MIRA INFORM REPORT

Report Date :

13.08.2013

IDENTIFICATION DETAILS

Name :	PRINTOGRAFIK PACKAGING INDIA PRIVATE LIMITED (w.e.f. 24.05.2013)

Formerly Known As :	PRINTOGRAFIK EXPORT INDIA PRIVATE LIMITED

Registered Office :	418, Sussex Industrial Estate, DK Cross Marg, Byculla (East), Mumbai – 400 027, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	20.03.1997

Com. Reg. No.:	11-106726

Capital Investment / Paid-up Capital :	Rs. 20.000 Millions

CIN No.: [Company Identification No.]	u51900mh1997ptc106726

IEC No.:	0397006331

TAN No.: [Tax Deduction & Collection Account No.]	MUMP16170A

PAN No.: [Permanent Account No.]	AABCP4339F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of print packaging accessories and providing design and developing designs for printed bar-code source marked packaging accessories coded with commercial information.

No. of Employees :	Not Available

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 235000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the revenue earned and profits during 2012. However, trade relations are reported as fair. Business is active. Payments terms are usually correct. The company can be considered 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 Office :	418, Sussex Industrial Estate, DK Cross Marg, Byculla (East), Mumbai – 400 027, Maharashtra, India
Tel. No.:	91-22-23711182/23741956/23741224/66296400
Fax No.:	91-22-23738113/24934091
E-Mail :	ashish@lasercodeindia.com accounts@lasercodeindia.com rkarora@printografik.com
Area :	1800 Sq. ft.
Location :	Owned

Factory :	Printografik House, 50/71, Appachi Nagar, Main Road, Near State Bank of Mysore, Triupur-641607, India
Tel. No. :	91-421-2227138
Email :	pexaccounts@airtelbroadband.in Jefferson@printografik.com
Area :	3600 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Rajkumar Singh Kartarsingh Arora

Designation :

Director

Address :

96 Shangrilla Shahid Bhagat, Singh Road, Colaba, Mumbai – 400 005, Maharashtra

Date of Birth/Age :

13.03.1951

Date of Appointment :

20.03.1997

DIN No.:

00428365

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	U22219MH1992PTC068408	LASERCODE PRINTOGRAFIK SYSTEMS PRIVATE LIMITED	Managing director	04/09/1992	04/09/1992	-	Active	NO
2	U51900MH1997PTC106726	PRINTOGRAFIK PACKAGING INDIA PRIVATE LIMITED	Director	20/03/1997	20/03/1997	-	Active	NO
3	U22200MH2005PTC152450	PRINTOGRAFIK PRINTERS AND DESIGNERS PRIVATE LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO

Name :

Mr. Ajay Kumar Arora

Designation :

Managing Director

Address :

Crystal – 2, sindhi Society B – 14, Chembur, Mumbai – 400 058, Maharashtra

Date of Birth/Age :

06.10.1968

Date of Appointment :

20.03.1997

DIN No.:

02541989

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	U22219MH1992PTC068408	LASERCODE PRINTOGRAFIK SYSTEMS PRIVATE LIMITED	Whole-time director	04/09/1992	04/09/1992	-	Active	NO
2	U51900MH1997PTC106726	PRINTOGRAFIK PACKAGING INDIA PRIVATE LIMITED	Managing director	20/03/1997	20/03/1997	-	Active	NO
3	U22200MH2005PTC152450	PRINTOGRAFIK PRINTERS AND DESIGNERS PRIVATE LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Rajkumar Singh Kartarsingh Arora		1500000
Ajay Kumar Arora		1500000
Total		3000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of print packaging accessories and providing design and developing designs for printed bar-code source marked packaging accessories coded with commercial information.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bombay Mercantile Co-operative Bank Limited, 89, Mohammadali Road, Mumbai – 400003, Maharashtra, India
Punjab National Bank

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Vehicle Loan
From Financial institution	0.258	0.376
Less: Current maturities	(0.134)	(0.118)
Short Term Borrowings
Cash Credit	17.984	20.285
Total	18.108	20.543

Note:

LONG TERM BORROWINGS

Loan from Related Parties :

Includes Rs. 32.368 Millions (P.Y. Rs. 32.368 Millions) is interest free loan. The loan is unsecured and is repayable on demand after 31^st March 201 3.

Vehicle loan from Financial institution :

Vehicle loan from Sundram Finance Limited amounting to Rs 0.258 Million (PY Rs. 0.376 Million) is secured against respective vehicle. It carries variable interest rate and is repayable in 36 equal monthly installment amounting to Rs. 0.013 Million each starting from 26th February 201 1.

SHORT TERM BORROWINGS

Cash Credit

Cash credit from Punjab National Bank amounting to Rs. 17.984 Millions (PY Rs. 20.285 Millions) is secured against hypothecation of stock in trade, book debts, advances receivable and other current assets. It carries variable interest rate of 12.5 % p.a. and is repayable on demand.


Banking Relations :	--

Auditors :
Name :	Singrodia Goyal and Company Chartered Accountants
Address :	4A, Kaledonia - HDIL, 2^nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN No.:	AAAFS7106D

Subsidiaries :	Retail Solutions India Private Limited

Enterprises having same key management personal and / or their relatives :	Lasecode Printografik System Private Limited

Enterprises in which director’s are partners :	Deep Prakash

Enterprises in which director’s are proprietor :	Printografik

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	0.200
(b) Reserves & Surplus	38.805	55.628
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	58.805	55.828

(3) Non-Current Liabilities
(a) long-term borrowings	32.492	7.715
(b) Deferred tax liabilities (Net)	2.888	3.010
(c) Other long term liabilities	26.559	27.755
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	61.939	38.480

(4) Current Liabilities
(a) Short term borrowings	17.984	20.285
(b) Trade payables	112.686	84.565
(c) Other current liabilities	19.245	15.688
(d) Short-term provisions	1.456	0.990
Total Current Liabilities (4)	151.371	121.528

TOTAL	272.115	215.836

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.549	71.187
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	56.516	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.578	3.619
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.962	58.041
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	185.605	132.847

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.351	26.607
(c) Trade receivables	52.845	25.194
(d) Cash and cash equivalents	2.180	20.082
(e) Short-term loans and advances	8.129	11.106
(f) Other current assets	0.005	0.000
Total Current Assets	86.510	82.989

TOTAL	272.115	215.836

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		0.000
3] Reserves & Surplus		47.615
4] (Accumulated Losses)		0.000
NETWORTH		47.815
LOAN FUNDS
1] Secured Loans		48.106
2] Unsecured Loans		0.025
TOTAL BORROWING		48.131
DEFERRED TAX LIABILITIES		2.942

TOTAL		98.888

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		76.862
Capital work-in-progress		0.000

INVESTMENT		3.361
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.824
	Sundry Debtors	32.411
	Cash & Bank Balances	0.000
	Other Current Assets	7.124
	Loans & Advances	21.188
Total Current Assets		80.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.982
	Other Current Liabilities	2.069
	Provisions	7.831
Total Current Liabilities		61.882
Net Current Assets		18.665

MISCELLANEOUS EXPENSES		0.000

TOTAL		98.888

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	160.655	203.666	162.206
		Other Income	0.523	0.623	9.633
		TOTAL (A)	161.178	204.289	171.839

Less	EXPENSES
		Cost of material consumed	95.764	133.215
		Employee benefit expenses	9.780	8.897
		Other Expenses	33.537	32.061
		TOTAL (B)	139.081	174.173	146.384

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.097	30.116	25.455

Less	FINANCIAL EXPENSES (D)		6.159	5.864	0.879

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.938	24.252	24.576

Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.283	10.827	4.695

	PROFIT BEFORE TAX (E-F) (G)		4.655	13.425	19.881

Less	TAX (H)		1.678	5.412	6.282

	PROFIT AFTER TAX (G-H) (I)		2.977	8.013	13.599

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.634	45.621	32.022

	BALANCE CARRIED TO THE B/S		56.611	53.634	45.621

	IMPORTS
		Raw Materials	69.375	110.630	98.613
		Stores & Spares	4.781	4.128	6.795
	TOTAL IMPORTS		74.156	114.758	105.408

	Earnings Per Share (Rs.)		1.49	4.01	679.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.70	1.23	0.37

Net Profit Margin (PBT/Sales)	(%)	1.04	0.23	0.67

Return on Total Assets (PBT/Total Assets}	(%)	1.88	0.33	0.69

Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.20

Debt Equity Ratio (Total Debt /Networth)		0.86	0.50	1.01

Current Ratio (Current Asset/Current Liability)		0.57	0.68	1.30

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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loan from related parties (Unsecured)	32.368	7.457
Total	32.368	7.457

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367952	12/07/2012	61,575,000.00	Bombay Mercantile Co-operative Bank Limited	Main Branch, 78, Mohammed Ali Road,, Mumbai, Maharashtra - 400003, INDIA	B44659670
2	10367950	04/07/2012	8,418,000.00	Bombay Mercantile Co-operative Bank Limited	78, Mohammed Ali Road, Mumbai, Maharashtra - 400003, INDIA	B44659076
3	10306014	03/01/2011	20,000,000.00	PUNJAB NATIONAL BANK	NO: 220, AVINASHI ROAD, TIRUPUR, Tamilnadu- 641602, INDIA	B06027148
4	10208961	30/03/2010	46,829,475.00	HEIDELBERG INDIA PRIVATE LIMITED	333, GST ROAD, JAMEEN PALLAVARAM, CHROMPET, CHENNAI, Tamilnadu - 600044, INDIA	A81877946

FIXED ASSETS:

Plant and Machinery
Building
Furniture and Fixtures
Vehicles
Computers

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 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. 60.80
UK Pound	1	Rs. 94.21
Euro	1	Rs. 81.03

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	NO
--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		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.

MIRA INFORM REPORT

0.70

1.04

1.88

0.03

0.86

0.57

Unit