MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	HARIPACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED
Registered Office :	K-61, MIDC Industrial Area, Hingna, Nagpur – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2004
Com. Reg. No.:	11-145822
Capital Investment / Paid-up Capital :	Rs.9.990 Millions
CIN No.: [Company Identification No.]	U24294MH2004PTC145822
TAN No.: [Tax Deduction & Collection Account No.]	NGPH02531E
PAN No.: [Permanent Account No.]	AABCH4255Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Packaging Material and Plastic Polymers.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 93000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track. There are appears some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Management Non-cooperative. Name Not Divulged

LOCATIONS

Registered Office/ Factory :	K-61, MIDC Industrial Area, Hingna, Nagpur – 400016, Maharashtra, India
Tel. No.:	91-7104-235440/ 441
Fax No.:	91-7104-237945
E-Mail :	info@haripack.com hpack@vsnl.com haripack@bom3.vanl.net.in abhay9@indiatimes.com sagdeo1@gmail.com sagdeo1@gmail.com
Website :	http://www.haripack.com
Area :	2100 sq. mt.
Location :	Owned by Director
Head Office :	30-A, Corporation Colony, Gandhi Nagar, Nagpur – 440 010, Maharashtra, India
Tel. No.:	91-712-2226837/ 2226949
Fax No.:	91-712-2235501
Mobile No.:	info@haripack.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Dilip B. Murarka

Designation :

Managing director

Address :

30 A, Pratik Corporation Colony, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

06.01.1962

Qualification :

Post Graduate

Date of Appointment :

21.04.2004 

DIN No.:

02016085

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	U24294MH2004PTC145822	HARIPACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED	Managing director	21-04-04	21-04-04	-	Active	NO
2	U27300MH2008PTC188704	HARIPACK GLOBAL VISION PRIVATE LIMITED	Director	05-12-08	05-12-08	-	Active	NO
3	U51109MH2008PTC188797	HARIPACK OVERSEAS PRIVATE LIMITED	Director	11-12-08	11-12-08	-	Active	NO
4	U65999MH2009PTC189298	HARIPACK SECURITISATION COMPANY OF INDIA PRIVATE LIMITED	Director	02-01-09	02-01-09	-	Active	NO
5	U74950MH2005PTC156965	SHAGOON PACKAGING PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO
6	U15400MH2009PTC194401	PERFECT VITAMINS PRIVATE LIMITED	Director	06-04-10	06-04-10	01-02-11	Active	NO
7	U55101MH2011PTC216531	GRAND HARISON HOSPITALITY PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO
8	U51103MH2012PTC226142	HARIPACK POLYMERS PRIVATE LIMITED	Director	17-01-12	17-01-12	-	Active	NO

Name :

Mr. Ronald Francis

Designation :

Director

Address :

D-54/55 Vasant Vihar, Comple Khadgaon Road, Wadi Nagpur – 440023, Maharashtra, India

Date of Birth/Age :

26.09.1974

Qualification :

Post Graduate

Date of Appointment :

28.01.2005

DIN No.:

02071917

Name :

Mr. Sandhya Murarka

Designation :

Director

Address :

341-D160 Corporation Colony, Ambajhary (Po), Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

29.03.1965

Date of Appointment :

01.04.2011

DIN No.:

02433027

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	U27300MH2008PTC188704	HARIPACK GLOBAL VISION PRIVATE LIMITED	Director	05-12-08	05-12-08	-	Active	NO
2	U51109MH2008PTC188797	HARIPACK OVERSEAS PRIVATE LIMITED	Director	11-12-08	11-12-08	01-12-11	Active	NO
3	U74950MH2005PTC156965	SHAGOON PACKAGING PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO
4	U24294MH2004PTC145822	HARIPACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED	Director	01-04-11	01-04-11	-	Active	NO
5	U55101MH2011PTC216531	GRAND HARISON HOSPITALITY PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO
6	U51103MH2012PTC226142	HARIPACK POLYMERS PRIVATE LIMITED	Director	17-01-12	17-01-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shareholders)	No. of Shares
Dilip B. Murarka	767370
Ronald Francis	10
Sandhya Murarka	38000
Dilip Murarka (HUF)	144620
TOTAL	950000

Names of Shareholders (Preference Share Holders )	No. of Shares
Darya Dhan	1
Lala Jas Ram Sons	1
Gupta Janahar	1
Dilip Murarka (HUF)	48988
Daga Ulthandas	1
Apex Multi Trade Private Limited, India	1
Agarwal Srikant Rajani	1
Jawandhiya Surekha	1
Jham D Chimanlal	1
Agrawal O Satyaanarayan	1
Sindhania Naresh	1
Pacheriwala Ashok Kumar	1
Agarwal Mohan	1
Total	49000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Packaging Material and Plastic Polymers.
Products :	Carry Bags Plastic Packing Materials Plastic Box Strapping Packing Bags

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	31.03.2011
Installed Capacity	MT Pa	600

Particulars	Unit	Actual Production
Plastics Bags	Kgs	130023
Scrap/ Rejections	Kgs	3558

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

• State Bank of Patiala 2, Central Avenua Branch, Nagpur – 440001, Maharashtra, India
• Bank of Baroda, Dharampet, Nagpur, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
1. Rupee term loan from State Bank of Patiala, Nagpur - Secured by Equitable mortgage of Leasehold land and factory buildings of the company situated at K-61. MIDC Area, Hingna, Road, Nagpur, hypothecation of machinery and moveable and personal guarantee of managing director of the company	0.022	11.593
2. Packing Credit Limit from State Bank of Patiala, Nagpur - Secured by hypothecation of stocks and book debts of the company and personal guarantee of managing director of the company and extension of charge over fixed assets of the company	7.259	39.948
3. Rupee term loan from State Bank of Patiala, Napur secured by equitable mortgage of Leasehold land and factory buildings of the company situated at D-l, D-1A and D-4/2, MIDC Area, Hingna Road, Nagpur, hypothecation of machinery, and Moveable and personal guarantee of a director of the company. [ All the Loans from State Bank of Patiala are further secured by a charge on the fixed and current assets of the company at K-61 and D-1, D-1A and 0KLKJ6GF-4/2 MIOC Area, Hingna Road, Nagpur	51.967	69.080
Balance of Current account with scheduled bank by reconciliation	0.000	0.123
Total	59.248	120.744
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	2.700	5.107
Intercorporate Deposits	5.630	5.820
Sales Tax Deferral Loan	5.218	5.607
From Hong Kong and Shanghai Banking Corporation Limited	0.000	10.334
Advances for Sale of Fixed Assets Received	10.550	0.000
Total	24.098	26.868

Banking Relations :	--
Auditors :
Name :	V Y Sagadeo and Company Chartered Accountants
Address :	Prabha Niwas East Side, Ground Floor, Wardha Road, Rahate Colony, Nagpur-440 022, Maharasahtra, India
PAN.:	AETPS5162A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Millions
50000	Preference Shares	Rs.10/- each	Rs.0.500 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Millions
49000	Preference Shares	Rs.10/- each	Rs.0.490 Million
	Total		Rs.9.990 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		9.990	9.990	9.990
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.323	12.844	11.862
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.313	22.834	21.852
LOAN FUNDS
1] Secured Loans		59.248	120.744	135.043
2] Unsecured Loans		24.098	26.868	70.188
TOTAL BORROWING		83.346	147.612	205.231
DEFERRED TAX LIABILITIES		1.692	0.145	0.221
TOTAL		108.351	170.591	227.304
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.067	101.958	140.190
Capital work-in-progress		5.930	13.980	11.393
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.948	7.384	27.471
	Sundry Debtors	47.385	58.441	67.603
	Cash & Bank Balances	0.426	3.954	7.263
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.053	11.653	11.852
Total Current Assets		50.812	81.432	114.189
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.350	23.923	36.368
	Other Current Liabilities	0.731	2.179	1.819
	Provisions	1.377	0.677	0.347
Total Current Liabilities		36.458	26.779	38.534
Net Current Assets		14.354	54.653	75.655
MISCELLANEOUS EXPENSES		0.000	0.000	0.066
TOTAL		108.351	170.591	227.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	45.634	96.867	131.657
		Interest Received	0.187	0.357	0.044
		Profit on sale of Assets	14.857	12.232	0.102
		TOTAL (A)	60.678	109.456	131.803
Less	EXPENSES
		Cost of Trading Goods Sold	33.061	57.958	41.204
		Raw Materials and packing Material Consumed	10.386	30.222	68.309
		Manufacturing and Other Expenses	1.080	3.740	4.920
		Payments to and provision for employees	0.138	0.668	0.810
		Administrative and Management Expenses	0.170	0.351	0.507
		Selling and Distribution Expenses	0.000	1.903	4.965
		Preliminary Expenses written off	0.000	0.000	0.023
		Increase/ (Decrease) in Inventories	3.359	4.105	(1.685)
		TOTAL (B)	48.194	98.947	119.053
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.484	10.509	12.750
Less	FINANCIAL EXPENSES (D)		7.908	7.188	7.654
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.576	3.321	5.096
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.851	2.086	2.778
	PROFIT BEFORE TAX (E-F) (G)		2.725	1.235	2.318
Less	TAX (H)		2.246	0.253	0.541
	PROFIT AFTER TAX (G-H) (I)		0.479	0.982	1.777
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.458	0.176	0.199
Less	APPROPRIATIONS
		Transfer to General Reserve	0.824	0.700	1.800
	BALANCE CARRIED TO THE B/S		0.113	0.458	0.176
	EARNINGS IN FOREIGN CURRENCY
		Finished Goods	0.000	27.324	82.042
	TOTAL EARNINGS		0.000	27.324	82.042
	IMPORTS
		Capital Goods	33.990	23.423	48.082
	TOTAL IMPORTS		33.990	23.423	48.082
	Earnings Per Share (Rs.)		0.48	0.98	1.78

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.79	0.90	1.35
Net Profit Margin (PBT/Sales)	(%)	5.97	1.27	1.76
Return on Total Assets (PBT/Total Assets}	(%)	1.96	0.67	0.87
Return on Investment (ROI) (PBT/Networth)		0.12	0.05	0.11
Debt Equity Ratio (Total Liability/Networth)		5.14	7.64	11.16
Current Ratio (Current Asset/Current Liability)		1.39	3.04	2.98

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details as on 31.03.2011

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Sundry Creditors for Goods other than SSI Units	34.350	23.923	36.213
Sundry Creditors for Goods to SSI Units	--	--	0.155

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	Yes
8) No. of employees	Yes
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	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Form 8

This form is for	Modification of charge
Charge identification number of the modified	10087299
Corporate identity number of the company	U24294MH2004PTC145822
Name of the company	HARI PACK EXTRUSIONS (VIDARBHA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K-61, MIDC Industrial Area, Hingna, Nagpur – 400016, Maharashtra, India
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of Patiyala 2, Central Avenua Branch, Nagpur – 440001, Maharashtra, India B5334@sbp.co.in
Nature of description of the instrument creating or modifying the charge	Agreement in from SBP 1611 i.e. Agreement of Loan for overall limits for Term Loan Agreement in from SBP 1612 i.e. Agreement for Hypothecation goods and assets for Term Loan Equitable Mortgage of Immovable Property of the company – No instrument
Date of instrument Creating the charge	31.01.2009
Amount secured by the charge	Rs.140.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.25% below BPLR presently 12.75% pa monthly subject to change from time to time. Terms of Repayment 25 Quarterly Installments. First 21 Installments will be Rs. 5.375 Millions each starting from February 2008, Last 4 Installments will be of Rs.67.812 millions each. Last installment will be due in March 2014 Margin 34.36% Extent and Operation of the charge State Bank of India has first and floating charge on all the movable and immovable properties of the company. Others Not Available
Short particulars of the property charged	Equitable mortgage of factory land located at Plot No. D-1/A and D-1, and D – 4 /2 in the MIDC Industrial Area, Hinhna Road, Nagpur, Maharashtra. The total plot area of the factory is 51369 Sq. Ft (12.69 Acres) and total built up area is 20746.12 Sq. Ft. Hypothecation of plant and machinery to be created under the project.
Date of latest modification prior to the present modification	31.01.2009

Fixed Assets

• Leasehold Land
• Factory Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fittings
• Office Equipments
• Vehicles

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NLM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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		29

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.