MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	SAIKRIPA INSULATIONS PRIVATE LIMITED
Registered Office :	A – 36, Peenya Industrial Estate, 2nd Stage, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.1979
Com. Reg. No.:	08-003524
Capital Investment / Paid-up Capital :	Rs. 3.405 millions
CIN No.: [Company Identification No.]	U31300KA1979PTC003524
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02361C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Corrugated Boxes and Printed Cartons.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a established company having moderate track record. The financial detail is missing from the government department for the year 2011-2012. However, from the previous year record company having satisfactory track record. Trade relation are reported to be fair. Business is active. Payment are unknown. The company can be considered for business dealing with some caution.

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.

INFORMATION PARTED BY

Name :	Mr. Ramasubramaniyam
Designation :	Accountant
Contact No.:	91-80-41171281
Date :	26.09.2012

LOCATIONS

Registered Office :	A – 36, Peenya Industrial Estate, 2nd Stage, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41171281
Fax No.:	91-80-41171282
E-Mail :	sogasani1@gmail.com skipl@airtelmail.in skipl@airtelbroadband.in
Website :	http://skipl.tradeindia.com
Location :	Owned
Factory 1 :	A-151 and 152, 3^rd Cross, 1^st Stage, Peenya Industrial Estate, Bengaluru – 560058, Karnataka, India
Tel. No.:	91-80-41171281/ 41171283/ 41171282
Fax No.:	91-80-41171282
Factory 2 :	A – 105, Peenya Industrial Estate, Peenya 2nd Stage, Bangalore – 560058, Karnataka, India

DIRECTORS

As on 28.07.2012

Name :

Mr. Manohar Shetty

Designation :

Managing Director

Address :

#190, Flat No. G-1, H. D. Hukar, Chamber, 1^st Map, Mahalaxmi Layout, Bangalore – 560 010, Karnataka, India

Date of Birth/Age :

16.04.1967

Date of Appointment :

25.03.2002

DIN No.:

00857084

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	U31300KA1979PTC003524	SAIKRIPA INSULATIONS PRIVATE LIMITED	Managing director	25/03/2002	25/03/2002	-	Active	NO
2	U26103KA2004PTC034843	SMS PACKAGING PRIVATE LIMITED	Managing director	11/10/2004	11/10/2004	21/12/2010	Active	NO

Name :

Mrs. Pramila M Shetty

Designation :

Director

Address :

#190, Flat No. G-1, H. D. Hukar, Chamber, 1^st Map, Mahalaxmi Layout, Bangalore – 560010, Karnataka, India

Date of Birth/Age :

16.08.1958

Date of Appointment :

25.03.2002

DIN No.:

00874473

KEY EXECUTIVES

Name :	Mr. Ramasubramaniyam
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 28.07.2012

Names of Shareholders	No. of Shares
Manohar Shetty	34950
Pramila M Shetty	10050
Total	45000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Corrugated Boxes and Printed Cartons.

Products :

ITC Code	Product Descriptions
--	Manufacturing of Corrugated packages

· Heavy Duty Corrugated Boxes

· E Flute and Flute Printed Cartons

· Glued Cartons

· Corrugated Fitment Boxes

· Water Proof Boxes

• Printed Carton
• Corrugated Box
• Corrugated Box for Fresh Fruits and Vegetables
• Partition Box
• Pharmaceutical Corrugated Box
• Color Television Box

Exports :

Products :

Raw Material

Countries :

European Countries

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Suppliers :

· Aditi Graphics

· Anugraha Agencies

· Aruna R Joshi

· Bimal Corporation

· Chetana H Joshi

· Ganshyam Das Khadloya

· G Shanti Bai

· Jayesh Z Shah

· Precious Marketing

· Bluemount Paper & Board Ltd - Supplies

· Dolphin Inks Private Ltd

· Karanja Industries Private Limited, India

· Balaji Malts Private Limited, India

· New Rain Commodities Private Limited, India

· New Rain Paper Agencies Private Limited, India

· Rolex Paper Mills Private Limited, India

· Rajrup Enterprises

· Shri Shakti Paper Mills Limited, India

· Six Sigma Enterprises

· Stardex - Salem

Customers :

Wholesalers and Retailers

• Ashoka Farm Ads
• Chirag Enterprises
• Balaji Packaging Industries
• India Security Press
• Exotic Fruits Private Limited, India
• Excel Metal Engineering Private Limited, India
• Boss Profile Lirnited, India
• Rajrup Enterprises
• Raman Boards
• Shree Balaji Enterprises
• Mahalaxmi Enterprises

No. of Employees :

35 (Approximately)

Bankers :

· Indian Bank, SSI Branch, No. 130, Ramiah Complex, 100FT Road, Peenya Industrial Estate, Bangalore – 560057, Karnataka, India

· Indian Bank, SSI Branch, No. 130, Ramiah Complex, 100FT Road, Peenya, Bangalore – 560058, Karnataka, India

· Standard Chartered Bank

· ICICI Bank

· ING Vysya Bank, 25 & 26,3rd Main Road, Margosa Road, 10th Cross, Malleswaram, Bangalore - 560003, Karnataka, India

· ABN Amro Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Indian Bank - WCTL Indian Bank T.L A/c. No.702720023 Indian Bank OCC a/c ING Vysya CC a/c	0.000 0.000 0.000 15.056	1.692 0.165 12.861 0.000
Total	15.056	14.718
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ABN Amro Bank Loan lndiabulls loan Reliance Capital Limited KMBL Loan a/c Loan from others SCB - Loan Manohar S Shetty	0.234 0.000 0.603 1.242 0.250 0.000 11.705	0.642 1.102 1.150 0.094 3.600 0.127 3.700
Total	14.034	10.415

Banking Relations :	--
Auditors :
Name :	Sogasani and Company Chartered Accountants
Name :	Venkat S. Reddy Chartered Accountant
Address :	Flat No. 265, 6^th Floor, Rajnigandh Garden Apartment, Vittalmallya Road, Bangalore – 560 001, Karnataka, India

CAPITAL STRUCTURE

As on 28.07.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs. 100/- each	Rs. 4.500 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
34,050	Equity Shares	Rs. 100/- each	Rs. 3.405 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		3.405	3.405	3.405
2] Share Application Money		1.095	0.300	0.300
3] Reserves & Surplus		5.621	4.917	4.133
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.121	8.622	7.838
LOAN FUNDS
1] Secured Loans		15.056	14.718	17.935
2] Unsecured Loans		14.034	10.415	8.944
TOTAL BORROWING		29.090	25.133	26.879
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		39.211	33.755	34.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.301	5.530	6.339
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	20.928	16.608	14.188
	Sundry Debtors	12.403	10.480	10.679
	Cash & Bank Balances	0.306	0.285	0.035
	Other Current Assets	0.576	0.240	0.238
	Loans & Advances	13.157	8.048	8.952
Total Current Assets		47.370	35.661	34.092
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.591	6.956	5.501
	Other Current Liabilities	0.403	0.271	0.081
	Provisions	0.466	0.209	0.132
Total Current Liabilities		14.460	7.436	5.714
Net Current Assets		32.910	28.225	28.378
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		39.211	33.755	34.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	78.273	53.825	39.967
		Other Income	1.167	1.962	0.896
		TOTAL (A)	79.440	55.787	40.863
Less	EXPENSES
		Consumption of Material	55.870	35.247	23.488
		Direct Expenses	10.022	8.574	7.969
		Administrative Expenses	9.238	6.600	5.740
		Excess of Closing Stock	0.125	0.000	1.143
		TOTAL (B)	75.255	50.421	38.340
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.185	5.366	2.523
Less	FINANCIAL EXPENSES (D)		2.385	3.584	2.930
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.800	1.782	(0.407)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.896	0.929	1.105
	PROFIT BEFORE TAX (E-F) (G)		0.904	0.853	(1.512)
Less	TAX (H)		0.168	0.069	0.000
	PROFIT AFTER TAX (G-H) (I)		0.736	0.784	(1.512)
	Earnings Per Share (Rs.)		16.3	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	90.000

Expected Sales ( 2012-13 ) : Rs. 100.000 millions

The above information has been parted by Mr.Ramasubramaniyam

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.92	1.40	(3.70)
Net Profit Margin (PBT/Sales)	(%)	1.15	1.58	(3.78)
Return on Total Assets (PBT/Total Assets}	(%)	1.68	2.07	(3.74)
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	(0.19)
Debt Equity Ratio (Total Liability/Networth)		4.30	3.77	4.16
Current Ratio (Current Asset/Current Liability)		3.27	4.79	5.97

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	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)	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
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31300KA1979PTC003524
Name of the company	SAIKRIPA INSULATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A- 36, Peenya Industrial Estate, 2^ndStage, Bangalore – 560 040, Karnataka, India e-mail: sogasani1@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10265386
Type of charge	Immovable Property Book Debts Movable Property Floating Charge Hypothecation of stocks
Particular of charge holder	ING Vysya Bank Limited, 25 and 26,3rd Main Road,Margosa Road, 10th Cross, Malleswaram, Bangalore – 560003, Karnataka, India E-mail: cms@companiesinn.com
Nature of description of the instrument creating or modifying the charge	Supplemental Facility Cum Hypothecation Agreement. Supplemental Letter Evidencing to Deposit of Title Deeds.
Date of instrument Creating the charge	08.03.2012
Amount secured by the charge	Rs. 23.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest ODSIT/BD : IVBR+2.80% ILC/FLC: As per norms. LEF: As per treasury rates. Terms of Repayment ODSIT/BD : On Demand ILC/FLC : On Demand LEF : On Demand Margin ODSIT/BD: 25% on stocks and book debts. ILC/FLC : 10% LEF : Nil Extent and Operation of the charge First charge on the fixed assets and plant and machineries of the company both present and future. First charge on the stocks and book debts of the company both present and future. First charge on the immovable property of the company. Others Supplemental Letter Evidencing Deposit of Title Deeds is covered by the total limit of Rs.23.700 millions in which Supplemental Facility Cum Hypothecation Agreement is covered only by the limit of Rs.23.500 millions.
Short particulars of the property charged	All the stocks and book debts of the company both present and future. All the fixed assets and plant and machineries (Detailed in Annexure) of the company kept at bearing No.A-36, Peenya II Stage, Bangalore. All that piece and parcel of the property bearing Shed No.A-36,situated at Peenya II Phase, Industrial Estate, within the limit of Nallekaderanahalli Village, Yeshwanthapur Hobli, Bangalore North Taluka, Bangalore District containing by admeasurement 938.88 sq mtrs with a shed built thereon measuring 485.80 sq mtrs.
Particulars of the present modification	The total limit has been enhanced from Rs.19.000 Millions to Rs.23.700 Millions as follows: ODSIT/BD : Rs.20.000 Millions (Enhanced from Rs.17.500 Millions) ILC/FLC : Rs.3.500 Millions(Enhanced from Rs.1.500 Millions) LEF: Rs. 0.200 Millions.

OPERATIONS

During the year the company's turnover has substantially increased to Rs. 78.273 millions as compared to the previous year of Rs. 53.825 millions. The company's overall performance was very appreciative and we have made a profit of Rs. 0.736 millions during the year.

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Generator

· Boiler

· Electrical Installation

· Furniture and Fixture

· Dies and Moulds

· Office Equipment

· Motor Car

· Computers

· Type Writer

· Quality Control Equipment

· Air Conditioner

· Art Work

· DG Set

· Pallets

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 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.51.97
UK Pound	1	Rs.83.67
Euro	1	Rs.67.19

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.