLIO MANAGEMENT PRIVATE LIMITED	Director	02-08-11	02-08-11	-	Active	NO
38	U15419TN1986PTC013772	S.S.INTERNATIONAL PRIVATE LIMITED	Additional director	01-12-11	01-12-11	-	Active	NO

Name :	Mr. Vijayaraghavan Thothadri
Designation :	Dlirector
Qualification :	CA, ACS
Date of Appointment :	01.04.2010
DIN No.:	00555891

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65991TN1989PTC017066	HARI AND COMPANY INVESTMENTS MADRAS PRIVATE LIMITED	Director	28-11-94	28-11-94	-	Active	NO
2	U65991TN1986PTC013160	SHRIRAM CAPITAL TRUST PRIVATE LIMITED	Director	02-11-05	02-11-05	26-12-07	Active	NO
3	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	30-09-10	01-04-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramaratnam Vaidyanathan	100,000
Aroor Venkatachari Srinivasaraghava Raja	100,000
Thiagarajan Jayaraman	19,800

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Public Financial Companies	12.90
Mutual Funds	0.96
Bodies corporate	4.51
Directors or relatives of directors	6.76
Other top fifty shareholders	8.04
Other	66.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Packaging Pouches and Roll like Laminated Pouches, Multi Layer Pouches etc.

Product:

Item Code No. (ITC Code)	Product Description
25209	Other Plastics

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Actual Production
Flexi laminates rolls	Kgs.	336492.070

GENERAL INFORMATION

Suppliers :

Henkel

Customers :

Nazareth Foods Private Limited

No. of Employees :

50 (Approximately)

Bankers :

HDFC Bank, Chennai Branch

Facilities :

Secured Loans	(Rs. in millions) 31.03.2011	(Rs. in millions) 31.03.2010
Term Loans	65.217	63.564
Total	65.217	63.564
Unsecured Loans	(Rs. in millions) 31.03.2011	(Rs. in millions) 31.03.2010
From Others	45.870	41.680
Total	45.870	41.680

Banking Relations :	--
Auditors :
Name :	M.S.Krishnaswamy and Rajan Chartered Accountant
Address :	10, Sambasivam Street, Chennai 600017, Tamil Nadu, India
PAN No.:	AAHFM6331P
Related parties with whom transactions have taken place during the year entities in which significant influence exists:	Lakshmi Associates

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4651000	Equity Shares	Rs.10/- each	Rs. 46.510 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		46.510	46.510	46.510
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.713	2.713	2.713
4] (Accumulated Losses)		(133.553)	(135.755)	(159.300)
NETWORTH		(84.330)	(86.532)	(110.077)
LOAN FUNDS
1] Secured Loans		65.217	63.564	95.658
2] Unsecured Loans		45.870	41.680	39.559
TOTAL BORROWING		111.087	105.244	135.217
DEFERRED TAX LIABILITIES		0.000	0.000	21.307
OTHER LIABILITIES		22.769	23.707	0.000
TOTAL		49.526	42.419	46.447
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.930	30.544	34.385
Capital work-in-progress		7.244	4.906	4.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.762	2.366	2.695
	Sundry Debtors	22.488	12.858	13.368
	Cash & Bank Balances	4.330	4.004	4.779
	Other Current Assets	0.298	0.268	0.311
	Loans & Advances	2.730	1.930	2.121
Total Current Assets		32.608	21.426	23.274
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.555	13.574	7.520
	Other Current Liabilities	0.000	0.000	6.783
	Provisions	1.701	0.883	0.909
Total Current Liabilities		17.256	14.457	15.212
Net Current Assets		15.352	6.969	8.062
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.526	42.419	46.447

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	89.346	62.839	86.568
		Other Income	0.606	2.730	0.000
		TOTAL (A)	89.952	65.569	86.568
Less	EXPENSES
		Consumption materials changes inventories	65.785	43.779
		Manufacturing service costs	9.173	7.124	75.205
		Employee related expenses	6.495	5.683
		Administrative selling other expenses	0.790	1.444
		TOTAL (B)	82.243	58.030	75.205
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.709	7.539	11.363
Less	FINANCIAL EXPENSES (D)		(0.584)	(22.114)	7.024
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.293	29.653	4.339
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.451	5.292	5.281
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.842	24.361	(0.942)
Less	TAX (H)		0.023	0.168	0.050
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.819	24.193	(0.992)
	Earnings / (LOSS) Per Share (Rs.)		0.47	5.06	(0.21)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.13	36.90	(1.15)
Net Profit Margin (PBT/Sales)	(%)	3.18	38.77	(1.09)
Return on Total Assets (PBT/Total Assets}	(%)	4.77	46.88	(1.63)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.28)	0.01
Debt Equity Ratio (Total Liability/Networth)		(1.52)	(1.38)	(1.56)
Current Ratio (Current Asset/Current Liability)		1.89	1.48	1.53

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	No
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	No
Capital in the business	Yes
Details of sister concerns	Yes
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

OPERATIONS

The sales turnover for the year ended 31st March 2011 Rs. 98.831 Millions as against Rs.68.248 Millions for the previous year. Total Expenditure during the year stood at Rs.82.859 Millions. The Company reported a Profit of Rs. 2.202 Millions for the year (previous year Profit Rs.23.544 Millions).

MANAGEMENT'S DISCUSSION AND ANALYSIS

FLEXIBLE PACKAGING

Packaging industry is a multi-technology, multi product, multi process industry encompassing various materials like polymers, chemicals, metals, paper etc. Right from chocolate, food, clothing, shelter, automotive, appliance, electronics packaging is everywhere. The role of packaging haschanged from that of a carrier and protector to that of a marketing tool, performing a vital role in brand communication and on-shelf differentiation. Technological advancement has been one of the key drivers of growth in this industry. This industry is largely dependent on the fast moving consumer goods sector. Of the total packaging industry, almost 70% constitutes rigid packaging (glass bottles, metal cans, aerosol cans etc.), while the remaining 30% comprises flexible packaging which contains multilayered laminated sheets of plastic, paper and aluminium. The organized sector in the flexible packaging space is estimated to be just 10% of the overall industry.

Over the last five years, all regions except Western Europe experienced growth ranging from around 6% per annum in North America to 9% in South-East Asia and Oceania as well as in Eastern Europe, China and India were the most dynamic markets, growing in value terms by around 12% and 15% respectively.

As a compound annual growth rate of 15% the flexible packaging market is one of the most dynamic and fastest growing in the Country. As the advantage of flexible packaging of lesser storage space easy handling cost effectiveness with better aesthetic factors becomes increasingly appreciated, traditional rigid packaging will take a backseat. Flexible packaging scores better over traditional packaging for such reasons

Flexible packaging also offers the advantage of packing smaller quantities compared to traditional packaging and hence, middle class consumers, who comprise of a major section of the Indian society, have the choice of purchasing just the required products.

The flexible packaging market has excellent growth potential in the food and processed food, personal care, FMCG and retail sector. The demand for smaller packaging and increasing consumerism due to higher purchasing power has been a boon for the flexible packaging market. However, there is a certain lack of quality consciousness among some end users and they tend to gravitate towards low-grade products, thereby restricting the growth of flexible packaging materials.

With the introduction of innovative and new products, Indian Flexible Packaging Industry will lead to faster growth at a rate of around 25% annually. With the advent of newer plastic films, other novel materials and new technologies, the industry will be looking at better quality of the products and thereby, increased sales volumes. In fact, the market is expected to treble its output in the next few years owing to the greater demand from the food and processed food and retail segments.

The Indian packaging industry stands at Rs 650000.000 Millions and is growing at a CAGR of 15% annually depending on the type of packaging. The fastest growing segments are laminates and flexible packaging, especially PET and woven sacks.

OUTLOOK

Today they reside in a visual world where images influence their buying decisions and within a fraction of second it captures consumer attention. Attractive and economical packaging is designed to generate maximum marketing response. Packaging has grown in importance and is regarded as a vital marketing tool. Better packaging results in protection and safe transportation of products, reduces loss, and prevents damage and wastage of products. The demand for the packaging products will increase with the retail revolution in India. Strong economic growth coupled with the advent of organized retailing has seen a turnaround in the fortunes of domestic packaging companies. The growing disposable income and with it growing consumer demand for better products, with high and good quality packing will drive the growth of the Industry. With increased awareness for the freshness and hygienic aspect of a product this segment of business will generate huge opportunities in the times to come. With increasing competition between products and brands world over, the differentiation between products and brands in the same market segment has become minimal. In such a scenario, packaging has become a significant differentiator for the consumers world over. All the product manufacturers and brand promoters are focusing on packaging for recognition and recall for realizing higher sales apart from alluring convenience and safety of the product.

FIXED ASSETS:

• Free hold land
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Motor vehicles

CONTINGENT LIABILITIES:

Particulars	(Rs. in millions) 31.03.2011	(Rs. in millions) 31.03.2010
(i) Claims against the company not acknowledged as debt	0.749	0.473

(ii) The company had received notice from Central Excise Authorities for a sum of Rs.2.237 Millions towards alleged clearance of manufactured plastic rolls, waste rejected carry bags etc., without payment of excise duty from its Export Oriented Unit (EOU) at Gummidipoondi and Rs. 1.182 Millions on account of diversion of imported raw materials. The case filed before the Customs and Central Excise Settlement Commission had been decided against the company but the High Court of Madras has granted stay of payment of the amount demanded. The company had paid and charged off in earlier year, Rs. 0.799 Million towards technical breach of excise / customs rules. The company has been advised that it has a fair chance of crystallizing the liability at Rs. 0.799 Million and accordingly no provision has been made for balance demand.

AS PER WEBSITE DETAILS

PROFILE

Established in the year 1986, they, Subject are engaged in the manufacture and supply of Printed Packaging Material. viz: Multilayer Multi Color Laminates. These products are manufactured by using premium grades of raw materials and are widely used for maintaining the purity and freshness of the packed goods. They procure raw materials from reliable and authorized vendors only. Since their inception, they are the part of south based multi core Shriram Group, catering to the financial needs of numerous industries. It is also noteworthy that they are a public limited company.

Their state of art infrastructure is outfitted with sophisticated machines and tools. Furthermore, they use these machines for manufacturing their outstanding quality products. They are backed by a diligent and dexterous team which works in a coordinated manner. Furthermore, for customers convenience they provide hassle-free delivery of the products. In todays competitive business age, effective and proper packaging has become indispensable. Its negligence can lead to deterioration of the business organization. The innovative and effective packaging along with quality graphic on it attracts the consumers to publicize the Brand.

They are guided by their mentors “Mr. T. Vijayaraghavan” and "Mr. C.V. Kumar" who hold wide knowledge and expertise in Printed Packaging Material. Under their guidance, they have reached the peak of success.

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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		14

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.