MIRA INFORM REPORT

Report Date :

05.03.2012

IDENTIFICATION DETAILS

Name :	BULK PACK EXPORTS LIMITED
Registered Office :	Fairdeal Building 2, A.B. Road, Geeta Bhawan Square, Indore– 4520011, Madhya Pradesh, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.2000
Com. Reg. No.:	10-014152
Capital Investment/ Paid-up Capital:	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U24132MP2000PLC014152
TAN No.: [Tax Deduction & Collection Account No.]	BPLB01949D
PAN No.: [Permanent Account No.]	AABCB5569R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PP woven Fabric, woven sacks and FIBCs/ Bulk Bags.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

LOCATIONS

Registered Office :	Fairdeal Building 2, A.B. Road, Geeta Bhawan Square, Indore– 4520011, Madhya Pradesh, India
Tel. No.:	91-731-4077277 / 78 / 4066321
Fax No.:	91-731-4065840
E-Mail :	rcbagdipcs@yahoo.in
Website :	http://www.bulkpackexports.com
Factory :	Sector III, Behind Container Depot, Pithampur, Madhya Pradesh, India
E-Mail :	bulkpack@sancharnet.in

DIRECTORS

(As on 30.03.2011)

Name :

Mr. Gaurav Tekriwal

Designation :

Director

Address :

19/1, South Tukoganj, Indore, Madhya Pradesh , India

Date of Birth/Age :

14.06.1979

Date of Appointment :

30.06.2005

DIN No:

01399690

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200MP2002PLC015324	MASS SOFT SERVICES INDIA LIMITED	Director	8/10/2002	8/10/2002	-	Active	NO
2	U24132MP2000PLC014152	BULKPACK EXPORTS LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO

Name :

Mr. Vishal Agarwal

Designation :

Director

Address :

40, RK Puram – II, Ali Garh – (Uttar Pradesh), India

Date of Birth/Age :

03.02.1974

Date of Appointment :

07.04.2007

DIN No:

01421081

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24132MP2000PLC014152	BULKPACK EXPORTS LIMITED	Director	7/4/2007	7/4/2007	-	Active	NO
2	U15122MP1989PTC005179	SAVOURY SEA FOODS PVT LTD	Director	15/01/2008	15/01/2008	25/02/2009	Active	NO
3	U02423MP1989PTC005230	REMEDY DRUGS PVT LTD	Director	15/01/2008	15/01/2008	25/02/2009	Active	NO

Name :

Mr. Hemant Gorana

Designation :

Additional Director

Address :

74, Ayodhya Shanti Nagar Extention, Mhow Gaon, Madhya Pradesh – 452441, India

Date of Birth/Age :

24.01.1960

Date of Appointment :

15.05.2007

DIN No:

01462814

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Pradeep Tandon	100100
Devendra Dubge	100
Mrinal Leas. and Inv. Private Limited,India	10000
True Dreams Fin. Private Limited, India	10000
Unnat Gagan Leas. And Inv. Private Limited, India	10000
Tranquil Finance an Sec. Private Limited, India	10000
Aniruddha Leasing and Fin. Private Limited, India	9800
Ashok Gupte	100000
Total	250000

(AS ON 30.09.2011)

Category	Percentage
Bodies corporate	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PP woven Fabric, woven sacks and FIBCs/ Bulk Bags.

Products :

Item Code No. (ITC Code)	Product Description
392329	Woven Sacks / Jumbo Bags

• Standard FIBCs
• Baffle bags
• Bags with Sift proof seams
• Conical bags
• Diaper bags
• Single loop bags
• Two loop bags
• Container bags

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Production ( Bags, Tape, Fabric)	M.T.	1404.607

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited.

Facilities :

Secured loan	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank (Eicher Loan)	0.00	0.113
ICICI Bank (Trax Toofan Loan)	0.107	0.209
ICICI Bank (Scoda Car Loan)	0.254	0.565
ICICI Bank (BMW Car Loan)	2.701	0.000
Total	3.062	0.887

Banking Relations :	--
Auditors :
Name :	C.P. Rawka Chartered Accountants
Address :	C.P. Rawka and Company, Chartered Accountants, 403, Archade Silver, 56, 1 , New Palasia, Indore – 452001, Madhya Pradesh, India
PAN No.:	ABTPR3380C

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Share	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.828	1.890	3.875
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.328	4.390	6.375
LOAN FUNDS
1] Secured Loans		3.062	0.887	1.308
2] Unsecured Loans		0.040	1.824	1.500
TOTAL BORROWING		3.102	2.711	2.808
DEFERRED TAX LIABILITIES		0.041	0.041	0.041
TOTAL		8.471	7.142	9.224
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.184	20.948	21.098
Capital work-in-progress		3.431	1.976	0.816
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.098	73.049	65.453
	Sundry Debtors	5.902	1.969	3.625
	Cash & Bank Balances	1.535	1.042	0.783
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.265	12.244	10.741
Total Current Assets		76.800	88.304	80.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	78.044	86.465	88.204
	Other Current Liabilities	16.837	16.628	3.869
	Provisions	1.063	0.993	1.219
Total Current Liabilities		95.944	104.086	93.292
Net Current Assets		(19.144)	(15.782)	(12.690)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.471	7.142	9.224

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income(Export)	178.693	110.770	127.765
		Other Income	1.904	2.897	0.992
		TOTAL (A)	180.597	113.667	128.757
Less	EXPENSES
		Raw Material consumed	96.436	76.686	61.555
		Manufacturing Expenses	42.736	31.447	34.692
		Employee’s remuneration and Benefits	2.405	1.827	1.851
		Administrative Expenses	7.165	3.781	5.888
		Selling and Distribution Expenses	12.443	7.182	9.242
		Indirect Expenses	0.470	0.799	0.258
		Increase/ Decrease in stock	12.609	(11.180)	12.045
		TOTAL (B)	174.264	110.542	125.531
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.333	3.125	3.226
Less	FINANCIAL EXPENSES (D)		4.166	3.608	1.490
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.167	(0.483)	1.736
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.163	1.360	1.291
	PROFIT BEFORE TAX (E-F) (G)		1.004	(1.843)	0.445
Less	TAX (H)		0.067	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.937	(1.843)	0.445
Add	Miscellaneous Accounts Balance W/o		0.000	0.141	0.000
	Net Balance for Appropriations		0.937	(1.984)	0.445
	EARNINGS IN FOREIGN CURRENCY		182.018	100.635	101.325
	Earnings Per Share (Rs.)		3.75	17.94	1.78

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.52	(1.62)	0.35
Net Profit Margin (PBT/Sales)	(%)	0.56	(1.66)	0.35
Return on Total Assets (PBT/Total Assets}	(%)	0.99	(1.69)	0.44
Return on Investment (ROI) (PBT/Networth)		0.19	(0.42)	0.07
Debt Equity Ratio (Total Liability/Networth)		18.59	24.33	15.07
Current Ratio (Current Asset/Current Liability)		0.80	0.85	0.86

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from 180 – Shrinagar MainIndore, Madhya Pradesh – 452001, India to the present address w.e.f. 07.04.2007

FIXED ASSETS :

• Land and Site Development
• Plant and Machinery
• Vehicles
• Power and Electrical
• Computer
• Office Equipment

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	--
--LEVERAGE	1~10	2
--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		19

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.