MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	SHRI HARI PAPER PRODUCTS PRIVATE LIMITED
Registered Office :	1/5263, ST. No.10, Balbir Nagar, Shahdara, Delhi – 110 032
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.2011
Com. Reg. No.:	55-220269
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U74950DL2011PTC220269
TAN No.: [Tax Deduction & Collection Account No.]	DELS45813F
PAN No.: [Permanent Account No.]	AAPCS8747L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of all types of Printed and Plain Corrugated Boxes.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 3000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of proprietory concern started in the year 1990 with the name “S.K. Paper Product”. And later in the year 2011 it got converted into private limited company. It is having moderate track record. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 (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

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. Anil Kumar Hariram Gangwar
Designation :	Director
Contact No.:	91-9873143851
Date :	31.12.2012

LOCATIONS

Registered Office :	1/5263, ST. No.10, Balbir Nagar, Shahdara, Delhi – 110 032, India
Tel. No.:	Not Available
Mobile No.:	91-9873143851 (Mr. Anil Kumar Gangwar)
Fax No.:	Not Available
E-Mail :	gsmco.gsmco@gmail.com
Website :	www.haripaperproducts.com
Area :	1500 sq ft
Location :	Owned
Factory :	14, Mahila Udymi Park-2, Greater Noida - 201306, Uttar Pradesh, India
Tel. No.:	91-120-6493303
Area :	20000 sq ft
Location :	Rented

DIRECTORS

As on 14.09.2012

Name :

Mr. Rajesh Shivlal Khandelwal

Designation :

Director

Address :

1/5263, ST. No.10, Balbir Nagar, Shahdara, Delhi – 110 032, India

Date of Birth/Age :

09.02.1968

Date of Appointment :

02.06.2011

DIN No.:

00065503

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	U74899DL1995PTC068019	FAIRDEAL PAPER MERCHANTS PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO
2	U21022DL2003PTC120124	SPR PAPERS PRIVATE LIMITED	Director	01/05/2003	01/05/2003	-	Active	NO
3	U21014DL2004PTC130605	S N PACKING PRODUCTS PRIVATE LIMITED	Director	18/11/2004	18/11/2004	-	Active	NO
4	U74950DL2011PTC220269	SHRI HARI PAPER PRODUCTS PRIVATE LIMITED	Director	02/06/2011	02/06/2011	-	Active	NO

Name :

Mr. Anil Kumar Hariram Gangwar

Designation :

Director

Address :

D-54, Sector-12, Near Saraswati Shishu Mandir School, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

15.06.1970

Date of Appointment :

18.07.2011

DIN No.:

03541925

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2012

Names of Shareholders	No. of Shares
Rajesh Shivlal Khandelwal	20000
Shivlal Pyarelal Khandelwal	5000
Anil Kumar Hariram Gangwar	25000
Total	50000

As on 14.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of all types of Printed and Plain Corrugated Boxes.
Products :	v Packaging Boxes v Corrugated Boxes v Duplex Board Boxes v Paper Pallets v Corrugated Shipping Boxes v Corrugated Panel Board Boxes v Corrugated Cartons v Corrugated Cartons
Exports :
Products :	Packaging Products
Countries :	v Sri Lanka v Nepal
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

v Dev Priya Product Limited

Customers :

End Users and OEM’s

v Tata Sky Limited

No. of Employees :

50 (Approximately)

Bankers :

Bank of Baroda, Delhi, India

Facilities :

CC/ TL – Rs.5.000 millions

Unsecured Loans	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from Directors	3.611
Total	3.611

Banking Relations :	--
Auditors :
Name :	G.S. Mathur and Company Chartered Accountants
Address :	A-160, Defence Colony, New Delhi – 110 024, India
Income-tax PAN of auditor or auditor's firm :	AAAFG1724F

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Name of Shareholder	Amount (Rs. in millions)
Rajesh Khandelwal (20000 Shares @ Rs.10/- Fully Paid)	0.200
Shivlal Khandelwal (5000 Shares @ Rs.10/- Fully Paid)	0.050
Anil Gangwar (25000 Shares @ Rs.10/- Fully Paid)	0.250
	0.500

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.140
4] (Accumulated Losses)		0.000
NETWORTH		0.640
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		3.611
TOTAL BORROWING		3.611
DEFERRED TAX LIABILITIES		0.119
TOTAL		4.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.920
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.496
	Sundry Debtors	3.520
	Cash & Bank Balances	0.006
	Other Current Assets	0.039
	Loans & Advances	0.647
Total Current Assets		4.708
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.534
	Other Current Liabilities	1.596
	Provisions	0.128
Total Current Liabilities		3.258
Net Current Assets		1.450
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Revenue from Operations	15.485
		Other Income	0.116
		TOTAL (A)	15.601
Less	EXPENSES
		Cost of materials consumed	11.017
		Purchases of traded goods	0.412
		Changes in Inventories	(0.123)
		Employee Benefits Expense	0.869
		Manufacturing Expense	1.354
		Administrative Expense	1.507
		Selling & Distribution Expense	0.193
		TOTAL (B)	15.229
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.372
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.372
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.068
	PROFIT BEFORE TAX (E-F) (G)		0.304
Less	TAX (H)		0.140
	PROFIT AFTER TAX (G-H) (I)		0.164
	Earnings Per Share (Rs.)		3.28

Expected Sales (2012-2013): Rs.80.000 millions

The above information has been parted by Mr. Anil Kumar Hariram Gangwar (Director).

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	1.05
Net Profit Margin (PBT/Sales)	(%)	1.96
Return on Total Assets (PBT/Total Assets}	(%)	3.99
Return on Investment (ROI) (PBT/Networth)		0.48
Debt Equity Ratio (Total Liability/Networth)		10.73
Current Ratio (Current Asset/Current Liability)		1.45

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
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 one year	Yes
12) Profitability for last one year	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
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	--
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

FINANCIAL RESULTS

The company has earned Income of Rs.15.601 millions during the year, and incurred expenditure of Rs.15.296 millions. The company has earned profit before tax of Rs.0.304 million and net profit after providing tax of Rs.0.140 million.

TRADE REFERENCES:

v Tata Sky Limited

v Dev Priya Product Limited

FIXED ASSETS:

v Plant and Equipments

v Furniture and Fixture

v Office Equipments

v 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.54.41
UK Pound	1	Rs.88.29
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.