MIRA INFORM REPORT

Report No. :	341340
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	ARMOR PROTECTIVE PACKAGING INDIA PRIVATE LIMITED
Registered Office :	Flat No. G1, Guru Bhargavi Apartments, No.16, 43^rd Street, Nanganallur, Chennai – 600061, Tamilnadu
Tel. No.:	91-44-65651551
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.2011
Com. Reg. No.:	18-079562
Capital Investment / Paid-up Capital :	Rs.1.010 Million
IEC No.:	0411004301
CIN No.: [Company Identification No.]	U74999TN2011PTC079562
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCA2843
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Corrosion Protection Packaging Products.
No. of Employees :	Information declined by the 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 550
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2011, having moderate track. The company has incurred some accumulated losses. The rating also takes into consideration huge borrowings recorded by the company which further act as a threat to the liquidity position of the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 DECLINED BY

Name :	Mr. Balaji
Designation :	Director
Contact No.:	91-9176900601
Date :	16.09.2015

LOCATIONS

Registered Office :	Flat No. G1, Guru Bhargavi Apartments, No.16, 43^rd Street, Nanganallur, Chennai – 600061, Tamilnadu, India
Tel. No.:	91-44-65651551
Mobile No.:	91-9176900601 (Mr. Balaji)
Fax No.:	Not Available
E-Mail :	balaji@adduco.in cs@armorvci.net
Website:	http://www.armorvci.net

DIRECTORS

As on 30.09.2014

Name :	Rekha Anantha
Designation :	Director
Address :	Flat No G 1, Guru Bhargav Apartments, 16, 43 Road St, Chennai - 600061, Tamilnadu, India
Date of Appointment :	15.11.2013
DIN No.:	02314847
Name :	Mr. Krishnamurthy Balaji
Designation :	Director
Address :	Flat No G 1, Guru Bhargav Apartments, 16, 43 Road St, Chennai - 600061, Tamilnadu, India
Date of Appointment :	10.03.2011
DIN No.:	02348440
Name :	Mr. Rajagopalan Ravi
Designation :	Director
Address :	2042, Sobha Dahlia, Outer Ring Road, Belandur, Bangalore - 560103, Karnataka, India
Date of Appointment :	10.03.2011
DIN No.:	03428807

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Krishnamurthy Balaji	41000	40.59
K. P. Karthikeyan	25000	24.75
Ravi Rajagopalan	25000	24.75
R. V. Ramanan	10000	9.90
Total	101000	100.00

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Corrosion Protection Packaging Products.
Products :	VCI Foam VCI Chips VCI Bubble sheet VCI pouches VCI zip lock covers VCI bags Rust Corrosion Protection Products Other Packaging Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

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 :

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 :

Information declined by the management

Bankers :

Bank Name	Bank of India
Branch	Usman Road Branch, T. Nagar, Chennai – 600017, Tamilnadu, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Secured Loans from banks	1.169	1.507
Short-term borrowings
Cash Credit from Banks (Against hypothecation of stock book debts)	6.528	4.693
Total	7.697	6.200

Auditors :
Name :	Kalyanasundaram and Associates Chartered Accountants
Address :	No.10 2^nd Floor, 127, By Pass Road, Velachery – 600042, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFK3741J
Memberships :	--
Collaborators :	--
Subsidiaries :	Adduco Engineering Solutions Private Limited Everlife Fire Safety Systems Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.10/- each	Rs.1.010 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.10/- each	Rs.1.010 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	1.010	1.010	1.010
(b) Reserves & Surplus	(0.819)	(0.880)	(1.179)
(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)	0.191	0.130	(0.169)
(3) Non-Current Liabilities
(a) long-term borrowings	3.718	4.011	3.040
(b) Deferred tax liabilities (Net)	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)	3.718	4.011	3.040
(4) Current Liabilities
(a) Short term borrowings	6.528	4.693	3.566
(b) Trade payables	5.565	3.265	2.166
(c) Other current liabilities	0.809	0.000	1.323
(d) Short-term provisions	0.017	0.017	0.023
Total Current Liabilities (4)	12.919	7.975	7.078
TOTAL	16.828	12.116	9.949
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.347	1.849	1.994
(ii) Intangible Assets	0.020	0.033	0.056
(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)	0.036	0.039	0.051
(d) Long-term Loan and Advances	0.450	0.450	0.450
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.853	2.371	2.551
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.071	7.325	4.570
(c) Trade receivables	3.759	2.307	2.507
(d) Cash and cash equivalents	0.024	0.022	0.035
(e) Short-term loans and advances	0.033	0.016	0.015
(f) Other current assets	0.088	0.075	0.271
Total Current Assets	11.975	9.745	7.398
TOTAL	16.828	12.116	9.949

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		19.387	4.438
	Other Income		(0.040)	0.005
	TOTAL (A)	29.304	19.347	4.443
Less	EXPENSES
	Cost of Materials Consumed		12.736	2.738
	Purchases of Stock-in-Trade		0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(1.903)	(1.790)
	Employees benefits expense		2.253	0.888
	Other expenses		4.561	2.885
	TOTAL (B)	NA	17.647	4.721
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	1.700	(0.278)
Less	FINANCIAL EXPENSES (D)	NA	1.010	0.573
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	0.690	(0.851)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	0.361	0.380
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	NA	0.329	(1.231)
Less	TAX (H)	NA	0.011	(0.052)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.043	0.318	(1.179)
	IMPORTS
	Raw Materials	5.610	3.353	2.459
	TOTAL IMPORTS	5.610	3.353	2.459
	Earnings / (Loss) Per Share (Rs.)	0.21	3.14	(11.68)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.15	1.64	(26.57)
Operating Profit Margin (PBIDT/Sales)	(%)	NA	8.77	(6.26)
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.72	(12.44)
Return on Investment (ROI) (PBT/Networth)		NA	2.53	7.28
Debt Equity Ratio (Total Debt /Networth)		53.64	66.95	(39.09)
Current Ratio (Current Asset/Current Liability)		0.93	1.22	1.05

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	1.010	1.010	1.010
Reserves & Surplus	(1.179)	(0.880)	(0.819)
Net worth	(0.169)	0.130	0.191
long-term borrowings	3.040	4.011	3.718
Short term borrowings	3.566	4.693	6.528
Total borrowings	6.606	8.704	10.246
Debt/Equity ratio	(39.089)	66.954	53.644

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	4.443	19.347	29.304
		335.449	51.465

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	4.443	19.347	29.304
Profit	(1.179)	0.318	0.043
	(26.54%)	1.64%	0.15%

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	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION:

The company is involved in manufacturing of Corrosion Protection packaging products, the company uses the products of Armor USA which is an brand in USA. The Company was incorporated on 10^th March 2011 and started its operations on 3^rd May 2011.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans From Others	2.549	2.504
Total	2.549	2.504

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555306	23/02/2015	15,000,000.00	Axis Bank Limited	"Trishul', 3rd Floor, Opposite to Samartheshwar Temple,  Law Garden, Ellis Bridge, Ahmedabad, Gujarat - 380006, INDIA	C46805867

FIXED ASSETS

• Plant and Machinery
• Other Equipments
• Electrical Equipments
• Furniture and Fixtures
• Computers and Accessories
• Office Equipments
• Capital Work in Progress
• Computer Software

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.66.92
UK Pound	1	Rs.102.75
Euro	1	Rs.75.12

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--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	--

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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.