MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	ACCUMEN POLY PACK PRIVATE LIMITED
Registered Office :	53/7, Nayaganj, Kanpur – 208 001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.07.2009
Com. Reg. No.:	20-037759
Capital Investment / Paid-up Capital :	Rs.6.534 millions
CIN No.: [Company Identification No.]	U74900UP2009PTC037759
TAN No.: [Tax Deduction & Collection Account No.]	KNPA02716A
PAN No.: [Permanent Account No.]	AAHCA8861D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pouches.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has seen an increase in its sales turnover. However, appears a dip in the net profitability during 2013. 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 – 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	53/7, Nayaganj, Kanpur – 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2322220
Mobile No.:	91-9935555550 (Mr. Siddharth)
Fax No.:	Not Available
E-Mail :	siddharth1000@gmail.com shweta2402@rediffmail.com v1maheshwari@gmail.com pandeyom111@gmail.com
Location :	Owned
Factory :	Vinayakpur, Rania Industrial Area, Kanpur, Uttar Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajendra Kumar Gupta

Designation :

Director

Address :

53/7, Nayaganj, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

23.08.1950

Date of Appointment :

13.07.2009

DIN No.:

00372342

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	U51109UP1990PTC011618	SPIPICK INDIA PRIVATE LIMITED	Director	05-02-90	05-02-90	-	Active	NO
2	U74900UP2009PTC037759	ACCUMEN POLY PACK PRIVATE LIMITED	Director	13-07-09	13-07-09	-	Active	NO

Name :

Mr. Manoj Kumar Agarwal

Designation :

Director

Address :

3/98, Hanumant Kripa, Vishnupuri, Kanpur – 208 002, Uttar Pradesh, India

Date of Birth/Age :

01.01.1972

Date of Appointment :

13.07.2009

DIN No.:

01767926

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	U45200WB2007PLC135144	SAMTAL FINANCIAL SYSTEM LIMITED	Director	01-03-07	01-03-07	25-05-10	Active	NO
2	U74900UP2009PTC037759	ACCUMEN POLY PACK PRIVATE LIMITED	Director	13-07-09	13-07-09	-	Active	NO
3	L28920MH1983PLC029879	SULABH ENGINEERS AND SERVICES LIMITED	Whole-time director	30-09-11	17-01-11	-	Active	NO
4	U74900UP2011PTC048034	SULABH ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	22-12-11	22-12-11	-	Active	NO
5	U01403UP2011PTC048032	SULABH AGRO PRIVATE LIMITED	Director	22-12-11	22-12-11	-	Active	NO
6	U70102UP2012PTC050479	ARNAV INFRA PROMOTER PRIVATE LIMITED	Director	14-05-12	14-05-12	-	Active	NO
7	U70102UP2012PTC050478	ARNAV INFRABUILD PRIVATE LIMITED	Director	14-05-12	14-05-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Manoj Kumar Agarwal	5000
Rajendra Kumar Gupta	5000
Adinath Shares and Comm. Private Limited, India	1000
Alekh Agarwal	500
Anant Fin Consultancy Private Limited, India	1000
Astha Departmental Store Private Limited, India	1000
Dilip Kumar Agrawal	500
Urgesh Kumar Tiwarl	500
Jaya Agrawal	500
Kalpana Agrawal	500
Kavita Awasth	500
Mahendra Yadav	500
Narendra Kumar Diwadi	500
Neil Industries Limited, India	1000
Patirakhan Lal	500
Renu Gupta	500
Sagar Net Mart Private Limited, India	500
Samtal Financial System Private Limited, India	1000
San Jay Gupta	500
Santos H Kris Han A HUF	500
Subodh Agrawal	500
Success Vyapar Private Limited, India	1000
Tilak Raj	100000
Nandini Mittal and Company	500
The Vysya Capital and Finance Limited, India	500
Manoj Sandhya Agarwal HUF	20500
Surendra Kumar Gupta	1000
Nand Kishore Srtvastava	1000
Sunita Srivastava	1000
Dinesh Kumar Agarwal HUF	100
Dinesh Chand Goel HUF	100
Nitesh Agarwal	100
Rajendra Kumar Gupta HUF	1000
Ruchi Agarwal	1000
Rishf Tiwari	1000
Manoj Kumar Agarwal HUF	120000
Krishna Agarwal	60000
Dinesh Chand Goel	60000
Nagarmal Agarwal HUF	20500
Radhey Shyawui Agarwal	1000
Raj Kumar Agarwal	97500
Rajendra Kumar Agarwal HUF	23000
Rajendra Siddarth Gupta HUF	1000
Maya Gupta	1000
Prem Lata Devi Agarwal	118600
Total	653400

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.07
Directors or relatives of Directors	70.28
Other top fifty shareholders	28.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pouches.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Union Bank of India, Main Branch, Birhana Road, Kanpur – 208 001, Uttar Pradesh, India

Banking Relations :	---
Auditors :
Name :	Pee Kay Jaipuria and Company Chartered Accountants
Address :	Acharya Kuti, First Floor, 26/53, Birhana Road, Kanpur – 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2315178/ 3013415
E-Mail :	peekayjaipuria_co@rediffmail.com
PAN No.:	AAFFP8279D
Associates :	Keymen Laminators Private Limited Shubham Goldiee Masale Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

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
653400	Equity Shares	Rs.10/- each	Rs.6.534 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.534	6.534	1.255
(b) Reserves & Surplus	44.756	32.587	5.707
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	51.290	39.121	6.962
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.261	2.065	1.684
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.261	2.065	1.684
(4) Current Liabilities
(a) Short term borrowings	286.178	274.156	219.763
(b) Trade payables	7.675	18.111	14.529
(c) Other current liabilities	6.361	10.811	9.069
(d) Short-term provisions	0.000	3.651	1.900
Total Current Liabilities (4)	300.214	306.729	245.261
TOTAL	353.765	347.915	253.907
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.057	118.073	95.095
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	19.340
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.857	2.921	4.135
(e) Other Non-current assets	0.064	0.095	0.128
Total Non-Current Assets	118.978	121.089	118.698
(2) Current assets
(a) Current investments	0.000	10.042	0.000
(b) Inventories	67.381	73.470	35.316
(c) Trade receivables	133.726	118.049	34.376
(d) Cash and cash equivalents	12.916	13.159	1.620
(e) Short-term loans and advances	20.699	11.985	63.714
(f) Other current assets	0.065	0.121	0.183
Total Current Assets	234.787	226.826	135.209
TOTAL	353.765	347.915	253.907

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	676.900	656.100	264.200
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	NET PROFIT		18.100	38.900	9.291
	Earnings Per Share (Rs.)		27.70	59.53	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	5.58	7.01	31.57
Current Ratio (Current Asset/Current Liability)	0.78	0.74	0.55

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	No

WORKING:

This year was an inspiring year for the company, as it recorded excellent performance on all major financial parameters. It achieved turnover of Rs.676.900 millions as compared to that of Rs.656.100 Millions in the previous year and Net profit of Rs.18.100 millions as compared to that of Rs.38.900 Millions in the previous year. The company achieved this due to significant cost increase pressure.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
Loans form Directors	3.560	0.434
Loans from Share Holding, Relative of Director	282.618	273.722
Total	286.178	274.156

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10232313	24/06/2010	20,000,000.00	UNION BANK OF INDIA	MAIN BRANCH, BIRHANA ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	A91217174
2	10232312	24/06/2010	24,375,000.00	UNION BANK OF INDIA	MAIN BRANCH, BIRHANA ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	A91217059

* Date of charge modification

FIXED ASSETS

• Building and Labour Room
• Furniture and Fixture
• Office Equipment
• Computer
• Plant and Machinery
• Vehicle
• Cycle

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.61.92
UK Pound	1	Rs.99.60
Euro	1	Rs.83.64

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	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		43

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.