MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	SANJEEV FLEXI PACK PRIVATE LIMITED
Registered Office :	Building No.F9, Rajlaxmi Hi-Tech Textile Park, Mumbai-Nashik Highway, Sonale, Bhiwandi, Thane – 421302, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.2010
Com. Reg. No.:	11-202389
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U74900MH2010PTC202389
TAN No.: [Tax Deduction & Collection Account No.]	PNES29016B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Materials-Rolls and Pouches.
No. of Employees :	60 (Approximately)

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 23000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some 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 PARTED BY (General Information)

Name :	Mr. Sanjeev Shah
Designation :	Director
Contact No.:	91-9821033695
Date :	21.02.2012

LOCATIONS

Registered Office :	Building No.F9, Rajlaxmi Hi-Tech Textile Park, Mumbai-Nashik Highway, Sonale, Bhiwandi, Thane – 421302, Maharashtra, India
Tel. No.:	91-8652-350350/ 351351
Mobile No.:	91-9821033695 (Mr. Sanjeev Shah)
Fax No.:	Not Available
E-Mail :	info@sanjeevflexipack.in sfppl@yahoo.com
Website :	http://www.sanjeevflexipack.in
Location :	Owned
Branch Office :	Rihal Estate, Opposite State Bank, Behind Manada Hotel, L.B.S. Marg, Mumbai – 400078, Maharashtra, India

DIRECTORS

(AS ON 29.09.2011)

Name :	Mr. Mitesh Kanaiyalal Shah
Designation :	Director
Address :	702, Aakruti ABICH CHS Limited, S. N. Road, Tambe nagar, mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	10.07.1978
Date of Appointment :	26.04.2010
DIN No.:	02964757
Name :	Mr. Sanjeev Kanaiyalal Shah
Designation :	Director
Address :	702, Aakruti ABICH CHS Limited, S. N. Road, Tambe nagar, mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	21.05.1976
Date of Appointment :	26.04.2010
DIN No.:	02987493

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Mitesh Kanaiyalal Shah	205000
Sanjeev Kanaiyalal Shah	545000
Total	750000

(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 Materials-Rolls and Pouches.
Exports :
Products :	Flexible Packaging Materials-Rolls and Pouches
Countries :	· UK · African Countries
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

60 (Approximately)

Bankers :

· ING Vysya Bank Limited

Unit No.2/3/4, Marathon Max Building, Opposite Nirmal Lifestyle, Mulund Goregaon Link Road, Mulund West, Mumbai – 400080, Maharashtra, India

· Union Bank of India

· HDFC Bank

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)
HDFC Car Loan A/c No.18081518	0.338
HDFC Car Loan A/c No.18083643	0.367
Total	0.705
Unsecured Loans	31.03.2011 (Rs. In Millions)
Mitesh K. Shah Loan	0.952
Sanjeev K. Shah Loan	3.438
Total	4.390

Banking Relations :	--
Auditors :
Name :	HKS and Company Chartered Accountant
Address :	103, Vasupujya Darshan (Rathod Bhuvan), Opposite Jain Temple, Zaver Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel No.:	91-22-25653190
Mobile No.:	91-9321137427
PAN No.:	AAADP0072A

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Share	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Share	Rs.10/- each	Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		7.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.689)
NETWORTH		5.811
LOAN FUNDS
1] Secured Loans		0.705
2] Unsecured Loans		4.390
TOTAL BORROWING		5.095
DEFERRED TAX LIABILITIES		0.000
TOTAL		10.906
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.309
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.016
	Sundry Debtors	7.378
	Cash & Bank Balances	0.409
	Other Current Assets	1.080
	Loans & Advances	2.932
Total Current Assets		16.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10.979
	Other Current Liabilities	4.076
	Provisions	0.191
Total Current Liabilities		15.246
Net Current Assets		1.569
MISCELLANEOUS EXPENSES		0.028
TOTAL		10.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	15.783
		Other Income	0.106
		TOTAL (A)	15.889
Less	EXPENSES
		Cost of Goods Sold	12.114
		Direct Expenses	0.489
		Indirect Expenses	3.633
		Selling and Distribution Expenses	0.193
		TOTAL (B)	16.429
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.540)
Less	FINANCIAL EXPENSES (D)		0.229
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.769)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.780
	PROFIT BEFORE TAX (E-F) (G)		(1.549)
Less	TAX (H)		0.140
	PROFIT AFTER TAX (G-H) (I)		(1.689)
	Earnings Per Share (Rs.)		(2.25)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	(10.63)
Net Profit Margin (PBT/Sales)	(%)	(9.81)
Return on Total Assets (PBT/Total Assets}	(%)	(5.93)
Return on Investment (ROI) (PBT/Networth)		(0.27)
Debt Equity Ratio (Total Liability/Networth)		3.50
Current Ratio (Current Asset/Current Liability)		1.10

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FINANCIAL RESULTS

This is the 1^st year of the company. The company is a manufacturer of flexible Packaging Materials-rolls and Pouches. Due to the first year of Operations the company has incurred the loss of Rs.1.549 Millions.

FORM 8:

Corporate identity number of the company	U74900MH2010PTC202389
Name of the company	SANJEEV FLEXI PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Building No. F-9, Rajlaxmi Hi-Tech Textile Park, Mumbai - Nasik Highway, Sonale, Bhiwandi – 421302, Maharashtra, India info@sanjeevflexipack.in
This form is for	Creation of charge
Type of charge	Book Debts Floating Charge
Particular of charge holder	· ING Vysya Bank Limited Unit No.2/3/4, Marathon Max Building, Opposite Nirmal Lifestyle, Mulund Goregaon Link Road, Mulund West, Mumbai – 400080, Maharashtra, India cms@companiesinn.com
Nature of description of the instrument creating or modifying the charge	General Hypothecation Agreement
Date of instrument Creating the charge	01/09/2010
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Term Loan: 11.00% pa LC-ILC/FLC (sub-limit to TL) As per bank norms Terms of Repayment TL -60 monthly installments with 6 months moratorium Margin NA Extent and Operation of the charge First charge on the plant and machinery purchased, out of Term Loan, document of title to goods purchased/ purchased under LC/till acceptance of bill, goods purchased/ imported under LC, accepted bills of exchange till retirements of the bill
Short particulars of the property charged	Plant and machinery purchased out of Term Loan, goods purchased/ imported under LC stored/ to be stored at Building No. F-9, Raj Laxmi Hi-tech Textile Park, Mumbai- Nashik Highway, Village Sonalo, Bhiwandi, Thand – 421302 document of title to goods purchased/ purchased under LC/till acceptance of bill, accepted bills of exchange till retirement of the bill.

FIXED ASSETS:

· Air Conditioner

· Computer

· Furniture

· Motor Car

· Machinery

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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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.