MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	APAAR PACKING PRIVATE LIMITED
Registered Office :	C-143 Greater Kailash I, New Delhi - 110048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.08.1985
Com. Reg. No.:	55-021824
Capital Investment / Paid-up Capital :	Rs. 3.752 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC021824
TAN No.: [Tax Deduction & Collection Account No.]	DELA04695F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Air Bubble
No. of Employees :	Not Divulged

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 1200000
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. Sunil Puri
Designation :	Director
Contact No.:	91-9810300507/ 9910174484
Date :	04.05.2012

LOCATIONS

Registered Office :	C-143 Greater Kailash I, New Delhi - 110048, India
Mobile No.:	91-9810300507 (Mr. Sunil)
E-Mail :	tkga@tkguptaassociates.com appl@apaarpkg.com
Website :	http://www.apaarpkg.com
Location :	Owned
Factory 1 :	C-13, Sector-59, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4324301/ 4324302/ 4324303
Fax No.:	91-120-2580234
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Atul Saluja

Designation :

Director

Address :

C-143, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

02.01.1958

Date of Appointment :

28.03.1985

DIN No.:

00107625

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	U74899DL1985PTC021824	APAAR PACKING PRIVATE LIMITED	Director	28-08-85	28-08-85	-	Active	NO
2	U30007DL1998PTC095118	PRAGMATIC INNOVATIONS PRIVATE LIMITED	Director	22-07-98	22-07-98	-	Active	NO
3	U99999DL2001PLC110396	INDIA EXPOSITION MART LIMITED	Director	18-04-02	18-04-02	30-09-08	Active	NO
4	U51909DL2005PTC140933	SU IMPORT SERVICES PRIVATE LIMITED	Additional director	20-08-10	20-08-10	-	Active	NO

Name :

Mr. Snigdha Saluja

Designation :

Director

Address :

C-143, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

18.01.1962

Date of Appointment :

03.01.2001

DIN No.:

00107691

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	U74899DL1985PTC021824	APAAR PACKING PRIVATE LIMITED	Director	03-01-01	03-01-01	Active	NO
2	U51909DL2005PTC140933	SU IMPORT SERVICES PRIVATE LIMITED	Additional director	01-10-10	01-10-10	Active	NO

Name :

Mr. Sunil Puri

Designation :

Director

Address :

C-68, Sector – 26, Noida, Uttar Pradesh, India

Date of Birth/Age :

05.05.1956

Date of Appointment :

03.01.2001

DIN No.:

00181984

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	U74899DL1985PTC021824	APAAR PACKING PRIVATE LIMITED	Director	03-01-01	03-01-01	Active	NO
2	U51909DL2005PTC140933	SU IMPORT SERVICES PRIVATE LIMITED	Director	19-09-05	19-09-05	Active	NO
3	U74900DL2010PTC206226	INNER SPACE CREATIONS PRIVATE LIMITED	Director	23-07-10	23-07-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Atul Saluja	69100
Snigdha Saluja	68100
Neeru Puri	13600
Sushila Devi Saluja	14100
Pankaj Dixit	20440
Sunil Puri	12000
R.K. Shah	4000
Atul Saluja HUF	83000
Abha Hari	3000
Shanta Hari	15000
Upender Gupta	5950
Alok Sharma	30000
Suman Dixit	3850
Ipsita Saluja	16010
Ishti Saluja	15110
Nirmal Gupta	1910
Total	375170

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	89.91
Others	10.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Air Bubble
Products :	· Air bubble packaging rolls · Coloured air bubble rolls · Air bubble packaging film · Air bubble pouches · Air bubble envelopes · Bubble Post · EPE Laminated Rolls Sheet & Pouches
Imports :
Products :	Raw Material
Countries :	· Middle East · Qutar
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Licensed Capacity	Installed Capacity
Air Bubble	N.A.	1092

Particulars	Production Capacity
Air Bubble	80175
Waste	87322

GENERAL INFORMATION

Customers :

Wholesaler, Retailer and Manufacturer

No. of Employees :

Not Divulged

Bankers :

Bank of Maharashtra, B-29, Connaught Place, New Delhi – 1100001, India

Facilities :

Secured Loans	As on 31.03.2011	As on 31.03.2010
Bank of Maharashtra (CC) (Secured against Hypothecation of Stock and Sundry Debtors, Mortage of Factory, Land and Building and Personal Guarantee of directors)	13.604	11.778
Bank of Maharashtra (Term Loan) (Secured against Mortage of Factory, Land and Building and Personal Guarantee of directors)	0.000	0.378
Bank of Maharashtra (Term Loan) (Secured against Mortage of Factory, Land and Building and Personal Guarantee of directors)	0.838	0.784
ICICI Bank Limited (Term Loan) (Secured against Hypothecation of Car)	0.000	0.108
Total	14.442	13.048
Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Loans from Shareholders	4.783	4.257
Total	4.783	4.257

Banking Relations :	--
Auditors :
Name :	T. K. Gupta and Associates Chartered Accountants
Address :	4228/1 Ansari Road, Darya Ganj, Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AAKPG3093K

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
375170	Equity Shares	Rs. 10/- each	Rs. 3.752 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		3.752	3.752	3.752
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.075	6.865	5.294
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.827	10.617	9.046
LOAN FUNDS
1] Secured Loans		14.442	13.048	13.310
2] Unsecured Loans		4.783	4.257	4.865
TOTAL BORROWING		19.225	17.305	18.175
DEFERRED TAX LIABILITIES		0.404	0.522	0.492
TOTAL		32.456	28.444	27.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.041	11.959	13.051
Capital work-in-progress		0.000	0.271	0.069
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.693	2.975	2.524
	Sundry Debtors	20.459	19.782	11.445
	Cash & Bank Balances	0.339	0.257	0.712
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.084	2.632	2.827
Total Current Assets		26.575	25.646	17.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.314	7.277	0.549
	Other Current Liabilities	0.930	1.290	0.915
	Provisions	0.916	0.865	1.451
Total Current Liabilities		7.160	9.432	2.915
Net Current Assets		19.415	16.214	14.593
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.456	28.444	27.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	98.269	76.788	74.417
		Other Income	0.343	0.240	0.007
		TOTAL	98.612	77.028	74.424
Less	EXPENSES
		Material Consumed	74.224	58.414
		Manufacturing Expenses	10.307	6.780
		Other Administrative Expenses	1.849	1.346
		Selling and Distribution Expenses	5.288	3.616
		Other Expenses	2.750	2.028
		Increase/ Decrease in stock	0.078	1.018
		TOTAL	94.496	73.202	69.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.116	3.826	4.673
Less/ Add	DEPRECIATION/ AMORTISATION		1.241	1.452	1.726
	PROFIT BEFORE TAX		2.875	2.374	2.947
Less	TAX		0.665	0.802	1.037
	PROFIT AFTER TAX		2.210	1.572	1.910
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.866	6.294	3.264
	BALANCE CARRIED TO THE B/S		8.076	6.866	6.294
	IMPORT VALUE		1.325	1.162	0.000
	Earnings Per Share (Rs.)		5.89	N.A.	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.24	2.04	2.57
Net Profit Margin (PBT/Sales)	(%)	2.93	3.09	3.96
Return on Total Assets (PBT/Total Assets}	(%)	7.26	6.31	9.64
Return on Investment (ROI) (PBT/Networth)		0.22	0.22	0.33
Debt Equity Ratio (Total Liability/Networth)		2.06	2.52	2.33
Current Ratio (Current Asset/Current Liability)		3.71	2.72	6.01

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. Constructions 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	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1985PTC021824
Name of the company	APAAR PACKING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-143, Greater Kailash I, New Delhi, India
This form is for	Modification of charge
Charge identification number of the modified	90039950
Type of charge	Movable Property Immovable Property
Particular of charge holder	Bank Of Maharashtra, B-29, Connaught Place, New Delhi – 110001, India Email ID: bom343@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite deed of Hypothecation for all facilities dated 9th Nov.2011
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs. 28.730 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit and Term Loan - Base Rate+4.25%p.a,14.95% at present Terms of Repayment CASH CREDIT - amount calculated on the daily debit balance in the accounts form time to time with monthly TERM LOAN - Monthly instalments Margin 25% Extent and Operation of the charge As per Composite Deed
Short particulars of the property charged	Composite deed of hypothecation of movable plants, machineries, goods, stocks of Raw Materials, I tems, inventories, stocks in process, and stocks and receivable/book debts, stores and spares, stock in trade
Particulars of the present modification	The bank has renewal/increase limit cash credit of Rs. 12.500 to 17.000 millions, LC-OLC/FLC Rs. 1.500 to 7.000 millions and has sanctioned fresh Term Loan of Rs. 3.900 and 0.830 millions so the said charge is modified and extended to the Total facilities of Rs. 28.730 Millions.

AS PER WEBSITE DETAILS

PROFILE:

They, Subject have become one of the leading and reputed manufacturer of air bubble packaging material, serving the packaging needs of different type of industries. Their new innovations help us to update ourselves according with the latest trend of the packaging industry. With the use of latest technology and advanced machines they have tremendously grown in the packaging industry. The different range of air bubble packaging material that they offer are air bubble packaging rolls, coloured air bubble rolls, air bubble packaging film, air bubble pouches and air bubble envelopes.

FIXED ASSETS:

· Land

· Building

· Furniture and fixture

· Car

· Cycle

· Aqua Guard

· Electric Installation

· Fan

· Refrigerator

· Weighting Scale

· Fax

· Generator

· Machine

· Fire Equipment

· Pager

· Telephone Installation

· Computer

· Invertor

· Air Conditioner

· Scooter

· Plant and Machinery

· Machinery

· Michener Drill

· Paper Shedder

· Printer

· Transformer

· LCD TV

· Air Cooler

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. 54.29
UK Pound	1	Rs. 86.61
Euro	1	Rs. 68.87

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
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	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		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.