MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	INTERNATIONAL PRINT-O-PAC LIMITED (w.e.f. 12.03.1993)
Formerly Known As :	INTERNATIONAL PRINT-O-PAC EQUIPMENT PRIVATE LIMITED
Registered Office :	B-206, Okhla Industrial Area, Phase-I, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.1981
Com. Reg. No.:	55-012808
Capital Investment / Paid-up Capital :	Rs.132.341 Millions
CIN No.: [Company Identification No.]	U22219DL1981PLC012808
TAN No.: [Tax Deduction & Collection Account No.]	DELI03999C
PAN No.: [Permanent Account No.]	AAACI0051N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pre-Printing and Printing Materials.
No. of Employees :	353 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 4706000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having fine track. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Payments are reported to be regular 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

LOCATIONS

Registered Office :	B-206, Okhla Industrial Area, Phase-I, New Delhi – 110 020, India
Tel. No.:	91-11-26815631/ 7569/ 9176/ 8199/ 9438/ 7569
Fax No.:	91-11-26819439
E-Mail :	amila@giasdl01.vsnl.net.in asanghvi@ippindia.com csfm@ippindia.com ippnoida@ippindia.com
Website :	http://www.ippindia.com
Area :	30000 sq. ft.
Location :	Owned
Factory 1 :	B-204, 205 and 206, Okhla Industrial Area, Phase I, New Delhi – 110 020, India
Tel. No.:	91-11-26815631/ 7569/ 9176/ 8199/ 40777000
Fax No.:	91-11-26819439/ 40777157
E-Mail :	amila@giasdl01.vsnl.net.in
Area :	30000 Sq. ft.
Location :	Owned
Factory 2 :	C-4 to C-11, Phase II Extension, Hosiery Complex, Noida – 201 305, Uttar Pradesh, India
Tel. No.:	91-120-2568046-2568051/ 4192100
Fax No.:	91-120-2568045/ 4192199
Area :	32000 sq. mtrs
Location :	Owned
Factory 3 :	# 306, 'Shiv Smriti', 49A, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24912799/ 64176005
Fax No.:	91-22-64176005

DIRECTORS

As on 30.09.2011

Name :

Mr. Ravindra Kumar Kistoor Mal Singhvi

Designation :

Chairman cum Managing Director

Address :

E-227, East of Kailash, New Delhi – 110 065, India

Date of Birth/Age :

26.01.1950

Date of Appointment :

11.12.1981

DIN No.:

00374301

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	U22219DL1981PLC012808	International Print-O-Pac Limited	Director	11-12-81	11-12-81	Active	NO
2	U74899DL1983PTC015248	Rishabh Holdings Private Limited	Director	21-02-83	21-02-83	Active	NO
3	U65190MH1973PTC016384	Sarvodaya Savings and Investment Company Private Limited	Director	19-07-88	19-07-88	Active	NO
4	U74899DL1994PLC060089	Sobhagya Capital Options Limited	Director	07-07-94	07-07-94	Active	NO
5	U67120DL1997PLC085050	Sobhagya Securities Limited	Director	11-02-97	11-02-97	Active	NO
6	U74950DL2007PLC165152	IPP India Limited	Director	25-06-07	25-06-07	Active	NO
7	U15209WB2009PLC135812	Jangipur Bengal Mega Food Park Limited	Director	11-06-09	11-06-09	Active	NO

Name :

Mrs. Amila Ravindra Kumar Singhvi

Designation :

Managing Director

Address :

E-227, East of Kailash, New Delhi – 110 065, India

Date of Birth/Age :

15.11.1951

Date of Appointment :

11.12.1981

DIN No.:

00374384

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	U22219DL1981PLC012808	International Print-O-Pac Limited	Managing director	01-11-07	11-12-81	Active	NO
2	U74899DL1983PTC015248	Rishabh Holdings Private Limited	Director	07-12-06	21-02-83	Active	NO
3	U74899DL1994PLC060089	Sobhagya Capital Options Limited	Director	07-07-94	07-07-94	Active	NO
4	U67120DL1997PLC085050	Sobhagya Securities Limited	Director	05-07-06	11-02-97	Active	NO
5	U51311DL1996PTC079761	T B S Export Private Limited	Director	20-02-97	20-02-97	Active	NO
6	U22219DL2005PTC144123	I P P Print Technologies Private Limited	Director	28-12-05	28-12-05	Active	NO
7	U18101DL2005PTC140787	Megna Garments Private Limited	Director	14-07-06	14-07-06	Active	NO
8	U74950DL2007PLC165152	IPP India Limited	Director	25-06-07	25-06-07	Active	NO

Name :

Mr. Rishabh Ravindra Kumar Singhvi

Designation :

Whole-Time Director

Address :

E - 227, East of Kailash New Delhi – 110 065, India

Date of Birth/Age :

30.08.1978

Date of Appointment :

16.09.2002

DIN No.:

00374248

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	U74899DL1983PTC015248	Rishabh Holdings Private Limited	Director	30-09-06	21-02-83	Active	NO
2	U51311DL1996PTC079761	T B S Export Private Limited	Director	20-02-97	20-02-97	Active	NO
3	U22219DL1981PLC012808	International Print-O-Pac Limited	Whole-time director	01-04-08	16-09-02	Active	NO
4	U22219DL2005PTC144123	I P P Print Technologies Private Limited	Director	28-12-05	28-12-05	Active	NO
5	U18101DL2005PTC140787	Megna Garments Private Limited	Director	14-07-06	14-07-06	Active	NO
6	U74950DL2007PLC165152	IPP India Limited	Director	25-06-07	25-06-07	Active	NO

Name :

Dr. Sohan Raj Mohan Raj Mohnot

Designation :

Director

Address :

S-500, Greater Kailash - I, New Delhi – 110 048, India

Date of Birth/Age :

15.03.1929

Date of Appointment :

27.03.1990

DIN No.:

00006889

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	U74899DL1973PTC006686	Industrial Techno Economic Services Private Limited	Managing director	28-06-73	28-06-73	Active	NO
2	U51395RJ1984PLC002879	Allied Electronics and Magnetics Limited	Director	20-02-85	20-02-85	Active	NO
3	U27310DL1975PLC008008	Universal Cylinders Limited	Director	24-03-89	24-03-89	Active	NO
4	U22219DL1981PLC012808	International Print-O-Pac Limited	Director	27-03-90	27-03-90	Active	NO
5	U74899DL1995PTC073970	Software Dioxide Private Limited	Director	20-11-95	20-11-95	Active	NO
6	L74899DL1995PLC066923	Poly Medicure Limited	Director	22-09-97	22-09-97	Active	NO
7	U74899DL1993PLC056293	QAI (India) Limited	Director	31-10-01	31-10-01	Active	NO

Name :

Mr. Muneesh Chawla

Designation :

Director

Address :

A-702, Ambience Island, NH 8, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

05.01.1967

Date of Appointment :

21.01.2010

DIN No.:

00069360

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	U67190MH2005PTC153470	Blue River Capital Advisors (India) Private Limited	Whole-time director	17-06-05	17-06-05	-	Active	NO
2	U31909PN1985PLC037539	Aurangabad Electricals Limited	Nominee director	19-04-06	19-04-06	-	Active	NO
3	U31904PN2006PLC128851	OMR Bagla Automotive Systems India Limited	Director	04-08-06	04-08-06	-	Active	NO
4	U63010MH1993PLC070572	Wilson Sandhu Logistics (India) Limited	Director	10-10-07	10-10-07	-	Active	YES
5	U74140MH2008PTC180328	Blue River Capital India Advisory Services Private Limited	Director	19-03-08	19-03-08	-	Active	NO
6	L35999TN1936PLC002202	Rane Holdings Limited	Alternate director	30-07-08	30-07-08	30-07-08	Active	NO
7	U22219DL1981PLC012808	International Print-O-Pac Limited	Director	25-09-10	21-01-10	-	Active	NO

Name :

Mr. Sajive Kanwar

Designation :

Director

Address :

555, Kailash Tower – III, East of Kailash, New Delhi – 110 065, India

Date of Birth/Age :

28.05.1952

Date of Appointment :

06.03.2011

DIN No.:

02784958

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	U72901DL2006FTC148985	Soma Networks Software Engineering Private Limited	Additional director	20-08-09	20-08-09	19-01-11	Active	NO
2	U22219DL1981PLC012808	International Print-O-Pac Limited	Director	30-09-11	06-03-11	-	Active	NO
3	U85110MH1993PLC214527	Loop Mobile Holdings India Limited	Director	30-09-11	30-05-11	-	Active	NO
4	U74990MH2009PLC191226	Loop Telecommunications Holdings India Limited	Director	30-09-11	30-05-11	-	Active	NO
5	U32309MH2008PTC181927	Loop Tower Holdings Private Limited	Director	30-09-11	30-05-11	-	Active	NO
6	U51109MH2008PTC188629	Aasni Multitrade Private Limited	Director	30-09-11	30-05-11	-	Active	NO

Name :

Mr. Rajiv Sheopuri

Designation :

Director

Address :

15A-31, ATS Green Village, Sector 93A, G.B. Nagar, Noida – 201 304, Uttar Pradesh, India

Date of Birth/Age :

28.02.1952

Date of Appointment :

06.03.2011

DIN No.:

03450185

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	U22219DL1981PLC012808	International Print-O-Pac Limited	Director	30-09-11	06-03-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin Arora
Designation :	Secretary
Address :	S-499, School Block, Shakarpur, Delhi – 110 092, India
Date of Birth/Age :	06.10.1986
Date of Appointment :	27.05.2011
PAN No.:	AKGPA1434J
Name :	Mr. Vivek Bisaria
Designation :	Secretary
Address :	J-12A/8, Laxmi Nagar, Delhi – 110 092, India
Date of Birth/Age :	22.01.1985
Date of Appointment :	22.11.2011
PAN No.:	AYSPB2480P

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Ravindra Kumar Singhvi	3099611
Amila Singhvi	1269674
Rishabh Holdings Private Limited, India	4891735
Rishabh Singhvi	664194
Sohan Raj Mohnot	109
Rakesh Verdia	109
Pramila Thakkar	109
Ares Investments, Mauritius	3308514
Total	13234055

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	61.97
Directors or relatives of directors	38.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Pre-Printing and Printing Materials.
Products :	Commercial and Publication Printing Book Printing Magazine Printing Advertising & Promotional PoS Annual Reports and Periodicals Packaging Mono Cartons Lined Cartons E-Fluted Cartons Pressure Sensitive Labels Stationery PAPERISTO Download Product Catalogue Calendars Envelopes Repro Work Flow on IPP's ERP Pre-Press Equipments
Brand Names :	“IPP”

GENERAL INFORMATION

No. of Employees :

353 (Approximately)

Bankers :

v Standard Chartered Bank, New Delhi.

v ICICI Bank Limited, Greater Kailash, New Delhi – 110 048, India

v Canara Bank, Prime Corporate Branch, Ground Floor, Ansal Tower, 38 Nehru Place, New Delhi – 110 019, India

v HDFC Bank Limited

v The Hong Kong and Shanghai Banking Corporation Limited, Birla House, 25 Barakhamba Road, New Delhi – 110 001, India

v ING Vysya Bank Limited, Connaught Place Branch, New Delhi, India

v Canara Bank, Prime Corporate Branch-I (Lead Bank), Nehru Place, State Bank of India and HDFC Bank Limited, Members, New Delhi – 110 019, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	86.995	84.565
Foreign currency loans banks secured	265.945	0.000
Working capital loans banks secured	536.090	483.481
Other debt secured	8.523	10.970
Total	897.553	579.016

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	23, Himalya House, 7^th Floor, Kasturba Gandhi Marg, New Delhi – 110 001, India
PAN No.:	AABCE9188P
Associate Company :	T B S Export Private Limited, India CIN No.: U51311DL1996PTC079761

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
19980000	Equity shares	Rs.10/- each	Rs.199.800 Millions
20000	Redeemable Convertible Preference Shares	Rs.10/- each	Rs.0.200 Million
	Total		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13234055	Equity shares	Rs.10/- each	Rs.132.341 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		132.341	99.310	99.310
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1044.282	995.140	920.210
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1176.623	1094.450	1019.520
LOAN FUNDS
1] Secured Loans		897.553	579.016	542.764
2] Unsecured Loans		0.000	0.000	12.560
TOTAL BORROWING		897.553	579.016	555.324
DEFERRED PAYMENT LIABILITIES		0.000	145.022	154.670
DEFERRED TAX LIABILITIES		173.611	159.169	157.022
TOTAL		2247.787	1977.657	1886.536
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1234.700	1034.561	1037.037
Capital work-in-progress including capital advances		0.000	0.000	3.257
INVESTMENT		2.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	370.661	302.537	312.134
	Sundry Debtors	809.051	750.949	577.099
	Cash & Bank Balances	95.765	97.558	74.814
	Other Current Assets	13.898	13.410	10.134
	Loans & Advances	59.931	78.063	50.552
Total Current Assets		1349.306	1242.517	1024.733
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	303.829	263.305	150.377
	Other Current Liabilities	15.305	11.121	11.537
	Provisions	19.085	24.995	16.577
Total Current Liabilities		338.219	299.421	178.491
Net Current Assets		1011.087	943.096	846.242
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2247.787	1977.657	1886.536

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	2255.438	2079.806	1806.325
		Other Income	32.009	24.026	21.549
		TOTAL (A)	2287.447	2103.832	1827.874
Less	EXPENSES
		Consumption materials changes inventories	1603.254	1526.558	1579.773
		Employee related expenses	103.950	81.146
		Administrative selling other expenses	273.103	230.558
		TOTAL (B)	1980.307	1838.262	1579.773
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		307.140	265.570	248.101
Less	INTEREST FINANCIAL CHARGES (D)		87.945	63.299	76.627
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		219.195	202.271	171.474
Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.512	80.874	76.373
	PROFIT BEFORE TAX (E-F) (G)		130.683	121.397	95.101
Less	TAX (H)		39.282	37.208	33.391
	PROFIT AFTER TAX (G-H) (I)		91.401	84.189	61.710
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		307.542	238.612	192.191
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	7.940	5.955	5.955
		Proposed Dividend on Preference Shares	0.000	1.985	1.985
		Tax on Dividend	1.288	1.319	1.349
		Transfer to General Reserve	6.000	6.000	6.000
	BALANCE CARRIED TO THE B/S		383.715	307.542	238.612
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	73.485	145.479
	TOTAL EARNINGS		NA	73.485	145.479
	IMPORTS
		Raw Materials and Packing Material	NA	9.866	13.621
		Component, Stores & Spares	NA	3.735	14.103
		Capital Goods	NA	9.000	15.320
	TOTAL IMPORTS		NA	22.601	43.044
	Earnings Per Share (Rs.)
	- Basic		8.00	8.25	5.98
	- Diluted		8.00	6.36	5.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.00	4.00	3.38
Net Profit Margin (PBT/Sales)	(%)	5.79	5.84	5.26
Return on Total Assets (PBT/Total Assets}	(%)	5.06	5.33	4.61
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.09
Debt Equity Ratio (Total Liability/Networth)		1.05	0.80	0.72
Current Ratio (Current Asset/Current Liability)		3.99	4.15	5.74

LOCAL AGENCY FURTHER INFORMATION

NATURE OF OPERATIONS

The company is a printing, packaging and publishing support services organization engaged in pre-press, press, post press, digital press, design and page production activities for various renowned clients. The company has been established over a period of 27 years.

PERFORMANCE REVIEW:

During the year the Company recorded an impressive growth. The net Sales of the Company have increased from INR 2079.806 millions to INR 2255.438 millions, which is 8 % higher than the previous year’s turnover.

AWARDS AND ACHIEVEMENTS

The company was awarded ‘PrintWeek India Company of the Year’ on August 26, 2010 at a ceremony held at The Grand Hyatt, Mumbai attended by over 600 representatives from leading corporates, advertising agencies and print specialists. IPP was chosen India’s top print-packaging company by a group of 21 eminent judges. 91 Indian print and packaging companies competed for the award. During the year, “IPP” has been registered as a registered trade mark thereby creating Brand Value of the Company. Subsequent to the year, the company has been certified to Forest Stewardship Council (FSC) Chain-of-Custody certification standards by SmartWood Program of the Rainforest Alliance. Being a prestigious certification, it will place IPP at par with global printing and packaging companies.

CAPITAL AND BORROWINGS

During the year, as per the conditions of the Investment Agreement between the company and its preference shareholder, Ares Investments (the “Investor”), 5500 issued preference shares were converted to 3,308,514 equity shares of INR 10/- each, accordingly as on March 31, 2011, the authorised share capital of Company was INR 200.000 millions divided into 19,980,000 equity shares of INR 10 each and 20,000 preference shares of INR 10 each and the paid up share capital was INR 132.341 millions divided into 13,234,055 equity shares of INR 10 each thereby constituting 25% of the paid up capital of the company in the name of Ares Investments. During the year, the Capital Expenditure Programme of the Company mainly comprised of expanding manufacturing facilities at Noida. The Company has sufficient financial flexibility, in terms of available committed facilities from Banks and Financial Institutions. The total outstanding long term loans from Banks/financial institutions as on March 31, 2011 is INR 352.940 millions.

EXTERNAL RATINGS

The Company is assigned ratings by CRISIL during the financial year 2010-11 as A/Stable for Cash Credit and Term Loans and P1 for Letter of Credit. CRISIL rating on bank facilities of Subject continue to reflect its established market position in the high-end printing and packaging industry, healthy financial risk profile marked by a low gearing, and superior operating efficiencies.

FUTURE PLANS AND EXPANSION

IPP is well positioned for organic growth. In terms of the market expansion; the company is in the fore front of growing packaging and printing Companies. IPP plans to increase its market share in packaging with enhanced and augmented capacity. During the financial year 2010-11, the company has done capital expenditure of INR 316.600 millions. Their strong commitment to quality and focused approach to each customer will bring in strong organic growth. They hope to maintain long term sustainable growth by improving efficiencies and service excellence.

CONTINGENT LIABILITIES:

Contingent liabilities not provided for:

In respect of the following demands pending disposal of appeals:

Particulars	31.03.2011 (Rs. in millions)
Contingent liabilities on account of:
Sales tax Sales Tax demand in respect of non submission of statutory forms, against which the company has gone in appeal.	20.711
Entry tax Entry tax demand raised by the department, against which the company has gone in appeal.	13.329
Customs duty Outstanding export obligation respect of machinery imported under EPCG Scheme.	111.988
Outstanding export obligation under Advance License Scheme for procurement of imported material.	29.238
4. Claims against the company not acknowledged as debts	0.463

The demands in respect of sales tax and entry tax are raised by relevant appellate authorities, against which the Company has gone in appeal. Management is of the view, based on judicial pronouncements, that the Company’s claims are likely to be accepted by various appellate authorities and therefore these liabilities are not probable and need not to be provided for.

FORM 8:

Corporate identity number of the company	U22219DL1981PLC012808
Name of the company	INTERNATIONAL PRINT-O-PAC LIMITED
Address of the registered office or of the principal place of business in India of the company	B-206,Okhla Industrial Area, Phase-I, New Delhi – 110 020, India
This form is for	Creation of charge
Type of charge	Immovable Property Others
Particular of charge holder	Canara Bank, Prime Corporate Branch, Ground Floor, Ansal Tower, 38 Nehru Place, New Delhi – 110 019, India
Nature of instrument creating charge	Term Loan Agreement and Agreement Regarding Collateral Security and Memorandum of Entry.
Date of instrument Creating the charge	15.06.2011
Amount secured by the charge	Rs.100.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - interest @ 13.5% or at such other rates as may be specified by the bank from time to time Terms of Repayment - repayable in 50 monthly installment of Rs.2.000 millions each commencing after six month from the date of first disbursement Margin - 33.33% Extent and Operation of the charge - pari passu with HDFC Bank Limited Others - The above is to secure Canara Bank Term Loan of Rs.100.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari passu charge on entire block of fixed assets of the company with HDFC Bank Limited including assets proposed to be created out of TL EMT of Plot No.4, 5, 6, 7, 7A, 8, 8A, 9, 10 and 11, Block-C, Phase-II Extension, Noida together with all buildings.

This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10153117
Corporate identity number of the company	U22219DEL1981PLC1012808
Name of the company	INTERNATIONAL PRINT –O-PAC LIMITED
Address of the registered office or of the principal place of business in India of the company	B-206 Okhla Industrial Area, Phase-I, New Delhi - 110 020, India
Type of charge	Movable Property
Particular of charge holder	The Hong Kong and Shanghai Bankking Corporation Limited, Birla House, 25, Barakhamba Road, New Delhi – 110 001, India
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement for Plant and Machinery, both present and future
Date of instrument Creating the charge	23.04.2009
Amount secured by the charge	Rs.22.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest shall be payable by the company on the banking facilities as per banks tariff, subject however that the bank shall have the right to change the rate of interest after giving notice to the company Terms of Repayments In consideration of Term Loan facilities of INR 22 Millions sanctioned/to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the bank by way of First Pari Passu Charge as a continuing security, the assets mentioned in the Hypothecation Agreement to secure the repayments of the advances together with interest cost and all other charges. Margin: The Company shall maintain such margin as may be specified by the bank from time to time Extent and Operation of the Charge: In case the Company fails to fulfill its obligation under the Hypothecation Agreement, the Bank shall be entitled to take possession of the hypothecated assets and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims
Short particulars of the property charged	Exclusive over the company entire movable fixed assets, plant and machinery, machinery spares, tools and accessories, both present and future

FIXED ASSETS:

v Lease Hold –land

v Building

v Plant and machinery

v Furniture fixture and fitting

v Vehicles

v Computer

v Office Equipments

v Electrical Installations

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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		51

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.