MIRA INFORM REPORT

Report Date :

04.05.2011

IDENTIFICATION DETAILS

Name :	TRANSASIA FINE PAPERS PRIVATE LIMITED
Registered Office :	No.8, M – 1, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.09.2000
Com. Reg. No.:	08-027866
CIN No.: [Company Identification No.]	U85110KA2000PTC027866
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07932B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Paper and Paper Products.

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 192000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Kumar Kejriwal
Designation :	Director
Contact No.:	91-9324334003
Date :	03.05.2011

LOCATIONS

Registered Office :	No.8, M – 1, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-40820000-10
Mobile No.:	91-9324334003 (Mr. Rajesh Kumar Kejriwal)
Fax No.:	91-80-41125111
E-Mail :	vikashkejriwal@tafp.in marketing@tafp.in
Website :	www.tafp.in www.transasiapapers.com
Area :	2500 sq ft
Location :	Owned
Corporate Office :	165, 2^nd Floor, Kohinoor Estate, Tulsi Pipe Road, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-42363600
Fax No.:	91-22-42363636

DIRECTORS

As on 30.09.2010

Name :	Mr. Rajesh Kumar Kejriwal
Designation :	Director
Address :	No.801, Odyessey II, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	21.02.1964
Date of Appointment :	28.09.2000
DIN No.:	00199215
Name :	Mr. Omprakash Kejriwal
Designation :	Director
Address :	No.F404, Adarsh Residency, 47^th Cross, 8^th Block, Jayanagar, Bangalore – 560 082, Karnataka, India
Date of Birth/Age :	21.01.1938
Date of Appointment :	28.09.2002
DIN No.:	00199272
Name :	Mr. Vikash Kejriwal
Designation :	Director
Address :	No F-404, Adarsh Residency, 47^th Cross, 8^th Block, Jayanagar, Bangalore – 560 082, Karnataka, India
Date of Birth/Age :	14.12.1962
Date of Appointment :	28.09.2000
DIN No.:	00210234
Name :	Mr. Nipun Santosh Kejriwal
Designation :	Additional Director
Address :	No.3, Flat No.304, Adarsh residency, 4^th Cross, Jaynagar 8th Block, Bangalore - 560 082, Karnataka, India
Date of Birth/Age :	23.01.1985
Date of Appointment :	29.08.2008
DIN No.:	02302186
Name :	Mr. Vijay Kumar Phool Chand Dalmia
Designation :	Additional Director
Address :	No 171, 05-cross, G K W Layout, Vijayanagar, Bangalore – 560 040, Karnataka, India
Date of Birth/Age :	14.12.1961
Date of Appointment :	29.08.2008
DIN No.:	02302196

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rajesh Kejriwal	1000
Omprakash Kejriwal	1000
Chandrakala Kejriwal	1000
Rekha Kejriwal	1000
Nipun Kejriwal	1000
Vikash Kejriwal	1000
Akshay Kejriwal	1000
Alka Kejriwal	1000
Santosh Kejriwal	1000
Sangeetha Kejriwal	1000
Olive Shelters Private Limited, India	415000
Total	425000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.65
Directors or relatives of directors	2.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Paper and Paper Products.
Products :	Papers and Stationery
Imports :
Products :	Raw Materials
Countries :	Europe
Terms :
Selling :	Cash, Credit (30 days) and Bank Through
Purchasing :	Cash, Credit (30 days) and Bank Through

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

v Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai – 400 001, Maharashtra, India

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Cash Credit – Rs.16.000 millions

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan From Bank	30.078	16.457
Working Capital	28.937	48.273
Vehicle Loan	3.505	3.971
Total	62.520	68.701

Notes:

a) Term Loans from Banks of Rs.14.813 millions (Nil) secured against mortgage of immovable property owned by the directors.

b) Term Loans from Banks of Rs.15.266 millions (Rs.16.457 millions) and working capital loan of Rs.28.937 millions (Rs.48.273 millions) secured by way of first and exclusive charge on the entire current assets and certain fixed assets of the company. The loan is further collaterally secured against an immovable property owned by director and relative. The loan is also guaranteed by Directors/ relatives and corporate guarantee of a group company.

c) Vehicle Loan is secured by hypothecation of specific assets, charge is yet to be registered.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	12.802	6.517
From Shareholders	13.773	6.463
From Corporate	7.118	6.524
Total	33.693	19.504

Banking Relations :	--
Auditors :
Name :	MGB and Company Chartered Accountants (Sanjay Kothari)
Address :	Jolly Bhavan # 2, 1^st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-66332330
Fax No.:	91-22-66351545
E-Mail :	mgbco@mgbco.com
Website :	www.mgbco.com
Other Related Parties :	v Transasia Sales Private Limited v Transasia Sales Syndicate – Tdg v Kyoorius Trade v Saffron Brand Consultants India Private Limited v Transasia Sales Private Limited – Singapore v Transasia Sales Private Limited – Malaysia

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 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		4.250	4.250	4.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.832	41.294	33.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.082	45.544	37.535
LOAN FUNDS
1] Secured Loans		62.520	68.701	30.477
2] Unsecured Loans		33.693	19.504	16.662
TOTAL BORROWING		96.213	88.205	47.139
DEFERRED TAX LIABILITIES		1.303	0.914	0.559
TOTAL		145.598	134.663	85.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.822	35.148	30.612
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.551	75.309	21.737
	Sundry Debtors	30.794	31.575	54.934
	Cash & Bank Balances	4.686	5.074	3.018
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.692	16.361	16.226
Total Current Assets		123.723	128.319	95.915
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.281	28.724	41.014
	Other Current Liabilities	3.214	0.080	0.000
	Provisions	1.452	0.000	0.280
Total Current Liabilities		11.947	28.804	41.294
Net Current Assets		111.776	99.515	54.621
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		145.598	134.663	85.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	156.200	199.360	215.613
		Other Income
		TOTAL (A)	156.200	199.360	215.613
Less	EXPENSES
		Office Expenses	151.600	171.537	190.525
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	151.600 (including depreciation and interest expenses)	171.537	190.525
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			27.823	25.088
Less	INTEREST & FINANCIAL EXPENSES (D)			11.324	6.638
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			16.499	18.450
Less/ Add	DEPRECIATION/ AMORTISATION (F)			3.503	1.884
	PROFIT BEFORE TAX (E-F) (G)		4.600	12.996	16.566
Less	TAX (H)		2.100	4.987	6.057
	PROFIT AFTER TAX (G-H) (I)		2.500	8.009	10.509
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1.016	3.846	7.680
	TOTAL EARNINGS		1.016	3.846	7.680
	CIF VALUE OF IMPORT		18.424	77.437	40.555
	Earnings Per Share (Rs.)		5.97	18.85	24.73

Particulars	31.03.2011 (Approximately)
Sales Turnover	180.000

Expected Sales (2011-2012): Rs.200.000 millions

The above information has been parted by Mr. Rajesh Kumar Kejriwal.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.60	4.02	4.87
Return on Total Assets (PBT/Total Assets}	(%)	2.92	7.95	13.09
Return on Investment (ROI) (PBT/Networth)		0.10	0.29	0.44
Debt Equity Ratio (Total Liability/Networth)		2.25	2.57	2.36
Current Ratio (Current Asset/Current Liability)		10.36	4.45	2.32

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)
Creditors for Goods	1.855	21.913	41.014
Creditors for Expenses and Other Liabilities	5.426	6.811
	7.281	28.724	41.014

Note:

The registered office of the company has been shifted from No.8/5, 2GF, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka to the present address w.e.f. 16.06.2009.

FORM 8:

Corporate identity number of the company	U85110KA2000PTC027866
Name of the company	TRANSASIA FINE PAPERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.8, M – 1, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka, India E-Mail: vikashkejriwal@tafp.in
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: Biplab.Das1@sc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry
Date of instrument Creating the charge	28/01/2011
Amount secured by the charge	Rs.16.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: The Bank is having first and exclusive charge on the security given by the Company. Others: The Company provided security on its immovable property, to Bank for extending credit facility to Transasia Sales Private Limited. (Borrower)
Short particulars of the property charged	First and exclusive charge on commercial property located at 101, First Floor, Navneelam 108, Dr. R G Thadani Marg, Worli, Mumbai 400 018.

FIXED ASSETS:

v Air Conditioner

v Buildings

v Computer and Peripherals

v Furniture and Fixtures

v Vehicles

v Office Equipments

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.44.34
UK Pound	1	Rs.70.70
Euro	1	Rs.65.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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.