MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	POSITIVE PACKAGING INDUSTRIES LIMITED
Registered Office :	98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1994
Com. Reg. No.:	11-78296
Capital Investment / Paid-up Capital :	Rs.418.310 Millions
CIN No.: [Company Identification No.]	U74952MH1994FLC078296
TAN No.: [Tax Deduction & Collection Account No.]	MUME04200A
PAN No.: [Permanent Account No.]	AAACP2836Q
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 7760000
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. Gilberd D’Costa
Designation :	Senior General Manager
Contact No.:	91-22-39211466/61

LOCATIONS

Registered / Head Office :	98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22837206 (5 lines)/ 30011700
Fax No.:	91-22-22023774
E-Mail :	positive@vsnl.com possale@vsnl.com positive@positivepackaging.com sales@positiveurope.com (Europe- International Office) marketing@positivesouthafrica.com (South Africa - International Office) sec@positivepackaging.com accounts@positivepackaging.com gdcosta@positive.packaging.com
Website :	http://www.positivepackaging.com
Area:	1500 Sq ft
Location :	Rented
Commercial/ Corporate Office :	202, A-Wing, Sector-15, The Great Eastern Summit, CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India
Tel No.:	91-22-39211400
Fax No.:	91-22-39211430
Area :	1000 Sq ft
Location :	Rented
Factory 1 :	Flexible Packaging Division Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410 203, Maharashtra, India
Tel. No.:	91-2192-391300 to 391309
Fax No.:	91-2192-391510
E-Mail:	factory@positivepackaging.com
-	http://www.positivepackaging.com
Location :	Owned
Factory 2 :	Flexible Packaging Division Survey Nos. 51 and 53, Village Ransai, 16 KMs, Khopoli- Pen Road, Taluka- Khalapur, Dist- Raigad – 410 203, Maharashtra, India
Location :	Owned
Factory 3 :	Rotogravure Printing Cylinder DivisionPlot No. V-26, MIDC, Taloja Industrial area, Taluka Panvel, District Raigad, Maharashtra-410203
Factory 4 :	Metallising Division : Plot No .L-19, MIDC, Taloja Industrial Areas, Taluka- Panvel, Dist. Raigad, Maharashtra-410208
Factory 5 :	Positive Packaging (EOU) Survey No. 52, Village Ransai, 16 KMs, Khopoli Pen Road, Taluka- Khalapur, Dist- Raigad – 410203, Maharashtra
Factory 6 :	Plot No.21, 22 and 23, Bommasandra- Jigani Link Road, industrial Area, Taluka- Anckal, Dist- Bangalore – 562106, Karnataka, India
Overseas Office 1 :	Positive Packaging Industries (Pty.) Limited, Suite 1a, Strathway Strathmore Park, 305 Musgrave Road, Durban 4001 (South Africa), PO Box 50602, Musgrave, Durban 4062 (South Africa)
Tel. No.:	+ 27 31 202 2096
Fax No.:	+ 27 31 202 3920
E-Mail :	marketing@positivesouthafrica.com
Overseas Office 2 :	Positive Packaging Europe, 5th Floor, 116 Baker Street, London W1U 6TS, United Kingdom
Tel. No.:	+ 44 (0) 20 7935 7124
Fax No.:	+ 44 (0) 20 7935 6495
E-Mail :	sales@positiveurope.com

DIRECTORS

As on 29.08.2011

Name :

Mr. Laxman Ramkrishnan

Designation :

Managing Director and Chief Executive Officer

Address :

9/295, Fairview, 5^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

29.07.1951

Date of Appointment :

18.06.1998

DIN No.:

00065930

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Managing director	01-08-11	18-06-98	-	Active	NO
2	U21010MH1965GAP013226	Indian Flexible Packaging and Folding Carton Manufacturers Association	Director	02-08-02	02-08-02	-	Active	NO
3	U21010MH1985FTC035837	Vista Film and Packaging Private Limited	Additional director	01-04-08	01-04-08	-	Amalgamated	NO

Name :

Mr. Anil Krishnaji Kale

Designation :

Finance Director and Company Secretary

Address :

F, Wing, 205, Sumer Castle, LBS Marg, Thane – 400601, Maharashtra, India

Date of Birth/Age :

01.12.1958

Date of Appointment :

25.12.2003

DIN No.:

00046855

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Whole-time director	25-12-08	25-12-03	-	Active	NO
2	U21010MH1985FTC035837	Vista Film and Packaging Private Limited	Additional director	01-11-08	01-11-08	-	Amalgamated	NO
3	U36990MH2011PTC220771	Positive Renewsys Private Limited	Director	09-08-11	09-08-11	-	Active	NO

Name :

Mr. Pranesh Madhu Kankanwadi

Designation :

Wholetime Director

Address :

B-34, Sudarshan Co-Operative Housing Society, Plot No. 38, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

11.01.1965

Date of Appointment :

01.10.2008

DIN No.:

00047425

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	01-10-08	26-09-02	-	Active	NO
2	U21010MH1985FTC035837	Vista Film and Packaging Private Limited	Director	01-06-06	01-06-06	01-11-08	Amalgamated	NO

Name :

Mr. Ashok Santadas Lakhani

Designation :

Vice Chairman

Address :

51-A, Miramar, 3 Napeansea Road, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

29.07.1949

Date of Appointment :

09.08.1994

DIN No.:

00047221

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	09-08-94	09-08-94	-	Active	NO
2	U67120MH1992PTC065419	Chaparral Holdings Company Private Limited	Director	11-08-98	11-08-98	-	Active	NO
3	U21010MH1985FTC035837	Vista Film and Packaging Private Limited	Director	03-11-06	03-11-06	-	Amalgamated	NO
4	U70200MH2007PTC167216	Chaparral Housing Private Limited	Director	29-03-07	29-03-07	-	Active	NO
5	U36990MH2011PTC220771	Positive Renewsys Private Limited	Director	09-08-11	09-08-11	-	Active	NO
6	U74999MH2007PTC169648	Frog Company Private Limited	Nominee director	25-11-11	25-11-11	-	Active	NO

Name :

Mr. Naraindas Parmanad Kriplani

Designation :

Chairman

Address :

No. 6 Bourdillon Road, Flat 6, 2^nd Floor, Old Lkoyi Lagos, Nigeria.

Date of Birth/Age :

26.10.1935

Date of Appointment :

09.08.1994

DIN No.:

00062471

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	09-08-94	09-08-94	-	Active	NO
2	U85110MH2005PTC154861	New World I Care Private Limited	Director	18-07-05	18-07-05	-	Active	NO
3	U21010MH1985FTC035837	Vista Film and Packaging Private Limited	Director	11-01-07	11-01-07	-	Amalgamated	NO
4	U74999MH2007PTC169648	Frog Company Private Limited	Nominee director	25-11-11	25-11-11	-	Active	NO

Name :

Mr. Chitoor Hariharan Laxminarayan

Designation :

Wholetime Director and Member of Audit Committee

Address :

2/295, Fairview, 5^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

22.10.1957

Date of Appointment :

26.09.2002

DIN No.:

00062585

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	U51900MH1992PTC068505	Montana Exports Private Limited	Director	30-09-92	30-09-92	-	Active	NO
2	U67120MH1992PTC065419	Chaparral Holdings Company Private Limited	Director	11-08-98	11-08-98	-	Active	NO
3	U67120MH2000PTC129105	Chetak Resources Private Limited	Director	15-04-02	15-04-02	-	Active	NO
4	U51900MH1993PTC071173	Chandralok Exim Private Limited	Director	15-04-02	15-04-02	-	Active	NO
5	U74952MH1994FLC078296	Positive Packaging Industries Limited	Whole-time director	26-09-07	26-09-02	-	Active	NO
6	U51900MH1984PTC034426	Vigneshh Pharma Impex Private Limited	Director	15-09-03	15-09-03	-	Active	NO
7	U85110MH2005PTC154861	New World I Care Private Limited	Alternate director	31-10-05	31-10-05	-	Active	NO
8	U70200MH2007PTC167216	Chaparral Housing Private Limited	Director	23-01-07	23-01-07	-	Active	NO
9	U72200PN2003PTC018548	Empirical Systems Private Limited	Additional director	20-03-09	20-03-09	-	Active	NO
10	U36990MH2011PTC220771	Positive Renewsys Private Limited	Director	09-08-11	09-08-11	-	Active	NO

Name :

Mr. Sanjay Naraindas Kirpalani

Designation :

Director

Address :

4 A, Ardmore Park, 10-00 Juniper at Ardmore - Singapore

Date of Birth/Age :

16.09.1966

Date of Appointment :

24.09.2005

DIN No.:

00088075

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	U51900MH1992PTC068505	Montana Exports Private Limited	Director	07-04-94	07-04-94	-	Active	NO
2	U85110MH2005PTC154861	New World I Care Private Limited	Director	18-07-05	18-07-05	-	Active	NO
3	U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	24-09-05	24-09-05	-	Active	NO
4	U21010MH1985FTC035837	Vista Film And Packaging Private Limited	Director	11-01-07	11-01-07	-	Amalgamated	NO
5	U22300MH2006PTC163173	Blue Frog Media Private Limited	Director	10-09-07	21-05-07	-	Active	NO
6	U74999MH2007PTC169648	Frog Company Private Limited	Additional director	25-11-11	25-11-11	-	Active	NO

Name :

Mr. Ajit Narendra Chakrabarti

Designation :

Director and Member of Audit Committee and Remuneration Committee

Address :

2B, 11, Neptune Apartments, Juhu Tara Road, Mumbai – 4000449, Maharashtra, India

Date of Birth/Age :

21.08.1934

Date of Appointment :

20.12.1996

DIN No.:

00047316

Name :

Mr. Ganga Ram Nilacanta Iyer

Designation :

Director

Address :

703, Golden Castle, Sunder Nagar, Road No.2, Kalina Santacruz, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

22.09.1934

Date of Appointment :

21.05.1996

DIN No.:

00001246

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	U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	21-05-96	21-05-96	-	Active	NO
2	L35921TN1992PLC022845	Tvs Motor Company Limited	Director	28-03-01	28-03-01	10-03-09	Active	NO
3	U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	13-06-01	13-06-01	-	Active	NO
4	U65922TN1999PLC042759	Sundaram Bnp Paribas Home Finance Limited	Director	28-10-05	28-10-05	-	Active	NO
5	L24297TN1983PLC072409	Chemfab Alkalis Limited	Director	07-05-10	04-07-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Krishnaji Kale
Designation :	Secretary
Address :	F, Wing, 205, Sumer Castle, LBS Marg, Thane – 400601, Maharashtra, India
Date of Birth/Age :	01.12.1958
Date of Appointment :	26.09.2002
Pan No.:	AABPK4641G
Name :	Mr. Gilberd D’Costa
Designation :	Senior General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.08.2011

Names of Shareholders (Equity Share)	No. of Shares
Far East Holding limited, Mauritius	34990405
C H Laxminarayan	36
N P Kriplani	11833
Ashok Lakhani	4471
Star Services and Investment Limited, Mauritius	662956
L Ramkrishnan	18
Mekhala C Laxminarayan	18
Goldera International Limited	1846707
TOTAL	37516444

Names of Shareholders (Preference Share)	No. of Shares
Far East Holding limited, Mauritius	299072
TOTAL	299072

Equity Share Break up (Percentage of Total Equity)

AS ON 29.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.96
Directors or relatives of Directors	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium Foils.

Products :

Products Description	Item Code No
Multilayer Laminated and Printed films for Packaging based on BOPP, Polyster Film, Paper and Alumunium Foil.	39.48
Plastic Metallised film	39
Rotogravure Printing Cylinders	84

Terms :

Selling :

L/C, Cash (120 Days/ Depends)

Purchasing :

L/C, Cash (120 Days/ Depends)

GENERAL INFORMATION

Suppliers :

· S.K. Industries

· Jindal Polyester

Customers :

End Users

· Parle Products

· Cadbury

· Nestle

· Kurkure

· Garwari Polyesters Limited

· Unilever

· Cicada Ink

No. of Employees :

900 (Approximately)

Bankers :

· State Bank of India, Mumbai Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Standard Chartered Bank 90, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

· HDFC Bank Limited, Mumbai HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Lloyds TSB Bank P/c

· Union Bank of India, Mumbai

· State Bank of India, Mysore, Mumbai, Maharashtra, India

· Landesbank Baden – Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart – 70173, Germany

· Bank of India, Thane Main Branch, Thane, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan Bank	46.950	145.810
External Commercial Borrowing	445.800	89.780
Working Capital Loan from Bank	857.200	488.910
Loan from Vehicle	2.630	0.150
Total	1352.580	724.650
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
External Commercial Borrowing	133.740	0.000
Related Parties	19.000	20.000
Deferred Sales Tax	101.730	112.190
Total	254.470	132.190

Total Facility Enjoyed Over Draft Rs.1400.000 millions

Banking Relations :
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India
PAN.:	AAFFP3698A
Holding Company :	Far East Holding Limited (Mauritius)

CAPITAL STRUCTURE

AS ON 29.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
53300000	Equity Shares	Rs.10/- each	Rs.533.000 Millions
1900000	Preference Shares	Rs.100/- each	Rs.190.000 Millions
	Total		Rs.723.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37516444	Equity Shares	Rs.10/- each	Rs.375.164 millions
299072	Preference Shares	Rs.100/- each	Rs.29.907 millions
	Total		Rs.405.071 millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
53300000	Equity Shares	Rs.10/- each	Rs.533.000 Millions
1900000	Preference Shares	Rs.100/- each	Rs.190.000 Millions
	Total		Rs.723.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37516444	Equity Shares	Rs.10/- each	Rs.375.164 millions
431479	Preference Shares	Rs.100/- each	Rs.43.148 millions
	Total		Rs.418.312 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		418.310	448.220	526.218
2] Share Application Money		0.000	0.000	48.850
3] Reserves & Surplus		1522.870	1413.580	627.677
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1941.180	1861.800	1202.745
LOAN FUNDS
1] Secured Loans		1352.580	724.650	1154.228
2] Unsecured Loans		254.470	132.190	214.023
TOTAL BORROWING		1607.050	856.840	1368.251
DEFERRED TAX LIABILITIES		131.240	164.010	0.000
TOTAL		3679.470	2882.650	2570.996
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2078.050	1484.170	1068.243
Capital work-in-progress		24.080	131.160	23.910
INVESTMENT		0.000	0.000	142.027
DEFERREX TAX ASSETS		0.000	0.000	9.993
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	778.360	739.470	680.096
	Sundry Debtors	1277.290	861.560	814.063
	Cash & Bank Balances	54.190	120.250	27.114
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	516.990	410.260	388.002
Total Current Assets		2626.830	2131.540	1909.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	870.770	717.960	505.374
	Other Current Liabilities	123.200	74.800	62.801
	Provisions	55.520	71.460	14.277
Total Current Liabilities		1049.490	864.220	582.452
Net Current Assets		1577.340	1267.320	1326.823
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3679.470	2882.650	2570.996

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6120.370	4980.520	4681.394
		Other Income	67.140	65.350	60.352
		TOTAL (A)	6187.510	5045.870	4741.746
Less	EXPENSES
		Cost of Material	4504.690	3464.640	3254.756
		Manufacturing and operating costs	335.300	307.880	257.968
		Personnel Costs	415.240	354.610	291.197
		Administration and sales costs	377.740	340.310	432.201
		TOTAL (B)	5632.970	4467.440	4236.122
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		554.540	578.430	505.624
Less	FINANCIAL EXPENSES (D)		134.510	74.220	143.064
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		420.030	504.210	362.560
Less/ Add	DEPRECIATION/ AMORTISATION (F)		242.260	(264.420)	235.940
	PROFIT BEFORE TAX (E-F) (G)		177.770	768.630	126.620
Less	TAX (H)		38.370	266.410	69.192
	PROFIT AFTER TAX (G-H) (I)		139.400	502.220	57.428
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		667.660	219.610	162.185
Less	APPROPRIATIONS		60.020	54.170	0.000
	BALANCE CARRIED TO THE B/S		747.040	667.660	219.613
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2481.420	1998.280	1945.013
		Technical Service Fees	0.000	0.000	31.923
		Commission Earnings	0.000	0.000	6.851
		Other Earnings	0.740	1.861	4.834
	TOTAL EARNINGS		2482.160	2000.141	1988.621
	IMPORTS
		Raw Materials	1279.560	1044.170	1019.746
		Stores & Spares	1688.190	1143.410	23.555
		Capital Goods	377.350	70.480	55.016
	TOTAL IMPORTS		3345.100	2258.060	1098.317
	Earnings Per Share (Rs.)
	Basic		0.00	3.67	1.76
	Diluted		3.49	13.50	1.66

Expected Sales (2011-2012): Rs.7000.000 Millions

The above information has been parted by Mr. Gilberd D’Costa (Senior General Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.25	9.95	1.21
Net Profit Margin (PBT/Sales)	(%)	2.90	15.43	2.70
Return on Total Assets (PBT/Total Assets}	(%)	3.78	21.25	4.25
Return on Investment (ROI) (PBT/Networth)		0.09	0.41	0.11
Debt Equity Ratio (Total Liability/Networth)		1.37	0.92	1.62
Current Ratio (Current Asset/Current Liability)		2.50	2.47	3.28

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	Yes
Incorporation details, if applicable	Yes
Last Account filed at ROC	Yes
Major shareholder , if available	Yes

FORM 8

Corporate identity number of the company	U74952MH1994FLC078296
Name of the company	POSITIVE PACKAGING INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Other
Particular of charge holder	LANDESBANK BADEN-WURTTEMBERG, Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, STUTTGART, GERMANY – 70173 Email : bernd.martini@lbbw.de
Nature of instrument creating charge	Deed of Hypothecation dated 12th December 2011 executed by the company in favour of Landesbank Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Germany
Date of instrument Creating the charge	12.12.2011
Amount secured by the charge	Rs.167.379 Millions

TRADE REFRANCES

· S.K. Industries

· Jindal Polyester

· Parle Products

· Cadbury

· Nestle

· Kurkure

· Garwari Polyesters Limited

· Unilever

· Cicada Ink

DETAILS OF OTHER CONTINGENT LIABILITIES

Contingent liabilities not provided for in respect of: Guarantees issued by banks on behalf of the Company Rs.0.030 million P.Y. Rs.21.350 million

Letters of credit issued by banks outstanding Rs.34.780 million P.Y. Rs.118.040 million

FIXED ASSETS:

· Land – Leasehold

· Land – Freehold

· Building

· Plant and Machinery

· Computers

· Furniture and Fixture

· Office Equipment

· Air Conditioner

· Vehicles

WEBSITE DETAILS:

PROFILE:

Subject is the one-stop source for quality, printed and laminated, barrier-grade flexible packaging materials with manufacturing facilities in India, Nigeria and U.A.E.

A Government of India recognised Export House with ISO 9001:2008 and BRC / IoP (British Retail Consortium / Institute of Packaging UK) certifications, company is a part of the Enpee Group, an international conglomerate.

Headquartered at Mumbai, India, Positive Packaging has offices/associate companies in major cities of India, Accra (Ghana), Durban and Johannesburg (South Africa), London (UK), Nairobi (Kenya) and representations in various other countries.

Acuprint Systems, with manufacturing facilities at Taloja near Mumbai and Bengaluru in India and Fine Chemicals in Nigeria are highly automated and seamlessly integrated cylinder manufacturing units supporting the Indian, Nigerian converters. PrimeTech Dubai manufactures rotogravure cylinders for converters in the U.A.E. and other countries using a state-of-the-art automated system.

Acquisition of Sai Metaplast, the leading barrier metallising house with plasma metallisation facility, Vista Film Packaging, the reputed cast polypropylene film manufacturing unit and Positive Packaging United, a reputed converting Company in Dubai are well-contemplated consolidations.

In-house manufacturing of polyethylene film at Positive Packaging is yet another value added backward integration.

RenewSys is the photovoltaic division of Positive, manufacturing EVA Encapsulant used in solar panels for generating solar energy. It is located at Bengaluru, India.

The Company has in its fold, the veritable who’s who of satisfied customers in over 30 countries and is the receipient of various national and international awards including India Star, Asia Star and World Star amongst others.

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

TPT

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.