MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	SHRINATH ROTOPACK PRIVATE LIMITED
Registered Office :	Plot No. 35D, IDA, Kattadan, Hyderabad- 500077, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.05.2006
Com. Reg. No.:	01-050109
Capital Investment / Paid-up Capital :	Rs.61.591 Millions
CIN No.: [Company Identification No.]	U25209AP2006PTC050109
TAN No.: [Tax Deduction & Collection Account No.]	HYDS17297A
PAN No.: [Permanent Account No.]	AAJCS9881K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of All Kinds of Flexible Packaging materials, Laminates etc.
No. of Employees :	Not Available

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 940000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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.

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/ Administrative Office :	Plot No. 35D, IDA, Kattadan, Hyderabad- 500077, Andhra Pradesh, India
Tel. No.:	91-40-24361018
Fax No.:	91-40-24360218
E-Mail :	info@slplindia.com acspavan@gmail.com
Website :	www.slplindia.com
Factory :	Plot No. 20, IDA, Mankhal, Maheshwaram Mandal, R.R. District – 509359, Andhra Pradesh, India

DIRECTORS

As on: 30.09.2012

Name :

Mr. Sunil Kumar Rathi

Designation :

Director

Address :

15-7-297 Begum Bazar, Hyderabad- 500012, Andhra Pradesh, India

Date of Birth/Age :

15.11.1974

Date of Appointment :

05.08.2006

DIN No.:

01243072

Other Directorships :

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	U25209AP2003PTC041901	SHRINATH LAMINATES PRIVATE LIMITED	Director	20-10-03	20-10-03	-	Amalgamated	NO
2	U25209AP2006PTC050109	SHRINATH ROTOPACK PRIVATE LIMITED	Director	08-05-06	08-05-06	-	Active	NO

Name :

Mr. Manish Kumar Rathi

Designation :

Director

Address :

15-7-297 Begum Bazar, Hyderabad- 500012, Andhra Pradesh, India

Date of Birth/Age :

15.12.1973

Date of Appointment :

05.08.2006

DIN No.:

01821723

Other Directorships :

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	U25209AP2003PTC041901	SHRINATH LAMINATES PRIVATE LIMITED	Director	20-10-03	20-10-03	-	Amalgamated	NO
2	U25209AP2006PTC050109	SHRINATH ROTOPACK PRIVATE LIMITED	Director	08-05-06	08-05-06	-	Active	NO

Name :

Mr. Sarvesh Lahoti

Designation :

Director

Address :

8-3-167/D/248, Kalyan Nagar, Vengal Rao Nagar, Hyderabad- 500038, Andhra Pradesh, India

Date of Birth/Age :

11.11.1982

Date of Appointment :

05.08.2006

DIN No.:

02425792

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Sunil K. Rathi	1410720
Manish K. Rathi	132100
Sarvesh Lahoti	213400
Govindlal Rathi	31900
Ayodhya Devi Rathi	3800
Jawaharlal Rathi	11400
Gopallal Rathi	33100
Susheela Devi Rathi	11400
Balkishan Rathi	70500
Sarla B. Rathi	11400
Surendra K. Rathi	3800
Rajni Rathi	3800
Naresh K. Rathi	98800
Usha Rathi	48800
Sharad K. Rathi	17733
Anuradha Rathi	125800
Umesh K. Rathi	315200
Savita Rathi	118800
Aarathi Rathi	33800
Madhu Rathi	3800

As on: 29.03.2012

Name of Allottees	No. of Shares
Sarvesh Lahoti	100000
Vandana Lahoti	140000
Saurabh Lahoti	150000
Sarvesh Lahoti HUF	10000
Madhushree Enterprises Private Limited, India	1600000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	25.25
Directors or relatives of Directors	74.36
Other top fifty shareholders	0.39
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of All Kinds of Flexible Packaging materials, Laminates etc.

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Plastic Laminated Bags and Sheets	M. Tons	11835.184

GENERAL INFORMATION

Customers :

• Amrutanjan
• Bambino
• Dukes
• ITC Limited
• Jyothy Laboratories Limited
• Monsanto
• Murugappa Group
• Pioneer
• Society
• Spencer’s
• Subeej
• TATA
• UPL

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, 6-3-879/B, Greenland Road, Begumpet, Hyderabad- 500016, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	285.552	180.007
Working capital loans banks secured	232.167	181.000
Loans taken for vehicles secured	0.033	0.216
Total	517.752	361.223
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	3.850	9.375
Other debt unsecured	83.514	55.190
Total	87.364	64.565

Banking Relations :
Auditors :
Name :	R B Kabra and Company Chartered Accountants
Address :	4-1-917, Tilak Road, Hyderabad- 500001, Andhra Pradesh, India
PAN.:	AAEFR3093C
Relatives Parties :	Madhushree Enterprises Private Limited Medinomics Health Care Private Limited

CAPITAL STRUCTURE

After as on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8159066	Equity Shares	Rs.10/- each	Rs.81.591 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6159066	Equity Shares	Rs.10/- each	Rs.61.591 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		61.591	61.591	34.591
2] Share Application Money		15.800	87.705	27.000
3] Reserves & Surplus		159.561	0.000	36.077
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		236.952	149.296	97.668
LOAN FUNDS
1] Secured Loans		517.752	361.223	277.749
2] Unsecured Loans		87.364	64.565	49.696
TOTAL BORROWING		605.116	425.788	327.445
DEFERRED TAX LIABILITIES		54.588	24.651	13.599
TOTAL		896.656	599.735	438.712
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		476.419	327.282	181.712
Capital work-in-progress		9.612	0.000	15.588
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	257.226	158.309	118.502
	Sundry Debtors	425.546	279.357	250.957
	Cash & Bank Balances	31.466	8.977	3.682
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.653	20.009	32.805
Total Current Assets		782.891	466.652	405.946
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	344.451	190.571	164.854
	Other Current Liabilities
	Provisions	27.993	3.984	0.215
Total Current Liabilities		372.444	194.555	165.069
Net Current Assets		410.447	272.097	240.877
MISCELLANEOUS EXPENSES		0.178	0.356	0.535
TOTAL		896.656	599.735	438.712

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income/ Turnover	2193.918 (Gross Sales)	1057.764	883.698
		Other Income	NA	7.029	(6.232)
		TOTAL (A)	NA	1064.793	877.466
Less	EXPENSES
		Raw Materials Consumed		798.764	671.639
		Staff Cost		18.636	14.750
		Manufacturing and Other Expenses		127.167	114.387
		Increase in stock		(24.157)	(13.961)
		TOTAL (B)	NA	920.410	786.815
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	144.383	90.651
Less	FINANCIAL EXPENSES (D)		NA	38.870	32.833
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.328	105.513	57.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.182	29.857	23.786
	PROFIT BEFORE TAX (E-F) (G)		124.146	75.656	34.032
Less	TAX (H)		52.291	24.028	13.142
	PROFIT AFTER TAX (G-H) (I)		71.855	51.628	20.890
Add	BALANCE OF PROFIT TRANSFERRED ON AMALGAMATION		NA	5.634	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	24.683	3.792
	BALANCE CARRIED TO THE B/S		NA	81.945	24.683
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	124.483	37.994	26.502
	TOTAL EARNINGS		124.483	162.477	26.502
	IMPORTS
		Raw Materials	237.724	74.044	43.183
		Capital Goods	170.682	9.183	0.000
	TOTAL IMPORTS		408.406	83.227	43.183
	Earnings Per Share (Rs.)		11.66	9.21	6.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.84	2.38
Net Profit Margin (PBT/Sales)	(%)	5.66	7.15	3.85
Return on Total Assets (PBT/Total Assets}	(%)	9.86	9.53	5.79
Return on Investment (ROI) (PBT/Networth)		0.52	0.51	0.35
Debt Equity Ratio (Total Liability/Networth)		4.13	4.16	5.04
Current Ratio (Current Asset/Current Liability)		2.10	2.40	2.46

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The registered office of the company has been shifted from Plot No.20, IDA- Mahankhal, Maheshwaram Mandal, Mahankhal, Andhra Pradesh, India to the present address w. e. f. 01.06.2009

CONTINGENT LIABILITIES:

• Guarantees given by the company to Axis Bank Limited for loan granted to group companies, Blend Colour Private Limited for Rs.80.000 Millions and SPP Ploy Pack Private Limited for Rs.32.500 Millions.

• Bank guarantees given to the extend of Rs.15.000 Millions against Fixed Deposit with banks and extension of charge on entire current assets, present ad future and goods imported under L.C.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209AP2006PTC050109
Name of the company	SHRINATH ROTOPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 35D, Ida, Kattadan, Hyderabad- 500077, Andhra Pradesh, India E-Mail: acspavan@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10153299
Type of charge	Immovable property Book debts Movable property(not being pledge)
Particular of charge holder	Axis Bank Limited,6-3-879/B, Greenland Road, Begumpet, Hyderabad- 500016, Andhra Pradesh, India E-mail : BL.Sailaja@axisbank.com
Nature of instrument creating charge	Link Cum Supplementary document
Date of instrument Creating the charge	15.10.2011
Amount secured by the charge	Rs.500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC/Term Loan IV - Base Rate + 2.50% Terms of Repayment Same as per Last Sanction Margin Same as per Last Sanction Extent and Operation of the charge Charge operates as security for repayment of entire Loan of Rs.500.000 Millions along with Interest and charges accrued thereon
Short particulars of the property or asset(s) charged (including complete address and location of the property)	No Change in Securities
Date of instrument modifying the charge	21.05.2011
Particulars of the present modification	Modification of Limits as under: (Rs in Millions) Facility Existing Revised CC 125.000 125.000 REPC (25.000) (25.000) Sub limit of CC LER (2.000) (2.000) Sub limit of CC LCBD/PSCFC -- (25.000) Sub limit of CC TL 360.000 360.000 Capex- LC/FLC -- (80.000) Sub limit of TL LOU/BD -- (45.000) Sub limit of TL

Fixed Assets

• Land
• Plant and Machinery
• Building
• Computer
• Vehicles
• Furniture and Fixture

AS PER WEBSITE DETAILS:

PROFILE

The Group's flagship company Shrinath Rotopack Private Limited was established in the year 2000 under the name Shree Laminates with an aim to tap the ever increasing need of flexible packaging material.

• Marching ahead is the only way to meet the demands of the flexible packaging.

• Quickly adapting to the flourishing and growing industry, constant up-gradation and innovation - contributes for our success.

• They are meeting tomorrow's packaging needs and competition in Today's Global Market, with well established state of art manufacturing facility, technical know-how and continuous R and D facilities.

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.53.84
UK Pound	1	Rs.86.72
Euro	1	Rs.69.17

INFORMATION DETAILS

Report Prepared by :

VRN

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	YES
--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.