MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	FINE PACKAGING PRIVATE LIMITED
Registered Office :	K-64, MIDC Waluj, Aurangabad – 431136, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.1995
Com. Reg. No.:	11-092214
Capital Investment / Paid-up Capital :	Rs.8.530 Millions
CIN No.: [Company Identification No.]	U99999MH1995PTC092214
TAN No.: [Tax Deduction & Collection Account No.]	NSKF00204B
PAN No.: [Permanent Account No.]	AAAFF5893Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Material.
No. of Employees :	47 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 90000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered for normal 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. Anil Sharma
Designation :	Marketing Manager
Contact No.:	91-9326356345
Date :	21.06.2012

LOCATIONS

Registered Office/ Factory :	K-64, MIDC Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2554207
Mobile No.:	91-9326356345 (Mr. Anil Sharma)
Fax No.:	91-240-2556717
E-Mail :	anilsharma@finepackaging.in amitsoni2000@hotmail.com
Location :	Owned

DIRECTORS

(AS ON 28.09.2011)

Name :	Mr. Amit Dilip Soni
Designation :	Director
Address :	25, Radhakunj, Mahesh Nagar, Aurangabad – 431001, Maharashtra, India
Date of Birth/Age :	04.12.1977
Date of Appointment :	05.01.2001
DIN No.:	00290596
Name :	Mr. Mukund Dilip Soni
Designation :	Director
Address :	25, Radhakunj, Mahesh Nagar, Aurangabad – 431001, Maharashtra, India
Date of Birth/Age :	09.04.1983
Date of Appointment :	16.08.2009
DIN No.:	02507092

KEY EXECUTIVES

Name :	Mr. Anil Sharma
Designation :	Marketing Manager

MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Ramanand Ganeshlalji Modani	46000
Ramkanya Dayanand Modani	8500
Premlala Asaram Modani	4500
Dilip Badrinarayan Soni	68000
Kiranchand Laxminarayan Mundada	5000
Shailesh Kiranchand Mundada	2500
Ghanshyamdas Bhagwandas Khatod	46400
Premlata Ramanand Modani	11000
Parmanand Ramlal Modani	2500
Dayanand Asaram Modani	16500
Asaram Ratanlal Modani	5000
Babulal Asram Modani	4000
Laxmikanta Babulal Modani	1500
Balaprasad Dwarkadas Modani	2000
Ramvilas Vithaldas Rathi	1000
Asram Motilal Kasat	1000
Radhabai Badrinarayan Soni	3000
Sandeep Kiranchand Mundada	2500
Padmabai Kiranchand Mundada	11200
Sumit Dilip Soni	173250
Mukund Dilip Soni	7250
Madhusudhan B. Somani	100000
Amit Dilip Soni	149100

(AS ON 26.03.2012)

Names of Shareholders	No. of Shares
Aarti Amit Soni	27500
Amit Dilip Soni	200000
Dilip B. Soni	140000
Mukund Dilip Soni	84500
Total	452000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

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

PRODUCTION STATUS (AS ON 31.03.2010)

LICENSED CAPACITY: Not Available

INSTALLED CAPACITY: 1200 MT

Particulars	Actual Production
Printed Laminated Rolls	354472.32 KGs
Printed Laminated Pouches	13942078 Nos.

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

No. of Employees :

47 (Approximately)

Bankers :

· The Saraswat Co-operative Bank Limited

MGM Branch, Aurangabad – 431003, Maharashtra, India

· State Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
WORKING CAPITAL LOAN FROM S.B.I. (A/c. No. 0479 and 6761) (Secured by the Hypothecation of all Inventories and Book Debts of the Company, both Present and Future) and other similar Assets, both Present and Future)	24.302	14.039
TERM LOAN FROM S.B.I. (A/c. No. 7062, 3520, 7742 and 7245) (Secured by the First Legal Mortgage of the Company's Building, Plant and Machinery all Movable and other similar Assets, both Present and Future)	10.165	12.365
Total	34.467	26.404
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	1.291	1.150
Sales Tax Defferal Loan (P.S.I.93)	1.064	1.638
Total	2.355	2.788

Banking Relations :	--
Auditors :
Name :	M. R. Kabra and Associates Chartered Accountant
Address :	1^st Floor, B Wing, Pranav Plaza, Aurangapura Bhaji Mandi, Aurangabad – 431001, Maharashtra, India
PAN No.:	ACOPK9589N

CAPITAL STRUCTURE

(AS ON 28.09.2011)

Authorised Capital : Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.13.050 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.10/- each	Rs.9.900 Millions
1000	Preference Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
848000	Equity Shares	Rs.10/- each	Rs.8.480 Millions
500	Preference Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.8.530 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		8.530	6.930	6.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.018	11.006	8.514
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.548	17.936	15.444
LOAN FUNDS
1] Secured Loans		34.467	26.404	18.897
2] Unsecured Loans		2.355	2.788	4.046
TOTAL BORROWING		36.822	29.192	22.943
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.370	47.128	38.387
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.197	30.781	17.620
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	17.834	11.790	15.093
	Sundry Debtors	27.342	23.223	14.757
	Cash & Bank Balances	2.387	1.368	1.219
	Other Current Assets	0.881	0.249	0.124
	Loans & Advances	1.266	0.782	1.979
Total Current Assets		49.710	37.412	33.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	18.939	19.345	10.885
	Other Current Liabilities	3.146	1.361	0.703
	Provisions	0.452	0.359	0.817
Total Current Liabilities		22.537	21.065	12.405
Net Current Assets		27.173	16.347	20.767
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		59.370	47.128	38.387

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	124.923	70.064	66.696
		Other Income
		TOTAL (A)	124.923	70.064	66.696
Less	EXPENSES
		TOTAL (B)	110.627	60.462	61.737
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.296	9.602	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		5.489	3.486
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.807	6.116	4.959
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.730	2.859	2.433
	PROFIT BEFORE TAX (E-F) (G)		4.077	3.257	2.526
Less	TAX (H)		1.012	0.704	0.628
	PROFIT AFTER TAX (G-H) (I)		3.065	2.553	1.898
	Earnings Per Share (Rs.)		3.61	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.45	3.64	2.85
Return on Total Assets (PBT/Total Assets}	(%)	4.98	4.78	4.97
Return on Investment (ROI) (PBT/Networth)		0.18	0.18	0.16
Debt Equity Ratio (Total Liability/Networth)		2.63	2.80	2.29
Current Ratio (Current Asset/Current Liability)		2.21	1.78	2.67

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	No
Major Suppliers	No
Major Customers	No
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

PERFORMANCE

The Directors have informed the shareholders that the sales turnover during the year has increased by about 78.30% as compared to the sales turnover of the previous year. And Company has earned a net profit before tax of Rs.4.077 Millions and profit after tax of Rs.3.065 Millions.

FUTURE PROSPECTS

The Company is planning to expand its existing capacity with cost effective technology and better results of its finished goods. And Company is going under expansion of capacities and accordingly Company has constructed new building.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U99999MH1995PTC092214
Name of the company	FINE PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K - 64 MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India amitsoni2000@hotmail.com
Type of charge	Any interest in immovable property Book Debts Movable Property Others: personal Guarantee of Directors and others
Particular of charge holder	The Saraswat Co-Operative Bank Limited MGM Branch, Aurangabad – 431003, Maharashtra, India incharge_mgm@sarawatbank.com
Nature of description of the instrument creating or modifying the charge	1. Agreement of Hypothecation of Movable property 2. Sanction Letter
Date of instrument Creating the charge	21.03.2012
Amount secured by the charge	Rs.5.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Present effective rate : 14% p.a. - PLR- 0.50%with monthly rests Terms of Repayment Payable on demand Margin 30% Extent and Operation of the charge Exclusive first charge on current assets of the company Others Personal Guarantee of Directors and others
Short particulars of the property charged	The Borrower doth do hereby hypothecate to and in favor of the Bank all the Plant and Mach, other fixed assets tangible movable property (both present and future) belonging to borrower and at K 64, Waluj Hypothecation of Plant and machineries Roto Cylinders and other fixed assets at K 64 MIDC Waluj Aurangabad FDR of Rs.0.500 Million assigned to the Bank

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Factory Equipment

· Computer

· Vehicles

· Roto Clinder

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 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.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.