MIRA INFORM REPORT

Report Date :

11.03.2013

IDENTIFICATION DETAILS

Name :	MILLENIUM PAPIER (INDIA) PRIVATE LIMITED
Registered Office :	83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600079, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.12.1999
Com. Reg. No.:	18-043797
Capital Investment / Paid-up Capital :	Rs. 1.801 Millions
CIN No.: [Company Identification No.]	U21093TN1999PTC043797
TAN No.: [Tax Deduction & Collection Account No.]	CHEM06611D
PAN No.: [Permanent Account No.]	AAACM0047Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of all kinds of Paper and Paper Boards.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 65000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported as 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 (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.

LOCATIONS

Registered/Head Office/Factory :	83/2, G N T Road, Near Moolakadai J Erukencherry, Chennai – 600079, Tamilnadu, India
Tel. No.:	91-44-25387443 / 25593682 / 83 / 85
Fax No.:	91-44-25368536 / 25595573 / 25248851 / 5
E-Mail :	millionpapier@gmail.com million@vsnl.com kpkchennai@yahoo.co.in
Website :	http://www.millionindia.com

DIRECTORS

AS ON 29.09.2012

Name :	Madhu Kirankumar
Designation :	Director
Address :	25/1, EVK Sampath Road, Veperx, Chennai – 600007, Tamilnadu, India
Date of Birth/Age :	01.02.1966
Date of Appointment :	20.12.1999
DIN No.:	01894464
Name :	Mrs. Anjana Dinesh Kumar
Designation :	Director
Address :	No. 97, Vepery High Road, Vepery, Chennai – 600007, Tamilnadu, India
Date of Birth/Age :	14.06.1969
Date of Appointment :	20.12.1999
DIN No.:	02037510
Name :	Mr. Mohanlalji Praveenkumar
Designation :	Director
Address :	25 - B, EVK Sampath Road, Veperx, Chennai – 600007, Tamilnadu, India
Date of Birth/Age :	02.03.1975
Date of Appointment :	20.12.1999
DIN No.:	02037556

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
D Anjana	9760
K Madhu	24260
M Praveen Kumar	12130
K. Mona	20
K. Priyanka	10
K. Siddharth	1420
K. Surabhi	210
M Dinesh Kumar	4000
M. Kavitha Kumar	100
V Mohanlal Jain	54000
V Mohanlal Jain HUF	4000
M Dinesh Kumar Jain (HUF)	10
M. Kiranraj Jain	10
M. Kiranraj Jain (HUF)	10
M Praveen Kumar Jain (HUF)	10
P. Anju	2090
P. Suraj Devi	68010
D. Megha Benefit Trust, India	10
D. Sakshi Benefit Trust, India	10
K. Siddharth Benefit Trust, India	10
D. Shagun Benefit Trust, India	10
Mehak P Benefit Trust, India	10
Panalal Ranka	10
Total	180110

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of all kinds of Paper and Paper Boards.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Citibank N.A., No. 2, Club House Road, Chennai – 600002, Tamilnadu, India

Ø The South Indian Bank Limited, George Town Branch, 64 Armenian Street, Chennai – 600001, Tamilnadu, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowing From Bank	0.000	5.030
Working Capital Loan Repayable On Demand From Bank	8.276	4.460
Total	8.276	9.490
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from Other parties	12.734	12.953
Total	12.734	12.953

Banking Relations :	--
Auditors :
Name :	J. Raj and Company Chartered Accountants
Address :	77, Narayan Mudali Street, Chennai – 600079, Tamilnadu, India
Tel. No.:	91-44-25382398/ 23465650
Income-tax PAN of auditor or auditor's firm :	AACPJ9325R

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180,110	Equity Shares	Rs.10/- each	Rs. 1.801 Millions

NOTE B Reconciliation of Shares

Particulars	31.03.2012
	Number	Amount
Shares outstanding at the beginning of the year	180110	1.801
Shares Issued during the year	0	0
Shares bought back during the year	0	0
Shares outstanding at the end of the year	180110	1.801

NOTE C Terms and rights attached to Equity Shares

The company has only one class of equity shares having a par value of 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

NOTE D Details of Shares held by Share holders holding more than 5% of the aggregate shares in the Company

Particulars	31.03.2012
	Number	Amount
D. Anjana	9760	5.42
K. Madhu	24260	13.47
M. Praveen Kumar	12130	6.73
Smt. Suraj Devi	68010	37.76
V. Mohanlal Jain	50000	27.76

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		1.801	1.801	1.801
2] Share Application Money		0.000	0.000	0.001
3] Reserves & Surplus		14.592	14.221	13.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.393	16.022	15.691
LOAN FUNDS
1] Secured Loans		8.276	9.490	8.752
2] Unsecured Loans		12.734	12.953	10.812
TOTAL BORROWING		21.010	22.443	19.564
DEFERRED TAX LIABILITIES		0.242	0.268	0.295
TOTAL		37.645	38.733	35.550
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.555	10.604	11.321
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.455	17.058	12.075
	Sundry Debtors	10.550	12.491	11.287
	Cash & Bank Balances	0.259	0.496	0.416
	Other Current Assets	0.002	0.002	0.000
	Loans & Advances	4.408	2.251	2.741
Total Current Assets		31.674	32.298	26.519
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.666	3.110	1.334
	Other Current Liabilities	0.203	0.388	0.802
	Provisions	0.715	0.671	0.154
Total Current Liabilities		4.584	4.169	2.290
Net Current Assets		27.090	28.129	24.229
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.645	38.733	35.550

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	47.356	46.108	41.215
		Other Income	0.280	1.927	0.959
		TOTAL (A)	47.636	48.035	42.174
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	43.212	44.087	41.697
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.424	3.948
Less	FINANCIAL EXPENSES (D)		2.937	2.374
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.487	1.574
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.946	1.091
	PROFIT BEFORE TAX (E-F) (G)		0.541	0.483	0.477
Less	TAX (H)		0.170	0.151	0.134
	PROFIT AFTER TAX (G-H) (I)		0.371	0.332	0.343
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	2.819
	IMPORTS
		Raw Materials			21.006
		Capital Goods			0.924
	TOTAL IMPORTS		NA	NA	21.930
	Earnings Per Share (Rs.)		2.06	1.84	1.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.78	0.69	0.81
Net Profit Margin (PBT/Sales)	(%)	1.14	1.05	1.16
Return on Total Assets (PBT/Total Assets}	(%)	1.28	1.13	1.26
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.03
Debt Equity Ratio (Total Liability/Networth)		1.56	1.66	1.39
Current Ratio (Current Asset/Current Liability)		6.91	7.75	11.58

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	No
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

FIXED ASSETS:

Ø Computers

Ø Electrical Fittings

Ø Plant and Machinery

Ø Furniture and Fittings

Ø Office Equipments

Ø Vehicles

Ø Land 

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.54.40
UK Pound	1	Rs. 81.57
Euro	1	Rs. 71.24

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		31

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.