MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	ICM PACKAGING PRIVATE LIMITED
Registered Office :	98, Jolly Maker Chambers No.2, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.09.2007
Com. Reg. No.:	11-174475
Capital Investment / Paid-up Capital :	Rs. 4.917 Millions
CIN No.: [Company Identification No.]	U74950MH2007PTC174475
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07922F
PAN No.: [Permanent Account No.]	AABCI7479P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Barrier Packaging Material.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears a huge accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

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 :	98, Jolly Maker Chambers No.2, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-30011700/39211472
Fax No.:	91-22-22023774/39211430
E-Mail :	sec@positivepackaging.com
Website :	http://www.positivepackaging.com
Corporate Office:	3^rd Floor, A Wing, Great Eastern Summit, Plot No.56, Sector 15, CBD Belapur (E), Navi Mumbai – 400614, Maharashtra, India
Tel. No.:	91-22-339211400
Fax No.:	91-22-39211430
Factory :	Plot No. 21/1, MIDC, Chikhlohi, Kalyan Badlapur Road, Ambernath (West), Dist – Thane – 421505, Maharashtra, India
Tel. No.:	91-251-2685705 / 2685300
Fax No.:	91-251-2683300
Website :	http://icm-packaging.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Anil Krishnaji Kale

Designation :

Director

Address :

Flat No. 205, F Wing, Sumer Castle, L. B. S. Marg, Thane (W)-400601, Maharashtra, India

Date of Birth/Age :

02.04.1921

Date of Appointment :

29.09.2012

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. Pranesh Madhu Kankanwadi

Designation :

Director

Address :

B-34, Sudarshan Co-op. Hsg. Soc. Ltd., Plot No. 38, Sector. 17, Vashi, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

11.01.1965

Date of Appointment :

29.09.2012

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	Director	29/09/2012	27/03/2012	-	Active	NO

Name :

Mr. Laxminarayan Hariharan Chitoor

Designation :

Director

Address :

C/302, Shree Mangesh, Junction of 6th & 8th Road, Chembur, Mumbai - 400 007, Maharashtra, India

Date of Birth/Age :

22.10.1957

Date of Appointment :

29.09.2012

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	Date of cessation	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 PVT LTD	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	Director	29/09/2012	30/03/2012	-	Active	NO
12	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	27/08/2012	27/08/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Positive Packaging Industries Limited, India	491600
Mr. C.H. Laxminarayan	70
Total	491670

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Barrier Packaging Material.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Nyto / Nycen	Tons.	4200

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, 2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loan from Banks
Term loans from Indian overseas bank	0.000	114.966
Vehicle loans from Kotak Mahindra	0.000	0.779
Working capital loans from bank
Rupee loans
Cash credit and overdraft facility	0.000	78.985
Foreign currency loans
Buyers credit	0.000	136.519
Total	0.000	331.249
Term Loan Term Loan were secured against hypothecation of Fixed Assets of the Company and personal Guarantee of Directors as on 31st March' 2011

Banking Relations :	--
Auditors :
Name :	Dalal Doctor and Associates Chartered Accountants
Address :	305, TV Industrial Estate, 245/A, S. K. Ahire Marg, Worli – 400030, Maharashtra, India
Tel. No.:	91-22-66625050/66627891/66627892
Mobile No.:	91-9867555050 / 9867555051
Fax No.:	91-22-66627890
E-Mail :	sp@dalaldoctor.com
Website :	http://www.dalaldoctor.com
PAN No. :	AACFD9379H
Enterprise owned of significantly influenced by key Managements personnel or their relatives:	Indian Cork Mill Private Limited ATA Investment Private Limited Amartara Plastics Private Limited ICM Plastic Private Limited Positive Packaging United (M.E) FZCO

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
491670	Equity Shares	Rs.10/- each	Rs. 4.917 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		4.917	0.100	0.100
2] Share Application Money		0.000	0.000	276.755
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(24.037)	(111.398)	(39.909)
NETWORTH		(19.120)	(111.298)	236.946
LOAN FUNDS
1] Secured Loans		0.000	331.249	321.032
2] Unsecured Loans		704.416	162.187	39.316
TOTAL BORROWING		704.416	493.436	360.348
DEFERRED TAX LIABILITIES		39.278	0.000	0.000
TOTAL		724.574	382.138	597.294
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		540.693	561.506	460.974
Capital work-in-progress		179.770	116.906	37.372
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	41.630	17.626
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.149	39.300	20.146
	Sundry Debtors	16.895	17.373	6.255
	Cash & Bank Balances	11.159	19.713	15.185
	Other Current Assets	0.734	0.403	0.000
	Loans & Advances	87.579	92.704	73.679
Total Current Assets		159.516	169.493	115.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.980	43.888	29.395
	Other Current Liabilities	95.425	463.509	4.150
	Provisions	0.000	0.000	0.398
Total Current Liabilities		155.405	507.397	33.943
Net Current Assets		4.111	(337.904)	81.322
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		724.574	382.138	597.294

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	149.170	204.510	NA
		Other Income	1.000	1.510	NA
		TOTAL	150.170	206.020	NA
Less	EXPENSES
		Office Expenses			NA
		Administrative Expenses			NA
		Advertising Expenses			NA
		TOTAL	299.800	313.030	NA
	PROFIT/(LOSS) BEFORE EXTRA-ORDINARY ITEM AND TAX		(149.630)	(107.010)	NA
Less	EXTRA-ORDINARY ITEM		0.000	11.520	NA
	PROFIT/(LOSS) BEFORE TAX		(149.630)	(95.490)	NA
Less	TAX		80.910	24.000	NA
	PROFIT/(LOSS) AFTER TAX		(230.540)	(71.489)	(39.909)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(111.40)	(39.910)	NA
	BALANCE CARRIED TO THE B/S		(341.940)	(111.40)	(39.910)
	IMPORTS
		Raw Materials	NA	53.960	5.592
		Stores & Spares	NA	2.249	0.000
		Others	NA	86.699	14.011
	TOTAL IMPORTS		NA	142.908	19.603
	Basic Earnings Per Share (Rs.)		(468.89)	(7148)	(3990)
	Diluted Earnings Per Share (Rs.)		NA	(2.09)	(1.44)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(153.52)	(34.70)	NA
Net Profit Margin (PBT/Sales)	(%)	(100.31)	(46.69)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(93.80)	(55.36)	NA
Return on Investment (ROI) (PBT/Networth)		(7.83)	(0.86)	NA
Debt Equity Ratio (Total Debt /Networth)		(36.84)	(4.43)	NA
Current Ratio (Current Asset/Current Liability)		1.03	0.34	NA

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

Note: Registered office of the company has been shifted from Saki – Vihar Road, Powai – 400072, Maharashtra, India to the present address w.e.f.01.04.2012

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Shareholders and Director	424.667	0.000
Optionally Fully convertible Debenture	275.000	0.000
From Shareholders and Director	4.749	162.187
Total	704.416	162.187
Optionally Fully Convertible Debenture During the year, company had issued 2,75,000 optionally fully Convertible Debenture of Face Value Rs 1000/- at 0.5% interest Per annum payable at the end of each year from the date of allotment. Debenture shall be convertible at the option of Debenture holder after the expiry of 20 year from the date of allotment at 1 equity share of Rs 10 each for every 1 debenture of Rs 1000. The Above Debenture is Unsecured and issued for the tenure of 20 Years and Which is non Transferable / non marketable In case conversion option is not exercised, the debentures will be redeemed on maturity. The Company retains the right to redeem the debentures at any time after expiry of period of 5 years from the date of allotment, after giving 7 days notice to the debenture holder.

OPERATING RESULT AND PROFITABILITY

During the year, the net sales of the company have declined from Rs.204.510 Millions to Rs.149.170 Millions. Strategic and long term measures are under implementation to improve the situation.

BUSINESS OUTLOOK

The business outlook looks promising. The domestic market, though competitive, offer a lot of potential and the company is working on new developments to improve margins and capacity utilization.

FINANCE

During the year, the company has:

Received Rs.490.000 Millions as unsecured loan from the holding company.

These proceeds have been utilized to repay in full secured loans availed from Indian overseas Bank aggregating Rs.400.000 Millions and other liabilities.

Converted unsecured loans of shareholders and issued 0.5% Optionally Fully Convertible (Non marketable) Debentures (OFCD) of the Rs.1000/- each aggregating Rs.275.000 Millions

These debentures were subsequently converted into marketable ones and were acquired by the Holding Company.

CONTINGENT LIABILITY (AS ON 31.03.2012)

Contingent liability is disclosed in case of:

(a) A present obligation arising from past events, when it is not probable that an a present obligation arising from past events, outflow of resources will be required to settle the obligation

(b) A present obligation when no reliable estimate is possible; and

(c) A possible obligation arising from past events where; the probability of outflow of resources is not remote. .

FIXED ASSETS

• Land
• Building – Factory
• Furniture and Fixtures
• Plant and Machinery
• Computer
• Office Equipments
• Laboratory Equipments
• Electrical Installations
• Motor Cars

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.53.95
UK Pound	1	Rs.83.80
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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.