MIRA INFORM REPORT

Report Date :

19.09.2014

IDENTIFICATION DETAILS

Name :	INDU PACKAGING (DAMAN) LIMITED
Registered Office :	Plot No. 16, GDDIDC Industrial Estate, Somnath Road, Daman – 396210, Daman and Diu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.08.1996
Com. Reg. No.:	002159
Capital Investment / Paid-up Capital :	Rs. 6.600 Millions
CIN No.: [Company Identification No.]	U74950DD1996PLC002159
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Plastics. Industrial Process Equipments, Packing Bags etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company is low. However, the rating reflects extensive experience of its promoters in the packaging industry supported by established relationships with customers and suppliers, and comfortable capital structure of the company. Trade relations are 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 – 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 rating = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 29, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 29, 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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Sejal
Designation :	Office Executives
Contact No.:	91-22-26715762
Date :	17.09.2014

LOCATIONS

Registered Office / Factory :	Plot No. 16, GDDIDC Industrial Estate, Somnath Road, Daman – 396210, Daman and Diu , India
Tel. No.:	91-260-2242175 / 2242975
Fax No.:	Not Available
E-Mail :	indupkg@gmail.com
Website :	http://indupackaging.com
Branch Office :	Meenakshi Building, S. V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26715762 / 91-22-32577078

DIRECTORS

AS ON 30.09.2013

Name :

Hemendra Himatlal Sheth

Designation :

Director

Address :

61, Meenakshi, 6th Floor, S.V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

29.06.1956

Date of Appointment :

19.08.1996

DIN No. :

00331653

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	U74950DD1996PLC002159	INDU PACKAGING (DAMAN) LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
2	U28129MH1987PTC044023	INDU PACKAGINGS PVT LTD	Director	01/01/1999	01/01/1999	-	Active	NO

Name :

Vyoma Hemendra Sheth

Designation :

Director

Address :

61, Meenakshi, 6th Floor, S.V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

17.11.1959

Date of Appointment :

19.08.1996

DIN No. :

00328449

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	U28129MH1987PTC044023	INDU PACKAGINGS PVT LTD	Director	08/07/1987	08/07/1987	-	Active	NO
2	U74950DD1996PLC002159	INDU PACKAGING (DAMAN) LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO

Name :

Samarth Hemendra Sheth

Designation :

Director

Address :

61,62 Meenakshi, 6th Floor, S.V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

30.04.1982

Date of Appointment :

30.09.2013

DIN No. :

03596648

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	U74950DD1996PLC002159	INDU PACKAGING (DAMAN) LIMITED	Director	30/09/2013	30/09/2013	-	Active	NO
2	AAA-6754	SHS ADVISORY LLP	Designated Partner	02/11/2011	02/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Sejal
Designation :	Office Executives

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Hemendra Himatlal Sheth	208600
Sheth Himatlal Mukesh	208600
Sheth Mukesh Minal	37600
Sheth Mukesh Ronak	2600
Vyoma Hemendra Sheth	37600
Indu Packaging Private Limited, India	100000
Sheth Dhanji Himatlal	9500
Sheth Himatlal Mukesh	6000
Guardiai Sheth Himatlal Mukesh	1000
Sheth Himatlal Hemendra	5000
Guardiai Sheth Himatlal Hemendra	2500
Sheth Himatlal Mukesh – Gardian Rujuta	1000
Sheth Himatlal Meena	40000
Total	660000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	15.15
Directors or relatives of Directors	84.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Plastics. Industrial Process Equipments, Packing Bags etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· Bank of Baroda SSI Branch Daman, Somnath Road, Daman - 369210, Daman and Diu, India

· Bank of Baroda, SSI Branch Daman, Maharani Udyog Somnath Road, Dhabel, Daman - 396210, Daman And Diu, India

· Bank of Baroda, SME Branch Daman, Center Point Building, Somnath Junction, Dabhel, Daman - 396210, Daman And Diu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from Bank Bank of Baroda	0.853	1.162
SHORT TERM BORROWINGS
Loans repayable on demand Bank of Baroda – CC	39.198	38.301
Loans repayable on demand - Bank of Baroda, Vile Parle	0.886	0.000
Total	40.937	39.463

Banking Relations :	--
Auditors :
Name :	N.B. Jhunjhunwala and Company Chartered Accountants
Address :	306,Corporate Avenue, Sonawala Lane,Goregaon (East), Mumbai 400063, Maharashtra, India
PAN No.:	AACPJ3970A
Associates :	· Durga polyflex Industries · Samron Industries · Shree Industries · Aum Developers

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
660,000	Equity Shares	Rs.10/- each	Rs. 6.600 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	6.600	6.600	6.600
(b) Reserves & Surplus	28.074	26.286	23.609
(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)	34.674	32.886	30.209
(3) Non-Current Liabilities
(a) long-term borrowings	6.976	8.072	8.860
(b) Deferred tax liabilities (Net)	1.044	1.126	1.154
(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)	8.020	9.198	10.014
(4) Current Liabilities
(a) Short term borrowings	40.084	38.301	29.669
(b) Trade payables	24.799	20.954	11.719
(c) Other current liabilities	5.141	4.201	3.276
(d) Short-term provisions	0.000	0.005	0.000
Total Current Liabilities (4)	70.024	63.461	44.664
TOTAL	112.718	105.545	84.887
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.948	12.576	9.809
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.914	5.964	3.811
(e) Other Non-current assets	3.032	3.976	3.596
Total Non-Current Assets	20.894	22.516	17.216
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.646	22.856	25.999
(c) Trade receivables	31.503	30.218	32.314
(d) Cash and cash equivalents	1.512	0.967	1.959
(e) Short-term loans and advances	32.964	28.666	7.301
(f) Other current assets	0.199	0.322	0.098
Total Current Assets	91.824	83.029	67.671
TOTAL	112.718	105.545	84.887

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	197.293	186.832	176.781
	Other Income	0.190	0.250	0.260
	TOTAL (A)	197.483	187.082	177.041
Less	EXPENSES
	Cost of Materials Consumed	169.494	158.095	145.537
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.744)	(0.363)	4.079
	Employees benefits expense	2.028	4.081	2.116
	other expenditure	21.515	15.412	14.823
	TOTAL (B)	187.293	177.225	166.555
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.190	9.857	10.486
Less	FINANCIAL EXPENSES (D)	6.476	4.848	6.102
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.714	5.009	4.384
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.124	1.129	0.932
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.590	3.880	3.452
Less	TAX (H)	0.802	1.204	1.069
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.788	2.676	2.383
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	26.286	23.610	21.227
	Balance Carried to the B/S	28.074	26.286	23.610
	IMPORTS
	Raw Materials	33.681	36.197	66.289
	TOTAL IMPORTS	33.681	36.197	66.289
	Earnings / (Loss) Per Share (Rs.)	2.71	4.06	3.61

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.91	1.43	1.35
Net Profit Margin (PBT/Sales)	(%)	1.31	2.08	1.95
Return on Total Assets (PBT/Total Assets}	(%)	2.30	3.68	4.07
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.11
Debt Equity Ratio (Total Debt /Networth)		1.36	1.41	1.28
Current Ratio (Current Asset/Current Liability)		1.31	1.31	1.52

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	6.600	6.600	6.600
Reserves & Surplus	23.609	26.286	28.074
Net worth	30.209	32.886	34.674
long-term borrowings	8.860	8.072	6.976
Short term borrowings	29.669	38.301	40.084
Total borrowings	38.529	46.373	47.060
Debt/Equity ratio	1.275	1.410	1.357

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)
Revenue from operations	176.781	186.832	197.293
		5.686	5.599

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	176.781	186.832	197.293
Profit/(Loss) After Tax	2.383	2.676	1.788
	1.35%	1.43%	0.91%

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	Yes
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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10012264	17/03/2012 *	64,730,000.00	BANK OF BARODA	SSI BRANCH DAMAN, SOMNATH ROAD, DAMAN, Daman and  Diu - 369210, INDIA	B38101184
2	90077759	17/03/2012 *	64,730,000.00	BANK OF BARODA	SSI BRANCH DAMAN, SOMNATH ROAD, DAMAN, Daman and  Diu - 369210, INDIA	B38101218

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from Shareholders and Director	6.123	6.910
Total	6.123	6.910

OPERATIONS

During the year, the company has achieved a sales and earned other income of Rs. 187.082 Millions (Rs. 177.041 Millions) on which it has earned a profit of Rs.1.788 Millions (Rs. 2.678 Millions) . The directors are hopeful for achieving satisfactory results in the future.

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant & Machineries

· Electrical Fittings

· Office Equipment

· Furniture & Fixtures

· Computers

· Miscellaneous Equipments

· Air Conditioner

· Fire Extinguisher

· Vehicles

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 records 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.61.06
UK Pound	1	Rs.99.55
Euro	1	Rs.78.57

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.