MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	MANGALORE POLYPACK INDIA PRIVATE LIMITED
Registered Office :	Plot No.425, Industrial Area, Balkampady, Mangalore – 575011, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.11.2009
Com. Reg. No.:	051369
Capital Investment / Paid-up Capital :	Rs.9.168 Millions
CIN No.: [Company Identification No.]	U25200KA2009PTC051369
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Plastic Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 30000
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. Financial position of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payment terms are 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 :	Plot No.425, Industrial Area, Balkampady, Mangalore – 575011, Karnataka, India
Tel. No.:	91-824-2409425
Fax No.:	Not Available
E-Mail :	mustafahanief@yahoo.in mustafahanief@yahoo.com

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Mohamed Haneef
Designation :	Managing Director
Address :	3-345, Zeenath Manzil, Bajpe, 3 Block, Near Masjid, Bajpe, Mangalore - 574142, Karnataka, India
Date of Birth/Age :	16.09.1971
Date of Appointment :	05.11.2009
DIN No.:	02805626
Name :	Mr. Sajida Banu
Designation :	Director
Address :	3-345, Zeenath Manzil, Bajpe 3 Block, Near Masjid, Bajpe, Mangalore, 574142, Karnataka, India
Date of Birth/Age :	30.10.1979
Date of Appointment :	05.11.2009
DIN No.:	02805573

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Mohamed Haneef	58630
Sajida Banu	33050
Total	91680

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Suppliers of Plastic Bags.

GENERAL INFORMATION

Suppliers

· Alok Masterbatches Limited

· Blend Colours Private Limited

· Plastiblends India Limited

· Professional Couriers

· Sankhla Polymers Private Limited

· Shree Shanishwar Engineering Works

· Steel Centre

· Siddarth Polymers

· Tulsyan NEC Limited (Bangalore)

· Haldia Petrochemicals

· Indian Oil Corporation

· Karnataka Chemicals Industries

· Printed data Forms

· Reliance Industries Limited

· Tirumala Colours

Customers :

· Josco Printers

· Kanara Small Industries Association

· Keshva Polymers

· Muboshir Agencies, Kerala

· Packing House, Kerala

· Packing Palace, Bajpe

· Plastic Packaging, Mangalore

· Plastic Palace, Mangalore

· Plastic Zone, Mangalore

· Plus Mech

· Prachi Industries

· Al Amin Industries

· Deepa Electricals, Surathkal

· F. M. Marketing

· Haldia Petrochemicals

· J.M. Distributors

· Shata Agencies

· Sri Manjunatha Engineering Works

· Transpack Polymers

No. of Employees :

Not Available

Bankers :

· State Bank of Hyderabad

K. S. Rao Road, Mangalore, Mangalore - 575003, Karnataka, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
State Bank of Hyderabad - Term Loan [62132618685]	7.730	9.283
State Bank of Hyderabad – [C.A/C 62140059611]	10.133	10.053
Total	17.863	19.336
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Kabeer	0.500	0.000
Iqbal B.A.	0.400	0.000
Total	0.900	0.000

Banking Relations :	--
Auditors :
Name :	H. L. Rao and Associates Chartered Accountant
Address :	Somayaji House, IInd Floor, Bunts Hostel Road, Mangalore – 575003, Karnataka, India
Tel No.:	91-824-2443478 (O)/ 2407969 (R)
PAN No.:	ACKPR6532J
Email :	hlnrao@gmail.com

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91680	Equity Shares	Rs.100/- each	Rs.9.168 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.168	2.950	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.202)	(2.833)	0.000
NETWORTH		6.966	0.117	0.100
LOAN FUNDS
1] Secured Loans		17.863	19.336	0.000
2] Unsecured Loans		0.900	0.000	0.000
TOTAL BORROWING		18.763	19.336	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.729	19.453	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.199	15.714	2.407
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.099	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.605	3.168	0.000
	Sundry Debtors	4.705	4.920	0.000
	Cash & Bank Balances	0.251	0.769	0.026
	Other Current Assets	0.171	0.197	0.000
	Loans & Advances	0.484	0.484	0.000
Total Current Assets		15.216	9.538	0.026
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.367	5.396	1.828
	Other Current Liabilities	0.000	0.000	0.680
	Provisions	0.418	0.403	0.000
Total Current Liabilities		4.785	5.799	2.508
Net Current Assets		10.431	3.739	(2.482)
MISCELLANEOUS EXPENSES		0.000	0.000	0.175
TOTAL		25.729	19.453	0.100

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Gross Income Including Other Income	40.836	18.923	0.000
Net Profit/ (Loss)	0.631	(2.833)	0.000

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	3.38	214.83	25.08
Current Ratio (Current Asset/Current Liability)	3.18	1.64	0.01

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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered office of the company has been shifted from, 3-345, Zeenath Manzil, Bajpe 3 Block, Near Masjid, Bajpe, Mangalore – 574142, Karnataka, India, to the present address w.e.f. 24.02.2011.

FINANCIAL PERFORMANCE:

The gross income including other incomes for the current year is Rs.40.836 Millions against the income of Rs.18.923 Millions during the previous year. The company has earned net profit of Rs.0.631 Millions during the year.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10288032
Corporate identity number of the company	U25200KA2009PTC051369
Name of the company	MANGALORE POLYPACK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.425, Industrial Area, Balkampady, Mangalore – 575011, Karnataka, India mustafahanief@yahoo.in
Type of charge	Immovable Property
Particular of charge holder	State Bank of Hyderabad K. S. Rao Road, Mangalore – 575003, Karnataka, India mangalore@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum for recording extension of mortgage by deposit of title deeds dated 09-08-2012
Date of instrument Creating the charge	09.08.2012
Amount secured by the charge	Rs.32.600 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest N.A Terms of Repayment Cash credit payable on demand Term Loan -84 monthly instalments Margin N.A Extent and Operation of the charge Extension of mortgage by deposit of title deeds. All other conditions remains the same.
Short particulars of the property charged	All that piece of land known as Plot No 425 of Baikampady Industrial Area, Situated in Sy No Part 6 and 114 of Baikampady Village, Surathkal Hobli, Mangalore Taluk, D K District Containing by admeasurement 2020.00 sq mtrs (I.E 49.90 C)
Particulars of the present modification	Memorandum of Deposit of title deeds. The amount secured by the charge remains the same. All other terms and conditions remain unchanged.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computers

· Electrification

· Air Conditioner

· Office Equipment

· Weighing Scale

· Camera CC TV

· 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 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.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	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		28

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.