MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	SUPER DELUXE PAPER MILLS PRIVATE LIMITED
Formerly Known As :	SUPER DELUXE PAPER MILLS LIMITED
Registered Office :	Plot No. 322/5, 40 Sheds, G I D C, Vapi, Bulsar – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.03.1989
Com. Reg. No.:	04-011961
Capital Investment / Paid-up Capital :	Rs.7.400 Millions
CIN No.: [Company Identification No.]	U21019GJ1989PTC011961
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kraft Paper.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 127000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Divesh
Designation :	Finance Department
Contact No.:	91-260-2431446
Date :	19.11.2013

LOCATIONS

Registered Office/ Factory :	Plot No. 322/5, 40 Sheds, G I D C, Vapi, Bulsar – 396195, Gujarat, India
Tel. No.:	91-260-2431446/ 3290803
Fax No.:	Not Available
E-Mail :	sdpm@sify.com sdpmpl@yahoo.com
Location :	Owned

DIRECTORS

As on: 18.09.2013

Name :	Mr. Hiten Kantilal Shah
Designation :	Director
Address :	8/36, Megh Chhaya, Lalbaug, Mumbai, Maharashtra, India
Date of Birth/Age :	11.07.1964
Date of Appointment :	02.03.1989
DIN No.:	00918453
Name :	Mr. Kalpesh N Vira
Designation :	Director
Address :	51, Chitrakoot, 18/9, Kidwai Road, Wadala, Mumbai - 400031, Maharashtra, India
Date of Birth/Age :	16.11.1970
Date of Appointment :	25.05.1989
DIN No.:	02034802
Name :	Mrs. Ramila Meghesh Chheda
Designation :	Director
Address :	5/2, Rupal Apartment, 98, Dadasaheb-Phalke Road, Dadar, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	09.01.1954
Date of Appointment :	29.05.1989
DIN No.:	00907567
Name :	Mr. Meghesh Raghavji Chheda
Designation :	Director
Address :	5/2, Rupal Apartment, 98, Dadasaheb-Phalke Road, Dadar, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	20.07.1947
Date of Appointment :	26.02.1992
DIN No.:	00907491
Name :	Mr. Shantilal Raghavji Chheda
Designation :	Director
Address :	Bunglow No. 1, Plot No. H-485, Sublaxmi Co-operative Society, Gujan Road, GIDC, Vapi, Gujarat, India
Date of Birth/Age :	05.02.1954
Date of Appointment :	26.02.1992
DIN No.:	02034789
Name :	Mr. Samir Navinchandra Vira
Designation :	Director
Address :	51, Chitrakoot, 18/9, Kidwai Road, Wadala, Mumbai - 400031, Maharashtra, India
Date of Birth/Age :	26.08.1972
Date of Appointment :	26.02.1992
DIN No.:	02058663
Name :	Mr. Kantilal Rayshi Shah
Designation :	Director
Address :	8/36, Megh Chhaya, Lalbaug, Mumbai - 400012, Maharashtra, India
Date of Birth/Age :	11.07.1942
Date of Appointment :	26.02.1992
DIN No.:	02240060

KEY EXECUTIVES

Name :	Mr. Divesh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 18.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 18.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Kraft Paper.
Imports :
Products :	Paper
Countries :	· USA · UK · Gulf Countries
Terms :
Selling :	Depend
Purchasing :	Depend

PRODUCTION STATUS (As on: 31.03.2013)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
M. G. Kraft Paper	36000 M. T. PA	25000 M. T. PA	22290 M. T. PA

GENERAL INFORMATION

No. of Employees :

60 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Bank of Baroda

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loan
From Bank (Secured by hypothecation of stock, book debts and plant and machinery with a collateral security of immovable properties and personal guarantee of all directors)	5.248	12.202
From Banks (Secured by Hypothecation of car)	0.000	0.492
SHORT TERM BORROWINGS
Loans repayable on demand
From Bank (Secured by hypothecation of stock, book debts and plant and machinery with a collateral security of immovable properties and personal guarantee of all directors)	46.057	46.235
Term Loans
From Bank (Secured by hypothecation of stock, book debts and plant and machinery with a collateral security of immovable properties and personal guarantee of all directors)	8.968	16.599
From Banks (Secured by Hypothecation of car)	0.491	0.793
Total	60.764	76.321

Banking Relations :	--
Auditors :
Name :	Gada and Haria Chartered Accountants
Address :	5, Framroz Court, Second Floor, Dadasaheb Falke Road, Near Dadar Rly. Station, Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-40784141
Fax No.:	91-22-40784141
E-Mail :	info@gadaharia.com
PAN No.:	AAAFG8427D

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions
20000	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.9.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74000	Equity Shares	Rs.100/- each	Rs.7.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.400	7.400	7.400
(b) Reserves & Surplus	24.447	21.105	31.211
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	31.847	28.505	38.611
(3) Non-Current Liabilities
(a) long-term borrowings	37.608	34.531	37.748
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	37.608	34.531	37.748
(4) Current Liabilities
(a) Short term borrowings	55.516	63.627	43.991
(b) Trade payables	63.207	41.681	43.999
(c) Other current liabilities	0.000	0.000	0.421
(d) Short-term provisions	6.133	3.165	4.510
Total Current Liabilities (4)	124.856	108.473	92.921
TOTAL	194.311	171.509	169.280
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.539	53.279	67.482
(ii) Intangible Assets	0.091	0.151	0.102
(iii) Capital work-in-progress	0.610	9.720	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.134	0.193	0.193
(c) Deferred tax assets (net)	4.004	5.076	0.788
(d) Long-term Loan and Advances	7.906	10.112	6.683
(e) Other Non-current assets	1.430	0.844	0.000
Total Non-Current Assets	73.714	79.375	75.248
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	49.361	49.106	33.858
(c) Trade receivables	66.718	39.570	56.944
(d) Cash and cash equivalents	0.289	0.517	1.000
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	4.229	2.941	2.230
Total Current Assets	120.597	92.134	94.032
TOTAL	194.311	171.509	169.280

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		17.263	2.373	23.391
Less/ Add	DEPRECIATION/ AMORTISATION		13.218	16.766	18.434
	PROFIT/ (LOSS) BEFORE TAX		4.045	(14.393)	4.957
Less	TAX		0.703	(4.287)	3.824
	PROFIT/ (LOSS) AFTER TAX		3.342	(10.106)	1.133
	Earnings Per Share (Rs.)		45.16	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.13	(9.20)	2.95
Return on Investment (ROI) (PBT/Networth)		0.13	(0.50)	0.13
Debt Equity Ratio (Total Debt/Networth)		2.92	3.44	2.12
Current Ratio (Current Asset/Current Liability)		0.97	0.85	1.01

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and Advances from related parties	32.360	21.837
Total	32.360	21.837

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10015505	08/12/2011 *	126,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B27596717
2	80010400	26/11/2011 *	126,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B25918335

* Date of charge modification

REVIEW OF OPERATION:

During the year the company has achieved the production of 22290 M. T of Kraft Paper.

FIXED ASSETS

Tangible Assets

· Land under Lease

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Motor Car

· Scooter

· Office Equipment

· Computer

· Air Conditioner

· Fire Fitting

Intangible Assets

· Computer Software

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.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.