MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	UMIYA AIRPACK PRIVATE LIMITED
Registered Office :	Plot. No. 40, Panchratna industrial Estate, B/H Vivek Steel, Village Changodar, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.07.2000
Com. Reg. No.:	04-038299
Capital Investment / Paid-up Capital :	Rs.2.498 Millions
CIN No.: [Company Identification No.]	U51100GJ2000PTC038299
TAN No.: [Tax Deduction & Collection Account No.]	AHMU00785B
PAN No.: [Permanent Account No.]	AAACU4583D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Air Bubble Films
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 62000
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.

INFORMATION PARTED BY

Name :	Mr. Ghanshyambhai Patel
Designation :	Director
Contact No.:	91- 98250 23653
Date :	03.03.2012

LOCATIONS

Registered Office / Factory :	Plot. No. 40, Panchratna industrial Estate, B/H Vivek Steel, Village Changodar, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-251046
Mobile No.:	91- 98250 23653 / 98795 23653 (Mr. Ghanshyam)
Fax No.:	91-2717-251047
E-Mail :	umiya_airpack@yahoo.com umiyaairpack@icenet.com airpack@icenet.net
Website :	www.umiyaairpack.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Mahesh Ghanshyambhai Patel
Designation :	Director
Address :	31, Sagar Bunglow, Near Gulab Tower Road, Opposite Sunstar Complex, Sola Road, Ahmedabad-380061, Gujarat, India
Date of Appointment :	03.07.2000
DIN No.:	00130841
Name :	Mr. Ghanshyambhai Patel
Designation :	Director
Address :	31, Sagar Bunglow, Near Gulab Tower Road, Opposite Sunstar Complex, Sola Road, Ahmedabad-380061, Gujarat, India
Date of Appointment :	31.03.2006
DIN No.:	00130879

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Alpaben M. Patel	6690
Amratbha! M. Patel	100
Babubhai K. Patel	100
Bhikhabhai H. PATEL	100
Chaturbhai P. PATEL	100
Dharamsibhai N. Patel ,	21834
Dhirajbhai C. PATEL	100
Dhirajbhai V. Patel	100
Ganeshbhai N. Patel	14215
Ghanshyambhai G. Patel	77650
Hasubhai K. Patel	100
Jerambhai P. Patel	100
Kantilal Dharamsibhai Patel	28741
Kantilal N Patel	100
Kantilal R. Patel	100
Lavjibhai M. Patel	100
Madhuben V. Patel	6810
Mahesh G. Patel	50150
Mansukhbha! B. Patel	100
Mugatbhai 0. Patel	100
Muljibhai M. Patel	100
Nagarbhai B. Patel	9500
Odhavjibhai R. Patel	100
Parsh Ottambha! H. Patel	100
Parshottambhai R. Patel	100
Prabhubhai L. Patel	100
Prakash O. Patel	100
Rameshbha! P. Patel	100
Ramnikbhai B. Patel	10000
Shantaben G. Patel	4990
Tr1bhovanbhai M. Patel	100
Tribhovanbhai S. Patel	100
Valjibhai S. Patel	100
Van Mali G. Patel	10000
Vasant G. Patel	4990
Vijyaben R. Patel	1900
Total	249770

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Air Bubble Films
Product:	Roll, Second Roll Pouch, HDPE / PP / RAFIA FABRIC Roll
Terms :
Selling :	Cash / Credit (30 Days / 60 Days)
Purchasing :	Cash / Credit (30 Days / 60 Days)

PRODUCTION STATUS (As On 31.03.2011)

Installed Capacity: 1000 M.T. per Annum

Actual Utilization : 1000 M.T. per Annum

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

20 (Approximately)

Bankers :

Bank of India, Changodar Branch, Kailash Avenue, Shop No. 1 and 2, Ground Floor, Survey No. 263, National Highway, Changodar, Ahmedabad - 382213, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working Capital
Bank Of India-C.C.	6.355	5.374
Term Loan
Bank of India	8.154	10.455
Total	14.509	15.829
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Shareholders	6.588	9.581
Total	6.588	9.581

Banking Relations :	--
Auditors :
Name :	R. R. S. and Associates Chartered Accountants
Address :	211, Kamal Complex, Near Stadium Circle, Opposite State Bank of Saurashtra, Ahmedabad – 380009, Gujarat, India
PAN.:	AAFFR0472A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249770	Equity Shares	Rs.10/- each	Rs.2.498 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		2.498	2.498	2.498
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.205	9.408	7.484
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.703	11.906	9.982
LOAN FUNDS
1] Secured Loans		14.509	15.829	0.070
2] Unsecured Loans		6.588	9.581	7.919
TOTAL BORROWING		21.097	25.410	7.989
DEFERRED TAX LIABILITIES		1.195	0.906	0.317
TOTAL		37.995	38.222	18.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.356	16.549	6.157
Capital work-in-progress		0.000	0.000	1.824
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.307	11.586	3.668
	Sundry Debtors	11.686	11.812	6.417
	Cash & Bank Balances	4.091	0.424	2.681
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.148	4.407	1.614
Total Current Assets		27.232	28.229	14.380
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.283	3.705	2.405
	Other Current Liabilities	0.842	0.510	0.355
	Provisions	3.468	2.341	1.313
Total Current Liabilities		7.593	6.556	4.073
Net Current Assets		19.639	21.673	10.307
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.995	38.222	18.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	120.740	85.553	54.741
		Other Income	0.906	0.085	0.000
		TOTAL (A)	121.646	85.638	54.741
Less	EXPENSES
		Increase/ (Decrease) in Stock	3.612	(5.494)	(0.086)
		Material and Manufacturing Expenses	103.121	80.286	47.412
		Administrative Expenses	1.237	0.531	0.703
		Selling and Distribution Expenses	3.085	1.686	1.544
		Loss in Sale of Assets	0.000	0.000	0.352
		Director’s Remuneration	1.260	0.912	0.660
		Auditors Remuneration	0.070	0.066	0.066
		TOTAL (B)	112.385	77.987	50.651
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.261	7.651	4.090
Less	FINANCIAL EXPENSES (D)		2.075	2.383	1.189
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.186	5.268	2.901
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.198	2.288	0.891
	PROFIT BEFORE TAX (E-F) (G)		4.988	2.980	2.010
Less	TAX (H)		1.191	1.056	0.486
	PROFIT AFTER TAX (G-H) (I)		3.797	1.924	1.524
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.408	7.484	5.960
	BALANCE CARRIED TO THE B/S		13.205	9.408	7.484
	Earnings Per Share (Rs.)		15.20	7.70	6.10

Expected Sales (2011-12) : Rs.100.000 Millions (Due to Dollar Price Fluctuation)

The above information has been parted by Mr. Ghanshyambhai Patel

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.12	2.25	2.78
Net Profit Margin (PBT/Sales)	(%)	4.13	3.48	3.67
Return on Total Assets (PBT/Total Assets}	(%)	10.94	6.66	9.79
Return on Investment (ROI) (PBT/Networth)		0.31	0.25	0.20
Debt Equity Ratio (Total Liability/Networth)		1.83	2.68	1.21
Current Ratio (Current Asset/Current Liability)		3.59	4.31	3.53

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	2.951	3.433	1.856
Sundry Creditors for Expenses	0.332	0.272	0.549
Total	3.283	3.705	2.405

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	--
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 three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

During the year, the turnover of the company has increased to Rs.120.739 Millions from Rs.85.553 Millions as compared to previous year. The Directors are striving hard by making sincere efforts for the better growth and prospects of the Company in the future.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51100GJ2000PTC038299
Name of the company	UMIYA AIRPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot. No. 40, Panchratna industrial Estate, B/H Vivek Steel, Village Changodar, Ahmedabad – 382213, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Bank of India, Changodar Branch, Kailash Avenue, Shop No. 1 and 2, Ground Floor, Survey No. 263, National Highway, Changodar, Ahmedabad - 382213, Gujarat, India changodar.ahmedabad@bankofindia.co.in
Nature of instrument creating charge	Mortgage deed
Date of instrument Creating the charge	08.05.2009
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12% p.a. with monthly rests Terms of repayment Term Loan -60 monthly instalment of Rs.1.917Millions (last installment of Rs.0.190 Millions Working Capital - CC (Hypo, of stocks and Book Debts) as per demand L/C (l/F) DP/DA 90 days/Inland Guarantee Margin Term Loan-25% Working Capital - stock - 25% - B Debts - 40% NFB Sub Limit L/C(l/F) DP/DA 90 days/Inland Guarantee-20% Extent and operation of the charge The Charge shall cover all that piece or parcel of freehold Non Agricultural Land bearing Sub Plot No. 40 (Paiki) admeasuring 2366 Sq. Mts.(Plot Area) forming part of Block No. 362(Paiki) 1 (Paiki) of Mouje Changodar of Sanand Taluka in the Registration District of Ahmedabad and Sub-District of Sanand together with all superstructure being Factory Building/Shed standing thereon and situated in within PANCHRATNA INDUSTRIAL ESTATE, at Changodar, Ta: Sanand, Dist: Ahmedabad, Gujarat, India
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece or parcel of freehold Non Agricultural Land bearing Sub Plot No. 40 (Paiki) admeasuring 2366 Sq. Mts. (Plot Area) forming part of Block No. 362(Paiki) 1 (Paiki) of Mouje Changodar of Sanand Taluka in the Registration District of Ahmedabad and Sub-District of Sanand together with all superstructure being Factory Building/Shed standing thereon and situated in within PANCHRATNA INDUSTRIAL ESTATE, at Changodar, Ta: Sanand, Dist: Ahmedabad, Gujarat, India

Fixed Assets;

• Land
• Building
• Machinery
• Furniture and Fixture
• Computer
• Electric Installations
• Office Equipments
• Motor Car
• Motor Cycle
• Fire Safety Equipments
• Crane for Looms
• Water Cooler
• Building under Constriction
• Air Conditioner
• Plant and Machinery WIP

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.49.80
UK Pound	1	Rs.78.78
Euro	1	Rs.65.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.