MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	JAIN FLEXIPACK PRIVATE LIMITED
Registered Office :	C-9/9, Rohini, Sector-8, New Delhi-110085
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.11.1997
Com. Reg. No.:	55-090714
Capital Investment / Paid-up Capital :	Rs. 1.504 Millions
CIN No.: [Company Identification No.]	U25209DL1997PTC090714
TAN No.: [Tax Deduction & Collection Account No.]	DELJ02802C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Laminates Packaging Material.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 10000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has recorded minimal profits during the current year 2011. There appears a slight dip in the profitability of the company during the current year. However, trade relations are reported as fair. Business is active. Payments are reported as slow but correct. 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

Name :	Mr. Manoj
Designation :	Director
Contact No.:	91-9811156051
Date :	20.06.2012

LOCATIONS

Registered Office :	C-9/9, Rohini, Sector-8, New Delhi-110085
Tel. No.:	91-11-27671074
Mobile No.:	91-9811156051 (Mr. Manoj)
Fax No.:	91-11-27678623
E-Mail :	jainflexipack@yahoo.com
Location :	Owned
Admin Office :	33, Sarai Pipel Thalla, Behind Mangat Ram Dal Mill, Near Azadpur Subzi Mandi, Delhi-110 033, India
Tel. No.:	91-11-27433074 / 141535
Factory :	Haryana, Punjab, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Harsh Jain
Designation :	Director
Address :	604, Maitri apartment, Sector-9, Rohini, Delhi-110085, India
Date of Birth/Age :	11.11.1979
Date of Appointment :	26.11.1998
DIN No.:	00423982
Name :	Mr. Rakesh Kumar Jain
Designation :	Director
Address :	401, Maitri apartment, Sector-9, Rohini, Delhi-110085, India
Date of Birth/Age :	17.04.1963
Date of Appointment :	17.11.1997
DIN No.:	00424179

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	U25209DL1997PTC090714	JAIN FLEXIPACK PRIVATE LIMITED	Director	17-11-97	17-11-97	Active	NO
2	U74899DL1995PTC068847	JAINPAC LAMINATORS PRIVATE LIMITED	Additional director	01-04-10	01-04-10	Active	NO

Name :	Mr. Manoj Kumar Jain
Designation :	Director
Address :	C-9/9, Sector-8, Rohini, Delhi-110085, India
Date of Birth/Age :	25.04.1966
Date of Appointment :	17.11.1997
DIN No.:	00424338

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	U25209DL1997PTC090714	JAIN FLEXIPACK PRIVATE LIMITED	Director	17-11-97	17-11-97	Active	NO
2	U74899DL1995PTC068847	JAINPAC LAMINATORS PRIVATE LIMITED	Additional director	01-04-10	01-04-10	Active	NO

Name :	Ms. Neelima Jain
Designation :	Director
Address :	C-9/9, Sector-8, Rohini, Delhi-110085, India
Date of Birth/Age :	09.11.1963
Date of Appointment :	17.11.1997
DIN No.:	00424429

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manoj Kumar Jain	27300
Rakesh Kumar Jain	19700
Neelima Jain	20300
Mukesh Jain and Sons HUF	12000
R K Jain and Sons HUf	11000
Seema Jain	1000
J K Jain and Sons HUF	10000
Shobha Jain	6700
Harsh Jain	1000
Pooja Jain	1000
Ravi Jain	4000
Promod Jain	1200
M C Jain	500
Santosh Jain	200
M c Jain HUF	18000
J K Jain	10500
Shalini Jain	6000
TOTAL	150400

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Laminates Packaging Material.
Imports :
Products :	Raw Material
Countries :	· China · Korea · Italy
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
All Kinds of Films	Kgs.	48682.23
Pouches	Pcs.	5647028
Pouches	Kgs.	613.60
Waste and Scrap	Kgs.	3324.32

GENERAL INFORMATION

Suppliers :

· Amco India Limited

· Hitech Technology

· Hindustan Coatings

· Inorg Chemie Inc

· Jhaveri Flexo India Limited

· Ultimate Flexipack Limited

· Vista Film Packing

· Zenith Rollers Limited

· P G Foils Limited

· Shree Mahavir Sales Corporation

· Aakriti Exports

· Vikram Udyog

· VPS Foods (Private) Limited

Customers :

Wholesalers and Retailers

· A M Products

· Amar Biscuits Company

· Mangatram Dals Mills limited

· Messina Beej Private Limited

· Priya Food Products

· S K Sweets

· Satnam Industries

· Trupti Food (Private) Limited

· Vijaya Food Products

· Wings Biotech

· Wembley Laboratories

· Wings Pharmaceuticals (Private) Limited

No. of Employees :

30 (Approximately)

Bankers :

· Punjab National Bank, Gujranwala Town, Delhi-110009, India

· HDFC Bank

· Punjab National Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Bank (Car Loan)	0.227	0.391
HDFC Car Loan – II	0.689	0.000
Punjab National Bank Machinery	0.538	0.825
Punjab National Bank	2.315	2.288
Total	3.769	3.504
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Harsh Jain	0.197	0.517
J K Jain	0.047	0.489
J K Jain and Sons	0.654	0.429
M C Jain	0.092	0.083
M C Jain and Sons	0.352	0.207
M K Jain	0.002	0.002
M K Jain and Sons	0.346	0.078
Manoj Jain	0.870	1.176
Neelima Jain	0.445	0.357
Nirnay Jain	0.038	0.000
Nupur Jain	0.100	0.061
R K Jain and Sons	0.456	0.302
Ravi Jain	0.000	0.219
Santosh Jain	0.198	0.198
Seema Jain	0.016	0.465
Shalini Jain	0.107	0.129
Shobha Jain	0.507	0.718
Total	4.427	5.430

Banking Relations :	--
Auditors :
Name :	Shashi Kant Chola Chartered Accountant
Address :	306-A, I.P. Tower, Wazirpur Commercial Complex, Delhi, India
Pan No.:	AADPC7852R

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150400	Equity Shares	Rs.10/- each	Rs. 1.504 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		1.504	1.504	1.504
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.046	1.003	0.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.550	2.507	2.440
LOAN FUNDS
1] Secured Loans		3.769	3.504	3.676
2] Unsecured Loans		4.427	5.430	4.872
TOTAL BORROWING		8.196	8.934	8.548
DEFERRED TAX LIABILITIES		0.315	0.322	0.319
TOTAL		11.061	11.763	11.307
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.175	5.672	5.576
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	6.951	6.034	3.556
	Sundry Debtors	2.350	2.133	2.760
	Cash & Bank Balances	0.199	0.344	0.163
	Other Current Assets	0.356	0.295	0.147
	Loans & Advances	0.404	0.522	0.506
Total Current Assets		10.260	9.328	7.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	5.316	3.192	1.330
	Provisions	0.058	0.045	0.071
Total Current Liabilities		5.374	3.237	1.401
Net Current Assets		4.886	6.091	5.731
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11.061	11.763	11.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.328	15.932	14.889
		Other Income		0.034	0.098
		TOTAL	18.328	15.966	14.987
Less	EXPENSES
		Cost of Goods Sold	NA	(0.003)	0.020
		Raw Material Consumed		10.321	9.448
		Payments and Provision for Employees		0.639	0.631
		Operational and Other Expenses		2.743	2.369
		BED on Finished Goods		1.208	1.621
		Cess on Finished Goods		0.036	0.049
		TOTAL	NA	14.944	14.138
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			1.022	0.849
Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.902	0.664
	PROFIT BEFORE TAX		0.095	0.120	0.185
Less	TAX		0.052	0.053	0.100
	PROFIT AFTER TAX		0.043	0.067	0.085
	Earnings Per Share (Rs.)		0.29	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	18.000

Expected Sales (2012-2013) : Rs. 20.000 Millions

The above information has been parted by Mr. Manoj.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.23	0.42	0.57
Net Profit Margin (PBT/Sales)	(%)	NA	0.75	1.24
Return on Total Assets (PBT/Total Assets}	(%)	0.58	0.80	1.46
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.08
Debt Equity Ratio (Total Liability/Networth)		5.45	4.98	4.21
Current Ratio (Current Asset/Current Liability)		1.91	2.88	5.09

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. Constructions 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	Yes
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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FINANCIAL RESULTS AND OPERATIONS

The company thus after providing the tax has a profit of Rs. 0.043 million carried over to Balance Sheet.

TRADE REFERENCE

· Magat Ram Dal Mills (Private) Limited

FIXED ASSETS

· Air Conditioner

· Car

· Computer

· Electric Installation

· Factory Building

· Fire Extinguisher

· Land

· Mobile

· Plant and Machinery

· Refrigerator

· Telephone Equipments

· Water Pumps

· Water Tank

· Weighting Equipments

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. 56.41
UK Pound	1	Rs. 88.44
Euro	1	Rs. 71.52

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		34

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.