MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	PRASPACK INDUSTRIES PRIVATE LIMITED

Registered Office :	Praspack, Plot No.32, Near Pharma Lab, Santej - Vadasar Road, Santej, Taluka Gandhinagar, Gandhinagar – 382721, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	26.06.2010

Com. Reg. No.:	04-061326

Capital Investment / Paid-up Capital :	Rs.50.000 Millions

CIN No.: [Company Identification No.]	U25202GJ2010PTC061326

TAN No.: [Tax Deduction & Collection Account No.]	AHEMP07488F

PAN No.: [Permanent Account No.]	AAFCP5643L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of rolls and pouches

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 250000

Status :	New Company

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new company and establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

INFORMATION DECLINED BY

Name :	Mr. Vishnubhai Mangaldas Patel
Designation :	Director
Contact No.:	91-9825018141
Date :	29.02.2012

LOCATIONS

Registered Office / Factory :	Praspack, Plot No.32, Near Pharma Lab, Santej - Vadasar Road, Santej, Taluka Gandhinagar, Gandhinagar – 382721, Gujarat, India
Tel. No.:	91-2764-268196 / 97 / 94
Mobile No.:	91-9825018141 (Mr. Vishnubhai Mangaldas Patel)
Fax No.:	91-2764-286141
E-Mail :	praspack@sify.com praspack@vsnl.net export@praspack.com
Website :	www.praspack.com

Corporate Office :	706, "Shapath-I", Opposite Rajpath Club, Sarkhej-Gandhinagar Highway, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-66611706 / 07

Branch Office:	217/9 Shrineketan, Next to Mahata Laxmi Hospital, Tamil Samgam Marg, Sion (East), Mumbai - 400022, Maharashtra, India
E-Mail :	jthakkar@praspack.com majoshi@vsnl.com

DIRECTORS

As on 28.09.2011

Name :	Mr. Vishnubhai Mangaldas Patel
Designation :	Director
Address :	6, Charmi Bunglows, Gulab Tower Road, Opposite Someshwar 3, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	10.02.1962
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	02970108

Name :	Ms. Ushaben Pravinbhai Patel
Designation :	Director
Address :	70, Surmay Bunglows, SCI. City Road, Sola, Tal: Daskroi, Ahmedabad -382428, Gujarat, India
Date of Birth/Age :	01.03.1975
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	02989533

Name :	Mr. Prakashbhai Somabhai Patel
Designation :	Director
Address :	8, Charmi Bunglows, Thaltej,Tal: Daskroi, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	15.02.1974
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	02989694

Name :	Ms. Niruben Vishnubhai Patel
Designation :	Director
Address :	B-13,Milap Apartment, Suvas, Compound, Near Ranakpur Society, Shahibuag, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	19.12.1966
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	03032023

Name :	Mr. Arkit Vishnubhai Patel
Designation :	Director
Address :	B-13, Milap Apartment, Suvas Society, Near Ranakpur Society, Shahibuag, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	09.09.1990
Qualification :	B.Com
Date of Appointment :	26.06.2010
DIN No.:	03032948

Name :	Mr. Rajubhai Patel
Designation :	Director
Address :	12/A, Charmi Bunglows, Opposite Someshwar Park-3, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	08.06.1970
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	03032799

Name :	Ms. Bhagvati Rajubhai Patel
Designation :	Director
Address :	12/A, Charm; Bunglows, Opposite Akshay Bunglows, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	12.03.1972
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	03032838

Name :	Mr. Jagdish Prahladbhai Patel
Designation :	Director
Address :	302,Surbhi Apartment, Thaltej, Tal: Daskroi, Ahmedabad -382428, Gujarat, India
Date of Birth/Age :	15.05.1981
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	02989540

Name :	Mr. Ashwinkumar Somabhai Patel
Designation :	Director
Address :	R-8, Ghanshyam Apartment, Opposite. Rameshwar Mahadev, Meghaninagar, Ahmedabad – 380016, Gujarat, India
Date of Birth/Age :	25.01.1964
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	03032678

Name :	Mr. Pravinkumar Narayanbhai Patel
Designation :	Director
Address :	Navapura B/H Bapulals Factory, Atpo Ajol Ta Mansa, Gandhinagar – 382811, Gujarat, India
Date of Birth/Age :	28.03.1975
Qualification :	12^th Standard
Date of Appointment :	26.06.2010
DIN No.:	03032981

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders		No. of Shares
Prakashbhai Somabhai Patel		350000
Vishnubhai Mangaldas Patel		1000000
Rajubhai Patel		700000
Niruben Vishnubhai Patel		600000
Arkit Vishnubhai Patel		400000
Pravinkumar Narayanbhai Patel		350000
Ushaben Pravinbhai Patel		300000
Bhagvati Rajubhai Patel		350000
Ashwinkumar Somabhai Patel		600000
Jagdish Prahladbhai Patel		350000
Total		5000000

As on 28.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of rolls and pouches

Products :

Product or Services Description	ITC Code
Pouch	4819

GENERAL INFORMATION

Customers :

Haldiram Foods International Limited.
Ramdev Food Products Limited.
M. B. Sugar Pharmaceuticals Limited.
Dinshaw's Dairy Foods Private Limited.
Swastik Masalas Pickles and Food Products Private Limited.
B.S.F. Products Private Limited.
The Gujarat Tea Traders Private Limited. (Assam Tea)
Shah Jivraj Nanchand and Sons. (Tea)
Wardha Agro Processors Limited.
Bhagyodaya Tea Centre (Tea)
Abhisek India (Mahendi)
Anil Consumer Production Limited.
Navrang Tea Company Private Limited.
Ravi Enterprise (Tea)
Rakesh Pharmaceuticals Limited.
Rajhans Tea Processors and Packers (Tea)
Champion Confectionery (Biscuits)
Indocem (India) Private Limited. (Distempers and Colors)
Darjeeling Tea Company

No. of Employees :

Not Divulged

Bankers :

Axis Bank Limited, CBB, 3rd Eye One, II Floor, Near Pachwati Circle, C.G. Road, Ahmedabad - 380007, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan		As on 31.03.2011
Rupee term loans Bank secured		7.527
Working capital loans secured		61.258
Loans taken for fixed assets secured		1.566
Total		70.351

Unsecured Loan		As on 31.03.2011
Loans directors unsecured		1.767
Other debt unsecured		1.276
Total		3.043


Banking Relations :	---

Auditors :
Name :	M. A. Joshi and Company Chartered Accountants
Address :	302, M.V. house Sahibaug Road, Ahmedabad – 380004, India
PAN.:	ACDPJ5454G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		50.000
2] Share Application Money		0.000
3] Reserves & Surplus		12.769
4] (Accumulated Losses)		0.000
NETWORTH		62.769
LOAN FUNDS
1] Secured Loans		70.351
2] Unsecured Loans		3.043
TOTAL BORROWING		73.394
DEFERRED TAX LIABILITIES		0.000

TOTAL		136.163

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		56.443
Capital work-in-progress		0.000

INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.303
	Sundry Debtors	119.251
	Cash & Bank Balances	5.012
	Other Current Assets	0.000
	Loans & Advances	29.080
Total Current Assets		180.646
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.797
	Other Current Liabilities	26.399
	Provisions	7.258
Total Current Liabilities		101.454
Net Current Assets		79.192

MISCELLANEOUS EXPENSES		0.503

TOTAL		136.163

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	321.312
		Other Income	NA
		TOTAL	NA

Less	EXPENSES
		Office Expenses	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA

	PROFIT BEFORE TAX		20.026

Less	TAX		7.257

	PROFIT AFTER TAX		12.769

	Earnings Per Share (Rs.)		4.01

KEY RATIOS

PARTICULARS		31.03.2011
Net Profit Margin (PBT/Sales)	(%)	6.23

Return on Total Assets (PBT/Total Assets}	(%)	8.45

Return on Investment (ROI) (PBT/Networth)		0.32

Debt Equity Ratio (Total Liability/Networth)		2.79

Current Ratio (Current Asset/Current Liability)		1.78

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular			31.03.2011
Creditors due others			67.797
Other			67.797

OPERATIONS

During the financial year ended on 31^st March 2011, Sales operations recorded at Rs.321.212 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202GJ2010PTC061326
Name of the company	PRASPACK INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Praspack, Plot No.32, Near Pharma Lab, Santej - Vadasar Road, Santej, Taluka Gandhinagar, Gandhinagar – 382721, Gujarat, India majoshi@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10259768
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Stock and Other Current Assets)
Particular of charge holder	Axis Bank Limited, CBB, 3rd Eye One, II Floor, Near Pachwati Circle, C.G. Road, Ahmedabad - 380007, Gujarat, India deepak3.sharma@axisbank.com
Nature of instrument creating charge	1. Supplemental Deed of Hypothecation 2. Memorandum of Entry (Extension of Equitable Mortgage)
Date of instrument Creating the charge	11.08.2011
Amount secured by the charge	Rs.124.626 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit : Base Rate + 2.75% Term Loan-1 : Base Rate + 3.00% Term Loan-2 : Base Rate + 3.00% Inland/Foreign Letter of Credit: 50% Banks Standard Charges Terms of Repayment Payable on Demand Margin Cash Credit : 25% Inventory, 40% Book Debts Term Loan -2 : 26% Term Loan-1 : 26% Inland/Foreign Letter Of Credit : 15% In The Form of FDR One Time Bank Guarantee : 15% Extent and Operation of the charge Exclusive charge by way of hypothecation of entire current assets of the company (present and future) Exclusive first charge over fixed assets created out of term loans. Extension of charge by way of equitable Mortgage vides deed of memorandum of entry for extension dated 11.08.2011.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive first chsrge on entire current assets of the company both present and future Exclusive first charge on assets created out of term loans Equitable Mortgage of Factory Land and Building Situated At P.No.32, Near Pharma Lab, Santej-Vadsar Road, Santej, District Gandhinagar, Gujarat, India Equitable Mortgage of Non Agri Land At Block No.63,64,65,66,68,69 Admn 7804.08 Sq. Mtrs, At Mouje Santej, Sub District Kalol, District Gandhinagar, Gujarat, India
Date of instrument modifying the charge	28.01.2011
Particulars of the present modification	At the borrowers request bank agrees/ has agreed to grant/ granted or to continue to grant to the borrower credit facility as under aggregating to Rs.124.626 Millions.

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 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.489.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		29

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.

MIRA INFORM REPORT

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