MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	EXCEL PACK LIMITED
Registered Office :	1004-05-06 Tower,6 Nehru Place, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.07.1999
Com. Reg. No.:	55-100494
Capital Investment / Paid-up Capital :	Rs.12.461 Millions
CIN No.: [Company Identification No.]	U21029DL1999PLC100494
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of induction Liner Material and Laminates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms are usually correct. The company can be considered 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	25.05.2012

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.

LOCATIONS

Registered Office :	1004-06, Devika Tower,6 Nehru Place, New Delhi – 110019, Delhi, India
Tel. No.:	91-11-41655310/ 308
Mobile No.:	91-9810185176 (Mr. Rajnish Mehra)
Fax No.:	91-11-41656337
E-Mail :	excelpack@vsnl.net info@excelpack.in
Factory :	Plot No. 8, Sector 4,Integtrated Industrial Estate(IIE), BHEL, Haridwar – 249403, Uttarakhand, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Rajnish Mehra
Designation :	Managing Director
Address :	C-403, Defence Colony, New Delhi – 110024, Delhi, India
Date of Birth/Age :	21.05.1959
Date of Appointment :	01.07.1999
DIN No.:	00271477
Name :	Mrs. Mona Mehra
Designation :	Whole-time director
Address :	C-403, Defence Colony, New Delhi – 110024, Delhi, India
Date of Birth/Age :	31.01.1965
Date of Appointment :	01.07.0999
DIN No.:	00271563
Name :	Mr. Rakesh Mehra
Designation :	Director
Address :	182, Jolly Maker Tower No.3, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	01.07.1999
Date of Appointment :	01.07.1999
DIN No.:	00467321
Name :	Mr. Anuj Suri
Designation :	Director
Address :	House No. 497, Sector 6, Panchkula, Haryana, India
Date of Birth/Age :	26.10.1959
Date of Appointment :	21.04.2010
DIN No.:	01120492
Name :	Mr. Kishan Chand Mehra
Designation :	Director
Address :	12-Rose Avenue, Amritsar – 143001, Punjab, India
Date of Birth/Age :	19.09.1998
Date of Appointment :	01.07.1999
DIN No.:	02370192
Name :	Mr. Rajesh Mehra
Designation :	Director
Address :	12-Rose Avenue, Amritsar – 143001, Punjab, India
Date of Birth/Age :	26.05.1955
Date of Appointment :	01.07.1999
DIN No.:	02399369

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Mona Mehra	126028
Santosh Mehra	56
Rajesh Mehra	28
Amarjeet kaur	28
Rajnish Mehra	1119888
Kiran Malhotra	28
Meenu Mehra	28
Total	1246084

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 induction Liner Material and Laminates.

Products :

Description of Product	ITC Code
Liner Material and Pet Bottles	39239090
Aluminium Foils	39239090
Hiles Material	39239090

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, D-64, Hauz Khas, New Delhi – 110 016, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term loan from Corporation Bank (Secured by EMG first charge on plant and machinery factory land and Building and other movables assets stuated at plot no. 8, Sector 4 IIE, haridwar With personal Gurantee of two directors) Repayable in 20 quarterly installments of Rs0.550 Millions each.	3.850	6.050
Vehicle Loans (Secured by hypothetication of vehicles) Term Repayment Monthly Installments	2.752	4.650
Deposits Fix Deposits	11.200	7.450
Other Loans and Advances (Secured against mortgage of residential house property belogs to director of the vompany.)	29.586	31.846
Cash Credit from Corporation Bank (Secured by hypothetication of Inventory and book debts of the company and further collaterally secured by land and building situated at plot no. 8 sector 4 at IIE Haridwar (Uttarakhand) with personal guarantee of two directors.)	41.455	20.105
Interest Repayable on secured loans	0.074	0.105
Bills Discounting under LC	0.000	0.158
Total	88.917	70.364

Banking Relations :	--
Auditors :
Name :	Arun Malhotra and Associates Chartered Accountant
Address :	G-29, Nizamuddin West, New Delhi – 110 013, Delhi, India
Tel. No.:	91-11-24356486/ 24355502/ 24351839
Fax No.:	91-11-24351839
E-Mail :	ama@amadelhi.com
PAN.:	AAOFA2813R
Associates/Subsidiaries :	Amar Realbuild Private Limited CIN No.: U70109DL2011PTC212187

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1246084	Equity Shares	Rs.10/- each	Rs.12.461 Millions

Note:

The company has one class equity share having a face or par value of Rs. 10 each. There are no restriction attached to the equity shares of the company including restriction on distribution of dividends and repayment of capital other than those prescribed under law. The company has no class of preference shares.

Number of fully paid-up equity shares at the beginning and at the end of the year are 1245084 shares.

The details of shareholders holding more than 5% equity shares is as below.

S. No.	Name of the Shareholder	As on 31.03.2012
		No. of Shares Held	%of Holding
1	Mr. Rajnish Mehra	1119588	89.87
2	Mrs. Mona Mehra	126028	10.11

There are no shares in the company reserved for issue under option or contact or commitments or disinvestments. No shares have been allotted in the past 5 years pursuant to contacts without payment being received in cash except by way of bonus shares and no shares have been bought back or forfeited by the company in the same period. Bonus shares allotted 178012 shares on 05.11.2008 and Shares as on 31.08.2009.

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		12.461	12.461	12.461
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.358	63.019	27.230
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.819	75.480	39.691
LOAN FUNDS
1] Secured Loans		88.917	70.364	76.870
2] Unsecured Loans		0.000	1.467	34.657
TOTAL BORROWING		88.917	71.831	111.527
DEFERRED TAX LIABILITIES		0.311	0.311	0.311
TOTAL		198.047	147.622	151.529
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.676	86.742	78.896
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.090	0.090	44.621
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.821	22.656	16.234
	Sundry Debtors	61.627	44.967	28.861
	Cash & Bank Balances	2.373	2.554	2.109
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.154	30.483	4.834
Total Current Assets		153.975	100.660	52.038
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.615	17.850	19.578
	Other Current Liabilities	12.338	11.634	0
	Provisions	9.741	10.386	4.448
Total Current Liabilities		46.694	39.870	24.026
Net Current Assets		107.281	60.790	28.012
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		198.047	147.622	151.529

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	281.497	220.519	131.960
		Other Income	2.164	5.261	0.653
		TOTAL (A)	283.661	225.780	132.613
Less	EXPENSES
		Cost of Material Consumed	152.004	110.031	96.471
		Changes in inventories	(0.543)	(1.191)
		Employee Benefit Expenses	29.408	20.688
		Other Expenses	36.720	29.750
		TOTAL (B)	217.589	159.278	96.471
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.072	66.502	36.142
Less	FINANCIAL EXPENSES (D)		14.300	11.204	7.443
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.772	55.298	28.699
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.563	5.077	2.526
	PROFIT BEFORE TAX (E-F) (G)		46.209	50.221	26.173
Less	TAX (H)		9.217	10.073	4.489
	PROFIT AFTER TAX (G-H) (I)		36.992	40.148	21.684
Less	APPROPRIATIONS
		Interim Dividend	3.115	3.738	7.788
		Dividend Tax	0.505	0.621	1.323
	BALANCE CARRIED TO THE B/S		33.339	35.789	12.573
	EARNINGS IN FOREIGN CURRENCY		7.692	2.082	3.016
	Earnings Per Share (Rs.)		30.00	32.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.04	17.78	16.35
Net Profit Margin (PBT/Sales)	(%)	16.42	22.77	19.83
Return on Total Assets (PBT/Total Assets}	(%)	18.89	26.80	19.99
Return on Investment (ROI) (PBT/Networth)		0.42	0.67	0.66
Debt Equity Ratio (Total Debt/Networth)		0.82	0.95	2.81
Current Ratio (Current Asset/Current Liability)		3.30	2.52	2.17

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

OPERATIONS:

The sales turnover during the year increased by Rs 60.978 Millions from Rs. 220.519 Millions in the previous year to Rs.281.497 Millions during the year thereby reflecting annual growth rate over last year by 27 65% The net profit before tax during the year is marginally lower to Rs 46.209 Millions from Rs 50.221 Millions in the -previous year your directors predict a bright future for the company with an estimated sales of Rs.400.000 Millions and commensurate increase in the profitability during next financial year.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Unsecured Business loan from banks	0.000	1.467
Total	0.000	1.467

FIXED ASSETS:

· Land

· Building-Factory

· Plant and Machinery

· Auxiliary Equipment

· Electric Installation

· Moulds/Dies

· Furniture and Fixtures

· Office Equipment Vehicles

· Computers

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
TOTAL		47

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.