MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	KUMAR PRINTERS PRIVATE LIMITED

Registered Office :	D-92/4, Okhla Industrial Estate, Phase – I, New Delhi – 110020

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	29.09.1976

Com. Reg. No.:	55-008130

Capital Investment / Paid-up Capital :	Rs.19.934 Millions

CIN No.: [Company Identification No.]	U22219DL1976PTC008130

TAN No.: [Tax Deduction & Collection Account No.]	DELK00213D / DELK05285A

PAN No.: [Permanent Account No.]	AAACK1232D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of print packages such as cartons and blister cards.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 740000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. There is dip in profit of the company in 2013. However, rating continue to reflect strong client base, healthy debt protection metrics and average financial risk. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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.2453.2 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = BBB-
Rating Explanation	Moderate credit quality and average credit risk
Date	24.02.2014

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. Manoj
Designation :	Accounts Executive
Contact No.:	91-124-4366555
Date :	05.05.2014

LOCATIONS

Registered Office :	D-92/4, Okhla Industrial Estate, Phase – I, New Delhi – 110020, India
Tel. No.:	91-11-46525919
Fax No.:	Not Available
E-Mail :	rjain93@rediffmail.com accounts@kumarprinters.com kppl@kumarprinters.com
Website :	www.kumarprinters.com

Head Office / Factory :	Plot No. 24, Sector – V, IMT Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4366555/556
Fax No.:	91-124-4366561/2291096

DIRECTORS

As on 28.09.2013

Name :

Mr. Manmohan Kumar Bhargava

Designation :

Chairman

Address :

D-4/7, Phase – 1, DLF City, Gurgaon, Haryana, India

Date of Birth/Age :

04.01.1935

Date of Appointment :

13.11.1995

PAN No.:

AAAPB3051G

DIN No.:

00716717

Name :

Mr. Sandeep Bhargava

Designation :

Managing director

Address :

D-4/7, Phase – 1, DLF City, Gurgaon, Haryana, India

Date of Birth/Age :

21.08.1967

Date of Appointment :

31.08.1999

PAN No.:

AFTPB9577K

DIN No.:

00740204

Name :

Mr. Nihal Chand Bhargava

Designation :

Commercial Director

Address :

D-4/7, Phase – 1, DLF City, Gurgaon, Haryana, India

Date of Birth/Age :

10.01.1938

Date of Appointment :

10.01.1997

PAN No.:

AAFPB9706R

DIN No.:

00288493

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	U74899DL1984PTC017266	TRIVENI PACKAGINGS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	-	Active	NO
2	U22219DL1976PTC008130	KUMAR PRINTERS PRIVATE LIMITED	Director	10/01/1997	10/01/1997	-	Active	NO

Name :

Mr. Satish Kumar Bhargava

Designation :

Production Director

Address :

D-4/7, Phase – 1, DLF City, Gurgaon, Haryana, India

Date of Birth/Age :

07.01.1948

Date of Appointment :

01.05.1989

PAN No.:

AAAPB3478K

DIN No.:

02389005

KEY EXECUTIVES

Name :	Ms. Kiran Wadhwa
Designation :	Company Secretary

Name :	Mr. Manoj
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of print packages such as cartons and blister cards.

Exports :
Products :	Finished Goods
Countries :	UK USA Srilanka Pakistan

Imports :
Products :	Machinery
Countries :	Germany

Terms :
Selling :	L/C and Credit

Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

Ranbaxy Laboratories Limited
Gillette India Limited
Cadmus
Beam Global Spirits and Wine
Eli-Lilly Pharma Limited
Kohinoor Foods Limited
Jubilant Organosys
Paris Elysees India Private Limited

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, SME Branch, A-5, Ring Road, South Extn. Part – I, New Delhi -110049, India
HDFC Bank Limited, GC-3, 4, 5 and 6 Plot – A, Sector – II IMT Manesar, Gurgaon – 122050, Haryana, India
Syndicate Bank, 59 Shakuntala Apartment, Nehru Palace, New Delhi – 110019, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From State Bank of India : Against Plant and Machinery (Secured against specific Machinery purchased through the Loan and Second Charge on all the Existing Fixed Assets of the Company)	82.381	57.667
For Constructing Building (at Plot no.24 Sector -V, Manesar)	27.904	27.127
From Kotak Mahindra Bank Limited (Against Truck)	0.411	0.550
From Kotak Mahindra Primus Limited (Against Cars)	4.313	4.611
Short Term Borrowings
Loans Repayable on Demand: (Cash Credit facility secured with State Bank of India bank by hypothecation of Book Debt and Stocks of the company)	106.231	109.204
Total	221.240	199.159


Banking Relations :	--

Auditors :
Name :	K.S. GUPTA and Company Chartered Accountants
Address :	A59/A 1^st Floor, Lajpat Nagar – II, New Delhi – 110024, India
Tel. No.:	91-11-41720805
E-Mail :	guptaksca@gmail.com
PAN No.:	AAAFR7163G

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1993440	Equity Shares	Rs.10/- each	Rs.19.934 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	19.934	19.934	19.934
(b) Reserves & Surplus	164.915	160.853	147.048
(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)	184.849	180.787	166.982

(3) Non-Current Liabilities
(a) long-term borrowings	201.465	165.342	143.403
(b) Deferred tax liabilities (Net)	15.183	16.751	14.031
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	20.604	21.644	18.010
Total Non-current Liabilities (3)	237.252	203.737	175.444

(4) Current Liabilities
(a) Short term borrowings	106.231	109.204	109.428
(b) Trade payables	125.412	88.215	59.580
(c) Other current liabilities	10.527	9.644	4.142
(d) Short-term provisions	(0.163)	(6.432)	18.171
Total Current Liabilities (4)	242.007	200.631	191.321

TOTAL	664.108	585.155	533.747

I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	285.261	285.071	240.885
(ii) Intangible Assets	1.263	1.910	2.699
(iii) Capital work-in-progress	58.868	48.748	4.775
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.323	0.323	0.323
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	345.715	336.052	248.682

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.482	72.126	68.423
(c) Trade receivables	173.368	153.862	176.791
(d) Cash and cash equivalents	33.727	7.858	2.014
(e) Short-term loans and advances	20.240	10.746	33.984
(f) Other current assets	4.576	4.511	3.853
Total Current Assets	318.393	249.103	285.065

TOTAL	664.108	585.155	533.747

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	603.845	630.683	532.793
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES		NA	NA	NA

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		86.816	101.751	122.603

Less	FINANCIAL EXPENSES		40.247	38.185	26.900

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		46.569	63.566	95.703

Less	DEPRECIATION/ AMORTISATION		40.483	38.655	27.108

	PROFIT/(LOSS) BEFORE TAX		6.086	24.911	68.595

Less	TAX		2.100	6.800	26.400

	PROFIT/(LOSS) AFTER TAX		3.986	18.111	42.195

	Earnings Per Share (Rs.)		7.72	2.79	22.31

Particulars

31.03.2014

Sales Turnover (Approximately)

690.000

The above information has been parted by Mr. Manoj

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 four 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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and advances from related parties	56.650	44.900
Loan from others	29.806	30.487
Total	86.456	75.387

FINANCIAL RESULTS:

Company surged its performance and sustained its growth level, and accordingly its turnover during the year was Rs.643.068 Millions as compared to Rs.630.683 Millions during the preceding year and Net profit before depreciation and taxation was Rs.46.569 Millions against Rs.63.566 Millions during the preceding year. The overall performance of the Company has been satisfactory and steps are being taken to improve it further to the best extent possible.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10351778	03/05/2013 *	273,500,000.00	STATE BANK OF INDIA	Sme Branch, A-5 South Extension Part-I, Delhi - 110049, India	B76085653

*Date of modification Charges

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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.60.05
UK Pound	1	Rs.101.32
Euro	1	Rs.83.43

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	SUM

Report Prepared by :	VNT

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.