MIRA INFORM REPORT

Report Date :

02.01.2013

IDENTIFICATION DETAILS

Name :	DEV AAKASH PLAST INDIA PRIVATE LIMITED
Registered Office :	4, 4-A, Periyasamy Road East, R.S. Puram, Coimbatore - 641002, Tamilnadu
Country :	India
Date of Incorporation :	08.02.2011
Com. Reg. No.:	18-016742
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U25202TZ2011PTC016742
TAN No.: [Tax Deduction & Collection Account No.]	CMBD014425B
PAN No.: [Permanent Account No.]	AADCD7367B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Carry Bags.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The Management have not filed its financials with the government department. The Manager, Mr. Hariram has provided general information and denied to part any financial information. However, trade relations are fair. Business is active. Payments are unknown. The company can be considered for business dealings on a safe and 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

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. Hariram
Designation :	Manager
Contact No.:	91-9894645637
Date :	31.12.2012

LOCATIONS

Registered Office :	4, 4-A, Periyasamy Road East, R.S. Puram, Coimbatore - 641002, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9894645637 (Mr. Hariram)
Fax No.:	Not Available
E-Mail :	rajeshku@msn.com Hariram@devaakash.com
Website :	http://devaakash.com
Location :	Owned
Factory :	No. 14, Chairman A. R. A. Road, Sivakasi - 626 123, Tamilnadu, India
Tel. No.:	91-4562-227837

DIRECTORS

Name :

Mr. Jagadeesan Arun

Designation :

Director

Address :

172-A, Thiruthangal Road, Sivakasi – 626123, Tamilnadu, India

Date of Birth/Age :

07.02.1971

Date of Appointment :

03.08.2011

DIN No.:

00311805

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	U25209TN1998PTC040193	ARUN POLY PRINT PACK PRIVATE LIMITED	Director	26-03-98	26-03-98	-	Active	NO
2	U25209TN1998PTC040195	ARUN PLAST PRIVATE LIMITED	Director	01-10-09	01-10-09	-	Active	NO
3	U25202TZ2011PTC016742	DEV AAKASH PLAST INDIA PRIVATE LIMITED	Director	03-08-11	03-08-11	-	Active	NO

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

4, 4-A, Periyasamy Road East, R.S. Puram, Coimbatore - 641002, Tamilnadu, India

KEY EXECUTIVES

Name :	Mr. Hariram
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.11.2011

Names of Allottee (Equity Shares)	No. of Shares Allotted
D.Rajesh Kumar	9000
R.Rathnamaia	10500
D Kalaiselvi	250
Minor R Akilesh Kumar	50
Minor R.Adityaa	200
Total	20000

Names of Allottee (Preference Shares)	No. of Shares Allotted
J.Arun	9000
Minor R.Akilesh Kumar	6000
D Kalaiselvi	5000
Total	20000

BUSINESS DETAILS

Line of Business :	Manufacturer of Carry Bags
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	150 (Approximately)
Bankers :	· Indusind Bank Limited, Consumer Finance Division, No.34, G.N. Chetty Road, T. Nagar, Chennai - 600017, Tamilnadu, India · State Bank of India, Mid Corporate Group, Commercial Branch, 1443, Trichy Road, Coimbatore - 641018, Tamilnadu, India Tel. No.: 91-422-2548009 / 2541078

Banking Relations :	--
Auditors :
Name :	Venkadachalam and Company Chartered Accountant

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million
20000	Preference Shares	Rs.10/- each	Rs.0.200 Million
	Total		Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million
20000	Preference Shares	Rs.10/- each	Rs.0.200 Million
	Total		Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW COMPANY

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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)	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	No
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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202TZ2011PTC016742
Name of the company	DEV AAKASH PLAST INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4, 4-A, Periyasamy Road East, R.S. Puram, Coimbatore - 641002, Tamilnadu, India rajeshku@msn.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others (Plant and Machinery)
Particular of charge holder	State Bank of India, Mid Corporate Group, Commercial Branch, 1443, Trichy Road, Coimbatore - 641018, Tamilnadu, India sbi.07536@sbi.co.in
Nature of instrument creating charge	1. Agreement of Loan for overall limit 2. Agreement of Hypothecation of Goods and Assets 3. Letter regarding the grant of individual limits within the overall limit
Date of instrument Creating the charge	02.07.2012
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3% above Base Rate present effective rate at 13% p.a. with monthly rests Terms of Repayment Repayable on demand Margin 25% over Raw materials, stocks in process, finished goods, stores and consumables, Receivables with a cover period of 60 days and LC (WC) Extent and Operation of the charge Primary: Exclusive first charge on the entire current assets of the company such as raw materials, stock in process, finished goods, consumables, stores, spares, Receivables and other current assets to secure CC and LC(WC). LC(WC) is secured by Documents of title to goods. Collateral: Exclusive first charge over the entire fixed assets of the company (excluding vehicles financed by Indusind Bank) including future fixed assets Others Total limits of Rs.100.000 Millions consist of CC/WCDL Rs.25.000 Millions, LC(WC) of Rs.74.000 Millions with BG(WC) sublimit of Rs.10.000 Millions and PFCE on FC limit of Rs.1.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire Current assets of the company such as raw materials, stock in process, finished goods, consumables, stores, spares, Receivables and other Current assets Document of title to goods Entire Fixed assets of the company excluding vehicles financed by Indusind Bank including future Fixed assets

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.54.83
UK Pound	1	Rs.89.23
Euro	1	Rs.72.48

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		18

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.