MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	BARRIER PACKAGING PRIVATE LIMITED
Registered Office :	3-L Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.07.1993
Com. Reg. No.:	11-072905
Capital Investment / Paid-up Capital :	Rs.5.700 Millions
CIN No.: [Company Identification No.]	U28129MH1993PTC072905
TAN No.: [Tax Deduction & Collection Account No.]	MUMB06593G MUMB14489G
PAN No.: [Permanent Account No.]	AACCB4620L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Materials.
No. of Employees :	20 [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 25000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has failed to file its latest financials with the government departments. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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 :	Mrs. Sheetal Kirti Jain
Designation :	Director
Contact No.:	91-9820287168
Date :	12.06.2012

LOCATIONS

Registered Office :	3-L Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9820287168 [Mrs. Sheetal Kirti Jain]
Fax No.:	Not Available
E-Mail :	kksk77@gmail.com
Location :	Owned
Factory :	Plot No. 6, Agarwal Industrial Estate, Sativali Road, Vasai (East), Vasai-401208, Maharashtra, India
Tel. No.:	91-250-3291143/2455193
Fax No.:	91-250-2455193

DIRECTORS

As on 30.09.2010

Name :

Mrs. Sheetal Kirti Jain

Designation :

Director

Address :

14/101, Oshowara Rajnigandh Co-Operative Housing Society, Oshiwara, Mhada Complex, Mumbai-400053, Maharashtra, India

Date of Appointment :

15.07.1993

Din No.:

00898858

Name :

Mr. Kirti Mohanlal Jain

Designation :

Director

Address :

14/101, Oshowara Rajnigandh Co-Operative Housing Society, Oshiwara, Mhada Complex, Mumbai-400053, Maharashtra, India

Date of Appointment :

15.07.1993

Din No.:

00898871

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	U28129MH1993PTC072905	BARRIER PACKAGING PRIVATE LIMITED	Managing director	15-07-93	15-07-93	Active	NO
2	U37100MH2011PTC218088	BARRIER FLEXIPACK PRIVATE LIMITED	Director	31-05-11	31-05-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sheetal Kirti Jain	167500
Kirti Mohanlal Jain	402500
Total	570000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

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

GENERAL INFORMATION

Suppliers :

· Supertech

· L.K. Gajra

· Aishwarya Vinayak Pack

· S.V. Pouching

· Dic India Limited

· Hitesh Trading Company

· Amco India Limited

· Gujarat Polymers

· Trimurti Polychem Private Limited

· Yukti Kraft

· Uflex Limited

· Ansa Prinpack Private Limited

· Patel Hydraulics

· Super Label Manufacturing Company

· Khushi Packaging

Customers :

Wholesalers and Retailers

· Gala Brush Limited

No. of Employees :

20 [Approximately]

Bankers :

Oriental Bank of Commerce, Ambadi Road, Vasai (West), Vasai-401202, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Oriental Bank of Commerce	8.515	5.470
Total	8.515	5.470
UNSECURED LOAN
J B Chemical	0.505	1.010
Total	0.505	1.010

Banking Relations :	--
Auditors :
Name :	Sanjay Patel and Associates Chartered Accountants
Address :	27, 5/A, Ganesh Nagar, Bhaveshwar Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Mobile No.:	91-9819553486
E-Mail :	sanjay100708@gmail.com
Pan No.:	AACPP0653N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
570000	Equity Shares	Rs.10/- each	Rs.5.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.700	5.700	5.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.673	0.402	0.268
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.373	6.102	5.968
LOAN FUNDS
1] Secured Loans		8.515	5.470	9.222
2] Unsecured Loans		0.505	1.010	2.014
TOTAL BORROWING		9.020	6.480	11.236
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.393	12.582	17.204
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.677	3.893	3.746
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.572	2.604	3.344
	Sundry Debtors	5.216	5.292	3.580
	Cash & Bank Balances	0.020	0.116	0.259
	Other Current Assets	0.018	0.018	0.075
	Loans & Advances	8.382	6.715	10.292
Total Current Assets		17.208	14.745	17.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.057	4.759	2.447
	Other Current Liabilities	0.024	0.017	1.633
	Provisions	1.412	1.281	0.013
Total Current Liabilities		5.493	6.057	4.093
Net Current Assets		11.715	8.688	13.457
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.393	12.582	17.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	27.174	33.241	27.979
		Other Income	0.135	0.113	0.090
		TOTAL (A)	27.309	33.354	28.069
Less	EXPENSES
		Cost of Production	21.031	24.634	20.910
		Employees Remuneration and Benefits	1.312	2.132	1.242
		Administration and Other Expenses	3.259	4.321	3.457
		TOTAL (B)	25.602	31.087	25.609
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.707	2.267	2.460
Less	FINANCIAL EXPENSES (D)		1.106	1.504	1.534
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.601	0.763	0.926
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.230	0.429	0.864
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.371	0.334	0.062
Less	TAX (H)		0.100	0.200	0.178
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.271	0.134	(0.116)
	BALANCE CARRIED TO THE B/S		0.271	0.134	(0.116)
	Earnings / (Loss) Per Share (Rs.)		0.48	0.23	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.99	0.40	(0.41)
Net Profit Margin (PBT/Sales)	(%)	1.37	1.00	0.22
Return on Total Assets (PBT/Total Assets}	(%)	1.77	1.79	0.29
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		2.27	2.05	2.57
Current Ratio (Current Asset/Current Liability)		3.13	2.43	4.29

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	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
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	No
30) Major Shareholders, if available	Yes

OPERATION:

The company has not maintained growth in its sale targets as compared to previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U28129MH1993PTC072905
Name of the company	BARRIER PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3-L Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce, Ambadi Road, Vasai (West), Vasai-401202, Maharashtra, India
Email	emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Term Loan
Date of instrument Creating the charge	15.10.2010
Amount secured by the charge	Rs.1.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate of minimum of 13.50 % p.a. with monthly rest. Penal Interest of 2.00 % p.a. in case of default Terms of Repayment Repayment of Term loan in 24 monthly installments of Rs. 0.063 Million first payment due on 18/01/2011 Margin As agreed by the borrower Company with the Bank Extent and Operation of the charge At the request of the Borrower Company the Bank has sanctioned term loan of Rs.1.500 Millions against first charge and hypothecation on entire current assets of the Company
Short particulars of the property charged	First charge and hypothecation on entire current assets of the Company

FIXED ASSETS:

· Air Conditioner

· Cellular Phone

· Computer

· Electrical Installation

· Fax Machine

· Furniture and Fixtures

· Land and Building

· Machinery

· Motor Car

· Office Equipments

· Pager

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.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

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.