MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	PRROPYL PACKS LIMITED (w.e.f.13.11.2010)
Formerly Known As :	PRROPYL PACKS PRIVATE LIMITED (w.e.f.29.04.2008) PROPYL PACKS PRIVATE LIMITED
Registered Office :	"Nandanam", Smrra-111, Saw Mill Road, Koorkenchery, Thrissur – 680007, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.07.1996
Com. Reg. No.:	09-010585
Capital Investment / Paid-up Capital :	Rs. 100.185 Millions
CIN No.: [Company Identification No.]	U25202KL1996PLC010585
TAN No.: [Tax Deduction & Collection Account No.]	CHNP00900E
PAN No.: [Permanent Account No.]	AABCP7383B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Flexible Packaging Material and Multilayer Fillings.
No. of Employees :	150 (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 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has reported an accumulated loss during FY13, which are further mitigated by the continuous infusion of funds as capital by the promoters, which in turn supports the liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of modest scale of operations, the subject can be considered for business dealings 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 PARTED BY

Name :	Mr. Belakrishna
Designation :	Finance Manager
Contact No.:	91-487-2443739
Date :	09.06.2014

LOCATIONS

Registered Office :	"Nandanam", Smrra-111, Saw Mill Road, Koorkenchery, Thrissur – 680007, Kerala, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mca@krishnakumar.org sales@prropylpacks.com
Website :	http://www.prropylpacks.com
Administrative Office :	Door 488/19, First Floor, Suncity Complex, Koorkenchery, Thrissur – 680007, Kerala, India
Tel. No.:	91-487-2443739/ 2444739
Marketing Office :	841 / M-1, Paradiso, Elamakkara, Kochi - 680026. Kerala, India
Tel. No.:	91-484-2536376/ 2409819
Factories :	Located at: 1) Unit No. 1 Kothaparamba P.O., Kodungallur – 680668, Kerala, India 2) Unit No. II Malumichampetty, Coimbatore – 21, Tamilnadu, India 3) Unit No. III Kinfra Industrial Park, Koratty, Kerala, India 4) Unit IV GIDC, Valsad District, Gujarat, India

DIRECTORS

AS ON 27.09.2013

Name :

Rajesh Kuttiparambil Sathees Babu

Designation :

Managing director

Address :

Sreepadam, P O Valapad, Triprayar, Thrissur – 680567, Kerala, India

Date of Birth/Age :

16.12.1969

Qualification :

B.Tech Mechanical

Date of Appointment :

01.01.2013

PAN No.:

ADBPR3842H

DIN No.:

00769792

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	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Managing director	01/01/2013	25/04/1997	Active	NO
2	U25209TZ2001PTC009842	PROPYL PACKS KOVAI PRIVATE LIMITED	Managing director	01/09/2006	01/08/2001	Active	NO

Name :

Jayapalan Vallomparambath Kuttiparambil

Designation :

Director

Address :

Director KVG Medical College, Kurunji Bag, PO Sullia – 574327, Karnataka, India

Date of Birth/Age :

12.11.1936

Qualification :

MD Forensic Medicine

Date of Appointment :

25.04.1997

DIN No.:

00769995

Name :

Madhusoodanan Vallombarambath Kumaran

Designation :

Director

Address :

Kutti Prambil House, Near Boys High School, Sringapuram, Kodungallur, Thrissur – 680664, Kerala, India

Date of Birth/Age :

28.02.1951

Qualification :

LLB

Date of Appointment :

25.04.1997

DIN No.:

00775325

Name :

Krishnakumar Kuttiparambilhouse Suseelan

Designation :

Director

Address :

Vallomparambath Kutti Parambil (H), Kothaparambu, Kodungallur, Thrissur – 680068, Kerala, India

Date of Birth/Age :

10.04.1968

Qualification :

B Tech Mechanical

Date of Appointment :

25.04.1997

DIN No.:

00775343

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	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Director	25/04/1997	25/04/1997	Active	NO
2	U51496KL2001PTC014751	SILICONE INNOVATIONS PRIVATE LIMITED	Director	29/05/2001	29/05/2001	Active	YES

Name :

Leela Kanakkassery Raghavan

Designation :

Director

Address :

Sreepadam, P O Valapad, Triprayar, Thrissur – 680567, Kerala, India

Date of Birth/Age :

05.05.1947

Qualification :

Graduate

Date of Appointment :

25.04.1997

DIN No.:

00775379

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	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Director	25/04/1997	25/04/1997	Active	NO
2	U25209TZ2001PTC009842	PROPYL PACKS KOVAI PRIVATE LIMITED	Director	19/01/2002	19/01/2002	Active	NO

Name :

Satheesababu Vallomparambath Kuttiparambil Kumaran

Designation :

Director

Address :

Sreepadam, P O Valapad, Triprayar, Thrissur – 680567, Kerala, India

Date of Birth/Age :

19.01.1941

Qualification :

Retd Medical Practitioner

Date of Appointment :

26.07.1996

PAN No.:

AKLPS8515K

DIN No.:

00776308

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	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Director	26/07/1996	26/07/1996	Active	NO
2	U25209TZ2001PTC009842	PROPYL PACKS KOVAI PRIVATE LIMITED	Director	19/01/2002	19/01/2002	Active	NO

Name :

Saleesh Kuttiparambil Satheesh Babu

Designation :

Whole-time director

Address :

Sreepadam, P O Valapad, Triprayar, Thrissur – 680567, Kerala, India

Date of Birth/Age :

23.09.1973

Qualification :

BE Mechanical

Date of Appointment :

01.01.2013

PAN No.:

AKLPS8437J

DIN No.:

00776417

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	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Whole-time director	01/01/2013	26/07/1996	Active	NO
2	U25209TZ2001PTC009842	PROPYL PACKS KOVAI PRIVATE LIMITED	Director	01/08/2001	01/08/2001	Active	NO

Name :

Katakwar Avinash

Designation :

Director

Address :

B-6, 1-11 Dudhsagar, Aarey Colony, Goregaon (East), Mumbai – 400065, Maharashtra, India

Date of Birth/Age :

01.12.1961

Qualification :

Btech Mechanical

Date of Appointment :

01.11.2009

DIN No.:

02919452

Name :

Sanjay Madanlal Khetan

Designation :

Director

Address :

A/604, 6^th Floor, Pluto Vasant Galaxy, Bangur Nagar, Goregaon (West), Mumbai - 400062, Maharashtra, India

Date of Birth/Age :

23.12.1965

Qualification :

ACA, CFA, FRM, MBA

Date of Appointment :

11.12.2010

DIN No.:

03362342

Name :

Jyothikumar Balakrishna Pillai

Designation :

Nominee director

Address :

Sai Nilayam, T C 15/140 Althara Road, Vellayambalam, Thiruvananthapuram – 695010, Kerala, India

Date of Birth/Age :

01.10.1961

Qualification :

B.Tech, M.B.A

Date of Appointment :

21.01.2012

DIN No.:

02403654

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	U31200KL1964SGC002062	KERALA ELECTRICALS AND ALLIED ENGG CO LTD	Managing director	03/07/2007	03/07/2007	12/06/2009	Active	NO
2	U31102KL1963SGC002043	TRANSFORMERS AND ELECTRICALS KERALA LTD	Director	28/12/2007	28/12/2007	18/06/2009	Active	NO
3	U74900KL2010PLC025553	INKEL-KSIDC PROJECTS LIMITED	Nominee director	24/02/2010	24/02/2010	29/06/2010	Active	NO
4	U25199KL1998PTC012089	RUBBER WOOD INDIA PRIVATE LIMITED	Nominee director	05/04/2010	05/04/2010	22/07/2010	Active	NO
5	U15142KL1995PTC009697	PARISONS AGROTECH PRIVATE LIMITED	Nominee director	02/09/2011	02/09/2011	-	Active	NO
6	U15127KL1998PTC012107	GEOAQUATIC PRODUCTS PRIVATE LIMITED	Nominee director	04/01/2012	04/01/2012	-	Active	NO
7	U25202KL1996PLC010585	PRROPYL PACKS LIMITED	Nominee director	21/01/2012	21/01/2012	-	Active	NO
8	U55101KL2006PTC019652	CONTOUR HOLIDAY RESORTS PRIVATE LIMITED	Nominee director	03/09/2012	03/09/2012	-	Active	NO
9	U13209KL1946SGC001214	TRAVANCORE TITANIUM PRODUCTS LTD	Managing director	19/11/2012	19/11/2012	-	Active	YES
10	U15100MH1950GOI008187	INDIAN RARE EARTHS LIMITED	Nominee director	09/01/2014	09/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Belakrishna
Designation :	Finance Manager
Name :	A. Babu
Designation :	Secretary
Address :	Sree Nilayam, Changarail Varrium, Perumpillishery Cherpu PO, Thrissur – 680561, Kerala, India
Date of Birth/Age :	03.06.1958
Date of Appointment :	30.03.2012
PAN No.:	AEEPB3956Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	84.00
Other top fifty shareholders	9.00
Others	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Flexible Packaging Material and Multilayer Fillings.

Products/ Services :

ITC Code No.	Product Descriptions
63053300	Packing Material

Imports :

Products :

Raw Material

Countries :

· Saudi Arabia

· Singapore

· Qatar

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Kerala State Industrial Development Corporation Limited

Kenston Road, Kowdiar, Thiruvananthapuram - 695003, Kerala, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	8.256	0.080
Rupee term loans from others [Hypothecation of whole of movable properties including its movable Plant and Machinery, Machinery spares and other movables situated at various units of the Company]	128.093	113.576
Other loans and advances	0.793	1.334
SHORT TERM BORROWINGS
Loans repayable on demand from banks	36.123	11.698
Total	173.265	126.688

Banking Relations :	--
Auditors :
Name :	P A Mohamed Asharaf Chartered Accountant
Address :	1B First Floor, Mughal Apartments, North Nada, Kodungallur, Thrissur - 680664, Kerala, India
Income-tax PAN of auditor or auditor's firm :	ACPPM5710Q
Subsidiary Company :	Propyl Packs Kovai Private Limited [U25209TZ2001PTC009842]

CAPITAL STRUCTURE

AFTER 27.09.2013

Authorised Capital : Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 121.685 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,001,852	Equity Shares	Rs. 100/- each	Rs. 100.185 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	100.185	96.345	58.810
(b) Reserves & Surplus	(9.790)	(5.641)	(2.513)
(c) Money received against share warrants	0.001	0.000	0.000
(2) Share Application money pending allotment	1.750	0.000	0.000
Total Shareholders’ Funds (1) + (2)	92.146	90.704	56.297
(3) Non-Current Liabilities
(a) long-term borrowings	156.106	119.370	15.988
(b) Deferred tax liabilities (Net)	5.293	1.026	0.401
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	161.399	120.396	16.389
(4) Current Liabilities
(a) Short term borrowings	36.123	11.698	9.135
(b) Trade payables	13.358	13.212	2.254
(c) Other current liabilities	4.130	3.367	1.283
(d) Short-term provisions	0.262	0.176	0.125
Total Current Liabilities (4)	53.873	28.453	12.797
TOTAL	307.418	239.553	85.483
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	237.900	192.288	30.708
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	10.218
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.995	0.995	0.995
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.046	2.941	1.741
Total Non-Current Assets	241.941	196.224	43.662
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.058	17.046	6.306
(c) Trade receivables	19.442	9.111	5.148
(d) Cash and cash equivalents	5.029	3.068	6.158
(e) Short-term loans and advances	0.051	0.085	22.363
(f) Other current assets	14.897	14.019	1.846
Total Current Assets	65.477	43.329	41.821
TOTAL	307.418	239.553	85.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	73.845	42.771	50.541
		Other Income	0.638	0.486	0.800
		TOTAL (A)	74.483	43.257	51.341
Less	EXPENSES
		Cost of Materials Consumed	67.985	32.152	35.296
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.377)	(0.102)	2.479
		Employees benefits expense	4.229	3.429	5.234
		Other expenses	7.157	5.459	10.063
		TOTAL (B)	67.994	40.938	53.072
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.489	2.319	(1.731)
Less	FINANCIAL EXPENSES (D)		1.966	1.903	2.268
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.523	0.416	(3.999)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.406	2.919	2.344
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.117	(2.503)	(6.343)
Less	TAX (H)		4.267	0.624	(0.068)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(4.150)	(3.127)	(6.275)
	IMPORTS
		Raw Materials	16.504	6.133	NA
	Earnings/ (Loss) Per Share (Rs.)		(4.14)	(3.25)	(10.63)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.57)	(7.23)	(12.22)
Net Profit Margin (PBT/Sales)	(%)	0.16	(5.85)	(12.55)
Return on Total Assets (PBT/Total Assets}	(%)	0.04	(1.05)	(8.54)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.03)	(0.11)
Debt Equity Ratio (Total Debt/Networth)		2.09	1.45	0.45
Current Ratio (Current Asset/Current Liability)		1.22	1.52	3.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	58.810	96.345	100.185
Reserves & Surplus	(2.513)	(5.641)	(9.790)
Money received against share warrants	0.000	0.000	0.001
Share Application money pending allotment	0.000	0.000	1.750
Net worth	56.297	90.704	92.146
long-term borrowings	15.988	119.370	156.106
Short term borrowings	9.135	11.698	36.123
Total borrowings	25.123	131.068	192.229
Debt/Equity ratio	0.446	1.445	2.086

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.541	42.771	73.845
		(15.374)	72.652

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.541	42.771	73.845
Profit/ (Loss)	(6.275)	(3.127)	(4.150)
	(12.42%)	(7.31%)	(5.62%)

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	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	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10320692	14/06/2012 *	10,500,000.00	KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	KENSTON ROAD, KOWDIAR, THIRUVANANTHAPURAM - 695003, KERALA, INDIA	B41290289
2	10267890	14/06/2012 *	108,000,000.00	KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	KENSTON ROAD, KOWDIAR, THIRUVANANTHAPURAM - 695003, KERALA, INDIA	B41291121
3	10092444	21/06/2012 *	46,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B43216951
4	90019772	15/05/2007 *	8,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A16463705
5	90019762	30/03/2004	6,500,000.00	HDFC BANK LIMITED	WORLI BRANCH, SANDOZ HOUSE; DR. ANNIE BESANT ROAD; WORLI, BOMBAY - 400018, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	18.064	4.380
Deposits	0.900	0.000
Total	18.964	4.380

PERFORMANCE REVIEW:

During the accounting year, the company’s turnover almost doubled and achieved a figure of Rs.83.135 Millions. This has resulted in a Net Profit of Rs.0.117 Million after accounting for depreciation and other expenses. The loss for the period worked out to Rs.4.150 Millions which was on account of statutory provisions on Deferred Tax of Rs.4.267 Millions. The Commercial production at Koratty Unit in Thrissur started only in December, 2012 and hence the contribution to the revenue of the company started coming during the forth quarter of the year 2012-13. The performance at the Pardi, Gujarat unit and Kovai are satisfactory. The Directors hope that the additional investments in the Company will give better results in the ensuing years. During the previous year the corresponding figures were that on a turnover of Rs.47.058 Millions and a net loss of Rs.3.127 Millions were recorded in the books of accounts.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 59.20
UK Pound	1	Rs. 99.52
Euro	1	Rs. 80.83

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
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	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
DEFAULTERS
--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.