MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	SURAKSHA FLEXO PACK PRIVATE LIMITED
Registered Office :	25, 26, 27, Industrial Estate, Makhupura, Ajmer – 305 002, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1995
Com. Reg. No.:	17-010974
Capital Investment / Paid-up Capital :	Rs.7.000 millions
CIN No.: [Company Identification No.]	U28992RJ1995PTC010974
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Materials.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 52000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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 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. Sunil Mathur
Designation :	Accounts Manager
Contact No.:	91-9828891491
Date :	26.05.2012

LOCATIONS

Registered Office/ Factory :	25, 26, 27, Industrial Estate, Makhupura, Ajmer – 305 002, Rajasthan, India
Tel. No.:	91-145-2695671/ 2695347
Mobile No.:	91-9828891491 (Mr. Sunil Mathur)
Fax No.:	91-145-3695983
E-Mail :	surakshaflexo@rediffmail.com
Area :	5000 sq ft
Location :	Owned

DIRECTORS

As on 15.09.2011

Name :	Mr. Anil Karam Chand Gupta
Designation :	Managing Director
Address :	Padma Bhawan, Kaiser Ganj, Ajmer, Rajasthan, India
Date of Birth/Age :	17.10.1950
Date of Appointment :	20.10.1995
DIN No.:	00487739
Name :	Mr. Rakesh Shyam Sunder Lal Gupta
Designation :	Whole-Time Director
Address :	170-A, Adarsh Nagar, Ajmer, Rajasthan, India
Date of Birth/Age :	15.05.1954
Date of Appointment :	20.10.1995
DIN No.:	00039794
Name :	Mr. Sandeep Gupta
Designation :	Director
Address :	170-A, Adarsh Nagar, Ajmer, Rajasthan, India
Date of Birth/Age :	18.11.1969
Date of Appointment :	20.10.1995
DIN No.:	00039796
Name :	Mr. Sudhanshu Gupta
Designation :	Whole-Time Director
Address :	170-A, Adarsh Nagar, Ajmer, Rajasthan, India
Date of Birth/Age :	30.08.1974
Date of Appointment :	11.10.1999
DIN No.:	00039798

KEY EXECUTIVES

Name :	Mr. Sunil Mathur
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Anil Gupta	6010
Rakesh Gupta	5010
Sandeep Gupta	12510
K.C. Gupta	6000
S.C. Gupta	1
Pratibha Gupta	1
Sudhanshu Gupta	22451
Poonam Gupta	1
Raj Gupta	8001
Usha Gupta	10001
Parul Gupta	1
Abhilasha Agarwal	1
K.K. Singhal	1
Sunita Agarwal	1
Shipra Agarwal	1
Maj. Gen. Sushil Gupta	1
Pushpa Agarwal	1
Namita Agarwal	1
Kusum Gupta	1
Vrinda Singhal	1
Pushpa Agarwal	1
Asha Singhal	1
Reeta Bhao	1
Tejal Bhao	1
Total	70000

As on 15.12.2011

Names of Allottees	No. of Shares
SRG Trading Private Limited, India	3000
Vasundhara Merchants Private Limited, India	1400
Unicon Tradelinks Private Limited, India	1600
Trimurti Trafin Private Limited, India	1000
Elkpro Viniyog Private Limited, India	3000
Total	10000

As on 15.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.984
Other top fifty shareholders	0.016
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Packaging Materials.

Products :

Item Code No. (ITC Code)	39232100
Product Description	Poly Bags
Item Code No. (ITC Code)	39219096
Product Description	Laminated Films
Item Code No. (ITC Code)	39232990
Product Description	Laminated Pouches

Terms :

Selling :

Credit

Purchasing :

Credit

PRODUCTION STATUS (AS ON 31.03.2011)

There is no licensing system for this industry.

Particulars	Installed Capacity (In Metric Ton)	Actual Production (In Metric Ton)
Laminated Films and Pouches	600	595
Poly Bags	240	229

GENERAL INFORMATION

Suppliers :

v Reliance Industries Limited

Customers :

Wholesalers, Retailers and End Users

v Om Oil and Flour Mills Private Limited

v Parle Biscuits Private Limited

No. of Employees :

65 (Approximately)

Bankers :

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

v ICICI Bank Limited

v Bank of Baroda, P.R. Marg Branch, Ajmer – 305 001, Rajasthan, India

Facilities :

Cash Credit – Rs.22.000 millions (HDFC Bank Limited)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Bank of Baroda CC	15.122	10.556
Bank of Baroda Term Loans	7.692	9.001
ICICI Bank (Vehicle Loan)	1.611	0.000
Loan from RIICO	4.086	4.902
Total	28.511	24.459

Secured by:

1. Hypothecation of stocks consisting of raw materials, semi finished goods, finished goods and other current assets of the company.

2. First charge on the entire fixed assets of the Company.

3. Personal guarantees of all the four Directors of the Company.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	5.351	3.236
Loan from Others	21.724	18.179
Total	27.075	21.415

Banking Relations :	--
Auditors :
Name :	Sarweshwar Mittal and Company Chartered Accountants
Address :	11/101, Brhampuri, 11/10, Kuchari Road, Ajmer – 305 001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AHUPN9582G

CAPITAL STRUCTURE

After 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 millions

As on 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs.7.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs.7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.930	4.697	3.434
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.930	11.697	10.434
LOAN FUNDS
1] Secured Loans		28.511	24.459	13.141
2] Unsecured Loans		27.075	21.415	14.889
TOTAL BORROWING		55.586	45.874	28.030
DEFERRED TAX LIABILITIES		0.440	0.440	0.440
TOTAL		68.956	58.011	38.904
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.746	33.886	18.262
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	21.562	19.644	13.699
	Sundry Debtors	19.019	11.276	12.295
	Cash & Bank Balances	0.138	0.124	3.676
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.988	1.392	0.870
Total Current Assets		41.707	32.436	30.540
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.650	4.315	6.043
	Other Current Liabilities	3.262	3.363	3.205
	Provisions/ Payables	0.589	0.639	0.656
Total Current Liabilities		9.501	8.317	9.904
Net Current Assets		32.206	24.119	20.636
MISCELLANEOUS EXPENSES		0.004	0.006	0.006
TOTAL		68.956	58.011	38.904

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	133.447	99.837	93.383
		Other Income	13.745	5.135	0.226
		TOTAL	147.192	104.972	93.609
	EXPENSES
		Office Expenses	129.377	99.864	88.746
		Administrative Expenses
		Advertising Expenses
		TOTAL	129.377	99.864	88.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.181	5.108	4.863
Less/ Add	DEPRECIATION/ AMORTISATION		4.309	3.159	2.933
	PROFIT BEFORE TAX		1.872	1.949	1.930
Less	TAX		0.639	0.686	0.786
	PROFIT AFTER TAX		1.233	1.263	1.144
	Earnings Per Share (Rs.)		17.61	18.04	16.34

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-2013): Rs.180.000 millions

The above information has been parted by Mr. Sunil Mathur (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.84	1.20	1.22
Net Profit Margin (PBT/Sales)	(%)	1.40	1.95	2.07
Return on Total Assets (PBT/Total Assets}	(%)	2.39	2.94	3.95
Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.18
Debt Equity Ratio (Total Liability/Networth)		5.03	4.63	3.64
Current Ratio (Current Asset/Current Liability)		4.39	3.90	3.08

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	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)	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

Corporate identity number of the company	U28992RJ1995PTC010974
Name of the company	SURAKSHA FLEXO PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-25, Makhupura Industrial Estate, Ajmer – 305 001, Rajasthan, India E-Mail: surakshaflexo@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	23.12.2011
Amount secured by the charge	Rs.71.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: Working capital facility shall be payable on demand. Term Loan facility shall be repayable in suitable installments. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as security for the due repayment of Rs.71.700 millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Others: Nil
Short particulars of the property charged	Plot No F-27, RIICO Industrial Area, Makhupura Ajmer. Plot No. B-81, Ajaymeru Industrial Area, (Palra) Ajmer. Plot No. F-21, RIICO Industrial Area, Makhupura Ajmer. F-26, RIICO Industrial Area, Makhupura Ajmer. F-25, RIICO Industrial Area, Makhupura Ajmer.

TRADE REFERENCES:

v Om Oil and Flour Mills Private Limited

v Parle Biscuits Private Limited

v Reliance Industries Limited

FIXED ASSETS:

v Land

v Building

v Borewell

v Plant and Machinery

v Rolls and Cylinder

v Vehicles

v Furniture and Fixture

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.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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		34

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.