MIRA INFORM REPORT

Report No. :	348632
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	VEER PACKAGING
Registered Office :	2nd Floor, Krishna Kunj, hanuman Cross Road No. 1, Vile Parle East, Mumbai – 400057, Maharashtra
Tel. No.:	91-2522-282056
Country :	India
Financials (as on) :	31.03.2015
Com. Reg. No.:	Not Divulged
Date of Incorporation :	05.02.1983
Capital Investment / Paid-up Capital :	Rs.2.264 Million
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAAFV1569R
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Corrugated Boxes.
No. of Employees :	17 (Approximately) (In Office = 2 / In Factory = 15)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established in the year 1983 as a partnership concern and it is the manufacturer of corrugated boxes. It has satisfactory track. Mr. Pradip Bosmaya, partner has provided all information of the subject to us. General financial position of the concern is good with decent profit recorded during the year 2015. Trade relations are fair. Business is active. Payments are reported to be usually correct. The concern 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, 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

Name :	Mr. Pradip Bosmaya
Designation :	Partner
Contact No.:	91-9820153019
Date :	04.11.2015

LOCATIONS

Registered Office :	2nd Floor, Krishna Kunj, hanuman Cross Road No. 1, Vile Parle East, Mumbai – 400057, Maharashtra, India
Tel. No.:	91-2522-282056
Mobile No.:	91-9820153019 (Mr. Pradip Bosmaya)
Fax No.:	Not Available
E-Mail :	veerpackaging@gmail.com
Location :	Owned
Factory :	4906/4, A-2, GIDC Road No. East 28, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-221397 / 324569
Location :	Owned

PARTNERS

Name :	Mr. Pradip Bosmaya
Designation :	Partner
Address :	2nd Floor, Krishna Kunj, hanuman Cross Road No. 1, Vile Parle East, Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	65 Years
Qualification :	B.SC
Experience :	40 Years
Name :	Mr. Urvish Bosmaya
Designation :	Partner
Address :	2nd Floor, Krishna Kunj, hanuman Cross Road No. 1, Vile Parle East, Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	36 Years
Qualification :	B.Com
Experience :	12 Years

KEY EXECUTIVES

Name :	Mr. Kiran Dave
Designation :	Manager / Overall Management
Address :	61 Years
Qualification :	HSC
Experience :	32 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Corrugated Boxes.
Products :	Corrugated Boxes
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Kraft Paper	45 Ton / Month	30-35 Ton / Month

GENERAL INFORMATION

Suppliers :

Reference :

Shree Krishna Papers

Name of the Person :

Mr. Vikas Jhunjhunwala (Proprietor)

Contact No.:

91-9820083782

Since How Long Known :

22 Years

Maximum Limit Dealt :

5-6 Lac (Monthly)

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They are us positive Response about subject company they are satisfied with their payment behavior and market Good will.

· Paper Roll Supplying Company

· Prime Wire Manufacturing Company

· Urvashi Pulp and Paper Mills Private Limited

· Doshi Agencies

· Kamalnayan Enterprises

Customers :

End Users

Reference :	RPG Life Science Limited, Ankleshwar
Name of the Person :	Mr. Ujwal Pandya
Contact No.:	91-2646-662217 (Continuously Ringing)
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

· Lyka Laba Limited

· Avon Appliances Private Limited

· Rama Ferti – Chem Limited

· Narmada Vally Rubber Private Limited

No. of Employees :

17 (Approximately) (In Office = 2 / In Factory = 15)

Bankers :

Bank Name	Bank of Baroda
Branch	Nitin Niwas, 47, M.G. Road, Vile Parle East, Mumbai – 400057, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-26141554/26142716
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

Bank Name	Bank of Baroda
Branch	Industrial Estate Branch, GIDC, Ankleshwar – 393002, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-2646-222202 / 225322
Credit Facilities Enjoyed (If any)	Cash Credit = Rs.2.000 Million

Auditors :

Name :

H.N. Patel and Company

Chartered Accountants

Address :

A-701, Suntek Grandeur, S.V. Road, Andheri West, Mumbai – 400058, Maharashtra, India

Tel. No.:

91-22-26790538 / 39

E-Mail :

patelhemantca@yahoo.in

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Partners Fixed Capital A/c
Shri Pradip V. Bosmaya	Rs. 0.010 Million
Shri Urvish P. Bosmaya	Rs. 0.010 Million
Partners Current Capital A/c :
Shri Pradip V. Bosmaya	Rs. 0.641 Million
Shri Urvish P. Bosmaya	Rs. 1.603 Million
Total	Rs. 2.264 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		2.264	1.649
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.264	1.649
LOAN FUNDS
1] Secured Loans		1.776	0.257
2] Unsecured Loans		1.934	1.495
TOTAL BORROWING		3.710	1.752
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		5.974	3.401
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.463	1.909
Capital work-in-progress		0.000	0000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.073	1.413
	Sundry Debtors	6.657	5.096
	Cash & Bank Balances	0.050	0.136
	Other Current Assets	0.032	0.032
	Loans & Advances	0.039	0.039
Total Current Assets		8.851	6.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.081	4.042
	Other Current Liabilities	0.600	0.523
	Provisions	0.659	0.659
Total Current Liabilities		5.340	5.224
Net Current Assets		3.511	1.492
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5.974	3.401

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	12.981	12.147
	Other Income	0.000	0.123
	TOTAL (A)	12.981	12.270
Less	EXPENSES
	Cost of Materials Consumed	7.705	8.136
	Carriage and Freight Inward	0.205	0.190
	Labour Charges Paid	0.000	0.016
	Service tax paid	0.008	0.006
	VAT Paid	0.239	0.157
	CST Paid	0.002	0.000
	Lab. Paid	0.001	0.000
	Wages	0.947	0.763
	Wages - Bonus	0.153	0.105
	Wages - Leave Encashment	0.046	0.031
	Assessment Duets	0.000	0.000
	Audit Fees	0.029	0.028
	Bank Charges	0.005	0.003
	Car Expenses and Repairs	0.179	0.151
	Car Insurance	0.009	0.000
	Consumable Stores	0.017	0.013
	Delivery Expenses	0.282	0.261
	Depreciation	0.243	0.190
	Donation	0.008	0.007
	Earlier Year Expenses	0.000	0.000
	Electricity Expenses	0.411	0.407
	ESIC	0.045	0.036
	Insurance Charges	0.016	0.030
	Interest - Others	0.226	0.317
	Interest - Urvish Bosmaya	0.126	0.186
	Interest - Urvish Bosmaya	0.056
	Legal and Professional Charges	0.162	0.142
	License Fees	0.005	0.002
	Membership Fees	0.005	0.005
	Notified Area	0.141	0.023
	Postage and telephone	0.074	0.084
	Printing and Stationery	0.014	0.019
	Rebate and Settlement	(0.006)	(0.005)
	Repairs Building	0.012	0.007
	Repairs Machinery	0.065	0.032
	Salary	0.247	0.244
	Salary Bonus	0.047	0.025
	Sales Promotion expenses	0.022	0.038
	Sundry expenses	0.039	0.019
	Travelling and Conveyance	0.144	0.107
	Water Charges	0.013	0.013
	Workmen and Staff Welfare	0.099	0.085
	Provision for Income tax	0.100	0.026
	Partner's Salary
	Shri Pradip Bosmaya	0.335	0.172
	Shri Urvish Bosmaya	0.335	0.172
	TOTAL	12.811	12.243
	NET PROFIT	0.170	0.027

The above information has been parted by Mr. Pradip Bosmaya (Partner)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.31	0.22
Return on Total Assets (PBT/Total Assets}	(%)	1.50	0.31
Return on Investment (ROI) (PBT/Networth)		0.08	0.02
Debt Equity Ratio (Total Debt /Networth)		1.64	1.06
Current Ratio (Current Asset/Current Liability)		1.22	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	1.649	2.264
Reserves & Surplus	0.000	0.000
Net worth	1.649	2.264
long-term borrowings	0.257	1.776
Short term borrowings	1.495	1.934
Total borrowings	1.752	3.710
Debt/Equity ratio	1.062	1.639

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	12.147	12.981
	--	6.866

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	12.147	12.981
Profit	0.027	0.170
	0.22%	1.31%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

TRADE REFRENCE

1. RPG Life Science Limited, Ankleshwar

Mr. Ujwal Pandya

Tel. No. 91-2646-662217

2. Shree Krishna Papers

Mr. Vikas Jhunjhunwala

Mobile No.:91-9820083782

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.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.34

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	HNA
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	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		46

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.