MIRA INFORM REPORT

Report Date :

17.04.2012

IDENTIFICATION DETAILS

Name :	BORKAR PACKAGING PRIVATE LIMITED
Registered Office :	Lake plaza, opposite Nehru Stadium, Fatorda, Margao – 403 602, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.10.1994
Com. Reg. No.:	24-001667
Capital Investment / Paid-up Capital :	Rs.112.462 Millions
CIN No.: [Company Identification No.]	u74950ga1994ptc001667
TAN No.: [Tax Deduction & Collection Account No.]	BLRB02438C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Importer and Exporter of Cartons and Labels.
No. of Employees :	300 (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 1640000
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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Dinesh Gaytonde
Designation :	Vice President Finance

LOCATIONS

Registered Office/ Factory :	Lake plaza, opposite Nehru Stadium, Fatorda, Margao – 403 602, Goa, India
Tel. No.:	91-832-2743680
Fax No.:	91-832-2743686
E-Mail :	borkars@sancharnet.in
Website :	www.borkarpackaging.com
Export/ Domestic Office :	A-103, Linkway Apartments, Dr. Charat Singh Colony, Sir M.V. Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28263640/ 28216294/ 28216295
Fax No.:	91-22-28263641
E-Mail :	parag@borkarpack.com borkarpkg@vsnl.in nikhil@borkarpack.com
Domestic Office :	341/5A, Bharat Industrial Estate Area, Bhimpore Village, Daman-396210, Gujarat, India
Tel. No.:	91-260-2220826/ 6539217/ 6545271/ 6539224
Fax No.:	91-22-2221341/ 2221855
E-Mail :	bppld@borkarpack.com
Branch Office 1 :	Located At: Solan Gurtorim Curtorim

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Dilip R. Salgaoncar

Designation :

Director

Address :

Sharvani H.No.196/ E-4, Near Sports Complex, Padem Mapusa, North Goa – 403 507, Goa, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

17.02.1999

DIN No.:

00044240

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Managing director	01-06-10	01-01-80	Active	NO
2	L24233GA1985PLC001587	SANDU PHARMACEUTICALS LIMITED	Director	20-09-93	20-09-93	Active	NO
3	U74950GA1994PTC001667	BORKAR PACKAGING PRIVATE LIMITED	Director	17-02-99	17-02-99	Active	NO
4	U33129GA1980PLC000414	INDO SWISS JEWELS LIMITED	Director	29-11-99	29-11-99	Active	NO

Name :

Mr. Prakash Sadanand Borkar

Designation :

Director

Address :

Alankar Building, 1^st Floor, Malbhat, Margao– 403 601, South Goa, India

Date of Birth/Age :

28.04.1947

Date of Appointment :

10.08.1995

DIN No.:

00260746

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22110GA1990PTC001024	NEOGRAFICS (INDIA) PRIVATE LIMITED	Director	26-02-90	26-02-90	-	Active	NO
2	U31200GA1990PTC001021	AKAR CREATIONS PRIVATE LIMITED	Director	01-12-91	01-12-91	-	Active	NO
3	U74950GA1994PTC001667	BORKAR PACKAGING PRIVATE LIMITED	Director	10-08-95	10-08-95	-	Active	NO
4	U21010MH1965GAP013226	INDIAN FLEXIBLE PACKAGING AND FOLDING CARTON MANUFACTURERS ASSOCIATION	Director	06-11-06	06-11-06	30-09-09	Active	NO
5	U22219GA1995PTC001914	BORKAR COLORPACKS PRIVATE LIMITED	Additional director	16-11-09	16-11-09	-	Active	NO

Name :

Mr. Deepak Prabhakar Borkar

Designation :

Director

Address :

Alankar Building, 1^st Floor, Malbhat, Margao – 403 601, South Goa, India

Date of Birth/Age :

22.11.1952

Date of Appointment :

01.06.1996

DIN No.:

00260866

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67190GA1993PTC001333	BORKAR CONSULTANCY SERVICES PRIVATE LIMITED	Director	09-03-93	09-03-93	-	Active	NO
2	U74950GA1995PTC001913	BORKAR SUPERBOXES PRIVATE LIMITED	Director	04-08-95	04-08-95	-	Active	NO
3	U31200GA1990PTC001021	AKAR CREATIONS PRIVATE LIMITED	Director	21-12-95	21-12-95	29-04-08	Active	NO
4	U74950GA1994PTC001667	BORKAR PACKAGING PRIVATE LIMITED	Director	01-06-96	01-06-96	-	Active	NO

Name :

Mr. Vinay Prabhakar Borkar

Designation :

Director

Address :

Alankar Building, 1^st Floor, Malbhat, Margao – 403 601, South Goa, India

Date of Birth/Age :

14.01.1952

Date of Appointment :

01.06.1996

DIN No.:

00261026

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	U74950GA1994PTC001667	BORKAR PACKAGING PRIVATE LIMITED	Director	01-06-96	01-06-96	Active	NO
2	U22219GA1995PTC001914	BORKAR COLORPACKS PRIVATE LIMITED	Additional director	16-11-09	16-11-09	Active	NO
3	U67190GA1993PTC001333	BORKAR CONSULTANCY SERVICES PRIVATE LIMITED	Additional director	30-01-12	30-01-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Gaytonde
Designation :	Vice President Finance
Name:	Sadashiv Madhav Pandit
Designation :	Manager
Address :	C-S Shree Vrundavan Garden Warkhande, Ponda – 403401, Goa, India
Date of Appointment :	02.02.2008
PAN No.:	AANPP9890Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ashok Sadanand Borker	1057420
Pramod Damodar Borker	1098720
Deepak Prabhakar Borker	1166620
Prakash Sadanand Borker	1111020
Vinay Prabhakar Borker	1088920
Avinash Sadanand Borker	1057620
Anil Damodar Borker	1063320
Shubada Shripad Borker jointly with Vaishali Shripad Borker and Anupa shripad Borker	595160
Jayashree Damodar Borker Jointly with Promod Damodar Borker	54900
Alka Sunil Joshi	20400
Kamal Vishnu Sane Jointly with Vishnu Moreshwar Sane and Shrihari Vishnu Sane	5000
Shrinivas Moreshwar Desai Jointly with Siddit Shrinivas Desai and Vrinda Shrinivas Desai	10000
Swati Vijay Jetkar Jointly with Vinnet Vijay Jetkar	6300
Sumita Vasant Katdare Jointly with Amit Vasant Katdare and Achut Vasnat Katdare	5000
Sunand Vishwanath Borker Jointly with Madhavi Sunand Borker	21000
Uttamrao Vishwanath Borker	95000
Akash Land Contracts Private Limited, Goa	20000

(AS ON 30.09.2011)

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Cartons and Labels.

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· The Saraswat Co-Operative Bank Limited,

Hira Niketan Building, Near Loyolo School, Behind Margao Police Station, Menezes Road, Comba, Margao – 403601, Goa, India

· The Saraswat Co-Operative Bank Limited,

Tristar Building, 2^nd Floor, eDC Complex, Patto Plaza, panjim – 403 001, Goa, India

· Citibank NA,

Citi Tower, 2^nd Floor, 61, Dr. S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

· Corporation Bank,

Opposite Margao Municipal Corporation, Margao-Goa – 403 601, India

· Madgaum Urban Co-Operative Bank limited

· Goa Urban Co-Operative Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loans (Secured by way of first charge on pari passu basis on immovable property )	308.192	351.306
Loan against Vehicles: (Secured by way of hypothecation of vehicle)	4.050	4.204
Loan against FD : (Secured by way of making lein by bank )	14.032	9.565
Bank overdraft (secured by way of hypothecation of stocks and book debts.)	394.499	230.144
Total	720.773	595.219
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Loans from shareholders and relatives	24.290	21.760
Loans from sister concern	25.588	31.611
Advance from customers	5.000	5.000
Total	54.878	58.371

Banking Relations :
Auditors :
Name :	R K Pikale and Company Chartered Accountants
Address :	206/ 207, Lake Plaza, Opposite Nehru Stadium, Fatorda, Margao – 403 602, Goa, India
Tel. No.:	91-832-2227677/ 221577
Fax No.:	91-832-2426877
E-Mail :	rkpikale@sancharnet.in archanat@sancharnet.in
Associates/Subsidiaries :	Borkar Colorpacks Private Limited Address: Lake Plaza, Opposite Nehru Stadium, Fatorda, Margao-Goa, India Line of Business: Manufacturers of Printed Board Cartons Borkar Trading Company Private Limited Address: Lake Plaza, Opposite Nehru Stadium, Fatorda, Margao-Goa, India Line of Business: Retain Trade Outlets Akar Creations Private Limited Address: Lake Plaza, Opposite Nehru Stadium, Fatorda, Margao-Goa, India Line of Business: Real Estate Developers and Builders

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs.10/- each	Rs.115.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11246200	Equity Shares	Rs.10/- each	Rs.112.462 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		112.462	112.462	112.462
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		296.609	237.632	186.026
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		409.071	350.094	298.488
LOAN FUNDS
1] Secured Loans		720.773	595.219	467.379
2] Unsecured Loans		54.878	58.371	58.443
TOTAL BORROWING		775.651	653.590	525.822
DEFERRED TAX LIABILITIES		22.538	32.647	26.855
TOTAL		1207.260	1036.331	851.165
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		438.228	463.080	431.438
Capital work-in-progress		67.150	52.083	3.043
INVESTMENT		2.167	2.167	2.342
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	440.661	313.067	286.302
	Sundry Debtors	265.239	245.794	216.182
	Cash & Bank Balances	94.147	49.466	23.208
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	88.647	45.169	26.041
Total Current Assets		888.694	653.496	551.733
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	148.230	105.731	111.837
	Other Current Liabilities
	Provisions	40.749	28.764	25.554
Total Current Liabilities		188.979	134.495	137.391
Net Current Assets		699.715	519.001	414.342
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1207.260	1036.331	851.165

PROFIT & LOSS ACCOUNT

	PARTICULARS ]		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	1432.972	1272.807	1056.900
Less	EXPENSES
		TOTAL	1287.113	1130.765	933.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		145.859	142.042	123.300
Less/ Add	DEPRECIATION/ AMORTISATION		85.142	76.683	69.900
	PROFIT BEFORE TAX		60.717	65.359	53.400
Less	TAX		1.740	13.753	16.600
	PROFIT AFTER TAX (G-H)		58.977	51.606	36.800
	Earnings Per Share (Rs.)		5.24	4.59	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	1600.000

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

The above information has been parted by Mr. Dinesh Gaytonde.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.12	4.05	3.48
Return on Total Assets (PBT/Total Assets}	(%)	4.58	5.85	5.43
Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.18
Debt Equity Ratio (Total Liability/Networth)		2.36	2.25	2.22
Current Ratio (Current Asset/Current Liability)		4.70	4.86	4.02

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	------
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	------
22) Litigations that the firm / promoter involved in	------
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	------
26) Buyer visit details	------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BUSINESS OPERATIONS:

During the year, The Company has recorded a growth of 12.6% in the net sales. The Company has posted Net Profit Tax of Rs.60.700 millions and Profit after Tax of Rs.59.000 millions. This result is achieved despite of Global economic slowdown.

FUTURE OUTLOOK:

The company foresees the tremendous growth in Pharmaceutical, Health Care, Food Processing and Fast Moving Consumer Goods (FMCG) Industry. The strategic business plans put in place by the company have placed the in full state of readiness to leverage the growth opportunities in the Indian Market. This growth will have a positive effect on the business of the company and the company can increase its sales volume both indigenously and in export market. The company is poised for rapid growth due to the substantial investments, quality management systems, cost control measures and efficient manufacturing practices.

Expansion and New Project:

The company is all set to take the advantage of the growing business opportunities in the Packaging Industry and put all efforts to Increase the turnover and retain its existing total export market and also find out new export avenues.

The company as successfully implemented line 3 at Nalagarh. They have undertaken the expansion of implementing Line 4 in the same Unit and expect to operationalise the same in October 2010. The expansion is also undertaken at Goa in a new location. The implementation of Line 1 is in full swing and expected to commence the operation by March 2011.

Bankers Charges Report as per Registry

Corporate identity number of the company	u74950ga1994ptc001667
Name of the company	BORKAR PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Lake plaza, opposite Nehru Stadium, Fatorda, Margao – 403 602, Goa, India E-Mail: borkars@sancharnet.in
This form is for	Creation of charge
Type of charge	Movable Property (Not being pledge)
Particular of charge holder	· The Saraswat Co-Operative Bank Limited, Hira Niketan Building, Near Loyolo School, Behind Margao Police Station, Menezes Road, Comba, Margao – 403601, Goa, India E-Mail: incharge_margao@saraswatbank.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of Vehicle Letter to ROC
Date of instrument Creating the charge	30.01.2012
Amount secured by the charge	Rs.0.800 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: @11% Terms of Repayment: Term Loan repayable by 60 monthly installments of Rs.17395/- Margin: As per banks terms and condition Extent and Operation of the charge: To the extent of Rs.0.800 Million.
Short particulars of the property charged	Hypothecation of vehicle bearing Registration No. HP-14BT-7376 Chases No.: Malcu41ULCM048381A Engine No.: D4FBBU051971 Make: New Verna CRDI SX 1.6 BSIV Crystal White

Fixed assets:

• goodwill
• Land
• Land Development
• Building (Factory)
• Flat at Daman
• Flat at Ramnagari
• Office at Bombay
• Furniture and Fixture
• Office Equipments
• Electrical Installation
• Generator
• Tools and Spares
• Computers
• Motor car
• Quality Control Equipments
• Plant and Machinery

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.51.66
UK Pound	1	Rs.81.80
Euro	1	Rs.67.18

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