MIRA INFORM REPORT

Report Date :

29.07.2011

IDENTIFICATION DETAILS

Name :	MULTIPLY PAPER PACKAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	13-P, Pocket-4, DDA Flats, Mayur Vihar, Phase-III, New Delhi-110096
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.03.1996
Com. Reg. No.:	55-76851
Capital Investment / Paid-up Capital :	Rs.4.500 millions
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Paper Corrugated Boxes and Packing Material.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 19000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Rajiv Sood
Designation :	Director
Contact No.:	91-9891022359
Date :	25.07.2011

LOCATIONS

Registered Office :	13-P, Pocket-4, DDA Flats, Mayur Vihar, Phase-III, New Delhi-110096, India
Tel No.:	91-120-2580568
Mobile No. :	91-9891022359 (Mr. Rajiv)
Fax No.:	91-120-2580569
E-Mail :	multiply@yahoo.com multiply@mail.com
Location :	Owned
Factory 1 :	A-56, Sector 58, District Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4580569 / 2580568 / 9
Fax No.:	91-120-2580569

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rajiv Sood
Designation :	Director
Address :	822, F-8, Sagar Presidency, Sector-50, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	12.03.1966
Date of Appointment :	07.03.1996
Name :	Ms. Sharmila Sood
Designation :	Director
Address :	822, F-8, Sagar Presidency, Sector-50, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	02.11.1971
Date of Appointment :	07.03.1996
Name :	Ms. Vijay Sood
Designation :	Director
Address :	822, F-8, Sagar Presidency, Sector-50, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	01.02.1933
Date of Appointment :	07.03.1996

KEY EXECUTIVES

Name :	Ms. Bama
Designation :	Office Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Jailal Sood	97760
Vijay Sood	75600
Rajeev Bakshi	47510
Sharmila Sood	42700
Sunil Sood	4000
Satender Gupta	4000
Neeta Sood	4000
Anil Kumar Sood	4000
Nivedita Sood	4000
Sathish Kumar Sood	4000
Ranjana Sood	4000
Meenu Sood	4000
Sushil Kumar Sood	19000
Kamlesh Sood	4000
M C Sood	4000
Monoj Chauhan	4000
Neena Sithata	2000
Pankaj Sharma	10000
Mohan Parashar	4700
Rajeev Sood	2000
Dinesh Tiwari	2000
Jawahar Lal	2000
Narain Press	20000
Dadhipal Singh	10000
Mahalalakshmi Packaging	10000
Om Mithila Industries	5000
Sushila Dhingra	5000
Pooja Dhingra	5000
Mamta Aggarwal	5000
Ashima Packaging	5000
Ganpati Packaging Traders	5000
Kanav Dikshit	10000
Sumitra Devi	20000
Sugunan K. P.	730
Total	450000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Paper Corrugated Boxes and Packing Material.
Products :	· Corrugated Boxes · Mono Cartons · Printed Carton Pallets · Stickers · Labels · Brochures
Terms :
Purchasing :	Cash, Credit
Selling :	Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 (Approximately)

Bankers :

• INDIAN OVERSEAS BANK, Institutional Area, Sector-62, Noida – 201301, Uttar Pradesh, India Standard Chartered Bank
• HSBC Bank
• Syndicate Bank
• ICICI Bank Limited

Facilities :

Particulars	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Secured Loans
ICICI Bank C.V Loan (Secured by TATA 407 Turbo)	0.135	0.264
ICICI Bank Car Loan (Secured by Cheverolet Captiva Car)	0.817	1.053
Term Loan From I.O.B	0.000	0.188
I.O.B Bank Cash Credit Limit	1.874	1.846
Total	2.826	3.351
NOTE Cash Credit is secured by way of first charge over company’s Raw Material, Stock in Process, Finished goods, store and spares and Book Debts and Second charge on fixed assets of the company.

Banking Relations :	Satisfactory
Auditors :
Name :	Deepak Roshan and Associates Chartered Accountants
Address :	401, Krishna Apra, Plaza, Sector 18, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-95120-4247009 / 3052500
Mobile No.:	91-9810747900
E-Mail :	deepakaggarwal5@rediffmail.com

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Share	Rs.10/- Each	Rs.4.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Share	Rs.10/- Each	Rs.4.500 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		4.500	4.500	4.500
2] Share Application Money		0.070	0.070	0.070
3] Reserves & Surplus		0.107	0.078	0.282
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.677	4.648	4.852
LOAN FUNDS
1] Secured Loans		2.826	3.351	3.648
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.826	3.351	3.648
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.503	7.999	8.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.677	5.409	6.297
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.099	0.048	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.113	2.198	4.448
	Sundry Debtors	6.835	3.062	3.806
	Cash & Bank Balances	0.028	0.126	0.124
	Other Current Assets	1.451	1.359	0.779
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		9.427	6.745	9.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		3.420	6.241
	Other Current Liabilities	6.762	0.922	0.876
	Provisions	0.054	0.000	0.000
Total Current Liabilities		6.816	4.342	7.117
Net Current Assets		2.611	2.403	2.040
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Deferred Lease Rent		0.116	0.139	0.163
TOTAL		7.503	7.999	8.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	17.870	15.818	14.746
		Other Income	1.260	0.157	0.183
		TOTAL	19.130	15.975	14.929
Less	EXPENSES
		Office Expenses	19.098	16.133	14.799
		Administrative Expenses
		Advertising Expenses
		TOTAL	19.098	16.133	14.799
	PROFIT BEFORE TAX		0.032	(0.158)	0.130
Less	TAX		NA	NA	0.000
	PROFIT AFTER TAX		NA	NA	0.130
	Earnings Per Share (Rs.)		0.06	(0.45)	0.29

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	0.87
Net Profit Margin (PBT/Sales)	(%)	0.17	(0.99)	0.88
Return on Total Assets (PBT/Total Assets}	(%)	0.21	(1.30)	0.84
Return on Investment (ROI) (PBT/Networth)		0.00	(0.03)	0.03
Debt Equity Ratio (Total Liability/Networth)		2.06	1.66	2.22
Current Ratio (Current Asset/Current Liability)		1.38	1.55	1.29

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

During the year the company has achieved a turnover of Rs.17.870 millions and earned a Profit Before Tax of Rs. 0.031 millions.

FORM : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U21014DL1996PTC076851
Name of the company	MULTIPLY PAPER PACKAGING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	13-P, Pocket-4, DDA Flats, Mayur Vihar, Phase-III, New Delhi-110096, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Others
Particular of charge holder	INDIAN OVERSEAS BANK, Institutional Area, Sector-62, Noida – 201301, Uttar Pradesh, India
Nature of instrument creating charge	Term Loan of Rs. 1.350 millions Cash Credit of Rs. 2.000 millions Credit Sanction Advice
Date of instrument Creating the charge	10/03/2011
Amount secured by the charge	Rs. 3.350 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Agreement Enclose Terms of repayment As Per Agreement Enclose Margin As Per Agreement Enclose Extent and operation of the charge As Per Agreement Enclose Other Nil
Short particulars of the property charged (Including location of the property)	Equitable Mortgage Of Properties AT A-56, Sector-58, Noida Personally Guaranteed By The director Mr. Rajeev Sood, hypothecation of stocks/book debts and assets already with the prime security All The Securities Charged To The Bank Should Be All The Limit.

FIXED ASSETS

• Land
• Air Conditioner
• Car
• Factory Building
• Plant and Machinery
• Computer
• Office Equipments
• Electrical Equipments and Fittings
• Furniture and Fittings
• Generator
• C V Tata 407

AS PER WEBSITE DETAILS

PROFILE

Subject was incorporated in the year 1995 as a manufacturer of high quality and durable Corrugated Boxes. They are pleased to introduce theirselves as the most recognized manufacturer and exporter of all variety and style of Corrugated Boxes, Mono Cartons and Sheet etc.

PRODUCT RANGE AND THEIR QUALITY

They offer a wide array of Corrugated Boxes, Mono Cartons and Paper Carry Bags in different sizes and shapes as required. Apart from durably engineered Corrugated Boxes and Cartons, they also manufacture Stickers, Labels, Tags, Brochures and Danglers. They assure you that their packaging components would surely enhance the sale of the products by making them of high standard for the consumer, providing information about their features and benefits. They deal into cost-effective packaging materials, which are also easy to stock and inventory.

INFRASTRUCTURE

Their in-house designing facility equipped with well-maintained and sophisticated machines and equipments have made it possible to serve their clients with quality Boxes. They have a team of experienced and skilled members who excel in giving quality products to their global customers. In order to maintain the quality of the products, they have some of the most up-to-date machinery in their production unit. Moreover, their R and D people engage themselves by improving the quality of their existing products and giving a new look to the fresh stock with accordance to market trends. They also strive to accommodate any particular request a customer may have and try to satisfy their needs by manufacturing customised products.

The company has established a good track record with their major clients, which include GAP International (USA), CAS Weighing India, Jindal Stainless Limited, Jhalani Impex (Hand Tool Manufacturer and Exporters), Tryshorea India (Shoe Exporter), Hymatic Agro Equipment Private Limited (Manufacturers of Pesticide Sprayers) etc. The company maintains International Quality Standards in this SSI unit to have competitive edge in the market. Whatever the need, they will gladly aid their customers in designing a carton or display that best suits their products and excel their sales through their Cartons and Corrugated Boxes.

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. 44.12
UK Pound	1	Rs. 72.05
Euro	1	Rs. 63.33

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.