MIRA INFORM REPORT

Report Date :

22.01.2008

IDENTIFICATION DETAILS

Name :	TEMPLE PACKAGING PRIVATE LIMITED
Registered Office :	E-111, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	29.06.1994
Com. Reg. No.:	11-79298
CIN No.: [Company Identification No.]	U28129MH1994PTC079298
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10863G
PAN No.: [Permanent Account No.]	AAACT9039P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers, processors, laminators, designers, buyers, sellers, exporters, importers or otherwise dealers in all kinds of packing, manufacturers of card, board, corrugated, foil board, duplex board, plastic, polythene, sunny bags, container, bottles, lubricating oil, industrial oil and other any types of materials and to manufacture, process, buy, sell, import, export or otherwise deal in all or any or such products, the raw materials stores, stores packing materials products, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established family owned Company engaged in manufacturing and marketing of Printed. Cartons/labels/literatures/brochures etc. one of the directors has got the relevant qualification to run its business efficiently Directors are well experienced in their line of business. The Company’s business is progressing satisfactorily. Trade relations are reported as fair. Payments are usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	E-111, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28476221/28523282/28470490/28573461/28573451/28470282
Fax No.:	91-22-56924952/91-22-28522501
E-Mail :	temple@bom2.vsnl.net.in / temple@bom4.vsnl.net.in pankaj.gor@templepackaging.co.in
Area :	3000 sq. fts
Location :	Rented and owned
Press :	C-14, C-16, C-114, D-103 and C-118, Ansa Industrial Estate, Saki Vihar Road, Mumbai – 400 072, Maharashtra
Factory :	C-16/14, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Mumbai – 400072, Maharashtra, India.
Tel. No.:	91-22-28473599
Area :	25000 sq.fts
Location :	Rented and owned

DIRECTORS

Name :	Mr. Pranav Vinod Joshi
Designation :	Director
Address :	26, Yeshomangal, 64/B, Lallubhai S. Road, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	22.07.1958
Qualification :	B.Com
Date of Appointment :	29.06.1994
Name :	Mr. Vimal Vinod Joshi
Designation :	Director
Address :	26, Yeshomangal,64/B, Lallubhai.S.Road, Andheri (West), Mumbai – 400 058, Maharashtra
Date of Birth/Age :	27.01.1961
Qualification :	B.Com
Date of Appointment :	29.06.1994

KEY EXECUTIVES

Name :	Sharmila Samar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Pranav V. Joshi	38175
Mrs. Vimal V. Joshi	38175
Total	76350
Equity Share Break-up	Percentage of Holding
Directors or relatives of the Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, processors, laminators, designers, buyers, sellers, exporters, importers or otherwise dealers in all kinds of packing, manufacturers of card, board, corrugated, foil board, duplex board, plastic, polythene, sunny bags, container, bottles, lubricating oil, industrial oil and other any types of materials and to manufacture, process, buy, sell, import, export or otherwise deal in all or any or such products, the raw materials stores, stores packing materials products, etc.
Terms :
Selling :	Credit (120 days) and Bills Discounting Terms
Purchasing :	L/C, Cash and Credit (90 days)

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Printed Cartons	Nos.	0.600 Million	0.300 Million

GENERAL INFORMATION

Suppliers :

· Balkrishna Industries Limited

· Jain Sales Limited

· Coates of India Limited

· Vishal Print Trader (Private) Limited

· Rainbow Inks and Varnish Manufacturing Company Limited

· Garware Polyster Limited

Customers :

· Aurobindo Pharma Limited

· Dr. Reddy’s Laboratories Limited

· Natco Corporation Limited

· Neon Laboratories Limited

· Ahlcon Parenterals Private Limited

No. of Employees :

92

Bankers :

· Saraswat Co-operative Bank Limited

Juhu Beach, Madhusagar, N. S. Road No. 13, Near Juhu Church, Mumbai 400049, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2005 [Rs. In Millions]
Term Loans (Saraswat Co-Op Bank)	30.623
Cash Credit A/c	21.950
Car Term Loans (Saraswat Co-Op Bank)	1.211
Term Loan	3.218
Total	57.002
UNSECURED LOANS
From Companies and Shareholder	23.928
Total	23.928

Banking Relations :	Satisfactory
Auditors :
Name :	Ranawat Soni and Company Chartered Accountants
Address :	107-B, Sagar Shopping Centre, 76, J. P. Road, Andheri {West], Mumbai 400058, Maharashtra, India
Tel. No.:	91-22-2677367
Fax No.:	91-22-26775507

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76350	Equity Shares	Rs. 100/- each	Rs. 7.635 Millions
100000	Preference Shares	Rs. 100/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		17.635	7.635	7.635
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.975	48.882	35.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.610	56.517	42.876
LOAN FUNDS
1] Secured Loans		263.726	220.828	57.003
2] Unsecured Loans		39.465	32.306	23.928
TOTAL BORROWING		303.191	253.134	80.931
DEFERRED TAX LIABILITIES		14.620	11.615	6.531
TOTAL		391.421	321.266	130.338
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		315.657	265.119	83.968
Capital work-in-progress		0.222	5.372	4.008
Capital Advance		0.000	0.000	2.384
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.134	22.129	16.593
	Sundry Debtors	60.045	75.007	39.671
	Cash & Bank Balances	31.397	15.996	12.054
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.955	12.401	15.666
Total Current Assets		130.531	125.533	83.984
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	56.797	71.412	37.328
	Provisions	1.800	4.500	7.300
Total Current Liabilities		58.597	75.912	44.628
Net Current Assets		71.934	49.621	39.356
MISCELLANEOUS EXPENSES		3.608	1.154	0.002
Deferred Capital Expenditure – Rented Galas		0.000	0.000	0.619
TOTAL		391.421	321.266	130.338

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		321.663	233.672	212.304
Other Income		0.000	0.000	0.000
Total Income		321.663	233.672	212.304
Profit/(Loss) Before Tax		10.380	23.747	19.360
Provision for Taxation		0.000	0.000	5.316
Profit/(Loss) After Tax		10.380	23.747	14.044
Export Value		NA	NA	NA
Import Value		NA	NA	37.170
Expenditures :
	Depreciation & Amortization	41.097	13.412
	Interest	29.755	13.690	192.944
	Other Expenditure	240.430	182.822
Total Expenditure		311.282	209.924	192.944

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	3.22	10.16	5.68
Net Profit Margin (PBT/Sales)	(%)	3.22	10.16	7.51
Return on Total Assets (PBT/Total Assets}	(%)	2.32	5.99	7.51
Return on Investment (ROI) (PBT/Networth)		0.14	0.42	0.40
Debt Equity Ratio (Total Liability/Networth)		4.91	5.82	2.70
Current Ratio (Current Asset/Current Liability)		2.22	1.65	1.76

LOCAL AGENCY FURTHER INFORMATION

The company’s fixed assets of :

· Land,

· Factory and Building,

· Plant ad Machinery,

· Patents- Vijuk,

· Forklift,

· Two Wheelers,

· Four Wheelers,

· Three Wheelers,

· Six Wheelers,

· Furniture and Fixtures,

· Computers,

· Motor Cars,

· Factory Equipment,

· Office Equipment And

· Six Wheelers.

Its’ products range includes :-

· Printing and Packaging Materials

· Cartons

· Labels

· Publicity Materials

Form 8

Bankers Charges Report as per Registry

This Form is for	Creation of Charge
Charge identification number of the charge to be modified	NA
Corporate identity number of the company	U28129MH1994PTC079298
Name of the company	TEMPLE PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	26, Yeshomangal 64/ Blallubhai Road, Andheri [West], Mumbai 400058, Maharashtra, India
Type of charge	Ø Book Debts Ø Movable Property Ø Floating Charge
Particular of charge holder	The Saraswat Co-operative Bank Limited Juhu Beach, Mumbai 400049, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	11.12.2007
Amount secured by the charge	Rs. 4.350 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	[a] Rate of Interest 13.5% p.a. or at such rate as may be determined by the Bank from time to time [b] Terms of Repayment On demand or by 60 months if the same is not demanded earlier [c] Margin 25% in Banks Favour [d] Extent and operation of the charge This is term loan facility
Short particulars of the property charged	Hypothecation of all the machinery tangible movable property belonging to the borrowers and lying and being at the borrowers place of business at Khasra No. 1319/1, 1319/2 Village Bhatoli Kalan, P. O. Badd survey no. 171/2 and 171/7 behind Olive health care Hatiyawad, village Dabhel Nani Daman, or wherever else the same may be. Hypothecation of book dents, monies, receivable, outstanding, claims and bills
Date of latest modification prior to the present modification	NA
Particulars of the present modification	NA

Name of the company	TEMPLE PACKAGING PRIVATE LIMITED
Presented By	The Saraswat Co-operative Bank Limited Juhu Beach, Mumbai 400049, Maharashtra, India
1) Date and description of instrument creating the change	Agreement of hypothecation of movable property for L/c on D/A basis Agreement of hypothecation of Book Debts Both the agreements are dated 30.05.2003 and constitute single charge
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the stocks tangible movable property including the stocks for the time being whether new or manufacture or in process of manufacturing and every tangible movable goods/property/machinery/plant both present and future as and when imported or procured by the Company or otherwise belonging to the Company’s and lying and being at the Company’s place of business. Hypothecation by way of first charge on all the book debts outstanding, monies receivable, claims and bills
4) Gist of the terms and conditions and extent and operation of the charge.	Type of facility : This is L/C limit
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-operative Bank Limited Juhu Beach, Mumbai 400049, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Name of the company	TEMPLE PACKAGING PRIVATE LIMITED
Presented By	The Saraswat Co-operative Bank Limited Juhu Beach, Mumbai 400049, Maharashtra, India
1) Date and description of instrument creating the change	Agreement of hypothecation of movable property for L/c on D/A basis dated 18.02.2006
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 7.700 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the goods imported under L/C tangible movable property including the stocks for the time being whether new or manufactured or in process of manufacturing and every tangible movable goods/property/machinery/plant both present and future as and when imported or procured by the Company or otherwise belonging to the Company’s and lying and being at the Company’s place of business. Hypothecation by way of first charge on all the book debts outstanding, monies receivable, claims and bills
4) Gist of the terms and conditions and extent and operation of the charge.	This is L/C limit
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-operative Bank Limited Juhu Beach, Madhusagar, N. S. Road No. 13, Near Juhu Church, Mumbai 400049, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

CMT REPORT (Corruption, Money Laundering and 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. 39.38
UK Pound	1	Rs. 76.90
Euro	1	Rs. 57.27

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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
TOTAL		45

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 and 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 and 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