MIRA INFORM REPORT

Report Date :

22.01.2014

IDENTIFICATION DETAILS

Name :	KARUR K.C.P PACKKAGINGS LIMITED
Registered Office :	No.1, 1^st Floor, Bhagath Singh Street, Behind Standard ICE Factory, Bharathipuram-605011, Puducherry
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.01.1991
Com. Reg. No.:	59-000730
Capital Investment / Paid-up Capital :	Rs.112.500 Millions
CIN No.: [Company Identification No.]	L21029PY1991PLC000730
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Extensible Sack Kraft Paper (ESKP), ESKP Bags, Polypropylene (PP) Bags and Flexible Intermediate Bulk Container (FIBC) Bags.
No. of Employees :	1396 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 6449000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating reflects stretched liquidity position of the company marked by low margins due to volatile raw material price and revenue concentration towards the cement industry. 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 – 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 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	CARE
Rating	BB (Long Term Bank Facilities)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation.
Date	16.04.2013

Rating Agency Name	CARE
Rating	A4 (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.04.2013

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.

LOCATIONS

Registered Office :	No.1, 1^st Floor, Bhagath Singh Street, Behind Standard ICE Factory, Bharathipuram-605011, Puducherry, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kkpl@eth.net
Website :	http://www.karurkcp.in
Corporate Office :	330/1, Cinna Andan Kovil Road, Karur-639001, Tamilnadu, India
Tel. No.:	91-4324 240663 / 240163
Fax No.:	Fax: 91-4324 240963
Factory 1 :	R.S. 112, Thiruvandarkoil Post, Mannadipet Commune, Puducherry - 605 102, Tamilnadu, India
Tel. No.:	91-413-2640559 / 2640560 / 2640561
Fax No.:	91-413-2641009
E-Mail :	pondy@karurk.cp.in
Factory 2 :	PP and FIBC Unit S.F. 199-201, Trichy Main Road, Mayanur, Krishnarayapuram Taluk, Karur District -639108, Tamilnadu, India
Tel. No.:	91-4323-243330 / 243303
Fax No.:	91-4323-243382
E-Mail :	mayanur@karurkcp.in
Factory 3 :	Wind Mills SF. 305/2, 304/1 (P), Pulankinar Village, Udmalpet Taluk, District Tirupur, Tamilnadu, India
Factory 4 :	S.F. No. 23, Thungavi Village, Madathukulam Taluk, District Tirupur, Tamilnadu, India
Manufacturing Unit :	Marchinaickenpalayam, Ambarampalayam Post, Pollachi-642103, India
Tel. No.:	91-4259-252000 (15 Lines)
Fax No.:	91-4259-253757
E-Mail :	pollachi@karurkcp.in

DIRECTORS

AS ON 31.03.2013

Name :	Mr. K C Pallanishamy
Designation :	Chairman cum Managing Director
Address :	330/1, Chinna Andan Koil Road, Karur-639001, Tamilnadu, India
Date of Birth/Age :	24.04.1935
Date of Appointment :	18.01.1991
DIN No.:	00059741

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	L21029PY1991PLC000730	KARUR K.C.P PACKKAGINGS LIMITED	Managing director	01/09/2010	18/01/1991	-	Active	NO
2	U21011TN2000PTC045439	KARUR K.C.P. PULP AND PAPER PRIVATE LIMITED	Managing director	25/07/2000	25/07/2000	-	Active	NO
3	U45200TN2006PTC061549	SSR BUILDTECH PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
4	U45200TN2006PTC061556	PALLANISHAMY BUILDERS PRIVATE LIMITED	Director	21/11/2006	21/11/2006	-	Active	NO
5	U45200TN2006PTC061573	SRSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
6	U45200TN2006PTC061577	KSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
7	U45200TN2006PTC061612	ANNAM BUILDERS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	03/02/2007	Active	YES
8	U02411TN2007PTC063459	SRI RAM BIO DIESEL PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
9	U01122TN2007PTC063668	K.C.P. ORGANIC MANGO PULP PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
10	U70101TN2007PTC065552	PREMIER CHENNAI PROPERTIES PRIVATE LIMITED	Director	28/11/2007	28/11/2007	13/06/2012	Active	NO
11	U70101TN2009PTC070931	AFFORDABLE HOMES PRIVATE LIMITED	Director	19/06/2013	19/06/2013	-	Active	NO

Name :	Mr. Kavalipalayam Chinnappan Palanisamy Sivaraman
Designation :	Joint Managing Director
Address :	330/1, Chinna Andan Koil Road, Karur-639001, Tamilnadu, India
Date of Birth/Age :	01.01.1974
Date of Appointment :	18.01.1991
DIN No.:	00055049

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	L21029PY1991PLC000730	KARUR K.C.P PACKKAGINGS LIMITED	Whole-time director	01/09/2010	18/01/1991	-	Active	NO
2	U21011TN2000PTC045439	KARUR K.C.P. PULP AND PAPER PRIVATE LIMITED	Director	25/07/2000	25/07/2000	-	Active	NO
3	U45200TN2006PTC061549	SSR BUILDTECH PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
4	U45200TN2006PTC061556	PALLANISHAMY BUILDERS PRIVATE LIMITED	Director	21/11/2006	21/11/2006	-	Active	NO
5	U45200TN2006PTC061573	SRSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
6	U45200TN2006PTC061577	KSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
7	U45200TN2006PTC061612	ANNAM BUILDERS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	03/02/2007	Active	YES
8	U02411TN2007PTC063459	SRI RAM BIO DIESEL PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
9	U01122TN2007PTC063668	K.C.P. ORGANIC MANGO PULP PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
10	U70101TN2007PTC065552	PREMIER CHENNAI PROPERTIES PRIVATE LIMITED	Director	28/11/2007	28/11/2007	13/06/2012	Active	NO
11	U70101TN2009PTC070931	AFFORDABLE HOMES PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
12	U70101TN2009PTC070930	AFFORDABLE HOUSING PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO

Name :	Mr. Pallani Shamy Annammal
Designation :	Executive Director
Address :	330/1, Chinna Andan Koil Road, Karur-639001, Tamilnadu, India
Date of Birth/Age :	29.12.1941
Date of Appointment :	18.01.1991
DIN No.:	00060871

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	L21029PY1991PLC000730	KARUR K.C.P PACKKAGINGS LIMITED	Director	18/01/1991	18/01/1991	-	Active	NO
2	U21011TN2000PTC045439	KARUR K.C.P. PULP AND PAPER PRIVATE LIMITED	Director	25/07/2000	25/07/2000	-	Active	NO
3	U45200TN2006PTC061549	SSR BUILDTECH PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
4	U45200TN2006PTC061556	PALLANISHAMY BUILDERS PRIVATE LIMITED	Director	21/11/2006	21/11/2006	-	Active	NO
5	U45200TN2006PTC061573	SRSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
6	U45200TN2006PTC061577	KSR BUILDERS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
7	U45200TN2006PTC061612	ANNAM BUILDERS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	03/02/2007	Active	YES

Name :	Mr. Karuppannan Palaniappan
Designation :	Independent Non-Executive Director
Address :	16, Old Kalipalayam, 2^nd Street, Puliyur, Karur-639114, Tamilnadu, India
Date of Birth/Age :	13.04.1932
Date of Appointment :	22.09.2003
DIN No.:	00300247
Name :	Dr. Karuppannan Mohan
Designation :	Non-Executive Director
Address :	71, Pandari Nathan Street, Karur-639001, Tamilnadu, India
Date of Birth/Age :	10.06.1949
Date of Appointment :	22.09.2003
DIN No.:	00527644
Name :	Mr. Srinivasan Muralikrishnan
Designation :	Non-Executive Director
Address :	330/1, Chinna Andan Koil Road, Karur-639001, Tamilnadu, India
Date of Birth/Age :	24.11.1975
Date of Appointment :	22.09.2003
DIN No.:	00527793

KEY EXECUTIVES

Name :	Mr. V Venkatesan
Designation :	Secretary
Address :	103-C/45, shreelaxmi Nivas, Tamil Sangam Road, Salem-636007, Tamilnadu, India
Date of Birth/Age :	19.05.1966
Date of Appointment :	19.01.2008
Name :	Mr. K. C. Pallani Shamy
Designation :	Chief Executive Officer
Name :	Mr. K.C.P. Shivraman
Designation :	Chief Financial Officer
Name :	Mrs. S.R. Sudhaa
Designation :	President Administration

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2013

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	7245700	72.46
Sub Total	7245700	72.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7245700	72.46
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1148675	11.49
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	916981	9.17
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	432670	4.33
Any Others (Specify)	255974	2.56
Non Resident Indians	17016	0.17
Clearing Members	51481	0.51
Hindu Undivided Families	185477	1.85
Directors & their Relatives & Friends	2000	0.02
Sub Total	2754300	27.54
Total Public shareholding (B)	2754300	27.54
Total (A)+(B)	10000000	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	1250000	0.00
Sub Total	1250000	0.00
Total (A)+(B)+(C)	11250000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Extensible Sack Kraft Paper (ESKP), ESKP Bags, Polypropylene (PP) Bags and Flexible Intermediate Bulk Container (FIBC) Bags. 

Products :

PRODUCT DESCRIPTION	ITEMS CODE
Paper	48042100
Paper Bag	48193000
PP Bag	39232990

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Installed Capacity	Actual Production
ESK Paper	MT	54000	29228
Paper Bag	Nos.	120000000	95260000
Polypropylene Bag	MT	18000	9406

GENERAL INFORMATION

No. of Employees :

1396 [Approximately]

Bankers :

· Union Bank of India, Coimbatore Main Branch, 235, Opposite Anakara Street, Coimbatore-641001, Tamilnadu, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

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

· ICICI Bank Limited

· The Shamrao Vithal Co-Operative Bank Limited

· State Bank of India

· The Karnataka Bank Limited

· The Karur Vysya Bank Limited

· Central Bank of India

· Andhra Bank

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loan From Banks
Wind Mills	50.249	73.080
Co-gen Power Plant	442.546	417.504
Corporate Loans	210.828	126.389
Short Term Borrowings
Cash Credit	1048.383	710.508
Packing Credit Loan	243.351	270.009
Letter of Credit	647.441	602.481
TOTAL	2642.798	2199.971
NOTES: Common Security: Term Loans on Fixed Assets: Term loan facility availed from Bankers are secured by deposit of title deeds of immovable properties and further secured by paripassu First Charge of Fixed Assets and paripassu Second Charge on Current assets of the Company. It carries the base rate of 12% and have a tenure of 6 years. Specific Asset Security: Wind Mills: The loan is secured by deposit of title deeds of wind mill located at S.F.305/2,304/1 (P), Pulankinar Village, Udmalpet Taluk, Tirupur District, Tamil Nadu, with State Bank of India and repayment started from Oct-2009 to Mar-2014. The loan is secured by deposit of title deeds of wind mill located at SF No.23, Thungavi Village, Madathukulam Taluk, Tirupur District, Tamil Nadu with Karur Vysya Bank Limited and repayment started from Nov-2011 to Aug-2018. Interest for the above Term Loans range between 12% to 15% per annum. Co-gen Power Plant ( 10MW): The loan from State Bank of India is secured by deposit of title deeds of land located at Marichinaickenpalayam, Pollachi, Tamilnadu and paripassu first charge on Co-gen power plant and machineries. Repayment starting from Oct-2012 to March-2018. Corporate loan: Corporate Loan availed from Karur Vysya Bank Limited is repayable in 36 monthly installments started from Dec-2011 to Jan-2015. Corporate Loan availed from The Shamrao Vithal Co-Operative Bank Limited is repayable in 60 monthly installments started from Jul-2013 to Jun-2018. Hire Purchase Loan: Hire purchase loan from ICICI Bank, HDFC Bank, Karur Vysya Bank Limited and Kotak Mahindra Prime Limited are secured by hypothecation of the specific asset. The installments vary between each and every HP Loan and also the terms of repayment/ rate of interest/ equated monthly interest. The tenure of HP loan are on average of beyond 30 months. Working Capital, Packing credit loan and Letter of credit Facilities from Banks : The fund based and non-fund based working capital facilities are secured by a paripassu first charge on all the current assets and paripassu second charge on fixed assets of the Company. The said loans are also personally guaranteed by Chairman and Managing Director and two other Directors.

Banking Relations :	--
Auditors :
Name :	Miss Sriram and Company Chartered Accountant
Address :	32, South Lakshmipuram, Karur-639001, Tamilnadu, India
Tel. No.:	91-4324-262587/329222
PAN No:	AADFM3566C

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11250000	Equity Shares	Rs.10/- each	Rs.112.500 Millions

NOTES:

LIST OF SHAREHOLDERS HOLDING MORE THAN FIVE PERCENT OF THE EQUITY SHARE CAPITAL:

NAME OF SHAREHOLDER	AS ON 31.03.2013
	No. of Shares	In %
K.C. Pallani Shamy	6021600	53.53
K.C.P. Shivraman	1173300	10.43
The India Cements Limited	996500	8.86
The Bank of New York Mellon, GDR	1250000	11.11

TERMS / RIGHTS / RESTRICTIONS ATTACHED TO SHARES:

The Company has only one class of Equity share. Each share has a paid up value of Rs.10/-. Every shareholder is entitled to one vote, except for the holders of Global Depository Receipts / Global Depository Shares, who don’t hold voting right. Equity Share holders are entitled to Dividends in proportion to their holding, if declared. In any event Equity Share holders are entitled to receive the remaining assets of the Company after distribution of all lawful amounts payable. Such distribution will be proportionate to the number of equity shares held up.

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	112.500	112.500	112.500
(b) Reserves & Surplus	1499.863	1467.371	1394.390
(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)	1612.363	1579.871	1506.890
(3) Non-Current Liabilities
(a) long-term borrowings	731.731	633.101	1033.218
(b) Deferred tax liabilities (Net)	264.436	237.746	230.098
(c) Other long term liabilities	634.905	599.712	0.000
(d) long-term provisions	5.567	5.192	0.000
Total Non-current Liabilities (3)	1636.639	1475.751	1263.316
(4) Current Liabilities
(a) Short term borrowings	2007.875	1619.998	1325.478
(b) Trade payables	166.868	20.622	75.330
(c) Other current liabilities	287.854	264.113	384.205
(d) Short-term provisions	23.490	27.119	44.518
Total Current Liabilities (4)	2486.087	1931.852	1829.531
TOTAL	5735.089	4987.474	4599.737
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2547.605	1634.925	1784.310
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	100.630	623.692	126.590
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.505
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.149	21.283	20.089
(e) Other Non-current assets	7.054	9.292	8.783
Total Non-Current Assets	2684.938	2289.692	1940.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1692.547	1390.113	1279.858
(c) Trade receivables	1070.884	769.134	832.716
(d) Cash and cash equivalents	139.934	237.765	312.931
(e) Short-term loans and advances	120.433	263.121	213.553
(f) Other current assets	26.353	37.649	20.402
Total Current Assets	3050.151	2697.782	2659.460
TOTAL	5735.089	4987.474	4599.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4398.619	4121.027	3707.482
		Other Income	30.002	42.740	54.673
		TOTAL (A)	4428.621	4163.767	3762.155
Less	EXPENSES
		Cost of materials consumed	3176.774	2844.134	2646.334
		Employee benefits expense	225.263	257.181	209.821
		Other expenses	585.935	568.348	557.061
		Exceptional items	0.477	(84.835)	2.462
		Changes in inventories of finished goods, work-in-progress	(169.486)	90.539	(130.857)
		TOTAL (B)	3818.963	3675.367	3284.821
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		609.658	488.400	477.334
Less	FINANCIAL EXPENSES (D)		378.264	266.311	242.463
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.394	222.089	234.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		150.283	108.445	107.677
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		81.111	113.644	127.194
Less	TAX (H)		35.544	27.589	50.542
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		45.567	86.055	76.652
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		586.700	543.700	495.389
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	30.000	30.000
		Proposed Dividend	11.300	11.300	0.000
		Corporate Dividend Tax	1.800	1.800	0.000
	BALANCE CARRIED TO THE B/S		589.167	586.655	542.041
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	888.200	824.000	618.700
	IMPORTS
		Raw Materials	845.600	823.400	759.900
		Chemicals	10.000	23.100	6.400
		Capital Goods	11.400	21.400	0.000
		Components and Spares	2.400	16.100	4.900
	TOTAL IMPORTS		869.400	884.000	771.200
	Earnings / (Loss) Per Share (Rs.)
	- Basic		4.05	7.65	7.63
	- Diluted		3.62	6.87	7.63

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^st Quarter	2^nd Quarter
Net Sales	1223.100	1264.700
Total Expenditure	1044.700	1099.700
PBIDT (Excl OI)	178.400	165.000
Other Income	0.000	0.000
Operating Profit	178.400	165.000
Interest	100.200	105.500
Exceptional Items	(04.300)	01.900
PBDT	73.900	61.400
Depreciation	49.300	45.500
Profit Before Tax	24.600	15.900
Tax	05.000	03.000
Provisions and contingencies	0.000	0.000
Profit After Tax	19.600	12.900
Extraordinary Items	0.000	0.000
Net Profit	19.600	12.900

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.03	2.07	2.04
Net Profit Margin (PBT/Sales)	(%)	1.84	2.75	3.43
Return on Total Assets (PBT/Total Assets}	(%)	1.44	2.60	2.84
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.08
Debt Equity Ratio (Total Debt/Networth)		1.70	1.43	1.57
Current Ratio (Current Asset/Current Liability)		1.23	1.40	1.45

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	Yes
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	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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10458531	10/10/2013	220,000,000.00	IDBI BANK LIMITED	LIC BUILDING FIRST FLOOR, NO.3, WEST MARRET STREE T, MADURAI - 625001, TAMILNADU, INDIA	B88900261
2	10460502	25/09/2013	4,463,400.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B89652705
3	10460442	24/09/2013	1,918,790.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B89636682
4	10395543	24/12/2012	4,300,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B65336315
5	10383291	05/06/2013 *	250,000,000.00	UNION BANK OF INDIA	COIMBATORE MAIN BRANCH, 235, OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA	B79201430
6	10361040	12/06/2012	1,214,560.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B41796673
7	10361273	12/05/2012	200,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	CUFFE PARADE BRANCH, MAKERS TOWER E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B41889585
8	10359446	10/05/2012	1,790,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B41134164
9	10353775	19/04/2012	7,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B38953261
10	10348884	26/03/2012	1,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA	B37329398
* Date of charge modification

NOTE: Registered office has been shifted from No.10, 2^nd Cross Anna Nagar, Puducherry-605005, India to the present address w.e.f. 21.08.2012.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Hire Purchase Loans	28.108	16.128
Short Term Borrowings
Inter Corporate Deposits	68.700	37.000
TOTAL	96.808	53.128

CASE DETAILS

CHENNAI COURT CASE STATUS INFORMATION SYSTEM

CASE STATUS:	PENDING
STATUS OF:	CIVIL MISC. APPEAL
CASE NO.:	3381
YEAR:	2009
PETITIONER:	THE COMMISSIONER OF CENTRAL
RESPONDENT:	KARUR K.C.P. PACKAGGING LIMITED
PET’S ADVOCATE:	S.S. THIRUMAVALAVAN
RES’S ADVOCATE:	--
CATEGORY:	CENTRAL EXCISES AND SALT ACT, 1944 (1 OF 1944)
LAST LISTED ON: NO DATE MENTIONED
CASE UPDATED ON:	JULY 4, 2013

CONNECTED APPLICATION(S)

NO CONNECTED MATTER(S)

APPLICATION TYPE	APPLICATION NUMBER	APPLICATION YEAR
MP	1	2009

PERFORMANCE:

STANDALONE PERFORMANCE:

· The Turnover during the year was Rs. 4715.200 Millions as against Rs. 4370.300 Millions for the previous year, a growth of 7.89% over the previous year. Increase in revenue was due to rise in volumes and prices as well. During the year, exports were higher by 7.79 % at Rs. 888.200 Millions.

· Profit before tax was Rs. 81.100 crore as against Rs. 113.600 Millions for the previous year, a decrease of 28.61%.

· FCC Bonds which are maturing on 27th April, 2011 have been extended by another 5 years to 26th April, 2016. Besides, Bonds carrying 7% YTM got reduced to 5%YTM. The Company is confident of generating sufficient cash flows at maturity if the bond holders opt for redemption on due date.

· The Company is having 3.30 MW Windmills capacity and its generation is being adjusted in its FIBC and PP Division.

· The Company installed 10 MW Co-gen captive power plant at Pollachi, Tamilnadu, India during November, 2012. With this addition the Company’s power and fuel cost will get reduced substantially in forthcoming years. The Company can also generate additional income by selling the Power.

INDUSTRY SCENARIO AND DEVELOPMENT:

As the Company’s major products, namely, Paper bags and PP bags are supplied to Cement Industries; the growth of the Company is directly proportion to the growth of the Indian Cement industries. Due to major infrastructure developments and growth in housing sector, the Indian Cement industries are growing at 7% to 8% on year to year basis. This growth will directly help the Company too for its growth.

OUTLOOK:

The Company has a wide range of products, i.e., ESK Paper, Paper bags, PP bags and FIBC bags. This has given more flexibility to the Company for its growth. The power situation in Tamil Nadu is very precarious. However, the Company has ventured into power sector at right time. The 10 MW Co-generation power plant have become operational during this financial year, it helps the Company for uninterrupted operation, generate power at lower cost as against grid power and will also generate additional income by sale of power.

FIXED ASSETS:

· Land

· Factory Building

· Building - Quarters

· Plant and Machinery

· Electrical Fittings

· Furniture and Fittings

· Office Equipments

· Computers

· Cycles

· Vehicles

· Windmill

· Lorry

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR 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	Unaudited	Unaudited
1.	Net Sales/Income from Operations	1256.600	1217.300	2473.900
	Other Operating Income	8.100	5.800	13.900
	Total Income From Operations (Net)	1264.700	1223.100	2487.800
2.	Expenditure
	Cost of materials consumed	910.800	882.800	1793.600
	Purchase of stock in trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work in progress and stock in trade	(34.800)	13.800	(21.000)
	Employee benefits expenses	57.400	50.100	107.500
	Depreciation and amortization expenses	45.500	49.300	94.800
	Other expenses	166.300	98.000	264.300
	Total Expenses	1145.200	1094.000	2239.200
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	119.600	129.100	248.700
4.	Other Income	0.000	0.000	0.000
5.	Profit Before Interest and Exceptional Items (3+4)	119.600	129.100	248.700
6.	Interest	105.500	100.200	205.700
7.	Profit After Interest but before Exceptional Items (5-6)	14.000	28.900	42.900
8.	Exceptional Items	1.900	(4.300)	(2.400)
9.	Profit from Ordinary Activities before Tax (7+8)	15.900	24.600	40.500
10.	Tax Expense	3.000	5.000	8.000
11.	Net Profit from Ordinary Activities after Tax (9-10)	12.900	19.600	32.500
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	12.900	19.600	32.500
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	112.500	112.500	112.500
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	1.15	1.74	2.89
	b) Basic and diluted EPS after extraordinary items	1.03	1.56	2.59
17.	Public Shareholding
	-Number of Shares	4004300	4004300	4004300
	- Percentage of Shareholding	36.00	36.00	36.00
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	2373400	2373400	2373400
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	33.00	33.00	33.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	21.00	21.00	21.00
	b) Non Encumbered
	- Number of Shares	4872300	4872300	4872300
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	67.00	67.00	67.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	43.00	43.00	43.00

Particulars	Quarter Ended 30.09.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED

Rs. In Millions

Sl. No.	Particulars	Quarter Ended		Half Year Ended
		30.09.2013	30.06.2013	30.09.2013
		Unaudited	Unaudited	Unaudited
1	SEGMENT REVENUE
	Paper Division	551.300	541.600	1092.900
	Paper Bags Division	322.000	359.400	681.400
	Polypropylene Division	383.200	316.300	699.500
	TOTAL	1256.500	1217.300	2473.800
	Less : Inter Segment Revenue (Net of Excise)	337.900	393.800	731.700
	NET SALES / INCOME FROM OPERATION	918.700	823.500	1742.200
2	SEGMENT RESULTS
	Paper Division	48.200	76.200	124.400
	Paper Bags Division	49.000	14.800	63.800
	Polypropylene Division	24.200	33.800	58.000
	TOTAL	121.400	124.800	246.200
	Less :Interest	105.500	100.200	205.700
	NET PROFIT (+) / LOSS(-) BEFORE TAX	15.900	24.600	40.500
3	CAPITAL EMPLOYED
	(SEGMENT ASSETS – SEGMENT LIABILITIES)
	Paper Division	1209.700	1214.600	1209.700
	Paper Bags Division	453.500	429.000	453.500
	Polypropylene Division	246.200	252.800	246.200
	TOTAL	1909.400	1896.400	1909.400

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30^TH SEPTEMBER, 2013

Rs. In Millions

PARTICULARS	30.09.2013
Equity and liabilities
Shareholders' fund
Share capital	112.500
Reserve & surplus	1532.500
Sub-total - Shareholders' funds	1645.000
Non - current liabilities
Long term borrowings	666.200
Deferred tax liability (net)	264.400
Other long-term liabilities	634.900
Long term provisions	5.600
Sub-total - Non-current liabilities	1571.100
Current liabilities
Short term borrowings	2101.100
Trade payables	215.600
Other current liabilities	294.700
Short term provisions	14.800
Sub-total - Current liabilities	2626.200
Total - Equity & Liabilities	5842.300
Assets
Non-current assets
Fixed assets	2485.400
Capital work in progress	121.600
Non-current investment	0.500
Long term loans & advances	11.400
Other non-current assets	7.100
Sub-total - Non-current Assets	2626.000
Current assets
Current investments	0.000
Inventories	1786.300
Trade receivables	943.300
Cash & bank balances	204.700
Short term loans & advances	251.800
Other current assets	30.200
Sub-total - Current Assets	3216.300
Total – Assets	5842.300

NOTES:

1. The company has choosen the option of publishing standalone results on a quarterly basis.

2. The above mentioned financial results have been reviewed by the audit committee and were taken on record by the board of directors of the company at its meeting held on 14^th November, 2013.

3. Previous figures have been regrouped/ recast, wherever necessary.

4. The above results are subject to limited review by the statutory auditors of the company.

5. The company operates in 3 business segments i.e. Paper, Paper Bag, Polypropylene Division.

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 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.61.54
UK Pound	1	Rs.101.08
Euro	1	Rs.83.37

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.