MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	AKASH PACKTECH PRIVATE LIMITED
Registered Office :	B-2, Ansal Chamber-I, 3, Bhikaji Kama Palace, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.11.2002
Com. Reg. No.:	55-117831
Capital Investment / Paid-up Capital :	Rs. 9.712 Millions
CIN No.: [Company Identification No.]	U51909DL2002PTC117831
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fully Automatic VFFS Pouch Filling Machines. Fully Automatic High Speed VFFS Multi Track Machine, Pouch-in-Pouch and Flow Wrap Machines
No. of Employees :	25 (Approximately)

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 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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	A1	A1

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ankit Sehrawat
Designation :	Office Executive
Contact No.:	91-9555588884
Date :	14.06.2013

LOCATIONS

Registered Office :	B-2, Ansal Chamber-I, 3, Bhikaji Kama Palace, New Delhi – 110066, India
Tel. No.:	Not Available
Mobile No.:	91-9555588884 (Mr. Ankit Sehrawat)
Fax No.:	Not Available
E-Mail :	mohtagupta@rediffmail.com
Website :	http://www.akashpack.com
Factory :	Plot No. 68, 69 and 89, HSIDC Industrial Estate, Sector-59, Faridabad - 121 004, Haryana, India
Tel. No.:	91-129-4155000, 4155001, 4297700
Fax No.:	91-129-2307610
E-Mail :	sales@akashpack.com
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :	Mr. Pratap Singh
Designation :	Director
Address :	Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India
Date of Birth/Age :	08.07.1971
Date of Appointment :	28.11.2002
DIN No.:	00157201
Name :	Mr. Samai Singh
Designation :	Director
Address :	Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India
Date of Birth/Age :	30.04.1944
Date of Appointment :	28.11.2002
DIN No.:	00157179
Name :	Mrs. Gajna Devi
Designation :	Director
Address :	Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India
Date of Birth/Age :	01.01.1976
Date of Appointment :	28.11.2002
DIN No.:	00157158

KEY EXECUTIVES

Name :	Mr. Ankit Sehrawat
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Samai Singh	47800
Gajna Devi	241318
Pratap Singh	508625
Kailash	1500
Hem Kumar	1000
Suman	1500
Shakuntla	1500
Brijan Devi	2000
Gulak	1500
Tekam	1500
Akashyog Health Products Private Limited, India	115000
USK Extm Private Limited, India	48000
Total	971243

As on 30.09.2012

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 and Exporter of Fully Automatic VFFS Pouch Filling Machines. Fully Automatic High Speed VFFS Multi Track Machine, Pouch-in-Pouch and Flow Wrap Machines
Exports :
Products :	Fully Automatic VFFS Pouch Filling Machines. Fully Automatic High Speed VFFS Multi Track Machine, Pouch-in-Pouch and Flow Wrap Machines
Countries :	· Egypt · Germany · Nepal · New Zealand · Sri Lanka · Bhutan · Nigeria
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· A.S .Engineering Corporation

· Tech Industries.

· A.Y Engineering Works

· Aar Dee Steel Feb.

· Aashi Wire Products

· Abhishek Enterprises

· Acclaim Industrial Supplies and Services

· Accord Technologies Private Limited

· Accurate Generators

· Aditya Enterprises, Delhi

· Aditya Precitech

· Akash Packaging

· Alfa Welders

· Ampeq Computer

· Anand International Company

· ANS Technologies

· Apex Control

· Apex Technocrats Private Limited

· Ascent Technologies

· Ashoka Bearing Enterprises

· Ashu Industries

· Ashutosh Power Transbelts Limited

· Assam Bearing Private Limited

· ATP Pattern Works

· Atul Bansal Touri

Customers :

Retailers and End Users

· Al-Jarah industries Equip, UAE

· Cavin Kare Limited, Haridwar

· Contract Packaging Corp. of The Phillipines

· Dabur Egypt.2 Saudi Company

· Datar and Sons Limited, Dubai

· Freeze Pops Ezco,Dubai (UAE)

· Ganga Soap and Chem.Ind, Nepal

· Hindustan Lever Limited, Assam

· Hindustan Lever Limited, Thane/Kalwa

· Hindustan Lever Limited, Uttranchal

· Hindustan Soaps and Chemical

· Hindustan Unilever Limited, Chiplun (Mah)

· ITC Ltd. (Solan)

· Jaya Selina Gambia Limited, Dubai.

· Jeet India Private Limited

· Jyothy Laboratories Limited, Salem

· Modern Bakery, Dubai

· Neo Pharma LLC, U.A.E

No. of Employees :

25 (Approximately)

Bankers :

· Small Industries Development Bank of India (SIDBI), Faridabad Branch, NH.5-R/2, G.F, Neelam Badshah Khan Road, N.I.T, Faridabad - 121001, Haryana, India

· Indian Overseas Bank, 1-C/47-48, NIT, Faridabad - 121001, Haryana, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings:
From banks
HDFC Bank Limited (Honda City)	0.290	0.000
HDFC Bank Limited (Innova)	0.374	0.706
ICICI Bank Car Loan (Hondacity-50)	0.000	0.039
SIDBI	2.021	4.241
ICICI Bank Car Loan ( Porsche)	4.632	0.000
IOB Car loan( XUV)	0.797	0.000
Tata Capital Limited ( Ritz)	0.165	0.000
Short Term Borrowings:
Indian Overseas Bank, NIT, FBD	45.764	34.954
Total	54.043	39.940
i. Hypothecation of Plant and Machinery Purchased from TL ii. Agriculture Land of Mr. Pratap Singh, Situated at Village: Mitnol, Palwal iii. All vehicles loans o/s above are hypothecated against vehicles iv. Bank overdrafts are secured against Bookdebts/Stock/other collateral Security v. EM of Factory Land and Building situated at Plot No: 68, 69 and 89 Sector-59, HSIDC Industrial Estate Faridabad measuring 1410 Sq Mtrs. vi. Residual Value of the Property at Plot No: 84, HSIDC Sector-59, Faridabad in the Name of Akash Packaging (Prop. Sh.Pratap Singh).

Banking Relations :
Auditors :
Name :	Mohta Gupta and Associates Chartered Accountants
Address :	E-1/76, YMCA Road, Sector-1, Faridabad – 121006, Haryana, India
Tel. No.:	91-129-2262774, 4008767
Fax No.:	91-129-4008767
E-Mail :	mohtagupta@rediffmail.com
PAN No.:	AAJFM2216R

CAPITAL STRUCTURE

As on 31.03.2012

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
971243	Equity Shares	Rs.10/- each	Rs.9.712 Millions

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Number of shares	Rs. In Millions
Opening Balance	971243	9.712
Fresh issue	--	--
Closing Balance	971243	9.712

(ii) Details of shares held by each shareholder holding more than 5% shares:

Name of shareholder	Number of shares held	% holding in that class of shares
Equity shares with voting rights
Mrs. Gajna Devi	241,318.0	24.85%
Mr. Pratap singh	508,625.0	52.37%
Akashyog Health Products Private Limited	115,000.0	11.84%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.712	9.712
(b) Reserves & Surplus	30.422	22.319
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	11.141	5.287
(b) Deferred tax liabilities (Net)	0.811	0.993
(c) Other long term liabilities	2.519	4.116
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	45.764	34.954
(b) Trade payables	41.375	41.982
(c) Other current liabilities	21.617	12.382
(d) Short-term provisions	4.534	1.175
TOTAL	167.895	132.920
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.467	34.428
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.250	0.000
(c) Deferred tax assets (net)	0.000	0.00
(d) Long-term Loan and Advances	0.577	1.634
(e) Other Non-current assets	7.960	9.507
(2) Current assets
(a) Current investments	2.785	0.000
(b) Inventories	14.668	31.569
(c) Trade receivables	65.365	43.531
(d) Cash and cash equivalents	3.333	1.230
(e) Short-term loans and advances	37.464	11.021
(f) Other current assets	0.026	0.000
TOTAL	167.895	132.920

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.212
2] Share Application Money		0.000
3] Reserves & Surplus		17.176
4] (Accumulated Losses)		0.000
NETWORTH		26.388
LOAN FUNDS
1] Secured Loans		4.061
2] Unsecured Loans		6.012
TOTAL BORROWING		10.073
DEFERRED TAX LIABILITIES		0.247
Indian Overseas Bank, NIT FBD		19.697
TOTAL		56.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.135
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.096
	Sundry Debtors	59.937
	Cash & Bank Balances	2.010
	Other Current Assets	2.393
	Loans & Advances	8.573
Total Current Assets		101.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.257
	Other Current Liabilities	11.719
	Provisions	3.763
Total Current Liabilities		70.739
Net Current Assets		30.270
MISCELLANEOUS EXPENSES		0.000
TOTAL		56.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	230.748	196.856	170.662
		Other Income	1.977	0.00	4.006
		TOTAL (A)	232.725	196.856	174.668
Less	EXPENSES
		Cost of Materials Consumed	136.326	134.170
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	17.021	(3.047)	160.697
		Employee benefits expense	22.124	19.403
		Other Expenses	31.721	30.660
		TOTAL (B)	207.192	181.186	160.697
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.533	15.670	13.971
Less	FINANCIAL EXPENSES (D)		7.535	6.472	6.062
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.998	9.198	7.909
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.826	4.397	3.638
	PROFIT BEFORE TAX (E-F) (G)		12.172	4.801	4.271
Less	TAX (H)		4.069	1.659	1.495
	PROFIT AFTER TAX (G-H) (I)		8.103	3.142	2.776
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.199	4.057	1.281
	BALANCE CARRIED TO THE B/S		15.302	7.199	4.057
	Earnings Per Share (Rs.)		8.34	3.24	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.48	1.60	1.59
Net Profit Margin (PBT/Sales)	(%)	5.28	2.44	2.50
Return on Total Assets (PBT/Total Assets}	(%)	7.30	3.61	3.36
Return on Investment (ROI) (PBT/Networth)		0.30	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		1.42	1.26	0.38
Current Ratio (Current Asset/Current Liability)		1.09	0.97	1.43

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

Note:

The registered office of the company has been shifted from D-619, Cr Park, New Delhi – 110019, India to present address w.e.f. 01.06.2010

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings:
Barclays Bank PLC	0.000	0.201
Bajaj Finance Ltd.	2.762	0.000
Loans and advances from other parties:
M/s. M.K. Engineering	0.100	0.100
Total	2.862	0.301

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909DL2002PTC117831
Name of the company	AKASH PACKTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-2, Ansal Chamber-I, 3, Bhikaji Kama Palace, New Delhi – 110066, India mohtagupta@rediffmail.com
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge) · Others (Corporate Guarantee Akash Yog Health)
Particular of charge holder	Small Industries Development Bank of India (SIDBI), Faridabad Branch, NH.5-R/2, G.F, Neelam Badshah Khan Road, N.I.T, Faridabad - 121001, Haryana, India riship@sidbi.in
Nature of instrument creating charge	· Letter of Intent Dated 06.09.2012 · Deed of Hypothecation Dated 20.09.2012 · Power of Attorney Dated 20.09.2012
Date of instrument Creating the charge	20.09.2012
Amount secured by the charge	Rs. 10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.25% with monthly rests on the principal amount of the subordinate debt outstanding from time to time Terms of Repayment Sub Debt of Rs. 10.000 Millions is proposed to be Repaid in 47 monthly installments of Rs. 20.800 Millions and 1 installment of Rs. 22.400 Millions. The date of repayment of installment shall be on the 10th of each month Extent and Operation of the charge 1. Residual Charge on all movable assets both present and future (including Currents Assets). 2. Residual Charge on all movable and immovable assets offered to SIDBI which will be subservient to the charges created/to be created by the company in favor of the existing and prospective Lenders.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Residual Charge on all movable assets both present and future(including Currents Assets) Residual Charge on all movable and immovable assets offered to SIDBI which will be subservient to the charges created/to be created by the company in favor of the existing and prospective Lenders. Corporate Guarantee of Akash Yog Health Products Private Limited.

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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NTH

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

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.