MIRA INFORM REPORT

Report Date :

12.08.2011

IDENTIFICATION DETAILS

Name :	ANSAPACK PRIVATE LIMITED
Formerly Known As :	ANSA PRINTPACK PRIVATE LIMITED
Registered Office :	The Simplex Mills Compound 1^st Floor, Above State Bank of India, 30 K. K. Marg, Jacob Circle E, Byculla (West), Mumbai – 400 011, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.12.1994
Com. Reg. No.:	11-084095
Capital Investment/ Paid-up Capital:	Rs.6.900 Millions
CIN No.: [Company Identification No.]	U21000MH1994PTC084095
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21835C
PAN No.: [Permanent Account No.]	AAACA4849G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Multi Layer Lamination, Screen Printing Material.
No. of Employees:	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 850000
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

INFORMATION PARTED BY

Name :	Mr. Purushottam Chitre
Designation :	General Finance Manger
Contact No.:	91-9867020253

LOCATIONS

Registered Office :	The Simplex Mills Compound 1^st Floor, K. K. Marg, Jacob Circle E, Byculla (West), Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-23020260 / 255
Fax No.:	91-22-23006409 / 23006405
E-Mail :	ansabomacc@anspack.com pchitre@ansapack.com nkaniyalan@ansapack.com
Website :	http://www.ansapack.com
Area :	2000 sq ft
Location :	Rented
Factory:	12, Industrial Estate, Opposite Swastik Oil Mill, Ambernath, Thane - 421501, Maharashtra, India
Tel. No.:	91-251-2684092
Area :	25000 sq ft
Location :	Owned
Factory :	Block No. 52m Mouje Kunvada, Taluka-Mangrol, District Surat, Gujarat, India
Area :	50000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Anil Gopal Sharma
Designation :	Director
Address :	A-7, Parekh Apartments, Raheja Towership, Malad (West), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	13.11.1958
Qualification :	Graduate
Date of Appointment :	15.12.2003
Name :	Mr. Gautam Arvind Agarwal
Designation :	Director
Address :	6/1, Mitra Kunj, 16/A, Peddar Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	21.12.1987
Date of Appointment :	15.06.2010
Name :	Mr. Arvind Premnath Agarwal
Designation :	Director
Address :	6/1, Mitra Kunj, 16-A, Pedder Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	06.01.1955
Qualification :	B. Sc
Date of Appointment :	28.12.1994
Name :	Mr. Prakash Makhija
Designation :	Director
Address :	Suhas Apartment, Off. L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	08.07.1954
Qualification :	B. Sc
Date of Appointment :	18.04.1995

KEY EXECUTIVES

Name :	Mr. Purushottam Chitre
Designation :	General Finance Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Nifty Holdings Private Limited, India	12500	--
Emblem Holdings Private Limited , India	10000	--
Gaiety Holdings Private Limited, India	10000	--
Nandan S Damani	2500	--
Sai Darshan Investment Private Limited, India	2500	--
PHL Holdings Private Limited , India	12500	--
Ansa Packaging Products Private Limited , India	--	64000
Total	50000	64000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	95.00
Other	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Multi Layer Lamination, Screen Printing Material.
Exports :
Products :	Printing Material
Countries :	France
Imports :
Products :	Raw Material
Countries :	China Finland
Terms :
Selling :	L/C / Cash / Credit (30 days)
Purchasing :	L/C / Cash / Credit (30 days)

GENERAL INFORMATION

Customers :

End Users, OEM’s and Others

No. of Employees :

600 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

· Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate Park Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan from bank secured by mortgage of various fixed assets of the Company situated at various locations and personal guarantee of a director and Corporate guarantee of Ansa Packaging Private Limited	79.294	111.306
Working Capital Loan from bank on hypothecation of book debts, inventory and personal guarantee of a director.	176.861	148.275
Vehicle Loan from bank against Hypothecation of Vehicles	0.707	1.293
Term Loan from Company secured by mortgage of fixed assets of the Company financed by them.	10.340	13.439
Total	267.202	274.313
Unsecured Loan
From Companies	125.431	127.261
From Directors	7.188	0.732
From Others	9.541	10.591
Total	142.160	138.584

Banking Relations :	--
Auditors :
Name :	Vijay Rungta and Company Chartered Accountant
Address :	4/88, Nityanand Nagar, S N Marg, Opposite Railway Station, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26836687
Fax No.:	91-22-26843748
Email:	vrco84@gmail.com
Associates/Subsidiaries :	Ansa Packaging Product Private Limited Address: The Simplex Mills Compound 1^st Floor, K. K. Marg, Jacob Circle E, Byculla (West), Mumbai – 400 011, Maharashtra, India Line of Business: Manufacturer, Exporter and Importer of Packaging Material Ansa Decoglass Private Limited Address: The Simplex Mills Compound 1^st Floor, K. K. Marg, Jacob Circle E, Byculla (West), Mumbai – 400 011, Maharashtra, India Line of Business: Manufacturer of Decorative Glass Bottles.

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs. 7.500 Millions

Paid-up Capital : Rs. 7.044 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Millions
65000	Preferences Shares	Rs.100/- each	Rs.6.500 Millions
	Total		Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million
44000	11% Preferences Shares	Rs.100/- each	Rs.4.400 Millions
20000	5% Non Cumulative Preferences Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.6.900 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		6.900	6.900	4.900
2] Share Application Money		0.000	0.000	50.000
3] Reserves & Surplus		207.152	183.289	118.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		214.052	190.189	173.000
LOAN FUNDS
1] Secured Loans		267.202	274.313	255.527
2] Unsecured Loans		142.160	138.584	155.194
TOTAL BORROWING		409.362	412.897	410.721
DEFERRED TAX LIABILITIES		27.912	29.649	25.495
TOTAL		651.326	632.735	609.216
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		282.144	268.637	274.568
Capital work-in-progress		100.748	122.115	109.899
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	207.926	143.585	136.297
	Sundry Debtors	163.291	164.730	129.590
	Cash & Bank Balances	1.477	0.894	2.931
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	61.183	53.107	46.513
Total Current Assets		433.877	362.316	315.331
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	141.479	108.069	81.070
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	23.964	12.264	9.512
Total Current Liabilities		165.443	120.333	90.582
Net Current Assets		268.434	241.983	224.749
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		651.326	632.735	609.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	839.681	840.597	668.918
		Other Income	15.475	20.930	(2.755)
		TOTAL (A)	855.156	861.527	666.163
Less	EXPENSES
		Manufacturing and Other Expenses	771.505	771.343	180.256
		Material Consumed	0.000	0.000	413.429
		Increase or Decrease in Stocks	(14.709)	(4.910)	5.982
		TOTAL (B)	756.796	766.433	599.667
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.360	95.094	66.496
Less	FINANCIAL EXPENSES (D)		38.897	40.681	16.704
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.463	51.413	49.792
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.167	24.844	18.665
	PROFIT BEFORE TAX (E-F) (G)		34.296	29.569	31.127
Less	TAX (H)		9.575	11.636	11.852
	PROFIT AFTER TAX (G-H) (I)		24.721	17.933	19.275
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.230	44.541	27.508
Less	APPROPRIATIONS
		Transfer to General Reserve	1.500	1.500	1.500
		Dividend	0.734	0.636	0.634
		Tax on Dividend	0.124	0.108	0.108
	BALANCE CARRIED TO THE B/S		82.593	60.230	44.541
	Earnings Per Share (Rs.)		480.76	347.28	374.18

Expected Sales (2010-11) : Rs.1000.000 Millions.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.89	2.08	2.89
Net Profit Margin (PBT/Sales)	(%)	4.08	3.52	4.65
Return on Total Assets (PBT/Total Assets}	(%)	4.79	4.69	5.28
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.18
Debt Equity Ratio (Total Liability/Networth)		2.69	2.80	2.90
Current Ratio (Current Asset/Current Liability)		2.62	3.01	3.48

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The gross income net of excise duty has increased to Rs.869.866 millions from Rs.866.437 millions achieved in previous year. The directors are making efforts to further improve the performance of the company in the current year.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U21000MH1994PTC084095
Name of the company	ANSA PRINTPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	The Simplex Mills Compound 1^st Floor, K. K. Marg, Jacob Circle E, Byculla (West), Mumbai – 400 011, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate Park Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra, India.
Email	suyashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (Current Assets, Movables, Plant & Machinery) (CHD) dated 31.03.2010.
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs.231.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter or as stipulated by Bank from time to time. Terms of Repayment As per Sanction Letter or as stipulated by Bank from time to time. Margin As per Sanction Letter or as stipulated by Bank from time to time. Extent and Operation of the charge Bank granted credit facilities agg. to Rs.231.100 Millions (W.C. limits Rs.200.000 Millions and TL Rs.31.100 Millions .) to secure various limits against security of Present and Future (P and F) Stock of RM, WIP, SFG, FG, etc ; O/s monies, receivables etc. and mov. P and M, F and F etc. lying at Co.'s premises at Plot No. 12, MIDC, Ambernath, B 2 MIDC Industrial Area, Badlapur both in Thane, Maharashtra and at Plot No.13 to 59, Block 52, Kharach Road, Kosamba, Surat, Gujarat or elsewhere; Others The security of Current Assets viz. Stock, Book debts etc. given as security by way of 1st charge for Working Capital Facilities and 2nd charge for Term loan limit. The security of movable Plant, Machinery, furniture, fixtures etc. given as security by way of 1st charge for Term Loan Facility and 2nd charge for working Capital Facilities.
Short particulars of the property charged	I) 1st Charge on TL and 2nd Charge on W. Cap. facilities all P and F mov. Pand M, Fand F etc., lying at Co.'s premises at Kosamba, Dist. Surat, and Ambernath and Badlapur, Dist. Thane II) 1st Charge on W Cap. Facilities and 2nd Charge on T/L all P and F Stock of RM, WIP, SFG, FG, Consumable stores and spares etc., lying at Co's premises or elsewhere III) 1st Charge on W Cap. Facilities and 2nd Charge on T/L all P and F Book Debts, O/S monies, Bills, Claims etc. due and owing to the Company during the course of its business

Fixed Assets:

• Land
• Building
• Furniture and Fixture
• Plant and Machinery
• Office Equipment
• Computer and Accessories
• Fire Fighting Equipment
• Vehicles
• Cycle

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.45.27
UK Pound	1	Rs.73.34
Euro	1	Rs.64.58

SCORE & 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	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.