MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	MBR FLEXIBLES LIMITED (w.e.f. 25.03.2011)
Formerly Known As :	MBR FLEXIBLES PRIVATE LIMITED
Registered Office :	B/411, Mardia Plaza, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.10.2010
Com. Reg. No.:	04-062715
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U21000GJ2010PLC062715
TAN No.: [Tax Deduction & Collection Account No.]	AHMM1114F
PAN No.: [Permanent Account No.]	AAGCM8140E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer  of Laminated Rolls, Laminated Films, Plastic Films
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Recently commence business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company incorporated in the year 2010. It has recently commence with its commercial operation form March 2012. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety it carry very high credit risk and one susceptible to default
Date	15.06.2012

Rating Agency Name	CARE
Rating	Long Term Rating = B+
Rating Explanation	High risk of default
Date	15.06.2012

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 :	B/411, Mardia Plaza, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26460081
Fax No.:	Not Available
E-Mail :	ravibafna30@gmail.com nahtajainandassociates@gmail.com info@mbrflexibles.com gauravnahta@yahoo.com
Website :	www.mbrflexibles.com
Factory :	Plot 79/80, Near Chacharwadi Temple, Sarvoday Hotel To Chacharwadi Vasna Village Road, Sarkhej-Bavla Highway, Sanand, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-655505 / 655506

DIRECTORS

As on 30.09.2011

Name :

Mr. Mohit Kumar Chopra

Designation :

Director

Address :

Santok Chand, Rangwala Mahavir Colony, Balotra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

04.07.1984

Date of Appointment :

22.10.2010

DIN No.:

03280690

Name :

Mr. Sagar Kumar Chopra

Designation :

Director

Address :

Padmavati Nagar, Ward No.1, Balotra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

02.06.1986

Date of Appointment :

22.10.2010

DIN No.:

03280700

Name :

Mr. Mahaveer Chand Chopra

Designation :

Director

Address :

R/o.11, Mahaveer Colony, The. Pachpadra, Barmer - 344022, Rajasthan, India

Date of Birth/Age :

29.02.1972

Date of Appointment :

22.12.2010

DIN No.:

03330262

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	U21000GJ2010PLC062715	MBR FLEXIBLES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
2	U32107GJ2011PTC066977	MBR COMMUNICATIONS PRIVATE LIMITED	Director	1/9/2011	1/9/2011	-	Active	NO

Name :

Mr. Sidharth Chopra

Designation :

Director

Address :

A/61, Tirth Bhumi Apartment, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

23.03.1982

Date of Appointment :

22.12.2010

DIN No.:

03348807

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	U21000GJ2010PLC062715	MBR FLEXIBLES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
2	U32107GJ2011PTC066977	MBR COMMUNICATIONS PRIVATE LIMITED	Director	1/9/2011	1/9/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mohit Chopra (22.10.2010)	5000
Mohit Chopra (20.01.2011)	5000
Sagar Chopra (22.10.2010)	5000
Sagar Chopra (22.10.2011)	5000
Mahaveer Chand Chopra	10000
Siddharath Chopra	10000
Manak Chand Chopra	1000
Kantilal Chopra	1000
Motilal Chopra	1000
Mansi Chopra	1000
Santokchand Chopra	1000
Mohini Devi Chopra	1000
Rajni Devi Chopra	1000
Manju Devi Chopra	1000
Sangeeta Devi Chopra	1000
Santokchand Manakchand HUF	200
Manakchand Siddharth HUF	200
Kantilal Mohitkumar HUF	200
Motilal Sagarkumar HUF	200
Mahaveerchand Yashkumar HUF	200
Total	50000

As on 08.12.2011

Names of Shareholders	No. of Shares
Mohit Chopra	10000
Sagar Chopra	10000
Mahaveer Chand Chopra	10000
Siddharath Chopra	10000
Manak Chand Chopra	10000
Kantilal Chopra	10000
Motilal Chopra	10000
Santokchand Chopra	10000
Mohini Devi Chopra	10000
Rajni Devi Chopra	10000
Manju Devi Chopra	10000
Sangeeta Devi Chopra	20000
Santokchand Manakchand HUF	10000
Manakchand Siddharth HUF	10000
Kantilal Mohitkumar HUF	10000
Motilal Sagarkumar HUF	10000
Mahaveerchand Yashkumar HUF	11000
Total	181000

As on 28.03.2012

Names of Shareholders	No. of Shares
Mahaveer Chand Chopra	34000
Kantilal Chopra	26000
Mohit Chopra	4000
Manju Devi Chopra	41000
Rajni Devi Chopra	42000
Mohini Devi Chopra	48000
Santokchand Chopra	28000
Sangeeta Devi Chopra	43000
Motilal Sagarkumar Chopra HUF	42000
Kantilal Mohitkumar HUF	10000
Manakchand Siddharth HUF	42000
Santokchand Manakchand HUF	50000
Total	410000

As on 30.09.2011

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 :

Manufacturer  of Laminated Rolls, Laminated Films, Plastic Films

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad - 380014, Gujarat, India · HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Nahta Jain and Associates Chartered Accountants
Address :	211/1, New Cloth Market, O/S. Raipur Gate, Ahmedabad – 380002, Gujarat, India
PAN.:	AABFN3524D

CAPITAL STRUCTURE

After 30.09.2011

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
641000	Equity Shares	Rs.10/- each	Rs.6.410 Millions

As on 31.03.2011

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
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		8.700
3] Reserves & Surplus		0.500
4] (Accumulated Losses)		0.000
NETWORTH		9.700
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		9.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.057
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.238
	Other Current Assets	0.000
	Loans & Advances	5.319
Total Current Assets		5.557
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.551
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		5.551
Net Current Assets		0.006
MISCELLANEOUS EXPENSES		0.637
TOTAL		9.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011
	SALES
		Income		Nil
		Other Income
		TOTAL		Nil
Less	EXPENSES
		Office Expenses
		Administrative Expenses		Nil
		Advertising Expenses
		TOTAL		Nil
	PROFIT BEFORE TAX			Nil
Less	TAX			Nil
	PROFIT AFTER TAX			Nil
	Earnings Per Share (Rs.)			Nil

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	Nil
Net Profit Margin (PBT/Sales)	(%)	Nil
Return on Total Assets (PBT/Total Assets}	(%)	Nil
Return on Investment (ROI) (PBT/Networth)		Nil
Debt Equity Ratio (Total Liability/Networth)		0.57
Current Ratio (Current Asset/Current Liability)		1.00

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 one year	Yes
12]	Profitability for last one year	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	No
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	Yes

FINANCIAL RESULTS:

During the period, the company has not any transaction during the year. However the directors are likely to commence a new project.

Bankers Charges Report as per Registry

Corporate identity number of the company	U21000GJ2010PLC062715
Name of the company	MBR FLEXIBLES LIMITED
Address of the registered office or of the principal place of business in India of the company	B/411, Mardia Plaza, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India ravibafna30@gmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad - 380014, Gujarat, India dipak.parmar@sbi.co.in
Nature of instrument creating charge	Agreement of hypothecation of goods and assets.
Date of instrument Creating the charge	05.10.2011
Amount secured by the charge	Rs.177.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on term loan of Rs.70.000 Millions @ Base rate+ 4.5%(14.5%) p.a ,and cash credit facility of Rs 50.000 Millions @ Base rate +4% (14.00%)P.a Terms of Repayment The term loan of Rs 70.000 Millions has to be repaid in 22 quarterly installments starting from 30th December, 2012 and last installments falls due on march of 2018,and Repayment of Working capital facility on demand by the Bank Margin 1) RM = 25% (2) Finished Goods =25% (3) Work in progress = 25% (4) Receivables (cover period 75 days for Domestic and 120 days for export) = 50% (5) Term loan ( excluding working capital margin)= 36.01% (6) LC (Cash Margin)= 20% Extent and Operation of the charge Hypothecation of all existing and future, plant and machinery, furniture and fixture goods book-debts, all other movable assets including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/ or cash incentives under the cash incentive scheme or by any other scheme and all present and future stocks of goods wherever lying, stored and kept hypothecated to the Bank by way of First charge as a security for the payment. Others Non fund based facility as under LC = 55.000 Millions CEL =.200.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Present Machinery and all future machinery, belongs to or in the possession or under the control of the borrower wherever lying, stored and kept. All present and future goods book-debts and all other movable assets including receivables by way of cash assistance and or cash incentive under the cash incentive scheme or any other schemes. Claims by way of refund of excise/customes duties and duty draw back credit scheme or any other schemes, bills, invoices, documents, contracts, insurance policies, guarantees, engagements etc.

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.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

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	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		14

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.