MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	MULTI PACKPLAST PRIVATE LIMITED
Registered Office :	Block No.329, Sarkhej-Bavla Highway, Village Changodar, Taluka - Sanand, Ahmedabad -382213, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.1994
Com. Reg. No.:	04-022348
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U17119GJ1994PTC022348
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Material, Lamination Film, Milk Film, Oil Film, Pharma Film, Polyester Laminated with LDPE Pouches.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

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 DECLINED BY

Name :	Mr. J. N. Khanchandani
Designation :	Director
Contact No.:	91-9825006923
Date :	25.10.2012

LOCATIONS

Registered Office/ Factory :	Block No.329, Sarkhej-Bavla Highway, Village Changodar, Taluka - Sanand, Ahmedabad -382213, Gujarat, India
Tel. No.:	91-2717-250121/ 250122/ 250325
Mobile No.:	91-9825006923 (Mr. J. N. Khanchandani)
Fax No.:	91-2717-250123
E-Mail :	multipackplast@hotmail.com nandlal49@gmail.com
Website :	www.multipackplast.com

DIRECTORS

(AS ON 29.09.2011)

Name :	Mr. Nandlal Jessomal Khanchandani
Designation :	Director
Address :	B/102 Ashavari Tower, B/H. Karnavati Banglows, Near Ramdevnagar X Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.01.1949
Date of Appointment :	24.06.1994
DIN No.:	02261413
Name :	Mr. Jaiprakash Nandlal Khanchandani
Designation :	Director
Address :	B/102 Ashavari Tower, B/H. Karnavati Banglows, Near Ramdevnagar X Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	20.01.1973
Date of Appointment :	01.04.1998
DIN No.:	03593860
Name :	Ms. Vinita Jaiparkash Khanchandani
Designation :	Director
Address :	B/102 Ashavari Tower, B/H. Karnavati Banglows, Near Ramdevnagar X Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	04.09.1975
Qualification :	Graduate
Date of Appointment :	28.09.2008
DIN No.:	02316522

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Jaiprakash N. Khanchandani	114500
Jaiprakash N. Khanchandani (HUF)	18300
Jessomal S. Khanchandani (HUF)	119000
Kamla N. Khanchandani	98900
Kishan D. Talreja	72000
Lellaben D. Talreja	21700
Nandlal J Khanchandani	375000
Nandlal J Khanchandani (HUF)	26000
Rekha N. Khanchandani	3600
Reshma N. Khanchandani	4900
Sanjay N. Khanchandani	34500
Vinita J. Khanchandani	11600
Total	900000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging Material, Lamination Film, Milk Film, Oil Film, Pharma Film, Polyester Laminated with LDPE Pouches.

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Flexible Printed Poly Film	MT	NA	2100	1158.348
Flexible Plain Poly Film	MT	NA		26.605
Flexible Poly Cut_Sheet	MT	NA		121.501
Flexible Lam. Polyester Film	MT	NA		53.611
Flexible Lam. Metalised Film	MT	NA		44.208

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Small Industrial Development Bank of India,

Navjivan Amrit Jayanti Bhavan, 1^st Floor, P. B. No. 10, Navjivan P.O., Ahmedabad – 380014, Gujarat, India

· Small Industrial Development Bank of India,

SIDBI Tower, 15, Ashok Marg, Lucknow – 226001, Uttar Pradesh, India

· Corporation Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Corporate Bank (Against Hypothecation of stock and Book Debts)	35.875	33.249
SIDBI (Against Second charge by Mortgaging Immovable Property owned by the Company)	9.400	6.000
Total	45.275	39.249
NOTE: · Corporation Bank, Ahmedabad cash-credit limit is secured against hypothecation of stock and book debts. · SlDBl loan against Second charge by mortgaging immovable property owned by the company.
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	0.203	0.013
From Shareholders	0.000	4.000
Total	0.203	4.013

Banking Relations :	--
Auditors :
Name :	C. K. Damani and Associates Chartered Accountant
Address :	5, 2^nd Floor, Agarwal Chambers, Opposite Town Hall, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel No.:	91-79-26575426
PAN No.:	AAUPD7878D

CAPITAL STRUCTURE4

(AS ON 27.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs. 10/-Each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs. 10/-Each	Rs.9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.228	17.040	15.379
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.228	26.040	24.379
LOAN FUNDS
1] Secured Loans		45.275	39.249	42.026
2] Unsecured Loans		0.203	4.013	8.272
TOTAL BORROWING		45.478	43.262	50.298
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		77.706	69.302	74.677
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.874	4.892	5.629
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	28.950	24.148	20.505
	Sundry Debtors	20.709	33.038	43.399
	Cash & Bank Balances	2.379	2.908	1.602
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.138	11.497	11.261
Total Current Assets		83.176	71.591	76.767
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.207	5.893	5.554
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.137	1.288	2.165
Total Current Liabilities		10.344	7.181	7.719
Net Current Assets		72.832	64.410	69.048
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		77.706	69.302	74.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES		157.284	156.665	168.838
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.996	7.200	7.969
Less	FINANCIAL EXPENSES		5.078	3.919	4.575
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.918	3.281	3.394
Less/ Add	DEPRECIATION/ AMORTISATION		0.669	0.748	0.873
	PROFIT BEFORE TAX		8.249	2.533	2.521
Less	TAX		2.468	0.872	0.852
	PROFIT AFTER TAX		5.781	1.661	1.669
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.040	13.579	12.110
Less	APPROPRIATIONS
		Transfer to General Reserve	0.200	0.200	0.200
	BALANCE CARRIED TO THE B/S		20.621	15.040	13.579
	IMPORT VALUE		0.000	5.035	0.000
	Earnings Per Share (Rs.)		6.42	1.85	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	5.24	1.62	1.49
Return on Total Assets (PBT/Total Assets}	(%)	9.37	3.31	3.06
Return on Investment (ROI) (PBT/Networth)		0.26	0.10	0.10
Debt Equity Ratio (Total Liability/Networth)		1.73	1.94	2.38
Current Ratio (Current Asset/Current Liability)		8.04	9.97	9.95

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- Creditors for Goods	6.329	5.513	4.315
- Creditors for Transport	0.533	0.201	1.110
- Creditors for Others	0.346	0.179	0.129
Total	7.208	5.893	5.554

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The financial year 2011-2012 witnessed the unprecedented recession prevailing in the economy affecting adversely almost all the industries in the Country. In spite of difficult conditions, it is highly creditable that the Company has managed to achieve a sales turnover of Rs.157.284 Millions (Previous Year Rs.156.665 Millions), which denotes increase in the turnover by 0.40% that of the previous year. The company has managed to earn a profit after deprecation and tax provision of Rs.5.781 Millions during the year. The favourable developments, since the closure of accounting year, the Directors are hopeful for an even better performance in the current year.

FORM 8

Corporate identity number of the company	U17119GJ1994PTC022348
Name of the company	MULTI PACKPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Changodar Ta-Sanandd, Ahmedabad, Gujarat, India nandlal49@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	90100119
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India SIDBI Tower, 15, Ashok Marg, Lucknow – 226001, Uttar Pradesh, India sgupta@sidbi.in
Nature of description of the instrument creating or modifying the charge	Agreement for Term Loan Limit cum Hypothecation
Date of instrument Creating the charge	22.03.2011
Amount secured by the charge	Rs.25.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest at the rate of 0.75% over SIDBI PLR current rate of interest being 13.25% per annum on the amount of the loan limit outstanding from time to time. Terms of Repayment 48 monthly installments comprising of first 40 installments of Rs.0.100 Million each and the remaining 8 installments of Rs. 0.125 Million each commencing after a moratorium of 12 months from the date of first disbursement of the loan limit. Margin As per sanction letter Extent and Operation of the charge First charge by way of hypothecation on all movable assets acquired/ to be acquired under the present project
Short particulars of the property charged	First charge by way of hypothecation on all movable assets acquired/ to be acquired by the company under the present project.
Date of latest modification prior to the present modification	16/09/2010
Particulars of the present modification	The earlier charge modified on 16/09/2010 covering first charge by way of hypothecation of all movable assets of the borrower acquired under the earlier loans of Rs.20.000 Millions sanctioned by SIDBI is now further modified to cover and include first charge by way of hypothecation on all movable assets acquired/ to be acquired under the present loan of Rs.5.000 Millions thereby raising the total amount secured to Rs.25.000 Millions sanctioned to the company by SIDBI.

FIXED ASSETS:

· Land

· Borewell

· Building

· Plant and Machinery

· D G Set

· Electrification

· Office Equipment

· Laboratory Equipment

· Cellular Instrument

· Computer and Accessory

· Vehicle

· Fax Instrument

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		44

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.