MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	PRAGATI PRINT PACK PRIVATE LIMITED (w.e.f.20.04.2011)
Formerly Known As :	PRAGATI PRINT PACK LIMITED
Registered Office :	Plot No.35A, IDA, Block – D (Expansion), Industrial Development Area, Auto Nagar, Visakhapatnam - 530012, Andhra Pradesh, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.08.1998
Com. Reg. No.:	01-029990
Capital Investment / Paid-up Capital :	Rs.5.028 millions
CIN No.: [Company Identification No.]	U70102AP1998PTC029990
TAN No.: [Tax Deduction & Collection Account No.]	VPNP00717D
PAN No.: [Permanent Account No.]	AACCP9673P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Flexible Packaging Materials.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 53000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as 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 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

INFORMATION PARTED BY

Name :	Mr. Satish Varma
Designation :	Director
Contact No.:	91-9848061163
Date :	25.06.2012

LOCATIONS

Registered Office/ Factory :	Plot No.35A, IDA, Block – D (Expansion), Industrial Development Area, Auto Nagar, Visakhapatnam - 530012, Andhra Pradesh, India
Tel. No.:	91-891-2761929 / 2535874
Mobile No.:	91-9848061163 (Mr. Satish Varma)
Fax No.:	91-891-2751385
E-Mail :	pragatiprintpack@yahoo.co.in pragatiprint2011@gmail.com camurthyassociates@yahoo.com

DIRECTORS

As on 08.09.2011

Name :

Mr. Venkata Satyanarayana Raju Manthena

Designation :

Managing director

Address :

50-104-1/6,NE Layout, Seethammadhara Visakhapatnam – 530013, Andhra Pradesh, India

Date of Birth/Age :

30.10.1953

Date of Appointment :

30.09.2002

DIN No.:

00451556

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	U21029AP1976PTC001996	COROMANDEL CARTONS AND CONTAINERS PVT LTD	Managing director	1/4/2009	22/04/1977	-	Active	NO
2	U70102AP1998PTC029990	PRAGATI PRINT PACK Private Limited	Managing director	1/4/2009	30/09/2002	-	Active	NO

Name :

Mr. Satish Varma Manthena

Designation :

Whole-time director

Address :

50-104-1/6,NE Layout, Seethammadhara Visakhapatnam – 530013, Andhra Pradesh, India

Date of Birth/Age :

16.12.1978

Date of Appointment :

30.09.2002

DIN No.:

00452164

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	U70102AP1998PTC029990	PRAGATI PRINT PACK Private Limited	Whole-time director	1/4/2009	30/09/2002	-	Active	NO
2	U21029AP1976PTC001996	COROMANDEL CARTONS AND CONTAINERS PVT LTD	Director	1/4/2009	1/4/2009	-	Active	NO

Name :

Mrs. Venkataramana Padminikumari Mantena

Designation :

Director

Address :

50-104-1/6,NE Layout, Seethammadhara Visakhapatnam – 530013, Andhra Pradesh, India

Date of Birth/Age :

07.09.1960

Date of Appointment :

30.02.2002

DIN No.:

02421996

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	U70102AP1998PTC029990	PRAGATI PRINT PACK Private Limited	Director	30/09/2002	30/09/2002	-	Active	NO
2	U74950AP1997PTC027514	PUJITA PACKING PRODUCTS PRIVATE LIMITED	Director	1/4/2010	1/4/2010	-	Active	N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on As on 08.09.2011

Names of Shareholders	No. of Shares
S.N.Raju	50000
M.V. Satyanarayana Raju	113000
A.S.N.Raju	40000
M. Subhadra	7500
M. Ramabhadra Raju	12500
B.V N. Gopala Raju	5000
P Subrahmanya Raju	10000
P.Siva Rama Anjaneya Raju	5000
P.Kamala Devi	5000
R.Subba Raju	10000
R .Srinivasa Raju	20000
C.H.Sarma	12000
P.Satya Narayana Raju	4000
G Venkata Balarama Krishnam Raju	10000
P.Viswanadha Raju	10000
B.Suryanarayana Raju	9000
P. Suryanarayana Raju	6000
M U.HlmaBindu	5000
P.V.S.N.V.Raju	1500
V.Naga Raju	3000

As on 08.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Flexible Packaging Materials.
Terms :
Selling :	Credit (60 Days) (90 Days)
Purchasing :	Credit (60 Days) (90 Days)

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Printed and Laminated Pouches	M.Ts	701.86

Installed Capacity: (As a Certified by the Managing Director) 100 M.T.P.A on single shift basis.

GENERAL INFORMATION

Customers :

Other (Manufacturer)

No. of Employees :

Not Divulged

Bankers :

· State Bank of Hyderabad, MSME Branch, Seethampeta, Visakhapatnam - 530016, Andhra Pradesh, India

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan- II (SBH) (Secured by first charge of all fixed assets of the company and guarenteed by the directors)	0.520	1.870
-State Bank of Hyderabad(CC A/c.) (Secured by hypothecation of all stocks and receivables and guarenteed by directors)	6.686	9.453
Motor Car loan with HDFC Bank Limited Motor Van loan with HDFC Bank Limited (Secured by Hypothecation of vehicles)	0.309	0.504 0.098
Loan with HDFC Bank Limited	0.264	0.490
Loan with Kotak Mahindra Bank Limited	1.219	3.133
Total	8.998	15.547
UNSECURED LOAN	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
(From Directors, friends and relatives of 2,174,703 – Directors and Share Holders)	2.175	0.000
Total	2.175	0.000

Banking Relations :	--
Auditors :
Name :	Murthy Associates Chartered Accountant
Address :	102,Laskhmi Apartments, Facor Layour, Waltair Uplands, Visakahapatnam – 530003, Andhra Pradesh, India
PAN.:	AACFM0015F

CAPITAL STRUCTURE

After as on 08.09.2011

Authorised Capital : 15.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 5.028 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
502800	Equity Shares	Rs.10/- each	Rs. 5.028 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		5.028	5.028	5.028
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.347	5.101	3.679
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.375	10.129	8.707
LOAN FUNDS
1] Secured Loans		8.998	15.547	14.773
2] Unsecured Loans		2.175	0.000	0.000
TOTAL BORROWING		11.173	15.547	14.773
DEFERRED TAX LIABILITIES		0.980	0.976	0.918
TOTAL		25.528	26.652	24.398
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.052	14.097	13.854
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.768	4.897	0.000
	Sundry Debtors	26.103	17.085	0.000
	Cash & Bank Balances	0.439	5.374	0.000
	Other Current Assets	0.955	0.518	30.866
	Loans & Advances	12.276	5.583	0.000
Total Current Assets		45.541	33.457	30.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.325	22.003	19.721
	Other Current Liabilities	0.927	(1.915)	0.601
	Provisions	1.813	0.814	0.000
Total Current Liabilities		34.065	20.902	20.322
Net Current Assets		11.476	12.555	10.544
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.528	26.652	24.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.358	73.898	70.957
		Other Income	0.226	0.324	0.684
		TOTAL (A)	121.584	74.222	71.641
Less	EXPENSES
		Raw Material		59.522	58.416
		Staff cost		4.295	2.941
		Manufacture of other Expenses		6.439	5.892
		TOTAL (B)	115.381	70.256	67.249
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.203	3.966	4.392
Less	FINANCIAL EXPENSES (D)		1.058	1.033	1.720
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.145	2.933	2.672
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.235	1.033	0.991
	PROFIT BEFORE TAX (E-F) (G)		3.910	1.900	1.681
Less	TAX (H)		1.271	0.478	0.235
	PROFIT AFTER TAX (G-H) (I)		2.639	1.422	1.446
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.207	2.785	1.339
	BALANCE CARRIED TO THE B/S		6.846	4.207	2.785
	Earnings Per Share (Rs.)		5.24	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.17	1.91	2.02
Net Profit Margin (PBT/Sales)	(%)	3.22	2.57	2.36
Return on Total Assets (PBT/Total Assets}	(%)	6.56	3.99	3.76
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	0.19
Debt Equity Ratio (Total Liability/Networth)		3.38	3.60	4.03
Current Ratio (Current Asset/Current Liability)		1.34	1.60	1.59

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

NOTE: The Registered Office of the company has been shifted from 50-104-1/6,NE Layout, Seethammadhara, Visakhapatnam – 530013, Andhra Pradesh, India to the present address w.e.f.01.03.2012

Bankers Charges Report as per Registry

Corporate identity number of the company	U70102AP1998PLC029990
Name of the company	PRAGATI PRINT PACK LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.35A, IDA, Block – D (Expansion), Industrial Development Area, Auto Nagar, Visakhapatnam - 530012, Andhra Pradesh, India camurthyassociates@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90136278
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Hyderabad, MSME Branch, Seethampeta, Visakhapatnam - 530016, Andhra Pradesh, India
Nature of instrument creating charge	1.Agreement of Loan-Cum-Hypothecation 2.Letter of Arrangement 3.Memorandum of deposit of title deeds
Date of instrument Creating the charge	12.09.2011
Amount secured by the charge	Rs.21.151 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest On C.C(Hypo) : 5.50% Margin above Base Rate which is presently 10.50% i.e 16%p.a on TL :6% Margin above Base Rate which is presently 10.50% i.e 16.50%p.a Terms of Repayment 1.Working Capital is repayable on demand and is available for 12 months from the date of sanction. 2.Term Loan is repayable within 60 months. In 20 Quarterly Installments of Rs.4,19,000/- each commencing from Jan 2012 to October 2016. Last installment being Rs.0.414 millions Margin For CC(Hypo) : 25% on Raw material (imported) 25% on Raw material (indigenous) 25% Semi-Finished Goods 25% Finished Goods 25% Components/Consumables/Spares 50% Domestic Receivables 50% Export packing Credit For Term Loan : 31.91% of Project Cost Extent and Operation of the charge It is a continuous Charge until the repayment of entire dues to the Bank. Others Nature of Facilities : 1. Cash Credit (Hypothecation ) enhanced to Rs.12.400 millions 2. Term Loan II : to Rs. 8.375 millions
Short particulars of the property charged	First Charge on Current Assets and Fixed Assets of the Company Hypothecation of Stocks (raw material, Stock in process, finished goods, receivable etc) both present and future of the Company. Hypothecation of Machinery purchased out of Bank Finance. EM of Land of 2417.10 Sq.Yards with AC Sheeted Construction in 457 Sq.mts+Toilets area of 75 sft of Plot No.35/A,"D" Block, in S.No.89 Part of Industrial Area, Autonagar, Tunglam, Gajuwaka, Vizag. EM of Land of 214 Sq.Yards+206 Sq.Yards with CC bldg of Ground and First Floor D.No. 50-104-1/4, Plot No.LIG-18A in S.No.6 of Resapuvanipalem,Seethammadhara,N.E.Layout, Vizag of Smt. M.V.P.Kuma
Date of latest modification prior to the present modification	19.07.2007
Particulars of the present modification	In addition to the existing Credit Facilities of Rs.18.900 millions the bank has now enhanced the Credit Limits of C.C.(Hypo) to Rs. 1,24,00,000/- and Rs. 8.375 millions towards Term Loan II and Term Loan I remains Rs.0.376 millions which is presently outstanding. Now the overall Credit Limits has been enhanced to Rs.2, 1.151 millions. All the existing Securities be and are hereby continue to exist to the present credit facilities also. There is no change in other terms and conditions.

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Electric Equipment

· Computer and Printer

· Furniture and fixture

· Office Equipment

· Two Wheelers

· Car

· TATA Ace

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.57.22
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.