1. Summary Information

		Country	India
Company Name	NARSINGH DASS AND COMPANY PRIVATE LIMITED	Principal Name 1	Mr. Pradeep Gupta
Status	Satisfactory	Principal Name 2	Mr. Aditya Gupta
		Registration #	55-039721
Street Address	3980/9, Chawri Bazar, New Delhi-110006, India
Established Date	02.04.1990	SIC Code	--
Telephone#	91-11-23972050/23972051	Business Style 1	Trader
Fax #	91-11-23944311	Business Style 2	Dealer
Homepage	--	Product Name 1	Packaging Board
# of employees	--	Product Name 2	Waste Paper
Paid up capital	Rs. 11,880,000/-	Product Name 3	Kraft Paper
Shareholders	Bodies corporate 8.59%, Directors or relatives of directors 72.87%, Other top fifty shareholders 18.54%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	20 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	123,676,000	Current Liabilities	69,239,000
Inventories	55,998,000	Long-term Liabilities	73,113,000
Fixed Assets	5,945,000	Other Liabilities	2,145,000
Deferred Assets	415,000	Total Liabilities	144,497,000
Invest& other Assets	000	Retained Earnings	29,657,000
		Net Worth	41,537,000
Total Assets	186,034,000	Total Liab. & Equity	186,034,000
Total Assets (Previous Year)	211,286,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	425,540,000	Net Profit	4,289,000
Sales(Previous yr)	550,580,000	Net Profit(Prev.yr)	2,367,000

MIRA INFORM REPORT

Report Date :

05.04.2011

Note: Given address could not be confirmed.

IDENTIFICATION DETAILS

Name :	NARSINGH DASS AND COMPANY PRIVATE LIMITED
Registered Office :	3980/9, Chawri Bazar, New Delhi-110006, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.04.1990
Com. Reg. No.:	55-039721
CIN No.: [Company Identification No.]	U74899DL1990PTC039721
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Dealer of Packaging Board, Pulp, Waste Paper, Coated Paper, Woodfree Paper, Kraft Paper, Speciality Paper, Industrial Paper, Tissue, Glassine, Insulating Kraft.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	3980/9, Chawri Bazar, New Delhi-110006, India
Tel No.:	91-11-23972050/23972051
Fax No.:	91-11-23944311
E-Mail :	deepak@abhipra.com

DIRECTORS

As on 24.09.2010

Name :	Mr. Pradeep Gupta
Designation :	Managing Director
Address :	D-13A/12, Model Town II, New Delhi-110009, India
Date of Birth/Age :	18.07.1970
Date of Appointment :	12.01.1998
Name :	Mr. Aditya Gupta
Designation :	Director
Address :	D-13A/12, Model Town II, New Delhi-110009, India
Date of Birth/Age :	15.11.1969
Date of Appointment :	12.01.1998
Name :	Mr. Satya Pal Gupta
Designation :	Director
Address :	D-13A/12, Model Town II, New Delhi-110009, India
Date of Birth/Age :	24.12.1942
Date of Appointment :	02.04.1990
Name :	Mr. Rajendra Prasad Gupta
Designation :	Director
Address :	D-13A/12, Model Town II, New Delhi-110009, India
Date of Birth/Age :	05.06.1948
Date of Appointment :	02.04.1990
Name :	Mr. Ram Avtar Gupta
Designation :	Director
Address :	D-8/8, Model Town, New Delhi-110009, India
Date of Birth/Age :	15.04.1950
Date of Appointment :	02.04.1990
Name :	Mr. Shivananda Gupta
Designation :	Director
Address :	11702/3, G.T. Road, New Delhi-110007, India
Date of Birth/Age :	10.08.1952
Date of Appointment :	02.04.1990
Name :	Mr. Ashok Kumar Gupta
Designation :	Director
Address :	No. 16, 13^th Main, 2^nd Cross, Bangalore-560052, Karnataka, India
Date of Birth/Age :	15.03.1954
Date of Appointment :	02.04.1990
Name :	Mr. Kapil Gupta
Designation :	Director
Address :	11702/3, G.T. Road, New Delhi-110007, India
Date of Birth/Age :	27.05.1979
Date of Appointment :	01.10.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2010

Names of Shareholders	No. of Shares
Gupta Pal Satya	5000
Gupta Prasad Rajendra	3000
Gupta Avtar Ram	2490
Gupta Shivananda	2000
Gupta Kumar Ashok	2000
Gupta Rajiv	2000
Gupta Aditya	2000
Gupta Pradeep	2000
Gupta Nirmal	192080
Gupta Geeta	222000
Gupta Sumitra	307000
Gupta Renu	4099
Gupta Madhu	2000
Gupta Abhinav	3600
Gupta Varun	40
Sushil Kr Pradeep Kr. HUF Kr. S K	290
Sanghi S.K.	10
Devi Kalawati	111220
Sanghi Kamla	10
Gupta Neeta	50
Gupta Kapil	3100
Shree Ambika Packaging India Private Limited, India	102000
Sudhir Gupta Huf	1
Ashok Kumar Ramavtar (HUF)	220000
Singhal Chaitnya	10
Total	1188000

As on 24.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	8.59
Directors or relatives of directors	72.87
Other top fifty shareholders	18.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Dealer of Packaging Board, Pulp, Waste Paper, Coated Paper, Woodfree Paper, Kraft Paper, Speciality Paper, Industrial Paper, Tissue, Glassine, Insulating Kraft.

GENERAL INFORMATION

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India
• Union Bank of India, Chawari Bazar Branch, New Delhi-110006, India

Facilities :

Secured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
Cash Credit UBI	0.000	42.042
Secured against hypothecation of raw material, finished good, consumable stores, books debts in present or in future at Term Loan From
FCNR ( HDFC BANK) (Secured against hypothecation of stock, book debtors and personal guarantee of directors.)	25.601	0.000
Term Loan From Financial Institution : HDFC BANK 0333 (Secured against hypothecation of stock, books debtors & personal guarantee of directors.)	27.347	0.000
HDFC BANK Secured against third party guarantee	0.000	0.236
PNB Loan A/c (against DDA Land)	1.062	1.144
Reliance Capital Ltd. (Car Loan)	0.465	0.779
HDFC BANK CAR LOAN	1.213	0.000
Total	55.688	44.201
Unsecured Loan
From Directors	1.388	1.223
From Shareholders	21.393	25.705
Total	22.781	26.928

Banking Relations :	--
Auditors :
Name :	VD Aggarwal and Company Chartered Accountant
Address :	Dilkhush Industrial Cum-Commercial Complex, A-387, G.T. Karnal Road, Azadpur, New Delhi-110033, India

CAPITAL STRUCTURE

As on 24.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1188000	Equity Shares	Rs.10/- each	Rs.11.880 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		11.880	11.880	11.880
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.657	25.369	23.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		41.537	37.249	34.880
LOAN FUNDS
1] Secured Loans		54.507	55.688	44.201
2] Unsecured Loans		18.606	22.781	26.928
TOTAL BORROWING		73.113	78.469	71.129
DEFERRED TAX LIABILITIES		0.000	0.011	0.000
TOTAL		114.650	115.729	106.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.945	5.903	4.774
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.415	0.000	0.009
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.998	72.613	78.180
	Sundry Debtors	96.312	110.630	95.038
	Cash & Bank Balances	1.519	0.244	0.198
	Other Current Assets	2.348	3.482	0.000
	Loans & Advances	23.497	18.414	15.433
Total Current Assets		179.674	205.383	188.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	69.239	94.088	84.073
	Provisions	2.145	1.469	3.550
Total Current Liabilities		71.384	95.557	87.623
Net Current Assets		108.290	109.826	101.226
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		114.650	115.729	106.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	425.540	550.580	467.358
Less	EXPENSES
		Office Expenses
		Administrative Expenses	418.211	545.977	462.054
		Advertising Expenses
		Financial Expenses
		TOTAL	418.211	545.977	462.054
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.329	4.603	5.304
Less/ Add	DEPRECIATION/ AMORTISATION		1.103	0.747	0.712
	PROFIT BEFORE TAX		6.226	3.856	4.592
Less	TAX		1.937	1.489	1.435
	PROFIT AFTER TAX		4.289	2.367	3.157
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.368	23.000	20.344
	BALANCE CARRIED TO THE B/S		29.657	25.367	23.501
	EARNINGS IN FOREIGN CURRENCY		6.103	1.057	NA
	IMPORTS		124.462	118.456	NA
	Earnings Per Share (Rs.)		3.61	1.99	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.01	0.43	0.68
Return on Total Assets (PBT/Total Assets}	(%)	3.35	1.83	2.37
Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.13
Debt Equity Ratio (Total Liability/Networth)		3.48	4.67	4.55
Current Ratio (Current Asset/Current Liability)		2.52	2.15	2.16

LOCAL AGENCY FURTHER INFORMATION

Performance Review:

During the year, the company has made turnover of Rs. 425.540 Millions and profit before depreciation of amounting Rs. 7.329 Millions as against previous year turnover of Rs.550.580 Millions and Net profit before Depreciation of Rs.46.03 Millions. The directors are quite hopeful that turnover and profitability shall improve coming year.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10099496
Corporate identity number of the company	U74899DL1990PTC039721
Name of the company	NARSINGH DASS AND COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3980/9, Chawri Bazar, New Delhi-110006, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India
Email	rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Hypothecation Agreement of Book Debts and Stock in Trade.
Date of instrument Creating the charge	01.03.2010
Amount secured by the charge	Rs.137.026 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First charge on Company's Book Debts and Stock in Trade, etc., to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.137.026 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Hypothecation of First charge over the Book Debts and Stock in Trade of the Company.
Date of latest modification prior to the present modification	13.05.2009
Particulars of the present modification	The charge shall now stand increased from Rs.135.326 Millions to Rs.137.026 Millions, against the security of Book Debts and Stock in Trade.

Fixed Assets:

• Free Hold Land
• Building
• Furniture and Fittings
• Vehicles
• Office Equipment
• Electrical Installation

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.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		47

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.