MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	VIMALACHAL PRINT AND PACK PRIVATE LIMITED
Registered Office :	5, Saket Industrial Estate, 437, Morajya, Near Changodar, Bawla National Highway, Taluka Sanad, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1993
Com. Reg. No.:	04-20669
Capital Investment / Paid-up Capital :	Rs.19.995 Millions
CIN No.: [Company Identification No.]	U74950GJ1993PTC020669
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00249E
PAN No.: [Permanent Account No.]	AAACV7000Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Exporter and Suppliers of Flexible Packaging Materials.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are 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 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. Parth Pandya
Designation :	Assistant Market Manager
Date :	17.02.2012

LOCATIONS

Registered Office/ Factory 1 :	5, Saket Industrial Estate, 437, Morajya, Near Changodar, Bawla National Highway, Taluka Sanad, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-2717-250296/ 250686/ 2652643
Fax No.:	91-2717-250722/ 2659789
E-Mail :	vimachal@dataone.com vimalachal@vimalachal.com marketing@vimalachal.com kmshah_ca@hotmail.com mimish@icenet.net vimal@vsnl.com kmshah_ca@yahoo.com parth@vimachal.com mimish@vimalachal.com
Website:	http://www.vimalchal.com
Location :	Owned
Factory 2 :	Dholka Factory 206, G.I.D.C Industrial Area, Dholka Baroda State Highway, P.B. Dholka, Ahmedbad-387810, Gujarat, India
Tel. No.:	91-2714-248214/ 248313
Branch 1 :	1^st Floor, Upnishad Complex, Near Shreyas Railway Station, Ambawasdi, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-26562643/ 26420165
Fax No.:	91-79-26407568
Branch 2 :	A-122, Akruti Industrial Estate, Akruli Road, Kandivali (East), Mumbai-400101, Maharashtra, India
Tel. No.:	91-22-2885240/ 02/ 03
Fax No.:	91-22-28852404
E-Mail :	vimal@vsnl.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Girishbhai Shah

Designation :

Chairman cum Managing Director

Address :

139, V R Shah Smruti Sixan Mandir, B/H Yogeshwar Nagar Society, Near Dhamidhar Deraser, Vasna, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

27.05.1943

Date of Appointment :

16.11.1993

DIN No.:

00543717

Name :

Mr. Harmish G. Shah

Designation :

Managing Director

Address :

139, Shri V R Shah Smruti Sixan Mandir, Yogeshwarnagar Society, Near Dharnidhar, Dearsar, Vasna, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

21.04.1972

Date of Appointment :

16.11.1993

DIN No.:

01396410

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	U74950GJ1993PTC020669	VIMALACHAL PRINT AND PACK PRIVATE LIMITED	Managing director	1/4/2007	16/11/1993	Active	NO

Name :

Mrs. Hansaben Girishbhai Shah

Designation :

Director

Address :

139, Shri V R Shah Smruti Sixan Mandir, Yogeshwarnagar Society, Near Dharnidhar, Dearsar, Vasna, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

19.12.1945

Date of Appointment :

16.11.1993

DIN No.:

00753038

Name :

Mrs. Kinnariben Aasit Shah

Designation :

Director

Address :

I – 4, Jan Vishram Society, Nr. Canara Bank, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

24.12.1969

Date of Appointment :

16.11.1993

DIN No.:

00543678

Name :

Ms. Nipa Harmish Shah

Designation :

Director

Address :

139, Yogeshwarnagar Society, Vasna, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

29.01.1973

Date of Appointment :

01.08.2007

DIN No.:

01610733

Name :

Mr. Mimish G. Shah

Designation :

Whole Time Director

Address :

139, V R Shah Smruti ADA. EDU, B/H Yogeshwar Nagar Society, Near Dharindhar Deraser, Vasna, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

09.02.1974

Date of Appointment :

01.05.2008

DIN No.:

02144054

KEY EXECUTIVES

Name :	Mr. Parth Pandya
Designation :	Assistant Market Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Girishbhai Shah	160000
Rashmibhai V Shah	19000
Harmish G Shah	1045000
Kinnariben Girishbhai Shah	500
Girishbhai Vadilal Shah, HUF	155000
Hansaben Girishbhai Shah	155000
Harmishbhai Girishbhai Shah, HUF	155000
Bina Mimish Shah	155000
Nipa Harmesh Shah	155000
Total	1999500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Exporter and Suppliers of Flexible Packaging Materials.

Products :

Product Description	ITC Code
Printing and Lamination on Paper and Film	39201009

Exports :

Products :

Flexible Packaging Materials

Countries :

· Nigeria

· Malaysia

· Moraceous

· Dubai

· Kuwait

Imports :

Products :

Raw Material

Countries :

· China

· Italy

Terms :

Selling :

Cash

Purchasing :

Cash

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
				OWN	JOB
Printing and Lamination on Paper and Film	MT	NA	16500	7783.182	258.938
Laminated Pouch	PCS	NA	1800 lac	56462470	NIL
Printing Ink	MT	NA	1200	993.591	NIL
Poly LD Film	MT	NA	7500	1450.747	NIL
Scrap / Waste	MT	NA	-	651.282	-

NOTE:

1. Installed capacity is assessed by the management and being a technical matter accepted by the Auditors as correct. Licensed capacity is not applicable.

2. Production of printing Ink includes 1000.312 MT (603.852 MT) for captive consumption.

3. Production of Laminated Paper includes 854.247 MT (2472.246 MT) for captive consumption.

4. Production of Poly. LD Film includes 1348.409 MT (934.065 MT) for captive consumption.

GENERAL INFORMATION

Customers :

Manufacturer

· Bhagat Marketing Corporation (Bhagat Dhanadal)

· Bhagwati Food Industries (Gaay Chaap)

· Colgate Palmolive (India) Limited

· Fena Private Limited

· Godrej Consumer Products Limited

· Gujarat Tea Processors and Packers Private Limited (Wagh Bakri Tea)

· Henkle Spic India Limited

· Hindustan Unilever Limited

· Kwality Ice-cream Company

· Mod Chem

· Rentio Food Products

· Reckitt Benckiser

· S. Narendrakumar and Company (Everest Masala)

· Tulsani Food Industries

· Vashisthi Detergent Limited

· WF Limited

· Wipro Limited

No. of Employees :

250 (Approximately)

Bankers :

· Axis Bank,

Law Garden, Trisul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge – 380006, Gujarat, India

· The Kalupur Com. Co-operative Bank Limited

Kalupur Bank Bhavan, Near Income Tax Circle, Asharam Road, Ahmedabad – 380014, Gujarat, India.

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Kalupur Com. Co-operative Bank (Secured against Pledge of FDR)	0.000	2.446
Kalupur Com. Co-operative Bank – Cash Credit	55.787	0.000
Kalupur Com. Co-operative Bank – Term Loan	34.773	0.000
(Including Buyer’s Credit for Machinery Rs.15.251 Millions) (Secured against hypothecation of Stock, Book Debts, Plant and Machinery and Equitable Mortgaged of Land and building)
Total	90.560	2.446
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors, Shareholders and Relatives	14.500	2.433
Total	14.500	2.433

Banking Relations :	--
Auditors :
Name :	Shah Kantilal and Company Chartered Accountant
Address :	806, Mauryansh Elanza, Near Parekh’s Hospital, Shyamal Cross Road, Satellite, Ahmedabad - 380015, Gujarat, India
Tel No.:	91-79-26753499/ 26750806/ 66633499
Fax No.:	91-79-26751806
PAN No.:	AAMFS3865K
Email :	jkshahca@yahoo.com kmshah_ca@hotmail.com
Associates Concern :	· Shubhalachal Paper Manufacturer and Traders

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- Each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999500	Equity Shares	Rs. 10/- Each	Rs.19.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.995	19.995	19.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		339.105	268.862	211.776
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		359.100	288.857	231.771
LOAN FUNDS
1] Secured Loans		90.560	2.446	4.417
2] Unsecured Loans		14.500	2.433	34.636
TOTAL BORROWING		105.060	4.879	39.053
DEFERRED TAX LIABILITIES		12.992	11.413	9.181
TOTAL		477.152	305.149	280.005
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		189.883	146.898	120.242
Capital work-in-progress		4.484	0.313	33.875
INVESTMENT		2.536	0.674	0.674
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	120.912	63.448	63.655
	Sundry Debtors	167.709	117.187	73.382
	Cash & Bank Balances	20.454	8.804	10.621
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.936	34.712	28.136
Total Current Assets		365.011	224.151	175.794
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	40.359	27.817	16.735
	Other Current Liabilities	9.384	9.742	6.232
	Provisions	35.019	29.328	27.613
Total Current Liabilities		84.762	66.887	50.580
Net Current Assets		280.249	157.264	125.214
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		477.152	305.149	280.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	870.505	616.106	566.205
		Other Income	11.083	15.577	5.298
		TOTAL (A)	881.588	631.683	571.503
Less	EXPENSES
		Raw Materials Consumed	629.241	433.092	394.395
		Employee Cost	27.382	23.677	18.543
		Manufacturing Expenses	82.347	49.306	50.274
		Administrative and Selling Expenses	21.377	27.028	14.795
		Increase / Decrease in Stock	(7.441)	(9.407)	1.155
		TOTAL (B)	752.906	523.696	479.162
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		128.682	107.987	92.341
Less	FINANCIAL EXPENSES (D)		4.954	2.698	6.448
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.728	105.289	85.893
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.366	18.472	13.456
	PROFIT BEFORE TAX (E-F) (G)		105.362	86.817	72.437
Less	TAX (H)		35.119	29.731	25.429
	PROFIT AFTER TAX (G-H) (I)		70.243	57.086	47.008
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		251.035	193.949	146.941
	BALANCE CARRIED TO THE B/S		321.278	251.035	193.949
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NIL	NIL	0.071
	TOTAL EARNINGS		NIL	NIL	0.071
	IMPORTS
		CIF Value of Imports	79.882	40.574	30.084
	TOTAL IMPORTS		79.882	40.574	30.084
	Earnings Per Share (Rs.)		35.13	28.55	23.51

Expected Sales (2011-12): Rs.1340.000 Millions

The above information has been parted by Mr. Parth Pandya

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.97	9.04	8.23
Net Profit Margin (PBT/Sales)	(%)	12.10	14.09	12.79
Return on Total Assets (PBT/Total Assets}	(%)	18.99	23.40	24.47
Return on Investment (ROI) (PBT/Networth)		0.29	0.30	0.31
Debt Equity Ratio (Total Liability/Networth)		0.53	0.25	0.39
Current Ratio (Current Asset/Current Liability)		4.31	3.35	3.48

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last one years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

CONTINGENT LIABILITIES NOT PROVIDED FOR:

For Excise Duty against which company has preferred Appeal Rs. 0.211 Million

(Against which company has paid Rs.0.210 Million)

For Income tax against which company has preferred Appeal Rs.4.485 Millions

(Against which company has paid Rs.2.539 Millions)

Bankers Charges Report as per Registry

Corporate identity number of the company	U74950GJ1993PTC020669
Name of the company	VIMALACHAL PRINT AND PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Sket Industrial Estate, 437, Village-Moraiya, Tal. Sanand, Ahmedabad – 382213, Gujarat, India kmshah_ca@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	10223102
Type of charge	Immovable Property
Particular of charge holder	The Kalupur Com. Co-operative Bank Limited Kalupur Bank Bhavan, Near Income Tax Circle, Asharam Road, Ahmedabad – 380014, Gujarat, India. mauli@kalupurbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of extension of equitable mortgage and further charge.
Date of instrument Creating the charge	25/07/2011
Amount secured by the charge	Rs.160.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per sanction letter. Terms of Repayment As per sanction letter. Margin As per sanction letter. Extent and Operation of the charge As per sanction letter.
Short particulars of the property charged	All that piece and parcel of land with present and future construction thereon bearing private plot no 4 ,private plot no 5 situated on revenue Survey No 437, Palki of Mouje Moraiya Taluka Sanand District Ahmedabad and admeasuring about 2332 sq. yds and 6130 sq, yds i.e total i.e 7075 sq. mts
	By the present modification the amount is increased to Rs.160.000 Millions by creation of equitable mortgage of property for letter of credit of Rs.30.000 Millions.

FIXED ASSETS:

· Land and Land Development

· Building

· Plant and Machinery

· Electric Fittings

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.