MIRA INFORM REPORT

Report Date :

29.01.2014

IDENTIFICATION DETAILS

Name :	VACMET INDIA LIMITED (w.e.f 10.09.2009)
Formerly Known As :	VACMET PACKAGINGS (INDIA) PRIVATE LIMITED
Registered Office :	Anant Plaza, 2^nd Floor, 4/117-2A, Civil Lines, Church Road, Agra – 282002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.1993
Com. Reg. No.:	20-034039
Capital Investment / Paid-up Capital :	Rs.142.889 Millions
CIN No.: [Company Identification No.]	U74899UP1993PLC034039
TAN No.: [Tax Deduction & Collection Account No.]	AGRV10053B
PAN No.: [Permanent Account No.]	AAACV5120B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Polyester film and BOPP.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 8900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The management has gradually improved its profitability performance as compared to the loss recorded during previous year. Profit margin appears to be low. However, the general financial postion appears to be decent marked by healthy networth. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of established market presence in the flexible packaging industry, the subject 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.

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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.11.2013

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 :	Anant Plaza, 2^nd Floor, 4/117-2A, Civil Lines, Church Road, Agra – 282002, Uttar Pradesh, India
Tel. No.:	91-562-2525466/ 4050400
Fax No.:	91-562-2151188/ 2527064
E-Mail :	vacmet@vsnl.com vacmet@vpiplmail.co.in
Website :	http://www.vpiple.co.in
Factory :	110 Km Stone, Delhi National Highway, Chhata, District Mahtura – 281401, Uttar Pradesh, India
Branch Office:	104/106, Tribuvan Complex, New Friends Colony, Mathura Road, New Delhi, India

DIRECTORS

As on 06.09.2013

Name :

Mr. Dinesh Chand Agarwal

Designation :

Managing Director

Address :

4/117 E, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

15.01.1949

Qualification:

Graduate

Date of Appointment :

01.12.2012

PAN No.:

AANPA2739F

DIN No.:

00472703

Other Directorship :

S.No	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Managing director	01/12/2012	03/03/1993	Active	NO
2	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07/04/2005	07/04/2005	Active	NO
3	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08/06/2005	08/06/2005	Active	NO
4	U21098UP2010PTC042655	POLYPACKS CORPORATION PRIVATE LIMITED	Director	24/11/2010	24/11/2010	Active	NO

Name :

Mr. Padam Chand Agarwal

Designation :

Whole-Time Director

Address :

4/117 B, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

08.03.1944

Date of Appointment :

01.01.2012

DIN No.:

00007191

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01/01/2012	03/03/1993	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08/06/2005	08/06/2005	Active	NO

Name :

Mr. Rajesh Kumar Srivastava

Designation :

Director

Address :

S-376, Ground Floor, Panchshila Park, New Delhi – 110017, India

Date of Birth/Age :

20.03.1957

Date of Appointment :

12.08.2011

DIN No.:

00302223

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	U67120MH2003PTC139711	RABO INDIA SECURITIES PRIVATE LIMITED	Managing director	20/01/2007	01/06/2006	06/01/2009	Active	NO
2	U65929HR1998PLC037509	RABO INDIA FINANCE LIMITED	Director	18/07/2008	15/03/2007	15/12/2009	Active	NO
3	U67190DL2006PTC191588	RABO EQUITY ADVISORS PRIVATE LIMITED	Managing director	18/07/2008	21/04/2008	-	Active	NO
4	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	03/03/2009	02/03/2009	-	Active	NO
5	U01110AP1997PTC026890	SRI BIOREMEDIES PRIVATE LIMITED	Director	05/03/2009	04/03/2009	-	Active	NO
6	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	05/11/2009	05/11/2009	16/08/2011	Active	NO
7	L74899DL1990PLC041790	LT FOODS LIMITED	Nominee director	30/09/2010	09/11/2009	-	Active	NO
8	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Nominee director	29/09/2010	29/12/2009	-	Active	NO
9	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
10	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12/08/2011	19/08/2010	-	Active	NO
11	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Director	25/08/2011	13/06/2011	-	Active	NO
12	U01119AP2003PTC041810	SUPER AGRISEEDS PRIVATE LIMITED	Nominee director	30/03/2012	30/03/2012	-	Active	NO
13	U15200PN2009PTC134859	PRABHAT NUTRITIOUS AND FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Nominee director	28/09/2012	28/09/2012	30/09/2013	Active	NO
14	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Nominee director	28/09/2012	28/09/2012	-	Active	NO
15	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Nominee director	28/09/2012	28/09/2012	-	Active	NO

Name :

Mr. Raj Narain Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

07.05.1947

Date of Appointment :

01.07.2010

PAN No.:

ABHPA1319C

DIN No.:

00472736

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01/07/2010	03/03/1993	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08/06/2005	08/06/2005	Active	NO
3	U21098UP2010PTC042655	POLYPACKS CORPORATION PRIVATE LIMITED	Director	24/11/2010	24/11/2010	Active	NO

Name :

Mr. Suresh Chand Agarwal

Designation :

Director

Address :

4/117 D, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

08.05.1942

Date of Appointment :

03.03.1993

PAN No.:

ABHPA1316P

DIN No.:

00472773

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	03/03/1993	03/03/1993	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08/06/2006	08/06/2006	Active	NO

Name :

Mr. Mayank Agarwal

Designation :

Director

Address :

4/117 E, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

12.11.1976

Qualification:

MBA

Date of Appointment :

08.09.2009

PAN No.:

ABJPA0533G

DIN No.:

00513665

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07/04/2005	07/04/2005	Active	NO
2	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08/09/2009	24/03/2009	Active	NO

Name :

Mr. Rahul Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

02.05.1970

Qualification:

Graduate

Date of Appointment :

08.09.2009

PAN No.:

AAQPA3696B

DIN No.:

01232503

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07/04/2005	07/04/2005	Active	NO
2	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08/09/2009	24/03/2009	Active	NO

Name :

Mr. Nitin Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra - 282002, Uttar Pradesh, India

Date of Birth/Age :

22.07.1969

Qualification:

Master Degree in Engineering

Date of Appointment :

08.09.2009

PAN No.:

ABSPA3696B

DIN No.:

01826926

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08/09/2009	24/03/2009	Active	NO

Name :

Mr. Siddharth Lal

Designation :

Director

Address :

12, Ishwar Nagar, New Delhi – 110065, India

Date of Birth/Age :

09.04.1976

Date of Appointment :

12.08.2011

DIN No.:

03312590

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12/08/2011	14/12/2010	-	Active	NO
2	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	30/06/2011	21/12/2010	16/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ambrish Dwivedi
Designation :	Secretary
Address :	117-L-205, Naveen Nagar, Kakadeo, Kanpur – 208025, Uttar Pradesh, India
Date of Birth/Age :	31.05.1981
Date of Appointment :	06.04.2012
PAN No. :	AJHPD2631A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2013

Names of Shareholders	No. of Shares
Dinesh Chand Agarwal	3989000
Raj Narain Agarwal	1345000
Suresh Chand Agarwal	554500
Padam Chand Agarwal	195500
Nitin Agarwal	205000
Rahul Agarwal	190500
Mayank Agarwal	170814
Shailendra Agarwal	133000
Om Prakash Agarwal	20000
Umesh Agarwal	68000
Bimla Agarwal	23000
Sudha Agarwal	29000
Sangeeta Agarwal	25000
Rekha Agarwal	42000
Shalini Agarwal	67000
Neeta Agarwal	23000
Rajni Agarwal	15000
Manoj Agarwal	32000
Pawan Agarwal	23000
Deepak Agarwal	25000
Manjuri Agarwal	83500
Kirti Agarwal	25000
Swati Agarwal	10000
Priyanka Agarwal	15000
Ravi Agarwal	17000
Shilpa Agarwal	1000000
Vacmet Finance and Investments Limited, India	1050000
KMC Portfolio Private Limited, India	1350000
Ganpati Fincap Services Private Limited, India	250000
Shushre Securities Private Limited, India	200100
India Agri Business Fund Limited, India	3102062
Real Trust, India	10895
Total	14288871

As on 06.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.70
Bodies corporate	20.03
Directors or relatives of Directors	58.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polyester film and BOPP.

Products :

Item Code No. (ITC Code)	Product Description
39206290	Lacquered polyester film
39206290	Holographic film
39206210	Polyester film
39202020	BOPP film
48239018	Paper products
39206290	Metallised polyester film

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Polyester Film	MT	20600.61
Glitter Powder	MT	80.27
Paper Film	MT	2645.60
Bopp Film	MT	400.80

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, International Business Branch, Jeevan Prakash LIC Building,Sanjay Place, Agra - 282002, Uttar Pradesh, India

Landesbank Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart - D70173, Germany

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Movable and immovable assets)	453.010	308.629
Foreign currency term loans from banks (Movable and immovable assets)	1673.967	1816.536
Other loans and advances (Hypothecation of assets and guarantee by Directors)	492.345	370.713
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of raw material, stock in process, finished goods, book debts)	406.808	588.959
Other loans and advances, others (Hypothecation of raw material, stock in process, finished goods, book debts)	198.214	0.000
Total	3224.344	3084.837

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi – 110001, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Name :	Tandon Mital and Associates Chartered Accountants
Address :	F-5, Narayan Tower, Sanjay Place, Agra – 282002, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAAFT8324N
Subsidiary company :	Vacmet Europe Limited
Entities where significant influence is exercised by K ey M anagement P ersonnel and/ or their relatives having transactions with the Company:	· Afore Tracom and Merchant Private Limited CIN No.:U51909DL2001PTC112805 Immaculate Multi Trade and Commerce Private Limited CIN No.:U51909DL2001PTC112806 Polypacks Industries Rishabh Tracom and Commercial Merchant Private Limited CIN No.:U51909DL2001PTC112800 Polymer Biax Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,288,871	Equity Shares	Rs.10/- each	Rs.142.889 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	142.889	142.889	130.130
(b) Reserves & Surplus	2086.645	2076.916	2136.321
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.276	2.551
Total Shareholders’ Funds (1) + (2)	2229.534	2221.081	2269.002
(3) Non-Current Liabilities
(a) long-term borrowings	2619.321	2495.878	1213.748
(b) Deferred tax liabilities (Net)	193.654	189.507	219.236
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.356	1.903	2.601
Total Non-current Liabilities (3)	2815.331	2687.288	1435.585
(4) Current Liabilities
(a) Short term borrowings	674.032	653.201	371.556
(b) Trade payables	378.073	197.397	69.768
(c) Other current liabilities	890.726	872.303	536.678
(d) Short-term provisions	1.756	0.273	34.248
Total Current Liabilities (4)	1944.587	1723.174	1012.250
TOTAL	6989.452	6631.543	4716.837
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5328.723	3247.661	3031.152
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	50.095	1805.320	11.303
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.812	0.812	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.556	82.262	345.969
(e) Other Non-current assets	0.000	0.000	9.520
Total Non-Current Assets	5440.186	5136.055	3397.944
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	614.317	510.410	378.366
(c) Trade receivables	527.885	363.674	150.680
(d) Cash and cash equivalents	180.068	418.226	681.116
(e) Short-term loans and advances	176.428	171.536	78.031
(f) Other current assets	50.568	31.642	30.700
Total Current Assets	1549.266	1495.488	1318.893
TOTAL	6989.452	6631.543	4716.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	7226.208	4579.149	4087.960
		Other Income	23.014	52.011	26.252
		TOTAL (A)	7249.222	4631.160	4114.212
Less	EXPENSES
		Cost of materials consumed	5366.193	3294.922	2129.927
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(27.537)	(120.547)	13.809
		Employee benefit expense	160.514	108.928	73.643
		Other expenses	1457.783	1061.309	667.899
		Prior period items	0.167	0.000	4.382
		Exceptional Items	(253.625)	0.000	0.000
		TOTAL (B)	6703.495	4344.612	2889.660
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		545.727	286.548	1224.552
Less	FINANCIAL EXPENSES (D)		201.219	121.142	57.829
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		344.508	165.406	1166.723
Less/ Add	DEPRECIATION/ AMORTISATION (F)		331.800	254.405	138.279
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		12.708	(88.999)	1028.444
Less	TAX (H)		4.255	(29.594)	323.194
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		8.453	(59.405)	705.250
	EARNINGS IN FOREIGN CURRENCY
		FOB value of export of goods	1682.800	701.294
		Interest received on loan to Vacmet Europe Limited	0.002	0.003
	TOTAL EARNINGS		1682.802	701.297	509.031
	IMPORTS
		Capital Equipment	159.553	1682.468	1121.554
		Raw Material	1357.064	256.894	179.219
		Consumables	45.959	23.400	33.293
		Machinery Parts	19.584	54.255	37.935
	TOTAL IMPORTS		1582.160	2017.017	1372.001
	Earnings / (Loss) Per Share (Rs.)		0.59	(4.34)	59.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.12	(1.28)	17.14
Net Profit Margin (PBT/Sales)	(%)	0.18	(1.94)	25.16
Return on Total Assets (PBT/Total Assets}	(%)	0.18	(1.84)	21.86
Return on Investment (ROI) (PBT/Networth)		0.01	(0.04)	0.45
Debt Equity Ratio (Total Debt/Networth)		1.48	1.42	0.70
Current Ratio (Current Asset/Current Liability)		0.80	0.87	1.30

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	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	-----
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10265848	19/03/2013 *	764,067,465.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUB LIC OF GERMANY, STUTTGART, - D70173, GERMANY	B73727059
2	10264946	10/02/2011	146,218,275.00	LANDESBANK BADEN- WURTTEMBERG	AM HAUPTBAHNOF 2, 70173 STUTTGART, FEDERAL REPUBL IC OF GERMANY, STUTTGART, - D70173, GERMANY	B05559257
3	10207664	18/03/2010	86,072,360.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUB LIC OF GERMANY, STUTTGART, - D70173, GERMANY	A81820862
4	10207661	18/03/2010	850,043,860.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUB LIC OF GERMANY, STUTTGART, - D70173, GERMANY	A81820318
5	10194647	07/01/2010	326,500,000.00	ALLAHABAD BANK	NEW AGRA BRANCH, C - 2 / 48, KAMLA NAGAR, AGRA - 282005, UTTAR PRADESH, INDIA	A76857598
6	10189026	17/11/2009	71,500,000.00	BANK OF BARODA	IBB BRANCH, 13, M.G. ROAD, AGRA - 282001, UTTAR PRADESH, INDIA	A74769340
7	10187128	09/11/2009	7,500,000.00	BANK OF INDIA	AGRA SME BRANCH, SANJAY PLACE, AGRA - 282002, UTTAR PRADESH, INDIA	A74043290
8	80000134	23/03/2013 *	2,855,800,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, JEEVAN PRAKASH LIC BUILDING,SANJAY PLACE, AGRA - 282002, UTTAR PRADESH, INDIA	B71184378
9	80009136	27/07/2006 *	15,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, 13,M.G.ROAD, AGRA - 282001, UTTAR PRADESH, INDIA	-
10	90034431	22/12/1997	742,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, M.G. ROAD, AGRA, UTTAR PRADESH, INDIA	-
11	90034169	27/11/1997 *	5,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, M.G ROAD, AGRA, UTTAR PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from directors	69.009	64.242
Total	69.009	64.242

CHANGE OF ADDRESS

The registered office of the company has been shifted from 24/704, Eastend Apartments, Mayur Vihar, Phase-I, Extension, Delhi – 110096, India to the present address w.e.f. 10.08.2007.

CORPORATE INFORMATION

The company is engaged in production of Polyester film and BOPP film with its manufacturing units located at Chhata, Mathura. Total annual production capacity of polyester film is 48,000 M.T per annum and of BOPP film 40800 M.T. The Company has three converting units for manufacturing of metallising films and speciality coated films and paper with annual production capacity of 35,000 M.T per annum. Currently the company manufactures polyester films and BOPP film from 8 microns to 75 microns. The company exports to more than 50 countries across the global directly, through their associates and through wholly owned subsidiary (Vacmet Europe limited) in United Kingdom.

FUTURE OUTLOOK

The Indian packaging industry is expected to grow at a growth rate of 11-12% for the next few years. Indian Government has allowed Foreign Direct Investment in Multi Brand Retail and Single brand retail business. They hope that entry of foreign direct investment (FDI) in multi-brand/single brand retail and the expansion of organized retail in the country will be key drivers of the packaging industry’s growth in future.

The Indian packaging industry is a significant contributor to various industries including food & beverage, FMCG, pharmaceuticals and personal care products. Food processing industry is growing at a very rapid speed and major portion of revenue of food processing industry is generated from organized sector. Mega food parks are also being established. Packaging Industry is directly related to food processing industry and will play a key role in success of mega food parks. The changing Trend of buying in small packets, health awareness among public, extraordinary growth in retail industry are few major factors for growth in Packaging industry.

During the year few new products were initiated and marketed successfully in domestic and overseas market e.g Release films, high barrier transparent films etc.

The Company is endeavoring to increase its market share by expansion of its production capacity. They are looking forward to set up PET chips plant and expansions of its film line units of BOPP film, BOPET films and Coated and metalized film line.

The Company is catering the demand of the domestic as well as international market. They export to more than 50 countries globally and with development of new avenues in the packaging sectors, they are focusing to establish their marketing offices/associates in European and CIS countries.

They strongly believe that the overall future of the industry and in particular of the company seems good and long term growth prospects remain immense.

EXPANSION PROJECTS

Company has commissioned BOPP Film Line project at Chhata, District Mathura of Uttar Pradesh, which commenced its commercial production in the month of May, 2012. The annual capacity of the project is 40,800 MT. Company has commissioned one metalizer during the year under preview having annual capacity of 7200 MT.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank guarantee in favour of Dakshinanchal Vidyut Nigam Limited for securing all payments to the seller	9.400	6.880
Bank guarantee in favour of Indian Oil corporation to avail credit facility on purchase of furnace oil	0.000	1.200
Outstanding letter of credits established by the Company’s bankers in favour of suppliers against which goods are to be received	78.688	149.360
Obligation of duty against balance exports obligation for imports under Export Promotion Capital Goods Scheme (EPCG) licenses and Export Promotion Scheme – Advance licenses	244.106	598.287
Demands raised by the excise authorities against which appeals have been filed	545.075	411.627
Demands raised by the sales tax authorities against which appeals have been filed	2.153	2.153

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Leasehold Improvements

PRESS RELEASE

VACMET SUCCESSFULLY ENTERS THE BOPP FILM BUSINESS

July 05, 2012 (Germany)

With the successful start of their brand new Bruckner high speed film production line, Vacmet India Limited is now entering the BOPP film business. This state-of-the-art line enables Vacmet to bring up to 40,000 tons of first-class Polypropylene films to market per year, to satisfy the growing Indian demand. As a result of the great cooperation between Vacmet and Bruckner teams a smooth start at their top-modern facility near Delhi could be achieved, with the line producing saleable film from day one.

Beside the highly sophisticated BOPP line Brückner also supplied a comprehensive film recycling and fluff handling system. It allows Vacmet to feed the fluff directly back to the twin screw extruder, which in return saves energy and preserves raw material quality (no additional melting process by regranulation system). Alternatively the fluff can also be processed by the regranualtion system.

Direct drives throughout the whole line, advanced airflow control and heat recovery system in the TDO are further features to reduce the energy consumption which is a rising requirement in today’s world.

Bruckner is proud to be Vacmet’s partner in the challenging BOPP film production and guarantees to further provide an individual, efficient and personal service.

Vacmet India Limited is a privately held company, involved in production of high end flexible packaging materials, providing applications in various food and non-food sectors. Vacmet has four manufacturing sites with an installed capacity of 35,000 tons of converted products (e.g. metallized and special coated products) and 50,000 tons of Polyester films per annum.

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.62.99
UK Pound	1	Rs.104.61
Euro	1	Rs.86.17

INFORMATION DETAILS

Report Prepared by :

MRI

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.