MIRA INFORM REPORT

Report No. :	354663
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	SANWARIYA PACKAGING PRIVATE LIMITED
Registered Office :	Flat No. 304, Sahil Residency, 19, Bairathi Colony No. 1, Indore – 452007, Madhya Pradesh
Mobile No.:	91-9300206947 (Mr. Jay Wadhwani)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.2010
Com. Reg. No.:	10-024424
Capital Investment / Paid-up Capital :	Rs. 20.000 Million
CIN No.: [Company Identification No.]	U21020MP2010PTC024424
IEC No.:	1110006179
TIN No.:	23969015855
TAN No.: [Tax Deduction & Collection Account No.]	BPLS13013A
PAN No.: [Permanent Account No.]	AAOCS8417N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importers of Packaging Material. (Confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 57000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010 and it is the manufacturer, exporter and importers of packaging material. It is an established company having moderate track. Management of the subject has failed to file its latest financials with government department for the year 2015. However, as per available financial, there seems to be loss incurred by the company from its few year records which has been gradually recovered by earing profit margin of 4.28% during the year 2014. Further, the rating is constrained on account of company’s moderate financial profile marked by negative reserves level and leverage balance sheet profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of aforesaid, the company can be considered for business dealings 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jay Wadhwani
Designation :	Director
Contact No.:	91-9300206947
Date :	17.12.2015

LOCATIONS

Registered Office :	Flat No. 304, Sahil Residency, 19, Bairathi Colony No. 1, Indore – 452007, Madhya Pradesh, India
Tel. No.:	91-731-3241238
Mobile No.:	91-9300206947 (Mr. Jay Wadhwani) 91-9300022341 (Office)
Fax No.:	91-731-2856132
E-Mail :	diamondsdco@gmail.com
Website :	http://www.sanwariyapackaging.com
Location :	Owned
Factory :	1/A-3, Rau Industrial Area Extension, Rangwasa Road, RAU, Indore – 453331, Madhya Pradesh, India
Tel. No.:	91-731-2856132
Fax No.:	91-731-2856132

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Jay Wadhwani
Designation :	Director
Address :	19/1, Bairathi Colony No. 1, Flat No. 304, Sahil Residency, Indore - 452007, Madhya Pradesh, India
Date of Birth/Age :	13.11.1980
Date of Appointment :	28.09.2010
DIN No.:	03230632
Name :	Mr. Mukul Wadhwani
Designation :	Director
Address :	Flat No. 404, Sahil Residency, 19/1, Bairathi Colony No. 1, Indore - 452007, Madhya Pradesh, India
Date of Appointment :	10.09.2015
DIN No.:	07256281

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vishnu Shrama	139500
Priti Wadhwani	55000
Jay Wadhwani	2500
Sangeeta Sahu	10000
Kamal Wadhwani	5000
Shakun Wadhwani	42500
Sapna Wadhwani	47500
Balaji Resources and Trading Limited, India	375000
Chinar Capital Market Private Limited, India	973000
Nimbus Infrabuilt Private Limited, India	80000
Nimbus Stock Investment Limited, India	270000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	85.00
Directors or relatives of Directors	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importers of Packaging Material. (Confirmed by management)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Italy Russia Ghana Pakistan Bangladesh
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	SME Branch, Agrawal House,, Y.N. Road, Indore - 452001, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Bank Term Loan from Canara Bank (previous year Vijya Bank) (Secured against First Charge on all Movable and Immovable assets at the company and Personal Guarantee of directors)	15.580	4.265
SHORT TERM BORROWING
From Banks Cash credit from Canara Bank (Pre year Viiya Bank) (Secured against hypothecation of stock and book debts)	11.612	5.651
Term loan installment Payable within a year	2.216	1.750
Total	29.408	11.666

Auditors :
Name :	Pawan K Jain and Associates Chartered Accountant
Address :	108, Golden Point, Palasia Square, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4040738
Mobile No.:	91-9827024738
Fax No.:	91-731-4040738
E-Mail :	pawankjain@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFP0398M
Memberships :	Not Available
Collaborators :	Not Available
Company in which KMP / Relatives of KMP Can Influence exercise significant:	Nimbus Beverage Private Limited Nimbus Fasto and Forge Private Limited Chinar Capital Market Private Limited Nimbus Stock Invest Limited Passion Engineering Solution Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	10.500
(b) Reserves & Surplus	(0.110)	(3.362)	(3.772)
(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)	19.890	16.638	6.728
(3) Non-Current Liabilities
(a) long-term borrowings	40.066	28.324	18.477
(b) Deferred tax liabilities (Net)	0.115	0.178	0.192
(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)	40.181	28.502	18.669
(4) Current Liabilities
(a) Short term borrowings	13.828	7.402	7.001
(b) Trade payables	1.101	3.232	5.517
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	6.226	0.650	0.307
Total Current Liabilities (4)	21.155	11.284	12.825
TOTAL	81.226	56.424	38.222
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.558	21.530	22.212
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.500	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	0.423	0.117	0.214
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	38.481	21.647	22.426
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.832	10.704	6.557
(c) Trade receivables	22.574	10.658	7.341
(d) Cash and cash equivalents	1.549	0.877	0.400
(e) Short-term loans and advances	5.493	4.968	1.477
(f) Other current assets	3.297	7.570	0.021
Total Current Assets	42.745	34.777	15.796
TOTAL	81.226	56.424	38.222

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	76.041	41.129	9.429
	Other Income	0.027	0.017	0.025
	TOTAL (A)	76.068	41.146	9.454
Less	EXPENSES
	Cost of Materials Consumed	53.400	28.999	8.094
	Employees benefits expense	3.681	2.425	1.042
	Other expenses	8.258	4.319	1.942
	TOTAL (B)	65.339	35.743	11.078
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.729	5.403	-1.624
Less	FINANCIAL EXPENSES (D)	3.407	1.955	0.891
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.322	3.448	-2.515
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.779	3.052	1.065
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.543	0.396	(3.580)
Less	TAX (H)	0.291	(0.014)	0.192
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.252	0.410	(3.772)
	EARNING IN FOREIGN CURRENCY
	Sales (Export)	8.931	8.634	0.000
	IMPORTS
	Plant and Machinery	7.979	0.000	5.992
	Earnings / (Loss) Per Share (Rs.)	1.63	0.21	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.28	1.00	(40.00)
Operating Profit Margin (PBIDT/Sales)	(%)	14.11	13.14	(17.22)
Return on Total Assets (PBT/Total Assets}	(%)	4.87	0.70	(9.37)
Return on Investment (ROI) (PBT/Networth)		0.18	0.02	(0.53)
Debt Equity Ratio (Total Debt /Networth)		2.71	2.15	3.79
Current Ratio (Current Asset/Current Liability)		2.02	3.08	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.500	20.000	20.000
Reserves & Surplus	(3.772)	(3.362)	(0.110)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6.728	16.638	19.890
long-term borrowings	18.477	28.324	40.066
Short term borrowings	7.001	7.402	13.828
Total borrowings	25.478	35.726	53.894
Debt/Equity ratio	3.787	2.147	2.710

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9.429	41.129	76.041
		336.197	84.884

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9.429	41.129	76.041
Profit	(3.772)	0.410	3.252
	(40.00%)	1.00%	4.28%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE

During the year, the Company has earned a net profit of Rs. 3.252 Million in comparison to the previous year profit Rs. 0.410 Million. The directors are helpful to perform well in the upcoming years

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Related Parties	19.005	0.000
From Others	5.481	24.060
Total	24.486	24.060

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446652	26/12/2014 *	64,000,000.00	CANARA BANK	SME BRANCH, AGRAWAL HOUSE, Y.N. ROAD, INDORE, MA DHYA PRADESH - 452001, INDIA	C41694407
2	10307634	26/07/2011	13,875,000.00	VIJAYA BANK	VIJAYA BANK, SAPNA SANGEETA ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B21164280

* Date of charge modification

FIXED ASSETS

• Borwell
• Building
• Cylinder
• Computer and Software
• Electrical Installation
• Factory Equipment
• Furniture and Fixture A/C
• Office equipment
• Plant and Machinery

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 records 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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.