MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	RELIABLE INSUPACKS PRIVATE LIMITED (w.e.f. 1.11.2006)
Formerly Known As :	RELIABLE INSU-PACKS PRIVATE LIMITED
Registered Office :	201-A, IInd Floor, Vikas Complex, 37, Veer Savarkar Block, Shakarpur, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.07.1998
Com. Reg. No.:	55-094908
Capital Investment / Paid-up Capital :	Rs. 9.796 Millions
CIN No.: [Company Identification No.]	U74999DL1998PTC094908
TAN No.: [Tax Deduction & Collection Account No.]	DELR05058E DELR09568G DELR08467E
PAN No.: [Permanent Account No.]	AABCR5918G
Legal Form :	Private Limited Liability Company
Line of Business :	The subject engaged in the business of manufacturing of Expandable Polystyrene.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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

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 :	201-A, IInd Floor, Vikas Complex, 37, Veer Savarkar Block, Shakarpur, Delhi – 110092, India
Tel. No.:	91-11-42445274/22451081
Fax No.:	Not Available
E-Mail :	arc1986@gmail.com mmroy@reliableinsupacks.com
Head Office/ Factory :	Greater Noida B-2/7, Site – B UPSIDC Industrial Area, Surajpur, Gautam Budh Nagar - 201306, Uttar Pradesh, India
Tel. No.:	91-120-6518438/2560043
Fax No.:	91-120-2560043

DIRECTORS

As On 28.09.2012

Name :	Mr. Madan Mohan Roy
Designation :	Director
Address :	C-1-3, Kendriya Vihar II, Sector – 82, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	27.05.1961
Date of Appointment :	10.07.1998
DIN No. :	00104607
Name :	Mr. Sushil Kumar Roy
Designation :	Director
Address :	C-1-3, Kendriya Vihar II, Sector – 82, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	15.02.1932
Date of Appointment :	20.08.2003
DIN No. :	01233580
Name :	Mrs. Sudipta Roy
Designation :	Additional Director
Address :	C-1-3, Kendriya Vihar II, Sector – 82, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	06.10.1965
Date of Appointment :	16.07.2012
DIN No. :	02997814

MAJR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 28.09.2012

Names of Shareholders	No. of Shares
Roy Mohan Madan	583000
Chatterjee Ratanmala	60000
Roy Sudipta	300000
Roy Atashi	7000
Roy Kumar Sushil	250000
Roy Sushma	50000
Total	1250000

As On 28.09.2012

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 :

The subject engaged in the business of manufacturing of Expandable Polystyrene.

GENERAL INFORMATION

Suppliers :

• Arora Rajesh and Company Private Limited
• Bhagwati Industries
• Bright Packaging
• L. D. Power Transformers Private Limited
• New Pack Plastics Private Limited
• Noida Power Company Limited
• Sai Products and Graphics Private Limited
• Syn Water Technologies Private Limited
• Narendra Petrochem Private Limited

Customers :

• Allana Investment and Trading Company Limited
• Allanas Limited
• Anand Insulation Private Limited
• Fiberfill Insulation India private Limited
• Himal Supply (India) Private Limited
• Roffers Combine India Private Limited
• Airvision India Private Limited
• Noble Industries
• Samwon Persion Mould India Private Limited
• Samsung India Electronics Private Limited

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce – Sector – 27, Noida – 201301, Uttar Pradesh, India
• Bank of India, Surajpur Branch, Surajpur, Greator Noida - 201306, Uttar Pradesh, India
• HDFC Bank
• State bank of India, NEPZ Branch, Noida – 201301, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loan from Banks
From Bank of India (Against security of plant and machinery and stock)	1.160	1.808
From HDFC Bank (Against the security of Motor Car)	0.000	0.332
Cash Credit from Banks
Bank of India (Against security of plant and machinery and stock)	27.293	24.846
Oriental Bank of Commerce (Against security of plant and machinery and stock)	0.000	(0.025)
Total	28.453	26.961

Banking Relations :	--
Auditors :
Name :	Arora Rajesh and Company Chartered Accountants
Address :	C-78, Sector 63, Noida – 201301, Uttar Pradesh, India
Tel No.:	91-120-2406848 / 2406849
E-Mail Id :	arc1986@gmail.com
PAN No.:	AAFFA3495A

CAPITAL STRUCTURE

As On 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

Issued, Subscribed, Called Up & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs.12.500 Millions

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, Called Up & Paid-up Capital :

No. of Shares	Type	Value	Amount
979626	Equity Shares	Rs. 10/- each	Rs. 9.796 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		9.796	9.796	9.796
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.658	13.863	11.985
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.454	23.659	21.781
LOAN FUNDS
1] Secured Loans		28.453	26.961	22.247
2] Unsecured Loans		6.054	6.231	7.932
TOTAL BORROWING		34.507	33.192	30.179
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		60.961	56.851	51.960
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.521	28.271	27.451
Capital work-in-progress		0.000	5.111	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.835	17.042	12.360
	Sundry Debtors	18.974	15.937	24.934
	Cash & Bank Balances	0.342	1.982	0.870
	Other Current Assets	0.199	0.396	0.000
	Loans & Advances	17.194	8.886	7.626
Total Current Assets		56.544	44.243	45.790
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.144	17.369	19.382
	Other Current Liabilities	2.113	2.615	1.397
	Provisions	0.847	0.790	0.514
Total Current Liabilities		25.104	20.774	21.293
Net Current Assets		31.440	23.469	24.497
MISCELLANEOUS EXPENSES		0.000	0.000	0.012
TOTAL		60.961	56.851	51.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	183.647	125.125
		Other Income	0.186	0.019
		TOTAL (A)	183.833	125.144
Less	EXPENSES
		Cost of Materials Consumed	132.881	72.074
		Changes in Inventories of Finished Goods, work-in-progress, Stock-in-trade	(1.841)	(3.301)
		Employee Benefits Expenses	10.025	8.753
		Other Expenses	30.541	37.843
		TOTAL (B)	171.606	115.369
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.227	9.775
Less	FINANCIAL EXPENSES (D)		4.203	2.534
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.024	7.241
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.557	4.572
	PROFIT BEFORE TAX (E-F) (G)		3.467	2.669
Less	TAX (H)		0.672	0.791
	PROFIT AFTER TAX (G-H) (I)		2.795	1.878
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.663	10.785
	BALANCE CARRIED TO THE B/S		15.458	12.663
	Earnings Per Share (Rs.)		2.85	1.92

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	113.402
		Other Income	0.059
		TOTAL (A)	113.461
Less	EXPENSES
		Consumption of materials	75.631
		Employees Remuneration and Benefits	6.750
		Other expenses of manufacture, administration, selling and distribution	22.610
		Preliminary exp. w/off	0.013
		Accretion / Decretion in stocks	(1.025)
		TOTAL (B)	103.979
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.482
Less	FINANCIAL EXPENSES (D)		2.882
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.268
	PROFIT BEFORE TAX (E-F) (G)		3.332
Less	TAX (I)		0.515
	PROFIT AFTER TAX (G-I) (J)		2.817
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.968
	BALANCE CARRIED TO THE B/S		10.785
	Earnings Per Share (Rs.)		2.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.52	1.50	2.48
Net Profit Margin (PBT/Sales)	(%)	1.89	2.13	2.94
Return on Total Assets (PBT/Total Assets}	(%)	4.03	3.68	4.55
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.15
Debt Equity Ratio (Total Debt/Networth)		1.30	1.40	1.39
Current Ratio (Current Asset/Current Liability)		2.25	2.13	2.15

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	Yes
18]	Major customers	Yes
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

DETAILS OF UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Term Loan from Other Parties
Religare Finvest Limited	0.000	0.231
Prabir Sen	6.054	6.000
Total	6.054	6.231

NOTE:

The Registered Office of the company has been shifted from 166, Aggarwal Chamber – III, 26, Veer Savarkar Block, Shakarpur, Delhi – 110092, India to the present address w.e.f 22.09.2008

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U74999DL1998PTC094908

Name of the company

RELIABLE INSUPACKS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

201-A, IInd Floor, Vikas Complex, 37, Veer Savarkar Block, Shakarpur, Delhi – 110092, India

E-mail Id : arc1986@gmail.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10277819

Type of charge

Book debts

Movable property (not being pledge)

Others (Plant and Machinery)

Particular of charge holder

Bank of India, Surajpur Branch, Surajpur, Greator Noida - 201306, Uttar Pradesh, India

E-mail Id : casaurabhgoel.roc@gmail.com

Nature of instrument creating charge

As per Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks & Book Debts) (IFD-X) dated 13/07/2012

Date of instrument Creating the charge

13.07.2012

Amount secured by the charge

Rs.42.300 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

TL - BR+4.50% p.a. i.e. 15.00% p.a. presently

CC - BR+4.00% p.a. i.e. 14.50% p.a. presently

Terms of Repayment

TL - Repayable in 60 monthly instalments of Rs. 133,333.00 starting from October, 2012 and interest to be paid as and when due.

CC - On Demand

Margin

TL(new) - 25%

CC(stock) - 25%

CC(B/D) - 40%

Extent and Operation of the charge

100%

Others

The credit facilities has been enhanced from Rs.27.477 Millions to Rs.42.300 Millions in the following manner:

TL-I (Old)	1.800 Millions
TL-II (new)	8.000 Millions
CC(Stock)	12.500 Millions (enhanced from Rs. 5.000 Millions to Rs.12.500 Millions)
CC (B/D)	20.000 Millions
Total	42.300 Millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of stock of raw materials, semi-finished goods and finished goods Viz. Expanded Polystrene, Thermocal, etc whether lying at factory or in transit.

Hypothecation of Book Debts (both present & future).

Hypothecation of all Plant & Machineries of the company (more particularly described in Part-A of Schedule II of the Agreement).

Particulars of the present modification

The Charge over stock, book debts and Plant and Machinery of the company has been enhanced from Rs.27.477 Millions to Rs.42.300 Million. The credit facility of CC limit against stocks have been enhanced from Rs.5.000 Millions to Rs.12.500 Millions and a fresh Term Loan of Rs.8.000 Millions has been sanctioned.

Other term and conditions are remained same.

FIXED ASSETS

• Land
• Plant and Machinery
• Electrical Fittings
• Office Equipments
• Commercial Vehicles
• Dies
• EDP Equipments
• Shed and Building
• Furniture and Fixtures

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.