MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	UNIGLOBE PACKAGING PRIVATE LIMITED
Registered Office :	321, 3^rd Floor, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.04.1999
Com. Reg. No.:	11-119671
Capital Investment / Paid-up Capital :	Rs. 14.834 Millions
CIN No.: [Company Identification No.]	U25202MH1999PTC119671
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03314D
PAN No.: [Permanent Account No.]	AAACU3694D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Materials.
No. of Employees :	12 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities A3+ (Revised from A3)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	18.04.2012

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BBB (Revised from BBB-)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	18.04.2012

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ravi
Designation :	Purchase Department
Contact No.:	91-22-67160100
Date :	02.02.2013

LOCATIONS

Registered Office :	321, 3^rd Floor, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-67160101/ 67160100
Fax No.:	91-22-24918129
E-Mail :	uniglobepackaging@vsnl.com
Area :	1200 Sq. ft.
Location :	Owned
Factory :	Plot No. 36, 37 51 to 54, Silver Industrial Estate, Bhimpore, Daman, India
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Vikram Chandur Thadhani
Designation :	Director
Address :	2B Cosmopolis, 21 L D Ruparel Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	14.11.1970
Date of Appointment :	29.04.1999
PAN No.:	ABZPT0818K
DIN No.:	00121753
Name :	Mr. Rajiv T. Thadani
Designation :	Director
Address :	201, Green Acres, 61 B Nargis Dutt Road, Pali Hill Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	05.12.1962
Date of Appointment :	29.04.1999
PAN No.:	AADPT6963A
DIN No.:	00174398
Name :	Mr. Andrew John Terry
Designation :	Additional director
Address :	No. 15, Lorong Selangat, Singapore 358708
Date of Birth/Age :	21.05.1969
Date of Appointment :	15.11.2012
DIN No.:	03474186
Name :	Mr. Anant Madhav Gadre
Designation :	Additional director
Address :	Flat No.102, Building 2b, Rajgiri, Siddhachal Complex, Off Pokharan, Road No. 2, Thane (West), Thane – 400601, Maharashtra, India
Date of Birth/Age :	24.03.1965
Date of Appointment :	15.11.2012
DIN No.:	01963880
Name :	Mr. Sanjeev Kumar Dhiman
Designation :	Additional director
Address :	19 Swaran Villa, Yogi Vihar Jwalapur, Haridwar – 249407, Uttarakhand, India
Date of Birth/Age :	05.08.1971
Date of Appointment :	15.11.2012
DIN No.:	02796730

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rajiv T. Thadhani	726800
Vikram C. Thadhani	756600
Total	1483400

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging Materials.

Products :

ITC Code	Description
8309	Plastic Bags, Films, Tubing, Wrapper

Imports :

Products :

Raw Materials

Countries :

Singapore

Terms :

Selling :

L/C

Purchasing :

L/C

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

12 (Approximately) [In Office]

Bankers :

• Bank of India, SSI Andheri (East) Branch, Mathuria Apartment, 49, Sir M. V. Road, Andheri (East),, Mumbai - 400069, Maharashtra, India

Tel No.: 91-22-28935751 (Ringing but no response)

• Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India
• HDFC Bank, Daman

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks	25.048	108.536
(Hypothecation of plant and machinery and land and building)
Other loans and advances	2.352	0.127
Loans repayable on demand from banks (Hypothecation of stock, book debts, LC/BG margin)	198.752	57.196
Total	226.152	165.859

Banking Relations :	--
Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountants
Address :	Jash Chambers, 3rd Floor, 7A, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66230600/ 22662603/ 66359681
Fax No.:	91-22-22615814
PAN.:	AACFC8587E

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1483400	Equity Shares	Rs.10/- each	Rs. 14.834 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		14.834	14.834	14.834
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		198.625	208.798	176.356
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		213.459	223.632	191.190
LOAN FUNDS
1] Secured Loans		226.152	165.859	228.211
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		226.152	165.859	228.211
DEFERRED TAX LIABILITIES		5.445	6.406	5.860
TOTAL		445.056	395.897	425.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		246.938	264.939	285.046
Capital work-in-progress		0.000	2.119	0.975
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.672	73.064	77.405
	Sundry Debtors	209.632	136.433	114.250
	Cash & Bank Balances	30.808	27.007	5.548
	Other Current Assets	2.166	5.743	0.286
	Loans & Advances	8.635	11.330	14.651
Total Current Assets		336.913	253.577	212.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	109.091	78.847	66.583
	Other Current Liabilities	24.313	36.962	6.317
	Provisions	5.391	8.929	0.000
Total Current Liabilities		138.795	124.738	72.900
Net Current Assets		198.118	128.839	139.240
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		445.056	395.897	425.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income from operation	1114.830	906.918	689.468
		Other Income	NA	NA	0.189
		TOTAL	NA	NA	689.657
Less	EXPENSES
		Consumption of Raw Materials			373.588
		Manufacturing Expenses			203.761
		Administrative, Selling and Distribution Expenses	NA	NA	20.407
		Increase/(Decrease) in Finished Goods			(7.841)
		Exchange Differences (Net)			(11.560)
		TOTAL	NA	NA	578.355
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		105.484	100.844	111.302
	FINANCIAL EXPENSES		20.625	19.267	20.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		84.233	81.577	91.002
	DEPRECIATION/ AMORTISATION		32.988	33.965	35.606
	PROFIT BEFORE TAX		51.244	47.612	55.396
Less	TAX		13.145	15.170	15.165
	PROFIT AFTER TAX		38.099	32.442	40.231
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		201.162	168.720	128.489
	BALANCE CARRIED TO THE B/S		239.261	201.162	168.720
	CIF VALUE OF IMPORTS		NA	205.380	171.543
	Earnings Per Share (Rs.)		25.68	21.87	27.12

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	5.83
Net Profit Margin (PBT/Sales)	(%)	4.59	5.25	8.03
Return on Total Assets (PBT/Total Assets}	(%)	8.77	9.18	11.14
Return on Investment (ROI) (PBT/Networth)		0.24	0.21	0.29
Debt Equity Ratio (Total Debt/Networth)		1.06	0.74	1.19
Current Ratio (Current Asset/Current Liability)		2.43	2.03	2.91

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Total Outstanding dues of creditors other than micro and small enterprises
For Goods		57.301	47.365
For Expenses	109.091	21.246	19.218
	109.091	78.547	66.583

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL PERFORMANCE:

Both the Units have operated at satisfactorily level of capacity utilization. The Company has achieved 23% increase in Sales Turnover over the previous year. However it has suffered a decline in margin due to higher cost of raw materials.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202MH1999PTC119671
Name of the company	UNIGLOBE PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	321, 3rd Floor, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India Email: uniglobepackaging@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	90147394
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, SSI Andheri (East) Branch, Mathuria Apartment, 49, Sir M. V. Road, Andheri (East), Mumbai - 400069, Maharashtra, India Email: ssiandherie.mumbainorth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental deed of Hypothecation.
Date of instrument Creating the charge	26.07.2011
Amount secured by the charge	Rs. 269.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest/Commission as per Schedule -III of attached Supplemental deed of hypothecation or at such other rate/s of interest/commission as may be notified by the bank from time to time. Terms of Repayment CC (stock), CC (BDs), Rupee WCDL (CC Stock, CC Book debts), L/C(F/I)(DP/DA 90 days): On Demand BG: Annual Review TL II, TL III: As per repayment schedule. Margin As required by the bank from time to time. Extent and Operation of the charge Security and charge hereby created shall be by way of 1st charge on all said hypothecated assets for due repayment as provided in deed of all monies including principal sums, interest/ commission, costs, charges and expenses and all other monies whatsoever due owing and payable by borrower to the bank under or in respect of or in connection with or in any wise concerning or relating to said facilities agreed to be granted and/ or granted by the bank to borrower and also for due repayment of all present and future indebtedness and liabilities of borrower to bank of any kind in any manner whether solely or jointly primary or collateral accrued or accruing with all relative interest/ commission, charges, costs and expenses. Revised Facilities and Limits (Rs. in Millions):CC (Stock) Rs. 20.000 Millions, CC (BDs) Rs.60.000 Millions, Rupee WCDL:CC (Stock) Rs.10.000 Millions, CC (BDs) Rs.50.000 Millions, Total WC Rs.120.000 Millions ,L/C(F/I) (DP/DA 90 days) Rs.40.000 Millions, BG:Rs.17 Total Rs.161.700 Millions, TL II Rs.1,TL III Rs.107.900 Millions, FCL(within TL III)(eq. to LC/Buyers credit USD) Rs.65.100 Millions Aggregate Rs.269.700 Millions.
Short particulars of the property charged	a) All tangible movable machineries and plant, present and future, b) All tangible movable properties and assets and stocks of whatsoever nature of the Borrower both present and future wheresoever situate at Plot No.36, 37, 51 to 54, Silver Industrial Estate, Bhimpore, Daman or wherever else, c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.
Date of Modification	31.12.2007
Particulars of the present modification	The principal amount of charge on the hypothecated assets is enhanced to Rs.269.700 Millions. Revised Facilities and Limits (Rs. in Millions): CC (Stock) Rs.20.000 Millions, CC (BDs) Rs.60.000 Millions, Rupee WCDL: CC (Stock) Rs.10.000 Millions, CC (BDs) Rs.50.000 Millions, Total WC Rs.120.000 Millions, L/C(F/I)(DP/DA 90 days) Rs.40.000 Millions, BG: Rs.17 Total Rs.161.700 Millions, TL II Rs.1, TL III Rs.107.900 Millions, FCL (within TL III) (eq. to LC/Buyers credit USD) Rs.65.100 Millions Aggregate Rs. 269.700 Millions.

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Excise Cenvat Demand	6.893	6.893

FIXED ASSETS:

• Land
• Office Premises
• Buildings
• Computer Systems
• Furniture and Fixtures
• Motor Car
• Office Equipments
• Plant and Machinery

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. 53.32
UK Pound	1	Rs. 84.60
Euro	1	Rs. 72.63

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

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	5
--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		45

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.