MIRA INFORM REPORT

Report Date :

09.08.2012

IDENTIFICATION DETAILS

Name :	MAPLE COMPOSITE CONTAINERS LIMITED
Registered Office :	C-8/8021, Vahant Kunj New Delhi - 11070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.2005
Com. Reg. No.:	55-137323
Capital Investment / Paid-up Capital :	Rs.52.483 Millions
CIN No.: [Company Identification No.]	U21029DL2005PLC137323
PAN No.: [Permanent Account No.]	AAECM5514A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 520000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial condition of the company appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARF
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety and lowest credit risk.
Date	26.08.2011

Rating Agency Name	CARF
Rating	Long term bank facilities = BBB-
Rating Explanation	Moderate degree of safety and lowest credit risk.
Date	26.08.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	C-8/8021, Vahant Kunj New Delhi – 11070, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	royjacobandco@gmail.com
Website :	http://www.maplecomposite.com
Factory :	Plot No.51 and 52, vey No.200/1/2, B. Nanji Industrial Estate, Village Kharadpada, Dadra and Naga Haveli, Silvassa – 396230. Gujarat, India
Tel. No.:	91-260-2993556
E-Mail :	mcclsilvassa@gmail.com
Branch Office :	Gokul Building, 2^nd Floor, 80 –A, Baroda Street, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66318505
E-Mail :	papercores@gmail.com pradeep.maple@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Deepak Haripaul Commar

Designation :

Additional Director

Address :

702-B Wing, Abhimanyu N. L. Compound, Anand Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

07.06.1962

Date of Appointment :

16.10.2009

DIN No.:

02534900

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21029DL2005PLC137323	MAPLE COMPOSITE CONTAINERS LIMITED	Additional director	16/10/2009	16/10/2009	-	Active	NO
2	U21090MH2010PTC208858	ESSRAMA PAPER PRODUCTS MANUFACTURING PRIVATE LIMITED	Director	11/10/2010	11/10/2010	13/02/2012	Active	NO

Name :

Mr. Dinesh Patras Valmiki

Designation :

Director

Address :

R/N 109 Dr Ambedkar Nagar, Saahu Vaswani Marg Cuffe Porade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

10.08.1977

Date of Appointment :

07.06.2005

DIN No.:

02617604

Name :

Mr. Sandeep Natvarlal Gopani

Designation :

Additional Director

Address :

M 4 Gokul Building, 80A Baroda Street Iron Market, Masjid (West), Mumbai -400009, Maharashtra, India

Date of Birth/Age :

25.07.1967

Date of Appointment :

16.10.2009

DIN No.:

02852349

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21029DL2005PLC137323	MAPLE COMPOSITE CONTAINERS LIMITED	Additional director	16/10/2009	16/10/2009	-	Active	NO
2	U74120MH2012PTC229864	SHOURYA MERCANTILE PRIVATE LIMITED	Additional director	1/5/2012	1/5/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Om Prakash Arora	634880
Dinesh Kumar Patras Valmiki	20
Santu Laxman Gaikwad	10
Ranjit Malnai	10
Purshottam Khetan	10
Rajinder Shri Krishan Das Shah	10
Satish Gadodia	10
Aristo Trade and Credit Private Limited	520550
Aroto Trade India Private Limited	508900
Fast Mercantiles Private Limited	517700
Longview Finvest Private Limited	509950
Longview Trade and Credit Private Limited	501800
Mortex Light India Private Limited	507150
Panorama Fiscal Services Private Limited	544300
Pushpsri Fiscal Services Private Limited	498261
Murleedharan Nair	10
Sandeep N. Gopani	10000
Rupa S. Gopani	10000
Natvarlal K. Gopani	39710
Arati Mehra	444980
TOTAL	5248261

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	68.36
Directors or relatives of Directors	0.40
Other	31.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Small And Medium Enterprises, 1st Floor, Kohinoor Industrial Estate, Goregaon (East), Mumbai - 400067, Maharashtra, India

· The Shamrao Vithal Co-Operative Bank Limited, Anand Building, 82/84,, Kazi Syed Street, Mandvi, Mumbai - 400003, Maharashtra, India

· Dombivli Nagari Sahakari Bank Limited, Madhukunj, Plotno. P/52, M.I.D.C. Phase Ii,, Kalyan-Shil Road,Sonarpada, Dombivli East, Dombivli - 421204, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	25.848	8.511
Rupee term loans others secured	0.000	17.387
Other debt secured	155.473	97.902
Total	181.321	123.800
Term Loan from banks Rs.25.848 Millions (previous Rs. 25.898 Millions) Secured by equitable mortgage of land and building and hypothecation of plant and machinery of the company. Cash credit from bank Rs.155.473 Millions (previous Rs.97.902 Millions) secured by hypothecatin of stocks and book debts. Letter of credit of Rs. 79.823 Millions is also due. loans as above are further secured by personal guarantee of one director for the company and collateral security of the land and building of the company for working capital facility.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	11.213	23.625
Total	11.213	23.625

Banking Relations :	--
Auditors :
Name :	N. K. Shah and Associates Chartered Accountants
Address :	1067, Om Heera Panna Shopping Mall, First Floor, Behind Oshiwara Police Station, Andheri (West), Mumbai – 400053, Maharashtra, India
PAN.:	AAQPS0250A

CAPITAL STRUCTURE

As on 31.3.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5248261	Equity Shares	Rs.10/- each	Rs.52.483 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		52.483	21.057	21.057
2] Share Application Money		47.589	31.425	0.000
3] Reserves & Surplus		30.646	12.748	1.784
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.718	65.230	22.841
LOAN FUNDS
1] Secured Loans		181.321	123.800	66.394
2] Unsecured Loans		11.213	23.625	5.322
TOTAL BORROWING		192.534	147.425	71.716
DEFERRED TAX LIABILITIES		0.814	0.000	1.935
TOTAL		324.066	212.655	96.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.484	60.555	41.928
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.523	7.274	0.774
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.125	72.596	23.678
	Sundry Debtors	248.252	84.249	39.140
	Cash & Bank Balances	1.448	0.818	2.268
	Other Current Assets	6.586	0.297	0.066
	Loans & Advances	1.357	2.915	0.405
Total Current Assets		347.768	160.875	65.557
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.316	2.453	10.692
	Other Current Liabilities	79.823	11.434	0.000
	Provisions	10.570	2.162	1.075
Total Current Liabilities		98.709	16.049	11.767
Net Current Assets		249.059	14.826	53.790
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		324.066	212.655	96.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	922.152	536.347	125.987
		Other Income	1.000	0.545	0.371
		TOTAL (A)	923.152	536.892	126.358
Less	EXPENSES
		Consumption materials changes inventories	831.800	458.092	100.443
		Manufacturing service costs	23.505	23.407	2.706
		Administrative selling other expenses	14.482	22.542	3.941
		TOTAL (B)	869.787	504.041	107.090
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.365	32.851	19.268
Less	FINANCIAL EXPENSES (D)		18.089	12.896	10.877
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.276	19.955	8.391
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.544	8.816	6.334
	PROFIT BEFORE TAX (E-F) (G)		26.732	11.139	2.057
Less	TAX (H)		8.834	2.110	1.254
	PROFIT AFTER TAX (G-H) (I)		17.898	9.029	0.803
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.748	3.719	0.981
Add	Deferred Tax Liability Transferred to Reserve and Surplus Account		0.000	0.000	1.935
	BALANCE CARRIED TO THE B/S		30.646	12.748	3.718
	Earnings Per Share (Rs.)		3.41	4.29	0.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.94	1.68	0.4
Net Profit Margin (PBT/Sales)	(%)	2.90	2.08	1.63
Return on Total Assets (PBT/Total Assets}	(%)	6.42	5.03	1.91
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.09
Debt Equity Ratio (Total Liability/Networth)		2.23	2.51	3.65
Current Ratio (Current Asset/Current Liability)		3.52	10.02	5.57

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	(No)
9]	Name of person contacted	(No)
10]	Designation of contact person	(No)
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	(No)
15]	Capital in the business	(Yes)
16]	Details of sister concerns	(No)
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)
31]	Date of Birth of Proprietor/Partner/Director, if available	(Yes)
32]	PAN of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)
34]	External Agency Rating, if available	(Yes)

OPERATIONS

The Company has achieved a turnover of Rs.923.152 Millions as compared to previous year Rs.536.347 Millions. There is a increase of 72%. The future seems bright. During the year the company has concentrated on their existing business and hope upward trend will continue and hope that there will be an increase in turnover in the years to come.

Bankers Charges Report as per Registry

Corporate identity number of the company	U21029DL2005PLC137323
Name of the company	MAPLE COMPOSITE CONTAINERS LIMITED
Address of the registered office or of the principal place of business in India of the company	C-8/8021vasant Kunj, New Delhi – 110070, India jpscs2007@gmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others (Machinery)
Particular of charge holder	State Bank of India, Small And Medium Enterprises, 1st Floor, Kohinoor Industrial Estate, Goregaon (East), Mumbai - 400067, Maharashtra, India kamalax_saraf@hotmail.com
Nature of instrument creating charge	Agreement Of Loan-Cum-Hypothecation.
Date of instrument Creating the charge	05.08.2010
Amount secured by the charge	Rs.238.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Demand Cash Credit Rs.125.000 Millions 6.50% Above Base Rate Minimum 14% P.A Letters of Credit Rs. 85.000 Millions 6.50% Above Base Rate Minimum 14% P.A Term Loan Rs. 28.600 Millions Terms of Repayment As per Annexure Margin Raw Materials 25% Stock In Process 33.33% Finished Goods 25% Book Debts (Cover Period 90 Days) 40% Letters of Credit 20%

Fixed Assets

· Free Hold Land

· Land and Building

· Factory Building

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Motor 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.55.14
UK Pound	1	Rs.86.00
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.