MIRA INFORM REPORT

Report Date :

20.08.2012

IDENTIFICATION DETAILS

Name :	MPI PAPERS PRIVATE LIMITED
Registered Office :	Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.03.1996
Com. Reg. No.:	11-098408
Capital Investment / Paid-up Capital :	Rs.0.110 Million
CIN No.: [Company Identification No.]	U21010MH1996PTC098408
TAN No.: [Tax Deduction & Collection Account No.]	MUMM10578B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Paper Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated loss recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a secured 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 – 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

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.

INFORMATION DECLINED BY

Name :	Ms. Albina
Designation :	Account Assistant
Contact No.:	91-29209251
Date :	18.08.2012

LOCATIONS

Registered Office/ Factory :	Military Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28505068/ 29209251/ 29209252/ 29209253
Mobile No.:	91-9820031741/ 9821303341 (Mr. Mufaddal Dawood Ezzi)
Fax No.:	91-22-28505226/ 29209256
E-Mail :	mail@mpi-papers.com accounts@mpi-papers.com
Website :	http://www.mpi-papers.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Shabbir Abdulhusein Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

23.10.1963

Date of Appointment :

25.03.1996

DIN No.:

01268781

Other Directorships :

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	U51396MH1990PTC055822	AL-MUFADDAL PAPERS PRIVATE LIMITED	Director	15/03/1990	15/03/1990	01/04/2012	Active	NO
2	U21010MH1996PTC098408	MPI PAPERS PRIVATE LIMITED	Director	25/03/1996	25/03/1996	-	Active	NO

Name :

Mr. Saifuddin Abdulhusein Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

12.10.1960

Date of Appointment :

25.03.1996

DIN No.:

01268991

Name :

Mr. Yusuf Dawood Shaikhadam Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

11.11.1967

Date of Appointment :

25.03.1996

DIN No.:

02844162

Name :

Mr. Mufaddal Dawood Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

16.04.1971

Date of Appointment :

25.03.1996

DIN No.:

01268865

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U51396MH1990PTC055822	AL-MUFADDAL PAPERS PRIVATE LIMITED	Director	15/03/1996	15/03/1996	Active	NO
2	U21010MH1996PTC098408	MPI PAPERS PRIVATE LIMITED	Director	25/03/1996	25/03/1996	Active	NO

Name :

Mrs. Jamila Saifuddin Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

05.04.1963

Date of Appointment :

13.07.2012

DIN No.:

02682658

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U21010MH1996PTC098408	MPI PAPERS PRIVATE LIMITED	Director	13/07/2012	01/04/1998	Active	NO

Name :

Mrs. Tasneem Yusuf Ezzi

Designation :

Director

Address :

95 A, Warden Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

27.02.1972

Date of Appointment :

01.04.1998

DIN No.:

01269042

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U21010MH1996PTC098408	MPI PAPERS PRIVATE LIMITED	Director	13/07/2012	01/04/1998	Active	NO

KEY EXECUTIVES

Name :	Ms. Albina
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ezzi Abdulhusein Shabbir	275
Ezzi Abdulhusein Saifuddin	275
Ezzi Dawood Yusuf	275
Ezzi Dawood Mufaddal	275
Total	1100

(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 :	Manufacturing of Paper Products.
Products :	v Colored Coated Paper v Fluorescent Coated Paper v Metallic Coated Paper v Coated Packaging Paper

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Basis	Installed Capacity	Actual Production
Coloured Paper/ Board	MT	Single Shift	600.000	659.000

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

v ICICI Bank, Andheri (East)

v The Saraswat Co-Operative Bank Limited, Marol Branch

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	15.822	21.153
Total	15.822	21.153

Banking Relations :	--
Auditors :
Name :	Pankaj N. Jhamar Chartered Accountants
Address :	7/E-2, Kalpita Enclave, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-23804290
Income-tax PAN of auditor or auditor's firm :	AAEPJ5398L
Memberships :	CAPEXIL

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1100	Equity Shares	Rs.100/- each	Rs.0.110 million

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		0.110	0.110	0.110
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.350	0.000
4] (Accumulated Losses)		(0.594)	0.000	(0.556)
NETWORTH		(0.484)	0.460	(0.446)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		15.822	21.153	23.120
TOTAL BORROWING		15.822	21.153	23.120
DEFERRED TAX LIABILITIES		0.000	0.000	0.048
TOTAL		15.338	21.613	22.722
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.918	6.982	8.301
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.038	0.003	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.438	5.706	6.786
	Sundry Debtors	2.553	3.705	9.963
	Cash & Bank Balances	2.748	9.119	0.332
	Other Current Assets	1.313	0.000	0.000
	Loans & Advances	3.001	4.691	4.324
Total Current Assets		17.053	23.221	21.405
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.415	3.316	2.448
	Other Current Liabilities and Provisions	7.256	5.277	4.536
Total Current Liabilities		7.671	8.593	6.984
Net Current Assets		9.382	14.628	14.421
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.338	21.613	22.722

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Less Return	54.644	65.141	72.437
		Other Income	0.179	0.000	0.012
		Foreign Exchange Gain	0.656	0.000	0.891
		TOTAL	55.479	65.141	73.340
Less	EXPENSES
		Cost of Goods Sold	39.469	47.598	54.936
		Manufacturing Expenses	7.583	7.456	7.977
		Export Expenses	0.270	0.766	0.630
		Directors Remuneration	3.420	2.040	2.040
		Audit Fees	0.072	0.070	0.011
		Administrative Expenses	4.094	4.039	3.528
		Selling & Distribution Expenses	0.340	0.424	0.292
		Bank Charges	0.061	0.108	0.080
		Balance Write Off/ Write Back	0.007	(0.043)	0.077
		TOTAL	55.316	62.458	69.571
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.163	2.683	3.769
Less/ Add	DEPRECIATION/ AMORTISATION		1.142	1.378	1.498
	PROFIT BEFORE TAX		(0.979)	1.305	2.271
Less	TAX		(0.034)	0.399	0.899
	PROFIT AFTER TAX		(0.945)	0.906	1.372
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.350	(0.556)	(1.928)
	BALANCE CARRIED TO THE B/S		(0.595)	0.350	(0.556)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	19.618	30.761	42.814
	TOTAL EARNINGS		19.618	30.761	42.814
	IMPORTS
		Raw Material – Paper	0.000	0.000	0.700
	TOTAL IMPORTS		0.000	0.000	0.700
	Earnings Per Share (Rs.)		(859.09)	823.64	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.70)	1.39	1.87
Net Profit Margin (PBT/Sales)	(%)	(1.79)	2.00	3.14
Return on Total Assets (PBT/Total Assets}	(%)	(4.26)	4.32	7.64
Return on Investment (ROI) (PBT/Networth)		2.02	2.84	(5.09)
Debt Equity Ratio (Total Liability/Networth)		2.22	64.67	(67.50)
Current Ratio (Current Asset/Current Liability)		2.22	2.70	3.06

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	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	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	No
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	No

FINANCIAL RESULTS

The Operation of the Company for the Accounting Year Ended 31/03/2011 shows a Profit of Rs.(0.945) million (previous year Rs.0.905 million)

PERFORMANCE AND PROSPECT

During the period the products in which the company is dealing are continued to be well accepted in the market. The company is creating a range of products and expecting a very good response from the Market.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
a. Claims against the Company not acknowledged as Debts	Nil	Nil
b. Guarantees given by bank on behalf of the Company	Nil	Nil
c. Letters of Credit given by Bank on behalf of the Company	Nil	Nil
d. Legal Suits filed against the Company (having monetary implication)	Nil	0.018

FIXED ASSETS:

· Furniture and Fixtures

· Plant and Machinery

· Motor Car

· Computer and Printer

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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		14

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.