MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	GOPSONS PAPERS LIMITED
Registered Office :	T-2, Akarshan Bhawan, 4754/23 Ansari Road, Darya Ganj, New Delhi -110 002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.08.1984
Com. Reg. No.:	55-18868
Capital Investment / Paid-up Capital :	Rs.80.000 millions
CIN No.: [Company Identification No.]	U22219DL1984PLC018868
TAN No.: [Tax Deduction & Collection Account No.]	DELG06342A
PAN No.: [Permanent Account No.]	AAACG1067C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Security Printed Documents, Excise Labels, Holograms, Security Stamps, Banker's Cheques, Fixed Deposit Receipts/Call Deposit Receipts, Lottery/Bingo and Lotto Tickets, Bus/Railway and Airline Tickets, Ballot Papers, Trade Tax Forms and Tax Stamps.
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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/Corporate Office :	T-2, Akarshan Bhawan, 4754/23 Ansari Road, Darya Ganj, New Delhi -110 002, India
Tel. No.:	91-11-23281450 / 23289616 / 23289626 / 23283255 / 41563112
Fax No.:	91-11-23276360 / 41563115
E-Mail :	information@gopsons.com sapra_kalra@yahoo.co.in sapra.kalra@indiatimes.com accounts@gopsons.com
Website :	http://www.gopsons.com
Area :	2000 Sq. ft.
Location :	Owned (Commercial)
Branch Office 1 :	A-14, Sector 60, Noida, Uttar Pradesh, India
Tel. No.:	91-120-2580395 / 2580424 / 2580160
Branch Office 2 :	A-2 and 3, Sector 64, Noida, Uttar Pradesh, India
Tel. No.:	91-120-2401671 / 2401672 / 2401673
Branch Office 3 :	Sales – Office, Germany Urbanstraße 64, 10967 Berlin-Germany
fon:	+49-30-555770390
Branch Office 4 :	USA Office 675 Fifteen Mile Drive, Roseville, California 95678
Tel. No.:	+1 916 786 7373
Fax No.:	+1 916 786 7393
E-Mail :	iqbal@gopsons.com

DIRECTORS

As on 28.09.2009

Name :	Mr. Sunil Dutt Goel
Designation :	Managing Director
Address :	21-B, Sri Ram Marg, Civil Lines, New Delhi-110054, India
Date of Birth/Age :	06.07.1954
Qualification :	Graduate
Date of Appointment :	02.08.1984
DIN No. :	00256042
Name :	Mr. Anil Kumar Goel
Designation :	Director
Address :	21-B, Sri Ram Marg, Civil Lines, New Delhi-110054, India
Date of Birth/Age :	25.03.1959
Date of Appointment :	24.08.1985
DIN No. :	00256113
Name :	Mrs. Suman Goel
Designation :	Director
Address :	7-G, Vishwa Apartments, Civil Lines, Delhi, India
Date of Birth/Age :	15.04.1960
Date of Appointment :	02.08.1984
Name :	Mr. Nitin Goel
Designation :	Director
Address :	7-G, Vishwa Apartments, 3, Shankaracharya Marg, Civil Lines, Delhi - 110054, India
Date of Birth/Age :	25.01.1971
Date of Appointment :	01.02.1996
Name :	Mr. Vasant Goel
Designation :	Director
Address :	21-B, Sri Ram Marg, Civil Lines, New Delhi-110054, India
Date of Birth/Age :	12.07.1979
Name :	Mr. Gaurav Goel
Designation :	Director
Address :	21-B, Sri Ram Marg, Civil Lines, New Delhi-110054, India
Date of Birth/Age :	25.10.1981
Date of Appointment :	09.01.2004
DIN No. :	00273600
Name :	Mr. Mukesh Goel
Designation :	Director
Address :	21-B, Sri Ram Marg, Civil Lines, New Delhi-110054, India
Date of Birth/Age :	19.02.1981
Date of Appointment :	31.03.2007
DIN No. :	01523581

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2009

Names of Shareholders	No. of Shares
R. N. Polyplast Private Limited	2206333
Chander Prabh Publication	1389000
Gopsons Print and Pack Limited	60000
Anil Kumar Goel (HUF)	376283
Chander Prabha Goel	587834
Anil Kumar Goel	488684
Nitin Goel	420900
Sunil Dutt Goel	586466
Suman Goel	165952
Mukesh Goel	141808
Gaurav Goel	435559
Chanchel Goel	353700
Rattan Lal	81433
Rupal Goel	120900
Satish Chander Goel	70900
Vidyawati Goel	66429
Vasant Goel	131083
B.L. Singhal	48417
Goel S.D. and Sons	43169
Uma Sapra	39667
K.L. Chawla	28000
Bhuvenesh Kumar Raji	26250

As on 28.09.2009

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.00
Directors or relatives of directors	54.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Security Printed Documents, Excise Labels, Holograms, Security Stamps, Banker's Cheques, Fixed Deposit Receipts/Call Deposit Receipts, Lottery/Bingo and Lotto Tickets, Bus/Railway and Airline Tickets, Ballot Papers, Trade Tax Forms and Tax Stamps.
Products :	Generic Names of the Principal Products / Services of the company are : · Books · Paper · Paper / Art Paper

GENERAL INFORMATION

No. of Employees :

200 Approximately

Bankers :

Oriental Bank of Commerce

73-74-75 Sunder Complex, Chawri Bazar, Delhi – 110 006, Delhi, India

Facilities :

Secured Loans	As on 31.03.2009 Rs. in millions
Term Loans
From Scheduled Banks Secured against equitable mortgage of land and buildings, hypothecation of Plant and Machinery, vehicles and other fixed assets etc.	384.597
From Companies Secured against hypothecation of vehicles	0.441
Cash Credit Loan
From a Scheduled Banks Secured by hypothecation of Stocks and Book Debts	187.246
Term Loans and cash credit loan from a scheduled bank are also secured by personal guarantees of all the directors
Total	572.284

Unsecured Loans (including interest accrued and due)	As on 31.03.2009 Rs. in millions
From a Scheduled Bank	14.804
From Managing and other Directors and their relatives	79.793
From Companies	16.375
Total	110.972

Banking Relations :	--
Auditors :
Name :	Sapra Sharma and Associates Chartered Accountant
Address :	23, Prakash Apartments, 5, Ansari Road, Darya Ganj, New Delhi – 110 002, Delhi, India
Associates :	Gopsons Print and Pac Private Limited (As on 31.03.2009)
Subsidiaries :	Gopsons Lanka Private Limited (As on 31.03.2009)

CAPITAL STRUCTURE

As on 28.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		80.000	80.000	80.000
2] Share Application Money		2.400	0.300	0.000
3] Reserves & Surplus		443.219	450.981	420.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		525.619	531.281	500.111
LOAN FUNDS
1] Secured Loans		777.336	643.049	572.284
2] Unsecured Loans		143.340	109.228	110.972
TOTAL BORROWING		920.676	752.277	683.256
DEFERRED TAX LIABILITIES		69.272	67.810	66.041
TOTAL		1515.567	1351.368	1249.408
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		773.277	834.395	688.296
Capital work-in-progress		323.224	80.214	163.447
INVESTMENT		14.244	14.244	14.244
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	179.422	125.482	179.371
	Sundry Debtors	271.422	444.367	397.792
	Cash & Bank Balances	103.791	51.199	35.011
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	150.721	70.094	70.044
Total Current Assets		705.356	691.142	682.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	284.332	253.890	270.327
	Other Current Liabilities			13.232
	Provisions	16.202	14.737	15.238
Total Current Liabilities		300.534	268.627	298.797
Net Current Assets		404.822	422.515	383.421
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1515.567	1351.368	1249.408

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Services	1267.224	1180.388	1484.003
		Other Income	42.502	18.113	37.278
		TOTAL (A)	1309.726	1198.501	1521.281
Less	EXPENSES
		Materials and Manufacturing	825.033	852.302	1140.312
		Personnel	70.573	60.669	63.900
		Selling, Distribution and Administration	200.758	102.731	124.510
		TOTAL (B)	1096.364	1015.702	1328.722
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		213.362	182.799	192.559
Less	FINANCE CHARGES (D)		98.180	78.296	80.226
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		115.182	104.503	112.333
Less/ Add	DEPRECIATION/ AMORTISATION (F)		81.448	72.909	69.742
	PROFIT BEFORE TAX (E-F) (G)		33.734	31.594	42.591
Less	TAX (H)		10.290	9.936	10.960
	PROFIT AFTER TAX (G-H) (I)		23.444	21.658	31.631
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		264.045	251.747	229.476
Less	APPROPRIATIONS
		Proposed Dividend	8.000	8.000	8.000
		Corporate Dividend Tax	1.329	1.360	1.360
	BALANCE CARRIED TO THE B/S		278.160	264.045	251.747
	EARNINGS IN FOREIGN CURRENCY		NA	NA	274.061
	IMPORTS
		Plant and Machinery	NA	NA	171.201
		Consumable Store and Machinery Spares	NA	NA	13.145
		Raw Materials	NA	NA	29.577
	TOTAL IMPORTS		NA	NA	213.923
	Earnings Per Share (Rs.)		2.93	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.79	1.81	2.08
Net Profit Margin (PBT/Sales)	(%)	2.66	2.68	2.87
Return on Total Assets (PBT/Total Assets}	(%)	2.28	2.07	3.11
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.09
Debt Equity Ratio (Total Liability/Networth)		2.32	1.92	1.96
Current Ratio (Current Asset/Current Liability)		2.35	2.57	2.28

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U22219DL1984PLC018868
Name of the company	GOPSONS PAPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	T-2, Akarshan Bhawan, 4754/23 Ansari Road, Darya Ganj, New Delhi -110 002, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Oriental Bank of Commerce 73-74-75 Sunder Complex, Chawri Bazar, Delhi – 110 006, Delhi, India
Nature of instrument creating charge	LTR 21
Date of instrument Creating the charge	28.10.2010
Amount secured by the charge	Rs.1226.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin As Per Agreement Extent and Operation of the charge As Per Agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No 124/1, 124/2, 124/3a-1, 124/2a, 123/5, 123/4, 123/3, 124/3a3, 124/2c, 160/2a, 160/2b And 124/7a Measuring 17.85 Acres At Vellur Village, Sivakasi Panchayat Union, Taluk and Distt Virudhu Nagar

WEB DETAILS

Profile

Subject was founded in 1950 by Devi Dayal Goel, with one small hand fed letter-press machine, a rugged workhorse of a press that supplemented the business’ primary focus of the paper trade.

As is the natural process, three of Devi Dayal's sons - Satish, Sunil, and Anil accepted the challenge of taking over the family business, which at the time mainly supplied paper to the book printing trade. In a visionary move, and with the encouragement of publishers who called for the supply of finished product rather than raw material, the three brothers saw that the future of the company lay in supplying the demands of the publishers for finished articles.

Thus began the journey of toil, hard work and commitment to service, which saw the setting up of 5 printing units spread across Delhi over a period of time. In June 2002 the fifth and newest plant’s construction began. The first two units totaling over 3, feet in floor area are fully equipped and running at the time of writing this profile. Fitted with back up power supply and central air conditioning in a dust free environment, this new plant - while still expanding - proudly stands as the true "state of the art" in India.

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.46.05
UK Pound	1	Rs.75.20
Euro	1	Rs.66.47

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	6
--PROFITABILIRY	1~10	5
--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		48

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.