MIRA INFORM REPORT

Report Date :

11.12.2008

IDENTIFICATION DETAILS

Name :	RUBY MACONS LIMITED
Registered Office :	A – 203/204, Angelina Apartments, Vile Parle (West), Mumbai – 400056, Maharashtra.
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	08.05.1986
Com. Reg. No.:	11-039768
CIN No.: [Company Identification No.]	U28920MH1986PTC039768
TAN No.: [Tax Deduction & Collection Account No.]	SRTR01608F
PAN No.: [Permanent Account No.]	AAACR1939A
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Marketing and Exporter of Paper and Paper Boards, Paper Making Machines.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established Company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually Correct and as per commitment. The Company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Das
Designation :	Accountant
Date :	10.12.2008

LOCATIONS

Registered Office :	A – 203/204, Angelina Apartments, Vile Parle (West), Mumbai – 400056, Maharashtra, India.
Tel. No.:	91-22-26186771/72
Mobile No.:	91-9376837001
Fax No.:	91-22-26186774
E-Mail :	bombay@rubymacons.com rml@rubymacons.com vapi.macons@axcess.net.in macons@nathani.com
Website :	http://www.rubymacons.com
Location :	Owned
Factory 1 :	Plot No. 789/4, III Phase Road, GIDC, Vapi – 396195, Gujarat
Tel. No.:	91-260-3050000
Fax No.:	91-260-3050010
E-Mail :	mail@rubymacons.com
Location :	Owned
Factory 2 :	206/6/3, Amrut Industrial Estate, Opposite Dadra Check Post, U.T. Of Dadra And Nagar Haveli
Location :	Owned
Factory 3 :	Survey No. 56/1, Village Morai, Via Vapi, Vapi -396 191, Dist. Valsad
Branches :	Located at Vapi (2) Dadra (1) Morai (1)

DIRECTORS

Name :	Mr. Ketan C. Damani
Designation :	Director
Address :	C-2/178, Karmakshetra Com. Harbansal Marg, Sion Koliwada, Mumbai – 400037, Maharashtra, India.
Date of Appointment :	16.09.2006
Name :	Mr. Alibhai H. Nathani
Designation :	Executive Chairman
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	29.08.1944
Date of Appointment :	01.09.2005
Name :	Mr. Ashraf A. Nathani
Designation :	Managing Director
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	23.05.1971
Date of Appointment :	01.09.2005
Name :	Mr. Firoz Nathani
Designation :	Director
Name :	Mr. Arshad A. Nathani
Designation :	Executive Director
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	17.01.1980
Date of Appointment :	01.09.2005
Name :	Mr. Aslam M. Kothari
Designation :	Directors Operations
Name :	Mr. Harshad G. Vashi
Designation :	Whole Time Director
Date of Birth/Age :	C-302, Rahul Apartment, Sky Build, Village Borsapada Road, Poisar, Kandivali (West), Mumbai – 400067, Maharashtra, India.
Qualification :	01.12.1958
Date of Appointment :	01.08.2007
Name :	Mr. Mahendi N. Kureshi
Designation :	Director Technical
Address :	B-Wing, Flat No – 303/304, Bh-Aazad Weigh Bridge, Vapi - 396191, Valsad, Gujarat, India.
Date of Birth/Age :	05.01.1968
Date of Appointment :	01.08.2007
Name :	Mr. Mohamadaslam M. Kothari
Designation :	Whole Time Director
Address :	Khimji Mansion, Atul Society, Valsad Road, Vapi – 396191, Valsad, Gujarat, India.
Date of Birth/Age :	10.12.1963
Date of Appointment :	01.08.2007

KEY EXECUTIVES

Name :	Mr. Rajendra Prasad Saraf
Designation :	Company Secretary
Name :	Mr. Das
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.08.2008

Names of Shareholders	No. of Shares
Mr. Alibhai H. Nathani	165000
Mr. Mehfuza A. Nathani	795000
Mr. Ashraf A. Nathani	766200
Mr. Arshad A. Nathani	765300
Ms. Padmini Damji Savla	50
Mr. Hirji J. Chheda	75
Mr. Laxichand J. Chheda	75
Mr. Jayant J. Chheda	75
Mr. Mehfuza A. Nathani	75000
Mr. Rizwana A. Nathani	382500
Mr. Firdaus A. Nathani	382500
Total	3331775

AS ON 31.03.2008

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Marketing and Exporter of Paper and Paper Boards, Paper Making Machines.

Products :

Products	ITC Code No.
Uncoated Paper & Paper Board	4805
Parts of Pulp & Paper making machinery	8439.90

Generic Name of the Principal Product/Service of company is as under:

• M. G. Kraft Paper/Board
• Paper Machine Equipment
• Spares

The company’s product range include :

• Test Liner
• Fluting
• Board
• Newsprint

Exports :

Products :

• Paper Boards
• Papermaking Machine

Countries :

• USA

Imports :

Products :

• Raw Material

Countries :

• China

Terms :

Selling :

LC

Purchasing :

LC, Credit (60 days)

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity
Unocated Paper And Paper Board	MT	122000	122000
		(122000)	(122000)
Pulp And Paper Making Machinery	Nos	120	-
		(120)	-
Newsprint	MT	15500	15500
		(15500)	(15500)

GENERAL INFORMATION

Customers :

• End Users
• Sikka Paper Mills
• Vapi Paper Mills Limited
• ECS Papers Limited
• Shamil Paper Mills Limited
• Rajesh Paper Mills Limited
• Super Paper Mills Limited
• Pranav Paper Mills
• Ruby Paper Mills Private Limited
• Babri Paper Mills Limited

No. of Employees :

540

• In office 40
• In factory 170
• In branches 330

Bankers :

• State Bank Of India

Vapi Industrial Township Branch, Vapi – 396 195, Gujarat, India.

• ICICI Bank
• Bank of Baroda

Facilities :

Secured Loans As On 31.03.2008

Particulars	Rs. In Millions
From Banks
Term Loan (Note 1(A)) {Including Interest Accrued And Due Rs. 0.041 Million (Previous Year Rs. 2.026 Millions)} {Repayable Within A Year Rs. 50.000 Millions (Previous Year Rs. 12.500 Millions)}	223.570
Working Capital Loan [Note 1 (B)]	211.361
Total	434.931

Note:

1(a) Secured By Equitable Mortgage Of Company’s Immovable Properties Situated At Plot No. 789/4, Vapi Industrial Estate, Village Chhiri, Taluka Pardi, Dis Valsad, And Survey No. 56/1 Village Morai, Taluka Pardi, Dis. Valsad In The State Of Gujarat With All Buildings And Structures Thereon And All Plant And Machinery Attached To The Earth Or Fastened To The Earth In Favour Of State Bank Of India, Industrial Township Branch.

1(B) Secured By First Charge Over All The Goods, Book Debts And Other Current Assets Of The Company By Way Of Hypothecation In Favour Of State Bank Of India. Industrial Township Branch, Vapi.

Banking Relations :	Satisfactory
Auditors :
Name :	Deloitte Haskins and Sells Chartered accountant
Address :	12, Annie Besant road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India.
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

AS ON 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- Each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3331775	Equity Shares	Rs. 10/- Each	Rs.33.317 Millions

Note:

Of the above

3,331, 775 (previous year 3,331, 775) equity shares of Rs. 10/- each fully paid up (out of which 3,170, 000 shares are allotted as fully paid by way of bonus shares by capitilisation of reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		33.317	33.317	33.318
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		581.834	484.792	364.646
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		615.151	518.109	397.964
LOAN FUNDS
1] Secured Loans		434.932	289.661	91.190
2] Unsecured Loans		0.000	0.000	41.523
TOTAL BORROWING		434.932	289.661	132.713
DEFERRED TAX LIABILITIES		173.326	121.801	67.700
TOTAL		1223.408	929.571	598.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		767.633	697.379	292.902
Capital work-in-progress		34.257	49.630	90.164
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.598	112.474	93.230
	Sundry Debtors	270.680	163.005	107.359
	Cash & Bank Balances	96.036	15.864	92.208
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	170.076	117.293	141.063
Total Current Assets		708.390	408.636	433.860
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	283.132	222.668	124.392
	Provisions	3.740	3.406	94.157
Total Current Liabilities		286.872	226.074	218.549
Net Current Assets		421.518	182.562	215.311
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1223.408	929.571	598.377

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		2134.841	1464.488	1274.018
Other Income		4.674	3.296	3.468
Total Income		2139.515	1467.784	1277.486
Profit/(Loss) Before Tax		150.741	181.821	158.569
Provision for Taxation		51.751	59.726	54.347
Profit/(Loss) After Tax		98.990	122.095	104.222
Earnings in Foreign Currency :
	Export Earnings	99.183	13.429	NA
Total Earnings		99.183	13.429	NA
Imports :
	Raw Materials	631.711	338.414	NA
	Stores & Spares	5.685	4.436	NA
	Capital Goods	3.652	40.836	NA
Total Imports		641.048	383.686	NA
Expenditures :
	Manufacturing Expenses	535.125	305.689	NA
	Raw Material Consumed	NA	NA	592.281
	Purchases made for re-sale	NA	NA	176.830
	Consumption of stores and spares parts	NA	NA
	Increase/(Decrease) in Finished Goods	(10.818)	(5.444)	(1.078)
	Salaries, Wages, Bonus, etc.	NA	NA	41.456
	Managerial Remuneration	NA	NA	10.000
	Payment to Auditors	NA	NA	0.337
	Interest	36.937	6.253	12.441
	Insurance Expenses	NA	NA	4.753
	Power & Fuel	NA	NA	110.053
	Depreciation & Amortization	48.577	28.379	26.460
	Other Expenditure	1378.953	951.086	154.384
Total Expenditure		1988.774	1285.963	11189.917

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	4.62	8.31	8.15
Net Profit Margin (PBT/Sales)	(%)	7.06	12.41	12.44
Return on Total Assets (PBT/Total Assets}	(%)	9.98	15.73	19.41
Return on Investment (ROI) (PBT/Networth)		0.24	0.35	0.39
Debt Equity Ratio (Total Liability/Networth)		1.17	0.99	0.88
Current Ratio (Current Asset/Current Liability)		2.46	1.80	1.98

LOCAL AGENCY FURTHER INFORMATION

History:

RUBY MACHINERY AND CONSULTANTS was incorporated in the year 1976 by the Technocrat Entrepreneur Mr. Alibhai Nathani. In the year 1986 The Company’s name was subsequented as Ruby Macons limited.

Initially the company was established to supply paper machinery and consultancy services to small paper mills projects. Mr. Alibhai Nathani started his career initially in the year 1976 as paper consultant supplying basic engineering services, equipments and related consultancy for paper mills in the country. He had earlier worked with paper mills like Central Pulp Mills and later started his own entrepreneurship venture as a paper consultant.

In 1986, Mr. Alibhai Nathani started Ruby Macons Limited (RML) as his own venture. During 1986-88 RML was only supplying paper machines, technical consultancy services to paper industry and in the year 1988 RML set up is own paper mill with modest capacity of 20 TDP. Since then, RML has never looked back and over the period of time, the paper mill division witnessed a 10 fold capacity increase from 20 TPD to 150 TPD.

Simultaneously, the paper machinery and consultancy division has also made a steady progress and has earned the distinction of having supplied a large number of paper mill plant all over the country, together with technical support services for setting up/ maintenance and up keep of the said plants.

In 1999, RML set up the DNH Maschinenfabrik Division. It was establish with the aim to serve the demand for paper industry for screen basket and plates of all type. RML had wide experience in screening. RML has the distinct of being the first company in India to develop the Slotted Screen Basket

Thanks to the high level of technical expertise and skill of the promoter Mr. Alibhai Nathani, which has transformed into a strong technical knowledge base throughout the organisation. Apart from the key promoter, the management team comprises of his two sons Mr.Ashraf Nathani and Mr. Arshad Nathani, who are both qualified and well experienced in paper industry. Their enthusiasm and dynamic outlook have played a key role in the company’s growth.

PERFORMANCE REVIEW:

The financial performance of the company for the year has significantly improved. During the year, Sales increased by 46% to Rs. 2130.000 millions from Rs. 1460.000 millions in the previous year. Operating Profit before interest & depreciation & tax registered an increase to Rs. 236.200 millions from Rs. 216.400 millions. The Production of Uncoated Paper & Paper Board during the year is 92,121 M.T. as compared to 59,530 M.T. during the previous year.

MACHINERY SEGMENT:

During the year company has expanded its in-house production capacity and developed some equipment with modern technology. the Company has also started outsourcing and Buying equipment from China which will help the Company to fulfill their Commitment of Delivering the Goods in time.

POWER PRODUCTION:

the company has produced 15.318 millions units (KWH) of power during the year against 18.040 millions (KWH) in the previous year for self consumption out of which company has produced power units of 9.304 millions units (KWH) through its Steam Turbine as against previous year of 8.374 millions (KWH). The Company has successfully started its new Steam turbine at Morai Project during February 2008. The company’s main objective is to operate a modern, cost-effective, energy efficient and environment friendly production plant. The management commitment towards Conservation of Energy.

The volatility in the International crude Oil price is cause of concern to sustain the costeffectiveness of power project.

OUTLOOK:

The year 2007-08 was a year full of challenges and RML with its superior quality and technology up gradation has been able to meet those challenges successfully. Paper business is expected to grow from capacity expansions in the manufacturing sector. The Company expanded its scope from a single product category to a multiproduct portfolio, resulting in enhanced possibility to occupy a larger shelf space. It has prudently invested its resources to drive its innovation and cost effectiveness. The Market for all your Company’s products continues to be extremely competitive. Material cost escalations and volatility on waste paper and other inputs continue to have an impact on the profitability. With strong focus on operational efficiency and improvement in productivity, your Company should be able to retain its position as the leader in Kraft paper.

With stiff competition, the paper industry faces a persistent pressure on margins due to its inability to pass on input cost rises to consumers. The interest rats have moved up, which is a cause of concern, Cyclicality could trigger an industry recession, Foreign Exchange rate fluctuation may have a negative industry impact, Rising Fuel prices is also a concern and this leads to cost increases which cannot be easily passed on to customers. Hence, the Company’s future profitability may come under pressure. However, RML is fully geared up to face such challenges and will overcome the same.

This form is for

Modification of charge

Charge identification number of the modified

90225295

Corporate identity number of the company

U28920MH1986PTC039768

Name of the company

RUBY MACONS LIMITED

Address of the registered office or of the principal place of business in India of the company

A – 203/204, Angelina Apartments, Vile Parle (West), Mumbai – 400056, Maharashtra, India.

Type of charge

Immovable property

Particular of charge holder

State Bank of India, Industrial Township Branch, Vapi – 396 195, Gujarat, India.

sbi.01658@sbi.co.in

Nature of description of the instrument creating or modifying the charge

Extension of equitable mortgage created on 16.11.2006

Letter regarding the grant of individual limits the overall limits dated :- 16.11.2006

Date of instrument Creating the charge

16.11.2006

Amount secured by the charge

Rs. 575.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of interest

Working capital -1.50% below sbar minimum 9.50%

Term loan – 1.00% below sbar minimum 10.00%

Terms of repayment

DCC: Valid for a period of one year payable on demand

Term loan of Rs. 250.000 millions will be repayable in 20 quarterly installments of Rs. 125.000 millions each with a moratorium period of 15 months each starting from 01.01.2008

Margin

Cash Credit RM :	Existing	Proposed
Domestic	25%	25%
Imported	25%	25%
SIP	30%	30%
FG	35%	35%
Stores and spares	50%	50%
Receivables (coverdays)	35%	35%

Extent And Operation Of The Charge

To secure the due repayment, discharge and redemption by the company to the state bank of India for its credit facilities of Rs. 205.900 millions granted to the company as under.

Fund based facilities Rs. 500.000 millions

Nonfund based facilities Rs. 75.000 millions

Together with interest additional interest liquidated damages, commitment charges, premia on prepayment or redemption etc. on first charge.

Short particulars of the property charged

Equitable Mortgage Over Factory Land And Proposed Building At Survey No,56/1, At Village Morai, Taluka Pardi, District Valsad. And Hypothecation Of Plant And Machinery To Be Acquired Of Proposed Term Loan, As Primary Security.

Equitable Mortgage Over Factory Land/Lease Hold Factory Land And Building At Plot No. 789/4, III PHASE ROAD, Gidc, VAPI (Existing Manufacturing Site For Kraft Paper And Hypothecation Of Plant And Machinery, As Collateral Security.

Date of latest modification prior to the present modification

08.10.2004

Contingent Liabilities as on 31.03.2008

particulars	Rs. In million
Letter Of Credit Opened With State Bank Of India	0.869
Guarantee Issued By The Bank At The Request Of The Company In Favour Of Third Parties	0.880
Income Tax Matters	0.652
Estimated Amount Of Contracts Remaining To Be Executed On Capital Account And Not Provided For	1.500

FIXED ASSETS

Ø Land-Free Hold

Ø Land –Leasehold

Ø Building

Ø Plant And Machinery

Ø Furniture And Fixtures

Ø Office Equipment

Ø Vehicles

Ø Intangibles

Ø Software

The company is in trade terms with the following :

Ø Namma Trading Company

C-2051011984, Capital - S. R. 1,000,000, P. O. Box - 1498, Al-Khobar - 31592, Kingdom of

Saudi Arabia

Ø J & H Sales International

11A, Cambridge Park, Wamstead, London - E - 11 2PU, United Kingdom

Ø Pacific Forest Resources

Benelux BV, Luchthavenweg 81, Unit 137, 5657 EA, Eindhoven, The Netherlands

AS PER WEB SITE DETAILS

Paper Mill/ About Paper Mill

Their Paper Division is one of largest producers of Test liner in India with its present capacity is of 50,000 TPA. They are the undisputed market leader for Test liners. They have been constantly increasing their production and improving their quality.

In the 1988 the company decided to have its own Paper manufacturing facilities. A 20 tons per day Recycled Kraft Board project was implemented in a record time of 150 days from the day of acquisition of land. In its maiden year it self, it notched up an impressive production figure – 100%. Subsequently in 1992 the capacity of this machine was expanded to 40 tons per day.

As the days flew, the demand grew…And so did their company. Backed by devoted professionals, who’ve the triple benefits of Experience, Expertise and Enthusiasm, the company has grown from strength to strength. In the year 1994, they acquired another Paper Machine for producing value added Kraft Paper. This was combined with a one mega-watt power generation project – The first for a mill of such capacity in the country.

Keeping in trend with latest developments, in both the machines they installed a top wire unit with head-box.

PAPER MACHINE SPECIFICATION

Paper Machine One:

Product : Test liner and Fluting

Type : M.G./M.F.Machine

Capacity : 20,000 tons per annum

Substance Range : 80-375 GSM

Trim Width : 2100 m.m.

Paper Machine Two:

Product : Test liner and Fluting

Type : M.F.Machine

Capacity : 35,000 tons per annum

Substance Range : 80-375 GSM

Trim Width : 3260 m.m.

Machinery Division/ Overview:

They have supplied more then 80 complete paper making machinery right from 5 TPD to 150 TPD, for various grades like Test liner, Paper board, Duplex board, Light weight poster Newsprint and Writing and Printing.

The year - 1976. The enterprise - Ruby Machinery and Consultants. The aim - to supply complete Paper Machinery and Consultancy for small paper mill projects. Sensing the tremendous potential in this core sector industry, Alibhai Nathani set up this company and supplied the first Paper project of 5 tons per day capacity. The success of this unit revolutionized the outlook of the Indian paper industry and blazed a new trail. Considered to be unviable projects at that time, today small paper mills produce about 40% of India's Paper. They are proud to be part of this revolution. From a modest beginning they have now carved their own niche in the Paper industry. It is not the technical innovation in itself which is regarded as a prestigious success for their company, but rather the customer's satisfaction with the product backed by their post - sales services - and this will always be the case.

Following his father's footsteps, Ashraf Nathani joined their Board of Directors. His enthusiasm and dynamic outlook have played a key role in the company's growth. Starting with an annual turnover of One million rupees they have grown to be a Six hundred million company today.

Despite fluctuating fortunes in the industry, they never looked back. From 1976 to 1986 as Ruby Machinery and Consultants and subsequently as Ruby Macons Limited, they have supplied machinery for 83 Complete Paper projects apart from many rebuilds. Approximately 5,75,000 tons of paper - including varieties like Kraft paper, Paper board, Duplex board, Light weight poster, Newsprint, Writing and Printing papers are produced annually on machines supplied by us. They record with pride that more than 45% are repeat orders and each of these deliver 100% capacity! No mean achievement; if you consider that the industry average in India is only 65%.

Machinery Division/Products:

Vertical Centrifugal Screen (CFS)

Optimized flow conditions in the inlet and accept zones ensure uniform flow though the screen basket.

Ø High efficiency screening.

Ø Minimum fractionation.

Ø No stringing.

Ø Deposit-free.

Ø Virtually pulsation free due to Multifoil rot

Ø Low energy consumption.

Constuction:

Application:

Ø Fabricated from stainless steel

Ø Approach flow.

Ø Mechanical seal

Ø Stock preparation systems after LD Cleaners.

Ø Smooth polished internal surface

Model	Inlet	Outlet	Reject	Total Screen Area (M^2)	(A)	(B)	(C)	Power (Kw)
CFS-400	150	150	65	0.38	940	1000	600	15
CFS-600	250	250	80	1.13	1110	1560	800	22
CFS-800	350	350	100	2.00	1520	2240	1000	37
CFS-1000	400	400	125	3.14	3000	2850	1515	55
CFS-1200	540	540	150	4.52	3500	3200	2075	75

Machinery Division/ Client List

No.	Name of the Company	Place	Type of Paper
1	Agrawal Paper Mills Private Limited	Vapi	Test Liner / Fluting
2	Gopalkrishna Paper Mills Private Limited	Tarapur	Test Liner / Fluting
3	Shree Ram Paper Mills Private Limited	Surat	Test Liner / Fluting
4	Agrashakti Paper Mills Private Limited	Vapi	Test Liner / Fluting
5	Kwality Pulp and Paper Mills	Vapi	Test Liner / Fluting
6	Pranav Paper Mills	Vapi	Test Liner / Fluting
7	Super Paper Mills Private Limited	Muzaffarnagar	Test Liner / Fluting
8	Rajesh Paper Mills Limited	Shikohabad	Test Liner / Fluting
9	Atlas Paper Mills Private Limited	Vapi	Test Liner / Fluting
10	Babri Paper Mills Limited	Muzaffarnagar	Test Liner / Fluting
11	Shamli Paper Mills Limited	Muzaffarnagar	Test Liner / Fluting
12	Agrawal Paper Mills Private Limited (Machine-II)	Vapi	Test Liner / Fluting
13	Shree Ambeshwar Paper Mills Private Limited	Ankleshwar	Test Liner / Fluting
14	Ruby Paper Mills Private Limited	Vapi	Blue Match
15	ECS Papers Limited	Bhiwadi	Test Liner / Fluting
16	Vapi Paper Mills Limited	Vapi	Test Liner / Fluting
17	Haria Paper Mills Private Limited	Vapi	Test Liner / Fluting
18	Shivshakti Paper Mills	Vidisha	Test Liner / Fluting
19	Kalika Board and Paper Mills	Hapur	Test Liner / Fluting
20	R. K. Mill Board Private Limited	Muzaffarnagar	Test Liner / Fluting
21	Sikka Paper Mills Limited	Muzaffarnagar	Test Liner / Fluting
22	Sushila Paper Mills Private Limited	Kanpur	Test Liner / Fluting
23	Agrashakti Paper Mills Private Limited (Machine - II)	Vapi	Test Liner / Fluting
24	Delux Board and Paper Mills	Vapi	Test Liner / Fluting
25	Rajesh Paper Mills Limited (Machine - II)	Shikohabad	Test Liner / Fluting
26	Kwality Pulp and Paper Mills (Machine - II)	Vapi	Test Liner / Fluting
27	Shree Ambeshwar Paper Mills Private Limited	Ankleshwar	Test Liner / Fluting
28	Reliable Paper and Board Mills	Hyderabad	Test Liner / Fluting
29	Shree Jagdambe Estates	Muzaffarnagar	Test Liner / Fluting
30	Sardhana Papers Private Limited	Sardhana	Test Liner / Fluting
31	Marigold Paper Mills Private Limited	Muzaffarnagar	Test Liner / Fluting
32	Sidharth Paper Mills Limited	Kashipur	Test Liner / Fluting
33	Ram Paper Mills Limited	Bijnor	Duplex Board
34	Charu Papers Private Limited	Bijnor	Test Liner / Fluting
35	Vinod Paper Mills Limited	Punjab	Test Liner / Fluting
36	Shakumbhri Pulp and Paper Mills Private Limited	Muzaffarnagar	Test Liner / Fluting
37	Haria Pulp and Paper (I) Private Limited	Vapi	Duplex Board
38	Chamunda Paper Private Limited	Hapur	Test Liner / Fluting
39	Dev Paper Mills Private Limited	Meerut	Test Liner / Fluting
40	Sagar Duplex Board Limited	Hapur	Duplex Board
41	Damanganga Paper Mills Private Limited	Vapi	Duplex Board
42	Bedse Pulp Conversion Industries Private Limited	Aurangabad	Test Liner / Fluting
43	Super Delux Paper Mills Private Limited	Vapi	Test Liner / Fluting
44	Shree Swami Harigiri Paper Mills Limited	Panoli	Duplex Board
45	Aryan Paper Mills Private Limited	Vapi	Test Liner / Fluting
46	Bindlas Duplux Private Limited	Muzaffarnagar	Test Liner / Fluting
47	Nikita Papers Private Limited	Shamli	Test Liner / Fluting
48	Anand Duplex Private Limited	Meerut	Test Liner / Fluting
49	Sangal Papers Limited	Meerut	Test Liner / Fluting
50	Siddheshwari Paper Udyog Limited	Kashipur	Test Liner / Fluting
51	Shah Paper Mills Private Limited	Vapi	Test Liner / Fluting
52	Shree Murari Paper Mills Limited	Dhule	Test Liner / Fluting
53	Dev Pulp Private Limited	Meerut	Test Liner / Fluting
54	Maya Duplex Limited	Muzaffarnagar	Test Liner / Fluting
55	Ram Paper Mills Limited (Machine - II)	Bijnor	Writing Printing
56	Kamakshi Paper Mills Private Limited	Bijnor	Test Liner / Fluting
57	Shree Badri Kedar Steel Private Limited	Kotdwara	Test Liner / Fluting
58	Silverton Papers Limited	Muzaffarnagar	Speciality Paper
59	Pranavraj Paper Mills Private Limited	Vapi	Test Liner / Fluting
60	Miranpur Paper Mills	Muzaffarnagar	Test Liner / Fluting
61	Saiyed Paper Mills Private Limited	Vapi	Test Liner / Fluting
62	Sree Sakthi Paper Mills Private Limited	Ernakulam	Test Liner / Fluting
63	Shree Ambeshwar Paper Mills Private Limited (Unit – II)	Ankleshwar	Test Liner / Fluting
64	Anand Tissues Limited	Meerut	Test Liner / Fluting
65	N. R. Agarwal Industries Limited	Vapi	Test Liner / Fluting
66	Shree Rajeshwaranand Paper Mills Limited	Ankleshwar	Writing Printing
67	Cosboard Industries Limited	Orissa	Test Liner / Fluting
68	Shakumbhri Straw Products Limited	Moradabad	Test Liner / Fluting
69	Anand Duplex Limited (Machine - II)	Meerut	Duplex Board
70	Sree Sakthi Paper Mills Private Limited (Machine - II)	Chalakudy	Duplex Board
71	Shah Paper Mills Limited (Machine - II)	Vapi	Test Liner / Fluting
72	The West Coast Paper Mills Limited	Dandeli	Duplex Board
73	Usman Paper Mills Private Limited	Vapi	Test Liner / Fluting
74	Vaibhav Paper Board Private Limited	Vapi	Test Liner / Fluting
75	Bindlas Duplux Limited (Machine - II)	Muzaffarnagar	Test Liner / Fluting
76	Bedse Pulp Conversion Industries Private Limited (Unit - II)	Aurangabad	Test Liner / Fluting / Duplex / Writing Printing
77	Shah Pulp and Paper Mills Private Limited	Vapi	Newsprint
78	Best Paper Mills Limited	Vapi	Test Liner / Fluting
79	Apana Paper Mills Private Limited	Vapi	Test Liner / Fluting
80	J. B. Daruka Papers Limited	Sitapur	Test Liner / Fluting
81	Vishwa Paper Mills	Aurangabad	Test Liner / Fluting
82	Delux Kraft Board Private Limited	Vapi	Test Liner / Fluting
83	Shakumbhri Straw Products Limited (Unit-II)	Moradabad	Test Liner / Fluting
84	Karanja Industries Limited	Bidar	Test Liner / Fluting
86	Bansi Pulp and Papers Limited	Sangli	Test Liner / Fluting
85	Shakumbhri Straw Products Limited (Unit-III)	Moradabad	Writing Printing
87	Best Paper Mills Limited [Unit-II]	Vapi	Writing Printing

Screen Baskets/ Overview

In 1999 they started manufacturing of Slotted and Holed Screen Basket and Plate, they are the first in India to develop Slotted Basket/Plate for the Paper Industry. Their Screen Baskets and Plates are successfully operating in various equipments manufactured by some of the most reputed suppliers like Voith Paper, Kadant Lamort.

In the Pulp and Paper industry, screening has become a key process. The efficiency of such a system is directly related to the type of screen basket/plate used. They have set up modern manufacturing facilities with special purpose CNC machine tool’s resulting in internationally competitive quality for screen baskets and plates.

They offer various types of Screen Cylinders :

Ø Lower Consistency Wedge Wire

Ø Medium Consistency Wire

Ø Conventional Milled

Ø Holes with special profile

Screen Baskets/ Products:

Lower Consistency Wedge Wire

The Lower Consistency Wedge Wire design offers high open area compared to the conventional milled. They also have a very high slot width accuracy (+ or – 0.025 mm) and 90% slots are falling within this range.

The Lower Consistency is designed for working up to 1.2 % consistency. Various types of profile angles/surface contours are available for best screen cylinder performance.

Hardchrome provides longer life for the cylinder as a result reduces the running cost.

To improve screening quality you need narrow slots, to improve throughput you need large open area and absence of stringing and plugging and also mechanical strength to avoid shutdown. RML comes out with most innovative solution to all these well-known screening problem by introducing the latest design micro-turbulence screen cylinder for the purpose

The comparison showing higher open area of wedge wire baskets realtive to conventional slotted baskets.

Screen Baskets/ Calculators:

Open area and flow calculation for slotted basket

Open area and flow calculation for For 60 deg. equilateral triangular drilled pattern

Open area and flow calculation for For For two different pitches

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.49.12
UK Pound	1	Rs.72.59
Euro	1	Rs.63.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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