MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	ULTIMATE FLEXIPACK LIMITED

Registered Office :	305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash, New Delhi – 110048

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	17.06.1987

Com. Reg. No.:	55-028355

Capital Investment / Paid-up Capital :	Rs. 24.126 Millions

CIN No.: [Company Identification No.]	U00000DL1987PLC028355

TAN No.: [Tax Deduction & Collection Account No.]	DELU02119F

PAN No.: [Permanent Account No.]	AAACU6565D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter VCI Film, Chub Film and Groceries Packaging Polyethylene Film etc.

No. of Employees :	600 (Approximately)

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 6500000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. There appears sharp dip in profit of the company in 2013. However, liquidity position appears to be strong. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term loan: (BBB)
Rating Explanation	Moderate credit quality and average credit risk.
Date	28.10.2013

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.

INFORMATION PARTED BY

Name :	Mr. Arun
Designation :	Accounts Manager
Contact No.:	91-120-4018300
Date :	25.11.2013

LOCATIONS

Registered Office :	305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash, New Delhi – 110048, India
Tel. No.:	91-11-26440925 / 26440917
Fax No.:	91-11-26216922
E-Mail :	flexsec@vsnl.net sales_west@uflexipefilms.com directoroffice_ho@uflexipefilms.com harimohann_kansal@uflexltd.com info@uflexipefilms.com
Website :	http://www.uflexipefilms.com

Corporate Office :	C – 20, Sector – 57, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4018300
Fax No.:	91-120-2583361/2556040/4012362
E-Mail :	info@uflexipefilms.com ultimatepoly@uflexipefilms.com

Factory 1 :	Lane No. 2, Phase I, SIDCO Industrial Complex, Bari Brahmana, Jammu – 181133, India

Factory 2 :	Plot No. 26, HPSIDC Industrial Area, Baddi – 173205, Distt. Solan, Himachal Pradesh, India

Factory 3 :	Plot No. 12, Sector – 11, I.I.E, SIDCUL, Haridwar – 249403, Uttarakhand, India

Branch:	Located at: Mumbai Kolkata Chennai

DIRECTORS

As on: 30.09.2013

Name :

Mr. Anant Pal Singh

Designation :

Director

Address :

D – 302, Flex Apartments, C 58/22, Sector – 62, Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

15.08.1946

Qualification :

B. Pharma

Date of Appointment :

28.07.2009

DIN No.:

02729089

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	U00000DL1987PLC028355	ULTIMATE FLEXIPACK LIMITED	Director	15/09/2009	28/07/2009	-	Active	NO
2	U74950DL2002PTC114886	MONTAGE ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	29/01/2010	-	Active	NO

Name :

Mr. Ajay Tandon

Designation :

Director

Address :

A – 493, Sector – 19, Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

17.10.1953

Qualification :

B.E. (Mechanical)

Date of Appointment :

15.01.2003

DIN No.:

00024297

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	U29120DL1960PLC003266	ABILITIES INDIA PISTONS AND RINGS LIMITED	Director	14/02/1996	14/02/1996	-	Active	NO
2	U00000DL1987PLC028355	ULTIMATE FLEXIPACK LIMITED	Director	15/01/2003	15/01/2003	-	Active	NO
3	L29113DL1984PLC018229	FLEX ENGINEERING LIMITED	Director	29/07/2003	29/07/2003	-	Amalgamated	NO
4	U25202DL2008PTC180753	KANA PACKAGING SERVICES PRIVATE LIMITED	Director	10/07/2008	10/07/2008	15/12/2009	Active	NO

Name :

Mr. Inder Pal Singh

Designation :

Whole time director

Address :

House No. 720, Sector – E, Sainik Colony, Jammu – 180011, Jammu and Kashmir, India

Date of Birth/Age :

07.07.1949

Qualification :

B.Sc.

Date of Appointment :

28.07.2007

PAN No.:

ALSPS0776Q

DIN No.:

00323529

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	U74950DL2003PTC121605	ULTRA LAMINATES PRIVATE LIMITED	Director	14/08/2003	14/08/2003	15/10/2008	Active	NO
2	U33112DL1996PTC082788	ASHIAN NEEDLES PRIVATE LIMITED	Director	20/09/2006	26/08/2006	30/12/2008	Active	NO
3	U00000DL1987PLC028355	ULTIMATE FLEXIPACK LIMITED	Whole-time director	01/08/2013	28/07/2007	-	Active	NO

Name :

Mr. Sharat Chandra

Designation :

Director

Address :

D – 602, Flex Apartments, C 58/22, Sector – 62, Gautam Buddha Nagar, Noida - 201307, Uttar Pradesh, India

Date of Birth/Age :

12.12.1952

Qualification :

M.Sc.,M.B.A.

Date of Appointment :

20.07.2009

DIN No.:

00428481

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	U74950DL2002PTC114886	MONTAGE ENTERPRISES PRIVATE LIMITED	Director	16/06/2004	16/06/2004	31/08/2007	Active	NO
2	U00000DL1987PLC028355	ULTIMATE FLEXIPACK LIMITED	Director	15/09/2009	20/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders		No. of Shares
Rashmi Chaturvedi		1900
A.R. Leasing Private Limited, India		415000
Apoorva Extrusions Private Limited, India		309000
Ashok Chaturvedi		601000
Anshika Chaturvedi		1900
Shree Anant Chaturvedi		1900
Shree Apoorva Chaturvedi		1900
Anant Overseas Private Limited, India		230000
Anshika Consultants Private Limited, India		370000
Anshika Investments Private Limited, India		480000

Total		2412600

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category		Percentage

Bodies corporate		74.77
Other top fifty shareholders		25.23

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter VCI Film, Chub Film and Groceries Packaging Polyethylene Film etc.

Products :

Item Code No. (ITC Code)	Product Description
39239090	Pouches
39269090	Zipper / Diaphram
39201012	Plastic Film

Exports :

Products :

· VCI Film

· Chub Film

· Polyethylene Film

Countries :

· USA

· UK

· Germany

· Srilanka

· Bangladesh

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity

Poly Film	M.T.	54756
Pouches	M.T.	3190
Zipper / Diapharam	Mtrs. In Lacs	1209
Laminates/Foiling	M.T.	13200

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

600 (Approximately)

Bankers :

· Jammu and Kashmir Bank Limited, 1^st Floor, JOP Plaza, Sector – 18, Noida - 201301, Uttar Pradesh, India

· Oriental Bank of Commerce, Sector-20 G, Commercial Complex, Noida - 201301, Uttar Pradesh, India

· Allahabad Bank, Industrial Finance Branch, First Floor, 17,Parliament Street, New Delhi - 110001, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Rupee term loans from banks	503.113	661.456

Short term borrowings
Working capital loans from banks	471.097	455.862

Total	974.210	1117.318


Banking Relations :	--

Auditors :
Name :	Jain Singhal and Associates Chartered Accountants
Address :	M-6, II nd Floor, M-Block Market Greater, Kailash –II, New Delhi-110048, India
PAN No.:	AAAFJ1918Q

Wholly Owned Subsidiary Company:	Ultra America Inc., USA

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Uflex Limited · Utech Developers Limited · SD Buildwell Private Limited · Flex Foods Limited · AKC Retailers Limited · Anshika Investments Private Limited · Anant Overseas Private Limited · Apoorva Extrusion Private Limited · Anshika Consultants Private Limited · A.R. Leasing Private Limited · A.R. Infrastructures & Projects Private Limited · AC Infrastructures Private Limited · Cinflex Infotech Private Limited · Flex International Private Limited · Ultimate Enterprises Private Limited · Ultimate Infratech Private Limited · AR Aerotech Private Limited · AR Airways Private Limited · Ultimate Energy Limited · Niksar Finvest Private Limited · A-One Infratech Private Limited · Ganadhipati Investments Private Limited · Nirman Overseas Private Limited · Kaya Kalpa Medical Services Private Limited · Holofix Urban Infrastructures Private Limited · Laurel Real Estates Private Limited · Sungrave Products (India) Private Limited · Virgin Infrastructures Private Limited · Vendee Builders Private Limited · Modern Info Technologies Private Limited · Refex Energy (Rajasthan) Private Limited · Liberal Advisory Services Private Limited · Saga Realtors Private Limited · Flex America Inc.U.S.A. · Flex Middle East FZE, U.A.E. · Flex Americas S.A de C.V.Mexico, · Flex P. Films (Egypt) S.A.E, · Flex Films Europa Sp. Z.o.o. Poland, · Flex Films (USA) Inc., · Flex P. Films (Brasil) LTDA, · Uflex Europe Limited U.K. · Flex Packaging Inc., U.S.A. · Upet Holdings Limited Mauritius, · UPET Singapore Pte. Limited · TFlex Americas LLC, U.S.A. · First Flexipack Corporation

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions
200000	Preference Shares	Rs.100/- each	Rs. 20.000 Millions
	Total		Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2412600	Equity Shares	Rs.10/- each	Rs. 24.126 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NOTE: FINANCIAL DETAILS FILE ATTACHED

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Deposits	20.250	20.250

Total	20.250	20.250

NOTE:

The company changed its registered office from 110, Ist Floor Bhanot Corner Pamposh Enclave, Greater Kailash - I, New Delhi - 110048, India to present address w.e.f. 16.10.2007.

REVIEW OF OPERATIONS

During the year, the company earned gross revenue from operations of Rs.4157.546 millions as against previous year’s revenue of Rs.4385.490 millions.

The profit before tax for the year ended 31 st March, 2013 stood at Rs.135.922 millions against Rs.299.584 millions for the previous year ended 31 st March,2012 due to subdued market conditions, reductions in the margin of poly and decline in laminates. This has affected reduction of net profit of the current financial year to Rs.139.273 millions from the previous year figure of Rs.290.403 millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10297155	10/06/2013 *	910,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BARANCH, FIRST FLOOR; 17,PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B78812179
2	10210426	24/03/2010 *	240,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR 17, PARLIAMENT STREET, DELHI, DELHI - 110001, INDIA	A84946672
3	10210586	10/06/2013 *	950,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, FIRST FLOOR;17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B78814407
4	10014060	11/11/2009 *	225,000,000.00	ORIENTAL BANK OF COMMERCE	SECTOR-20G, COMMERCIAL COMPLEX, NOIDA, UTTAR PRADESH - 201301, INDIA	A74277583
5	10013939	11/11/2009 *	275,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	JOP PLAZA, SECTOR-18, NOIDA, UTTAR PRADESH - 201301, INDIA	A74068503

* Date of charge modification

FIXED ASSETS:

Freehold Land
Lease hold Land
Building
Building Temp Structure
Plant and Machinery
Electrical Fitting and Installation
Office Equipments
Furniture and Fixture
Vehicles
Computers
Air Conditioner
Fire Fighting Equipments
Mould and Dies

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. 62.58
UK Pound	1	Rs. 101.42
Euro	1	Rs. 84.70

INFORMATION DETAILS

Information Gathered by :	NYA

Report Prepared by :	DPH

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	4
--PROFITABILIRY	1~10	4
--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.

MIRA INFORM REPORT

Unit