MIRA INFORM REPORT

Report Date :

05.03.2014

IDENTIFICATION DETAILS

Name :	E.C. PACKTECH MACHINES PRIVATE LIMITED (w.e.f.23.04.2008)
Formerly Known As :	E.C. PACKAGING PRIVATE LIMITED
Registered Office :	179, Pocket E, Phase II, Mayur Vihar, New Delhi - 110092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.10.1995
Com. Reg. No.:	55-073054
Capital Investment / Paid-up Capital :	Rs.2.076 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC073054
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and dealing in all types of packaging machines.
No. of Employees :	70 (Approximately)

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 8000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There are some accumulated loss recorded by the company during 2013. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 :	Mrs. Aarti Varma
Designation :	Accounts Manager
Contact No.:	91-129-4192900
Date :	28.02.2014

LOCATIONS

Registered Office :	179, Pocket E, Phase II, Mayur Vihar, New Delhi - 110092, Delhi, India
Tel No.:	91-129-4192900
Fax No.:	Not Available
E-Mail :	ecppl@del3.vsnl.net.in ecppl@airtelmail.in
Website :	http://www.ecppl@do13.vsnl.net.in http://www.ecppl@airtelmail.in
Area:	100 sq. yard
Location:	Rented
Factory / Administrative Office :	14/7, Mile Stone, Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-4192900 / 2277796 / 2277698 / 2277407
Fax No.:	91-129-2255602
Area:	1000 sq. ft.
Location:	Owned

DIRECTORS

AS ON 28.09.2013

Name :	Mr. Sanjay Nayyar
Designation :	Director
Address :	785, Sector 14, Faridabad – 121007, Haryana, India
Date of Birth/Age :	26.02.1969
Date of Appointment :	10.10.1995
DIN No. :	00017121

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	U74899DL1995PTC073054	E C PACKTECH MACHINES PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO
2	U28939HR1997PTC033557	RELINSAFE FIRE PROTEC PRIVATE LIMITED	Director	30/10/2004	30/10/2004	19/05/2009	Active	NO
3	U29299DL2005PTC132559	TOP TEAM MACHINES PRIVATE LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
4	U15432HR2005PTC039106	FRAZER FOODS INDIA PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Active	NO
5	U29309HR2003PTC041331	ULTIMATE ELECTRICALS PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Amalgamated	NO
6	U55204DL2007PTC162432	MORE BITES N FOODS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
7	U15122HR2007PTC036832	SIDSAM FOODS INDIA PRIVATE LIMITED	Director	03/05/2007	03/05/2007	-	Active	NO
8	U29299DL2008PTC178229	SIDSAM FORMILAN MACHINES PRIVATE LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
9	U85100HR2011PTC043411	GETWELL MEDICARE (INDIA) PRIVATE LIMITED	Director	14/07/2011	14/07/2011	-	Active	NO

Name :	Ms. Neena Nayyar
Designation :	Director
Address :	785, Sector 14, Faridabad – 121007, Haryana, India
Date of Birth/Age :	23.01.1940
Date of Appointment :	10.10.1995
DIN No. :	00029781

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	U74899DL1995PTC073054	E C PACKTECH MACHINES PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO
2	U15122HR2007PTC036832	SIDSAM FOODS INDIA PRIVATE LIMITED	Director	03/05/2007	03/05/2007	20/05/2008	Active	NO
3	U15432HR2005PTC039106	FRAZER FOODS INDIA PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Aarti Varma
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Name of Shareholders	No. of Shares	%age
Sanjay Nayyar	83053	40.00
Vibha Miglani	83053	40.00
Neena Nayyar	41527	20.00
Total	207,633	100.00

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and dealing in all types of packaging machines.
Exports :
Products :	Finished Goods
Countries :	· South Africa · Italy · Bangladesh
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Advance
Purchasing :	Advance

GENERAL INFORMATION

Suppliers :

· Surya Electricals, Faridabad

· Subhash Gearing Company

Customers :

End Users

· Nirma Limited

No. of Employees :

70 (Approximately)

Bankers :

• ICICI Bank, New Delhi, India
• Bank of India
• Canara Bank
• Allahabad Bank

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
LONG TERM BORROWING
Term Loan – From Banks Loan taken for vehicles secured	0.541	0.667
SHORT TERM BORROWING
Other Loans and advances
Other loans and advances others member secured	0.014	0.000
TOTAL	0.555	0.667

NOTE:

LONG TERM BORROWING

Term of Repayment of Loan

Car Loan was taken during year 2011.The loan is repayable in installments of Rs. 0.022 Milloin each along with interest, from the date of loan. The loan is secured by hypothecation of Car of the company. Further the loan has been guaranteed by the personal guarantee of Name of Director/other of Rs. Total of guarantee.

Banking Relations :	--
Auditors :
Name :	JSVP and Company Chartered Accountant
Address :	B 20 21, Fruit Garden, Railway Road NH 5 N, Faridabad – 121001, Haryana, India
E-Mail :	vipca@sify.com
PAN No:	AADFJ7336D

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
207633	Equity Shares	Rs.10/- each	Rs.2.076 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	2.076	2.076	2.076
(b) Reserves & Surplus	(0.299)	(0.399)	(0.836)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.150	0.150	0.150
Total Shareholders’ Funds (1) + (2)	1.927	1.827	1.390
(3) Non-Current Liabilities
(a) long-term borrowings	0.541	0.667	0.000
(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)	0.541	0.667	0.000
(4) Current Liabilities
(a) Short term borrowings	1.629	1.471	1.271
(b) Trade payables	7.969	10.554	9.448
(c) Other current liabilities	9.191	13.043	11.018
(d) Short-term provisions	0.194	0.491	0.256
Total Current Liabilities (4)	18.983	25.559	21.993
TOTAL	21.451	28.053	23.383
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.081	2.633	1.359
(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)	0.318	0.276	0.273
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.399	2.909	1.632
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.636	0.885	1.456
(c) Trade receivables	5.097	10.097	8.998
(d) Cash and cash equivalents	2.993	4.146	3.276
(e) Short-term loans and advances	8.878	9.801	8.017
(f) Other current assets	1.448	0.215	0.004
Total Current Assets	19.052	25.144	21.751
TOTAL	21.451	28.053	23.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income (Due to market fluctuation)	20.126	26.303	33.031
		Other Income	0.015	0.017	0.033
		TOTAL (A)	20.141	26.320	33.064
Less	EXPENSES
		Cost of materials consumed	11.238	17.333	23.979
		Employee benefit expenses	4.107	3.555	2.884
		Other expenses	3.790	3.876	5.158
		TOTAL (B)	19.135	24.764	32.021
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.006	1.556	1.043
Less	FINANCIAL EXPENSES (D)		0.235	0.193	0.096
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.771	1.363	0.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.633	0.567	0.352
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.137	0.796	0.595
Less	TAX (H)		0.038	0.359	0.134
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.099	0.437	0.461
	IMPORT VALUE		11.238	17.333	23.979
	Earnings / (Loss) Per Share (Rs.)		0.48	2.11	2.22

Expected Sales (2013-2014): Rs.30.000 Millions. (Approximately)

The above information has been parted by Mrs. Aarti Varma (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.49	1.66	1.39
Net Profit Margin (PBT/Sales)	(%)	0.68	3.03	1.80
Return on Total Assets (PBT/Total Assets}	(%)	0.65	2.87	2.57
Return on Investment (ROI) (PBT/Networth)		0.07	0.44	0.43
Debt Equity Ratio (Total Debt/Networth)		1.13	1.17	0.91
Current Ratio (Current Asset/Current Liability)		1.00	0.98	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.076	2.076	2.076
Reserves & Surplus	(0.836)	(0.399)	(0.299)
Share Application money pending allotment	0.150	0.150	0.150
Net worth	1.390	1.827	1.927
long-term borrowings	0.000	0.667	0.541
Short term borrowings	1.271	1.471	1.629
Total borrowings	1.271	2.138	2.170
Debt/Equity ratio	0.914	1.170	1.126

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	33.031	26.303	20.126
		(20.369)	(23.484)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	33.031	26.303	20.126
Profit After Tax	0.461	0.437	0.099
	1.40%	1.66%	0.49%

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	Yes
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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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)
SHORT TERM BORROWINGS
Loans and Advances from related parties
Loans and advances from others unsecured	1.615	1.471
Total	1.615	1.471

PERFORMANCE AND PROSPECTS

The Company experienced another successful year of operations recording growth. The directors are glad to share with you the growth story and impressive future plans.

FIXED ASSETS:

• Plant and machinery
• Office equipment
• Generator
• Fire extinguish
• Car
• Computers
• Camera
• Furniture
• Motor cycle

Note:

· No Charges Exist for Company

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 records 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.61.86
UK Pound	1	Rs.103.52
Euro	1	Rs.85.31

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--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.