MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	RENAULT PAPER PRODUCTS PRIVATE LIMITED
Registered Office :	Windsor Chambers, Shop No.1A, 28, Janmabhoomi Marg, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.2007
Com. Reg. No.:	11-170609
Capital Investment / Paid-up Capital :	Rs.6.363 Millions
CIN No.: [Company Identification No.]	U21090MH2007PTC170609
TAN No.: [Tax Deduction & Collection Account No.]	MUMR21821C
PAN No.: [Permanent Account No.]	AADCR6241C
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Complete Solution in Blank and Printed Labels, Self Adhesive Labels, Tags etc.
No. of Employees :	47 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 330000
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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Prakash Khimji Shah
Designation :	Director
Contact No.:	91-22-66359836
Date :	06.09.2012

LOCATIONS

Registered Office :	Windsor Chambers, Shop No.1A, 28, Janmabhoomi Marg, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66359836
Fax No.:	Not Available
E-Mail :	samb768@redifmail.com prakash@punclineindia.net
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mahendra Harakchand Shah
Designation :	Director
Address :	6, Bahadur Manzil, Store Lane, Fort, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	08.11.1968
Date of Appointment :	07.05.2007
DIN No.:	01181603
Name :	Mr. Prakash Khimji Shah
Designation :	Director
Address :	Kumar Vilas, R No.34, Mangal Wadi, Girgaum, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	29.03.1973
Date of Appointment :	07.05.2007
DIN No.:	01181652
Name :	Mr. Nishikant Shamrao Shirodkar
Designation :	Director
Address :	5 Cliff Towers, Mount Mary Road, Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.07.1943
Date of Appointment :	02.05.2008
DIN No.:	01981035
Name :	Mr. Aditya Vinayak Patwardhan
Designation :	Director
Address :	401, 4^th Floor, Rita Building, 15 Golf Links Road, Khar West, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	24.07.1976
Date of Appointment :	26.05.2008
DIN No.:	02179405

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mahendra Harakchand Shah	349000
Prakash Khimji Shah	500
Chandrakant Harakchand Shah	100
Harakchand Waghji Shah	100
Harsha Chandrakant Shah	100
Parvatiben Harakchand Shah	100
Sangeeta Mahendra Shah	100
Nishikant Shamrao Shirodkar	285800
Aditya Vinayak Patwardhan	500
Total	636300

AS ON 08.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Complete Solution in Blank and Printed Labels, Self Adhesive Labels, Tags etc
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

47 (Approximately)

Bankers :

The Cosmos Co-op Bank Limited, Fort Branch, 229/231, Perin Nariman Street,, Bazar Gate, Fort, Mumbai - 400001, Maharashtra, India

NKGSB Co-operative Bank Limited, Fort Branch, Mumbai, Maharashtra, India

Facilities :

Term Loan: Rs.60.000 Millions (From NKGSB Co-operative Bank)

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank overdraft with the cosmos co-operative bank limited (Secured against stock and book debts)	0.000	4.111
Term Loan from NKGSB Co-operative Bank Limited (Secured against Machinery)	43.343	0.000
Term Loan from the cosmos co-operative bank limited (Secured against factory premises and plant machinery)	2.647	7.401
Total	45.990	11.511
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others
- Chandrakant H Shah	0.100	0.100
- Harakchand W Shah	2.250	2.250
- Harsha C Shah	2.000	2.000
- Sangeeta M Shah	5.900	6.000
From Directors / Managers
- Mahendra Harakchand Shah	10.836	9.780
- Nishikant Shirodkar	14.259	12.869
Total	35.345	32.999

Banking Relations :	--
Auditors :
Name :	Samir Shah and Associates Chartered Accountant
Address :	Office No.3, Shaheen Chambers, 148, Mody Street, Fort, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-22615527
PAN No.:	AAJPS6718A
Group Companies :	Manohar Packaging Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
636300	Equity Shares	Rs.10/- each	Rs.6.363 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		6.363	6.363	3.501
2] Share Application Money		0.000	0.000	0.010
3] Reserves & Surplus		76.206	57.231	32.911
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.569	63.594	36.422
LOAN FUNDS
1] Secured Loans		45.990	11.511	17.778
2] Unsecured Loans		35.345	32.999	37.167
TOTAL BORROWING		81.335	44.510	54.945
DEFERRED TAX LIABILITIES		8.887	6.036	4.067
TOTAL		172.791	114.140	95.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		133.764	82.077	47.780
Capital work-in-progress		0.000	0.000	24.100
INVESTMENT		0.400	0.200	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.018	12.504	7.507
	Sundry Debtors	26.833	35.616	32.421
	Cash & Bank Balances	4.883	0.877	1.052
	Other Current Assets	0.021	0.183	0.132
	Loans & Advances	40.615	25.813	18.064
Total Current Assets		88.370	74.993	59.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.374	19.584	20.462
	Other Current Liabilities	0.000	0.000	0.436
	Provisions	30.508	23.708	15.108
Total Current Liabilities		49.882	43.292	36.006
Net Current Assets		38.488	31.701	23.170
MISCELLANEOUS EXPENSES		0.139	0.162	0.186
TOTAL		172.791	114.140	95.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	141.584	132.786	114.696
		Other Income	0.301	0.171	0.096
		TOTAL (A)	141.885	132.957	114.792
Less	EXPENSES
		Cost of Material	124.103	76.484	68.352
		Administrative and Other Expenses		15.582	13.764
		Preliminary Expenses		0.023	0.023
		TOTAL (B)	124.103	92.089	82.139
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.782	40.868	32.653
Less	FINANCIAL EXPENSES (D)		6.634	5.544	6.776
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.416	35.324	25.877
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.209	3.298	2.426
	PROFIT BEFORE TAX (E-F) (G)		28.625	32.026	23.451
Less	TAX (I)		9.651	10.568	10.395
	PROFIT AFTER TAX (G-I) (J)		18.974	21.458	13.056

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-2013) : Rs.180.000 Millions

The above information has been parted by Mr. Prakash Khimji Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.37	16.13	11.37
Net Profit Margin (PBT/Sales)	(%)	20.22	24.12	20.44
Return on Total Assets (PBT/Total Assets}	(%)	12.89	20.38	21.92
Return on Investment (ROI) (PBT/Networth)		0.35	0.50	0.64
Debt Equity Ratio (Total Liability/Networth)		1.59	1.38	2.50
Current Ratio (Current Asset/Current Liability)		1.77	1.73	1.64

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Sundry Creditors – Others
- For Expenses	4.689	3.187
- For Goods	14.685	16.397
Total	19.374	19.584	20.462

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATION:

The company has a good level of sales achieving a net turnover of Rs.141.584 Millions giving net profit before tax of Rs.28.625 Millions.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U21090MH2007PTC170609
Name of the company	RENAULT PAPER PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Windsor Chambers, Shop No. 1a, 28, Janmabhoomi Marg, Fort, Mumbai – 400001, Maharashtra, India E-mail Id : sam8768@rediffmail.com
Type of charge	Immovable Property
Particular of charge holder	NKGSB Co-Operative Bank Limited, Center Point, Unit No. 10, Opposite Bharatmata Cinema, Dr. Babasaheb Ambedkar Marg, Parel, Mumbai – 400012, Maharashtra, India E-mail Id : cmd@nkgsb-bank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Recording Equitable Mortgage
Date of instrument Creating the charge	04.11.2010
Amount secured by the charge	Rs.86.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest On Term Loan-I of Rs.50.000 Millions @ 11% p.a. or at such other rate as may be decided by the Bank. Terms of Repayment Repayment:- - Term Loan -I of Rs.50.000 Millions- repayable by way of 60 EMIs of Rs.1.088 Millions each - Import Letter of Credit (sight) of Rs.36.800 Millions - repayable and valid upto sight L/C to be liquidated thru proceeds of Term Loan-I Margin Margin: - Term Loan -I of Rs.50.000 Millions - 25% - Import Letter of Credit (sight) of Rs.36.800 Millions - 25% - Extent and Operation of the charge To secure the due repayment of following credit facilities aggregating Rs.86.800 Millions, together with interest and/or charges, expenses, etc., thereon, granted by the Bank to the Company. 1) Term Loan-I of Rs.50.000 Millions and 2) Import Letter of Credit (sight) of Rs.36.800 Millions.
Short particulars of the property charged	Plot # 46, adm.2172 sq.mts, Survey # 942, Hissa # 1, at Sundaram Industrial. Zone, Village -Mahim, Palghar, District - Thane, along with structure standing thereon, having bua 21,829 sq.fts. as commercial premises. Plot # 47, adm.1894 sq.mts, Survey # 942, Hissa # 1, at Sundaram Industrial Zone, Village-Mahim, Palghar, District-Thane, along with structure standing thereon, having bua 21,829 sq.fts. as commercial premises.

TRADE REFERENCE:

· United Spirits Limited

FIXED ASSETS:

• Computer
• Factory Building
• Office Equipment
• Plant and Machinery
• Motor Car
• Scooter
• Factory Land

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.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.