MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	A -82, Mangol Puri Industrial Area, Phase II, Delhi – 110034
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.12.2005
Com. Reg. No.:	55-143324
Capital Investment / Paid-up Capital :	Rs.5.800 Millions
CIN No.: [Company Identification No.]	U27105DL2005PTC143324
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporter of Alu/Alu Foils.
No. of Employees :	100 (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 516000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic dip in profit and sales turnover of the company during the financial year 2012. However, general financial position of the company reported to be fair. Trade relations are fair. Business is active. Payments terms are slow. 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mr. Amit Chavan
Designation :	Senior Business Development
Contact No.:	91-9654400564
Date :	09.10.2013

LOCATIONS

Registered Office / Corporate Office / Administrative Office:	A -82, Mangol Puri Industrial Area, Phase II, Delhi – 110034
Tel. No.:	91-11-45038639 / 27015969
Fax No.:	91-11-45038626
E-Mail :	account@svam.in admin@satishenterprises.com sales@svam.in
Website :	www.svam.in
Location :	Owned
Factory 1 :	Plot No. 1287, HSIDC Rai Industrial Estate, Sonipat-131029, Haryana, India
Factory 2 :	Plot No.1243, HSIDC Rai Industrial Estate, Sonipat-131029, Haryana, India
Tel No.:	91-130-6991088
Branches :	Located At Baddi Maharashtra Roorkee Sonipat

DIRECTORS

As on 29.09.2012

Name :

Mr. Satish Kumar Ailawadi

Designation :

Director

Address :

C-1/21, Jamakpuri, New Delhi-110058, India

Date of Birth/Age :

07.06.1955

Date of Appointment :

06.12.2005

DIN No.:

00124330

Other Directorship:

.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	U27105DL2005PTC143324	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED	Director	06/12/2005	06/12/2005	-	Active	NO
2	U21014DL2008PTC183899	SVAM PACKAGING PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO

Name :

Ms. Manju Ailawadi

Designation :

Director

Address :

C-1/21, Jamakpuri, New Delhi-110058, India

Date of Birth/Age :

31.08.1962

Date of Appointment :

06.12.2005

DIN No.:

00124358

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	U27105DL2005PTC143324	SVAM PACKAGING INDUSTRIES PRIVATE LIMITED	Director	06/12/2005	06/12/2005	-	Active	NO
2	U21014DL2008PTC183899	SVAM PACKAGING PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Chavan
Designation :	Senior Business Development

SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Satish Kumar Ailawadi	239000
Manju Ailawadi	290000
Ankur Ailawadi	51000
Total	580000

AS ON 29.09.2012

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporter of Alu/Alu Foils.
Exports :
Products :	Alu/Alu Foils
Countries :	Egypt Iran Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers:

• Intas
• Cipla
• Macleads
• Cadila Pharmaceuticals Limited
• Torrent
• Globalpharma
• Mankind
• Mecure Healthcare Limited
• Ipca
• Elder
• Aristopharma Limited
• Emcure
• Atoz

No. of Employees :

100 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Small Industries Development Bank of India, Videocon Tower, E-1, Ground Floor, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India
• Indian Overseas Bank, 21, B-Block Community Centre, Janakpuri, New Delhi - 110058, India

Facilities :

Secured Loans :	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
LONG TERM BORROWING
Term loan
From Banks –SIDBI ROI 12.00% (Secured against all movable assets, Plant and Machinery, F and F) (Personal Guarantee of Sh. Satish kumar Ailawadi, Manju Aliawadi) Collaterol Security of 1243, HSIIDC, Rai-in name of Svam Pachaging P Ltd.	16.750	0.000
Car loans-HDFC Bank (Secured against hypothecation of Cars)	3.948	7.185
SHORT TERM BORROWING
Loans repayable on demand
From Banks i)CC Limit ROI-12% (From HDFC, Secured against hypothecation Stock and Book debts) (Personal Guarantee of Sh. Satish kumar Ailawadi, Manju Aliawadi) Collatoral Security of A-3/62, Janakpuri, New Delhi in name of Satish kumar Ailawadi)	48.404	51.126
Total	69.102	58.311

Banking Relations :	--
Auditors :
Name :	Sachin Jain and Mangal Chartered Accountant
Address :	15-C, Pocket A Ashok Vihar Phase-II, New Delhi – 110052, India
Tel. No.:	91-11-47035111,47036111
Mob. No.:	91-9891059937
E-Mail :	jainsachinca@gmail.com
PAN No.:	ADYPJ0622J
Associates Companies/Company in which KMP / Relatives of KMP/Individuals having control in voting powers, can exercise significant influence :	Svam Packaging Private Limited Satish Enterprises Code Print

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
580000	Equity Share	Rs.10/- each	Rs.5.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.800	5.800
(b) Reserves & Surplus	123.126	113.499
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	128.926	119.299
(3) Non-Current Liabilities
(a) long-term borrowings	21.098	7.185
(b) Deferred tax liabilities (Net)	0.202	0.169
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	21.300	7.354
(4) Current Liabilities
(a) Short term borrowings	48.404	51.126
(b) Trade payables	47.283	8.084
(c) Other current liabilities	14.173	8.143
(d) Short-term provisions	4.908	21.298
Total Current Liabilities (4)	114.768	88.651
TOTAL	264.994	215.304
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.658	18.130
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	70.658	18.130
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	59.435	31.845
(c) Trade receivables	66.166	67.542
(d) Cash and cash equivalents	3.546	1.005
(e) Short-term loans and advances	9.357	49.078
(f) Other current assets	55.832	47.704
Total Current Assets	194.336	197.174
TOTAL	264.994	215.304

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.800
2] Share Application Money		0.000
3] Reserves & Surplus		74.121
4] (Accumulated Losses)		0.000
NETWORTH		79.921
LOAN FUNDS
1] Secured Loans		29.800
2] Unsecured Loans		0.000
TOTAL BORROWING		29.800
DEFERRED TAX LIABILITIES		0.443
TOTAL		110.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.582
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.595
	Sundry Debtors	79.103
	Cash & Bank Balances	1.201
	Other Current Assets	12.099
	Loans & Advances	37.878
Total Current Assets		149.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.246
	Other Current Liabilities	1.585
	Provisions	15.500
Total Current Liabilities		54.331
Net Current Assets		95.545
MISCELLANEOUS EXPENSES		0.037
TOTAL		110.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	558.007	744.976	574.344
		Other Income	1.907	7.524	5.717
		TOTAL	559.914	752.500	580.061
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	545.634	692.306	534.174
	PROFIT BEFORE TAX		14.280	60.194	45.887
Less	TAX		4.652	20.818	16.106
	PROFIT AFTER TAX		9.628	39.377	29.781
	EARNINGS IN FOREIGN CURRENCY		6.973	8.239	NA
	IMPORTS
		Machinery and Spares	22.260	0.000	NA
		Materials	419.306	519.268	NA
	TOTAL IMPORTS		441.566	519.268	NA
	Earnings Per Share (Rs.)		16.60	67.89	51.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.72	5.23	5.13
Net Profit Margin (PBT/Sales)	(%)	2.56	8.08	7.99
Return on Total Assets (PBT/Total Assets}	(%)	5.39	27.96	27.90
Return on Investment (ROI) (PBT/Networth)		0.11	0.50	0.57
Debt Equity Ratio (Total Debt /Networth)		0.54	0.49	0.37
Current Ratio (Current Asset/Current Liability)		2.93	5.25	2.76

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

PARTICULARS	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
LONG TERM BORROWING
From Directors	0.400	0.000
Total	0.400	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10304896	29/08/2011	20,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	VIDEOCON TOWER, E-1, GROUND FLOOR,, RANI JHANSI ROAD, JHANDEWALAN EXTN, NEW DELHI, DELHI - 110055, INDIA	B19912716
2	10238328	14/02/2011 *	204,480,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B06475875

Note: * Date of charge modification

FIXED ASSETS:

• Computer
• Plant and Machinery
• Motor Car and Bike
• Factory Building
• Furniture and Fixtures
• Office Equipment
• Electrical Fittings
• Land

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.62.14
UK Pound	1	Rs.99.02
Euro	1	Rs.83.87

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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.