MIRA INFORM REPORT

Report Date :

20.01.2014

IDENTIFICATION DETAILS

Name :	RAINBOW PAPERS LIMITED
Registered Office :	801, Avdhesh House, Opposite Shri Guru Govind Gurudwara, Thaltej, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.07.1986
Com. Reg. No.:	04-008772
Capital Investment / Paid-up Capital :	Rs.197.435 Millions
CIN No.: [Company Identification No.]	L21010GJ1986PLC008772
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00278F/ AHMR03475D
PAN No.: [Permanent Account No.]	AAACR5415K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Processing of Paper Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 16070000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Long Term Rating)
Rating Explanation	Moderate credit quality and average credit risk.
Date	July 15, 2013

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 15, 2013

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 DENIED BY

Name :	Mr. Harshad B Shah
Designation :	Accounts Executive
Date :	17.01.2014

LOCATIONS

Registered Office/ Corporate Office :	801, Avdhesh House, Opposite Shri Guru Govind Gurudwara, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26855716/ 14/ 32952073
Fax No.:	91-79-26855712/ 26855744
E-Mail :	secretarial@rainbowpapers.com accounts@rainbowpapers.com info@rainbowpapers.com
Website :	http://www.rainbowpapers.com
Branch Offices 1 :	101, Gemini Flats, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-26162426
Fax No.:	91-22-26102694
Branch Offices 2 :	202, Krishna House Co-Operative Society, 4805/24, Bharat Ram Road, Dariya Ganj, New Delhi, India
Tel. No.:	91-11- 23245756
Fax No.:	91-11- 23287553
Factory 1 :	Paper and Crepe Units 1453, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India
Tel. No.:	91-2764-278492 – 93 – 94
Factory 2 :	Coating Division 1423, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India
Tel. No.:	91-2764-278414

DIRECTORS

As on: 27.09.2012

Name :	Mr. Ajaykumar Radheshyam Goenka
Designation :	Managing Director
Address :	71, Sunrise Park, Opposite Drive-In Cinema, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	23.02.1958
Date of Appointment :	11.09.1990
PAN No.:	AAZPG8113B
DIN No.:	00139512
Name :	Mr. Rahul Jamnaprasad Maheshwari
Designation :	Director
Address :	903, Kanchandeep Appartment, Near Nehrunagar Circle, Ambawadi, Ahmedabad - 380015gujarat, India
Date of Birth/Age :	10.04.1976
Date of Appointment :	27.09.2011
DIN No.:	00289730
Name :	Mr. Kantibhai Hirabhai Patel
Designation :	Director
Address :	26, Mahasukhnagar C H S L -2 , 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	03.09.1946
Date of Appointment :	27.09.2011
DIN No.:	02325787
Name :	Mr. Shashikant Natverlal Thakar
Designation :	Director
Address :	Shivam A-11-12, Shyam Nagar ROC, Near Vishrannagar, Memnagar, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	02.09.1955
Date of Appointment :	30.01.2010
DIN No.:	02887471
Name :	Mr. Mahendrabhai Mohanlal Patel
Designation :	Additional Director
Address :	16 Vishnu Hari Apartment, 18 Pushpkunj Society, Kankaria, Ahmedabad – 380022, Gujarat, India
Date of Birth/Age :	22.12.1956
Date of Appointment :	21.10.2013
DIN No.:	00137602

KEY EXECUTIVES

Name :	Mr. Harshad B Shah
Designation :	Accounts Executive
Name :	Runel Umang Rathi
Designation :	Secretary
Address :	A-12, Sterling Appartments, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	05.03.2007
PAN No.:	ACFPB9687D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2106930	3.01
Bodies Corporate	36849520	52.58
Sub Total	38956450	55.59
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	38956450	55.59
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	500	0.00
Financial Institutions / Banks	6500000	9.28
Foreign Institutional Investors	3563476	5.09
Sub Total	10063976	14.36
(2) Non-Institutions
Bodies Corporate	15346986	21.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2417734	3.45
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3053855	4.36
Any Others (Specify)	238574	0.34
Non Resident Indians	6371	0.01
Directors & their Relatives & Friends	176014	0.25
Clearing Members	56189	0.08
Sub Total	21057149	30.05
Total Public shareholding (B)	31121125	44.41
Total (A)+(B)	70077575	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	28639725	0.00
Sub Total	28639725	0.00
Total (A)+(B)+(C)	98717300	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Details of warrants		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)	Number of warrants held	As a % total number of warrants of the same class
1	Orient Newsprint Limited	2,33,77,520	23.68	11940000	51.07	12.10	0	0.00	22.01
2	Rainbow Industrial Park Private Limited	68,19,000	6.91	1650000	24.20	1.67	0	0.00	6.42
3	Drupa Suppliers Private Limited	66,53,000	6.74	0	0.00	0.00	7500000	100.00	13.32
4	Ajaykumar Radheshyam Goenka	11,20,750	1.14	0	0.00	0.00	0	0.00	1.06
5	Drupadi Devi Radheshyam Goenka	4,64,000	0.47	0	0.00	0.00	0	0.00	0.44
6	Sangeeta Ajay Goenka	3,37,500	0.34	0	0.00	0.00	0	0.00	0.32
7	Talati Nikita Aniket	1,81,680	0.18	0	0.00	0.00	0	0.00	0.17
8	Ajay Goenka	2,500	0.00	0	0.00	0.00	0	0.00	0.00
9	Niyati Sunny Agrawal	500	0.00	0	0.00	0.00	0	0.00	0.00
	Total	3,89,56,450	39.46	13590000	34.89	13.77	7500000	100.00	43.74

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Headway Capital Advisors Limited	2068000	2.09	1.95
2	Life Insurance Corporation Of India	4500000	4.56	4.24
3	Devkant Synthetics India Private Limited	4368852	4.43	4.11
4	India Focus Cardinal Fund	2880500	2.92	2.71
5	Mangal Keshav Capital Limited	1216784	1.23	1.15
6	Devkant Synthetics India Private Limited	1350000	1.37	1.27
7	General Insurance Coporation of India	2000000	2.03	1.88
8	Paresh Navnitlal Bhagat	1645006	1.67	1.55
9	Guiness Securities Limited	1111110	1.13	1.05
	Total	21140252	21.41	19.90

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Orient Newsprint Limited	1,00,00,000	10.13
2	Drupa Suppliers Private Limited	15,00,000	1.52
	Total	1,15,00,000	11.65

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDRs	2,86,39,725	2,86,39,725	29.01
	Total	2,86,39,725	2,86,39,725	29.01

As on: 21.10.2013

Names of Allottee	No. of Shares
Drupa Suppliers Private Limited, India	252000
Total	252000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	32.77
Bodies corporate	60.23
Directors or relatives of directors	2.17
Other top fifty shareholders	2.83
Others	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Paper Products.

Products :

Product Description	ITC code
Paper and Paper Board	48040000

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India

· Allahabad Bank, S. P. Nagar Branch, Acme Centre, Shrimali Society, Near Navrangpura Railway Crossing, Navrangpura, Ahmedabad - 380009, Gujarat, India

· Indian Overseas Bank Kalupur Circle Branch, Kalupur, Ahmedabad - 380001, Gujarat, India

· Axis Bank, Trishul, Opposite Samartheshwar Temple, Law Garden, Ellisbridge,, Ahmedabad - 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	4054.188	816.279
Foreign currency term loans from banks	113.947	1532.113
Rupee term loans from others	180.938	295.235
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	839.987	976.174
Total	5189.060	3619.801

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	Ambica Chambers, 2nd Floor, Old high Court, Ashram Road, Ahmedabad, Gujarat, India
PAN No.:	AAAFT4520A
Related Parties :	· Orient Newsprint Limited · Drupa Suppliers Private Limited · Rainbow Industrial Park Private Limited · Rainbow Infrabuild Private Limited · Rainbow Paper JLT · Nigo Best Packs Private Limited · Windsor Paper Private Limited

CAPITAL STRUCTURE

After: 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.2/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98969300	Equity Shares	Rs.2/- each	Rs.197.939 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.2/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98717300	Equity Shares	Rs.2/- each	Rs.197.435 Millions

Out of the above 5,11,77,275 of Rs. 2 each (PY 5,11,77,275 Equity Shares of Rs. 2 each ) fully paid up represent Global Depositary Receipts (GDRs)

Outstanding GDRs for conversion into Equity Shares are 2,86,39,725

(a) Reconciliation of number of shares :

	As at March 31, 2013
Equity shares:	No of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	91217300	182.435
Add: Preferential issue of shares during the year	--	--
Add: Conversion of Convertible Warrants during the year	7500000	15.000
Shares outstanding at the end of the year	98717300	197.435

(b) Terms/rights preferences and restrictions attached to securities:

- Equity Shares:

The company has one class of equity shares having a par value of Rs.2 each. Each shareholder is eligible for one vote per share held. The dividend proposed board of director is subject to the approval of shareholders in the ensuing Annual General meeting, except in case of interim dividend. In the event of liquidation, equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential dues, in proportion to their shareholding.

During the year ended 31 March 2013, the amount of per share dividend recognized for distribution to equity shareholders was Rs.0.40 (P.Y.31 March 2012 Rs.0.40)

(c) Details of shareholders holding more than 5% shares in the company:

	As at March 31, 2013
Name of share holders	No of Shares held	% of holding
Orient Newsprint Limited	23,377,520	23.68
Devkant Sythetics (India) Private Limited	3,742,945	3.79
Rainbow Industrial Park Private Limited	6,819,000	6.91
Drupa Suppliers Private Limited*	6,653,000	6.74
Headway Capital Advisors Limited	5,598,197	5.67

* 15,00,000 equity shares alloted on conversion of warrants on 30.03.2013, Listing and trading permission from exchanges awaited.

Convertible Warrants:

On December 20,2012 the company has alloted 90,00,000 convertible warrants on prefrential allotment basis to promoter group company at a price of Rs.81/- shall be convertible into equity shares (at the sole option of warrant holder(s)) at any time within a period of 18 months from the date of allotment of warrants. lock-in of shares acquired by excerise of the warrants shall be for the period of 3 years.

(e) On 28th January 2010 the Company had issued and allotted Global Depository Receipts (GDRs). The said GDRs are listed on at Euro MTF Market Luxemburg Stock Exchange and the funds raised have been and are being utilized to finance the Expansion Plan and balance funds pending utilization have been placed as deposit with the Foreign Bank. The details of funds activity during the year are as follow:

Particulars	2012-13
	(Rs. In Millions)
Opening Balance	320.463
Income earned on Unutilised Money	0.132
Total	320.595
Amount Utilised for Expansion Projects and Working Capital
Requirements	320.595
Amount Unutilised and placed as deposited	--

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	197.435	182.435	174.435
(b) Reserves & Surplus	3670.665	2893.538	2374.178
(c) Money received against share warrants	151.875	91.500	0.000
(2) Share Application money pending allotment	0.000	0.000	301.500
Total Shareholders’ Funds (1) + (2)	4019.975	3167.473	2850.113
(3) Non-Current Liabilities
(a) long-term borrowings	5874.888	3462.594	2637.855
(b) Deferred tax liabilities (Net)	340.152	238.785	208.111
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	15.693	11.360	6.804
Total Non-current Liabilities (3)	6230.733	3712.739	2852.770
(4) Current Liabilities
(a) Short term borrowings	1213.693	1242.972	691.717
(b) Trade payables	959.088	591.458	450.164
(c) Other current liabilities	1512.182	1215.304	1091.940
(d) Short-term provisions	57.137	51.654	45.339
Total Current Liabilities (4)	3742.100	3101.388	2279.160
TOTAL	13992.808	9981.600	7982.043
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6280.035	3098.436	2928.195
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3558.963	3855.720	2333.306
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.690	4.190	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	636.465	303.833	615.579
(e) Other Non-current assets	0.000	0.000	9.455
Total Non-Current Assets	10481.153	7262.179	5886.535
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	773.307	764.674	495.991
(c) Trade receivables	1169.380	548.292	487.935
(d) Cash and cash equivalents	180.066	416.717	765.420
(e) Short-term loans and advances	1388.902	989.738	346.162
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3511.655	2719.421	2095.508
TOTAL	13992.808	9981.600	7982.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5267.369	4503.534	3881.844
		Other Income	52.226	22.550	76.103
		TOTAL (A)	5319.595	4526.084	3957.947
Less	EXPENSES
		Cost of materials consumed	2346.981	2189.509	1881.039
		Purchases of stock-in-trade	412.790	99.312	23.642
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(7.132)	(77.526)	(14.053)
		Employee benefit expense	179.197	165.540	110.097
		Other expenses	1320.181	1194.351	1048.304
		Prior period items	(1.635)	(0.473)	0.110
		Exceptional items	0.406	0.847	0.464
		TOTAL (B)	4250.788	3571.560	3049.603
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1068.807	954.524	908.344
Less	FINANCIAL EXPENSES (D)		327.629	285.891	175.879
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		741.178	668.633	732.465
Less/ Add	DEPRECIATION/ AMORTISATION (F)		266.231	257.045	278.046
	PROFIT BEFORE TAX (E-F) (G)		474.947	411.588	454.419
Less	TAX (H)		121.331	83.963	83.404
	PROFIT AFTER TAX (G-H) (I)		353.616	327.625	371.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1193.169	934.408	633.940
Less	APPROPRIATIONS
		Proposed Dividend/ Dividend Paid	41.887	38.087	34.887
		Corporate Tax on Dividend	7.101	6.177	5.660
		Transfer to General Reserve	27.000	24.600	30.000
	BALANCE CARRIED TO THE B/S		1470.797	1193.169	934.408
	EARNINGS IN FOREIGN CURRENCY		738.299	957.650	NA
	Earnings Per Share (Rs.)		3.74	3.66	4.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.07	7.24	9.37
Net Profit Margin (PBT/Sales)	(%)	9.02	9.09	11.71
Return on Total Assets (PBT/Total Assets}	(%)	4.55	6.72	8.04
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.16
Debt Equity Ratio (Total Debt/Networth)		1.76	1.49	1.17
Current Ratio (Current Asset/Current Liability)		0.94	0.88	0.92

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

PARTICULAR	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	1097.063	988.705	1007.037
Total	1097.063	988.705	1007.037

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CRIMINAL MISC.APPLICATION (FOR QUASHING AND SET ASIDE FIR/ORDER) No. 17991 of 2013 To CRIMINAL MISC.APPLICATION ( FOR QUASHING AND SET ASIDE FIR/ORDER ) No. 17992 of 2013

---

Status : PENDING

CCIN No : 001044201317991

Next Listing Date:

19/02/2014

Coram

HONOURABLE MR.JUSTICE G.R.UDHWANI

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	KALPATRU PACAKAGING PRODUCTS PVT.LTD - THRO' DIPESH M LADDHA RACHNA D LADDHA KAUSHALYA LADDHA	MS RV ACHARYA for: Applicant(s)  1 - 3

S.NO.	Name of the Respondant	Advocate On Record
1 2	STATE OF GUJARAT RAINBOW PAPERS LTD - THRO'SANKET SHAKTIBHAI MUKUL	PUBLIC PROSECUTOR for :Respondent(s)  1 MR ANIL H SONI for :Respondent(s)  2

Presented On	: 08/11/2013	Registered On	: 08/11/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 2 times
StageName	: NOTICE RETURNABLE & ADJOURNED MATTERS

Office Objection

Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage

WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ? WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES ? WHETHER PAGING IS DONE ? WHETHER COPY SERVED TO THE OTHERSIDE/CAVEATOR/P.P? WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ? WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

Classification	SJ - CRIMINAL MISC. APPLICATION - INDIAN PENAL CODE, 1860 - QUASHING OF COMPLAINT
Act	CRIMINAL PROCEDURE CODE, 1973

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Other Forums

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S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	CRIMINAL CASE NO.24/2013	-	CHIEF JUDICIAL MAGISTRATE, AHMEDABAD	-	AHMEDABAD
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	08/11/2013	APPEARANCE NOTE	PUBLIC PROSECUTOR  for RESPONDENT(s)  1	0	PUBLIC PROSECUTOR(2) for R:1
2	08/11/2013	VAKALATNAMA	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	5	MS RV ACHARYA(1124) for P:1 - 3
3	08/11/2013	MEMO OF APPEAL/PETITION/SUIT	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	20	MS RV ACHARYA(1124), for P:1 - 3
4	26/11/2013	CERTIFIED COPY	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	20	MS RV ACHARYA(1124) for P:1 - 3
5	01/01/2014	AFFIDAVIT OF DS	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	0	MS RV ACHARYA(1124) for P:1 - 3
6	08/01/2014	VAKALATNAMA	MR ANIL H SONI ADVOCATE for RESPONDENT(s)  2	5	MR ANIL H SONI(2793) for R:2
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	28/11/2013	10	4	FRESH MATTERS - QUASHING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
2	09/01/2014	23	79	NOTICE RETURNABLE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI  HONOURABLE MR.JUSTICE M.D. SHAH and HONOURABLE MR.JUSTICE G.R.UDHWANI
3	19/02/2014	23	79	NOTICE RETURNABLE AND ADJOURNED MATTERS		HONOURABLE MR.JUSTICE G.R.UDHWANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	CRIMINAL MISC.APPLICATION/17991/2013	HONOURABLE MS.JUSTICE HARSHA DEVANI	28/11/2013	N	ORDER	-	Y	Download

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from others	300.000	300.000
Intercorporate deposits	0.000	40.446
Loans and advances from others	729.500	274.500
Other loans and advances	1.313	0.669
Other loans and advances, others	495.002	203.351
SHORT-TERM BORROWINGS
Other loans and advances, others	373.706	266.798
Total	1899.521	1085.764

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10467890	30/12/2013	1,000,000,000.00	IFCI LIMITED	IFCI TOWER, 61, NEHRU PLACE,, NEW DELHI, DELHI -  110019, INDIA	B92638535
2	10453523	21/09/2013	836,500.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B86864022
3	10453525	21/09/2013	1,228,400.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B86864279
4	10448416	27/08/2013	17,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, RANGOLI COMPLEX, OPP V S HOSPITAL, AHMEDABAD, GUJARAT - 380006, INDIA	B84727809
5	10414078	22/03/2013	500,000,000.00	ALLAHABAD BANK	S. P. NAGAR BRANCH, ACME CENTRE, SHRIMALI SOCIETY, NR. NAVRANGPURA RAILWAY CROSSING, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B71540058
6	10388819	07/11/2012	750,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B62891841
7	10382286	04/10/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B60382322
8	10382373	04/10/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B60411428
9	10382285	28/09/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B60381761
10	10382366	28/09/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B60409406
11	10342707	23/02/2012	750,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B35232503
12	10313731	04/10/2011 *	400,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B24973166
13	90100111	12/09/2005	750,000.00	ICICI BANK LIMITED	11TH FLOOR; SAKAR -1; NEHRU BRIDGE CORNER, ASIAN  ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
14	90099918	23/10/2004	645,000.00	ICICI BANK LIMITED	P O BOX NO. 113 ; BANDRA EAST, 3, MUMBAI, GUJARAT- 400051, INDIA	-
15	80016306	29/09/2003	362,000,000.00	INDIAN OVERSEAS BANK CORPORATION BANK	KALUPUR CIRLCE, AHMEDABAD, GUJARAT - 380002, INDIA	-
16	90102715	07/01/2005 *	362,000,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, AHEMADABAD, GUJARAT - 380002, INDIA	-
17	80016304	05/12/2013 *	10,151,500,000.00	Indian Overseas Bank	KALUPUR CIRCLE BRANCH, AHMEDABAD, GUJARAT - 380002  , INDIA	B92923861
18	90099682	30/07/2003	164,000,000.00	CORPORTION BANK	INDUSTRIAL FINANCE BRANCH; RANGOLI COMPLEX, OPP;  V S HOSPTAL, AHEMADABAD, GUJARAT, INDIA	-
19	90099616	29/01/2003	158,500,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, 3, AHEMADABAD, GUJARAT - 380002,  INDIA	-
20	90099615	22/09/2008 *	127,500,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, AHMEDABAD, GUJARAT - 380002, INDIA	A50333251

* Date of charge modification

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND SIX MOMTHS ENDED 30^TH SEPTEMBER 2013

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended		Half Year Ended
		30.09.2013	30.06.2013	30.09.2013
		Unaudited
1.	Income from operations
	Gross Sales	1624.900	1537.900	3162.800
	Net Sales/Income from Operations	1541.300	1457.700	2999.000
	Other operating income	9.300	17.000	26.300
	Total Income	1550.600	1474.700	3025.300
2.	Expenditure
	Cost of materials consumed	605.600	552.400	1158.000
	Purchase of stock in trade	262.700	291.800	554.500
	Changes in inventories of finished goods, work in progress and stock in trade	18.000	(21.600)	(3.500)
	Employee benefits expenses	54.500	50.300	104.800
	Depreciation and amortization expenses	113.700	108.200	221.800
	Other expenses	320.800	321.900	642.700
	Total Expenses	1375.300	1303.000	2678.300
3.	Profit/ (Loss) from Operations before Other Income, Interest and Exceptional Items (1-2)	175.300	171.700	347.000
4.	Other Income	43.100	51.500	94.600
5.	Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)	218.400	223.200	441.600
6.	Finance Cost (net)	148.300	139.800	288.100
7.	Profit/ (Loss) from ordinary activities after finance costs and but before Exceptional Items (5-6)	70.100	83.400	153.400
8.	Exceptional Items	-	-	-
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	70.100	83.400	153.400
10.	Tax Expense
	(a) Current Tax	15.500	16.700	32.200
	(b) MAT Credit Entitlement	(15.500)	(16.700)	(32.200)
11.	Profit/ (Loss) from ordinary activities after tax (9-10)	70.100	83.400	153.400
12.	Extraordinary Items (net of tax expenses)	-	-	-
13	Net Profit/ (Loss) for the period (11-12)	70.100	83.400	153.400
14.	Operating Profit – EBITDA (2(e)+(5))	332.100	331.400	663.300
15.	Cash Profit	183.800	191.600	375.300
16.	Paid-up Equity Share Capital (Face Value per share Re.10)	197.400	197.400	197.400
17.	Reserve excluding Revaluation Reserves
16i.	Earnings Per Share – (Before Extraordinary Items)
	Basic	0.71	0.84	1.56
	Diluted	0.66	0.79	1.56
Part II Select information for the quarter ended 30th September, 2013
A	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	-Number of Shares	59760850	59760850	59760850
	- Percentage of Shareholding	60.54	60.54	60.54
2.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	13590000	13440000	13590000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	34.89	34.50	34.89
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	13.77	13.81	13.77
	b) Non Encumbered
	- Number of Shares	25366450	25516450	25366450
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	65.11	65.50	65.11
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	25.70	25.85	25.70

Particulars	Quarter Ended 30.09.2013
Pending at the beginning of the quarter	0
Received during the quarter	0
Disposed of during the quarter	0
Remaining unresolved at the end of the quarter	0

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

PARTICULARS	30.09.2013 Unaudited
Equity and liabilities
Shareholders' fund
Share capital	197.400
Reserve & surplus	3824.200
Money received against share warrants	167.200
Sub-total - Shareholders' funds	4188.800
Non - current liabilities
Long term borrowings	6530.600
Deferred tax liability (net)	340.200
Long Term Provision	15.700
Sub-total – Non-current liabilities	6886.500
Current liabilities
Short term borrowings	1117.400
Trade payables	1075.400
Other current liabilities	1660.700
Short term provisions	15.800
Sub-total – Current liabilities	3869.300
Total – Equity & Liabilities	14944.600
Assets
Non-current assets
Fixed assets	10890.100
Non-current Investments	4.100
Long term loans & advances	498.900
Sub-total – Non-current Assets	11393.100
Current assets
Inventories	914.400
Trade receivables	1020.300
Cash & bank balances	208.300
Short term loans & advances	1408.500
Sub-total - Current Assets	3551.500
Total – Assets	14944.600

Notes:

1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 14, 2013. The Statutory Auditors have carried out limited review of the financial results for the quarter ended on September 30, 2013 as per clause 41 of the Listing Agreements.

2. The company has opted to publish unaudited consolidated financial results, pursuant to option made available as per the clause 41 of the Listing Agreements.

3. The deferred tax liability will be considered at the end of accounting year.

4. The company is engaged in only one business segment i.e. manufacturing and trading of paper. However, as per Accounting Standard (AS)-17 "Segmental Reporting" geographical segment reporting are as under:

Particular	Quarter Ended		Half Year Ended
Segmental Operating Revenue	30.09.2013	30.06.2013	30.09.2013
	Unaudited
- In India	1310.700	1240.500	2551.200
- Outside India	239.900	234.200	474.100
Total	1550.600	1474.700	3025.300

5. The figures of previous year / period have been regrouped / reclassified wherever necessary.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Tubewell

· Electrical Installation

· Workshop Equipment

· Vehicles

· Air Conditioners

· Computers

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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.