MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	KEYMEN LAMINATORS PRIVATE LIMITED
Registered Office :	53/7,Nayaganj Kanpur, Kanpur, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.12.1999
Com. Reg. No.:	20-24963
Capital Investment / Paid-up Capital :	Rs.9.500 millions
CIN No.: [Company Identification No.]	U25202UP1999PTC024963
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials.
No. of Employees :	50 (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 113000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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

INFORMATION PARTED BY

Name :	Mr. Om Pandey
Designation :	Accountant
Contact No.:	91-512-2300020
Date :	24.05.2012

LOCATIONS

Registered Office :	53/7,Nayaganj Kanpur, Kanpur, Uttar Pradesh, India
Tel. No.:	91-512-2232077
Fax No.:	91-512-2234479
E-Mail :	pandeyom111@gmail.com info@keymen.in siddarth@keymen.in anish@keymen.in s_kumarcs@sify.com
Website :	http://www.keymen.in
Location :	Owned
Factory :	66, Dada Nagar, Kanpur – 208022, Uttar Pradesh, India
Location :	Owned
Administrative Office :	Express Road, Nayaganj, Kanpur - 208001, Uttar Pradesh, India
Tel. No.:	+91-512-2300020/ 3914555
Fax No.:	+91-512-2914555
Head Office :	53/7, Nayaganj, Kanpur - 208001, Uttar Pradesh, India
Tel. No.:	91-512-2300020/ 3914555
Fax No.:	91-512-2914555
Factory / Works :	66-B, Co-Operative Industrial Estate, 4Dada Nagar, Kanpur - 208022, Uttar Pradesh, India
Tel. No.:	91-512-3240555,2223522/ 2333386/ 3914555
Fax No.:	91-512-3914555

DIRECTORS

As on 30.09.2011

Name :

Mr. Manish Agarwal

Designation :

Director

Address :

53/7, Naya Ganj, Kanpur – 208001, Uttar Pradesh, India

Date of Birth/Age :

11-10-1980

Date of Appointment :

13-12-1999

DIN No.:

01117076

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	U25202UP1999PTC024963	KEYMEN LAMINATORS PRIVATE LIMITED	Director	13/12/1999	13/12/1999	-	Active	NO
2	U70102UP2012PTC050479	ARNAV INFRA PROMOTER PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
3	U70102UP2012PTC050478	ARNAV INFRABUILD PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO

Name :

Mr. Siddarth Gupta

Designation :

Director

Address :

14/102-A, Civil Lines, Kanpur - 208001, Uttar Pradesh, India

Date of Birth/Age :

01-06-1980

Date of Appointment :

13-12-1999

DIN No.:

00660312

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	U25202UP1999PTC024963	KEYMEN LAMINATORS PRIVATE LIMITED	Director	13/12/1999	13/12/1999	-	Active	NO
2	U74900UP2009PTC036912	SAGAR NET MART PRIVATE LIMITED	Director	2/9/2010	5/5/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. Of Shares
Manish Agarwal	2000
Siddharth Gupta	1000
Chandra Bhusan Shukla	500
Dilip Kumar Agarwal	21000
Dilip Kr. Agarwal Huf	38500
Dinesh Chandra Goel	23000
Durgesh Kr. Tiwari	11000
Farhat Amil (Smt) Md. Amil	500
Hari Krishna Agarwal	5000
Jaya Agarwal(Smt.)	1000
Kaiiash Nath Gupta	20000
Kai Pana Agarwal(Smt.)	1000
Krishna Omar(Smt)	1000
Manoj Kumar Agarwal Huf	31500
Nagarmal Agarwal Huf	19000
Patirakhan Lal	28000
Sandhya Agarwal (Smt)	1000
Santosh Krishna Huf	1500
Surendra Kumar Gupta	1000
Sk.Agarwal & Sons Huf	500
I.Ate Shyam Lal Kanodia	10000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	66.90
Directors or relatives of Directors	20.26
Other top fifty shareholders	12.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials.
Exports :
Products :	Flexible Packaging material
Countries :	Sri Lanka
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Depends
Purchasing :	Depends

Production Status (30.03.2011)

	Current Years	Previous Years
Licensed Capacity	N/A	N/A
Installed Capacity	70 MT/MONTH	70 MT/MONTH
Production
Production	2250673.80	1969305.94
Waste Production	160616.00	140122.00

GENERAL INFORMATION

Suppliers :

DIC India Limited

Customers :

Wholesalers

· Rahi Masale

· Ghari Detergents

· Tata ( Pesticides division )

· Moar Detergent

· Corona Plus Detergent

· Fargo Detergents

· Star Detergants

· Goldiee Spices

· Ashok Spices

· Suruchi Spices

· Bhola Spices

· Kailash Tea ( NTC Group , Nepal )

· Tulsi Tea

· Kadak family Tea

· Saheli Tea

· Ankit Tea

· Sanjivani Tea

· Murli Tea

· Moti Sugar

· Mohini Supari

· Sir Pan Masala

· Jagat Dada Khaini

· Bhola Zafrani

· Shree Ram Tobacco

· Pan Parag

· Talab Pan Masala

· Wah Pan Masala

· Rajshree Pan Masala

· Harsingaar Pan Masala

· Jumpy’s Namkeens

· FIRE Namkeens

No. of Employees :

50 (Approximately)

Bankers :

Union Bank of India, Kanpur main Branch, Bihara ROAD, Kanpur – 208001, Uttar Pradesh, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Seucred By/lagalnst Hypothecation of Stocks,Books Debts and Other Assets And Guarnteed by Directors	12.738	10.629
Loans For Car	1.778	0.717
Total	14.516	11.346
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
FROM DIRECTORS	6.561	8.598
FROM SHARE HOLDERS, RELATIVES ' OF DIRECTORS	27.490	39.824
Total	34.051	48.422

Banking Relations :	--
Auditors :
Name :	Pee Kay Jaipuria and company Chartered Accountants
Address :	Acharya Kuti, First Floor, 26/53 Birhana Road, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2315178/ 3013415
E-Mail :	peekayjaipuria_co@rediffmail.com
PAN.:	AAFFP8279D
Associate Concern :	Subham Goldiee Masale Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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		9.500	9.500	9.500
2] Share Application Money		9.055	8.135	1.500
3] Reserves & Surplus		9.741	3.213	0.000
4] (Accumulated Losses)		0.000	0.000	(2.315)
NETWORTH		28.296	20.848	8.685
LOAN FUNDS
1] Secured Loans		14.516	11.346	12.463
2] Unsecured Loans		34.051	48.422	45.876
TOTAL BORROWING		48.567	59.768	58.339
DEFERRED TAX LIABILITIES		0.703	0.826	0.000
TOTAL		77.566	81.442	67.024
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.653	31.687	25.245
Capital work-in-progress		0.000	0.000	3.061
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.296
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.309	23.319	10.771
	Sundry Debtors	49.782	48.224	30.180
	Cash & Bank Balances	2.175	1.428	1.311
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.913	8.366	10.756
Total Current Assets		80.179	81.337	53.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.800	27.478	9.918
	Other Current Liabilities	7.467	3.230	4.228
	Provisions	3.000	0.875	0.451
Total Current Liabilities		33.267	31.583	14.597
Net Current Assets		46.912	49.754	38.421
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		77.566	81.442	67.024

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Turnover	319.500	232.500	162.600
Net Profit	9.406	7.525	0.451

(Rs in millions)

Particulars	31.03.2012
Sales Turnover	300.000

Expected Sales (2012-2013): Rs.350.000 millions

The above information has been parted by Mr. Om Pandey.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	2.89	4.38	8.39
Current Ratio (Current Asset/Current Liability)	2.41	2.58	3.63

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	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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
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	No
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

WORKING:

This year was an inspiring year for the company, as it recorded excellent performance on all major financial parameters. It achieved turnover of Rs. 319.500 millions as compared to Rs. 232.500 millions in the previous year. It attained Net Profit of Rs. 9.406 millions as compared to that of Rs. 7.525 millions in the previous year. The company achieved this due to significant cost increase pressure. A detailed analysis of above results assures bright future of the company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25202UP1999PTC024963
Name of the company	KEYMEN LAMINATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	53/7,Nayaganj Kanpur, Uttar Pradesh, India Email :pandeyom111@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10232442
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Union Bank of India, Kanpur main Branch, Bihara ROAD, Kanpur – 208001, Uttar Pradesh, India Email :cbskanpurmain@unionbankofinida.com
Nature of instrument creating charge	Hypothecation Agreement of goods & debts and supplementary memorandum and letter of guarnatee all dt. 12.12.2011
Date of instrument Creating the charge	12.12.2011
Amount secured by the charge	Rs.44.375 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.50% p.a. with monthly rest Terms of Repayment On demand Margin 25% Extent and Operation of the charge all raw materials, semi finished & finished goods, consumable stores& spares and movable property of any kind now or at any time stored or being stored or which hereafter may from time to time be brought into or stored about the borrower's premises or godown at 66-B Cooperative Industrial Estate Dada Nagar,Kanpur. Book debts, outstandings, monies, deposits, receivables, claims etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	all raw materials, semi finished & finished goods, consumable stores& spares and movable property of any kind now or at any time stored or being stored or which hereafter may from time to time be brought into or stored about the borrower's premises or godown at 66-B Cooperative Industrial Estate Dada Nagar,Kanpur. Book debts, outstandings, monies, deposits, receivables, claims etc. E.M. of industrial property No. 66-B, Dada Nagar Kanpur admeasuring 1170.54 Sq Mts. in the name of the Company.
Date of instrument modifying the charge	24.06.2010
Particulars of the present modification	Credit facility being modified by enhancing CC(H) limit from Rs.9.500 millions to Rs. 20.000 Millions and Term loan being fully paid the overall credit facility consists of CC(H) Rs. 20.000 Millions+ Rs.24.375 Millions as guarantee towards CC(H) extended to Accumen Polypacks.

FIXED ASSETS

· Building

· Furniture and Fixture

· Office Equipment

· Fire Equipment

· Computer

· Lab Equipment

· Plant and Machinery

· Cycle

· Vehicles

· Electric Installation

WEBSITES DETAILS:

PROFILE:

Subject - A pioneer in manufacturing of flexible packaging materials, based in the city of Kanpur (called as Manchester of India), with the object to provide quality packaging materials to corporate as well as comparatively to small industries.

Keymen was incorporated in the year 1999 and in its first phase, the company has setup the plant at 66-B, Co- operative Industrial Estate, Dada Nagar, Kanpur. Keeping the motive to provide their customers with the best of the materials, manufactured on the latest machines, equipped with the ultra modern technologies, they are prospering thereafter.

Their company is fully managed with the professional attitude with personal touch at all levels of organization. They have and try to develop more transparency in their management and clients in order to understand their clients and cater there needs in a better way.

They believe in using their creativity and aesthetic potential in providing flexible packaging solutions, which make packaging easier, faster, more efficient and user friendly. In this way, they too have a share in contributing to the conservation of resources by enhancing the shelf life of the perishable products.

Keymen provides complete integrated packaging solutions, right from design to delivery. Catering to the specific need for Laminates and Pouches of each customer by constantly redefining cost effective packaging options, is the only tradition of service known to Keymen.

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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.