MIRA INFORM REPORT

Report Date :

15.10.2014

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 :	Subject is engaged in production of Polyester film.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 8920000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profit margin of the company is low. However, networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. The rating also takes into consideration the company established market presence in the flexible packaging industry. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Borrowings = BBB-
Rating Explanation	Moderate degree of safety. It carry 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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. D.K. Agarwal
Designation :	Cheif Executive Officer
Contact No.:	91-562-4050416
Date :	13.10.2014

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 / 4050416
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

Date of Appointment :

01.12.2012

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Managing director	01-12-12	03-03-93	-	Active	NO
2	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07-04-05	07-04-05	-	Active	NO
3	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	Active	NO
4	U21098UP2010PTC042655	POLYPACKS TRADE VENTURE PRIVATE LIMITED	Director	24-11-10	24-11-10	-	Active	NO

Name :

Mr. Suresh H 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

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	03-03-93	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-06	08-06-06	-	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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01-01-12	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	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 :

05.05.1947

Date of Appointment :

01.07.2010

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01-07-10	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	Active	NO
3	U21098UP2010PTC042655	POLYPACKS TRADE VENTURE PRIVATE LIMITED	Director	24-11-10	24-11-10	-	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

Date of Appointment :

08.09.2009

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07-04-05	07-04-05	-	Active	NO
2	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08-09-09	24-03-09	-	Active	NO

Name :

Mr. Nitin Agarwal

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

22.07.1969

Date of Appointment :

24.03.2014

DIN No.:

01826926

Name :

Mr. Rahul Agarwal

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

02.05.1970

Date of Appointment :

24.03.2014

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	Date of cessation	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	Whole-time director	24/03/2014	24/03/2009	-	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	20-01-07	01-06-06	06-01-09	Active	NO
2	U65929HR1998PLC037509	RABO INDIA FINANCE LIMITED	Director	18-07-08	15-03-07	15-12-09	Active	NO
3	U67190DL2006PTC191588	RABO EQUITY ADVISORS PRIVATE LIMITED	Managing director	18-07-08	21-04-08	-	Active	NO
4	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	03-03-09	02-03-09	-	Active	NO
5	U01110AP1997PTC026890	SRI BIOREMEDIES PRIVATE LIMITED	Director	05-03-09	04-03-09	-	Active	NO
6	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	05-11-09	05-11-09	16-08-11	Active	NO
7	L74899DL1990PLC041790	LT FOODS LIMITED	Nominee director	30-09-10	09-11-09	-	Active	NO
8	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Nominee director	29-09-10	29-12-09	-	Active	NO
9	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	30-09-10	31-03-10	-	Active	NO
10	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12-08-11	19-08-10	-	Active	NO
11	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Director	25-08-11	13-06-11	-	Active	NO
12	U01119AP2003PTC041810	SUPER AGRISEEDS PRIVATE LIMITED	Nominee director	30-03-12	30-03-12	-	Active	NO
13	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	Active	NO
14	U15200PN2009PTC134859	PRABHAT NUTRITIOUS AND FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	Active	NO
15	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	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	12-08-11	14-12-10	-	Active	NO
2	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA & AKOLA PRIVATE LIMITED	Director	30-06-11	21-12-10	16-08-11	Active	NO

KEY EXECUTIVES

Name :	Mr. D.K. Agarwal
Designation :	Cheif Executive Officer
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

Name :	Mr. Nawab Singh
Designation :	Office Executive

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
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 :

Subject is engaged in production of Polyester film

Products :

Description of product or service category	ITC Code
Polyster Film	3920
Holographic Film	3920
Lacquered Polyster Film	3920
Metallised Polyster Film	39206290
Paper products	48239018

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 :	Information declined by the management
Bankers :	Landesbank Baden-Wurttemberg, AM Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart - D70173, Germany Bank of Baroda, International Business Branch, 13, M.G. Road, Agra - 282001, Uttar Pradesh, India

Banking Relations :	--
Auditors 1 :
Name :	Tondon Mital and Associates Chartered Accountants
Address :	F-5, Narayan Tower, Sanjay Place, Agra-282002, Uttar Pradesh, India
Tel. No.:	91-562-4004525/ 2526449/ 3298751
PAN.:	AAAFT8324N
Auditors 2 :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi - 110001, India
PAN.:	AAAFW4298E
Entities where significant influence is exercised by Key Management Personnel and/ or their relatives having transactions with the Company:	Afore Tracom and Merchant Private Limited (Rekha Agarwal, wife of D.C. Agarwal is a director having 55% holding) Immaculate Multi Trade and Commerce Private Limited (Sangeeta Agarwal, wife of Director R.N Agarwal is a director having 55% holding) Polypacks Industries (Partnership firm of D.C. Agarwal, S.C. Agarwal and R. N. Agarwal) Rishabh Tracom and Commercial Merchant Private Limited (Rekha Agarwal, wife of D.C. Agarwal is a director having 55% holding) Suresh Chand Dinesh Chand (Partnership firm of S. C. Agarwal, R. N. Agarwal, Umesh Agarwal and Manoj Agarwal) Polymer Biax Limited ( Wholly owned subsidiary of Polypacks industries)
Subsidiary company :	Vacmet Europe Limited (Wholly owned subsidiary of Vacmet India Limited)

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14288871	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	130.129
(b) Reserves & Surplus	2086.645	2076.916	2136.321
(c) Money received against share warrants	0.000	1.276	2.552
(2) Share Application money pending allotment	0.000	0.000	0.000
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	890.725	872.303	536.678
(d) Short-term provisions	1.756	0.273	34.248
Total Current Liabilities (4)	1944.586	1723.174	1012.250
TOTAL	6989.451	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	50.567	31.642	30.700
Total Current Assets	1549.265	1495.488	1318.893
TOTAL	6989.451	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	52.010	26.252
		TOTAL (A)	7249.222	4631.159	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	(27.536)	(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)	6703.496	4344.612	2889.660
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		545.726	286.547	1224.552
Less	FINANCIAL EXPENSES (D)		201.218	121.141	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 /(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

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	130.129	142.889	142.889
Reserves & Surplus	2136.321	2076.916	2086.645
Money received against share warrants	2.552	1.276	0.000
Net worth	2269.002	2221.081	2229.534
long-term borrowings	1213.748	2495.878	2619.321
Short term borrowings	371.556	653.201	674.032
Total borrowings	1585.304	3149.079	3293.353
Debt/Equity ratio	0.699	1.418	1.477

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	4087.960	4579.149	7226.208
		12.016	57.807

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	4087.960	4579.149	7226.208
Profit	705.250	(59.405)	8.453
	17.25%	(1.30%)	0.12%

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	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	No
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,  Uttar Pradesh - 282005, INDIA	A76857598
6	10189026	17/11/2009	71,500,000.00	BANK OF BARODA	IBB BRANCH, 13,, M.G. ROAD, AGRA, Uttar Pradesh -  282001, INDIA	A74769340
7	80000134	23/03/2013 *	2,855,800,000.00	Bank of Baroda	International Business Branch, Jeevan Prakash LIC  Building,Sanjay Place, Agra, Uttar Pradesh - 2820  02, INDIA	B71184378
8	80009136	27/07/2006 *	15,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, 13,M.G.ROAD,, AGRA  , Uttar Pradesh - 282001, INDIA	-
9	90034431	22/12/1997	742,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, M.G. ROAD, AGRA, U  ttar Pradesh, INDIA	-
10	90034169	27/11/1997 *	5,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, M.G ROAD, AGRA, Ut  tar Pradesh, INDIA	-

* Date of charge modification

PERFORMANCE

The Financial year 2012-13 was again a difficult year. The major reasons were uncertain global economic environment, demand-supply situation and expansions projects carried out by the company. The tu r n o v er f or the year ended 31st March 2013 at Rs. 7860.000 millions as against Rs . 4920.000 millions in the preceding accounting year recorded an increase of 59.75 % on annualized basis . T he Company recorded a n e t profit of Rs . 8.453 millions during the year .

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 and 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. We 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. We export to more than 50 countries globally and with development of new avenues in the packaging sectors, we are focusing to establish our 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.

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.

FIXED ASSETS:

• Land and Site Development (Leasehold Hold)
• Land and Site Development (Free Hold)
• Building
• Plant and Machinery
• Electric Fittings
• Vehicles
• Motor Car
• Office Furniture
• Capital Work in Progress

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.98.15
Euro	1	Rs.77.68

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SNT

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	3
--LIQUIDITY	1~10	4
--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		43

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.