1. Summary Information

		Country	India
Company Name	Crescent Innovative Packaging Private Limited	Principal Name 1	Mr. Gunvantrai Dipchand Shah
Status	Moderate	Principal Name 2	Mr. Ashit Gunvantrai Shah
		Registration #	11-216932
Street Address	Windsor 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai 400098, Maharashtra, India
Established Date	02.05.2011	SIC Code	--
Telephone#	91-22-67033555 (Board Line)	Business Style 1	Manufacturer of and
Fax #	91-22-67033556	Business Style 2	--
Homepage	http://www.crescentindia.com	Product Name 1	Block Bottom Welded Woven Sacks
# of employees	Not Available	Product Name 2	Flexible Intermediate Bulk Container (FIBC)/ Jumbo Bags.
Paid up capital	Rs.9,823,000/-	Product Name 3	--
Shareholders	Bodies corporate -99.76%, Directors or relatives of directors- 0.24%	Banking	Central Bank of India
Public Limited Corp.	No	Business Period	2 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Asian Solvochem Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	28,647,000	Current Liabilities	43,686,000
Inventories	17,511,000	Long-term Liabilities	457,030,000
Fixed Assets	85,012,000	Other Liabilities	17,000
Deferred Assets	0,000	Total Liabilities	500,733,000
Invest & other Assets	386,752,000	Retained Earnings	(2,634,000)
		Net Worth	17,189,000
Total Assets	517,922,000	Total Liab. & Equity	517,922,000
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales (Including Other Income)	81,000	Net Profit	(2,634,000)
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	CRESCENT INNOVATIVE PACKAGING PRIVATE LIMITED
Registered Office :	Windsor 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai 400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.05.2011
Com. Reg. No.:	11-216932
Capital Investment / Paid-up Capital :	Rs.9.823 Millions
CIN No.: [Company Identification No.]	U25199MH2011PTC216932
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Block Bottom Welded Woven Sacks and Flexible Intermediate Bulk Container (FIBC)/ Jumbo Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 29000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Crescent Organics Private Limited’. It is a newly established company having a moderate track record. Company was incorporated on May 2, 2011 and was incurred huge pre-operative expenses during 2012. The activities of the company had not been started as on the date of available financials. Payment terms are unknown. The company can be considered for business dealings with great caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: ‘BB’
Rating Explanation	Moderate risk of default.
Date	18.04.2013

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/ Head Office :	Windsor 2^nd Floor, CST Road, Kalina, Santacruz (East), Mumbai 400098, Maharashtra, India
Tel. No.:	91-22-67033555 (Board Line)
Fax No.:	91-22-67033556
Video Conferencing No.:	91-22-67033558
E-Mail :	dinesh@crescentindia.com ashit@crescentindia.com abhishek@crescentindia.com info@crescentindia.com
Website :	http://www.crescentindia.com
Factory :	189, Bahutha, Savali-Manjusar Road, Vadodara – 391770, Gujarat, India
Tel. No.:	91-2667-222161/162
Fax No.:	91-2667-222163

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Gunvantrai Dipchand Shah
Designation :	Director
Address :	Deep Ashish, 372 A and B, Shantabhai Amre Marg, Off 9^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	01.05.1938
Date of Appointment :	02.05.2011
DIN No.:	00056111
Name :	Mr. Ashit Gunvantrai Shah
Designation :	Director
Address :	Deep Ashish, 372 A and B, Shantabhai Amre Marg, Off 9^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	05.12.1962
Date of Appointment :	02.05.2011
DIN No.:	00056229
Name :	Mr. Abhishek Dilip Sheth
Designation :	Additional Director
Address :	1201/1202, Sai Vaibhav, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	10.10.1987
Date of Appointment :	16.06.2011
DIN No.:	03527323

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Gunvantrai Dipchand Shah	100
Crescent Organics Private Limited	98000
Kokila Shah	10
Ashit Gunvantrai Shah	10
Kavita Shah	10
Aditya Shah	10
Anushka Shah	10
G D Shah – Karta of G.D Shah HUF	10
A. G Shah – Karta of A.G Shah HUF	10
Sapna D Sheth	10
Abhishek Dilip Sheth	10
Sejal Shah	10
Nitin Shah	10
Mukesh Doshi	10
Aarti Doshi	10
Total	98230

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.76
Directors or relatives of directors	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Block Bottom Welded Woven Sacks and Flexible Intermediate Bulk Container (FIBC)/ Jumbo Bags.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India

Bandra-Kurla Complex, Mumbai – 400051, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)
LONG TERM BORROWING
Term Loans From Bank of Baroda Dubai External Commercial Borrowings (Capital Goods) (Secured by letter of undertaking given by central Bank of India against exclusive first charge on the entire moveable and immovable fixed assets of the company both present and future and guarantee by two directors of the company, holding company and the firm in which two directors are partners)	279.867
SHORT TERMS BORROWINGS
Loans repayable on demand From Banks	90.830
Total	370.697

Banking Relations :	--
Auditors :
Name :	Chhajed and Doshi Chartered Accountant
Address :	5/6, Western Prabhadevi Co-Op Society, Veer Saverkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
PAN No.:	ACUPC1012C
Associates :	· Asian Solvochem Private Limited · Crescent Chemicals · Kemsol Limited, Dubai
Holding Company :	Crescent Organics Private Limited CIN No.: U99999MH1991PTC060197

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98230	Equity Shares	Rs.100/- each	Rs.9.823 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.823
(b) Reserves & Surplus	(2.634)
(c) Money received against share warrants	0.000
	7.189
(2) Share Application money pending allotment	10.000
(3) Non-current liabilities
(a) long-term borrowings	279.867
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	15.000
(d) long-term provisions	0.016
(4) Current liabilities
(a) Short term borrowings	177.163
(b) Trade payables	16.336
(c) Other current liabilities	12.350
(d) Short-term provisions	0.001
TOTAL	517.922
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.012
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	386.380
(iv) Intangible assets under development	0.372
(b) Non-current Investments	0.020
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	6.491
(e) Other Non-current assets	4.501
(2) Current assets
(a) Current investments	0.000
(b) Inventories	17.511
(c) Trade receivables	0.000
(d) Cash and cash equivalents	15.720
(e) Short-term loans and advances	0.211
(f) Other current assets	1.704
TOTAL	517.922

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Revenue from Operations	0.000
		Other Income	0.081
		TOTAL (A)	0.081
Less	EXPENSES
		Other Expenses	2.704
		TOTAL (B)	2.704
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2.623)
Less	FINANCIAL EXPENSES (D)		0.011
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.634)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT BEFORE TAX (E-F) (G)		(2.634)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-I) (I)		(2.634)
	Earnings Per Share (Rs.)		(33)

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	(3251.85)
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.01)
Return on Investment (ROI) (PBT/Networth)		(0.15)
Debt Equity Ratio (Total Debt/Networth)		26.59
Current Ratio (Current Asset/Current Liability)		0.17

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	Yes
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	Yes

UNSECURED LOANS

Particulars	31.03.2012 (Rs. In Millions)
SHORT TERMS BORROWINGS
From Other Parties Intercorporate deposits	27.500
Loans and Advances from related parties	58.834
Total	86.334

FINANCIAL RESULTS & REVIEW OF OPERATIONS:

The Company was incorporated on May 2, 2011. During these months of operation the Company has suffered losses of Rs.2.634 Millions.

FIXED ASSETS:

· Land – Freehold

· Building

· Plant and Equipment

· Furniture and Fixtures

· Office Equipments

· Computers

· Electrical Fittings

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

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.