MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	GUJARAT PRINT-PACK PUBLICATIONS LIMITED
Registered Office :	201, Harsh Avenue, Navjivan Press Road, Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.06.1994
Com. Reg. No.:	04-022238
Capital Investment / Paid-up Capital :	Rs.14.950 Millions
CIN No.: [Company Identification No.]	U22210GJ1994PLC022238
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Printing Packing Materials like Printed Cartons, Printed Corrugated Boxes, Universal Corrugated Boxes, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 140000
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

LOCATIONS

Registered & Marketing Head Office :	201, Harsh Avenue, Navjivan Press Road, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-27545314/27545414
Fax No.:	91-79-27545914
Email :	ashish@gujprintpack.com marketing@gujprintpack.com
Website :	http://www.gujprintpack.com
Area :	200 Sq. ft
Location:	Owned
Factory 1 :	308-9, G.I.D.C., Phase II, Dediyasan, Mehsana - 384 002, Gujarat, India
Tel No.:	91-2762-224014/224214
Fax No.:	91-2762-224914
Location:	Owned
Factory 2 :	Khasra, 278/26, Opposite Black Mango Hotel, Nahan Road, Village-Ougli, Kala Amb, Dist. Sirmor, Himachal Pradesh, India
Email :	himachal@gujprintpack.com
Location:	Owned
Overseas Office :	209 MST Building Bank Street, P O Box: 43978, Dubai-UAE
Tel. No.:	+97-104-3514456
Mobile No.:	+91-150-4216030
E-Mail :	dubai@gujprintpack.com
Branches :	Located At : Delhi Mumbai Kolkata Bangalore

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashish Ambubhai Patel

Designation :

Whole-time director

Address :

31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat, India

Date of Birth/Age :

29.12.1965

Date of Appointment :

10.06.1994

DIN No.:

00604949

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	U22210GJ1994PLC022238	GUJARAT PRINT-PACK PUBLICATIONS LIMITED	Whole-time director	1/04/2006	10/06/1994	-	Active	NO
2	U33309GJ1989PLC013067	AJANTA INDIA LIMITED	Director	1/07/2002	1/07/2002	17/04/2009	Active	NO

Name :

Mr. Ambubhai Vanarasibhai Patel

Designation :

Director

Address :

31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat, India

Date of Birth/Age :

11.04.1929

Date of Appointment :

01.06.1994

DIN No.:

01782153

Name :

Mrs. Kamlaben Ambubhai Patel

Designation :

Director

Address :

31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat

Date of Birth/Age :

01.05.1937

Date of Appointment :

01.10.1996

DIN No.:

00604976

Name :

Mr. Ugrabhai Vanarshidas Patel

Designation :

Director

Address :

Shrusshti, 10 and 11, Mantri Kishor Park, Range Hill Road, Bhosle Nagar, Pune – 411007, Maharashtra, India

Date of Birth/Age :

19.03.1941

Date of Appointment :

11.03.2007

DIN No.:

00036002

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	U74200PN1999PTC013555	ADVENT SOFTWARE PRIVATE LIMITED	Director	23/04/1999	23/04/1999	-	Active	NO
2	U45201PN2004PTC019297	STERLING PREMISES PRIVATE LIMITED	Whole-time director	1/04/2005	1/04/2005	-	Active	NO
3	U45203PN2005PTC021688	GOLD LEAF REAL INFRA PRIVATE LIMITED	Director	15/12/2005	15/12/2005	-	Active	NO
4	U22210GJ1994PLC022238	GUJARAT PRINT-PACK PUBLICATIONS LIMITED	Director	11/03/2007	11/03/2007	-	Active	NO
5	U80301GJ2009NPL057170	YOUTH EMPOWERMENT SANSTHAN	Director	4/06/2009	4/06/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Akshat Patel	222571
Ashish A. Patel	169992
Ambubhai V. Patel	336401
Bharti Chimanlal Patel	1143
Bharatkumar Dwarkadas Patel	1143
Dwarkadas Vanarashidas Patel	1143
H.V. Patel (HUF)	2286
Harjivanbhai Patel	2286
Kamlaben Jayantilal Modi	1714
Kamlaben Ambubhai Patel	330572
Maniben Ugarchandbhai Patel	11429
Manisha Manoj Modi	1714
Mina Kirti Patel	2286
Ramaben Harjivandas Patel	2286
Shail Ashish Patel	1713
Ugarchand Vansharidas Patel	22857
Pragnya A. Patel	110856
Ashish Ambubhai Patel (HUF)	114286
Ambubhai Vanarashidas Patel	45714

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	92.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Printing Packing Materials like Printed Cartons, Printed Corrugated Boxes, Universal Corrugated Boxes, etc.
Products :	Printing and Packing

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Industrial Estate Branch, Opposite Simandhar Temple, State Highway, Mehsana – 384002, Gujarat, India

· Kotak Mahindra Bank

· HDFC Bank

· The Mehsana Urbna Co-Operative Bank Limited, Urban Bank Road, Mehsana –384 002, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
BOB CC A/C Mehsana (CC A/C Secured by hypothecation of stock books debts and other movable assets and also rank parripass with term loan on fixed assets of BOB)	0.000	14.259
BOB Term Loan – 2 (Both the term loans secured by first charge over the fixed assets and rank pari passu with CC an WCTL A/c)	0.000	11.635
BOB WCTL (Loan) (Rank pari passu with CC A/C and TL A/C Security)	0.000	1.919
HDFC Car Loan- 2	0.000	0.023
BOB Car Loan (Secured by charge over the specific vehicles)	0.877	0.000
M.U.C.B – Hypo (Against stock and book debts of the company)	22.716	0.000
M.U.C.B. – Industrial Term Loan (Against Machinery)	8.901	0.000
M.U.C.B. – Industrial Term Loan (Against Specific Machine) (All loans from MUCB rank parri pasu with each other)	8.001	0.000
Total	40.495	27.836
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Deposit from directors	17.782	19.932
Deposit from shareholders and directors relatives	13.525	12.032
Sale tax deferrement loan	3.570	5.223
HDFC Bank Limited T/L	0.176	1.128
Kotak Mahindra Bank Limited PL	1.247	0.000
Total	36.300	38.315

Banking Relations :	--
Auditors :
Name :	Virendra Chinubhai and Company Chartered Accountants
Address :	1-2-3, First Floor, Vyapar Bhawan, Visnagar – 384315, Gujarat, India
PAN.:	ADSPS6638P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1495000	Equity Shares	Rs.10/- each	Rs.14.950 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		14.950	14.950	14.950
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.315	17.336	14.947
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.265	32.286	29.897
LOAN FUNDS
1] Secured Loans		40.495	27.836	34.278
2] Unsecured Loans		36.300	38.315	39.043
TOTAL BORROWING		76.795	66.151	73.321
DEFERRED TAX LIABILITIES		11.985	11.438	10.857
TOTAL		124.045	109.875	114.075
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.813	81.863	84.363
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.125	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.501	18.310	23.503
	Sundry Debtors	63.470	61.490	50.215
	Cash & Bank Balances	4.552	0.920	0.769
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.429	10.560	5.349
Total Current Assets		105.952	91.280	79.836
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.482	57.654	46.616
	Other Current Liabilities	6.936	0.519	0.592
	Provisions	4.427	5.095	2.916
Total Current Liabilities		71.845	63.268	50.124
Net Current Assets		34.107	28.012	29.712
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		124.045	109.875	114.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	183.220	174.791	144.082
		Other Income	0.910	0.912	0.038
		TOTAL (A)	184.130	175.703	144.120
Less	EXPENSES
		Raw material and other consumption	123.551	113.010	99.307
		Personnel related expenses	15.199	13.790	10.662
		Manufacturing and other expenses	24.781	23.851	21.227
		Increase / decrease in inventories	(1.387)	3.424	(6.550)
		Prior Period Adjustments	(0.558)	0.391	0.000
		TOTAL (B)	161.586	154.466	124.646
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.544	21.237	19.474
Less	FINANCIAL EXPENSES (D)		11.935	10.404	11.228
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.609	10.833	8.246
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.034	5.810	5.423
	PROFIT BEFORE TAX (E-F) (G)		4.575	5.023	2.823
Less	TAX (H)		1.061	1.392	0.717
	PROFIT AFTER TAX (G-H) (I)		3.514	3.631	2.106
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.504	13.615	11.492
	Prior Period Adjustments		0.000	0.000	0.017
Less	APPROPRIATIONS
		Proposed Dividend and Tax	1.035	1.742	0.000
	BALANCE CARRIED TO THE B/S		17.983	15.504	13.615
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.947	15.379	0.000
	TOTAL EARNINGS		8.947	15.379	0.000
	IMPORTS
		Raw Materials	3.218	2.522	0.000
		Capital Goods	5.899	2.115	1.229
	TOTAL IMPORTS		9.117	4.637	1.229
	Earnings Per Share (Rs.)		2.35	2.69	1.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.91	2.07	1.46
Net Profit Margin (PBT/Sales)	(%)	2.49	2.87	1.96
Return on Total Assets (PBT/Total Assets}	(%)	2.35	2.90	1.72
Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.09
Debt Equity Ratio (Total Liability/Networth)		4.21	4.00	4.13
Current Ratio (Current Asset/Current Liability)		1.47	1.44	1.59

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the total turnover has increased by 5% approximately in comparison over previous year however due to continuous efforts for improvement in the quality of the existing products in the existing markets and launching of new products the results are hopeful and the company has achieved a profit slight higher by 2%, but looking to higher cost of borrowing and increasing of borrowing rates the net profit has decreased in comparison of previous year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U22210GJ1994PLC022238
Name of the company	GUJARAT PRINT-PACK PUBLICATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Harsh Avenue Navjivan Press Road, Ashram Road, Ahmedabad – 380009, Gujarat, India Email : accounts@gujprintpack.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Industrial Estate Branch, Opposite Simandhar Temple, State Highway, Mehsana – 384002, Gujarat, India Email : indmeh@bankofbaroda.com
Nature of instrument creating charge	Instrument of Hypothecation of Vehicle dated 23.11.2010
Date of instrument Creating the charge	23.11.2010
Amount secured by the charge	Rs.0.940 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.75% above Base rate i.e. 10.25% Terms of repayment 60 monthly installments each of Rs. 0.020 Million starting from 31st December, 2010 Margin 15% Extent and operation of the charge The said charge shall stand and operate in favour of Bank of Baroda on first charge basis
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Logan DLX, Mahindra Vehicles 2. Logan DLE, Mahindra Vehicles

Fixed Assets

• GIDC Land
• GIDC Resident Plot
• Building
• Plant and Machinery
• Electric Fitting
• Furniture Fixture
• Scooter/Cycle
• Tata Truck
• Motor Car
• Office Equipment
• Lab Equipments
• Generator

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.