MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Registered Office :	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.10.1980
Com. Reg. No.:	21-033055
Capital Investment / Paid-up Capital :	Rs.10.305 Millions
CIN No.: [Company Identification No.]	U21093WB1980PTC033055
TAN No.: [Tax Deduction & Collection Account No.]	CALA01078A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Poly Coated Paper and Paper Board.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

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

LOCATIONS

Registered/ Head Office :	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India
Tel. No.:	91-33-26531445/ 26533628
Fax No.:	91-33-26605384
E-Mail :	cpplfsr@vsnl.net.in cpplpon@creativepolypack.com
Factory 1:	R. S. No. 17/3,5,7 and 10, Sedarapet, Puducherry – 605111, India
Tel. No.:	91-413-2678606/ 2678707
Fax No.:	cpplpon@creativepolypack.com
Factory 2:	RS No.42/1, Sedharpet Villanpur Commune Panchayat, Pondicherry – 111, India
Tel. No.:	91-33-26704692

DIRECTORS

(AS ON 30.09.2010)

Name :

Mrs. Sangeeta Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

23.05.1955

Date of Appointment :

22.04.1992

DIN No.:

00469584

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	17-03-79	17-03-79	Active	NO
2	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-86	11-04-86	Active	YES
3	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	24-01-90	24-01-90	Active	YES
4	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	07-08-90	07-08-90	Active	NO
5	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	13-11-90	13-11-90	Active	YES
6	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	22-04-92	22-04-92	Active	NO
7	U65990MH1984PLC033112	Sambhaw Finance and Trading Company Limited	Director	30-08-93	30-08-93	Active	NO
8	U51900MH1984PLC033049	Sunayna Trade and Investment Company Limited	Director	30-08-93	30-08-93	Active	NO
9	U51900MH1983PLC029599	Sushree Trading Limited	Director	06-09-93	06-09-93	Active	NO
10	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	04-08-05	04-08-05	Active	NO

Name :

Mr. Binod Kumar Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

15.10.1980

Din No.:

00469637

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	09-06-78	09-06-78	Active	NO
2	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	15-10-80	15-10-80	Active	NO
3	U01132WB1955PTC022727	Halmira Estate Tea Private Limited	Director	15-10-84	15-10-84	Active	NO
4	L51109WB1982PLC034798	Umang Commercial Company Limited	Director	25-01-85	25-01-85	Active	NO
5	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	16-06-86	16-06-86	Active	NO
6	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	23-01-90	23-01-90	Active	YES
7	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-90	11-04-90	Active	YES
8	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	07-08-90	07-08-90	Active	NO
9	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	13-11-90	13-11-90	Active	YES
10	U65990MH1987PTC043557	Peigeon Finance and Investment Private Limited	Director	30-07-92	30-07-92	Active	NO
11	U27200MH1985PLC035603	Park Avenue Engineering Limited	Director	30-07-92	30-07-92	Active	NO
12	U65990MH1987PTC043580	Benhur Investment Company Private Limited	Director	30-07-92	30-07-92	Active	NO
13	L18101MH1987PLC134933	Aakarshak Synthetics Limited	Director	30-07-92	30-07-92	Active	NO
14	U65993MH1982PLC028250	Ashish Trading and Agency Limited	Director	02-09-93	02-09-93	Active	NO
15	L74899DL1993PLC054781	Rathi Bars Limited	Director	10-01-07	10-01-07	Active	NO

Name :

Mr. Giriraj Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

06.05.1980

Date of Appointment :

15.06.1998

DIN No.:

00796252

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	15-06-98	15-06-98	Active	NO
2	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	15-06-98	15-06-98	Active	NO
3	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	15-06-98	15-06-98	Active	NO
4	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
5	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
6	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
7	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	11-04-03	11-04-03	Active	NO
8	U27101WB1983PLC154615	Arvind Press Caps Limited	Director	25-08-04	25-08-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Binod Kumar Maheshwari (HUF)	635
Creative Product Private Limited, India	3000
Giriraj Maheshwari	41851
Binod Kumar Maheshwari	29305
Sangeeta Maheshwari	28259
Total	103050

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Poly Coated Paper and Paper Board.

Products :

Products Description	Item Code No.
Paper and Paper Board	481190
Plastics and Article There of	392390

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce

New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India

· HDFC Bank

· Corporation Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan from OBC for Machinery	--	9.015
Term Loan from ICICI Limited and ABN Amro Bank Limited Purchases of Vehicles	0.635	1.028
Cash Credit From Oriental Bank of Commerce (Secured by Hypothecation of Raw materials Stock-in-process, finished Goods, stores and Spares and Receivables) and Second charge on Fixed Assets of the company – Present and Future.	30.943	25.663
Total	31.578	35.706
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Inter Corporate Loan	--	0.500
From Directors	--	0.650
Total	--	1.150

Banking Relations :	--
Auditors :
Name :	A. K. Datta and Company Chartered Accountant
Address :	Room No.207, 2^nd Floor, 2, Church Lane, Kolkata – 700001, West Bengal, India
Group Companies :	· Creative Polypack Limited · Vibgyor Printing and Packaging (Private) Limited
Associates Companies (As on 31.03.2009):	· Creative Polypack Limited · Creative Products (Private) Limited · Vibgyog Printing and Packaging (Private) Limited · Aparna Print Pack (Private) Limited · A.V.G. Ink (Private) Limited · Creative Laminators and Print Pack (Private) Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Share	Rs.100/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103050	Equity Share	Rs.100/- each	Rs.10.305 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		10.305	10.305	10.305
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		70.905	61.619	43.686
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.210	71.924	53.991
LOAN FUNDS
1] Secured Loans		31.578	35.706	39.502
2] Unsecured Loans		0.000	1.150	4.567
TOTAL BORROWING		31.578	36.856	44.069
DEFERRED TAX LIABILITIES		0.000	0.000	0.971
TOTAL		112.788	108.780	99.031
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.072	50.724	48.597
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.041	0.043	0.042
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.726	48.945	50.971
	Sundry Debtors	42.153	49.696	43.625
	Cash & Bank Balances	6.593	7.069	4.418
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.128	14.744	16.154
Total Current Assets		126.600	120.454	115.168
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	52.011	52.671	57.559
	Other Current Liabilities	2.000	1.790	4.307
	Provisions	6.914	7.980	2.910
Total Current Liabilities		60.925	62.441	64.776
Net Current Assets		65.675	58.013	50.392
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		112.788	108.780	99.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	454.873	451.708	411.938
		Sales – Excise Duty	39.214	59.420	0.000
			494.087	511.128	411.938
		Other Income	0.368	4.498	1.828
		TOTAL (A)	494.455	515.626	413.766
Less	EXPENSES
		Materials Consumed	360.450	354.253	278.399
		Excise Duty and Educ. Cess	39.199	59.218	58.438
		Manufacturing Expenses	48.800	55.238	42.594
		Administrative Expenses	11.856	9.117	6.584
		Selling and Distribution Expenses	1.098	0.029	0.332
		TOTAL (B)	461.403	477.855	386.347
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.052	37.771	27.419
Less	FINANCIAL EXPENSES (D)		5.117	5.752	6.968
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.935	32.019	20.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.276	9.245	9.394
	PROFIT BEFORE TAX (E-F) (G)		18.659	22.774	11.057
Less	TAX (H)		9.372	3.920	0.840
	PROFIT AFTER TAX (G-H) (I)		9.287	18.854	10.217
	Prior Period Adjustment		0.000	(0.922)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.618	41.686	31.469
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	--
		Dividend	--	--	--
		Tax on Dividend	--	--	--
	BALANCE CARRIED TO THE B/S		68.905	59.618	41.686
	Earnings Per Share (Rs.)		90.12	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.88	3.66	2.47
Net Profit Margin (PBT/Sales)	(%)	3.78	4.46	2.68
Return on Total Assets (PBT/Total Assets}	(%)	10.74	13.30	6.75
Return on Investment (ROI) (PBT/Networth)		0.23	0.32	0.20
Debt Equity Ratio (Total Liability/Networth)		1.14	1.38	2.02
Current Ratio (Current Asset/Current Liability)		2.08	1.93	1.78

LOCAL AGENCY FURTHER INFORMATION

OPERATING PERFORMANCE AND PROSPECTS

The sales registered a decline this year as compared to the preceding year. This had the effect on the profit before tax which also fell from Rs.22.774 Millions to Rs.18.659 Millions due to recessionary effect.

FORM 8:

Corporate identity number of the company	U21093WB1980PTC033055
Name of the company	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India cpplfsr@vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	90251890
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India sushiltiwari_associates@rediffmail.com
Nature of instrument creating charge	1. Supplemental agreement to secure credit/loan facilities dated 15.11.2010 2. Letter regarding extension of equitable mortgage on 15.11.2010 (Original charge dated 13.07.98 for Rs.13.400 Millions, last modified on 08.06.2010 for Rs.57.750 Millions)
Date of instrument Creating the charge	15.11.2010
Amount secured by the charge	Rs.67.750 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: CC: Interest at base rate+2.00%,i.e.,10.50 % p.a. at present. Import LC : Commission as per FEDAI Rules; Inland LC: as per bank's of charges Terms of Repayment: C.C. (H): Repayable on demand L.C. Term of sanction - One Year. Margin: L.C. : 25 % in the shape of unencumbered duly discharged FDR/CDR CC: 25 % on stocks and receivables upto 90 days. Extent and Operation of the charge: Hypothecation by way of first charges all the co.'s stocks and receivables, all fixed assets, documents of title to goods in case of LC on DP basis, hypothecation charge over the goods in case of LC on DA basis and equitable mortgage in respect of immovable properties situated at Sedarpet Vill, Villanur, Pondicherry.
Particulars of the property charged	Hypothecation by way of first charges all the co.'s stocks and receivables, all fixed assets, documents of title to goods in case of LC on DP basis, hypothecation charge over the goods in case of LC on DA basis. Equitable mortgage in respect of immovable properties situated at Sedarpet Vill, Villanur, Pondicherry.
Particulars of the present modification	By this modification the overall limit stands enhanced from Rs.57.750 Millions to 67.750 Millions: C.C. (H) :Rs.40.000 Millions L.C. :Rs.20.000 Millions L.C. (One Shot) :Rs.7.750 Millions ------------------------- Rs.67.750 Millions ------------------------- Other terms and conditions remain unchanged.

FIXED ASSETS

· Factory Shed and Building

· Land

· Plant and Machinery

· Generator

· Quality Control Equipment

· Air Conditioner

· Electrical Installations

· Furniture and Fixtures

· Refrigerator

· Office Equipments

· Motor Car

· Water Purifier

· Testing 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.47.81
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.