MIRA INFORM REPORT

Report No. :	509709
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	PASHUPATI SYNPACK INDUSTRIES (P) LTD.

Registered Office :	GPO # 133 Janakipath, Biratnagar-6, Nepal

Country :	Nepal

Financials (as on) :	15.07.2017

Date of Incorporation :	11-02-2002

Legal Form :	Private Limited Company

Line of Business :	· Subject involved in manufacturing of PP woven sack through the production line that has 2 Tape Lines and 106 looms. The company is currently manufacturing 400 tons of sacks per month where the sizes of the sacks come out in a wide range, varying from 12 inches to 54 inches · This unit is equipped with the most modern and technologically advanced imported machinery, which helps manufacture woven sacks of the highest quality

No. of Employees :	300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Nepal

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NEPAL - ECONOMIC OVERVIEW

Nepal is among the least developed countries in the world, with about one-quarter of its population living below the poverty line. Nepal is heavily dependent on remittances, which amount to as much as 30% of GDP. Agriculture is the mainstay of the economy, providing a livelihood for almost two-thirds of the population but accounting for only one-third of GDP. Industrial activity mainly involves the processing of agricultural products, including pulses, jute, sugarcane, tobacco, and grain.

Nepal has considerable scope for exploiting its potential in hydropower, with an estimated 42,000 MW of commercially feasible capacity. Nepal and India signed trade and investment agreements in 2014 that increase Nepal’s hydropower potential, but political uncertainty and a difficult business climate have hampered foreign investment.

Nepal was hit by massive earthquakes in early 2015, which damaged or destroyed infrastructure and homes and set back economic development. Political gridlock in the past several years and recent public protests, predominantly in the southern Tarai region, have hindered post-earthquake recovery and prevented much-needed economic reform. Additional challenges to Nepal's growth include its landlocked geographic location, persistent power shortages, and underdeveloped transportation infrastructure.

Source : CIA

Company name

Pashupati Synpack Industries (P) Ltd.

Company Identification Details

Enquired Name	:	Pashupati Synpack Industries (P) Ltd
Correct Name of Company	:	Pashupati Synpack Industries (P) Ltd
Registered Office	:	Head Office GPO # 133 Janakipath, Biratnagar-6, Nepal. Phone:+977-21-524075/523127, 532810/812 Fax: +977-21-526903/533643 Email : premier@shardagroup.com / rumpumbrt@wlink.com.np Corporate Office GPO # 2544 Thapathali, Kathmandu, Nepal. Phone : +977-1-4229922, 4229888, 4260298, 4258731 Fax: +977-1-4229800/4244996 Email: info@shardagroup.com Branch Office GPO # 80 Satghumti Road, Biratnagar-8, Nepal. Phone:+977-21-521748/526654, 524248 Fax: 977-21-526687 Email : pktu@shardagroup.com / pktu@nns.com.np Liaison Office 4A, N.C Dutta Sarani, Vatsalya Chamber, 5th Floor, Room No.505, Kolkata-1, India Phone: +91-33-22622025 E-mail: samitsarda@yahoo.com
Nature of Activity	:	Established in 2002, this facility is located at Sonapur, Biratnagar. PSI is involved in manufacturing of PP woven sack through the production line that has 2 Tape Lines and 106 looms. The company is currently manufacturing 400 tons of sacks per month where the sizes of the sacks come out in a wide range, varying from 12 inches to 54 inches. This unit is equipped with the most modern and technologically advanced imported machinery, which helps manufacture woven sacks of the highest quality
Diirector	:	S.R. Sharda (Chairman)	S.N. Sharda (Vice Chairman)	R.S. Sharda (Finance Director)	Pawan K. Sharda (Executive Director)

Official Company Data

Legal Form	:	Private Limited Company
Corporate Identity Number (CIN)	:	1640
ROC Code	:	Kathmandu
Registration Date	:	11-02-2002
Issuing Authority	:	Registrar of Companies
Employee	:	300
Auditor	:	AUDITORS G. Chatterjee, Kathmandu, Nepal.
Bankers	:	Nepal SBI Ltd., Kathamndu, Nepal. Nepal Grindlays Bank , Kathmandu, Nepal Bank of Kathmandu, Nepal Nepal Arab Bank Ltd.
Factory	:	As above.

Financial

Authorised Capital : 6,000,000 mln

Balance Sheet

(Amount in Rupees Mln.)

BALANCE SHEET AS AT 15.07.2017
Liabilities	Amount (Rs.)	Assets	Amount (Rs.)

Paid up Capital	1,000,000	Fixed Assets	10,947
Reserve & Surplus	10,618,987	Investments	3,000,000
Deffered Tax	8,944	Loans & Advances	15,348,954
Current Liabilities & Prov.	13,481,829	Cash & Bank	6,749,859



Total	25,109,760		25,109,760

	Rs.
Sales	21,036,920
Profit before Tax	10,382,600
Profit after Tax	6,568,911

INFORMATION DENIED

Management Non Co-Operative (Tel No.:+977-21-524075/523127)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
NPR	1	INR 0.62

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SAV

Analysis Done by :	VAR

Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.