MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Name :	V.K. PACKWELL PRIVATE LIMITED
Registered Office :	44-B, Co-operative Estate, Dada Nagar, Kanpur-208025, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.03.2007
Com. Reg. No.:	20-032936
Capital Investment / Paid-up Capital :	Rs.4.870 Millions
CIN No.: [Company Identification No.]	U21098UP2007PTC032936
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Plastic Pipes, HDPE Laminated Fabrics and Tarpaulin.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. 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

LOCATIONS

Registered Office/ Factory :	44-B, Co-operative Estate, Dada Nagar, Kanpur-208025, Uttar Pradesh, India
Tel. No.:	91-512-2394949
Fax No.:	91-512-2394949
E-Mail :	sksco2001@yahoo.com info@vkgroupindia.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Vikesh Ramdutt Gupta

Designation :

Director

Address :

R/O 783/110, W-1, Juhi Gausala, Hairpur Road, Kanpur-208011, Uttar Pradesh, India

Date of Birth/Age :

06.07.1967

Date of Appointment :

01.03.2007

Din No.:

00987764

Other Directorship:

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	U70101CH2001PTC024502	G I ESTATES PRIVATE LIMITED	Director	05-07-01	05-07-01	05-07-01	Active	NO
2	U21098UP2007PTC032936	V. K. PACKWELL PRIVATE LIMITED	Director	01-03-07	01-03-07	-	Active	NO
3	U45400UP2008PTC034576	GITA APARTMENTS PRIVATE LIMITED	Director	01-04-10	01-04-10	-	Active	NO
4	U45400UP2008PTC035726	BIHARI JEE AWAS PRIVATE LIMITED	Director	01-04-10	01-04-10	-	Active	NO

Name :

Mrs. Sandhya Rani Vikesh Gupta

Designation :

Director

Address :

R/O 783/110, W-1, Juhi Gausala, Hairpur Road, Kanpur-208011, Uttar Pradesh, India

Date of Birth/Age :

15.07.1970

Date of Appointment :

01.03.2007

Din No.:

00987820

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21098UP2007PTC032936	V. K. PACKWELL PRIVATE LIMITED	Director	01-03-07	01-03-07	Active	NO
2	U45400UP2008PTC034576	GITA APARTMENTS PRIVATE LIMITED	Director	01-04-10	01-04-10	Active	NO
3	U45400UP2008PTC035726	BIHARI JEE AWAS PRIVATE LIMITED	Director	01-04-10	01-04-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vikesh Ramdutt Gupta	5500
Sandhya Rani Vikesh Gupta	5500
Vikesh Ramdutt Gupta HUF	500
Siddharth Education Beneficiary Trust, India	500
Parth Education Beneficiary Trust, India	500
Gaurangi Education Beneficiary Trust, India	500
Gita Apartment Private Limited, India	247000
Bihari Ji Awas Private Limited, India	227000
Total	487000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.95
Directors or relatives of directors	2.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Plastic Pipes, HDPE Laminated Fabrics and Tarpaulin.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity
HDPE Laminated Fabric and Tarpaulin	M.T.	4200	4200

GENERAL INFORMATION

Suppliers :

· Reliable Tarpaulin Company

· D.H. Polymers Private Limited

· Colour Systems

· Arjun Plastic

· Blue Stare Limited

· M.P. Suppliers

· New Omker Electronics

· Shiv Mechanical Works

· Vishal Tubes

· Universal Enterprises

· Weave Spares

Customers :

· Arvind Machinery Store

· Bajrag Store

· Laxmi Narayan Subhash Chandrs

· Pankaj Machinery Store

· Bhai Mul Singh and Sons

· Gautam Cord Center

· Mishra Roop Store

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Birhana Road, Kanpur-208001, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Punjab National Bank (Cash Credit)	21.344
Punjab National Bank Term Loan [Both the loan with Punjab National Bank are secured against equitable mortgage of factory land and building and hypothecation of movable fixed assets and stock and book debts]	106.226	1.381
Kotak Mahindra Bank Limited	0.742
Kotak Mahindra Bank Limited [Both secured against vehicle]	1.149
Total	129.461	1.381
Unsecured Loan
Bihari Jee Awas Private Limited	12.174
Gita Apartment Private Limited	4.180
Alpana Gupta	1.450
Ankur Dealers Private Limited	1.000	0.000
Dreamvelly Sales Private Limited	1.000
Rohan	3.000
Satyajeet Gupta	1.500
Sunview Retails Private Limited	1.000
Total	25.304	0.000

Banking Relations :	--
Auditors :
Name :	Batra Agarwal Associates Chartered Accountants
Address :	15/79 (2), Civil Lines, Kanpur-208001, Uttar Pradesh, India
Tel. No.:	91-512-2375901/2333269
Fax No.:	91-512-2375901
Pan No.:	AAOPA1669F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
487000	Equity Shares	Rs.10/- each	Rs.4.870 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		4.870	3.510	0.100
2] Share Application Money		0.000	7.600	29.100
3] Reserves & Surplus		42.930	31.949	0.561
4] (Accumulated Losses)		(1.249)	0.000	0.000
NETWORTH		46.551	43.059	29.761
LOAN FUNDS
1] Secured Loans		129.461	1.381	2.160
2] Unsecured Loans		25.304	0.000	0.000
TOTAL BORROWING		154.765	1.381	2.160
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		201.316	44.440	31.921
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		168.280	31.559	16.528
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	36.231	5.677	7.767
	Sundry Debtors	13.557	0.787	9.053
	Cash & Bank Balances	6.842	0.049	0.631
	Other Current Assets	0.877	0.126	0.126
	Loans & Advances	16.631	12.096	0.000
Total Current Assets		74.138	18.735	17.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.002	5.686	1.600
	Other Current Liabilities	0.521	0.212	0.000
	Provisions	0.664	0.053	0.612
Total Current Liabilities		41.187	5.951	2.212
Net Current Assets		32.951	12.784	15.365
MISCELLANEOUS EXPENSES		0.085	0.097	0.028
TOTAL		201.316	44.440	31.921

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	206.924	68.905	35.284
Less	EXPENSES
		Office Expenses
		Administrative Expenses	191.322	67.179	34.199
		Advertising Expenses
		TOTAL	191.322	67.179	34.199
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.602	1.726	1.085
Less/ Add	DEPRECIATION/ AMORTISATION		18.109	0.596	0.311
	PROFIT / (LOSS) BEFORE TAX		(2.507)	1.130	0.774
Less	TAX		0.000	0.000	0.256
	PROFIT / (LOSS) AFTER TAX		(2.507)	1.130	0.518
	Earnings / (Loss) Per Share (Rs.)		(5.15)	2.22	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.21)	1.64	1.47
Return on Total Assets (PBT/Total Assets}	(%)	(1.03)	2.25	2.27
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.03
Debt Equity Ratio (Total Liability/Networth)		4.21	0.17	0.15
Current Ratio (Current Asset/Current Liability)		1.80	3.15	7.95

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) Constitutions 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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

NOTE:

The registered office of the company has been shifted from Room No. 107, Radha Kripa Complex, 49/52, General Ganj, Kanpur-208001, Uttar Pradesh, India to the present address w.e.f. 15.04.2010.

FINANCIAL RESULTS:

During the year company started the commercial production of HDPE Laminated Fabric and Tarpaulin its new unit at Dada Nagar, Kanpur w.e.f. 21^st July, 2010. Company also continuing its old business of manufacturing of Lay-Flat Tube.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U21098UP2007PTC032936
Name of the company	V. K. PACKWELL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	44-B, Co-operative Estate, Dada Nagar, Kanpur-208025, Uttar Pradesh, India
Type of charge	Immovable Property Movable Property [not being pledge]
Particular of charge holder	Punjab National Bank, Birhana Road, Kanpur-208001, Uttar Pradesh, India
Email	sksco2001@yahoo.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of Assets to secure Term Loan dated 27/12/2011 Hypothecation of moveable assets forming part of fixed/ block assets dated 27.12.2011
Date of instrument Creating the charge	27.12.2011
Amount secured by the charge	Rs.17.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.25 %+T.P. 0.50% spread over the prevailing Base Rate (presently being 10.75% p.a.) Terms of Repayment Repayment of loan by 20 Quarterly installment of Rs. 8.50Lac plus interest, charge, expenses etc. as and when due commencing from June, 2012. Margin 25% Extent and Operation of the charge Upto the amount of term loan i.e. Rs.17.000 Millions and interest, charges, costs etc.
Short particulars of the property charged	Exclusive charge on block of assets of the company by way of hypothecation of plant and machinery, equipments. Equitable mortgage of land and building situated at 44B, 46B and 46B/6A Dada Nagar, Kanpur.

FIXED ASSETS:

· Office and Electrical Equipments

· Furniture and Fixtures

· Machinery

· Vehicles

· Computer

· Land

· Building

WEBSITE DETAILS:

PROFILE:

Subject was setup in 1 Mar 2007 with a vision of becoming a Tarpaulin suppliers company in the country. In a span of almost 3.5 years it has pioneered the field of manufacturing Tarpaulin products. It has ventured into diversified avenues including HDPE laminated fabrics and HDPE Woven Fabrics with a single minded focus of providing high quality Tarpaulins worldwide and to achieve customer satisfaction efficiently through sustainable and high performance Tarpaulin products.

Subject has immense knowledge, expertise and latest manufacturing technologies to develop Tarpaulins products like H.D.P.E. Laminated Fabrics, Waterproof Tarpaulin, Irrigation pipes, Tirpal and H.D.P.E. Woven Fabrics.

It is inspired for making Tarpaulins and constantly seeking innovation to harness the potential of the latest technology so that it can supply Tarpaulin products which meet and suit the customer's requirement most effectively and precisely, because "nothing is more important than customer satisfaction and their commitment".

Subject has nearly 10 years of experience in providing Tarpaulins (Tirpals), H.D.P.E. Laminated Fabrics and H.D.P.E. Woven Fabrics to clients. Suiting the client's requirements, they have been supplying their merchandise to traders and wholesalers in India.

It has diverse domain expertise in product range. Subject has extensive knowledge and insight of the Tarpaulin industry which has helped Subject immensely to shape its future plan and harness a sizeable market share by shaping and designing Tarpaulin products which meet client expectations and requirements.

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.