MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	SYN PACK FINANCE PRIVATE LIMITED
Registered Office :	32 EZRA ST (North Block), Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.01.1996
Com. Reg. No.:	21-076348
Capital Investment / Paid-up Capital :	Rs.27.734 Millions
CIN No.: [Company Identification No.]	U65999WB1996PTC076348
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of commercial project. (Their first project started 2 years back and will be completed next year.)
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. A reserve of the company is low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DENIED BY

Name :	Mr. Sanjay Chabra
Designation :	Director
Contact No.:	91-9435012011
Name :	Mr. Anjan Bhattacharya
Designation :	Accounts Head
Contact No.:	91-361-2732510
Date :	09.07.2014

LOCATIONS

Registered Office :	32 EZRA ST (North Block), Kolkata – 700001, West Bengal, India
Tel. No.:	91-361-2732510
Mobile No.:	91-9435012011 (Mr. Sanjay Chabra)
Fax No.:	Not Available
E-Mail :	carajeshbimal@gmail.com
Correspondence Office :	ICICI Building, 2^nd Floor, M.G Road, Kamrup, Guwahati – 781001, Assam, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sanjay Chhabra

Designation :

Director

Address :

OHIO Market, 4^th Floor, M. G. Road, Near Radhakrishna Oil and Flour Mill Fancy Bazar, Guwahati – 781001, Assam, India

Date of Birth/Age :

21.09.1961

Date of Appointment :

21.03.2003

DIN No.:

00540209

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	U20211MN1987PTC002754	MANGALAM WOOD INDUSTRIES PVT LTD	Managing director	02/04/1988	02/04/1988	-	Active	NO
2	U51909DL1992PTC050840	MAPLE WIRE INDUSTRIES PRIVATE LIMITED	Director	02/11/1992	02/11/1992	-	Active	NO
3	U15412AS1995PTC004633	KAMAKHYA FOODS PVT LTD	Director	13/04/2002	13/04/2002	-	Active	NO
4	U65999WB1996PTC076348	SYN PACK FINANCE PVT LTD	Director	21/03/2003	21/03/2003	-	Active	NO
5	U92199AS2006PTC008130	ROYALCIRCLE GARDENS & RESORT PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO

Name :

Mr. Dhan Kumar Jain

Designation :

Director

Address :

National Hardware Stores, Thangal Bazar, Imphar – 795001, Manipur, India

Date of Birth/Age :

28.06.1935

Date of Appointment :

19.07.1997

DIN No.:

00696900

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	U65999WB1996PTC076348	SYN PACK FINANCE PVT LTD	Director	19/07/1997	19/07/1997	-	Active	NO
2	U51109WB1994PTC063499	PARAN SALES PROMOTION PVT LTD	Director	11/03/2003	11/03/2003	-	Active	NO
3	U20211MN1987PTC002754	MANGALAM WOOD INDUSTRIES PVT LTD	Director	19/05/2006	19/05/2006	-	Active	NO

Name :

Mrs. Aruna Devi Jain

Designation :

Director

Address :

Second Floor, OHIO Shopping Mall, M. G. Road, Guwahati – 781001, Assam, India

Date of Birth/Age :

26.10.1967

Date of Appointment :

19.02.1997

DIN No.:

00857938

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	U65999WB1996PTC076348	SYN PACK FINANCE PVT LTD	Director	19/02/1997	19/02/1997	-	Active	NO
2	U15412AS1995PTC004633	KAMAKHYA FOODS PVT LTD	Director	07/04/2004	07/04/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anjan Bhattacharya
Designation :	Accounts Head

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Dhan Kumar Jain	797100
Aruna Devi Jain	177000
Sanjay Chhabra	757575
Dhan Kumar Sanjay Kumar (HUF)	452500
Maina Devi Jain	195000
Sujit Kumar Jain	95000
Sanjana Chhabra	95000
Manasi Chhabra	95000
Anushka Chhabra	109200
Bimal Kumar Jain	5
Asha Devi Murarka	5
Tilak Sancheti	5
Mahendra Kumar Jain	5
Bimal Kumar Jain (HUF)	5
Total	2773400

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of commercial project. (Their first project started 2 years back and will be completed next year.)

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Commercial Branch, Bee Kay Tower, 2^nd Floor, Ganesguri, Guwahati – 781006, Assam, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Cash Credit	85.806	50.608
Total	85.806	50.608

Banking Relations :	--
Auditors :
Name :	Rajesh Bimal and Associates Chartered Accountants
Address :	26 A. T. Road, (1^st Floor), Near SBI-Building, Bharalumukh, Guwahati – 781009, Assam, India
PAN No.:	ACBPJ5774D

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2773400	Equity Shares	Rs.10/- each	Rs.27.734 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	27.734	27.734	24.742
(b) Reserves & Surplus	7.476	7.499	4.482
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	16.105
Total Shareholders’ Funds (1) + (2)	35.210	35.233	45.329
(3) Non-Current Liabilities
(a) long-term borrowings	50.131	44.727	27.393
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	50.131	44.727	27.393
(4) Current Liabilities
(a) Short term borrowings	85.806	50.608	10.758
(b) Trade payables	3.768	0.995	1.252
(c) Other current liabilities	54.137	41.394	37.987
(d) Short-term provisions	0.000	0.005	0.000
Total Current Liabilities (4)	143.711	93.002	49.997
TOTAL	229.052	172.962	122.719
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.722	0.746	41.291
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.284	0.291	0.291
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.006	1.037	41.582
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	209.454	144.359	57.994
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.519	5.639	5.541
(e) Short-term loans and advances	17.818	21.927	17.602
(f) Other current assets	0.255	0.000	0.000
Total Current Assets	228.046	171.925	81.137
TOTAL	229.052	172.962	122.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.107	0.000	0.000
		Other Income	0.000	0.096	0.895
		TOTAL (A)	0.107	0.096	0.895
Less	EXPENSES
		Cost of Materials Consumed		70.862	27.186
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(86.365)	(35.224)
		Employee Benefits Expenses		1.709	1.692
		Other Expenses		8.326	5.298
		TOTAL (B)	0.129	(5.468)	(1.048)
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			5.564	1.943
Less	FINANCIAL EXPENSES (D)			5.402	1.838
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			0.162	0.105
Less	DEPRECIATION/ AMORTISATION (F)			0.132	0.144
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.022)	0.030	(0.039)
Less	TAX (H)		0.000	0.006	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.022)	0.024	(0.039)
	Earnings Per Share (Rs.)		0.007	0.008	(0.015)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(20.56)	25.00	(4.36)
Net Profit Margin (PBT/Sales)	(%)	(20.56)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.01)	0.02	(0.03)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		3.86	2.71	0.84
Current Ratio (Current Asset/Current Liability)		1.59	1.85	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	24.742	27.734	27.734
Reserves & Surplus	4.482	7.499	7.476
Share Application money pending allotment	16.105	0.000	0.000
Net worth	45.329	35.233	35.210
long-term borrowings	27.393	44.727	50.131
Short term borrowings	10.758	50.608	85.806
Total borrowings	38.151	95.335	135.937
Debt/Equity ratio	0.842	2.706	3.861

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.895	0.096	0.107
		(89.274)	11.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.895	0.096	0.107
Profit	(0.039)	0.024	(0.022)
	(4.36%)	25.00%	(20.56%)

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	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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans from Shareholders	25.527	29.249
Other External Commercial Borrowings	24.604	15.478
Total	50.131	44.727

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Plant and Machinery

· Computer

· Vehicles

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.60.01
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.