MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	SYNTHETIC PACKERS PRIVATE LIMITED
Registered Office :	262/263, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1979
Com. Reg. No.:	08-003633
Capital Investment / Paid-up Capital :	Rs. 32.500 Millions
CIN No.: [Company Identification No.]	U51495KA1979PTC003633
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wide width multilayered PE film.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 275000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has achieved better growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. 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 – 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 :	262/263, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28395681/ 28394404
Fax No.:	91-80-28392305
E-Mail :	ramks17@gmail.com arjun@synpack.com shirur@synpack.com
Website :	http://www.synpack.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Anil Kabra

Designation :

Managing director

Address :

Jayamahal Vilas Extension, Bangalore – 560046, Karnataka, India

Date of Birth/Age :

17.12.1958

Date of Appointment :

16.08.1980

DIN No.:

00357016

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51495KA1979PTC003633	SYNTHETIC PACKERS PRIVATE LIMITED	Managing director	16/08/1980	16/08/1980	-	Active	NO
2	U19129KA2001PTC029545	SYNPACK ZIPPER BAGS PRIVATE LIMITED	Director	19/09/2001	19/09/2001	-	Active	NO
3	U25209KA2011PTC061828	SYNPACK FLEXIBLES PRIVATE LIMITED	Director	23/12/2011	23/12/2011	14/03/2012	Active	NO

Name :

Mrs. Champa Anil Kabra

Designation :

Director

Address :

Jayamahal Vilas Extension, Bangalore – 560046, Karnataka, India

Date of Birth/Age :

10.04.1959

Date of Appointment :

18.06.1987

DIN No.:

00473633

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Anil Kabra	1831249
Champa Anil Kabra	1706235
Natasha Kabra	731250
Aakanksha Devi	3
Gomati Rana	3
Y. Raghavendra Div (Prof. Shiva Associates)	3
S.R.L. Devi	3
Y.R. Dev	3
Naushik Kabra	731250
Mahaveer Prasad Kabra	1
Total	5000000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of wide width multilayered PE film.

GENERAL INFORMATION

Suppliers :

Ø Alok Masterbatches Limited

Ø Borouge Pte Limited

Ø Chemi Trade Corporation

Ø Dow Chemicals

Ø KK Poly Chem

Ø New Sales Corporation

Ø Rajiv Plastics Industries

Ø R K Packaging

Ø Sabic Marketing Limited

Ø Surya Color Chem

Ø Vijayneha Polymers Private Limited

Ø ABC India Limited

Ø Abhay Packaging

Ø Ambica Trading Company

Ø Amco Traders

Customers :

Ø Makson Industries Private Limited

Ø Manaksia Limited

Ø Super Spinning Mills Limited

Ø Mohan Enterprises

Ø Southern Drugs and Pharmaceuticals

Ø Universal Converters Private Limited

Ø SNJ Synthetics Limited

Ø ACE Designers Limited

Ø Ador Fontech Limited

Ø Ambica Packaging

Ø Aqua Consultants

Ø CRB Printers

Ø CRB Tradelinks

Ø Darshan Packagings

Ø Eshwar Polymers

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, Peenya Industrial Estate Branch, B-96, II Cross, I Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India

Ø HDFC Bank Limited

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Reliance Capital Limited	0.000	0.063
HDFC	0.747	1.417
IDBI Mortgage loan	0.000	0.629
ICICI Bank	3.116	0.000
SBI term loan II	23.529	30.400
SBI term loan III	2.723	4.200
SBI term loan V	17.229	0.000
SBI TL IV	3.795	12.000
Total	51.139	48.709
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Director/ shareholders	5.141	7.433
From Dealers/ Members	9.675	14.970
Total	14.816	22.403

Banking Relations :	--
Auditors :
Name :	Y.V Jagannadha Rao and Company Chartered Accountants
Address :	18/1, Rangarao Road, Shankarapuram, Bangalore – 560009, Karnataka, India
Tel. No.:	91-80-41221539/ 639
E-Mail :	bamomkaar@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFY1913A

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs. 10/- each	Rs. 32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs. 32.500 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		32.500	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.298	35.449	22.584
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.798	50.449	37.584
LOAN FUNDS
1] Secured Loans		51.139	48.709	111.059
2] Unsecured Loans		14.816	22.403	26.009
TOTAL BORROWING		65.955	71.112	137.068
DEFERRED TAX LIABILITIES		4.829	4.855	4.567
TOTAL		139.582	126.416	179.219
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.188	102.373	94.630
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.466	6.552	5.725
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.075	40.492	40.852
	Sundry Debtors	106.353	76.669	55.691
	Cash & Bank Balances	0.722	0.764	1.921
	Other Current Assets	0.086	0.000	0.000
	Loans & Advances	25.385	20.983	12.115
Total Current Assets		162.621	138.908	110.579
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			23.460
	Other Current Liabilities	56.599	47.686	8.255
	Provisions	92.094	73.731	0.000
Total Current Liabilities		148.693	121.417	31.715
Net Current Assets		13.928	17.491	78.864
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		139.582	126.416	179.219

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	712.849	533.141
		Other Income	N.A.	22.635
		TOTAL (A)	N.A.	555.776	399.913
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	510.968	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.639	44.809
Less	FINANCIAL EXPENSES (D)		16.771	13.851
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.868	30.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.756	13.432
	PROFIT BEFORE TAX (E-F) (G)		27.112	17.526	N.A.
Less	TAX (H)		7.473	4.662	N.A.
	PROFIT AFTER TAX (G-H) (I)		19.639	12.864	1.178
	Earnings Per Share (Rs.)		6.04	12.00	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	2.31	0.29
Net Profit Margin (PBT/Sales)	(%)	3.80	3.29	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	9.90	7.26	N.A.
Return on Investment (ROI) (PBT/Networth)		0.39	0.35	N.A.
Debt Equity Ratio (Total Liability/Networth)		3.12	3.82	4.49
Current Ratio (Current Asset/Current Liability)		1.09	1.14	3.49

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	No
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

FUTURE OUTLOOK

The financial year 2010-11 has been very eventful. There was a 34.98% increase in the turnover from 525.200 Millions to 708.900 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51495KA1979PTC003633
Name of the company	SYNTHETIC PACKERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	262/263, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India Email: ramks17@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	90193924
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Peenya Industrial Estate Branch, B-96, II Cross, I Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India Email: ramks17@gmail.com
Nature of description of the instrument creating or modifying the charge	Deposit of Title Deeds
Date of instrument Creating the charge	15.12.2011
Amount secured by the charge	Rs. 393.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Working Capital Limits:Present effective rate is 13.25% p.a. with monthly rests. For Term Loan: Present effective rate is 13.75 % p.a on monthly rests. Terms of Repayment a. Repayable on demand b. Term Loan repayable on monthly installments as specified in the Supplemental Agreement of Loan cum Hypothecation with a 10 month moratorium period. Margin RM (domestic): 25%, RM (imported): 25%, SIP: 25%, FG: 25%, Receivables (Cover 90 days): 25% Letter of Credit: 15%, BG: 15% Extent and Operation of the charge The charge extends and operates on all stocks, receivables and other Current Assets, Plant and Machinery, Land and Building as First Charge.
Short particulars of the property charged	Hypothecation of Stock, Receivables and other Current Assets situated No.262 & 263, IV Phase, Peenya Indl. Area, Bangalore- 560058 Hypothecation of Plant & Machinery situated at No.262 & 263, IV Phase, Peenya Indl. Area, Bangalore- 560058 Equitable Mortgage of Factory Land & Building (land : 43,300 sft and Building: 18,258sft )situated at No.262 and 263,IV Phase, Peenya Industrial Area, Bangalore-560058 Extension of Equitable Mortgage of Factory Land & Building (Land : 10,084 sft and Building: 15,399 sft )situated at A-171, IV Cross, I Phase, Peenya Industrial Area, Bangalore-560058
Date of latest modification prior to the present modification	30.11.2011
Particulars of the present modification	Extension of Equitable Mortgage of Factory Land & Building (Land : 10,084 sft and Building: 15,399 sft ) situated at A-171, IV Cross, I Phase, Peenya Industrial Area, Bangalore-560058 given as security to the Bank in addition to the securities offered as fully described in item no.15 for the total limits of Rs.393.400 Millions sanctioned to the Company.

FIXED ASSETS:

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Electrical Fitting

Ø Vehicles

Ø Office Equipments

Ø Garden Equipments

Ø Furniture and Fixture

Ø Computer

Ø Electrical Installations

Ø Kitchen Equipment

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

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 :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.