MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	VENKATESHWARA FLEXO-PACK PRIVATE LIMITED
Registered Office :	Survey No. 246/247, Gagan Pahad Village, Rajendra Nagar Mandal, Rangareddy-509323, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.07.2000
Com. Reg. No.:	01-034878
Capital Investment / Paid-up Capital :	Rs.52.185 Millions
CIN No.: [Company Identification No.]	U29195AP2000PTC034878
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 450000
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 business dealings with some cautions.

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. V.S. Rawat
Designation :	Voice President Department
Contact No.:	91-9885953000
Date :	26.05.2012

LOCATIONS

Registered Office :	Survey No. 246/247, Gagan Pahad Village, Rajendra Nagar Mandal, Rangareddy-509323, Andhra Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9885953000 [Mr. V.S. Rawat]
Fax No.:	Not Available
E-Mail :	info@venkateshwaraflexopack.com flexopack@rediffmail.com
Website :	http://www.venkateshwaraflexopack.com
Location :	Owned
Factory :	No. 7-4-150/3, Survey No. 252, Gagan Pahad Village, Rajendranagar Mandal, R.R. District, Hyderabad-501323, Andhra Pradesh, India
Tel. No.:	91-40-24360040/24362146
Fax No.:	91-40-24362147

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Kumar Goyal

Designation :

Director

Address :

Flat No. 202, Reliance Manor Apartment, Road No. 12, Banjarahills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

14.09.1982

Date of Appointment :

13.07.2005

Din No.:

00192600

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29195AP2000PTC034878	VENKATESHWARA FLEXO-PACK PRIVATE LIMITED	Director	25-07-03	25-07-03	Active	NO
2	U92110AP2005PTC046844	VENKATESHWARA HOLOGRAPHIC FILMS PRIVATE LIMITED	Director	13-07-05	13-07-05	Active	NO
3	U27100AP2010PTC068951	SRI SHYAM BABA FERRO ALLOYS PRIVATE LIMITED	Director	15-06-10	15-06-10	Active	NO
4	U74999AP2010PTC071888	VENKATESHWARA ROTO PACK PRIVATE LIMITED	Director	03-08-11	03-08-11	Active	NO

Name :

Mr. Tarun Kumar Goyal

Designation :

Director

Address :

3-5-477, Vittalwadi, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

10.09.1980

Date of Appointment :

13.07.2005

Din No.:

02488979

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29195AP2000PTC034878	VENKATESHWARA FLEXO-PACK PRIVATE LIMITED	Director	07-07-00	07-07-00	Active	NO
2	U92110AP2005PTC046844	VENKATESHWARA HOLOGRAPHIC FILMS PRIVATE LIMITED	Director	13-07-05	13-07-05	Active	NO
3	U74999AP2010PTC071888	VENKATESHWARA ROTO PACK PRIVATE LIMITED	Director	27-12-10	27-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. V.S. Rawat
Designation :	Voice President Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Narender kumar Goyal	455150
Tarun Kumar Goyal	217600
Raghunathmal Goyal-(HUF)	368600
Narender Kumar Goyal-(HUF)	319000
Raghunathmal Goyal	200000
Vijender Kumar Goyal (HUF)	160700
Puneet Kumar Goyal	74000
Megha Goyal	7250
Arun Kumar Goyal	308200
Geeta Bai Goyal	300000
Nandita Goyal	1055000
Leela Devi Goyal	602500
Megha Arun Goyal	648000
Tarun Kumar Goyal-(HUF)	150000
Mridul Goyal	272500
Khyati Goyal	40000
Chavi Goyal	40000
Total	5218500

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials.
Exports :
Products :	Flexible Packaging Materials
Countries :	· Nepal · Srilanka · Dubai
Imports :
Products :	Raw Materials
Countries :	· Nepal · China
Terms :
Selling :	Credit [30 days]
Purchasing :	Credit [30 days]

GENERAL INFORMATION

Customers :

Others [Manufacturer]

· Britannia

· Parle-G

No. of Employees :

300 [Approximately]

Bankers :

· State Bank of India, Commercial Branch, Bank Street, Hyderabad, Andhra Pradesh, India

· HDFC Bank, Hyderabad, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans	0.000	16.485
Loans taken for fixed assets	1.002	0.485
Total	1.002	16.970
Unsecured Loans
Working capital loans banks	1.498	0.000
Working capital loans others	57.966	57.438
Total	59.464	57.438

Banking Relations :	--
Auditors :
Name :	R.K. Bang and Company Chartered Accountants
Address :	1-2-524/211, Sagarview Building, Domalguda, Hyderabad-500029, Andhra Pradesh, India
Pan No.:	ABXPB9924A
Associates :	Venkateshwara Holographic Films Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5218500	Equity Shares	Rs.10/- each	Rs.52.185 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		52.185	52.185	52.185
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		61.092	60.829	59.638
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.277	113.014	111.823
LOAN FUNDS
1] Secured Loans		1.002	16.970	14.902
2] Unsecured Loans		59.464	57.438	49.224
TOTAL BORROWING		60.466	74.408	64.126
DEFERRED TAX LIABILITIES		10.872	10.867	10.810
TOTAL		184.615	198.289	186.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.691	57.230	63.042
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.865	28.926	28.638
	Sundry Debtors	64.973	75.929	69.179
	Cash & Bank Balances	1.995	17.711	17.339
	Other Current Assets	0.335	0.481	0.350
	Loans & Advances	17.162	19.206	18.950
Total Current Assets		125.330	142.253	134.456
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.264	4.975
	Other Current Liabilities	1.406	0.966	5.840
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.406	1.230	10.815
Net Current Assets		123.924	141.023	123.641
MISCELLANEOUS EXPENSES		0.000	0.036	0.076
TOTAL		184.615	198.289	186.759

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
TURNOVER		483.710	466.280	429.180
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	24.280	4.083	NA
IMPORTS
	Raw Materials-Granules	34.262	20.734	NA
	Stores & Spares	0.102	0.280	NA
TOTAL IMPORTS		34.364	21.014	NA

Particulars	31.03.2012
Sales Turnover [Approximately]	530.000

Expected Sales (2012-13) : Rs.600.000 Millions.

The above information has been parted by Mr. V.S. Rawat.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.55	0.67	0.67
Current Ratio (Current Asset/Current Liability)	89.14	115.65	12.43

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	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	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

FINANCIAL RESULT:

During the year, the company achieved a turnover of Rs.483.710 Millions as against Rs. 466.280 Millions achieved in the previous year.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installations

· Transformers

· Air Conditioners

· Lab Equipments

· Office Equipments

· Fire Fighting Equipments

· Vehicles

· Furniture and Fixtures

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 :	SBA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		29

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.