MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	AKASHDEEP PAPERS PRIVATE LIMITED
Registered Office :	Flat No.101, C-5, Block-C, Commercial Complex, Pankha Road, Janakpuri, New Delhi - 110058
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.1993
Com. Reg. No.:	55-052753
Capital Investment / Paid-up Capital :	Rs. 1.679 Millions
CIN No.: [Company Identification No.]	U74899DL1993PTC052753
TAN No.: [Tax Deduction & Collection Account No.]	DELA04560D
PAN No.: [Permanent Account No.]	AAACA1082F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Papers.
No. of Employees :	Not Divulged

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 55000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The external borrowings of the company appear to be huge and are increasing over previous years. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some cautions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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 DECLINED

UNABLE TO CONTACT THE COMPANY

LOCATIONS

Registered Office :	Flat No.101, C-5, Block-C, Commercial Complex, Pankha Road, Janakpuri, New Delhi – 110058, India
Tel. No.:	91-11-25613060/ 61
Fax No.:	Not Available
E-Mail :	vkcoffice@yahoo.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Devender Kumar Mittal

Designation :

Director

Address :

C-3/72, Janakpuri, New Delhi – 110058, India

Date of Birth/Age :

25.12.1952

Date of Appointment :

24.03.1993

Voter ID No.:

DL/02/012/153514

DIN No.:

00205478

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	Company/ LLP Status	Defaulting status
1	U74899DL1993PTC052753	AKASHDEEP PAPERS PRIVATE LIMITED	Director	24/03/1993	24/03/1993	Active	NO
2	U67120DL1995PTC065369	A.S.A. SECURITIES PRIVATE LIMITED	Director	22/04/1995	22/04/1995	Active	NO
3	U91100MH2013NPL249461	LAMINATE MATERIAL SUPPLIERS ASSOCIATION	Director	22/10/2013	22/10/2013	Active	NO

Name :

Mr. Manik Mittal

Designation :

Director

Address :

C-3/72, Janakpuri, New Delhi – 110058, India

Date of Birth/Age :

14.12.1978

Date of Appointment :

01.04.2003

Voter ID No.:

BVK0731075

DIN No.:

00205391

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	U74899DL1993PTC052753	AKASHDEEP PAPERS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
2	U72300DL2006PTC146004	DIVINE OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	07/02/2006	07/02/2006	15/03/2013	Active	NO
3	U22121UR2004PTC028964	A.P.PRINT N PACK PRIVATE LIMITED	Director	28/11/2007	28/11/2007	-	Active	NO

Name :

Mr. Sachin Gupta

Designation :

Director

Address :

A-1-A/98, Janakpuri, New Delhi – 110058, India

Date of Birth/Age :

07.04.1979

Date of Appointment :

30.09.2009

DIN No.:

00793606

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	Company/ LLP Status	Defaulting status
1	U72300DL2006PTC146004	DIVINE OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	07/02/2006	07/02/2006	Active	NO
2	U22121UR2004PTC028964	A.P.PRINT N PACK PRIVATE LIMITED	Director	28/11/2007	28/11/2007	Active	NO
3	U74899DL1993PTC052753	AKASHDEEP PAPERS PRIVATE LIMITED	Director	30/09/2009	17/11/2008	Active	NO

Name :

Mr. Pradeep Kumar Gupta

Designation :

Director

Address :

17, Shivaji Nagar, Delhi Road, Saharanpur – 247001, Uttar Pradesh, India

Date of Birth/Age :

31.07.1952

Date of Appointment :

29.09.2012

DIN No.:

01107304

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	Company/ LLP Status	Defaulting status
1	U74899DL1993PTC052753	AKASHDEEP PAPERS PRIVATE LIMITED	Director	29/09/2012	24/03/1993	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Devender Kumar Mittal	119650
Manik Mittal	20500
Sachin Gupta	12000
Devender Kumar Mittal HUF	10010
Deepika Mittal	2000
Surender Kumar Gupta and Sons HUF	800
Suresh Chand Goyal	100
Mamta Goyal	100
Shilpa Gupta	1000
Meeta Mittal	100
Satyadev Gupta	100
Sudha Gupta	100
Priyanka Mittal	800
Santosh Gupta	25
Pardeep Kumar Gupta	10
Surender Kumar Gupta	100
Vineet Gupta	50
Madhu Gupta	10
Nupur Gupta	100
Ghanshyam Dass HUF	100
Nitin Gupta	100
Vijay Gupta	50
Ashu Gupta	50
Suresh Gupta	50
Total	167905

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.79
Others	0.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Papers.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Union Bank of India, Janakpuri, New Delhi - 110058, India

· Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India

· Deutsche Bank AG, ECE House, 28, Kasturba Gandhi Marg, New Delhi - 110001, India

· ING Vysya Bank Limited, Ground Floor, Block C-1, Plot No. 130, Lal Sai Mandir Marg, Janakpuri, New Delhi - 110058, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks	37.141	33.510
SHORT TERM BORROWINGS
From Banks	0.252	0.252
Total	37.393	33.762

Banking Relations :	--
Auditors :
Name :	Vimal Chhabra and Company Chartered Accountants
Address :	8C/6 W.E.A. Abdul Aziz Marg, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28758789/ 28756525
Income-tax PAN of auditor or auditor's firm :	AAEFV0510G

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
167,905	Equity Shares	Rs. 10/- each	Rs. 1.679 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	1.679	1.679
(b) Reserves & Surplus	12.102	9.845
(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)	13.781	11.524
(3) Non-Current Liabilities
(a) long-term borrowings	66.143	52.871
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	66.143	52.871
(4) Current Liabilities
(a) Short term borrowings	0.252	0.252
(b) Trade payables	43.892	44.047
(c) Other current liabilities	2.991	2.512
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	47.135	46.811
TOTAL	127.059	111.206
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.442	4.887
(ii) Intangible Assets	0.007	0.008
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	1.200
(c) Deferred tax assets (net)	0.330	0.252
(d) Long-term Loan and Advances	3.250	3.419
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.029	9.766
(2) Current assets
(a) Current investments	0.820	0.820
(b) Inventories	2.762	0.326
(c) Trade receivables	108.458	97.196
(d) Cash and cash equivalents	1.217	0.599
(e) Short-term loans and advances	4.773	2.499
(f) Other current assets	0.000	0.000
Total Current Assets	118.030	101.440
TOTAL	127.059	111.206

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.679
2] Share Application Money		0.000
3] Reserves & Surplus		8.492
4] (Accumulated Losses)		0.000
NETWORTH		10.171
LOAN FUNDS
1] Secured Loans		30.807
2] Unsecured Loans		16.156
TOTAL BORROWING		46.963
DEFERRED TAX LIABILITIES		0.000
TOTAL		57.134
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.639
Capital work-in-progress		0.000
INVESTMENT		0.820
DEFERRED TAX ASSETS		0.229
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.275
	Sundry Debtors	94.622
	Cash & Bank Balances	2.433
	Other Current Assets	0.000
	Loans & Advances	5.808
Total Current Assets		103.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.382
	Other Current Liabilities	3.333
	Provisions	1.977
Total Current Liabilities		50.692
Net Current Assets		52.446
MISCELLANEOUS EXPENSES		0.000
TOTAL		57.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		397.324	403.752
		Other Income		0.902	2.012
		TOTAL (A)	NA	398.226	405.764
Less	EXPENSES
		Purchases		381.133	384.774
		Cartage Inward		0.036	0.031
		Selling and Administrative Expenses		5.166	8.384
		Personnel Expenses		2.075	2.192
		Increase/ (Decrease) in Stocks		(0.051)	(0.144)
		TOTAL (B)	NA	388.359	395.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			9.867	10.527
Less	FINANCIAL EXPENSES (D)			7.214	6.003
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.125	2.653	4.524
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.859	0.650	0.689
	PROFIT BEFORE TAX (E-F) (G)		3.266	2.003	3.835
Less	TAX (H)		1.010	0.649	1.257
	PROFIT AFTER TAX (G-H) (I)		2.256	1.354	2.578
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.492	7.138	4.560
	BALANCE CARRIED TO THE B/S		10.748	8.492	7.138
	Earnings Per Share (Rs.)		12.98	8.07	15.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.34	0.64
Net Profit Margin (PBT/Sales)	(%)	NA	0.50	0.95
Return on Total Assets (PBT/Total Assets}	(%)	2.58	1.82	3.59
Return on Investment (ROI) (PBT/Networth)		0.24	0.17	0.38
Debt Equity Ratio (Total Debt/Networth)		4.82	4.61	4.62
Current Ratio (Current Asset/Current Liability)		2.50	2.17	2.03

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 two 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	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10449927	11/09/2013	95,000,000.00	DEUTSCHE BANK AG	ECE HOUSE, 28, KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA	B85315364

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors	3.971	5.404
From Shareholders	13.336	6.646
From Others	11.695	7.311
Total	29.002	19.361

FIXED ASSETS:

· Land

· Generator

· Equipments

· Computers

· Vehicles

· Furniture and Fixture

· Printer

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. 61.78
UK Pound	1	Rs. 99.66
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.