MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	SHAGOON PACKAGING PRIVATE LIMITED
Registered Office :	Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Taluka Palghar, District Thane – 401506, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.2005
Com. Reg. No.:	11-156965
Capital Investment / Paid-up Capital :	Rs.76.800 Millions
CIN No.: [Company Identification No.]	U74950MH2005PTC156965
TAN No.: [Tax Deduction & Collection Account No.]	MUMS51422A
PAN No.: [Permanent Account No.]	AAJCS3450N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of T-Shirt Bags with printing, glue spot and other related feature
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
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 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 DECLINED BY

Name :	Mr. Dharmadhikar
Designation :	Excise Manager
Contact No.:	91-9890886679

LOCATIONS

Registered Office/ Factory :	Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Taluka Palghar, District Thane – 401506, Maharashtra, India
Tel No.:	91-2525-261382
Mobile No.:	91-9890886679 (Mr. Dharmadhikar)
Fax No.:	Not Available
E-Mail :	shagoon@sanchernet.com

DIRECTORS

As On 30.09.2010

Name :

Mr. Rakesh Bhandari

Designation :

Director

Address :

A 34, Barkha Bahar Thakur Complex, Kandivali East, Mumbai – 400101, Maharashtra, India

Date of Appointment :

21.10.2005

DIN No.:

01167387

Other Directorships :

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	U66030MH2001PTC133638	SHRESTH PROJECTS AND INSURANCE SERVICES PRIVATE LIMITED	Director	11-10-01	11-10-01	-	Active	NO
2	U65923MH1994PTC077315	NIRMAL BANG FINANCIAL SERVICES PRIVATE LIMITED	Director	31-12-04	31-12-04	-	Active	NO
3	U74950MH2005PTC156965	SHAGOON PACKAGING PRIVATE LIMITED	Director	21-10-05	21-10-05	-	Active	NO

Name :

Mr. Brijmohan Devisahai Goel

Designation :

Director

Address :

B-903-904, Shikhar Kunj, Upper Govind Nagar, Malad East, Mumbai – 400097, Maharahstra, India

Date of Appointment :

21.10.2005

DIN No.:

02226572

Name :

Mr. Dilip Bajranglal Murarka

Designation :

Director

Address :

30-A Pratik, Corporation Colony House No 341-D-160, Mouza Ambazari, Nagpur – 440010, Maharahstra, India

Date of Birth/Age :

06.01.1962

Date of Appointment :

09.10.2009

DIN No.:

02016085

Other Directorships :

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	U24294MH2004PTC145822	HARIPACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED	Managing director	21-04-04	21-04-04	-	Active	NO
2	U27300MH2008PTC188704	HARIPACK GLOBAL VISION PRIVATE LIMITED	Director	05-12-08	05-12-08	-	Active	NO
3	U51109MH2008PTC188797	HARIPACK OVERSEAS PRIVATE LIMITED	Director	11-12-08	11-12-08	-	Active	NO
4	U65999MH2009PTC189298	HARIPACK SECURITISATION COMPANY OF INDIA PRIVATE LIMITED	Director	02-01-09	02-01-09	-	Active	NO
5	U74950MH2005PTC156965	SHAGOON PACKAGING PRIVATE	Director	09-10-09	09-10-09	-	Active	NO
6	U15400MH2009PTC194401	PERFECT VITAMINS PRIVATE LIMITED	Director	06-04-10	06-04-10	01-02-11	Active	NO
7	U55101MH2011PTC216531	GRAND HARISON HOSPITALITY PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO
8	U51103MH2012PTC226142	HARIPACK POLYMERS PRIVATE LIMITED	Director	17-01-12	17-01-12	-	Active	NO

Name :

Mrs. Sandya Dilip Murarka

Designation :

Director

Address :

341-D160 Corporation Colony Ambajhary (PO), Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

29.03.1965

Date of Appointment :

09.10.2009

DIN No.:

02433027

Other Directorships :

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	U27300MH2008PTC188704	HARIPACK GLOBAL VISION PRIVATE LIMITED	Director	05-12-08	05-12-08	-	Active	NO
2	U51109MH2008PTC188797	HARIPACK OVERSEAS PRIVATE LIMITED	Director	11-12-08	11-12-08	01-12-11	Active	NO
3	U74950MH2005PTC156965	SHAGOON PACKAGING PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO
4	U24294MH2004PTC145822	HARIPACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED	Director	01-04-11	01-04-11	-	Active	NO
5	U55101MH2011PTC216531	GRAND HARISON HOSPITALITY PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO
6	U51103MH2012PTC226142	HARIPACK POLYMERS PRIVATE LIMITED	Director	17-01-12	17-01-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Haripack Global Private Limited, India	5443000
Dilip Bajranglal Murarka	5000
Sandya Dilip Murarka	5000
Bang Securities Private Limited – India	1927000
Saksham Holdings Limited – India	300000
Total	7680000

As On 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of T-Shirt Bags with printing, glue spot and other related feature

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

• State Bank of India – Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021, Maharashtra, India
• Union Bank of India – Shreeman Complex, First Floor, Near Mount Carmel School, Lokmat Sq, Wardha Road, Nagpur – 440010, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Rupee Term Loan	0.000	0.257
Export Packing Credit Limit	0.000	8.519
Total	0.000	8.776

Note:

- Secured by Equitable mortgage of leasehold land and factory buildings of the company situated at C-1/1, MIDC Area, Tarapur, District Thane, Hypothecation of machinery, and movables and personal guarantee of directors, guarantee of a shareholders and assignment of fixed deposits of shares holder of the company and a third party guarantee

- Installment of term loan due within one year Rs.Nil (Previous year Rs.0.257 Million)

unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders – Sandhya Muraka	0.310	0.000
Interoperate Loan	13.947	5.100
From holding Company – Haripack Global Vision Private Limited	0.150	0.000
Total	14.407	5.100

Banking Relations :	--
Auditors :
Name :	Mukesh H Jain and Associates Chartered Accountants
Address :	Room No. 30, 2^nd Floor, Tarawala Building, 147 Lohar Chawl, Pathakwadi, Mumbai – 400002, Maharashtra, India
E-mail:	mhjain@rediffmail.com
Pan No.:	AAAFM7578F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7680000	Equity Shares	Rs. 10/- each	Rs.76.800 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		76.800	9.000	9.000
2] Share Application Money		1.977	72.725	54.100
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(36.586)	(48.831)	(39.809)
NETWORTH		42.191	32.894	23.291
LOAN FUNDS
1] Secured Loans		0.000	8.776	43.719
2] Unsecured Loans		14.407	5.100	0.000
TOTAL BORROWING		14.407	13.876	43.719
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.598	46.770	67.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.472	37.610	44.604
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.095
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.067	10.740	14.704
	Sundry Debtors	2.764	2.769	7.609
	Cash & Bank Balances	2.336	4.573	3.271
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.261	3.861	4.948
Total Current Assets		33.428	21.943	30.532
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.540	10.468	8.292
	Other Current Liabilities	0.395	1.537
	Provisions	0.813	0.813
Total Current Liabilities		26.748	12.818	8.292
Net Current Assets		6.680	9.125	22.240
MISCELLANEOUS EXPENSES		0.446	0.035	0.071
TOTAL		56.598	46.770	67.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	43.781	27.902
		Other Income	0.240	7.686
		TOTAL (A)	44.021	35.588
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	37.531	36.669
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.490	(1.081)
Less	FINANCIAL EXPENSES (D)		0.334	2.986
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.156	(4.067)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.271	4.840
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.885	(8.907)
Less	TAX (H)		0.000	0.115
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.885	(9.022)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(48.831)	(39.809)
Add	PRIOR YEAR DEPRECIATION WITTEN BACK		8.360	0.000
	BALANCE CARRIED TO THE B/S		(36.586)	(48.831)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	42.545	17.840
	TOTAL EARNINGS		42.545	17.840
	Earnings Per Share (Rs.)		0.51	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.83	(25.35)	NA
Net Profit Margin (PBT/Sales)	(%)	8.87	(31.92)	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.69	(14.96)	NA
Return on Investment (ROI) (PBT/Networth)		0.09	0.27	NA
Debt Equity Ratio (Total Liability/Networth)		0.98	0.81	2.23
Current Ratio (Current Asset/Current Liability)		1.25	1.71	3.68

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
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes

Notes:

The Registered office of the company has been shifted from S-22, MIDC, Tarapur, Thane – 401506, Maharashtra, India to the present address w.e.f 11.07.2008.

OPERATIONS:

During the year the turnover of the company has increased to Rs. 43.781 Millions as against Rs. 27.901 Millions last year. The net profit of the company has increased to Rs. 3.885 Millions as against a loss of Rs. 9.022 Millions last year. The performance of the company is expected to improve during the coming years with continuous efforts being made in the direction of increasing the efficiency in the working of the company.

Form 8:

Corporate identity number of the company

U74950MH2005PTC156965

Name of the company

SHAGOON PACKAGING PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Tal. Palghar, District Thane - 401506, Maharashtra, India

This form is for

Creation of charge

Type of charge

· Book Debts

· Movable Property

· Floating Charge

· Immovable Property

Particular of charge holder

Name :	Union Bank of India
Address :	Shreeman Complex, First Floor, Near Mount Carmel School, Lokmat Sq, Wardha Road, Nagpur – 440010, Maharashtra, India
Email :	dhantoli@unionbankofindia.com

Nature of instrument creating charge

Deed of Hypothecation SD 20 Dt 24.12.2010

Mortgage Deed Dt 24.12.2010

Term Loan Agreement SD-18 Dt 24-12-2010

Date of instrument Creating the charge

24.12.2010

Amount secured by the charge

Rs. 60.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Packing Credit 9.25% pa

Term Loan Base Rate Plus 4% presently 12% pa

Import LC usual Commission

Terms of Repayment - Packing Credit- Yearly renewal

Term Loan- In 60 installments of Rs 0.333 million each. First installment falls due on 25.04.2011 and last installment on 25.03.2016.

Letters of Credit- Yearly renewal

Margin - Packing Credit- 25% in banks favour

Import Letters of Credit- Cash margin 30%. 10% at the time of opening of Letter and 20% at the time of Acceptance of documents

Term Loan- 25% in banks favour

Extent and Operation of the charge - First and exclusive charge on the entire current assets for packing credit and letters of credit.

First and exclusive charge on the entire fixed assets for term loan.

Particulars of the property charged

Hypothecation of stocks and book debts, both present and future situated at the factory and registered office of the company at C-1/1 MIDC Area, Tarapur, Taluka Palghar, District Thane

Hypothecation of plant and machinery, both present and future situated at the factory and registered office of the company at C-1/1 MIDC Area, Tarapur, Taluka Palghar, District Thane

Mortgage of land and building both present and future of the company situated at C-1/1 MIDC Area, Tarapur, Taluka Palghar, District Thane

Mortgage of Land belonging to the Director of the Company Mr. Dilip Murarka as per mortgage deed

Fixed Assets:

• Freehold Land
• Factory Building
• Plant and machinery
• Electrical Installation
• Office equipment
• Furniture and fixtures
• Computer
• Weighing scale
• Inverter

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.56.01
UK Pound	1	Rs.97.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.