1. Summary Information

		Country	India
Company Name	PARAG COPIGRAPH PRIVATE LIMITED	Principal Name 1	Mr. Rajendra Bhanwarlal Agrawal
Status	Moderate	Principal Name 2	Mrs. Neera Rajendra Agrawal
		Registration #	11-096616
Street Address	204, Kartik Complex, New Link Road, Andheri (West), Mumbai-400053, Maharashtra
Established Date	25.01.1996	SIC Code	--
Telephone#	91-22-26730484	Business Style 1	Manufacturer
Fax #	91-22-26730476	Business Style 2	--
Homepage	--	Product Name 1	Coated Paper Segment
# of employees	Not Available	Product Name 2	Offering Carbonless Paper
Paid up capital	Rs.7,515,000/-	Product Name 3	Thermal Paper and Self Contained Paper
Shareholders	Bodies corporate 5.32%, Directors or relatives of directors 87.29%, Other top fifty shareholders 7.39%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	15 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	37,290,000	Current Liabilities	15,782,000
Inventories	35,688,000	Long-term Liabilities	63,186,000
Fixed Assets	31,883,000	Other Liabilities	1,501,000
Deferred Assets	000	Total Liabilities	80,469,000
Invest& other Assets	000	Retained Earnings	16,877,000
		Net Worth	24,392,000
Total Assets	104,861,000	Total Liab. & Equity	104,861,000
Total Assets (Previous Year)	108,455,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	100,462,000	Net Profit	980,000
Sales(Previous yr)	87,107,000	Net Profit / Loss (Prev.yr)	(1,954,000)

MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	PARAG COPIGRAPH PRIVATE LIMITED
Registered Office :	204, Kartik Complex, New Link Road, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.01.1996
Com. Reg. No.:	11-096616
Capital Investment / Paid-up Capital :	Rs.7.515 Millions
CIN No.: [Company Identification No.]	U21098MH1996PTC096616
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Coated Paper Segment, Offering Carbonless Paper, Thermal Paper and Self Contained Paper.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 97000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	204, Kartik Complex, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26730484/26730217/22617769
Fax No.:	91-22-26730476
E-Mail :	info@paragcopigraph.com rkgoyalfca@yahoo.com paragcopigraph_headoffice@yahoo.co.in
Factory:	Plot No.3, Sector 2, Pithampur Near Indore, District Dhar, Madhya Pradesh, India

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Rajendra Bhanwarlal Agrawal

Designation :

Director

Address :

C-201, Minoo Minar, Veera Desai Road, Andheri (West), Mumbai, Maharashtra, India

Date of Birth/Age :

12.08.1954

Date of Appointment :

25.01.1996

Din No.:

00362357

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	U85110MP1993PTC007464	CHARAK HOSPITAL PRIVATE LIMITED	Director	14-01-93	14-01-93	Active	NO
2	U21098MH1996PTC096616	PARAG COPIGRAPH PRIVATE LIMITED	Director	25-01-96	25-01-96	Active	NO
3	U02221MP2005PTC017683	ULTIMATE FORMS PRIVATE LIMITED	Director	07-06-05	07-06-05	Active	NO

Name :

Mrs. Neera Rajendra Agrawal

Designation :

Director

Address :

C-201, Minoo Minar, Veera Desai Road, Andheri (West), Mumbai, Maharashtra, India

Date of Birth/Age :

17.04.1960

Date of Appointment :

25.01.1996

Din No.:

00362406

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	U21098MH1996PTC096616	PARAG COPIGRAPH PRIVATE LIMITED	Director	25-01-96	25-01-96	Active	NO
2	U02221MP2005PTC017683	ULTIMATE FORMS PRIVATE LIMITED	Director	07-06-05	07-06-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Rajendra Bhanwarlal Agrawal	228490
Neera Rajendra Agrawal	111010
Suresh Agrawal HUF	105000
Saroj Agrawal	3500
ARK Agrawal	56000
Kanchan Devi Agrawal	30000
Rajendra Bhanwarlal Agrawal HUF	110000
Sunita Agrawal	5000
Harsh Choudhary	7000
Arjun Ganj	30000
Rameshwar Dayal Saini	4500
Deepesh Saini	5500
Sarika Saini	5500
Vijaya Gang	8000
A K Gang	2000
Ultimate Forms Private Limited, India	40000
Total	751500

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	5.32
Directors or relatives of directors	87.29
Other top fifty shareholders	7.39
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Coated Paper Segment, Offering Carbonless Paper, Thermal Paper and Self Contained Paper.

Products :

Product Description	Item Code
Self Copy/ Coated Paper/ Thermal Paper	4809.20.00

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Self Copy/ Coated Paper/ Thermal Paper	MT	2980.000	1176.183

GENERAL INFORMATION

Bankers :

· Small Industries Development Bank of India, Commerce House, 7, Race Course Road, Indore-452001, Madhya Pradesh, India

· Punjab National Bank, MCB Siyaganj, Indore-452001, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan From SIDBI [Secured by first pari passu charge on all immovable property of the company. Second charge on all the current assets of the company on which PNB is having first charge]	6.563	8.438
Car Loan from HDFC Pickup Van [All vehicle loans under hire purchase agreement]	0.132	0.337
Cash Credit Limited Punjab National Bank [Secured by first charge on all the current assets of the company. First pari passu charge on all the immovable property of the company. Second charge on all the movable assets of the company on which SIDBI is having first charge.]	37.080	38.315
Total	43.775	47.090
Unsecured Loan
From Directors	6.797	6.449
From Relatives and Members	12.614	14.558
Total	19.411	21.007

Banking Relations :	--
Auditors :
Name :	Rakesh K Goyal and Company Chartered Accountants
Address :	Office No. 212, Trade House, South Tukoganj, Indore-452001, Madhya Pradesh, India
PAN NO.:	ACHPG3557B

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
751500	Equity Shares	Rs.10/- each	Rs.7.515 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		7.515	7.515	7.515
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.877	15.896	17.850
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.392	23.411	25.365
LOAN FUNDS
1] Secured Loans		43.775	47.090	47.544
2] Unsecured Loans		19.411	21.007	20.732
TOTAL BORROWING		63.186	68.097	68.276
DEFERRED TAX LIABILITIES		0.541	0.562	0.580
TOTAL		88.119	92.070	94.221
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.883	32.913	30.571
Capital work-in-progress		0.000	0.000	3.201
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.688	31.718	32.462
	Sundry Debtors	33.932	40.887	35.506
	Cash & Bank Balances	1.025	0.582	0.352
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.333	2.355	2.751
Total Current Assets		72.978	75.542	71.071
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.107	14.153	9.570
	Other Current Liabilities	2.675	1.307	0.476
	Provisions	0.960	0.925	0.576
Total Current Liabilities		16.742	16.385	10.622
Net Current Assets		56.236	59.157	60.449
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.119	92.070	94.221

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	100.462	87.107	107.525
		Other Income	0.299	0.264	0.840
		TOTAL (A)	100.761	87.371	108.365
Less	EXPENSES
		Raw Material Consumed and Traded Goods Purchased	75.094	62.865	81.158
		Manufacturing Expenses	13.757	11.848	13.586
		Administrative, Selling and Others Expenses	6.013	7.576	8.058
		Increase/ Decrease in Stock of Finished Goods	(2.960)	(1.927)	1.430
		TOTAL (B)	91.904	80.362	104.232
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.857	7.009	4.133
Less	FINANCIAL EXPENSES (D)		5.880	6.771	5.550
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.977	0.238	(1.417)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.000	2.208	2.001
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.977	(1.970)	(3.418)
Less	TAX (H)		(0.003)	(0.016)	0.031
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.980	(1.954)	(3.449)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.961	10.915	14.364
	BALANCE CARRIED TO THE B/S		9.941	8.961	10.915
	Earnings / (Loss) Per Share (Rs.)		1.30	(2.60)	(4.59)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.97	(2.23)	(3.18)
Net Profit Margin (PBT/Sales)	(%)	0.97	(2.26)	(3.18)
Return on Total Assets (PBT/Total Assets}	(%)	0.93	(1.82)	(3.36)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.08)	(0.13)
Debt Equity Ratio (Total Liability/Networth)		3.27	3.61	3.11
Current Ratio (Current Asset/Current Liability)		4.36	4.61	6.69

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from 7, National House, 27, Raghunath Dadaji Street, Fort, Mumbai-400001, Maharashtra, India to the present address w.e.f. 01.04.2008.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80010068
Corporate identity number of the company	U21098MH1996PTC096616
Name of the company	PARAG COPIGRAPH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	204, Kartik Complex, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Punjab National Bank, MCB Siyaganj, Indore-452001, Madhya Pradesh, India
Email	pnbmcbindr@dataone.in
Nature of description of the instrument creating or modifying the charge	1- Memorandum of Entry no. 96 dated 19.08.2008 issued by SIDBI. 2- Exchange of letter between SIDBI and Punjab National Bank.
Date of instrument Creating the charge	19.08.2008
Amount secured by the charge	Rs.52.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1% over BPLR prevailing @ 14.00% plus applicable interest rate if any (per annum with monthly rest) as per sanction letter. Terms of Repayment Repayable on demand. Margin Margin on stock 25% and margin on debtors is 50%. Extent and Operation of the charge First Pari Passu charge of PNB and SIDBI on all the company's immoveable properties situated at plot no. 3, industrial area- II, Pithampur, district Dhar; Admeasuring 5598 sq mt. together with the building there on and all other structures and fixtures attached to earth or permanently fastened to anything to the earth.
Short particulars of the property charged	Company's immoveable properties situated at plot no. 3, industrial area- II, Pithampur, district Dhar; Admeasuring 5598 sqmt. Together with the building there on and all other structures and fixtures attached to earth or permanently fastened to anything to the earth.
Date of latest modification prior to the present modification	25.07.2007
Particulars of the present modification	Enhancement of FBWC limit of Rs.37.000 millions to Rs.40.000 millions and NFB limit from Rs.5.000 millions to Rs.12.500 millions total working capital limit Rs.52.500 millions.

FIXED ASSETS:

· Plot At Pithampur

· Land

· Factory Building

· Plant and Machinery

· Office Equipments

· Computer Electrical Installation

· Tools and Spares

· Furniture and Fixtures

· Vehicles

WEBSITE DETAILS:

PROFILE:

Subject is among India's manufacturers in coated paper segment, offering Carbonless Paper, Thermal Paper and Self Contained Paper. The company is based in Pithampur (MP), India.

Since its inception in 1997, Subject has strengthened its position in global markets through innovative practices and aggressive marketing strategies. The company never rests on its past laurels and constantly pushes the limits beyond the customer expectations to benchmark the quality and customer services.

Through consistent investments in the area of technological improvement, human resource development and customer relationships, Subject endeavors to be among the top ranking companies by offering complete customer satisfaction.

The essence of the product development activities at Subject is to meet the unique and diverse needs of consumers by creating customized products and establishing quality benchmarks. It is this philosophy, which always inspires us to develop and enlarge the product range at most competitive prices.

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.