MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	CHAMPION PACKAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	36A Bentink ST, Hare ST, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.05.1980
Com. Reg. No.:	21-032738
Capital Investment / Paid-up Capital :	Rs.29.944 Millions
CIN No.: [Company Identification No.]	U70101WB1980PTC032738
TAN No.: [Tax Deduction & Collection Account No.]	CALC03826E
PAN No.: [Permanent Account No.]	AABCC1743Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Material, Light Pouches etc
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (32)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established 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 to mediocre 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 (General Details)

Name :	Mr. Rajesh
Designation :	Director
Contact No.:	91-9844011395
Date :	07.06.2012

LOCATIONS

Registered Office :	36A Bentink ST, Hare ST, Kolkata – 700069, West Bengal, India
Tel. No.:	91-80-27832333 91-33-22484766
Mobile No.:	91-9844011395 (Mr. Rajesh)
Fax No.:	91-80-27832034 91-08110-32034
E-Mail :	championpackaging@yahoo.co.in championpkg@vsnl.net
Website :	http://www.championpackaging.in
Location :	Owned
Factory :	274, Bommasandra, Phase II Hosur Road, Ankel Taluk, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27832333/27832662/27833624
Fax No.:	91-80-27832037

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajesh Kumar Bachhawat

Designation :

Director

Address :

53 Santhusapet, 2^nd Floor, Bangalore – 560053, Karnataka, India

Date of Birth/Age :

18.09.1971

Date of Appointment :

01.07.1998

DIN No.:

00884883

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	U70101WB1980PTC032738	CHAMPION PACKAGING INDUSTRIES PRIVATE LIMITED	Director	1/07/1998	1/07/1998	-	Active	NO
2	U92111KA1999PTC026007	NYLOFILMS PRIVATE LIMITED	Director	29/11/1999	29/11/1999	-	Active	NO

Name :

Mr. Vikas Kumar Bachhawat

Designation :

Director

Address :

Charwas 142 14^th Cross, 8^th Main Malles Waram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

23.01.1969

Date of Appointment :

01.07.1995

DIN No.:

00884846

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	U70101WB1980PTC032738	CHAMPION PACKAGING INDUSTRIES PRIVATE LIMITED	Director	1/07/1995	1/07/1995	-	Active	NO
2	U92111KA1999PTC026007	NYLOFILMS PRIVATE LIMITED	Director	29/11/1999	29/11/1999	-	Active	NO

Name :

Mr. Sonal Bachhawat

Designation :

Director

Address :

Charwas 142 14^th Cross, 8^th Main Malles Waram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

05.05.1970

Date of Appointment :

01.02.2000

DIN No.:

00884897

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Basant Kumar Bachhawat	1000
Kusum Devi Bachhawat	9800
Sushil Kumar Bachhawat	1860
Shanta Devi Bachhawat	800
Rajeshree Bachhawat	500
Vinod Kumar Bachhawat	750
Rakesh Kumar Bachhawat	14790
Shruti Bachhawat	200
Pooja Bachhawat	200
Madhubala Bachhawat	1486
Prakash Kumar Bachhawat	2300
Vikash Kumar Bachhawat	35930
Rita Devi Bachhawat	1550
Indu Bachhawat	110
Anchal Bachhawat	460
Sonal Bachhawat	2750
Anju Bachhawat	200
Adarsh Bachhawat	200
Ridhi Bachhawat	300
Santosh Chand Bachhawat	12650
Bimala Devi Bachhawat	16000
Rajesh Kumar Bachhawat	45885
M/s Trident Merchants Private Limited, India	1000
M/s Ramsisaria Builders Limited, India	19000
M/s RGF. Finco Private Limited, India	18000
M/S Piyush Private Limited, India	34721
M/s Vandana Griha Nirman Limited, India	12500
M/s Kiran Polymers Private Limited, India	6500
Dhanuka Kumar Mohan	18000
M/s Shyam Synthetics Private Limited, India	25000
M/s Ambika Petrochem Private Limited, India	15000
Total	299442

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	44.00
Directors or relatives of Directors	50.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Flexible Packaging Material, Light Pouches etc
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

· M/s Lotte India Corporation Limited

· M/s Wipro Consumer Care and Lightning

· M/s Nippo Batteries

· M/s Fabmall / Trinethra

· M/s Cafe Coffee Day

No. of Employees :

45 (Approximately)

Bankers :

· Standard Chartered Bank, 112 Serenity, Koramangala Indl Area, 5^th Block, Koramangala, Bangalore – 560095, Karnataka, India

· ICICI Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term loan from standard chartered bank, Bangalore (The loans are secured by way of mortgage of the land and building situated at No 274-D, Bornmasandra Industrial Area, I1 Phase, Anekal Taluk, Hosur Road Bangalore and personally guaranteed by Three Directors)	17.007	19.373
Standard Chartered Bank -Cash Credlt Loan (Secured by way of mortgage of the Land and Building situated at survey No. 245 and 246, Bommasandra Industrial Area and hypothecation of Plant and Machinery as Second Charge and Floating Charge on Company's Current Assets and personally guaranteed by Three Directors)	15.207	12.097
Reliance Capita For Car Loan Account	0.131	0.202
ICICI Bank for Car Loan Account	0.774	0.000
Total	33.119	31.672
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	1.440	0.000
Total	1.440	0.000

Banking Relations :	--
Auditors :
Name :	Murali and Venkat (K. Venkatesh) Chartered Accountant
Address :	#15, 1^st Floor, Curch Road, Basavangudi, Bangalore – 560004, Karnataka, India
Tel No.:	91-80-26570528/26571629
Fax No.:	91-80-26564185
PAN.:	AADFM6195R
Sister Concern :	Nylofilms Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
299442	Equity Shares	Rs.100/- each	Rs.29.944 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		29.944	28.844	24.844
2] Share Application Money		1.646	1.646	5.646
3] Reserves & Surplus		17.679	11.545	9.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.269	42.035	39.978
LOAN FUNDS
1] Secured Loans		33.119	31.672	36.947
2] Unsecured Loans		1.440	0.000	0.208
TOTAL BORROWING		34.559	31.672	37.155
DEFERRED TAX LIABILITIES		0.850	0.843	0.586
TOTAL		84.678	74.550	77.719
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.141	35.367	34.026
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	25.645	30.594	29.524
	Sundry Debtors	30.626	23.759	22.845
	Cash & Bank Balances	0.843	0.757	1.322
	Other Current Assets	2.750	0.525	0.332
	Loans & Advances	21.497	3.302	4.127
Total Current Assets		81.361	58.937	58.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.273	15.284	10.733
	Other Current Liabilities	6.000	4.032	3.508
	Provisions	0.551	0.438	0.216
Total Current Liabilities		30.824	19.754	14.457
Net Current Assets		50.537	39.183	43.693
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.678	74.550	77.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	227.443	147.739	122.218
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		2.893	2.833	1.939
Less	TAX		0.551	0.438	0.215
	PROFIT AFTER TAX		2.342	2.395	1.724
	SURPLUS CARRIED OVER		4.015	1.684	(0.454)
	Earnings Per Share (Rs.)		7.82	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.27	1.92	1.59
Return on Total Assets (PBT/Total Assets}	(%)	3.56	4.81	3.33
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.05
Debt Equity Ratio (Total Liability/Networth)		0.63	0.47	0.36
Current Ratio (Current Asset/Current Liability)		2.64	2.98	4.03

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 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	Yes
17) Major suppliers	No
18) Major customers	Yes
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

PERFORMANCE OF THE COMPANY

The total sales during the year from sales of Packaging material and Job Works were to the extent of Rs.227.443 millions as against Rs.147.739 Millions in the previous year.

The Company during the year made a Cash Profit of Rs.2.893 Millions as against Cash Profit of Rs.2.833 Millions In the previous year. The Directors have taken all effective steps to increase the profitability in the Current Year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U70101WB1980PTC032738
Name of the company	CHAMPION PACKAGING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	36A Bentink ST, Hare ST, Kolkata – 700069, West Bengal, India Email: championpackaging@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10073718
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, 112 Serenity, Koramangala Indl Area, 5^th Block, Koramangala, Bangalore – 560095, Karnataka, India Email: sme.form8@sc.com
Nature of instrument creating charge	Memorandum of Entry - Supplemental
Date of instrument Creating the charge	21.12.2011
Amount secured by the charge	Rs.43.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Company,
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge on equitable mortgage on the industrial property located at no. 274-D, Sy. No. 245 and 248 Bommasandra II Phase, Hosur Road, Bangalore 560099.
Date of instrument modifying the charge	15.12.2011
Particulars of the present modification	By present modification, the existing charge amount of Rs.43.350 Millions is also now secured with first and exclusive charge on equitable mortgage on the industrial property located at no. 274-D, Sy. No. 245 and 248 Bommasandra II Phase, Hosur Road, Bangalore 560099.

Fixed Assets

· Free Hold

· Lease Hold

· Plant and Machinery

· Office Equipments

· Fire Extinguishers

· Weighing Scales

· Computers

· Laboratory Equipments

· Generators

· Thermic Fluid Accessories

· Electrical Installations and Transformer

· Fork Lifts

· Furniture and Fixtures

· Vehicle Two Wheelers

· Fax

· Strapping Machine

· Work in Progress

· Vehicle Motor Car

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.