MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	STATIONERY POINT (INDIA) LIMITED
Registered Office :	B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	06.09.1999
Com. Reg. No.:	11-121605
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	L36991MH1999PLC121605
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stationery Products and Flexible Packaging Materials.
No. of Employees :	300 Industry Workers (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2400000
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 PARTED BY

Name :	Mr. Basu
Designation :	Purchase Manager
Contact No.:	91-22-28576869
Date :	07.06.2012

LOCATIONS

Registered Office :	B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India.
Tel. No.:	91-22-28545832 / 28543869
Fax No.:	91-22-28545832
E-Mail :	stationerypointin@gmail.com
Website :	www.stationerypointindia.com
Area :	400 Sq.ft.
Location :	Owned
Corporate Office :	E – 5, Crystal Lawn, Thakur Complex, Kandivali (E), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28545832 / 28543869 / 32464407
Fax No.:	91-22-28545832
E-Mail :	info@stationerypointindia.com
Factory 1 :	3331, At Post Kaledhon, Taluka Khatav, Satara – 415 312, Maharashtra, India.
Tel. No.:	91-2161-244496/244349
Branches :	Plot No.6, Valiv Village, Vasai, Thane, Maharashtra.
Branches:	Plot No.100/101, Vasantdada Industrial Estate, Sangli – 416 416, Maharashtra.

/DIRECTORS

As on 14.01.2012

Name :

Mr. Shankar Namdeo Kashid

Designation :

Managing Director

Address :

201,13/B, Thakur Complex, Saraf Choudhary Nagar, Kandivali /east, Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

21.03.1969

Date of Appointment :

06.09.1999

DIN No.:

01963549

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	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Managing director	6/09/1999	6/09/1999	-	Active	NO
2	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Managing director	6/09/1999	6/09/1999	-	Active	NO
3	U74950MH2004PTC144012	PUSHKRAJ PACKAGING INDIA PRIVATE LIMITED	Managing director	14/01/2004	14/01/2004	-	Active	NO
4	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
5	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17/04/2012	17/04/2012	-	Active	NO

Name :

Mr. Maheshwar Mhatre

Designation :

Director

Address :

4A-606, Dheeraj Enclave, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

16.101941

Date of Appointment :

22.03.2004

DIN No.:

02389293

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	30/09/2004	22/03/2004	-	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Additional director	25/10/2011	25/10/2011	-	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Additional director	25/10/2011	25/10/2011	-	Active	NO

Name :

Mr. Paul Daniel Macwan

Designation :

Director

Address :

Pali, Perera Wadi, 30^th Road, TPS II, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

14.07.1971

Date of Appointment :

06.09.1999

DIN No.:

02443535

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	6/09/1999	6/09/1999	25/10/2011	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Director	29/09/2007	31/03/2007	25/10/2011	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21/07/2009	21/07/2009	25/10/2011	Active	NO

Name :

Mr. Makarand Ashok Pandit

Designation :

Director

Address :

A-5/150, J.P. Nagar, Khpharad Village, PO – Agashi, Virar West, Thane – 401301, Maharashtra, India

Date of Birth/Age :

19.07.1960

Date of Appointment :

06.09.1999

DIN No.:

02454534

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	6/09/1999	6/09/1999	-	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Director	29/09/2007	31/03/2007	-	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
4	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17/04/2012	17/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Basu
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Kaledhon Spping Mill	130000
Satyajit Salunkhe	23800
Prachi Salunkhe	21900
Payal Salunkhe	3900
Ashwary Salunkhe	3900
Divya Salunkhe	3900
Yashraj Salunkhe	3900
Hanumant Rao Salunkhe	12400
Latabai Salunkhe	12400
Sharddha Salunkhe	11900
Sanjay Salunkhe	21900
Nirmala Salunkhe	3900
Rajendra Salunkhe	24400
Surekha Salunkhe	3900
Saurabh Salunkhe	5800
Vishwanath Salunkhe	20000
Udhav Salunkhe	91400
Swati Pawar	3900
Makrand Pandit	309015
Pushkraj Packaging India Private Limited, India	3105700
Shivani Flexipack Limited, India	1000000
Jeevan Sawant	53420
Vasant Venkundre	50000

Equity Share Break up (Percentage of Total Equity)

As on 14.01.2012

Category	Percentage
Bodies corporate	4.25
Directors or relatives of Directors	95.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Stationery Products and Flexible Packaging Materials.
Exports :
Products :	Stationary Product Flexible Packaging Materials
Countries :	South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Reliance

Customers :

Wholesalers and Retailers

· JCPL

No. of Employees :

300 Industry Workers (Approximately)

Bankers :

· State Bank of India, Worli, Mumbai, Maharashtra, India.

· Corporate Bank, Large Corporate Branch, Eagles Flight, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Facilities :

CC – Rs.160.000 Millions

TL – Rs.250.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	140.755	188.515
Working capital loans secured	485.962	359.041
Total	626.717	547.556
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Hire purchase installment payable unsecured	0.862	0.542
Other debt unsecured	116.668	63.959
Total	117.530	64.501

Banking Relations :	--
Auditors 1 :
Name :	A.B. Waghela and Company Chartered Accountants
Auditors 2 :
Name :	M.R. Sharma and Company
Address :	Poonam Nagar, Jogeshwari Vikroli Link Road, Mumbai – 400093, Maharashtra, India
PAN.:	AAOPS40520N
Sister Concern :	Savi Packages and Filters Private limited, Sangli Shivani Flexi Pack Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		250.000	160.000
2] Share Application Money		0.000	71.200
3] Reserves & Surplus		359.292	213.260
4] (Accumulated Losses)		0.000	0.000
NETWORTH		609.292	444.460
LOAN FUNDS
1] Secured Loans		626.717	547.556
2] Unsecured Loans		117.530	64.501
TOTAL BORROWING		744.247	612.057
DEFERRED TAX LIABILITIES		20.250	9.828
TOTAL		1373.789	1066.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		439.685	410.292
Capital work-in-progress		90.049	0.625
INVESTMENT		39.899	22.502
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	416.562	305.602
	Sundry Debtors	446.987	349.152
	Cash & Bank Balances	2.694	8.073
	Other Current Assets	0.000	0.000
	Loans & Advances	29.010	21.373
Total Current Assets		895.253	684.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.314	26.405
	Other Current Liabilities	2.203	9.293
	Provisions	60.580	15.600
Total Current Liabilities		91.097	51.298
Net Current Assets		804.156	632.902
MISCELLANEOUS EXPENSES		0.000	0.024
TOTAL		1373.789	1066.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010
	SALES
		Income	2327.334	1758.307
		Other Income	0.112	0.000
		TOTAL (A)	2327.446	1758.307
Less	EXPENSES
		Consumption material changes inventories	1822.140	1404.934
		Manufacturing service costs	83.756	64.879
		Employees related expenses	27.809	21.393
		Administrative selling other expenses	62.327	82.480
		TOTAL (B)	1996.032	1573.686
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		331.414	184.621
Less	FINANCIAL EXPENSES (D)		91.927	65.966
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		239.487	118.655
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.745	33.492
	PROFIT BEFORE TAX (E-F) (G)		201.742	85.163
Less	TAX (I)		55.711	15.000
	PROFIT AFTER TAX (G-I) (J)		146.031	70.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		212.795	142.632
	BALANCE CARRIED TO THE B/S		358.826	212.795
	Earnings Per Share (Rs.)

Expected Sales (2011-2012): Rs.2350.000 Millions

The above information has been parted by Mr. Basu – Purchase Manager

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010
PAT / Total Income	(%)	6.27	3.99
Net Profit Margin (PBT/Sales)	(%)	8.67	4.84
Return on Total Assets (PBT/Total Assets}	(%)	22.53	12.45
Return on Investment (ROI) (PBT/Networth)		0.33	0.19
Debt Equity Ratio (Total Liability/Networth)		0.15	0.12
Current Ratio (Current Asset/Current Liability)		9.83	13.34

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	Yes
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 two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

OPERATIONAL PERFORMANCE

The sales for the period ending 30^th September 2011 amounted to Rs.2327.448 Millions as against Rs.1758.307 Millions during the previous year an increase of 33% because of additional capacity of Flexible Packaging Material.

FUTURE OUTLOOK

Flexible packaging sees wider applications

Flexible packaging types are being widely adopted across several different products categories such as beverages, home care, beauty and personal care, pet care and various other consumer goods categories. This is because products in flexible packaging are lighter and easier to carry, more convenient to use pf packaging types such as metal, glass and rigid plastic. With the use of packaged goods products tricking down from India’s large cities into small town and village, the use of sachets and other small flexible packaging types has seen very rapid growth as these tend to carry low unit price and are affordable to India's rural masses.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36991MH1999PLC121605
Name of the company	STATIONERY POINT (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India. Email:
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10286769
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Corporate Bank, Large Corporate Branch, Eagles Flight, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India Email: cb0870@corpbank.co.in
Nature of instrument creating charge	1st Supplemental Common Deed of Hypothecation of Movables/Assets/Debts
Date of instrument Creating the charge	26.07.2011
Amount secured by the charge	Rs.125.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Int. @ 14.35% p. a. being 4.35% over and above base rate for the 1st Rs. 100.000 Millions and 15.35% p.a. ie. Base rate + 5.35% for balance Rs. 25.000 Millions or such other rate as may be prescribed by the bank. Terms of Repayment On demand Margin As may be prescribed by the bank Extent and Operation of the charge To secure CC facilities together with interest, cost, expenses, charges, commission etc. Others
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypo. by way of pari passu1st charge on present and future current assets stocks of goods consisting of Raw Material, stock in process, finished goods, stores and spares wherever situated or in transit. Hypo. by way of pari passu 1st charge present and future receivables, Book Debt, actionable claims, etc. Hypo. by way of pari passu 2nd charge movable fixed assets consisting of plant and machinery, spares, tools and accessories and other movables
Particulars of the present modification	By this modification the facilities enhanced from Rs. 100.000 Millions to Rs. 125.000 Millions

TRADE REFERENCE

· Reliance

· JCPL

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject is manufacturer of stationery products since November 1999. The Company has gain a name for itself in the industry and has earned a reputation that never compromises quality the quality has always been of prior importance for the company to remain in tile market for years together. This goes true throughout its product range of-

· U-Clips-Stainless steel

· U- Clips- Colour

· Staple Pins

· Note Books

· Files and Folders

· Pointed Pins- Nickel or Copper platted

· Photocopying papers and

· Galvanized AND Copper wires

Their commitment to quality has given us I.S.I. Certification and SPJL is in the process of obtaining prestigious I.S.0. 9001Certificate. It is under process with the guidance of K.P.M.G.

They enclose herewith profile of the company and price list of their products for the ready reference.

They request you to help us for selling their product on all India level oasis and if possible in Global Market, They shall call on you at ally time fix further discussion about their product and its local standing in the market. They are confident that they shall satisfy their all customers in quality and quantity of the product. This letter has been issued without any financial commitment on the part of this company or its any person.

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.86.68
Euro	1	Rs.70.44

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	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.