MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED	Principal Name 1	Mr. Satish Kumar Ailawadi
Status	Moderate	Principal Name 2	Ms. Manju Ailawadi
		Registration #	55-143324
Street Address	A-82, Mangol Puri Industrial Area, Phase-II, New Delhi-110085, India
Established Date	06.12.2005	SIC Code	--
Telephone#	91-11-45038639	Business Style 1	Manufacturer
Fax #	91-11-45038629	Business Style 2	Supplier
Homepage	www.svam.in	Product Name 1	Aluminium Foils for the Pharmaceutical Packaging Industry
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.5,800,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors - 100.00%	Banking	Indian Overseas Bank
Public Limited Corp.	NO	Business Period	8 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Svam Packaging Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	134,901,000	Current Liabilities	61,456,000
Inventories	59,435,000	Long-term Liabilities	69,502,000
Fixed Assets	70,658,000	Other Liabilities	4,908,000
Deferred Assets	0,000	Total Liabilities	135,866,000
Invest& other Assets	0,000	Retained Earnings	123,126,000
		Net Worth	128,926,000
Total Assets	264,994,000	Total Liab. & Equity	264,792,000
Total Assets (Previous Year)	215,304,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	558,007,000	Net Profit	9,628,000
Sales (Previous yr)	744,976,000	Net Profit(Prev.yr)	39,377,000

MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED

Registered Office :	A -82, Mangol Puri Industrial Area, Phase II, Delhi – 110034

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	06.12.2005

Com. Reg. No.:	55-143324

Capital Investment / Paid-up Capital :	Rs.5.800 Millions

CIN No.: [Company Identification No.]	U27105DL2005PTC143324

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and trading of Alu/Alu Foils, PVC Lilms, Coated Paper, PVC Metalized Film, Aluminium Plain Foil etc.

No. of Employees :	Not Available

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 516000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in its sales and profitability during 2012. However, general financial position seems to be strong. Trade Relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	A -82, Mangol Puri Industrial Area, Phase II, Delhi – 110034
Tel. No.:	91-11-45038639 / 27015969
Fax No.:	91-11-45038626
E-Mail :	account@svam.in admin@satishenterprises.com sales@svam.in
Website :	www.svam.in
Location :	Owned

Factory :	Plot No. 1287, HSIDC Rai Industrial Estate, Sonipat-131029, Haryana, India

Branches :	Located At Baddi Maharashtra Roorkee Sonipat

DIRECTORS

As on 29.09.2012

Name :

Mr. Satish Kumar Ailawadi

Designation :

Director

Address :

C-1/21, Jamakpuri, New Delhi-110058, India

Date of Birth/Age :

07.06.1955

Date of Appointment :

06.12.2005

DIN No.:

00124330

Other Directorship:

.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	U27105DL2005PTC143324	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED	Director	06/12/2005	06/12/2005	-	Active	NO
2	U21014DL2008PTC183899	SVAM PACKAGING PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO

Name :

Ms. Manju Ailawadi

Designation :

Director

Address :

C-1/21, Jamakpuri, New Delhi-110058, India

Date of Birth/Age :

31.08.1962

Date of Appointment :

06.12.2005

DIN No.:

00124358

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	U27105DL2005PTC143324	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED	Director	06/12/2005	06/12/2005	-	Active	NO
2	U21014DL2008PTC183899	SVAM PACKAGING PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO

SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Satish Kumar Ailawadi	239000
Manju Ailawadi	290000
Ankur Ailawadi	51000
Total	580000

AS ON 29.09.2012

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and trading of Alu/Alu Foils, PVC Lilms, Coated Paper, PVC Metalized Film, Aluminium Plain Foil etc.

GENERAL INFORMATION

Customers:

Intas
Cipla
Macleads
Cadila Pharmaceuticals Limited
Torrent
Globalpharma
Mankind
Mecure Healthcare Limited
Ipca
Elder
Aristopharma Limited
Emcure
Atoz

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Small Industries Development Bank of India, Videocon Tower, E-1, Ground Floor, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India
Indian Overseas Bank, 21, B-Block Community Centre, Janakpuri, New Delhi - 110058, India

Facilities :

Secured Loans :	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Term loan
From Banks –SIDBI ROI 12.00% (Secured against all movable assets, Plant and Machinery, F and F) (Personal Guarantee of Sh. Satish kumar Ailawadi, Manju Aliawadi) Collaterol Security of 1243, HSIIDC, Rai-in name of Svam Pachaging P Ltd.	16.750	0.000
Car loans-HDFC Bank (Secured against hypothecation of Cars)	3.948	7.185
Loans repayable on demand
From Banks i)CC Limit ROI-12% (From HDFC, Secured against hypothecation Stock and Book debts) (Personal Guarantee of Sh. Satish kumar Ailawadi, Manju Aliawadi) Collatoral Security of A-3/62, Janakpuri, New Delhi in name of Satish kumar Ailawadi)	48.404	51.126
Total	69.102	58.311


Banking Relations :	--

Auditors :
Name :	Sachin Jain and Mangal Chartered Accountant
Address :	15-C, Pocket A Ashok Vihar Phase-II, New Delhi – 110052, India
Tel. No.:	91-11-47035111,47036111
Mob. No.:	91-9891059937
E-Mail :	jainsachinca@gmail.com
PAN No.:	ADYPJ0622J

Associates Companies/Company in which KMP / Relatives of KMP/Individuals having control in voting powers, can exercise significant influence :	Svam Packaging Private Limited Satish Enterprises Code Print

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

580000	Equity Share	Rs.10/- each	Rs.5.800 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		5.800	5.800	5.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		123.126	113.499	74.122
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		128.926	119.299	79.922
LOAN FUNDS
1] Secured Loans		69.102	58.311	29.800
2] Unsecured Loans		0.400	0.000	0.000
TOTAL BORROWING		69.502	58.311	29.800
DEFERRED TAX LIABILITIES		0.202	0.169	0.443

TOTAL		198.630	177.779	110.165

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		70.658	18.130	14.582
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.435	31.845	19.595
	Sundry Debtors	66.166	67.542	79.103
	Cash & Bank Balances	3.546	1.005	1.201
	Other Current Assets	55.832	47.704	12.099
	Loans & Advances	9.357	49.078	37.878
Total Current Assets		194.336	197.174	149.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.283	8.083	37.246
	Other Current Liabilities	14.173	8.143	1.585
	Provisions	4.908	21.299	15.500
Total Current Liabilities		66.364	37.525	54.331
Net Current Assets		127.972	159.649	95.545

MISCELLANEOUS EXPENSES		0.000	0.000	0.038

TOTAL		198.630	177.779	110.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	558.007	744.976	574.344
		Other Income	1.907	7.524	5.717
		TOTAL	559.914	752.500	580.061

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	545.634	692.306	534.174

	PROFIT BEFORE TAX		14.280	60.194	45.887

Less	TAX		4.652	20.818	16.106

	PROFIT AFTER TAX		9.628	39.377	29.781

	EARNINGS IN FOREIGN CURRENCY		6.973	8.239	NA

	IMPORTS
		Machinery and Spares	22.260	0.000	NA
		Materials	419.306	519.268	NA
	TOTAL IMPORTS		441.566	519.268	NA

	Earnings Per Share (Rs.)		16.60	67.89	51.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.72	5.23	5.13

Net Profit Margin (PBT/Sales)	(%)	2.56	8.08	7.99

Return on Total Assets (PBT/Total Assets}	(%)	5.39	27.96	27.90

Return on Investment (ROI) (PBT/Networth)		0.11	0.50	0.57

Debt Equity Ratio (Total Debt /Networth)		0.54	0.49	0.37

Current Ratio (Current Asset/Current Liability)		2.93	5.25	2.76

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 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

UNSECURED LOAN:

Particulars	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
From Directors	0.400	0.000

Total	0.400	0.000

FIXED ASSETS:

Computer
Plant and Machinery
Motor Car and Bike
Factory Building
Furniture and Fixtures
Office Equipment
Electrical Fittings
Land

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

AHN

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	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
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.

MIRA INFORM REPORT

59.435

66.166

3.546

55.832

9.357

194.336

47.283

14.173

4.908

66.364

127.972

1.72

2.56

5.39

0.11

0.54

2.93

Unit