MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	PERFECTPAC LIMITED
Registered Office :	910, Chiranjiv Tower, 43-Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.02.1972
Com. Reg. No.:	55-005971
Capital Investment / Paid-up Capital :	Rs. 18.326 Millions
CIN No.: [Company Identification No.]	L72100DL1972PLC005971
TAN No.: [Tax Deduction & Collection Account No.]	DELP08862A
PAN No.: [Permanent Account No.]	AAACP0261H
Legal Form :	A Public Limited Liability Company. The Company Shares are Listed to The Stock Exchanges
Line of Business :	Manufacturer and Supplier of Corrugated Boxes, Expanded Polystyrene
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 360000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	910, Chiranjiv Tower, 43-Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26441015
Fax No.:	91-11-26441018
E-Mail :	perfectpacdelhi@bol.net.in
Website :
Factory 1 :	CFC and EPS Unit 134, Sector-24, Faridabad-121005, Haryana, India
Tel. No.:	91-129-2233223 / 2234264
Fax No.:	91-129-2230014
Factory 2 :	CFC Automatic Plant Plot No.1B/1C, Udyog Vihar, Greater Nodia, India
Tel. No.:	91-120-2230828 / 6527380
Fax No.:	91-120-2230827

DIRECTORS

AS ON 22.09.2010

Name :	Mr. Tribhuwan Nath Chaturvedi
Designation :	Director
Address :	887, Sector 17, Faridabad, Hayrana, India
Date of Birth/Age :	15.01.1959
Date of Appointment :	29.09.1994
DIN No.:	00002815

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1992PTC048320	PERFECT BUSINESS ADVISORY SERVICES PRIVATE LIMITED	Director	13-04-92	13-04-92	06-12-08	Active	NO
2	L72100DL1972PLC005971	PERFECTPAC LIMITED	Director	29-09-94	29-09-94	-	Active	NO
3	L45201AP1987PLC007959	IVRCL LIMITED	Director	16-06-00	16-06-00	-	Active	NO
4	L24299DL1971PLC005854	ORIENT ABRASIVES LIMITED	Director	30-07-01	30-07-01	-	Active	NO
5	U74899DL1995PTC064201	PERFECT SYNERGY ADVISORY SERVICES PRIVATE LIMITED	Director	03-10-07	23-10-03	06-12-08	Active	NO
6	U27310DL1975PLC008008	UNIVERSAL CYLINDERS LIMITED	Director	30-12-04	30-12-04	07-01-09	Active	NO
7	L74210MH1974PLC017644	HINDUSTAN DORR OLIVER LIMITED	Director	22-09-06	31-12-05	-	Active	NO
8	U45200AP2005PLC046854	IVR STRATEGIC RESOURCES AND SERVICES LIMITED	Director	31-03-06	31-03-06	-	Amalgamated	NO
9	U65110WB1992PTC056274	PANKAJA ARTS and CREDIT PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Amalgamated	NO
10	U65993WB1995PTC072357	SARVOTTAM CAPS PRIVATE LIMITED	Director	01-06-06	01-06-06	20-08-07	Active	NO
11	L70100AP1996PLC024459	IVRCL ASSETS AND HOLDINGS LIMITED	Director	05-07-07	25-10-06	-	Active	NO
12	U74140DL2007PTC160507	ESSARAM BUSINESS CONSULTANTS PRIVATE LIMITED	Director	15-03-07	15-03-07	12-01-09	Active	NO
13	U23201DL2005FTC141975	ENSEARCH PETROLEUM PRIVATE LIMITED	Director	10-06-08	13-05-08	09-02-09	Active	NO
14	U65900DL2009PTC192186	PERFECT CAPSEC PRIVATE LIMITED	Director	14-07-09	14-07-09	09-01-10	Active	NO
15	U72200MH2006PLC161565	ROSMERTA TECHNOLOGIES LIMITED	Additional director	19-01-10	19-01-10	07-08-10	Active	NO

Name :	Mr. Rajendra Kumar Rajgarhia
Designation :	Chairman
Address :	W-13, G. K. II, New Delhi-110048, India
Date of Birth/Age :	14.08.1938
Date of Appointment :	01.04.1973
DIN No.:	00141766

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L72100DL1972PLC005971	PERFECTPAC LIMITED	Director	01-04-73	01-04-73	-	Active	NO
2	L24299DL1971PLC005854	ORIENT ABRASIVES LIMITED	Director	09-12-80	09-12-80	-	Active	NO
3	U70101WB1981PTC033934	RAJGARHIA LEASING AND FINANCIAL SERVICES PRIVATE LIMITED	Director	07-11-88	07-11-88	-	Active	NO
4	L17124RJ1980PLC002005	BANSWARA FABRICS LIMITED	Director	29-11-91	29-11-91	31-10-07	Active	NO
5	L17300MH1981PLC024184	GINI SILK MILLS LIMITED	Director	08-06-95	08-06-95	-	Active	NO
6	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	23-08-99	23-08-99	29-09-07	Active	NO
7	L21015RJ1973PLC015819	APM INDUSTRIES LIMITED	Managing director	01-08-09	01-08-04	-	Active	NO
8	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	20-09-06	20-09-06	26-09-07	Active	NO
9	U28113DL2010PLC210819	ORIENT REFRACTORIES LIMITED	Director	26-11-10	26-11-10	-	Active	NO

Name :	Mr. Sanjay Rajgarhia
Designation :	Managing Director
Address :	177 C, Western Avenue, Sainik Farms, New Delhi-110062, India
Date of Birth/Age :	21.02.1963
Date of Appointment :	01.07.1994
DIN No.:	00154167

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L72100DL1972PLC005971	PERFECTPAC LIMITED	Managing director	01-07-09	01-07-79	Active	NO
2	U70101WB1981PTC033934	RAJGARHIA LEASING AND FINANCIAL SERVICES PRIVATE LIMITED	Director	07-11-88	07-11-88	Active	NO
3	U65999WB1993PTC060933	AJR FISCAL PRIVATE LIMITED	Director	03-12-93	03-12-93	Active	NO
4	U74140WB1993PTC060934	ESSVEE FIISCAL PRIVATE LIMITED	Director	03-12-93	03-12-93	Active	NO
5	L21019WB1973PLC028763	FARIDABAD PAPER MILLS LIMITED	Director	11-11-94	11-11-94	Active	NO
6	U32204DL2004PTC124163	RELAX TECHNOLOGIES PRIVATE LIMITED.	Director	19-01-04	19-01-04	Active	NO
7	U29110DL2008PTC185393	SAFFRON POWERGEN PRIVATE LIMITED	Director	02-12-08	02-12-08	Strike off	NO
8	U93000MH2009NPL196517	INDIAN CORRUGATED CASE MANUFACTURERS ASSOCIATION	Director	16-10-09	16-10-09	Active	NO

Name :	Mr. Satram Lokumal Keswani
Designation :	Director
Address :	E-44, Sector40, Noida-201303, Uttar Pradesh, India
Date of Birth/Age :	28.04.1932
Date of Appointment :	30.01.2008
DIN No.:	00190790

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L85191UP1972PLC003545	KASHIPUR SUGAR MILLS LIMITED	Director	10-01-73	10-01-73	-	Active	NO
2	U74899DL1974PTC007533	CHEMPROJECT CONSULTING PRIVATE LIMITED	Managing director	22-11-74	22-11-74	-	Active	NO
3	L27109HR1980PLC010724	PRAKASH INDUSTRIES LIMITED	Director	30-10-80	30-10-80	-	Active	NO
4	U74899DL1974PTC007313	CHEMCON FABRICATORS (DELHI) PRIVATE LIMITED	Director	28-01-83	28-01-83	-	Active	NO
5	U74899DL1992PTC048649	AEN ASSOCIATES PRIVATE LIMITED	Director	06-05-92	06-05-92	-	Active	NO
6	U21011UR1985PLC007433	KHATEMA FIBRES LIMITED	Director	15-09-95	15-09-95	-	Active	NO
7	U21012UR1988PLC009679	CHEEMA PAPERS LIMITED	Director	20-05-96	20-05-96	28-12-09	Active	NO
8	L21010MH1993PLC071683	SAFFRON INDUSTRIES LIMITED	Director	09-08-01	09-08-01	01-11-09	Active	NO
9	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	15-02-07	15-02-07	-	Active	NO
10	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	15-02-07	15-02-07	-	Active	NO
11	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Director	15-02-07	15-02-07	-	Active	NO
12	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Director	15-02-07	15-02-07	-	Active	NO
13	L72100DL1972PLC005971	PERFECTPAC LIMITED	Director	29-09-08	30-01-08	-	Active	NO

Name :	Mr. Ramesh Kumar Chopra
Designation :	Director
Address :	W-84, G. K. II, New Delhi-110048, India
Date of Birth/Age :	24.12.1939
Date of Appointment :	30.03.1993
DIN No.:	00325032

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L72100DL1972PLC005971	PERFECTPAC LIMITED	Director	30-03-93	30-03-93	-	Active	NO
2	U80101DL1999PLC102892	JDC TRADERS LIMITED	Director	20-12-99	20-12-99	-	Active	NO
3	U27310DL2007PTC169193	JDC RECYCLING PRIVATE LIMITED.	Director	09-10-07	09-10-07	13-11-09	Strike off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	661,082	49.63
Bodies Corporate	245,824	18.46
Sub Total	906,906	68.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	906,906	68.09
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	886	0.07
Sub Total	886	0.07
(2) Non-Institutions
Bodies Corporate	8,903	0.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	359,935	27.02
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	55,200	4.14
Any Others (Specify)	70	0.01
Non Resident Indians	70	0.01
Sub Total	424,108	31.84
Total Public shareholding (B)	424,994	31.91
Total (A)+(B)	1,331,900	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	1,331,900	-

AS ON 22.09.2010

Names of Preference Shareholders	No. of Shares
Aditi Rajgarhia	6500
Varun Rajgarhia	5000
R K Rajgarhia and Sons (HUF)	10000
Essvee Fiscal Private Limited, India	5750
Sanjay Rajgarhia and Sons (HUF)	10000
Sanjay Rajgarhia	12750
Total	50000

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Corrugated Boxes, Expanded Polystyrene

Products :

ITC CODE	PRODUCTS
481910 01	Corrugated Boxes
--	Expanded Polystyrene

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Corrugated Board Boxes	MT / Lacs Nos.	33000	173.36
Expanded Polystyrene	MT / Lacs Nos.	1800	110.38

GENERAL INFORMATION

Customers :

· LG Electronics Private Limited

· Nestle India Limited

· Samsung India Electronics Private Limited

· Moser Baer India Limited

· BPL Limited

· Hotline CPT Limited

· Whirlpool of India Limited

· Panasonic AVC Network India Company Limited

· Dixon Utilities and Exports

· Hamdard (Wakf) Laboratories

· Hindustan National Glass and Industries Limited

· Orient Fans

· Orient Abrasives Limited

· Videocon International

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, Videocon Tower, Ground Floor, E-1, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
TERM LOANS :
From Scheduled Banks	43.609	49.922
From a Company	0.201	0.000
CASH CREDIT LOAN :
From Banks	71.688	66.435
Total	115.498	116.357
Notes:- (a) Term Loan from a bank of Rs. 35.440 millions (Rs. 41.438 Millions) is secured by equitable mortgage of Land and Buildings and 1^st charge over remaining movable Fixed Assets of Greater Noida unit of the company. The above loan is also secured by way of second charge on company's factory land and building of Faridabad Unit and current assets and other movable Fixed assets of the company and personal guarantee of Managing Director of the company. The remaining term loans of Rs. 8.170 millions ( Rs. 5.307) millions are secured against Vehicles (b) Cash Credit Loan is secured by hypothecation of Inventories, Book Debts and collateral security of specified Plant and Machinery and 1st charge by way of equitable mortgage of Land and Buildings of Faridabad Unit and 2^nd charge on factory land and building and other movable fixed assets of Greater Noida unit and personal guarantee of Managing Director and a Director of the company.
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Companies	19.000	18.218
From Managing Director	0.000	0.782
Interest Accrued and Due	0.000	1.404
Total	19.000	20.404

Banking Relations :	--
Auditors :
Name :	Jagdish Sapra and Company Chartered Accountant
Address :	23, Prakash Apartment, 5, Ansari Road, Delhi-110002, India
PAN No.:	AAAFJ1958N
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Orient Syntex (Proo. APM Industries Limited) · Essvee Fiscal Private Limited · AJR Fiscal Private Limited · Rajgarhia Leasing and Financial Services Private Limited · Faridabad Paper Mills Limited · RKR Foundation

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions
125000	8% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 12.500 Millions
	Total		Rs. 32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1331900	Equity Shares	Rs.10/- each	Rs. 13.319 Millions
	Add : Forfeited Shares (665950 Shares of face value of Rs. 10 each allotted at premium of Rs. 15 per share on Right basis)		Rs. 0.007 Million
50000	8% Cumulative Redeemable Preference Shares (Redeemable at par on or after 1^st February, 2014)	Rs.100/- each	Rs. 5.000 Millions
	Total		Rs. 18.326 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		18.326	11.667	16.667
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.424	53.072	48.599
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.750	64.739	65.266
LOAN FUNDS
1] Secured Loans		115.498	116.357	124.620
2] Unsecured Loans		19.000	20.404	15.541
TOTAL BORROWING		134.498	136.761	140.161
DEFERRED TAX LIABILITIES		12.718	11.453	9.391
TOTAL		238.966	212.953	214.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		161.549	147.239	135.019
Capital work-in-progress		0.280	0.000	10.967
INVESTMENT		0.115	0.122	0.122
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.908	37.108	49.228
	Sundry Debtors	121.453	99.982	89.065
	Cash & Bank Balances	9.448	3.009	3.018
	Other Current Assets	0.725	0.229	0.000
	Loans & Advances	15.529	16.343	20.097
Total Current Assets		195.063	156.671	161.408
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	112.566	87.756	90.912
	Other Current Liabilities	4.175	4.133	3.994
	Provisions	1.300	1.618	2.648
Total Current Liabilities		118.041	93.507	97.554
Net Current Assets		77.022	63.164	63.854
MISCELLANEOUS EXPENSES		0.000	2.428	4.856
TOTAL		238.966	212.953	214.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services	839.366	736.869	709.326
		Other Income	1.641	1.151	1.175
		TOTAL (A)	841.007	738.020	710.501
Less	EXPENSES
		Material	607.502	538.876	514.742
		Manufacturing, Administrative, Selling Expenses	182.298	157.166	154.371
		Deferred Revenue Expenditure W/Off	2.428	2.428	2.583
		TOTAL (B)	792.228	698.470	671.696
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.779	39.550	38.805
Less	FINANCIAL EXPENSES (D)		18.086	17.826	18.134
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.693	21.724	20.671
Less	DEPRECIATION/ AMORTISATION (F)		13.550	12.687	12.247
	PROFIT BEFORE TAX (E-F) (G)		17.143	9.037	8.424
Less	TAX (H)		6.292	3.960	3.424
	PROFIT AFTER TAX (G-H) (I)		10.851	5.077	5.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.497	33.005	28.941
Less	APPROPRIATIONS
		Dividend for Preference Shares	0.000	0.100	0.000
		Proposed Dividend - Preference Shares	0.400	0.400	0.800
		Corporate Dividend Tax	0.068	0.085	0.136
		Capital Redemption Reserve	0.000	5.000	0.000
	BALANCE CARRIED TO THE B/S		42.880	32.497	33.005
	IMPORTS
		Raw Materials	12.769	5.537	2.501
		Stores & Spares	2.663	2.126	0.918
		Capital Goods	13.499	13.529	3.919
	TOTAL IMPORTS		28.931	21.192	7.338
	Earnings Per Share (Rs.)		10.78	6.42	6.10

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011	30.06.2011	30.09.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter	6^th Quarter
Net Sales	260.360	261.750	180.660	239.370	240.010	230.760
Total Expenditure	249.490	246.940	170.690	225.970	227.170	219.140
PBIDT (Excl OI)	10.870	14.810	9.970	13.400	12.840	11.620
Other Income	0.870	0.130	1.260	1.810	0.030	0.250
Operating Profit	11.740	14.940	11.240	15.210	12.870	11.870
Interest	4.030	4.380	4.050	4.060	3.890	3.660
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	7.710	10.560	7.190	11.150	8.980	8.210
Depreciation	4.090	4.550	4.510	3.910	4.030	4.380
Profit Before Tax	3.620	6.010	2.680	7.240	4.950	3.830
Tax	1.120	1.860	1.160	2.320	2.350	1.550
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	2.500	4.150	1.520	4.920	2.600	2.280
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	2.500	4.150	1.520	4.920	2.600	2.280

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.29	0.69	0.70
Net Profit Margin (PBT/Sales)	(%)	2.04	1.23	1.19
Return on Total Assets (PBT/Total Assets}	(%)	4.81	2.97	2.84
Return on Investment (ROI) (PBT/Networth)		0.18	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		2.89	3.73	3.79
Current Ratio (Current Asset/Current Liability)		1.65	1.68	1.65

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND PROSPECTS

The operations of the Company for the period have shown significant improvement. The turnover has registered an increase of 8.55% (from Rs. 833.500 Millions to Rs. 904.700 Millions). The net profit after tax increased by 113.73% (from Rs. 507.700 Millions to Rs.1085.100 Millions) by focusing on efficiency improvement.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-

a) Interest of Rs. 0.183 million (Rs. 0.183 million) on Local Area Development Tax recovery of which is stayed by Supreme Court of India.

b) ESlC demand Rs. 0.309 million (Rs. 0.309 million) excluding interest paid under protest Rs. 0.154 million (Rs 0.154 million) being contested in appeal

c) Letters of credit outstanding Rs. 2.469 millions (Nil).

FORM 8

Corporate identity number of the company	L72100DL1972PLC005971
Name of the company	PERFECTPAC LIMITED
Address of the registered office or of the principal place of business in India of the company	910, Chiranjiv Tower, 43-Nehru Place, New Delhi-110019, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, Videocon Tower, Ground Floor, E-1, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India
Nature of instrument creating charge	Deed of Hypothecation dated 04 March 2011 creating charge on movable assets acquired or to be acquired under the project
Date of instrument Creating the charge	04.03.2011
Amount secured by the charge	Rs. 7.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11.50% P.A with monthly rests, on the amount of the loan outstanding from time to time. Terms of repayment 60 equal monthly installments of Rs. 0.125 million each after 12 months from the date of first disbursement. Margin Promoters contribution of Rs. 3.518 millions comprising Rs. 2.818 millions as internal accruals and Rs. 0.700 million as internal accruals/ interest free unsecured loan and utilise the amount towards the project to the satisfaction of SIDBI Extent and operation of the charge First charge by way of hypothecation over movable assets including plant and machinery/ equipment and MFAs acquired / to be acquired under the project at Plot no.134, Sector-24, Faridabad-121006 and Plot No.1B/1C, Udyog Vihar Greater Noida.
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation over movable assets including plant and machinery/ equipment and MFAs acquired/ to be acquired under the project at Plot no.134, sector-24, Faridabad-121006 and Plot No.1B/1C, Udyog Vihar Greater Noida.

FIXED ASSETS

· Free Hold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Electrical Machineries

· Equipments and Fittings

· Vehicles

· Computers

· Computer Software

WEB SITE DETAILS

PROFILE

Incorporated in 1973, Subject was one of the pioneers in the manufacture of corrugated fiberboard containers and is today one of the largest units in Northern India. Located at Faridabad on a 20,000 Sq. Mtrs. plot area the unit has an installed capacity of 9000 MT per annum. The Company believes in continuous upgradation of its plant and machinery with the result that the latest indigenous plant and machinery is in use.

100% captive power generation arrangements have been provided to ensure that there is no production loss. The emphasis on large production volumes is not at the cost of quality. A full fledged laboratory, manned by qualified personnel and appropriate training and education imparted at the shop floor level ensure that the products manufactured are to the customers satisfaction.

In house offset and flexo printing eliminates dependence on outside printers, reduces lead time for execution of orders and ensures adherence to quality standards. The company has also set up a second unit in the year 2000 at Greater Noida with an installed capacity of 9000 MT per annum. Now, in March 2006 the company has set up an Automatic Board Making and printing plant with imported Plant and Machinery at Greater Noida. The Plant has a capacity of 15000 TPA.

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. 51.39
UK Pound	1	Rs. 80.20
Euro	1	Rs. 68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		46

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.