MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	GRAHAM BLOW PACK PRIVATE LIMITED [w.e.f. 01.09.2009]
Formerly Known As :	PPI BLOW PACK PRIVATE LIMITED [w.e.f. 07.12.2004] PAPERPLAST INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	47, Mittal Chambers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.08.1995
Com. Reg. No.:	11-091878
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U25202MH1995PTC091878
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Containers from Various Plastic Resin Like HDFP, PP, PC, PES, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, 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 :	47, Mittal Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-30287475/76
Fax No.:	91-22-30287478
E-Mail :	sales@grahamblowpack.com pradeep@grahamblowpack.com
Website :	http://www.grahamblowpack.com

DIRECTORS

As on 25.08.2010

Name :

Mr. Puneet Prahlad Deora

Designation :

Managing Director

Address :

Jaiji Mansion, 5^th Floor, Flat No. 11, 41, Mereweather Road, Coloba, Mumbai-400039, Maharashtra, India

Date of Birth/Age :

22.08.1978

Date of Appointment :

18.04.2006

Din No.:

01300723

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	U28910MH1987PTC042064	MANISHA PHARMO PLAST PRIVATE LIMITED	Director	23-08-96	23-08-96	Active	NO
2	U24230MH1991PTC063638	MUSTANG SOFTWARE PRIVATE LIMITED	Director	08-08-02	08-08-02	Active	NO
3	U70102MH2005PTC150568	KPD PROPERTIES PRIVATE LIMITED	Director	12-01-05	12-01-05	Active	NO
4	U25202MH1995PTC091878	GRAHAM BLOW PACK PRIVATE LIMITED	Managing director	30-07-09	18-04-06	Active	NO
5	U25202MH2007PTC175887	PD PACKAGINGS PRIVATE LIMITED	Director	13-11-07	13-11-07	Active	YES
6	U74990MH2009PTC190858	KPD PACKAGINGS PRIVATE LIMITED	Director	12-03-09	12-03-09	Active	NO
7	U01403MH2009PTC195776	MANISHA AGROVET PRIVATE LIMITED	Director	15-09-09	15-09-09	Active	NO
8	U74900MH2010PTC198950	MANISHA PACKAGING SOLUTION PRIVATE LIMITED	Director	15-01-10	15-01-10	Active	NO
9	U31908MH2010PTC206860	ECOLED LIGHT PRIVATE LIMITED	Director	23-08-10	23-08-10	Active	NO
10	U65923MH2011PTC216520	DEORA ECO COMPANY HOLDINGS PRIVATE LIMITED	Director	21-04-11	21-04-11	Active	NO

Name :

Mr. Prahlad Sitaram Deora

Designation :

Director

Address :

Jaiji Mansion, 5^th Floor, Flat No. 11, 41, Mereweather Road, Coloba, Mumbai-400039, Maharashtra, India

Date of Birth/Age :

22.04.1944

Date of Appointment :

17.08.1995

Din No.:

01307082

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	U28910MH1987PTC042064	MANISHA PHARMO PLAST PRIVATE LIMITED	Director	01-01-87	01-01-87	-	Active	NO
2	U19202MH1965PTC013393	PILKY THERMOPLAST PRIVATE LIMITED	Director	10-12-90	10-12-90	-	Active	NO
3	U24230MH1991PTC063638	MUSTANG SOFTWARE PRIVATE LIMITED	Director	16-10-91	16-10-91	-	Active	NO
4	U25202MH1995PTC091878	GRAHAM BLOW PACK PRIVATE LIMITED	Director	17-08-95	17-08-95	-	Active	NO
5	U25202MH2007PTC175887	PD PACKAGINGS PRIVATE LIMITED	Director	13-11-07	13-11-07	30-03-09	Active	YES
6	U25202MH2009PTC190904	PPI PACKAGINGS PRIVATE LIMITED	Director	13-03-09	13-03-09	-	Active	NO
7	U74950MH2009PTC191105	PPD PACKAGINGS PRIVATE LIMITED	Director	20-03-09	20-03-09	-	Active	NO
8	U01403MH2009PTC195776	MANISHA AGROVET PRIVATE LIMITED	Director	15-09-09	15-09-09	-	Active	NO
9	U31908MH2010PTC206860	ECOLED LIGHT PRIVATE LIMITED	Director	23-08-10	23-08-10	-	Active	NO
10	U65923MH2011PTC216520	DEORA ECO COMPANY HOLDINGS PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO

Name :

Mr. Nariman Sorabji Mehta

Designation :

Director

Address :

1-20, Cusrow Baug-C, Shahid Bhagat Singh Road, Mumbai-400001, Maharashtra, India

Date of Birth/Age :

09.01.1956

Date of Appointment :

12.08.2009

Din No.:

00471748

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	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04-01-06	04-01-06	Active	NO
2	U25202MH1995PTC091878	GRAHAM BLOW PACK PRIVATE LIMITED	Director	25-08-10	12-08-09	Active	NO
3	U29253MH2011PTC221374	PROGRESSIVE PACKLINE ENGINEERS PRIVATE LIMITED	Director	29-08-11	29-08-11	Active	NO

Name :

Mark Steven Burgess

Designation :

Director

Address :

1780, Wyndham, Drive South, Your PA-17403

Date of Birth/Age :

08.04.1959

Date of Appointment :

12.08.2009

Din No.:

02372792

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	U25202MH1995PTC091878	GRAHAM BLOW PACK PRIVATE LIMITED	Director	25-08-10	12-08-09	Active	NO

Name :

David Wesley Bullock

Designation :

Director

Address :

498, Stonehenge Drive, Lititz PA 17543

Date of Birth/Age :

01.06.1964

Date of Appointment :

01.07.2010

Din No.:

03146225

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	U25202MH1995PTC091878	GRAHAM BLOW PACK PRIVATE LIMITED	Director	25-08-10	01-07-10	Active	NO

Name :

Mr. Kapil Bipinkumar Gami

Designation :

Alternate Director

Address :

1311 Sterling Drive, York, Pennsylvania

Date of Birth/Age :

07.12.1968

Date of Appointment :

26.08.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2010

Names of Shareholders	No. of Shares
Prahlad Sitaram Deora	1820
Prahlad Sitaram Deora HUF	7880
Puneet Prahlad Deora	2000
Graham Packaging Company, LP, USA	3300
Total	15000

As on 25.08.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	22.00
Directors or relatives of directors	78.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Containers from Various Plastic Resin Like HDFP, PP, PC, PES, etc.

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Actual Production
Plastic Containers	Kgs.	1564735.70

GENERAL INFORMATION

Bankers :

Bank of Baroda, Sir. P.M. Road, Laxmi Building, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Cash Credit A/c with Bank of Baroda [Against hypothecation of stocks, book debts and personal guarantee of the directors]	67.335	15.318
Term Loan From SIDBI [Against hypothecation of all movable assets of the company and personal guarantee of the directors]	2.753	0.000
Kotak Mahindra Prime Limited, Car Loan	0.000	0.397
Tata Capital Limited [Against hypothecation of car]	1.258	1.992
Total	71.346	17.707
Unsecured Loan
From Directors, Shareholders and Their Relatives	62.107	25.585
Total	62.107	25.585

Banking Relations :	--
Auditors :
Name :	S.S. Jhunjhunwala and Company Chartered Accountants
Address :	306, Akruti Arcade, J P Road, Opposite Wadia High School, Andheri (West), Mumbai-400058, Maharashtra, India
Associates/Subsidiaries :	· KPD Packagings Private Limited [U74990MH2009PTC190858] · PPD Packagings Private Limited [U74950MH2009PTC191105] · PPI Packagings Private Limited [U25202MH2009PTC190904] · PD Packagings Private Limited [U25202MH2007PTC175887]

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.099	93.027	77.824
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.599	94.527	79.324
LOAN FUNDS
1] Secured Loans		71.346	17.707	9.462
2] Unsecured Loans		62.107	25.585	3.847
TOTAL BORROWING		133.453	43.292	13.309
DEFERRED TAX LIABILITIES		3.462	4.972	3.872
TOTAL		234.514	142.791	96.505
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.718	110.334	60.800
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.400	0.000	1.650
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.639	22.550	11.095
	Sundry Debtors	59.931	34.573	28.357
	Cash & Bank Balances	9.171	10.344	2.324
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.653	17.508	10.598
Total Current Assets		130.394	84.975	52.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.597	41.245	11.576
	Other Current Liabilities	11.126	6.743	3.513
	Provisions	4.275	4.530	3.230
Total Current Liabilities		53.998	52.518	18.319
Net Current Assets		76.396	32.457	34.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		234.514	142.791	96.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	234.120	183.850	114.526
		Other Income	4.320	3.787	NA
		TOTAL	238.440	187.637	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	221.457	158.788	NA
		Advertising Expenses
		TOTAL	221.457 [Including Financial Expenses]	158.788	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.983	28.849	20.113
Less/ Add	DEPRECIATION/ AMORTISATION		15.160	9.722	8.112
	PROFIT BEFORE TAX		1.823	19.127	12.001
Less	Provision for taxation		(1.235)	3.500	2.401
	Short provision of income tax		(0.014)	0.424	0.000
	PROFIT AFTER TAX		3.072	15.203	9.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		79.228	64.025	54.425
	BALANCE CARRIED TO THE B/S		82.300	79.228	64.025
	EARNINGS IN FOREIGN CURRENCY		0.790	6.437	NA
	Earnings Per Share (Rs.)		204.78	1013.00	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.29	8.10	NA
Net Profit Margin (PBT/Sales)	(%)	0.78	10.40	10.48
Return on Total Assets (PBT/Total Assets}	(%)	0.63	9.79	0.15
Return on Investment (ROI) (PBT/Networth)		0.02	0.20	0.15
Debt Equity Ratio (Total Liability/Networth)		1.92	1.01	0.40
Current Ratio (Current Asset/Current Liability)		2.41	1.62	2.86

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL:

During the year sales and processing income of the Company has reported an increase of 27.34% and is Rs. 234.120 millions compared to Rs. 183.850 millions in the previous year. The net profit during the year was Rs. 3.070 millions after providing for depreciation of Rs. 15.160 million and loss Rs. 1.230 millions for taxation. The accumulated profit of Rs. 82.290 millions was carried to the Balance Sheet.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10037981
Corporate identity number of the company	U25202MH1995PTC091878
Name of the company	GRAHAM BLOW PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	47, Mittal Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Bank of Baroda, Sir. P.M. Road, Laxmi Building, Fort, Mumbai-400001, Maharashtra, India
Email	ravinputhran@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book debts, moveable machinery and vehicles
Date of instrument Creating the charge	03.11.2011
Amount secured by the charge	Rs.134.891 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC and TL:BR+2.75% i.e. 13.50%p.a with monthly rest at concessional rate for 1yr (subject to change); Bill Dis.: BR+1.00% i.e. 11.75%p.a with monthly rest at concessional rate for 1yr (subject to change) Terms of Repayment FB- Term Loan Sublimit: FCTL/FCNR-B Cash Credit (Hypothecation of stocks and book debts) Sublimit: Clean bill discounting NFB- LC BG Margin 25% On stocks and plant and machinery 30% On book debts 10% On clean bill discounting 30% On factory building and other fixed assets 20% ON cash margin 100% On FDR Extent and Operation of the charge Bank of Baroda b/o Sir. P. M. Road Laxmi Building Fort Mumbai first charge holder
Short particulars of the property charged	Goods, book debts, moveable machinery and vehicles
Date of latest modification prior to the present modification	30.03.2010
Particulars of the present modification	Charge reduced from Rs.150.737 Millions to Rs.134.891 Millions. Limit Existing Proposed TL 80.000 58.391 SB-FCTL/FCNR-B (45.000) (45.000) CC 60.000 50.000 SB-Clean Bill Dis. 0.00 (30.000) LC 10.000 25.000 BG 0.737 1.500 ----------- ------------ Total 1507.37 1348.91

FIXED ASSETS:

· Land

· Factory Building

· Factory Equipments

· Flat

· Furniture and Fixtures

· Mould and Dies

· Plant and Machinery

· Air Conditioner

· Electrical Installation

· Transformers

· Motor Car

· Xerox Machine

· Refrigeration

· Computer

· Lift

WEBSITE DETAILS:

PROFILE:

Subject is a joint venture firm between PPI Blow Pack Private Limited, Mumbai (Part of Deoras Group) and Graham Packaging Company, USA (A Blackstone Group Company). PPI Blow Pack was stemmed from a de-merger of “Mipak Plastic in 1996 to focus more on customized rigid packaging. Today PPI Blow Pack is one of the company in customized blow molding and its list of Clients and development includes Cadbury Delight, Packaging for Heinz – Nycil and Complan, View strip plastic containers for BASF and DUPONT, Glenmark candid / Scalp lotion container, Castrol’s entire plastic container product range, retort containers for Dairy and health drinks etc..

Graham Packaging Company is York based packaging major and is leader in manufacturing technology-based, value-added custom blow molded plastic containers for branded consumer products. They have nearly 85 manufacturing facilities throughout North America, Europe, South America and Asia. The sales turnover of the company is about $ 2.6 billion and commands leadership position in three principal product categories: Food and Beverage; Household, Chemical and Automotive; Personal Care / Specialty.

Apart from mono layer blow molding, Subejct is also focused in providing the client multilayer barrier containers, Hot filled PET container, retort-able grade container and introducing super light weight, panel less technology in Indian market. The bottom-line of this Joint Venture is to provide world class technology at door step at affordable price.

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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.87

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	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	YES
--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 & 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.