MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	SHRI VINAYAK PACKAGING MACHINE PRIVATE LIMITED
Registered Office :	WZ-443, Naraina Village (Near Mata Mandir), New Delhi – 110028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.06.2009
Com. Reg. No.:	55-191563
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U51909DL2009PTC191563
TAN No.: [Tax Deduction & Collection Account No.]	DELS40067G
PAN No.: [Permanent Account No.]	AANCS1947E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Packaging Machinery and Machine Spares.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has achieved healthy growth in its sales during 2011. 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 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

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. Sorabh Narayan Sharma
Designation :	Director
Contact No.:	91-9311013713
Date :	16.10.2012

LOCATIONS

Registered Office / Warehouse :	WZ-443, Naraina Village (Near Mata Mandir), New Delhi – 110 028, India
Tel. No.:	91-11-25775401 / 25775242 / 25778919 / 25779401 / 22520295
Mobile No.:	91-9311013713 (Mr. Sorabh Narayan Sharma)
Fax No.:	91-11-25775242 / 25775401
E-Mail :	rb_tewari@yahoo.co.in svppnd@yahoo.co.in
Website :	www.Strapping-machine.net http://www.swiftpack.in
Area :	6000 sq ft
Location :	Rented

DIRECTORS

As on 30.08.2011

Name :	Mr. Sorabh Narayan Sharma
Designation :	Director
Address :	C-444, Millenium Apartment, Sector – 18, Rohini, Delhi – 110 085, India
Date of Birth/Age :	13.11.1976
Qualification :	MBA
Date of Appointment :	25.06.2009
DIN No.:	01262479
Name :	Mr. Sanjeev Kishan Dutt Sharma
Designation :	Director
Address :	C-349, Millenium Apartment, Sector – 18, Rohini, Delhi – 110 085, India
Date of Birth/Age :	19.02.1969
Qualification :	Engineer
Date of Appointment :	25.06.2009
DIN No.:	01262451

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders	No. of Shares
Sanjeev Sharma	10000
Sorabh Sharma	10000
Manishi Sharma	10000
Narayan Sharma	5000
Kumar Gaurav	5000
Total	40000

As on 30.03.2012

Names of Allottees	No. of Shares Allotted
Sanjeev Sharma	80000
Sorabh Sharma	40000
Manishi Sharma	20000
Narayan Sharma	42000
Kumar Gaurav	15000
Surender Prakash	10000
Total	207000

As on 31.03.2012

Names of Allottees	No. of Shares Allotted
Samman Trading Private Limited, India	7000
R.V. Electrotech Private Limited, India	15000
Shoveller Infracon Limited, India	8000
Total	30000

As on 30.08.2011

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 :	Trader and Importer of Packaging Machinery and Machine Spares.
Products :	· Carton Sealer · Strapping Machine · Sealing Machine · Shrink Packaging Machine · Vacuum Packaging Machine · Stretch Wrapping Machine · Batch Coder · Conveyor System · Material Handling Equipments · Filling Machine · Cup & Meal Tray Sealer · L-Sealer · Electro Magnetic Induction Capper · Liquid Packing Machine · Cling Film Wrapping Sealer · Cap Closing Machine
Exports :
Products :	Packaging Machinery and Machine Spares
Countries :	· Nigeria · Uganda · Tanzania
Imports :
Products :	Packaging Machinery and Machine Spares
Countries :	· China · Taiwan · Korea
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Shree Ganeshji Sada Sahay

· AVllnternational Packaging Company

· Global Marketing Company

· Heat Shrink Packaging

· Hualian Machinery Company Limited

· MK Engineering

· Payal Trading Company

· Shri Hari Industries

· S.S. International

· Tirupati Industries

· Wazul Vikram Services

Customers :

· End Users

· 4M Technopac

· A.P. Traders

· Aryaman Soap Industry

· Balaji Packaging

· Deva Packaging Services

· Jainsons Enterprises (INDIA)

· Masterline Telebiz Private Limited

· Nail Bharat International (LUDHIANA)

· Prime Papyrus Products Private Limited

· Winner Electronics

· Wrap and Seal

· V,G, Enterprises

· Studio Thorn Integrated Promotions (Private) Limited

· SCCI India Private Limited

· R.K. Packaging

· Aerostar Helmets Limited

· Sundaram Group

· Priya Gold

· Bonny Baby Care

· Panghat Oil

· Hindustan Lever Limited

· Hawkins Pressure Cooker Limited

· Madhusudan Ghee

· Sahara Group of Company

· Usha Sriram Group

· Oswal Group

· Safe - Express Limited

· Reserve Bank of India

· G. D. Foods Limited

· Dainik Bhaskar

· Hawkins Pressure Cooker Limited

· Pearl Polymer Limited

· Timex Watches

No. of Employees :

25 (Approximately)

Bankers :

· Kotak Mahindra Bank, Delhi, India

· Axis Bank, Naraina Vihar, Delhi, India

· ICICI Bank Limited, Delhi, India

· Yes Bank

Facilities :

Overdraft Rs.10.000 Millions (Form Kotak Mahindra Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank Limited (Vehicle Loan)	0.613	0.737
HDFC (Alto CAR Loan)	0.210	0.000
Total	0.823	0.737
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director's and Shareholders
Ganesh Ji Sada Sahay	0.000	0.000
Sanjeev Sharma (Director)	0.508	0.100
Sorabh Sharma (Director)	1.376	1.337
Narayan Sharma	0.000	0.250
Kumar Gaurav	0.000	0.150
Manishi Sharma	0.000	0.250
Totla	1.884	2.087

Banking Relations :	--
Auditors :
Name :	R.B. Tewari and Company Chartered Accountants
Address :	U-203, 2^nd Floor, Main Vikas Marg (Near Bank of Baroda), Shakarpur, Delhi – 110 092, India
Tel. No.:	91-11-22520295 / 22429610
Fax No.:	91-11-22429610
E-Mail :	rb_tewari@yahoo.co.in
PAN. No. :	AADFR0873K

CAPITAL STRUCTURE

After 31.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
277000	Equity Shares	Rs.10/- each	Rs.2.770 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs.0.400 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.400	0.100
2] Share Application Money		1.570	0.250
3] Reserves & Surplus		0.807	0.162
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.777	0.512
LOAN FUNDS
1] Secured Loans		0.823	0.737
2] Unsecured Loans		1.884	2.087
TOTAL BORROWING		2.707	2.824
DEFERRED TAX LIABILITIES		0.000	0.015
TOTAL		5.484	3.351
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.020	0.956
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.021	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.025	1.118
	Sundry Debtors	8.283	2.622
	Cash & Bank Balances	0.596	0.394
	Other Current Assets	0.000	0.000
	Loans & Advances	6.446	0.297
Total Current Assets		20.350	4.431
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.639	1.369
	Other Current Liabilities	9.980	0.633
	Provisions	0.340	0.058
Total Current Liabilities		15.959	2.060
Net Current Assets		4.391	2.371
MISCELLANEOUS EXPENSES		0.052	0.024
TOTAL		5.484	3.351

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Turnover	82.173	10.739
		Other Income	0.213	0.002
		TOTAL (A)	82.386	10.741
Less	EXPENSES
		Cost of Goods Sold	(5.025)	(1.118)
		Opening Stock (Trading Goods)	1.118	0.000
		Purchases / Direct Expenses	70.847	10.341
		Personnel Expenses	4.075	0.243
		Administrative Expenses	4.845	0.615
		General Expenses	0.219	0.042
		Selling & Distribution Expenses	4.202	0.341
		Preliminary Expenses w/off	0.006	0.006
		Deferred Revenue Expenses w/off	0.009	0.000
		TOTAL (B)	80.296	10.470
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.090	0.271
Less	FINANCIAL EXPENSES (D)		0.815	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.275	0.265
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.323	0.030
	PROFIT BEFORE TAX (E-F) (G)		0.952	0.235
Less	TAX (H)		0.340	0.058
	PROFIT AFTER TAX (G-H) (I)		0.612	0.177
Less/ Add	Adjustments for the previous year		(0.003)	0.000
Less/ Add	Deferred Tax Adjustments		0.037	(0.015)
	NET PROFIT/LOSS AFTER ADJUSTMENTS		0.646	0.162
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.162	0.000
	BALANCE CARRIED TO THE B/S		0.808	0.162
	Earnings Per Share (Rs.)		0.015	0.018

Particulars	31.03.2012
Sales Turnover (Approximately)	95.000

Expected Sales (2012-13) : Rs.140.000 Millions

The above information has been parted by Mr. Sorabh Narayan Sharma

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.74	1.65
Net Profit Margin (PBT/Sales)	(%)	1.16	2.19
Return on Total Assets (PBT/Total Assets}	(%)	4.45	4.36
Return on Investment (ROI) (PBT/Networth)		0.34	0.46
Debt Equity Ratio (Total Liability/Networth)		6.72	9.54
Current Ratio (Current Asset/Current Liability)		1.28s	2.15

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 two years	Yes
12]	Profitability for last two 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

PERFORMANCE REVIEW

This is the second financial year of the company. The company has achieved Gross Turnover / Receipts of Rs. 82.386 Millions in the current financial year and are looking forward for better prospects and expect that position shall improve further in the subsequent years.

TRADE REFERENCES

· S.S. International

· A.P. Traders

FIXED ASSETS

· Car (Honda City)

· Computer

· Furniture and Fixtures

· Packing Machines

· Safe

· Mobile Phone

· Microwave Oven

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.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.