MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	NEO PACK PLAST (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 700/3/A, 40, Shed Area, GIDC, Vapi-396195, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.1995
Com. Reg. No.:	04-024676
Capital Investment / Paid-up Capital :	Rs.2.627 Millions
CIN No.: [Company Identification No.]	U25209GJ1995PTC024676
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Paints, Resins and Allied Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 76000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

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 :	Plot No. 700/3/A, 40, Shed Area, GIDC, Vapi-396195, Gujarat, India
Tel. No.:	91-260-6543074/2453357
Fax No.:	91-260-2453357
E-Mail :	info@neopaints.co.in irrfan_khan@hotmail.com tariq@neopaints.co.in
Website:	http://www.neopaints.in

DIRECTORS

As on 28.09.2011

Name :	Mr. Imran Aziz Khan
Designation :	Director
Address :	RDL 1/1, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	20.12.1981
Date of Appointment :	15.02.2006
Din No.:	00765903
Name :	Mr. Saad Aziz Khan
Designation :	Director
Address :	Plot No. B-22, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	13.05.1980
Date of Appointment :	15.02.2006
Din No.:	00765943
Name :	Mr. Azizulhaque Mohmedyunus Khan
Designation :	Director
Address :	Plot No. B-22, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	01.08.1955
Date of Appointment :	16.02.1995
Din No.:	01310631
Name :	Mr. Irfan Azizulhaque Khan
Designation :	Director
Address :	Plot No. B-22, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	26.12.1985
Date of Appointment :	02.03.2009
Din No.:	02576172
Name :	Zeeshan Aziz Khan
Designation :	Director
Address :	Plot No. B-22, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	08.09.1984
Date of Appointment :	02.03.2009
Din No.:	02576189
Name :	Mr. Mohammed Shoeb Aziz Khan
Designation :	Director
Address :	Plot No. B-22, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	01.01.1970
Date of Appointment :	03.09.2000
Din No.:	02693433
Name :	Mr. Tarique Aziz Khan
Designation :	Director
Address :	RDL 1/1, Behind Amba Mata Mandir, GIDC, Vapi-396195, Gujarat, India
Date of Birth/Age :	19.06.1977
Date of Appointment :	30.09.2000
Din No.:	02693445

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Imran Aziz Khan	25900
Saad Aziz Khan	24400
Azizulhaque Mohmedyunus Khan	92900
Irfan Azizulhaque Khan	33700
Zeeshan Aziz Khan	32300
Mohammed Shoeb Aziz Khan	56300
Tarique Aziz Khan	54000
Saana Saad Khan	5800
Majeda Tariq Khan	5800
Yasmin Quasim Khan	2800
Shamim Shoeb Khan	5800
Gazal Imran Khan	3000
Total	342700

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Paints, Resins and Allied Products.

PRODUCTION STATUS AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Paint	M.T.	500	229523
Alked Resin	M.T.	400	245881
Thinner	M.T.	400	125981
Insulating Warnish	M.T.	500	236075
Black Japan	M.T.	300	51294
Epoxy Hardner	M.T.	100	--
Plastic Bag	M.T.	500	309469

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, GIDC Branch, Vapi-396195, Gujarat, 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 Loan [Secured by hypothecation of stocks and book debts]	25.926	23.090
Punjab National Bank Term Loan [Secured against plant and machinery]	2.272	2.840
Punjab National Bank Term Loan [Secured against new building]	2.233	2.835
Punjab National Bank [Secured against office building]	0.805	1.005
HDFC Bank Car Loan New Car [Secured against vehicle car]	0.040	0.502
HDFC Bank Car Loan 29300 [Secured against vehicle car]	0.357	0.650
HDFC Car Loan 16275 [Secured against vehicle car]	0.169	0.335
HDFC Loan 40995 [Secured against vehicle car]	0.333	0.557
HDFC Loan 40995 [Secured against vehicle]	0.026	0.000
Total	32.161	31.814
Unsecured Loan
Mohhmed Yunus and Sons	1.631	1.419
Mohhmed Yunus and Company	0.800	0.000
Neo Barrels	7.200	0.000
Premium Paint	0.000	0.250
Total	9.631	1.669

Banking Relations :	--
Auditors :
Name :	G B Laddha and Company Chartered Accountants
Address :	1-2, Sahara Market, 2^nd Floor, Silvassa Road, Vapi-396191, Gujarat, India
Tel. No.:	91-260-3267788/6456677/6457788/6458899
Fax No.:	91-260-2425966
E-Mail :	gbladdha@gmail.com
Pan No.:	AAEFG2280N

CAPITAL STRUCTURE

As on 28.09.2011

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
342700	Equity Shares	Rs.10/- each	Rs.3.427 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
262700	Equity Shares	Rs.10/- each	Rs.2.627 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		2.627	2.407	2.207
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.552	13.303	10.677
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.179	15.710	12.884
LOAN FUNDS
1] Secured Loans		32.161	31.814	27.987
2] Unsecured Loans		9.631	1.669	1.543
TOTAL BORROWING		41.792	33.483	29.530
DEFERRED TAX LIABILITIES		0.030	0.047	0.086
TOTAL		61.001	49.240	42.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.575	24.170	17.454
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	2.715
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.260	16.450	12.863
	Sundry Debtors	33.475	18.433	22.216
	Cash & Bank Balances	0.983	1.268	(0.055)
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.370	4.190	3.113
Total Current Assets		57.088	40.341	38.137
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.570	11.134	10.442
	Other Current Liabilities	3.257	3.158	2.859
	Provisions	0.835	0.979	2.505
Total Current Liabilities		17.662	15.271	15.806
Net Current Assets		39.426	25.070	22.331
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.001	49.240	42.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	111.103	100.421
		Other Income	2.792	1.974
		TOTAL (A)	113.895	102.395	75.030
Less	EXPENSES
		Raw Material Consumed and Inventory Adjustment	91.115	82.532	74.121
		Manufacturing Expenses	7.953	6.745
		Administrative Expenses	7.062	5.952
		TOTAL (B)	106.130	95.229	74.121 [Including Financial Expenses and Depreciation]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.765	7.166
Less	FINANCIAL EXPENSES (D)		3.817	3.360
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.948	3.806
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.771	2.592
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.177	1.214	0.909
Less	TAX (H)		0.337	0.294	0.403
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.840	0.920	0.506
Add	EARLIER YEARS DEPRECIATION		0.039	0.000	NA
Less	PRIOR PERIOD ADJUSTMENT		0.160	0.094	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.548	1.722	NA
	BALANCE CARRIED TO THE B/S		3.267	2.548	NA
	Earnings / (Loss) Per Share (Rs.)		2.98	4.16	7.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.74	0.90	0.67
Net Profit Margin (PBT/Sales)	(%)	1.05	1.21	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.50	1.88	1.64
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.07
Debt Equity Ratio (Total Liability/Networth)		3.10	3.10	3.52
Current Ratio (Current Asset/Current Liability)		3.23	2.64	2.41

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	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 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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80051118
Corporate identity number of the company	U25209GJ1995PTC024676
Name of the company	NEO PACK PLAST (INDIA) PVT LTD
Address of the registered office or of the principal place of business in India of the company	Plot No. 700/3/A, 40, Shed Area, GIDC, Vapi-396195, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property Any Interest in Immovable Property
Particular of charge holder	Punjab National Bank, GIDC Branch, Vapi-396195, Gujarat, India
Email	bo.3903@pnb.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation and Book Debts to Secure Cash Credit facility
Date of instrument Creating the charge	01.09.2011
Amount secured by the charge	Rs.58.810 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+4.5% presently 14.5% p.a. Terms of Repayment Cash credit- On demand Margin Cash Credit against stocks- 25% Cash Credit against Book Debts(Not Older than 90 days)- 40% Extent and Operation of the charge First Charge by way of Hypothecation on Entire current assets (Present and Future) of the company including Stocks of raw materials, Stocks in process, Finished goods, receivables, stores, spares Personal Guarantee of 7 (Seven) Directors and Mrs. Badrunisha A Khan
Short particulars of the property charged	First Charge by way of Hypothecation on Entire current assets (Present and Future) of the company including Stocks of raw materials, Stocks in process, Finished goods, receivables, stores, spares Extension of Equitable Mortgage of Industrial Land and Building situated at Plot no.176/4, 176/5, GIDC, Vapi 396195 Extension of Equitable Mortgage of Industrial Land and Building situated at Plot no.700/3/A, GIDC, Vapi 396195 Extension of Equitable Mortgage of Flat no.603,6th floor, D Building in Palm Court, Plot No.1406/A/3/8 at Link road, Malad(w), Mumbai 400064 Extension of Equitable Mortgage of Flat no.602,6th floor, D Building in Palm Court, Plot No.1406/A/3/8 at Link road, Malad(w), Mumbai 400064
Date of latest modification prior to the present modification	25.03.2010
Particulars of the present modification	Cash Credit Limit enhanced from Rs.30.000 millions to Rs.50.000 millions and Cash credit against Book Debts enhanced from Rs.10.000 millions to Rs.18.000 millions as sub limit within cash credit limit. Term Loan Balances in Account no.1- Rs.0.805 million, account no.2-Rs.2.272 millions and account no.3-Rs.2.233 millions Non Fund based limits of Rs.3.500 millions

FIXED ASSETS:

· Plot, Land and Building

· New Factory Building

· Factory Shed

· Office Building

· Plant and Machinery

· Electrical Fittings

· Laboratory Equipments

· Office Equipments

· Transformer

· Furniture and Fixtures

· Motor Cars

· Vehicles

· Computer

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] 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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.23

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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		30

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.