MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	COLOURFLEX LAMINATORS LIMITED
Registered Office :	First Floor, 130, Shukan Mall, Near Panchamrut Bunglows-I, Science City Road, Sola, Ahmedabad – 380060, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.06.1994
Com. Reg. No.:	04-022339
Capital Investment / Paid-up Capital :	Rs. 40.757 Millions
CIN No.: [Company Identification No.]	U51909GJ1994PLC022339
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00173F
PAN No.: [Permanent Account No.]	AAACC4768L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials
No. of Employees :	200 (Approximately)

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 480000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Harshad Patel
Designation :	Accounts Manager
Contact No.:	91-9879586217
Date :	22.05.2012

LOCATIONS

Registered Office :	First Floor, 130, Shukan Mall, Near Panchamrut Bunglows-I, Science City Road, Sola, Ahmedabad – 380060, Gujarat, India
Tel. No.:	91-79-27494985/ 27451510/ 27473361
Mobile No.:	91-9879586321 (Mr. Bhaskar) 91-9879586217 (Mr. Harshad Patel)
Fax No.:	91-79-27415630
E-Mail :	colourflex@colourflex.com harshad@colourflex.com
Website :	http://www.colourflex.com
Location :	Owned
Factory 1 :	Survey No. 821, Near Kothari Char Rasta, Village: Santej, Taluka Kalol, District Gandhingar, Gujarat, India
Tel. No.:	91-2764-286214/ 15/ 16/ 286322
Fax No.:	91-2764-286214/ 15/ 16/ 286322
E-Mail :	factory@colourflex.com
Area :	1000 Sq. mtrs
Location :	Owned

DIRECTORS

As on 13.09.2011

Name :	Mr. Pradipkumar Khodabhai Patel
Designation :	Managing director
Address :	B-201,Shilpgram Near Gyanda Girl's School, Ghatlodia, Ahmedabad - 380 061, Gujarat, India
Date of Birth/Age :	22.01.1968
Date of Appointment :	23.06.1994
DIN No.:	00106713

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51909GJ1994PLC022339	Colourflex Laminators Limited	Managing director	1/04/2008	23/06/1994	Active	NO
U25202GJ2004PTC044786	Sunflex Packagers (India) Private Limited	Director	23/09/2004	23/09/2004	Active	NO
U25202GJ2004PTC045123	Sunpack Barrier Films Private Limited	Director	13/12/2004	13/12/2004	Active	NO
U65999GJ2004PTC044563	Natraj Finsec (India) Private Limited	Additional director	6/11/2006	6/11/2006	Active	NO

Name :	Mr. Jagdishkumar Chimanlal Patel
Designation :	Whole-time director
Address :	25, Nityanand Society, Part-I, Ghtlodia, Ahemdabad-380061, Gujarat, India
Date of Birth/Age :	10.10.1971
Date of Appointment :	23.08.1998
DIN No.:	02211323
Name :	Mr. Shashikant Sakarabhai Patel
Designation :	Whole-time director
Address :	11, Kalakunj Society, Near K K Nagar, Ghatlodia, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	08.08.1973
Date of Appointment :	19.10.1999
DIN No.:	00171908
Name :	Mr. Arun Chinubhai Patel
Designation :	Whole-time director
Address :	26, Nityanand Society, Part-I, Ghatlodial, Ahemedabad-380061, Gujarat, India
Date of Birth/Age :	15.07.1974
Date of Appointment :	19.10.1999
DIN No.:	00171960

KEY EXECUTIVES

Name :	Mr. Harshad Patel
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.09.2011

Names of Shareholders	No. of Shares
Pardipkumar K. Patel	1498300
Shakarabhai G. Patel	128625
Chunibhaui S. Patel	31625
Savitaben C. Patel	83000
Yogeshkumar C. Patel	74500
Arun C. Patel	186000
Harshaben Y. Patel	24125
Mukeshbhai M. Patel	46000
Renukaben M. Patel	49885
Khodabhai V. Patel	33825
Amritbhai Atmaramdas Patel	20000
Harshad Baldevbhai Patel	33000
Manishben A. Patel	46250
Baldevbhai M. Patel	20000
Shashikant Shakrabhai Patel	53300
Shaileshbhai S. Patel (HUF)	48175
Gandabhai Somnath Patel	60060
Gitaben Pardipbhai Patel	188950
Taraben R. Patel	125000
Bhavesh R. Patel	175000
Kajal Bhavesh Patel	25000
Rameshbahi C. Patel	75000
Ketan Ashokbhai Patel	102500
Chiragkumar C. Patel	51250

Equity Share Break up (Percentage of Total Equity)

As on 13.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Flexible Packaging Materials

Products :

Product Description	ITC Code
Flexible Packaging Material	25202

Exports :

Countries :

· USA

· UK

Imports :

Products :

Raw Materials

Countries :

· Qatar

· Gulf Countries

Terms :

Selling :

Credit (90 days)

Purchasing :

Credit (90 days)

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Laminated Printed Films	Kgs	2292906.660
Laminated Printed Pouches	Nos.	100706174
Plain Flexible Film	Kgs.	1287075.520
Plain Flexible Waste	Kgs.	57314.180
Printed Bopp Film	Kgs.	1516.440
Printed Flexible Film	Kgs.	2692.670
Printed Plastic Waste	Kgs.	371805.150
Printed Polyester Film	Kgs.	1298.330

GENERAL INFORMATION

Customers :

End Users and Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, Ellisbridge, Ahmedabad – 380006, Gujarat, India

· HDFC Bank

· ICICI Bank

· Standard Chartered Bank

· Barcyles Bank Plc

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India
L/C A/C (Inland)	73.303	40.358
L/C A/C (Import)	1.720	2.877
H.P.C.C. A/C – Packing Credits	29.990	0.000
H.P.C.C. A/C (Includes FCNB Dillar Loans A/c)	63.235	69.277
Term Loans (Secured against Stock of Raw Material, Stores, Finished Goods, Machinery, Other Immovable and movable assets and personal Guarantee of directors etc.)	30.412	41.312
Sales Tax Incentives Payable (Secured against Cylinders and Machineries)	4.075	8.151
Vehicle Loan
HDFC Car Loan	1.553	0.776
ICICI Car Loan	0.000	0.048
Reliance Capital Limited (Secured against hypothecation of Vehicles- Car)	0.000	0.180
Business Loans from Banks
Barcyles Bank Plc	0.000	1.063
Indiabulls Financial Services Limited	0.000	0.608
Standard Chartered Bank	0.000	0.346
Total	204.288	164.996
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	4.744	7.199
From Shareholders	3.028	2.265
From Others	17.583	16.751
Total	25.355	26.215

Financial Institute :	· Reliance Capital Limited · Indiabulls Financial Services Limited
Banking Relations :	--
Auditors :
Name :	Shah Rajesh and Associates Chartered Accountants
Address :	4, Third Floor, Rambha Complex, Opposite Gujarat Vidhyapith, Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN.:	ACWPS4819D
Associates :	· Sunflex Packagers (India) Private Limited · Sunpack Barrier Films Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4075730	Equity Shares	Rs.10/- each	Rs. 40.757 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		40.757	39.025	39.025
2] Share Application Money		0.000	1.399	0.300
3] Reserves & Surplus		78.667	59.014	50.975
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		119.424	99.438	90.300
LOAN FUNDS
1] Secured Loans		204.288	164.996	161.702
2] Unsecured Loans		25.355	26.215	30.553
TOTAL BORROWING		229.643	191.211	192.255
DEFERRED TAX LIABILITIES		26.950	25.348	21.006
TOTAL		376.017	315.997	303.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		186.575	186.224	146.206
Capital work-in-progress		0.000	0.000	28.903
INVESTMENT		1.327	1.327	1.328
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.418	59.410	48.466
	Sundry Debtors	141.304	117.563	115.911
	Cash & Bank Balances	23.300	18.003	13.666
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.709	35.010	28.788
Total Current Assets		289.731	229.986	206.831
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.944	92.379	66.235
	Other Current Liabilities	2.055	1.096	1.036
	Provisions	12.617	8.065	12.436
Total Current Liabilities		101.616	101.540	79.707
Net Current Assets		188.115	128.446	127.124
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		376.017	315.997	303.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	667.953	512.270	433.211
		Other Income	22.715	17.582	28.115
		TOTAL (A)	690.668	529.852	461.326
Less	EXPENSES
		Manufacturing and Other Expenses	562.467	421.475	349.676
		Repairs and Maintenance	12.704	9.571	7.732
		Salaries, Waters and Bonus Benefits	19.943	16.115	13.281
		Administrative, Selling and Other Expenses	43.301	36.319	29.892
		Increase/ Decrease in Stock	(15.443)	(5.292)	6.352
		TOTAL (B)	622.972	478.188	406.933
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.696	51.664	54.393
Less	FINANCIAL EXPENSES (D)		27.964	20.949	21.636
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.732	30.715	32.757
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.400	10.251	8.432
	PROFIT BEFORE TAX (E-F) (G)		28.332	20.464	24.325
Less	TAX (H)		9.272	7.842	9.574
	PROFIT AFTER TAX (G-H) (I)		19.060	12.622	14.751
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.389	45.351	36.645
Add/ Less	TAXATION OF EARLIER YEARS		0.054	0.018	0.479
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
		Proposed Final Dividend	3.902	3.903	3.903
		Tax on Proposed Final Dividend	0.648	0.663	0.663
	BALANCE CARRIED TO THE B/S		65.845	52.389	45.351
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	113.544	92.567	93.531
	TOTAL EARNINGS		113.544	92.567	93.531
	IMPORTS
		Raw Materials	78.891	62.851	44.447
	TOTAL IMPORTS		78.891	62.851	44.447
	Earnings Per Share (Rs.)
	Basic		4.68	3.23	3.78
	Diluted		4.68	3.23	3.78

Particulars	31.03.2012
Sales Turnover (Approximately)	720.000

Expected Sales (2012-2013) : Rs. 800.000 Millions

The above information has been parted by Mr. Harshad Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.76	2.38	3.20
Net Profit Margin (PBT/Sales)	(%)	4.24	3.99	5.62
Return on Total Assets (PBT/Total Assets}	(%)	5.95	4.91	6.89
Return on Investment (ROI) (PBT/Networth)		0.24	0.20	0.27
Debt Equity Ratio (Total Liability/Networth)		2.77	2.94	3.01
Current Ratio (Current Asset/Current Liability)		2.85	2.26	2.59

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	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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	-----
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909GJ1994PLC022339
Name of the company	COLOURFLEX LAMINATORS LIMITED
Address of the registered office or of the principal place of business in India of the company	First Floor, 130, Shukan Mall, Near Panchamrut Bunglows-I, Science City Road, Sola, Ahmedabad – 380060, Gujarat, India Email : harshad@colourflex.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80015344
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Commercial Branch, Ellisbridge, Ahmedabad – 380006, Gujarat, India Email : chetankumar_rathod@sbi.co.in
Nature of instrument creating charge	Memorandum relating to Deposit of Title Deeds for extension of further charge for overall limit
Date of instrument Creating the charge	20.12.2011
Amount secured by the charge	Rs.325.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital :5.00% above Base Rate Term Loan-I : 5.00% above Base Rate Term Loan-II : 0.25% above SBAR Term Loan-III : 0.50% above SBAR Terms of repayment WC : On Demand TL-1, II and III : As per Bank Rule Margin Raw Material, Stock in Process, Finished Goods, Stock and Spares : 25% Receivables (Cover Period 90 days) : 50% Export Packing Credit : 10% Letter of Credit (Maximum usance for import : 180 days for inland 3 months) :20% Extent and operation of the charge Exclusive Charge of State Bank of India over immovable properties mentioned in Agreement for the Limit of Rs.325.900 Millions sanctioned to the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of N.A. Land at Sub-Plot No. 1 with factory building thereon at Block No. 821/paiki at Mouje : Santej, Taluka Kalol, District Gandhinagar, Gujarat, India All that piece and parcel of N.A. Land at Sub-Plot No. 2 with factory building thereon at Block No. 821/paiki at Mouje : Santej, Taluka Kalol, District Gandhinagar, Gujarat, India All that piece and parcel of N.A. Land at Sub-Plot No. 3 with factory building thereon at Block No. 821/paiki at Mouje : Santej, Taluka Kalol, District Gandhinagar, Gujarat, India
Particulars of the present modification	The personal properties of Pradipbhai Khodabhai Patel has been released by the Bank and total credit facilities of Rs.325.900 Millions are now secured by immovable properties of the Company

FIXED ASSETS

· Lands (Freeholds)

· Buildings

· Plant and Machineries

· Cylinder and Rubber Rools

· Electricity Fittings

· Lab Testing Equipments

· Computer and Software’s

· Office Buildings

· Office Equipments

· Air conditioners

· Office Furniture

· 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. 55.93
UK Pound	1	Rs. 88.14
Euro	1	Rs. 70.87

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

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	YES
--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.