MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	P G FOILS LIMITED
Registered Office :	6, Neptune Tower, Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	7.11.1979
Com. Reg. No.:	04-8050
Capital Investment / Paid-up Capital :	Rs. 81.161 millions
CIN No.: [Company Identification No.]	L27203GJ1979PLC008050
TAN No.: [Tax Deduction & Collection Account No.]	JDHP02114A
PAN No.: [Permanent Account No.]	AAACP9274C
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturers of Aluminium foil and its laminates Laminated flexible packaging with plastic and Laminated flexible packaging with papers.
No. of Employees :	800 (Approximately)

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 2700000
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 DENIED BY

Name :	Mr. M. K Bhandari
Designation :	Accountant
Contact No.:	91-2937-287151
Date :	21.05.2011

LOCATIONS

Registered / Sales Office:	6, Neptune Tower, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26587606, 26587205
Fax No.:	91-79-26584187
E-Mail :	pgfoils@sancharnet.in pgfoils@ricmail.com pgfoils81@sify.com pgfoils@pgfoils.in
Website :	www.pgfoils.com
Area :	5000 Sq. ft
Location :	Owned
Head Office / Factory:	P.O., Pipalia Kalan, 306307, District. Pali, Rajasthan
Tel. No.:	91-2937-287151/56/55
Fax No.:	91-2937-287150
E-Mail :	pgfoils@sancharnet.in pgfoils@ricmail.com pgfoils81@sify.com pgfoils@pgofils.in pgfoils.investor@gmail.com
Sales Office :	Located at: Mumbai Chennai Ahmedabad Delhi Bangalore Hyderabad Jaipur Kolkata

DIRECTORS

As On 31.03.2010

Name :	Mr. Pankaj P. Shah
Designation :	Managing Director
Name :	Mr. Abhay P. Shah
Designation :	Whole time Director
Name :	Mr. Vimal Dhadda
Designation :	Director
Name :	Mr. Hemant K. Nema
Designation :	Director
Name :	Mr. Sahil P. Shah
Designation :	Director
Name :	Mr. Udhan Kumar Chordia
Designation :	Director
Senior Executives :	Mr. O.P. Singhal – Executive Director (Finance) Mr. M.R. Jain – Additional Director (Operation) Mr. M.P. Shah – General Manager (Marketing) Mr. R Yadav – Executive Director (Operation) Mr. Ajay Malhotra – Director (Marketing)

KEY EXECUTIVES

Name :	Mr. R. M. Jain
Designation :	Executive Director [Finance]
Name :	Mr. S. B. Srivastava
Designation :	Executive Director [Operations]
Name :	Mr. S. B. Singh
Designation :	General Manager [Marketing]
Name :	Mr. Vishnu Kaushal
Designation :	Company Secretary
Name :	Ms. Anamika Maheshwari
Designation :	Company Secretary
Name :	Mr. Gautam Shah
Designation :	General Manager
Name :	Mr. M. K Bhandari
Designation :	Accounts Department
Name :	Mr. Ramdev Singh Jetmal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	657,984	8.11
Bodies Corporate	3,300,016	40.69
Sub Total	3,958,000	48.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3,958,000	48.80
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1,390,569	17.15
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 millions	1,711,609	21.10
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	495,594	6.11
Any Others (Specify)	554,228	6.83
Non Resident Indians	554,228	6.83
Sub Total	4,152,000	51.20
Total Public shareholding (B)	4,152,000	51.20
Total (A)+(B)	8,110,000	100.00
(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)	8,110,000	-

BUSINESS DETAILS

Line of Business :	Manufacturers of Aluminium foil and its laminates Laminated flexible packaging with plastic and Laminated flexible packaging with papers.
Products :	Item Code No 73.07 39.20 48.71	Product Description Aluminium Foil and its laminates Laminated Flexible Packaging with Plastic Laminated Flexible Packaging with Papers
Exports :
Products :	Aluminium Foil
Countries :	Bangladesh Iran Europe USA UK Kenya Mexico Nepal Nigeria Russia Sudan Thailand UAE
Terms :
Selling :	L/C, Cash and Credit (30 Days/ 60 Days/ 90 Days)
Purchasing :	Cash and Credit (30 Days/ 60 Days/ 90 Days)

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Aluminium Foil	MT	NA	5874.055*
Flexible Packaging	MT	NA	216.771

• Including 167.848 MT (previous year 57.033 MT) productions for the conversion of materials.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

800 (Approximately)

Bankers :

v IDBI Bank Limited

v ICICI Bank Limited, Kalan Branch

v State bank of Bikaner and Jaipur

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loans*	57.881
OD Account**	123.721
Short Term Loan**	150.000
Trade Credit Bank Guarantee** (Payable to foreign bank $1136420.34)	51.048
Total	382.650	450.530
Un Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Others (Corporates)	0.000	42.500
Total	0.000	42.500

*Equitable Mortgage of Beawar office

"Overdraft of Rs 10290591 against pledge of FDRs of Rs. 18.029 millions- and OD Rs 113.430 millions Secured against mortgage of Factory Land and Building, Wind Mill, Floating Charge on Movable Assets, Investments, Keyman Policies, Emplyer-Employee Policies, Perrsonal Guarantees of Two Directors and others and Corporates Guarantee

Banking Relations :	Satisfactory
Auditors :
Name :	H M Singhvi and Company Chartered Accountants
Address :	Johari Bazar, Jaipur, Rajasthan, India
Associates/Subsidiaries :	v Prem Cables Private Limited v Miracle Carriers and Trading Company v Prem Nagar Industrial Estates Private Limited v MEC International Private Limited v Foils India Laminates Private Limited v Pipalia Cables and Wires Private Limited v Miracle Foils Private Limited v Tirumala Irons Private Limited v Pipalia Engineering Works Private Limited

CAPITAL STRUCTURE

As On 31.03.2010

Authorized Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed:

No. of Shares	Type	Value	Amount
8121600	Equity Shares	Rs.10/- each	Rs.81.216 millions

Paid-up Capital:

No. of Shares	Type	Value	Amount
8110000	Equity Shares	Rs.10/- each	Rs. 81.100 millions
	Add: Shares Forfeited		Rs. 0.061 millions
	Total		Rs. 81.161 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		81.161	81.161	81.200
2] Share Application Money		4.700	4.700	0.000
3] Reserves & Surplus		603.447	575.136	589.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		689.308	660.997	670.900
LOAN FUNDS
1] Secured Loans		382.650	450.530	202.200
2] Unsecured Loans		0.000	42.500	0.000
TOTAL BORROWING		382.650	493.030	202.200
DEFERRED TAX LIABILITIES		9.798	0.000	0.000
TOTAL		1081.756	1154.027	873.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		194.688	71.383	61.900
Capital work-in-progress		0.000	136.075	16.500
INVESTMENT		318.872	266.331	207.100
DEFERREX TAX ASSETS		0.000	7.496	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	160.740	180.068	263.700
	Sundry Debtors	344.713	368.497	436.100
	Cash & Bank Balances	69.624	161.140	57.000
	Other Current Assets	0.000	0.763	0.000
	Loans & Advances	87.362	112.638	144.300
Total Current Assets		662.439	823.106	901.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.312	149.141
	Other Current Liabilities	0.000	0.000	262.100
	Provisions	0.975	1.282	51.500
Total Current Liabilities		94.287	150.423	313.600
Net Current Assets		568.152	672.683	587.500
MISCELLANEOUS EXPENSES		0.044	0.059	0.100
TOTAL		1081.755	1154.027	873.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1422.742	1678.041	1741.300
		Other Income	(19.188)	36.939	76.500
		TOTAL (A)	1403.554	1714.980	1817.800
Less	EXPENSES
		Consumption of raw materials, stores and manufacturing expenses	1155.141	1495.313
		Payment to and provision for employees	68.319	34.808
		Administrative and other expenses	15.114	10.441
		Selling and distribution expenses	13.719	6.862
		Other expenses	54.451	137.627
		Prior period adjustment	0.652	0.577
		Provision of excise duty written back	(0.877)	(1.533)
		Income related to previous year	0.000	(0.037)
		Excess provision of income tax/wealth tax written back	(0.008)	(0.635)
		TOTAL (B)	1306.511	1683.423	1659.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.043	31.557	158.100
Less	FINANCIAL EXPENSES (D)		22.625	42.602	29.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		74.418	(11.045)	129.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.924	11.195	11.500
	PROFIT BEFORE TAX (E-F) (G)		53.494	(22.241)	117.600
Less	TAX (I)		24.875	(7.783)	37.700
	PROFIT AFTER TAX (G-I) (J)		28.619	(14.458)	79.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		268.497	282.955
	BALANCE CARRIED TO THE B/S		297.116	268.497	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	87.573	55.407
	TOTAL EARNINGS		87.573	55.407
	IMPORTS
		Raw Materials	264.484
		Stores & Spares	43.876	NA	NA
		Capital Goods	1.101
	TOTAL IMPORTS		309.461
	Earnings Per Share (Rs.)		3.53	(1.78)	9.67

Particulars	31.03.2011 (Rs. in Millions)
Sales Turnover	1500.000

Expected Sales (2011-12) : Rs.1800.000 Millions

The above information has been parted by Mr. M. K. Bhandari

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	311.990	331.070	369.530	385.070
Total Expenditure	272.830	320.300	339.100	331.310
PBIDT (Excl OI)	39.160	10.770	30.430	53.760
Other Income	4.340	21.540	19.310	22.650
Operating Profit	43.500	32.310	49.740	76.410
Interest	5.850	5.020	10.830	8.590
Exceptional Items	(6.250)	(6.250)	(6.300)	(6.200)
PBDT	31.400	21.040	32.610	61.620
Depreciation	6.500	7.000	11.000	9.000
Profit Before Tax	24.890	14.040	21.610	52.620
Tax	0.000	5.670	0.000	7.840
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	24.890	8.370	21.610	44.780
Extraordinary Items	0.850	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	25.740	8.370	21.610	44.780

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.04	(0.84)	4.39
Net Profit Margin (PBT/Sales)	(%)	3.76	(1.33)	6.75
Return on Total Assets (PBT/Total Assets}	(%)	6.24	(2.49)	12.21
Return on Investment (ROI) (PBT/Networth)		0.08	(0.03)	0.17
Debt Equity Ratio (Total Liability/Networth)		0.69	0.97	0.77
Current Ratio (Current Asset/Current Liability)		7.03	5.47	2.87

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors:

Particulars	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions	As on 31.03.2008 Rs. in Millions
Due to Small Scale Industrial Undertaking	81.567	115.513
Due from Others	0.000	0.000
Bill Sent for Collection	0.000	0.492
Sundry Debtors having Credit Balances	0.878	11.611
Security Deposit from Customers	7.229	7.229
Liabilities for other Finance	1.493	2.819
Unclaimed Dividend**	0.803	0.817
Unpaid Dividend***	1.133	1.133
Interest Accured & Not Due	0.209	9.527
Total	93.312	149.141	NA

Note:

a) * Name of small scale industrial undertaking to whom an amount of

b) Rs.0.100 Millions or more was outstanding for more than 30 days is M/s Core India

c) The information in regards to SSI Units has been compiled in respect of parties to the extent to which they could be identified as SSI Units on the basis of information available with the company.

d) ** Rs 0.351 Millions for year 2004-05 and 0.452 Millions for year 2007-08

e) ***Unpaid Dividend is for the F.Y. 1998,2004-05 and 2007-08 out of which

f) Rs.0.383 Millions due for the year 1998 is outstanding as on 31st March 2010 to be credited to Investor Education and Protection fund

g) Unpaid dividend of Rs.1.133 Millions has not been deposited with the Scheduled Bank in Unpaid Dividend Account as per sec 205 (A) (1) of companies act 1956, since the matter is pending before the high court.

Trade Reference:

• Cadila Pharmaceuticals Limited
• Globe Pharmaceuticals Limited
• Dabur India Limited

HISTORY:

Subject, promoted in the joint sector by the Prem group of industries and Rajasthan Industrial and Investment Corporation to set up aluminium foil manufacturing plant. The company manufactures foils of various qualities and thicknesses -- tagger foil, pharma foils, laminated foils, blister foils from its 5000 MT pipalia facility at Rajasthan. Aluminium foils find a wide range of applications in packaging products like tea, coffee, chocolates, confectionery, medical tablets, tobacco, etc. Subject exports its products to Bangladesh, Thailand and Nepal. In the domestic market, the company's customers include all the leading companies in the pharmaceutical industry such as Hoechst (India), Glaxo, Pfizer, the Cadila group, Nicholas Piramal, Panjon, the Torrent group, etc. Besides, the company caters to the Sivakasi market which consumes 30-40 tpa of paper laminated foil for packing fireworks. It also supplies casserole foil to the Indian Railways and pharma foils to IDPL under an annual contract. Subject , the third-largest aluminium-foil maker in the country, after Indal and India Foils, has embarked upon a modernisation-cum-expansion project to reduce the scrap generation, power consumption and increase production capacity. It was the first group company to mobilise funds for its project through a public issue in Dec.'94. The project commenced commercial operation during 1996-97.

OPERATIONS:

During the year the company achieved a Gross turnover of Rs. 1526.342 Millions as against Rs. 1845.677 Millions in the previous year.

Profit before tax was increased to Rs. 53.259 Millions from loss of Rs. (23.869) Millions of previous year. During the year company has paid Rs. 25.000 Millions towards premium of employer-employee polices and on life of employees and Rs. 45.000 Millions towards renewal premium of Key Men Insurance Policy, which has been debited to profit and loss account.

Exports have increased to Rs. 87.573 Millions from Rs. 55.407 Millions.

Windmill installed at Jaisalmer for captive consumption generated 8,60,488 units during 01.04.2009 to 31.03.2010. Company has not received shortfall claim against guaranteed generation.

CAPITAL EXPENDITURE:

The company has incurred the Rs. 5.000 millions on installing Holland Plant and Machinery and incurred Rs 1.355 millions on other plant and machinery items.

ISO 9001-2000 CERTIFICATION

The company have been awarded ISO 9001:2000 certificate on 12.04.2005 by BVQI. And it has been renewed for 3years valid till 11.04.2011.

PUBLIC DEPOSITS:

The Company has not invited/accepted any deposit from the public within the meaning of the section 58A of the companies Act, 1956 and the rules made there under.

INDUSTRIAL RELATIONS:

The company continues to maintain cordial relation with its Workers, Supervisors and Officers in all divisions to enable it to achieve better performance.

DEMAT TRADING:

As per the directives of The Securities and Exchange Board of India (SEBI), the Company's shares are being compulsorily trade in the dematerialization mode with effect from 2nd of April, 2001. Necessary agreement have been entered by the Company with NSDL, CDSL and with M/s Pinnacle Share Registry Private Limited, Ahmedabad who is registrar for transfer of shares (demat and physical) of the company.

MANAGEMENT DISCUSSION AND ANALYSIS:

The management of Subject presents the analysis of performance of the company for the year 2009-2010 and its outlook for the future. The outlook is based on assessment of the current business environment. It may very due to future economic and other developments.

Industry Scenario

The year 2009-2010 was a good year for the domestic economy and in particulars the manufacturing sector due to start of recovery from the recession the demand has started increasing and the trend is expected to continue. Today the usages of aluminum foil in packaging is growing by leaps and bounds. Where barrier properties and shelf life are required, aluminum based special packaging products are must. The company remains focused on selling end-to end packaging solutions and not just products.

Packaging fulfils the needs of the Pharma Industry and consumers on the three crucial parameters namely presentation, protection and preservation. According to world health organization (WHO), the global pharma sales is expected to grow.

Operational performance

For P C Foils Limited 2009-2010 has been a good year. The Company has effectively integrated its Product Mix to maximize the realisation. Turnover and Income established at Rs.1526.342 Millions and Profit of Rs. 53.259 Millions. The company has utilized full installed capacity of its manufacturing. The sale; of manufactured product has remained almost same as last year.

Financial Performance

Gross turnover for the year is Rs. 1526.342 Millions against Rs. 1845.677 Millions in last year. Profit for the year is Rs. 53.259 Millions compared to loss of Rs. (23.869) Millions in last year due to purchase of raw material at low rate. Company contributed a total Rs 103.599 Millions to the National Exchequer as Excise Duty.

Resources and Liquidity

Company continues to maintain its conservative financial profile. Company Banked with IDBI Bank Limited for their working capital needs. Company has sufficient working capital limits of Rs. 700.000 millions from IDBI Bank Ltd at confessional and extremely competitive interest rate. Cash Flow for less than 2 years is adequate to extinguish its entire debts timely. Company made most of local purchases on cash basis at discounted rates but overseas purchases are on credit basis and partly cover has been taken against outstanding US dollar liability.

Opportunities and outlook

The Opportunities have gained momentum due to installation of many Pharma units in Hlimachal Pradesh near to there existing site as compared to other competitor. In the next few years, there would be a flow of orders by Pharma industries due to release of ban by WTO. To meet the increasing demand, the company must gear-up with higher productivity and better project management expertise to remain as a forerunner in the Industry.

The company has to continue to be a Cost leader to protect its profit margin and market share in this highly competitive industry. Per capita consumption of Aluminum Foil in there country is low compared to other developing countries. While the average consumption of Aluminum foil in development countries is 23 kg per person it is 2.5 Kg in India. The consumption of Foil is directly related to the population and trends in packaging. Due to shortage of foil in the country the full potential of aluminum foil in packaging material industry has not yet been tapped. Company Marketing team looking to capture the above demand and also will replace import markets and unorganized players in India by increasing capacity, maintaining good

Export:

The company's contribution to foreign exchange earnings amounted to Rs.87.573 millions during the year and the total foreign exchange utilized by the company amounted to Rs 310.819 millions the details of which are provided in annexure to the director's report. Company is presently exporting App. 360 MT to various countries and further trying to increase export to developed countries.

Human Resources:

It is the company's belief that people are at the heart of corporate and constitute the primary source of sustainable competitive advantage. The trust of company's human resource development efforts therefore is to create a responsive and market driven organization. The company continues its focus on strengthening competitiveness in all its business. The directors look forward to the future with confidence.

The company has followed a conscious policy of providing training to Management Staff through in-house and external programmes, for upgrading personal and technical skills in relevant areas of functional disciplines.

Internal Control System:

The Company has an adequate system of internal controls implemented by the management towards achieving efficiency in operations, optimum utilization of company's resources and effective monitoring thereof and compliance with applicable laws and regulations.

The Company’s internal audit department conducts regular audits to ensure adequacy of internal control systems, adherence to management instructions and compliance with laws and regulations of the country as well as to suggest improvements.

Audit plans, internal/external auditors observations and recommendations, significant risk area assessments and adequacy of internal controls are also periodically reviewed by the Audit Committee of the Board of Directors

Fixed Assets:

• Building
• Agriculture land
• Plant and machinery
• Loading machine
• Wind mill
• Furniture and fixture
• Vehicles
• Office and computer
• Equipments

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.06.2010

Rs. In Millions

Particulars	30.06.2010
	3 Months Ended Unaudited
Income
a) Net Sales / Income from Operations	311.986
b) Other Operating Income
Expenditure
(a) (Increase)/decrease in Stock in Trade	(19.714)
(b) Consumption of Raw Materials	254.191
(c) Purchase of traded goods	0.000
(d) Employees Cost	11.712
(e) Depreciation	6.500
Other Expenditure
Power & Fuel	10.995
Other Expenditure	15.648
Total Expenditure	279.332
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	32.654
Other Income	4.338
Profit/(Loss) before Interest and Exceptional items	36.992
Interest	5.850
Profit / (Loss) after interest before Exceptional items	31.142
Exceptional Items	6.250
Profit / (Loss) From Ordinary activities before Tax	24.892
Tax Expenses	0.000
Net Profit/(Loss) From Ordinary activities after Tax	24.892
Extraordinary Items	0.851
Net Profit/(Loss) for the period	25.743
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	81.100
Reserves (Excluding Revaluation Reserves)	-
Earnings Per Share
-Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	3.07
-Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	3.17
Public Share Holding
- Number of Shares	4313853
- Percentage of shareholding	53.19
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	-
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	-
- Percentage of shares(as a % of the total share capital of the company)	-
b) Non-encumbered
- Number of Shares	3796147
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100
- Percentage of Share (as a % of the total share capital of the company)	46.81

AS PER WEB SITE DETAILS:

ABOUT THE COMPANY

A unit for manufacturing AAC/ACSR Conductors used for overhead transmission of power was installed in the village Pipalia-Kalan in the year 1962 when it was not even Electrified.This shows the farsightedness and enterpreneurship of the founder late Shri P.G. Shah, as his aim was to develop his own village people.
After Installation of the unit Prem Cables Private Limited coinciding with the Govt. policy of rural industrialisation, Prem Group gradually spread over and established various units and the latest addition to the Group was Aluminum Foil Plant-PG Foils Limited. This plant was launched for manufacture of Aluminium Foil in its full range of products.

It is the first wholly Indian Plant of the Country, having latest modern machinery and technical know-how. The well qualified experts are capable of taking any challenge thrown at them and they are eager to work on any new specification required by the customer.The aluminium foil is mainly used as packaging material and has proved to be the best of its kind because of its unique protective properties. It is moisture proof, gas proof, light proof and hygienic. It reflects 96% of light and gives a point of sale appeal. For these properties, the major consumer industry of aluminium foil obviously becomes the pharmaceutical industry which uses almost half of the aluminium foil produced in India. It is also used by confectionery and biscuits manufacturers, cigarette and soap industries, milk and milk product producers, photographic material manufacturers, tea and coffee manufacturers as the best, durable, protective and appealing packaging medium.

P.G.Foils has taken a long journey into the life of all Indians through it's versatile and extensive range of products and applications. For years now they have catered to several needs of the society.As a pouch material multiple laminates are used for storage of solids, liquids, powders, granules of drugs, foods, oils, chemicals, spices etc.P.G. Foils are licensed to produce 1,800 M/T of aliuminium foil a year and are geared up to meet all market requirements with the help of devoted team of young and energetic technical and sales team led by their Managing Director Shri Pankaj P. Shah.Village Pipalia-Kalan a very small village having population of about 5000 persons, is industrially expanding fast but the medical and hospital facilities have not kept pace with the galloping growth rate of the population and industries. Hence with the inspiration created by Late Shri Parasraj G. Shah, it was projected to establish a 50 bedded general hospital named "PG Memorial Hospital" with all modern facilities. The foundations stone was laid down by H.E. The President of India and now the entire construction work of Hospital and Residential Quarters is complete. It is about Rs. 60.000 millions project.

PROFILE

Subject is a name synonymous with premium quality products, imitable expertise and total customer satisfaction. It believes extending a serving hand to there business associates and realizing their economic aspiration.

It is the product excellence and perfection approach, which have enabled us to build and maintain a long-term and strong relationship with there customer.

A well-qualified, experienced and dedicated team of professionals forms a formidable bastion at Subject to ensure total satisfaction obits valuable customers.

All operations are constantly monitored and managed by this finely honed group, which ensure that the company retains and excels further in building up its reputation as internationally acknowledged aluminium foils manufacturer. Subject is rightly proud of its know – how perfected over along period of time.

BOARD OF DIRECTOR

There deep rooted family bonds. Nurtured by Late Shri Parasraj G.Shah, the founder of prem group who braving the extreams of weather, set foot on the desert land of rajasthan, to established a small unit for the manufacture of aluminium conductor.

Today prem group has grown into a conglomerate. And in the crown of this multicrore group is a rare jewel – Subject. The company with the third largest aluminium foil rolling capacity in India , and whose product are used in various industries ranging from pharmaceutical, food and beverages, communications, air conditioning and health products etc.

Needless to say, Subject performance is the result of a strong bond amongst the shah brother – Abhay P.Shah, Ashok P.Shah, and above all Pankaj P shah, who with his entrepreneurial acumen has helped Subject reach the pinnacle of success.

Shri Pankaj P.Shah (Managing Director )

This third generation entrepreneur who underwent an intensive training Foil technology at London has been actively involved in Subject since inception. Under his leader – ship, the company’s growth graph turned almost a vertical upwards. His unmatched managing skill has given a tremendous confidence into his colleagues. Business success is only part of complex patina that made him both visionary industrialist and socially sensitive family man.

SHRI ASHOK P SHAH (Joint Managing Director )

Rated in the commercial world as a businessman per excellence has diversified business interest. Under his guidance at Subject, the energetic professionals with proven calibers and required expertise are never lacking in their efforts to make every single deal a resounding success.

SHRI ABHAY P SHAH (Whole- Time Director )

To maintain consistency in day-to-day administration id this professionally managed company is a dynamic young entrepreneur who proved his expertise if handling purchase, marketing and exports with the required ability and alacrity. His marketing efforts have brought to the company’s fold many top multinational companies.

FINANCE

The company is promoted by well-known Prem Group of Industries and was incorporated as public limited company on November 7Th, 1979. The company’s shares are listed at Mumbai, Ahmedabad and Jaipur stock Exchanges.

The company’s total capital base is Rupees 708 lacs with huge reserves. The Company is totally debt-free and do not require any kind of financial assistance or help from Financial institutions. The Company is working solely on its reserves.

The company’s production, sales, profits and reserves are constantly growing @ 20%-25%.

The company is procuring total input materials on cash payment basis and enjoying good reputation among its vendors.

FACILITIES

Headed by executive director (operations) having 25 years of hard-core experience in every facet of foils manufacturing. Under his able guidance a team of managers and production planning persons are adding strength to Subject.

• Roll grinding unit
• Co-extruded Poly Film Unit
• Captive Power Generating Plant
• Printing Cylinder Processing unit
• Fleet of trucks – Transport Division
• Enterprise Resource Planning (ERP)
• Electronic Artwork Preparation Section

Manufacturing

Manager (works) and a team of engineers, supervisors, skilled and qualified technical persons has designed and developed several machines and processes which helped the company to became the lowest cost foil manufacturing unit in India.

Subject production facility at Pipalia Kalan is capable of meeting the manifold demands made by industry and offers its customers a range of products made with combination of Aluminium foil, Paper , PET, PE, BOPP etc. of varied thickness, width, different coatings.

They excel in multilayer laminated and multicolour printed flexible packaging materials. They continuously update production facilities to optimise output and ensure quality products.

Geared- up with high performance modern equipments and machines.

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.44.93
UK Pound	1	Rs.72.91
Euro	1	Rs.64.34

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.