MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	POSITIVE PACKAGING INDUSTRIES LIMITED
Registered Office :	98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.05.1994
Com. Reg. No.:	11-078296
Capital Investment / Paid-up Capital :	Rs.537.930 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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 9435400
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Even though the company has recorded an increase in its sales turnover, there appears some dip in the profitability. However, 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term Loan (A-)
Rating Explanation	Adequate degree of safety. It carry low credit risk
Rating	Short Term (A2+)
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	26.12.2011

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.

LOCATIONS

Registered / Head Office :	98, Jolly Maker Chambers No. 2, 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 Division Plot 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 29.09.2012

Name :

Mr. Naraindas Parmanad Kriplani

Designation :

Chairman

Address :

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

Date of Birth/Age :

26.10.1935

Date of Appointment :

09.08.1994

DIN No.:

00062471

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	09/08/1994	09/08/1994	Active	NO
2	U85110MH2005PTC154861	NEW WORLD i CARE PRIVATE LIMITED	Director	18/07/2005	18/07/2005	Active	NO
3	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	11/01/2007	11/01/2007	Amalgamated	NO
4	U74999MH2007PTC169648	FROG COMPANY PRIVATE LIMITED	Nominee director	25/11/2011	25/11/2011	Active	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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	09/08/1994	09/08/1994	Active	NO
2	U67120MH1992PTC065419	CHAPARRAL HOLDINGS COMPANY PVT LTD	Director	11/08/1998	11/08/1998	Active	NO
3	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	03/11/2006	03/11/2006	Amalgamated	NO
4	U70200MH2007PTC167216	CHAPARRAL HOUSING PRIVATE LIMITED	Director	29/03/2007	29/03/2007	Active	NO
5	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO
6	U74999MH2007PTC169648	FROG COMPANY PRIVATE LIMITED	Nominee director	25/11/2011	25/11/2011	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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	01/10/2008	26/09/2002	-	Active	NO
2	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	01/06/2006	01/06/2006	01/11/2008	Amalgamated	NO
3	U74950MH2007PTC174475	ICM PACKAGING PRIVATE LIMITED	Additional director	27/03/2012	27/03/2012	-	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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Director	30/09/1992	30/09/1992	Active	NO
2	U67120MH1992PTC065419	CHAPARRAL HOLDINGS COMPANY PRIVATE LIMITED	Director	11/08/1998	11/08/1998	Active	NO
3	U51900MH1993PTC071173	CHANDRALOK EXIM PRIVATE LIMITED	Director	15/04/2002	15/04/2002	Active	NO
4	U67120MH2000PTC129105	CHETAK RESOURCES PRIVATE LIMITED	Director	15/04/2002	15/04/2002	Active	NO
5	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Whole-time director	26/09/2007	26/09/2002	Active	NO
6	U51900MH1984PTC034426	VIGNESHH PHARMA IMPEX PRIVATE LIMITED	Director	15/09/2003	15/09/2003	Active	NO
7	U85110MH2005PTC154861	NEW WORLD i CARE PRIVATE LIMITED	Alternate director	31/10/2005	31/10/2005	Active	NO
8	U70200MH2007PTC167216	CHAPARRAL HOUSING PRIVATE LIMITED	Director	23/01/2007	23/01/2007	Active	NO
9	U72200PN2003PTC018548	EMPIRICAL SYSTEMS PRIVATE LIMITED	Additional director	20/03/2009	20/03/2009	Active	NO
10	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO
11	U74950MH2007PTC174475	ICM PACKAGING PRIVATE LIMITED	Additional director	30/03/2012	30/03/2012	Active	NO
12	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	27/08/2012	27/08/2012	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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Director	07/04/1994	07/04/1994	Active	NO
2	U85110MH2005PTC154861	NEW WORLD i CARE PRIVATE LIMITED	Director	18/07/2005	18/07/2005	Active	NO
3	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	24/09/2005	24/09/2005	Active	NO
4	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	11/01/2007	11/01/2007	Amalgamated	NO
5	U22300MH2006PTC163173	BLUE FROG MEDIA PRIVATE LIMITED	Director	10/09/2007	21/05/2007	Active	NO
6	U74999MH2007PTC169648	FROG COMPANY PRIVATE LIMITED	Additional director	25/11/2011	25/11/2011	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
2	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	28/03/2001	28/03/2001	10/03/2009	Active	NO
3	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Director	13/06/2001	13/06/2001	-	Active	NO
4	U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Director	28/10/2005	28/10/2005	-	Active	NO
5	L24297TN1983PLC072409	CHEMFAB ALKALIS LIMITED	Director	07/05/2010	04/07/2009	-	Active	NO
6	U27209TN1986PLC012833	THEJO ENGINEERING LIMITED	Additional director	16/01/2012	16/01/2012	-	Active	NO

Name :

Mr. Anil Krishnaji Kale

Designation :

Director

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

DIN No.:

00046855

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Managing director	01/08/2012	25/12/2003	-	Active	NO
2	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Additional director	01/11/2008	01/11/2008	-	Amalgamated	NO
3	U36990MH2011PTC220771	RenewSys India Private Limited	Director	09/08/2011	09/08/2011	-	Active	NO
4	U74950MH2007PTC174475	ICM PACKAGING PRIVATE LIMITED	Director	29/09/2012	27/03/2012	-	Active	NO

Name :

Mr. Anil Bhagwandas Sadhwani

Designation :

Director

Address :

75, Lady Aylesford Avenue, Stanmore HA7 4 FG, Middlesex, England

Date of Birth/Age :

17.10.1959

Date of Appointment :

01.08.2012

DIN No.:

05345531

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Additional director	01/08/2012	01/08/2012	-	Active	NO

Name :

Mr. Ashok Vishvanath Kamble

Designation :

Director

Address :

F 101, Lenyandri Chs, Sector 19A, Nerul, Navi Mumbai-400706

Date of Birth/Age :

11.03.1965

Date of Appointment :

01.08.2012

DIN No.:

05345532

Other Directorship :

Top of Form

Bottom of Form

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Whole-time director	01/08/2012	01/08/2012	-	Active	NO

Name :

Mr. Vilas Madhukar Dighe

Designation :

Director

Address :

Tehmi Terrace Society, Dr Ambedkar Road, Dadar (E), Mumbai, 400014

Date of Birth/Age :

23.10.1947

Date of Appointment :

01.08.2012

DIN No.:

02064647

Other Directorship :

Top of Form

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U73100MH1996PTC102999	NIRMITI LABS PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
2	L22219MH1987PLC042083	ORIENT PRESS LIMITED	Director	28/08/2010	28/08/2010	-	Active	NO
3	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	29/09/2012	01/08/2012	-	Active	NO

Bottom of Form

Name :

Mr. Ajit Narandranath Chakrabarti

Designation :

Director

Address :

2B, 11, Neptune Apartments, Juhu, Mumbai - 400 049

Date of Birth/Age :

21.08.1934

Date of Appointment :

2012.1996

Date of Ceasing:

26.07.2012

DIN No.:

00047316

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	20/12/1996	20/12/1996	26/07/2012	Active	NO

Name :

Mr. Ramkrishnan Laxman

Designation :

Director

Address :

9/295, Fairview, 5th Road, Chembur, Mumbai-400071

Date of Birth/Age :

29.07.1951

Date of Appointment :

18.06.1998

Date of Ceasing:

31.07.2012

DIN No.:

00065930

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Managing director	01/08/2011	18/06/1998	01/08/2012	Active	NO
2	U21010MH1965GAP013226	Indian Flexible Packaging and Folding Carton Manufacturers Association	Director	02/08/2002	02/08/2002	-	Active	NO
3	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Additional director	01/04/2008	01/04/2008	-	Amalgamated	NO
4	U72900MH2012PTC234985	Encept Premedia Private Limited	Director	27/08/2012	27/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Krishnaji Kale
Designation :	Company 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 :	Ms. Rakhi Pradeep Chavan
Designation :	Secretary
Address :	A/10, Sudarshani CHS Ltd., Sector 2, Plot no 480, Airoli , Navi Mumbai 400 708
Date of Birth/Age :	30.08.1985
Date of Appointment :	06.09.2012
PAN No.:	AHJPC0427B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

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	2031840
Total	2031840

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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
Cast Polypropylene Film	39
Rotogravure Printing Cylinders	84
Base Shells	72

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2012 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Term Loan Bank	861.970	391.850
Working Capital Loan from Bank	894.450	857.500
Total	1756.420	1249.350
Unsecured Loan	As on 31.03.2012 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Term Loan from others	305.280	133.740
Deferred Sales Tax	68.020	87.690
Unsecured borrowings	9.000	19.000
Total	382.300	240.430

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India
PAN.:	AAFFP3698A
Holding Company :	Far East Holding Limited (Mauritius)
Subsidiaries :	ICM Packaging Private Limited
Fellow Subsidiaries :	· Star Services and Investments Limited · Glodera International Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Positive Packaging Industries South Africa (Pty) Limited · Positive Packaging Industries Nigeria Limited · Montana Exports Private Limited · Fine Chemicals Nigeria Limited · Avon Crowncaps and Containers (Nig.) Plc. · Acumen Enterprises FZCO · Positive Packaging United (M.E.) FZCO · Primetech M.E. FZCO · Alpha Corporation Limited · Dubai Flex pack (LLC) · Positive Packaging East Africa (Pty) Ltd. · Gravics Systems South Africa (Pty) Limited (w.e.f. June 18, 2011)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50300000	Equity Shares	Rs.10/- each	Rs.503.000 Millions
2200000	Preference Shares	Rs.100/- each	Rs.220.000 Millions
	Total		Rs.723.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37516444	Equity Shares	Rs.10/- each	Rs.375.160 millions
1627746	Preference Shares	Rs.100/- each	Rs.162.770 millions
	Total		Rs.537.930 millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50300000	Equity Shares	Rs.10/- each	Rs.503.000 Millions
2200000	Preference Shares	Rs.100/- each	Rs.220.000 Millions
	Total		Rs.723.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37516444	Equity Shares	Rs.10/- each	Rs.375.160 millions
2031840	Preference Shares	Rs.100/- each	Rs.203.180 millions
	Total		Rs.578.340 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		537.930	418.310	448.220
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1820.920	1522.870	1413.580
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2358.850	1941.180	1861.800
LOAN FUNDS
1] Secured Loans		1756.420	1249.350	724.650
2] Unsecured Loans		382.300	240.430	132.190
TOTAL BORROWING		2138.720	1489.780	856.840
DEFERRED TAX LIABILITIES		147.540	131.240	164.010
TOTAL		4645.110	3562.200	2882.650
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4645.110	2078.050	1484.170
Capital work-in-progress		345.060	22.040	131.160
INVESTMENT		55.140	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1024.560	778.370	739.470
	Sundry Debtors	1448.760	1277.290	861.560
	Cash & Bank Balances	62.010	54.490	120.250
	Other Current Assets	167.750	164.620	0.000
	Loans & Advances	899.390	348.710	410.260
Total Current Assets		3602.470	2623.480	2131.540
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	841.280	809.710	717.960
	Other Current Liabilities	469.110	295.290	74.800
	Provisions	105.390	56.370	71.460
Total Current Liabilities		1415.780	1161.370	864.220
Net Current Assets		2186.690	1462.110	1267.320
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4645.110	3562.200	2882.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7232.970	6120.360	4980.520
		Other Income	111.540	67.140	65.350
		TOTAL (A)	7344.510	6187.50	5045.870
Less	EXPENSES
		Cost of Material	4811.560	4366.430	3464.640
		Purchases of stock-in-trade	76.120	39.900	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(81.460)	(10.500)	0.000
		Employee benefit expense	492.400	415.240	0.000
		Manufacturing and operating costs	0.000	0.000	307.880
		Personnel Costs	0.000	0.000	354.610
		Administration and sales costs	0.000	0.000	340.310
		Other Expenses	1028.880	823.360	0.000
		TOTAL (B)	6327.500	5634.430	4467.440
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1017.010	553.070	578.430
Less	FINANCIAL EXPENSES (D)		198.630	133.140	74.220
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		818.380	419.930	504.210
Less/ Add	DEPRECIATION/ AMORTISATION (F)		301.040	242.260	(264.420)
	PROFIT BEFORE TAX (E-F) (G)		517.340	177.670	768.630
Less	TAX (H)		193.320	38.270	266.410
	PROFIT AFTER TAX (G-H) (I)		324.020	139.400	502.220
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		747.040	667.660	219.610
Less	APPROPRIATIONS
		Transfer to General Reserve	201.470	0.000
		Transfer to Capital Redemption Reserve	29.910	29.910
		Preference Dividend	3.590	7.180	54.170
		Proposed Equity Dividend	18.760	18.760
		Dividend Distribution Tax	3.620	4.170
	BALANCE CARRIED TO THE B/S		813.710	747.040	667.660
	Earnings Per Share (Rs.)		8.53	3.49	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.41	2.25	9.95
Net Profit Margin (PBT/Sales)	(%)	7.15	2.90	15.43
Return on Total Assets (PBT/Total Assets}	(%)	6.27	3.78	21.26
Return on Investment (ROI) (PBT/Networth)		0.22	0.09	0.41
Debt Equity Ratio (Total Debt/Networth)		0.91	0.77	0.46
Current Ratio (Current Asset/Current Liability)		2.54	2.50	2.47

LOCAL AGENCY FURTHER INFORMATION

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

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	Modification of charge
Type of charge	Movable Property Floating Charge
Particular of charge holder	State Bank of India
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	24.12.2012
Amount secured by the charge	Rs.300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and operation of the charge Primary: First exclusive hypothecation charge on all assets purchased/to be purchased out of facility granted by the Bank. Collateral: a. Extension of 1st pari passu charge on Company's fixed assets at Khopoli (Sr. 51-53, Village Ransai,Khalapur) and Taloja (Plot no V-26, MIDC) excluding assets created out of External Commercial Borrowing of Rs.450.000 Millions availed from Standard Chartered Bank . b.Second charge on Current assets (present and future) on pari passu basis.
Short particulars of the property charged	Primary security:First exclusive hypothecation charge on all present and future movable properties purchased/may be purchased out of facility granted by the Bank Collateral security:1st pari passu charge on Company's fixed assets at Khopoli and Taloja excl assets created out of External Commercial Borrowing of Rs.45 Crores availed from Standard Chartered Bank Collateral security:Second charge on Current assets (present and future) on pari passu basis.

OPERATING RESULTS AND PROFITABILITY

The Net Revenue for the year has shown a growth of 19% from Rs.6,120 million to Rs.7,233 million. Though the growth in volume terms remained constant at 8%, the value growth was driven by higher sales realizations both in domestic and export segments. Export earnings contributed significantly due to depreciation of rupee in second half of the financial year.

Domestic Sales increased by 12% from Rs.3,362 million in the previous year to Rs. 3,758 million. Export Sales grew by 27% to Rs.3,316 million as against Rs.2,603 million.

The growth in profitability is attributable to sustained efforts made by the Company to improve operational efficiency, cost saving measures initiated and favourable exchange rates. The rise in human resources cost was due to new recruitments to support increased operations, to retain talent and to provide training and development. Higher interest rates, increased utilisation of working capital limits and servicing of term loans availed for funding the expansion are the prime reasons for the increase in finance cost.

PERFORMANCE OF DIVISIONS AND BRANCH

Flexibles - Positive Packaging

Flexibles Division achieved Sales of Rs.6,364 million as compared to Rs.5,290 million in the previous year, recording a growth of 17%.

Rotogravure Printing Cylinders - Acuprint Systems

Sales of the Cylinder Division were Rs.417 million as against Rs. 386 million during the previous year, showing a growth of 8%.

Metallised Film - Sai Metaplast

This Division has achieved Sales of Rs.55 million during the year as against Rs. 47 million in the previous year. The value increase was due to additional share of manufactured sales as compared to job work. The volumes have gone down from 3,646 MT to 3,137 MT, a drop of 15% due to lack in demand.

Cast Polypropylene Films - Vista Film Packaging

The Division has been able to maintain Sales at Rs.397 million, same as per previous year, despite 6% drop in volume from 4,536 MT to 4,257 MT. This was possible due to increase in value add business of metallised film and unprinted laminates exports. Depreciation of rupee has helped in improving the realisation.

U.K. Branch - Positive Packaging Europe

The Company’s efforts to service better with stock and sale operations through the Branch are being well appreciated by customers. The Branch has maintained close co-ordination, availability of stock and logistics support. This has helped the Branch to increase its revenue by 52% to Rs.460 million from Rs. 302 million in the previous year.

OUTLOOK

Financial year 2011-12 was one of the most challenging years with the slowdown of the economy, unabated inflation and high interest rates.

Amendments proposed to give retrospective effect to taxation provisions and General Anti-Avoidance Rules (GAAR) have shaken the confidence of India Inc. and investors, culminating in India reporting its lowest GDP growth in the Q4 of the fiscal year. The global environment also remained weak due to continuing Euro Zone crisis, US economy showing insignificant recovery and China registering a slow down after enjoying consistent growth for many years.

The Flexible Packaging industry continues to ride on customer preference over rigid packaging due to benefits such as functional convenience in handling and transportation, cost effectiveness, sustainability and shelf appeal. Brand protection from counterfeiting is also one of the reasons why more and more products are turning to flexible packaging and hence it has been witnessing growth on year on year basis.

Larger Companies have been facing challenges from small units in terms of pricing. But the trend seems to be changing steadily in favour of larger Companies due to failure of smaller units in deployment of latest and state-of-the-art technologies to provide innovative solutions to meet the customer demands.

Though, Packaging segment is not recession proof, Flexible packaging, in particular, enjoys distinct advantages over others because of the nature of the market it serves i.e. non-discretionary consumer category like food, hygiene and personal care products to name a few.

Globally, the flexible packaging industry has been growing at 3-5% per annum. In India , flexible packaging sector is historically growing at the rate of 15-18% per annum.

Innovation will be the key driver of the growth for flexible packaging industry. The Company is well positioned to exploit the potential to sustain the growth in the coming years.

The Company has been growing at a healthy rate and expects to maintain the momentum in the coming years.

Net Sales for the first five months of the current financial year 2012-13 i.e. from April ? Aug 2012 are Rs. 3,149 million as against Rs.2,686 million in the corresponding period of the previous year, registering a growth of 17%.

EXPANSION AND DIVERSIFICATION PLANS

Flexibles Project at Bengaluru

The Board had approved putting up a green field project for flexible packaging project in the 2010-11 at Bengaluru. However, looking to the uncertainty created due to steep rise in raw material prices, attempts to put restrictions on usage of plastics for packaging and its likely impact on demand, the Board had decided to defer the project for some time.

In the intervening period, the Company has expanded Flexibles capacity at its Khopoli Plant and also acquired a new Unit with Flexo Printing facilities. There is stability in raw material prices and no adverse effect on demand for flexible packaging has been witnessed. In view of these positive developments, the Board has decided to go ahead with the project and a decision would be taken by end of September 2012 after evaluating suitable technology, products and type of machineries to be bought for the project.

In order to expedite project implementation, preliminary civil construction activities have been initiated at site.

New Acquisition Flexographic Printing the Company is continuously on the lookout for growth- organic or inorganic. The Company had identified a Unit known as ICM Packaging Private Limited (ICM) at Ambernath, near Mumbai, Maharashtra. This Unit has got latest flexographic printing facility and two 7 layer Blown Film lines. As Bengaluru project, which was originally intended to set up with flexo printing facilities was deferred, the Company has decided to take over such a readily available manufacturing unit so that operations could commence immediately to tap the unexplored market for these products.

The Unit has become a Wholly-owned Subsidiary of the Company w.e.f. 27 th March 2012.

RENEWSYS DIVISION

Ethylene Vinyl Acetate (EVA) Film

The EVA project has been executed as per schedule and trial runs have been completed in March 2012. There were minor technical issues which have been addressed by the machinery manufacturer in April 2012. Also, certification from TUV, a worldwide Inspection, Certification and Testing organization for Energy Sector and Consent to Operate from the Karnataka State Pollution Control Board have been received subsequently.

Due to withdrawal or reduced support to solar industry from Governments globally, this industry is witnessing a slowdown. Solar projects have been kept on hold and this has affected the demand for their product which is used in solar panels. The Division is in the process of getting the customer approvals for its production facility and product quality and the orders are expected to be received thereafter.

The Division would be facing a challenging situation unless the demand picks up. The Division may not achieve the projected sales and profitability in the current financial year.

Back Sheet for Solar Panels

The technology for manufacture of back sheets has been finalized and accordingly orders for machineries have been released. The project is under execution and is expected to go on stream in the first quarter of 2013.

FINANCE

During the year under review, the Company has availed:

Foreign Currency loan Eur 2.39 million (equivalent to Rs.162.25 million) from Landesbank Baden Wurttemberg for funding of RenewSys project.

Rupee Term Loan of Rs.458 million from State Bank of India and Standard Chartered Investments and Loans ( India) Limited for funding the ongoing expansion/ acquisition projects.

External Commercial Borrowing of USD 3 million (Rs.152.64 million) from the Holding Company for funding the ongoing expansion projects.

The Company has repaid borrowings to the extent of Rs.112.32 million during the year.

CRISIL reaffirmed the rating status of the Company as BBB+/Stable for substantially enhanced debt exposure limits.

FIXED ASSETS:

· Land – Leasehold

· Land – Freehold

· Building

· Plant and Machinery

· Computers

· Furniture and Fixture

· Office Equipment

· Air Conditioner

· Vehicles

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. 54.39
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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

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.