MIRA INFORM REPORT

Report Date :

19.03.2011

IDENTIFICATION DETAILS

Name :	VORA PACKAGING PRIVATE LIMITED
Formerly Known As :	TUVORA PACKAGING PRIVATE LIMITED
Registered Office :	467-A, Vora Bhavan, Opposite Maheshwari Udyan, King Circle, Mumbai – 400 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.04.1999
Com. Reg. No.:	11-119514
CIN No.: [Company Identification No.]	U25202MH1999PTC119514
TAN No.: [Tax Deduction & Collection Account No.]	MUMT12661F
PAN No.: [Permanent Account No.]	AACCT3267D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Materials.

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 125000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some accumulated losses recorded by the company. 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. Bikal Thakur
Designation :	Accounts Head
Contact No.:	91-22-24012330/106
Date:	18.03.2011

LOCATIONS

Registered Office :	467-A, Vora Bhavan, Opposite Maheshwari Udyan, King Circle, Mumbai – 400 019, Maharashtra, India
Tel. No.:	91-22-24012330/ 24012440
Fax No.:	91-22-24035297
E-Mail :	pankaj@vorapack.com sales@vorapack.com vikal@vorapack.com
Website :	http://www.vorapack.com
Area :	600 sq. ft.
Location :	Rented
Sales Office :	446, Ghanshyam Baug, Room No.11, Dr. B Ambedkar Road, Kings Circle, Mumbai – 400019, Maharashtra, India
Tel. No.:	91-22-24012330
Factory :	G-27, MIDC Tarapur, District Thane - 401506, Maharashtra, India
Tel. No.:	91-2525-272928/274720
Fax No.:	91-2525-270447
Branch Office :	· Bangalore Opposite Shribrahama Chaitanya Mandir Bangalore – 560050, India · Ahmedabad Near Narayan Nagar, Bus Station, Ahmedabad – 380007, India

DIRECTORS

As on 30.07.2010

Name :	Mr. Pankaj Laxmikant Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	26.03.1959
Qualification :	BE
Date of Appointment :	20.04.1999
Name :	Mrs. Shilpa Pankaj Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	25.03.1960
Qualification :	B. Com
Date of Appointment :	31.03.2003
Name :	Ms. Mansi Pankaj Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/ Age :	01.10.1986
Qualification :	Post Graduate
Date of Appointment :	31.07.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2010

Names of Shareholders	No. of Shares
Pankaj Laxmikant Vora	2188960
Shilpa Pankaj Vora	10323
Pankaj Vora Jointly with Shilpa Vora	270139
Shilpa Vora Jointly with Pankaj Vora	74564
Mansi Vora Jointly with Pankaj Vora	33516
Kanchi Vora Jointly with Pankaj Vora	33516
Dolar Koya	7585
Koya Paroo Jointly with Koya Komal	18698
Nila Chandarana	18698
Total	2655999

As on 30.07.2010

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]		1.69
Directors or relatives of directors		98.31
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packaging Materials.
Products :	· Cap Seals · Bottles Storing Food · Bottle Storing Liquor · Bottle Storing Medicines
Exports :
Products :	Packaging Materials
Countries :	Iran UAE Bangladesh
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity	Actual Production (in ‘000 Pcs.)
Cap Seals and Liners	5000000	3123166

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

50 (In Office 8) (In Factory 42) (Approximately)

Bankers :

Dena Bank, Maheshwari Udyan Branch, 487-A, Vora Bhuvan, Matunga (C.R), Mumbai - 400019, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Dena Bank Cash Credit Facilities	17.939	20.724
Dena Bank Packing Credit Facilities	2.698	2.388
Dena Bank Term Loan Facilities (Secured on Equitable Mortgage of Land and Building letter of Continuity Security, Hypothecation of Stock and Book Debts Plant and Machinery as collateral Security, Personal Guarantee by a director)	18.582	15.718
Total	39.219	38.830

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans From Directors	24.169	1.656
Loans from Shareholders	8.000	0.882
Sales Tax Deferral Loan (Repayable within one year Rs.0.623 million)	2.142	2.830
Total	34.311	5.368

Banking Relations :	--
Auditors :
Name :	H.V. Krishnandwala Chartered Accountants
Address :	1/B, 1^st Floor, Pushpam, K D Road, Vile Parle (West), Mumbai – 400054, Maharashtra, India

CAPITAL STRUCTURE

As on 30.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2700000	Equity Shares	Rs.10/- each	Rs.27.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2655999	Equity Shares	Rs.10/- each	Rs.26.560 Millions

NOTE:

Of the above 2645999 Share have been issued for consideration other than cash pursuant to the court order for de merger dated 06^th May 2005)

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		26.560	26.560	26.560
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.256	18.256	19.756
4] (Accumulated Losses)		(13.596)	(14.045)	(15.254)
NETWORTH		31.220	30.771	31.062
LOAN FUNDS
1] Secured Loans		39.219	38.830	14.765
2] Unsecured Loans		34.311	5.368	17.676
TOTAL BORROWING		73.530	44.198	32.441
DEFERRED TAX LIABILITIES		4.106	3.905	3.699
TOTAL		108.856	78.874	67.202
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.370	29.853	26.243
Capital work-in-progress		26.796	14.009	0.065
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.202	19.050	11.061
	Sundry Debtors	27.061	22.327	28.572
	Cash & Bank Balances	0.615	3.389	0.203
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.823	5.286	4.959
Total Current Assets		53.701	50.052	44.795
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.527	13.133	2.170
	Current Liabilities	1.057	1.710	1.628
	Provisions	0.427	0.197	0.103
Total Current Liabilities		12.011	15.040	3.901
Net Current Assets		41.690	35.012	40.894
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		108.856	78.874	67.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	109.756	100.715	89.897
		Other Income	0.848	0.750	0.147
		TOTAL (A)	110.604	101.465	90.044
Less	EXPENSES
		Raw Material Consumed	71.791	69.262	60.583
		Payments to Employees	5.190	3.632	2.330
		Manufacturing, Administrative and Selling Expenses	25.808	20.890	20.697
		Increase/ Decrease in Stocks	(0.837)	0.715	(1.503)
		TOTAL (B)	101.952	94.499	82.107
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.652	6.966	7.937
Less	INTEREST & FINANCIAL EXPENSES (D)		3.307	2.142	2.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.345	4.824	5.933
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.434	2.936	2.675
	PROFIT BEFORE TAX (E-F) (G)		1.911	1.888	3.258
Less	TAX (H)		0.202	0.679	1.147
	PROFIT AFTER TAX (G-H) (I)		1.709	1.209	2.111
	Less: Sales Tax deferral for earlier years		(1.260)	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14.045)	(15.254)	(17.365)
Less	APPROPRIATIONS
		Amortised Value of Land for Previous Year	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		(13.596)	(14.045)	(15.254)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	30.883	34.971	32.907
	TOTAL EARNINGS		30.883	34.971	32.907
	IMPORTS
		Raw Materials	30.298	38.460	2.862
		Consumable and Stores	0.117	0.236	0.117
		Trading Goods	10.262	7.657	0.025
	TOTAL IMPORTS		40.677	46.353	3.004
	Earnings Per Share (Rs.)		0.17	0.46	0.79

Expected Sales (2010-2011): Rs.140.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.55	1.19	2.34
Net Profit Margin (PBT/Sales)	(%)	1.74	1.87	3.62
Return on Total Assets (PBT/Total Assets}	(%)	2.03	2.36	4.59
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.10
Debt Equity Ratio (Total Liability/Networth)		2.74	1.93	1.17
Current Ratio (Current Asset/Current Liability)		4.47	3.33	11.48

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	10.527	13.133	2.170

OPERATIONS:

During the year the company reported sales of Rs.116.523 millions. After making provisions for all the expenses, the Net Profit for the year is of Rs.1.709 millions.

FORM 8:

Corporate identity number of the company	U25202MH1999PTC119514
Name of the company	VORA PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	467-A, Vora Bhavan, Opposite Maheshwari Udyan, King Circle, Mumbai – 400 019, Maharashtra, India E-Mail: pankaj@vorapack.com
This form is for	Modification of charge
Charge identification number of the modified	10111170
Type of charge	Book Debts Movable Property
Particular of charge holder	Dena Bank, Maheshwari Udyan Branch, 487-A, Vora Bhuvan, Matunga (C.R), Mumbai - 400019, Maharashtra, India E-Mail: mahesh@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Unattested Memorandum of modification of hypothecation agreement
Date of instrument Creating the charge	24/09/2010
Amount secured by the charge	Rs.51.900 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BPLR + 0.75% - 0.50% - 0.25% Terms of Repayment: Cash credit: On demand Term Loan: as per schedule B of the modification agreement dated 24.09.10 Margin: Margin for cash credit at 25% on stock and 40% on book debts or at such other rate as may be stipulated by the bank from time to time. Extent and Operation of the charge: Security created by way of first charge and to cover the principal amount together with interest, charges costs, expenses etc. Others: Security created in respect of the following facilities : Cash credit Rs.25.000 millions Term Loan Rs.22.500 millions Bank Guarantee Rs.1.000 million Forward cover Rs.0.600 million Ad hoc CC Hypo Rs.2.500 millions Total Rs.51.600 millions
Short particulars of the property charged	All stocks of raw materials, goods in process and finished goods such as packaging materials etc., consumable stores and spares, packing materials etc. both present and future now being or hereafter brought into or upon or now or hereafter in course of transit to any godowns, Jathas or place whatsoever and wheresoever in the possession and occupation of the company. All the tangible, movable properties and assets of the company of whatsoever nature including plant, machinery, tools and accessories, stores, spares relating to the plant and machinery, furniture, articles, office equipments, computers and things belonging to the company and lying and being at their premises / factories at Tarapur, Taluka Palghar, Thane being movable properties and capable of passing by delivery, both present and future, whether installed or not and whether lying loose or in cases and being or at any time hereinafter brought into or upon or at any time in course of transit to the premises / factories of the company at Tarapur or other place either by way of substitution or addition or other place whatsoever and wheresoever in the possession or occupation of the company. All the present and future book debts, outstandings, moneys, receivables, claims, bills, contracts, engagements, rights to or in movable properties and movable assets now due, owing or payable or belonging to the company or which may at anytime hereafter become due, owing, payable or belonging to the company in the course of its business by any person, firm, company or body corporate or by the Government Central or State or Indian Railways, any Government Department or office or any Municipal or local or civic authorities or public or Semi Government body or authority or any body corporate or undertaking or project whatever in the public sector.
Date of latest modification prior to the present modification	20/08/2010
Particulars of the present modification	Charge over movable properties stands reduced from Rs.57.500 millions to Rs.51.600 millions.

Corporate identity number of the company	U25202MH1999PTC119514
Name of the company	VORA PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	467-A Vora Bhavanopp Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Dena Bank
Nature of instrument creating charge	Unattested Memorandum of Modification of Hypothecation Agreement
Date of instrument Creating the charge	03/04/2010
Amount secured by the charge	Rs.57.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per bank's existing terms and conditions Terms of Repayment As per bank's existing terms and conditions Margin Margin for the credit facilities [other than LC (DA)] to continue as per bank's existing terms and conditions and for LC (DA) at 20% Extent and Operation of the charge Security created by way of first charge and to cover the principal amount together with interest, charges costs, expenses etc. Others Security created in respect of the following facilities : Cash credit Rs.25.000 Millions Term Loan Rs.22.500 Millions Bank Guarantee Rs.1.000 Million LC (DA) Rs.9.000 Millions Total Rs.57.500 Millions
Short particulars of the property charged	All stocks of raw materials, goods in process and finished goods such as packaging materials etc., consumable stores and spares, packing materials etc. both present and future now being or hereafter brought into or upon or now or hereafter in course of transit to any godowns, jathas or place whatsoever and wheresoever in the possession and occupation of the company. All the tangible, movable properties and assets of the company of whatsoever nature including plant, machinery, tools and accessories, stores, spares relating to the plant and machinery, furniture articles, office equipments, computers and things belonging to the company and lying and being at their premises / factories at Tarapur, Tal. Palghar, Thane being movable properties and capable of passing by delivery, both present and future, whether installed or not and whether lying loose or in cases and being or at any time hereinafter brought into or upon or at any time in course of transit to the premises / factories of the company at Tarapur or other place either by way of substitution or addition or other place whatsoever and wheresoever in the possession or occupation of the company. All the present and future book debts, outstandings, moneys, receivables, claims, bills, contracts, engagements, rights to or in movable properties and movable assets now due, owing or payable or belonging to the company or which may at anytime hereafter become due, owing, payable or belonging to the company in the course of its business by any person, firm, company or body corporate or by the Government Central or State or Indian Railways, any Government Department or office or any Municipal or local or civic authorities or public or Semi Government body or authority or any body corporate or undertaking or project whatever in the public sector.
Date of instrument modifying the charge	29/08/2008
Particulars of the present modification	The charge over movable properties now stands enhanced from Rs.48.500 Millions to Rs.57.500 Millions, consequent to sanction of one time additional limit of LC (DA) facility of Rs.9.000 Millions.

CONTINGENT LIABILITIES IN RESPECT OF:

Particulars	31.03.2010 (Rs. in millions)
Capital Commitments for machinery	1.586
Against which advances paid	1.085
Capital Commitments against building	0.182
Against which advances paid	0.059
Capital Commitments against Furniture	0.031

FIXED ASSETS

· Land – Leasehold

· Factory Building

· Plant and Machinery

· Moulds, Tools and Dies

· Generator Set

· Electric Installations

· Computer Equipment

· Furniture and Fixture

· Factory Equipment

· Office Equipment

· Vehicles

Trade References:

• Hindustan Uniliver Limited

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.45.09
UK Pound	1	Rs.72.82
Euro	1	Rs.63.43

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	YES
--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.