MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	FLEXI PAPER CONTAINERS (INDIA) PRIVATE LIMITED
Formerly Known As :	FLEXI GREASE (INDIA) PRIVATE LIMITED
Registered Office :	171/M/27, Picnic Garden Road, Kolkata – 700039, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.12.2003
Com. Reg. No.:	21-097357
Capital Investment / Paid-up Capital :	Rs. 9.959 Millions
CIN No.: [Company Identification No.]	U23201WB2003PTC097357
TAN No.: [Tax Deduction & Collection Account No.]	CALF00829D
PAN No.: [Permanent Account No.]	AAACF8242N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Containers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 27700
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	171/M/27, Picnic Garden Road, Kolkata – 700039, West Bengal, India
Tel. No.:	91-33-24754500/ 23451356/ 23452251
Fax No.:	Not Available
E-Mail :	arvindagarwal.ca@gmail.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Krishna Kumar Bhalotia

Designation :

Director

Address :

113/1B, Hazra Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

14.10.1940

Date of Appointment :

05.12.2003

PAN No.:

AEDPB973F

DIN No.:

00283899

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U20299WB1992PLC055901	BTC CAPITAL LIMITED	Director	08/07/1992	08/07/1992	Active	NO
2	U24134WB1993PTC059610	FLEXI PACK INDIA PRIVATE LIMITED	Director	28/07/1993	28/07/1993	Active	NO
3	U23201WB2003PTC097357	FLEXI PAPER CONTAINERS (INDIA) PRIVATE LIMITED	Director	05/12/2003	05/12/2003	Active	NO

Name :

Mr. Arun Kumar Bhalotia

Designation :

Director

Address :

113/1B, Hazra Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

22.03.1970

Date of Appointment :

05.12.2003

PAN No.:

ADWPB9938R

DIN No.:

00284028

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24134WB1993PTC059610	FLEXI PACK INDIA PRIVATE LIMITED	Director	28/07/1993	28/07/1993	Active	NO
2	U20299WB1992PLC055901	BTC CAPITAL LIMITED	Director	20/11/2000	20/11/2000	Active	NO
3	U23201WB2003PTC097357	FLEXI PAPER CONTAINERS (INDIA) PRIVATE LIMITED	Director	05/12/2003	05/12/2003	Active	NO

Name :

Mrs. Aruna Bhalotia

Designation :

Director

Address :

113/1B, Hazra Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

29.08.1972

Date of Appointment :

03.09.2004

PAN No.:

AEEPB3012R

DIN No.:

00284067

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24134WB1993PTC059610	FLEXI PACK INDIA PRIVATE LIMITED	Director	03/02/1997	03/02/1997	Active	NO
2	U23201WB2003PTC097357	FLEXI PAPER CONTAINERS (INDIA) PRIVATE LIMITED	Director	03/09/2004	03/09/2004	Active	NO
3	U20299WB1992PLC055901	BTC CAPITAL LIMITED	Director	01/02/2010	01/02/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Krishna Kumar Bhalotia	127500
Arun Kumar Bhalotia	107500
Chittranjan Choudhury	2500
Sudha Choudhury	2500
Aruna Bhalotia	184000
Manas Banerjee	1000
Flexi Pack India Private Limited, India	537000
Indu Bhalotia	21300
Anita Bhalotia	12600
Total	995900

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	53.92
Directors or relatives of directors	46.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Containers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Indian Overseas Bank
Cash Credit Account (against hypothecation of stock of raw materials and finished goods)		14.473
Term loan (against hypothecation of plant and machinery)		8.400
Demand Loan (against lien of fixed deposit receipts)		6.959
Total	7.646	29.832
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors & Relatives		4.096
From Body Corporate		7.891
Total	30.335	11.987

Banking Relations :	--
Auditors :
Name :	Arvind R and Associates Chartered Accountants
Address :	9/12 Lal Bazar Street, Mercantile Building, 'E' Block, 3rd Floor, Room No. 7, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40661326
E-Mail :	arvindagarwal.ca@gmail.com
Income-tax PAN of auditor or auditor's firm :	AFIPA0038H

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital : Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 11.359 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995,900	Equity Shares	Rs.10/- each	Rs. 9.959 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		9.959	9.959	5.559
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(3.032)	(5.773)	(6.871)
NETWORTH		6.927	4.186	(1.312)
LOAN FUNDS
1] Secured Loans		7.646	29.832	25.340
2] Unsecured Loans		30.335	11.987	6.507
TOTAL BORROWING		37.981	41.820	31.847
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		44.908	46.005	30.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.424	17.974	18.434
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.733	2.543	0.208
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.874	7.597	0.592
	Sundry Debtors	11.169	11.228	0.169
	Cash & Bank Balances	1.852	8.809	8.128
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.868	3.941	3.470
Total Current Assets		29.763	31.575	12.359
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		3.901	0.000
	Other Current Liabilities	7.389	1.892	0.451
	Provisions	0.623	0.294	0.015
Total Current Liabilities		8.012	6.087	0.466
Net Current Assets		21.751	25.488	11.893
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		44.908	46.005	30.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	96.861	50.637	12.301
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	93.504	49.259	17.706
	PROFIT BEFORE TAX		3.357	1.378	(5.405)
Less	TAX		0.616	0.280	0.457
	PROFIT AFTER TAX		2.741	1.098	(5.862)
	Earnings Per Share (Rs.)		2.75	1.10	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.83	2.17	(47.65)
Return on Total Assets (PBT/Total Assets}	(%)	6.97	2.78	(17.55)
Return on Investment (ROI) (PBT/Networth)		0.48	0.33	4.12
Debt Equity Ratio (Total Liability/Networth)		6.64	11.44	(24.63)
Current Ratio (Current Asset/Current Liability)		3.71	5.19	26.52

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U23201WB2003PTC097357
Name of the company	FLEXI PAPER CONTAINERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	171/M/27, Picnic Garden Road, Kolkata – 700039, West Bengal, India Email: arvindagarwal.ca@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10317668
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India Email: RBBform8@hdfcbank.com CIN No.: L65920MH1994PLC080618
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	19.06.2012
Amount secured by the charge	Rs. 131.280 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 accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties by bank to Flexi Pack India Private Limited of Rs. 80.000 Millions and Flexi Paper Containers (India) Private Limited of Rs.51.280 Millions and ("the Borrowers") together with principal, interest, liquidated damages, costs, charge Others Nil
Short particulars of the property charged	All that the piece and parcel of Sali, Situated at Old Dag No 1470, Khatan No 548, 764, Khatian No. 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, Mouza-Jala Dhulagori, P.S. Sankrail. All that the piece and parcel of Sali, Comprised in Old Dag No. 1470, New Dag No 1410, L.R. Khatain No. 1591, J.L. No. 2, Mouza Jala Dhulagori, P.S. Sankrail. Dist - Howrah.
Particulars of the present modification	The charge shall now stand increased from Rs.100.063 Millions to Rs. 131.280 Millions, in favour the Bank against the equitable mortgage of immovable property situated at Mouza-Jala Dhulagori, P.S. Sankrail.

FIXED ASSETS

Ø Land

Ø Plant and Machinery

Ø Factory Shed and Building

Ø Furniture and Fixtures

Ø Electric Equipment

Ø Office Equipment

Ø Mould

Ø Computer

Ø Cycle

Ø Weighing Machine

Ø Fire Extinguisher

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 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. 55.69
UK Pound	1	Rs. 89.20
Euro	1	Rs. 72.10

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.