MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	LIMRA PAPER MILLS PRIVATE LIMITED
Registered Office :	303, III Floor, Amarchandsharma Complex,  S. D. Road, Secunderabad – 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.05.2002
Com. Reg. No.:	01-038960
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U21012AP2002PTC038960
Legal Form :	Private Limited Liability Company
Line of Business :	To produce, manufacture, purchase, sell, distribute, market, deal, export and import M. G. Kraft, paper duplex board, card boards, white poster paper, colour poster paper, triplex board, file board, straw board, mill board, customs packing material and all kind of paper and paper produces and allied activates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 40000
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 dealing 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

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.

LOCATIONS

Registered Office :	303, III Floor, Amarchandsharma Complex,  S. D. Road, Secunderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-64540246/64545520
Fax No.:	91-40-27805706
E-Mail :	bn.phani@gmail.com limbrapaper@vsnl.net

DIRECTORS

As on 30.09.2013

Name :

Mr. Hafezuddin Mohammed

Designation :

Director

Address :

7-1-45, Ameer Det, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

19.07.1978

Qualification :

Intermediate

Date of Appointment :

14.05.2002

Experience :

22 Years

DIN No.:

01300452

Name :

Mr. Hameeduddin Mohammad

Designation :

Director

Address :

7-1-45, Ameer Det, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

15.09.1965

Qualification :

M Tech

Date of Appointment :

14.05.2002

Experience :

12 Years

DIN No.:

01300463

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	U21012AP1992PTC014285	REX PAPER BOARDS PRIVATE LIMITED	Director	25/01/2001	25/01/2001	-	Active	NO
2	U21012AP2002PTC038960	LIMRA PAPER MILLS PRIVATE LIMITED	Managing director	14/05/2002	14/05/2002	-	Active	NO
3	U91100AP2009NPL066028	AP MUSLIMS CHAMBER OF COMMERCE AND INDUSTRY	Director	01/12/2009	01/12/2009	-	Active	NO

Name :

Mrs. Yaseen Begum

Designation :

Director

Address :

7-1-45, Ameer Det, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

15.04.1948

Qualification :

SSC

Date of Appointment :

14.05.2002

PAN No.:

AAMPB9212D

DIN No.:

01300483

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Mohammed Hameeduddin	16500
Mohammed Hafeezuddin	16400
Mohammed Shujauddin	1000
Yaseen Begum	21360
Ayesha Fatima	2890
Ayesha Sumera	1850
Mohammed Sirajuddin	3000
Zebeda Kulsum	3000
Mohammed Mujtaba Kamal	1000
Mujeeb	2500
Waheda kulsum	1000
Mohd. Mustafa Kamal	1000
Fareeda kulsum Nishat	1000
Shafath Ahmed	1000
Shafath Ahmed	500
Md azer Omer	2000
Md Azer Omer and Sadiq Ahmed	500
Mohammed A Assad	2000
Anees Sultana	1000
Syeda A Fatima	500
Total	80000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To produce, manufacture, purchase, sell, distribute, market, deal, export and import M. G. Kraft, paper duplex board, card boards, white poster paper, colour poster paper, triplex board, file board, straw board, mill board, customs packing material and all kind of paper and paper produces and allied activates.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Syndicate Bank, Sarojini Devi Road Branch, 9-1-83/84, Frist Floor, Amarchand Sharma Complex, Secunderabad – 500003, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	Nazima Javed and Company Chartered Accountants
Address :	11-3-746, IInd Floor, New Mallepally, Hyderabad – 500001, Andhra Pradesh, India
PAN No.:	AGWPJ4345H

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.000	8.000	6.000
(b) Reserves & Surplus	2.048	1.498	0.810
(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)	10.048	9.498	6.810
(3) Non-Current Liabilities
(a) long-term borrowings	30.390	13.599	20.113
(b) Deferred tax liabilities (Net)	0.013	0.080	0.090
(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)	30.403	13.679	20.203
(4) Current Liabilities
(a) Short term borrowings	0.000	10.064	17.175
(b) Trade payables	8.362	15.815	12.558
(c) Other current liabilities	1.085	0.000	0.000
(d) Short-term provisions	1.521	1.003	2.145
Total Current Liabilities (4)	10.968	26.882	31.878
TOTAL	51.419	50.059	58.891
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.640	16.092	19.106
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.640	16.092	19.106
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.700	7.860	7.180
(c) Trade receivables	10.442	17.149	25.855
(d) Cash and cash equivalents	0.026	0.042	0.021
(e) Short-term loans and advances	10.567	8.916	6.729
(f) Other current assets	1.044	0.000	0.000
Total Current Assets	37.779	33.967	39.785
TOTAL	51.419	50.059	58.891

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	103.594	131.950
		Other Income	1.030	0.108
		TOTAL (A)	104.624	132.058	130.227
Less	EXPENSES
		Cost of Materials Consumed	83.146	98.561
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.538	0.643
		Employee Benefits Expenses	2.962	2.965
		Other Expenses	12.608	23.929
		TOTAL (B)	99.254	126.098	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.370	5.960	NA
Less	FINANCIAL EXPENSES (D)		2.359	2.234	3.376
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.011	3.7226	4.127
Less	DEPRECIATION/ AMORTISATION (F)		2.451	3.013	2.957
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.560	0.713	1.170
Less	TAX (H)		0.010	0.024	NA
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.550	0.689	NA
	Earnings Per Share (Rs.)		6.88	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.53	0.52	NA
Net Profit Margin (PBT/Sales)	(%)	0.54	0.54	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.09	1.42	1.99
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.17
Debt Equity Ratio (Total Debt /Networth)		3.02	2.49	5.48
Current Ratio (Current Asset/Current Liability)		3.44	1.26	1.25

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10052633	30/04/2007	964,000.00	SYNDICATE BANK	SAROJINI DEVI ROAD BRANCH, 9-1-83/84, 1ST FLOOR, AMARCHAND SARMA COMPLEX, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	A15440225
2	90344066	23/07/2012 *	30,000,000.00	SYNDICATE BANK	SAROJINI DEVI ROAD BRANCH, 9-1-83/84, 1ST FLOOR, AMARCHAND SARMA COMPLEX, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	B44082592

*Date of modification Charges

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.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.