MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	AR PRINTING AND PACKAGING (INDIA) PRIVATE LIMITED w.e.f. 24.06.1985
Formerly Known As :	AMIN RANA PRINTING AND PACKAGING PRIVATE LIMITED
Registered Office :	Plot No. 627, Savli GIDC, Village Savli, Vadodara-391775, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.04.2005
Com. Reg. No.:	04-045915
Capital Investment / Paid-up Capital :	Rs.70.000 Millions
CIN No.: [Company Identification No.]	U22212GJ2005PTC045915
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers and Exporters of Paper Product, Packaging Material and Printing Material.
No. of Employees :	70 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1127252
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with Government Department for the year 2013. As per available financials of 2012, there appears accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 (30.06.2013)	Current Rating (30.09.2013)
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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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. Shobhit Singh
Designation :	Vice President
Contact No.:	91-9979884388
Date :	04.12.2013

LOCATIONS

Registered Office/ Factory :	Plot No. 627, Savli GIDC, Village Savli, Vadodara-391775, Gujarat, India
Tel. No.:	91-265-2645088
Mobile No.:	91-9979884388 [Mr. Shobhit Singh]
Fax No.:	91-265-2645087
E-Mail :	tushar@arprintpack.com shobhit@arprintback.com finance@arpintpack.com
Website :	http://www.arprintpack.com
Area :	50000 sq. ft.
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :

Bina Jitendra Singh Rana

Designation :

Director

Address :

11, First Floor, Anupam Society, Jetalpur Road, Vadodara-390005, Gujarat, India

Date of Birth/Age :

17.02.1945

Qualification :

Graduate

Date of Appointment :

20.03.2008

Din No.:

01182017

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	U26960GJ2007PTC049790	STONE SAPPHIRE (INDIA) PRIVATE LIMITED	Director	17-01-07	17-01-07	Active	NO
2	U22212GJ2005PTC045915	AR PRINTING AND PACKAGING (INDIA) PRIVATE LIMITED	Director	20-03-08	20-03-08	Active	NO

Name :

Nina Shobhit Singh

Designation :

Managing Director

Address :

11, First Floor, Anupam Society, Jetalpur Road, Vadodara-390005, Gujarat, India

Date of Birth/Age :

14.11.1980

Qualification :

Graduate

Date of Appointment :

20.03.2008

Din No.:

01182494

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	U26960GJ2007PTC049790	STONE SAPPHIRE (INDIA) PRIVATE LIMITED	Director	17-01-07	17-01-07	Active	NO
2	U22212GJ2005PTC045915	AR PRINTING AND PACKAGING (INDIA) PRIVATE LIMITED	Managing director	30-01-09	20-03-08	Active	NO

Name :

Mr. Gautam Jitendra Rana

Designation :

Director

Address :

Flat 1, 22/F, Tower 2, 9 Metropolis Drive, The Metropolis Residence Hung Hom Kowloon Hong Kong .

Date of Birth/Age :

10.04.1973

Qualification :

Graduate

Date of Appointment :

30.03.2009

Din No.:

02510950

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	U22212GJ2005PTC045915	AR PRINTING AND PACKAGING (INDIA) PRIVATE LIMITED	Director	30-03-09	30-03-09	Active	NO
2	U26960GJ2007PTC049790	STONE SAPPHIRE (INDIA) PRIVATE LIMITED	Director	30-03-09	30-03-09	Active	NO

Name :

Mr. Vikram Jitendra Rana

Designation :

Director

Address :

Lotuslity House 2, Orchid Bunglow, Old Padra Road, Vadodara-390020, Gujarat, India

Date of Birth/Age :

29.07.1971

Qualification :

Graduate

Date of Appointment :

21.04.2005

Din No.:

02410269

KEY EXECUTIVES

Name :	Mr. Shobhit Singh
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Bina Jitendra Singh Rana	175000
Nina Shobhit Singh	175000
Gautam Jitendra Rana	4200000
Vikram Jitendra Rana	2450000
Total	7000000

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Paper Product, Packaging Material and Printing Material.
Products :	Paper Bags Gift Boxes Gift Wraps Tissue Wraps Greeting Cards Bopp Pouches Holographic Pouches Screen Printing Cutouts Kiosks Foam Banners Paper Gift Boxes Gift Wrapping Paper Prod
Exports :
Products :	Paper Products
Countries :	US
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

70 [Approximately]

Bankers :

State Bank of India, Specialized Commercial Branch, Trident Complex, Race Course, Opposite Geri, Vadodara-390023, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Borrowings	4.602	6.062
TOTAL	4.602	6.062
UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Borrowings	131.623	114.438
TOTAL	131.623	114.438

Banking Relations :	--
Auditors :
Name :	D.C Parikh and Company Chartered Accountants
Address :	307, Payal Tower, D-Complex, Near New Stock Exchange, Sayajigunj, Vadodara-39005, Gujarat, India
Tel. No.:	91-265-2361914
Fax No.:	91-265-2362389
Pan No.:	AAGFD4730J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	70.000	70.000
(b) Reserves & Surplus	(10.298)	(13.288)
(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)	59.702	56.712
(3) Non-Current Liabilities
(a) long-term borrowings	34.671	102.625
(b) Deferred tax liabilities (Net)	2.863	1.786
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	37.534	104.411
(4) Current Liabilities
(a) Short term borrowings	101.554	17.875
(b) Trade payables	81.022	57.615
(c) Other current liabilities	2.001	11.581
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	184.577	87.071
TOTAL	281.813	248.194
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.668	95.430
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.276	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.141	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	95.085	95.430
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	86.643	77.330
(c) Trade receivables	40.164	22.178
(d) Cash and cash equivalents	0.208	2.352
(e) Short-term loans and advances	59.713	50.904
(f) Other current assets	0.000	0.000
Total Current Assets	186.728	152.764
TOTAL	281.813	248.194

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		50.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(18.016)
NETWORTH		36.984
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		72.653
TOTAL BORROWING		72.653
DEFERRED TAX LIABILITIES		1.372
TOTAL		111.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.125
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		5.209
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.204
	Sundry Debtors	4.479
	Cash & Bank Balances	3.813
	Other Current Assets	1.660
	Loans & Advances	21.105
Total Current Assets		80.261
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	64.734
	Provisions	0.852
Total Current Liabilities		65.586
Net Current Assets		14.675
MISCELLANEOUS EXPENSES		0.000
TOTAL		111.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	346.500	253.400	92.800
		Other Income
		TOTAL	346.500	253.400	92.800
	EXPENSES
		TOTAL	327.700	230.800	89.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.800	22.600	NA
Less/ Add	DEPRECIATION/ AMORTISATION		11.100	13.000	NA
	PROFIT BEFORE TAX		7.700	9.600	3.400
Less	TAX		2.100	1.600	3.163
	PROFIT AFTER TAX		5.600	8.000	0.237
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.600	8.000	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.61	3.15	0.25
Return on Total Assets (PBT/Total Assets}	(%)	2.73	2.79	1.98
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.09
Debt Equity Ratio (Total Debt/Networth)		0.48	0.48	1.96
Current Ratio (Current Asset/Current Liability)		1.01	1.75	1.22

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	----------------------
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%	No
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 (if applicable)	Yes
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	No
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

NOTE: The registered office of the company has been shifted from At and Post Village, Ratanpur, Baroda Dabhoi Road, District Baroda, Gujarat, India to the present address w.e.f. 01.02.2010.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10222631
Corporate identity number of the company	U22212GJ2005PTC045915
Name of the company	AR PRINTING AND PACKAGING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 627, Savli GIDC, Village Savli, Vadodara-391775, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	State Bank of India, Specialized Commercial Branch, Trident Complex, Race Course, Opposite Geri, Vadodara-390023, Gujarat, India
Email	sbi.04086@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan Cum Hypothecation
Date of instrument Creating the charge	15.04.2011
Amount secured by the charge	Rs.126.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital - 3.75% above BR (2) EPC/PSC -1.50% above Base Rate i.e. 9.75% (3) PCFC/EBR 6 months LIBOR + 2% at present (4) Term Loan - 6.75% above BR. Terms of Repayment Working Capital - Repayable on demand Term Loan - Repaid in 54 monthly installments Margin (1) Raw Materials: Imported - 25% (2) Raw Materials: Indigenous - 25% (3) Semi Finished Goods - 35% (4) Finished Goods - 35% (5) Components /Consumable /Spares - 25% (6) Domestic Receivables - 40% (7) Import Receivables -10% (8) Export Packing Credit -10% of FOB value /stock (9) Forward cover - 2% Extent and Operation of the charge First charge on Moveable assets of the Company
Short particulars of the property charged	Hypothecation of entire stocks of raw materials, stocks in process, finished goods, stores, spares, consumables and packaging materials and hypothecation of receivables. Hypothecation of charge over plant, machinery and entire assets proposed to be acquired out of the Term loan and Short Term Loan. Hypothecation of unencumbered plant and machinery.
Date of latest modification prior to the present modification	01.09.2010
Particulars of the present modification	The Existing charge of Rs. 85.000 Millions has been enhanced to Rs.126.400 Millions. The Breakup of Rs.126.400 Millions is Cash credit Rs. 100.000 Millions Term Loan Rs. 20.400 Millions Credit Exposure Limit Rs. 6.000 Millions.

FIXED ASSETS

• Land and Site Development
• Building- Factory
• Plant and Machinery
• Motor Vehicle
• Motor Cycle
• Computers and Printer
• Furniture and Fixtures

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.62.05
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NLM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.