MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	KAMAKSHI LAMIPACK PRIVATE LIMITED

Registered Office :	No.68 (Old No.40), Second Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.01.2003

Com. Reg. No.:	18-050241

Capital Investment / Paid-up Capital :	Rs.4.280 millions

CIN No.: [Company Identification No.]	U21099TN2003PTC050241

IEC No.:	0495021598

TIN No.:	33401323000

TAN No.: [Tax Deduction & Collection Account No.]	CHEK05504C

PAN No.: [Permanent Account No.]	AACCK0271A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Food Packaging Materials.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

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 huge 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 on a secured 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Manigandan
Designation :	Account Assistant
Contact No.:	91-44-26248316
Date :	23.05.2012

LOCATIONS

Registered Office :	No.68 (Old No.40), Second Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India
Tel. No.:	91-44-26248316/ 26257696
Fax No.:	91-44-26258944
E-Mail :	klppladmin@airtelmail.in klpplchen@gmail.com klppl@airtelmail.in nsrajan@airtelmail.in
Location :	Owned

DIRECTORS

As on 23.09.2011

Name :

Mr. Chidambaram Alagappan

Designation :

Managing Director

Address :

No.9, AJ Block, 1^st Street, 9^th Main Road, Anna Nagar, Chennai – 600 040, Tamilnadu, India

Date of Birth/Age :

10.01.1947

Date of Appointment :

27.01.2003

DIN No.:

00018807

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	U21017PY1984PTC000782	Abirami Packagings Private Limited	Managing director	17-05-84	17-05-84	-	Active	NO
2	U02429PY2002PTC001668	Kamakshi Chemicals Private Limited	Director	10-10-02	10-10-02	19-11-08	Active	NO
3	U21099TN2003PTC050241	Kamakshi Lamipack Private Limited	Managing director	27-01-03	27-01-03	-	Active	NO

Name :

Mrs. Dhanalakshmi Chidambaram

Designation :

Director

Address :

No.9, AJ Block, 1^st Street, 9^th Main Road, Anna Nagar, Chennai – 600 040, Tamilnadu, India

Date of Birth/Age :

02.02.1946

Date of Appointment :

27.01.2003

DIN No.:

00026003

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	U21017PY1984PTC000782	Abirami Packagings Private Limited	Director	17-05-84	17-05-84	-	Active	NO
2	U02429PY2002PTC001668	Kamakshi Chemicals Private Limited	Director	10-10-02	10-10-02	19-11-08	Active	NO
3	U21099TN2003PTC050241	Kamakshi Lamipack Private Limited	Director	27-01-03	27-01-03	-	Active	NO

Name :

Mr. Jayasankar Mulloth

Designation :

Director

Address :

No.1C, Regent Place, 20 (Old No.15), Habibullah Road, T. Nagar Extension, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

24.09.1935

Date of Appointment :

15.10.2005/ 15.09.2007 (Regularized)

DIN No.:

00048351

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	L24119TN1971PLC006083	Tuticorin Alkali Chemicals and Fertilizers Limited	Director	10-05-91	10-05-91	-	Active	NO
2	U21099TN2003PTC050241	Kamakshi Lamipack Private Limited	Director	15-10-05	15-10-05	-	Active	NO
3	U24132TN2004PLC053675	Vibrant Industries Limited	Director	09-06-06	09-06-06	-	Active	NO
4	U72300TN1998PLC041321	Brainwave Biosolutions Limited	Director	20-09-07	25-10-06	18-01-08	Active	NO
5	U21017PY1984PTC000782	Abirami Packagings Private Limited	Director	19-09-07	28-02-07	-	Active	NO
6	L11101TN1969PLC005778	Southern Petrochemical Industries Corporation Limited	Director	25-09-08	30-04-07	-	Active	NO
7	U51101TN1994PLC026632	Spic Petrochemicals Limited	Nominee director	10-07-09	27-01-09	-	Under liquidation	NO

KEY EXECUTIVES

Name :	Mr. Manigandan
Designation :	Account Assistant

Name :	R. Sridharan and Associates
Designation :	Company Secretaries
Address :	New No.5, (Old No.12), Sivasailam Street, T. Nagar, Chennai - 600 017, Tamilnadu, India
Tel. No.:	91-44-42166988, 43502997, 42555587
Tele Fax No.:	91-44-42137082
E-Mail :	sribhav@airtelmail.in aryes@airtelmail.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders		No. of Shares
AL. Chidambaram		417075
C. Dhanalakshmi		10875
Total		427950

As on 23.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Food Packaging Materials.

Products :

ITC Code No.

Product Description

280413009

Poly Coated Paper

Poly Coated Board

Flexible Packaging Materials

v Flexible Packaging Material

v Sandwiched Packaging Material

v Rotogravure Printing

v Packaging Pouches

v Soap Wrapper

v Confectionery Wrapper

v Packaging Film

v Packaging Paper

v Materials for Printers and Converter

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-11 Qty. in M.T.
Licensed Capacity	--
Installed Capacity	2500.00
Actual Production	1809.97

GENERAL INFORMATION

Customers :

v ITC, Chennai, Tamilnadu

v TNPL, Karur, Tamilnadu

v Seshayee Paper and Boards Limited, Erode, Tamilnadu

No. of Employees :

Not Divulged

Bankers :

v Indian Bank, Anna Nagar Branch, W 100 Second Avenue, Chennai – 600 040, Tamilnadu, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Cash Credit - Indian Bank, Chennai	42.920	34.409
Term Loan - Indian Bank, Chennai	82.609	90.825
Secured Loan - Indian Bank, Chennai	15.000	0.000
Interest Accrued and Due (Secured by hypothecation of raw material, stocks in process, finished goods, book debts and all fixed assets exiting and future and guaranteed by two Directors in their individual capacity)	1.123	0.945
Term Loan - HDFC Bank Limited, Chennai	0.708	0.356
Term Loan - Kotak Mahindra Prime Limited, Chennai (Secured by hypothecation of Van and Car and guaranteed by a director in his individual capacity	0.177	0.288
Total	142.537	126.823

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
D I C Subsidy	0.108	0.108
From Directors	7.182	4.695
Total	7.290	4.803


Banking Relations :	--

Financial Institution :	Kotak Mahindra Prime Limited, 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India

Auditors :
Name :	Alladi Krishnamurthy Chartered Accountants
Address :	New No.24, D' Silva Road, Mylapore, Chennai – 600 004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABPK2966L

Enterprises Significantly influenced by Key Management Personnel :	v Abirami Associates, Chennai (AA) v Abirami Enterprises, Chennai (AE)

CAPITAL STRUCTURE

As on 23.09.2011

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
427950	Equity Shares	Rs.10/- each	Rs.4.280 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		4.280	4.280	4.280
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.928	1.928	11.748
4] (Accumulated Losses)		(16.382)	(3.441)	0.000
NETWORTH		(10.174)	2.767	16.028
LOAN FUNDS
1] Secured Loans		142.537	126.823	125.629
2] Unsecured Loans		7.290	4.803	5.181
TOTAL BORROWING		149.827	131.626	130.810
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		139.653	134.393	146.838

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		99.985	98.878	113.144
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.851	29.480	26.718
	Sundry Debtors	39.909	34.743	26.147
	Cash & Bank Balances	2.979	1.927	1.179
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.036	6.227	11.268
Total Current Assets		92.775	72.377	65.312
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.181	24.560	19.876
	Other Current Liabilities	9.027	8.496	5.552
	Provisions	2.899	3.806	6.190
Total Current Liabilities		53.107	36.862	31.618
Net Current Assets		39.668	35.515	33.694

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		139.653	134.393	146.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	239.632	184.752	152.048
		Other Income	4.752	2.280	3.633
		TOTAL (A)	244.384	187.032	155.681

Less	EXPENSES
		Increase/ Decrease in Inventory	2.223	(3.289)	143.335
		Raw Materials Consumed	182.829	138.909
		Manufacturing & Other Expenses	38.937	32.646
		TOTAL (B)	223.989	168.266	143.335

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.395	18.766	12.346

Less	INTEREST & FINANCIAL EXPENSES (D)		17.344	15.168	6.030

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.051	3.598	6.316

Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.993	17.238	10.642

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(12.942)	(13.640)	(4.326)

Less	TAX (H)		0.000	0.000	0.168

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(12.942)	(13.640)	(4.494)

	EARNINGS IN FOREIGN CURRENCY
		Sales - Export (FOB)	10.626	3.193	2.260
		Others	0.015	0.000	0.000
	TOTAL EARNINGS		10.641	3.193	2.260

	IMPORTS
		Raw Materials	35.565	12.291	NA
		Components and Spare Parts	0.058	0.000	NA
		Capital Goods	7.855	73.647	NA
		Other Expenditure	0.165	0.403	NA
	TOTAL IMPORTS		43.643	86.341	NA

	Earnings/ (Loss) Per Share (Rs.)		(30.24)	(31.87)	(10.50)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.30)	(7.29)	(2.89)

Net Profit Margin (PBT/Sales)	(%)	(5.40)	(7.38)	(2.85)

Return on Total Assets (PBT/Total Assets}	(%)	(6.71)	(7.96)	(2.42)

Return on Investment (ROI) (PBT/Networth)		1.27	(4.93)	(0.27)

Debt Equity Ratio (Total Liability/Networth)		(19.95)	60.89	10.13

Current Ratio (Current Asset/Current Liability)		1.75	1.96	2.07

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	Yes
10) Designation of contact person	Yes
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	Yes
17) Major suppliers	No
18) Major customers	Yes
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

Note:

The registered office of the company has been shifted from No.101, SIDCO Aiema Tower No.1, Ist Main Road, Ambattur Industrial Estate, Chennai - 600 058, Tamilnadu to the present address w.e.f. 05.03.2009.

BUSINESS REVIEW:

The Company achieved a turnover of Rs 244.384 millions including other income, as compared to Rs.187.032 millions in the previous year. The increase in turnover is mainly after the installation of newly Imported Solventless Adhesive Lamination Machine from Nord Meccanica S.p.A, Italy at a cost of Rs.7.058 millions (EURO 1,14,400/- @ Rs.61.70), put into operation from December 2010. However the Company was not able to achieve the targeted turnover of Rs.270.000 millions, due to stiff competition which has arisen as a result of imported global commodity inflation, especially the rising of crude oil, the tight monetary policy followed by the RBI and global financial turbulence. The Directors are taking necessary steps to improve the performance of the Company in the near future.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (AS ON 31.03.2011)

a. Claims against the company not acknowledged as debts, Rs.1.072 millions

b. On guarantees given by the company for loans taken by others Rs. NIL

c. Letter of Credit Rs.9.676 millions and Bank Guarantee outstanding Rs.0.280 million (USD 6325 @ Rs.44/-)

d. On a Bond given by the Company to Government of India under EPCG Scheme Rs.22.457 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U21099TN2003PTC050241
Name of the company	KAMAKSHI LAMIPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.68 (Old No.40), Second Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India E-Mail: klppladmin@airtelmail.in
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	CIN No.: U67200MH1996PLC097730 Kotak Mahindra Prime Limited, 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: harish.shah@kotak.com
Nature of description of the instrument creating or modifying the charge	Agreement for Auto Loan
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.1.200 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 5.75% Terms of Repayment: 36 months at an EMI rate of Rs.0.039 million Margin: Rs.0.226 million Extent and Operation of the charge: Hypothecation of the vehicle against the auto loan
Short particulars of the property charged	VOLKSWAGEN JETTA 2.0 CR TDI MT DIESEL TRENDLINE

FIXED ASSETS:

v Land

v Building

v Furniture and Fixtures

v Plant and Machinery

v Lab Equipment

v Electrical Installation

v Generator

v Weighing Machine

v Lift

v Air Conditioner

v Office Equipments

v Car Block

v Cargo Block

v Motor Cycle Block

v Computer

v Thermic Fluid Heater

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.56.29
UK Pound	1	Rs.88.25
Euro	1	Rs.70.82

INFORMATION DETAILS

Information Gathered by :	SBA

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		22

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.

MIRA INFORM REPORT

42.851

39.909

2.979

0.000

7.036

92.775

41.181

9.027

2.899

53.107

39.668

(5.30)

(7.29)

(2.89)

(5.40)

(7.38)

(2.85)

(6.71)

(7.96)

(2.42)

1.27

(4.93)

(0.27)

(19.95)

1.75

Unit