MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	PRASPACK INDUSTRIES PRIVATE LIMITED
Registered Office :	Praspack, Plot No.32, Near Pharma Lab, Santej-Vadasar Road, Santej, Taluka Kalol, 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.]	AHMP07488F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of flexible packaging including laminated pouches, flexible plastic materials, zipper pouches
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 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Prospack, a partnership concern started in the year 2002. It 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 Office / Factory :	Praspack, Plot No.32, Near Pharma Lab, Santej-Vadasar Road, Santej, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-268196 / 268197
Fax No.:	91-2764-286141
E-Mail :	majoshi@vsnl.com export@praspack.com
Website :	www.praspack.com
Office :	706, “Shaath-I”, Opposite Rajpath Club, Sarkhej-Gandhinagar Highway, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-66611706
Fax No.:	91-79-66611707
Branch Office :	217/9, Shrineketan, Next to Mahata Laxmi Hospital, Tamil Samgam Marg, Sion (East), Mumbai-400022, Maharashtra, India

DIRECTORS

AS ON 28.09.2011

Name :	Mr. Vishnubhai Mangaldas Patel
Designation :	Director
Address :	6, Charmi Bunglow, Gulab Tower Road, Opposite Someshwar 3, Thaltej, Ahmedbad-380054, Gujarat, India
Date of Birth/Age :	10.02.1962
Date of Appointment :	26.06.2010
DIN No.:	02970108
Name :	Ms. Ushaben Pravinbhai Patel
Designation :	Director
Address :	70, Surmay Bunglow, SCI, City RToad, Sola, Taluka Daskroi, Ahmedabad-382428, Gujarat, India
Date of Birth/Age :	01.03.1975
Date of Appointment :	26.06.2010
DIN No.:	02989533

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	U36999GJ1999PTC035448	PRAS PACK PRIVATE LIMITED	Director	02-08-01	02-08-01	Strike off	NO
2	U25202GJ2010PTC061326	PRASPACK INDUSTRIES PRIVATE LIMITED	Director	26-06-10	26-06-10	Active	NO

Name :	Mr. Jagdish Prahaladbhai Patel
Designation :	Director
Address :	302,Surbhi Apartment, Thaltej, Taluka Daskroi, Ahmedabad -382428, Gujarat, India
Date of Birth/Age :	15.05.1981
Date of Appointment :	26.06.2010
DIN No.:	02989540

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	U36999GJ1999PTC035448	PRAS PACK PRIVATE LIMITED	Director	02-08-01	02-08-01	Strike off	NO
2	U25202GJ2010PTC061326	PRASPACK INDUSTRIES PRIVATE LIMITED	Director	26-06-10	26-06-10	Active	NO

Name :	Mr. Prakashbhai Somabhai Patel
Designation :	Director
Address :	8, Charmi Bunglow, Gulab Tower Road, Opposite Someshwar 3, Thaltej, Ahmedbad-380054, Gujarat, India
Date of Birth/Age :	15.02.1974
Date of Appointment :	26.06.2010
DIN No.:	02989694

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	U36999GJ1999PTC035448	PRAS PACK PRIVATE LIMITED	Director	02-08-01	02-08-01	-	Strike off	NO
2	U25202GJ2010PTC061326	PRASPACK INDUSTRIES PRIVATE LIMITED	Director	26-06-10	26-06-10	-	Active	NO

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
Date of Appointment :	26.06.2010
DIN No.:	03032023

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	U36999GJ1999PTC035448	PRAS PACK PRIVATE LIMITED	Director	02-08-01	02-08-01	Strike off	NO
2	U25202GJ2010PTC061326	PRASPACK INDUSTRIES PRIVATE LIMITED	Director	26-06-10	26-06-10	Active	NO

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
Date of Appointment :	26.06.2010
DIN No.:	03032678
Name :	Mr. Rajubhai Patel
Designation :	Director
Address :	12/A, Charmi Bungalows, Opposite Someshwar Park-3, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	08.06.1970
Date of Appointment :	26.06.2010
DIN No.:	03032799
Name :	Ms. Bhagwati Rajubhai Patel
Designation :	Director
Address :	12/A, Charmi Bungalows, Opposite Someshwar Park-3, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	12.03.1972
Date of Appointment :	26.06.2010
DIN No.:	03032838
Name :	Mr. Arkit Vishnubhai Patel
Designation :	Director
Address :	B-13,Milap Apartment, Suvas Compound, Near Ranakpur Society, Shahibuag, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	09.09.1990
Date of Appointment :	26.06.2010
DIN No.:	03032948
Name :	Mr. Pravinkumar Narayanbhai Patel
Designation :	Director
Address :	Navapura Behind Bapulals Factory, Atpo Ajol Taluka Mansa, Gandhinagar – 382811, Gujarat, India
Date of Birth/Age :	28.03.1972
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 S. Patel	350000
Vishnubhai M. Patel	1000000
Rajubhai Patel	700000
Niruben V. Patel	600000
Arkit V. Patel	400000
Pravinkumar N Patel	350000
Ushaben P. Patel	300000
Bhagvati Rajubhai Patel	350000
Ashwinkurnar S. Patel	600000
Jagdish P. Patel	350000
Total	5000000

AS ON 28.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of flexible packaging including laminated pouches, flexible plastic materials, zipper pouches

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 Available

Bankers :

· Axis Bank Limited, “Trishul”, Opposite Samatheshwar Temple, Law Garden, Ellisbridge, Ahmedabad-380007, Gujarat, India

· Axis Bank Limited, CBB, 3^rd Eye One 2^nd Floor, Near Pachwati Circle, C. G. Road, Ahmedabad-380007, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011
Rupee term loans secured
Rupee term loans banks secured	7.527
Working capital loans secured
Working capital loans banks secured	61.258
Loans taken for fixed assets secured
Loans taken for vehicles secured	1.566
Total	70.351
Unsecured Loan	Rs. In Millions 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 Accountant
Address :	India

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	26.400
	Provisions	7.257
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	321.312
	PROFIT BEFORE TAX	20.026
Less	TAX	7.257
	PROFIT AFTER TAX	12.769
	BALANCE CARRIED TO THE B/S	12.769
	Earnings Per Share (Rs.)	2.55

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

OPERATIONS

During the financial year ended on 31^st March 2011, Sales from operations recorded at Rs.321.312 Millions.

FORM 8

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 Kalol, Gandhinagar-382721, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, CBB, 3^rd Eye One 2^nd Floor, Near Pachwati Circle, C. G. Road, Ahmedabad-380007, Gujarat, India
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 One Time Bank Guarantee: as banks charges Terms of repayment Payable on Demand Margin Cash Credit : 25% INVENTORY, 4O% 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 equipment mortgage vide deed of memorandum of entry for extension dt.11.08.2011.
Short particulars of the property charged (Including location of the property)	Exclusive First Charge On Entire Current Assets of The Company Both Present And Future Exclusive First Charge On Assets Created Out of Term Loans EM of Factory Land And Building Situated At P.No.32, Near Pharma Lab, Santej-Vadsar Road, Santej, District Gandhinagar EM 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
Charge identification number of the charge to be modified	10259768
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

WEB SITE DETAILS

PROFILE

Modern, high speed machines, computerized designing and state-of-the-art technology i.e. High Speed Printing with Auto Register Control System, Solvent Base / Less Lamination, Multi Layer Blown Film Plant - Praspack has it all under one roof.

Subject is among the leading manufacturers of India for laminates in rolls and pouches with center seal, three sided seals, six sided seals, stand up pouches with and without zip lock (of all types). Subject is headed by five technocrats with more than a decade and a half's experience in the field.

Having grown organically, the company has developed a rich expertise in serving the special needs of the Indian market as well as that of its global customers. Today Subject enjoys an enviable reputation in the field that has been earned the hard way, on the basis of its international quality products and services.

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. 50.59
UK Pound	1	Rs. 80.34
Euro	1	Rs. 67.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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.