MIRA INFORM REPORT

Report No. :	336984
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	KCL LIMITED
Registered Office :	E-292, Sarita Vihar, New Delhi – 110044
Tel. No.:	91-129-2232161
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.01.1983
Com. Reg. No.:	55-068008
Capital Investment / Paid-up Capital :	Rs. 30.001 Million
CIN No.: [Company Identification No.]	L74899DL1983PLC068008
IEC No.:	0592058735
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK3111H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of corrugated boxes and printed duplex board cartons and breakfast cereals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate net worth base and comfortable gearing in FY14. Management has reported a decent growth in its sales volume along with a healthy profile margin during FY2014. Overall financial condition of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-129-2232161)

LOCATIONS

Registered Office :	E-292, Sarita Vihar, New Delhi – 110044, India
Tel. No.:	91-129-2232161
Fax No.:	Not Available
E-Mail :	cs@kcl.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Shyam Sunder Khemka

Designation :

Managing Director

Address :

House No. -1296, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

25.11.1941

Date of Appointment :

21.01.1983

DIN No.:

00103387

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	U74899DL1965PTC004372	INDUSTRIAL TEXTILE PRODUCTS PRIVATE LIMITED	Director	21/05/1973	21/05/1973	28/04/2010	Strike off	NO
2	L65993DL1973PLC006794	SILVERTONE INVESTMENTS LIMITED	Director	28/08/1973	28/08/1973	04/11/2013	Active	NO
3	L74899DL1983PLC068008	KCL LIMITED	Managing director	01/10/2011	21/01/1983	-	Active	NO
4	U15201DL2010PTC200938	MDS MILK LOGISTICS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Strike off	NO
5	U74999DL2010PTC201201	KCL MILK PRODUCTS INDIA PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
6	U15122DL2010PTC203266	KCL FOODS PRIVATE LIMITED	Managing director	28/05/2010	28/05/2010	-	Under Process of Striking off	NO
7	U74140HR2015NPL055773	FARIDABAD INDUSTRIES ASSOCIATION	Director	15/06/2015	15/06/2015	-	Active	NO

Name :

Rajeev Khemka

Designation :

Director

Address :

House No. -1296, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

20.09.1967

Date of Appointment :

30.09.1985

DIN No.:

00103260

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	L74899DL1983PLC068008	KCL LIMITED	Director	30/09/1985	30/09/1985	-	Active	NO
2	U21014DL1987PTC026732	GINNI PACKAGING PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
3	U71290DL1987PTC027008	KHEMKA LEASING PRIVATE LIMITED	Director	13/02/1987	13/02/1987	-	Active	NO
4	L51909DL1984PLC019485	NORTH EASTERN CARRYING CORPORATION LIMITED	Director	18/09/2004	18/09/2004	30/09/2008	Active	NO
5	U70109DL2003PTC120408	BHIKSHU ENTERPRISES PRIVATE LIMITED	Director	01/07/2007	01/07/2007	23/03/2010	Active	NO
6	U15201DL2010PTC200938	MDS MILK LOGISTICS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Strike off	NO
7	U74999DL2010PTC201201	KCL MILK PRODUCTS INDIA PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
8	U15122DL2010PTC203266	KCL FOODS PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Under Process of Striking off	NO
9	U21014DL2010PTC208278	KCL PACKS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Strike off	NO

Name :

Chander Kala Khemka

Designation :

Director

Address :

House No. -1296, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.03.1947

Date of Appointment :

21.01.1983

DIN No.:

00103355

Name :

Sanjeev Khemka

Designation :

Director

Address :

House No. -1296, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

18.06.1968

Qualification :

B.tech

Date of Appointment :

01.08.1991

DIN No.:

00103295

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	U21014DL1987PTC026732	GINNI PACKAGING PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
2	U71290DL1987PTC027008	KHEMKA LEASING PRIVATE LIMITED	Director	13/02/1987	13/02/1987	-	Active	NO
3	L74899DL1983PLC068008	KCL LIMITED	Director	01/08/1991	01/08/1991	-	Active	NO
4	L74899DL1985PLC019748	N E C C LOGISTICS LIMITED	Director	10/01/2005	10/01/2005	29/09/2009	Active	NO
5	U15201DL2010PTC200938	MDS MILK LOGISTICS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Strike off	NO
6	U74999DL2010PTC201201	KCL MILK PRODUCTS INDIA PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
7	U15122DL2010PTC203266	KCL FOODS PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Under Process of Striking off	NO
8	U21014DL2010PTC208278	KCL PACKS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Strike off	NO

Name :

Ashish Khemka

Designation :

Director

Address :

House No. -1296, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

27.01.1976

Qualification :

B.Tech, MBA

Date of Appointment :

01.08.1996

DIN No.:

00103321

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	U21029DL1988PTC030816	KHEMKA PACKAGINGS PRIVATE LIMITED	Director	31/05/1994	31/05/1994	-	Active	NO
2	L74899DL1983PLC068008	KCL LIMITED	Director	01/08/1996	01/08/1996	-	Active	NO
3	U15201DL2010PTC200938	MDS MILK LOGISTICS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Strike off	NO
4	U74999DL2010PTC201201	KCL MILK PRODUCTS INDIA PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
5	U15122DL2010PTC203266	KCL FOODS PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Under Process of Striking off	NO
6	U21014DL2010PTC208278	KCL PACKS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Strike off	NO

Name :

Sunil Bansal

Designation :

Director

Address :

105, Sukhdeo Vihar, Mathura Road, New Delhi – 110025, India

Date of Birth/Age :

05.03.1967

Date of Appointment :

21.03.2003

DIN No.:

00448793

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	U27100MH1995PTC090322	NISHTHA STEELS PRIVATE LIMITED	Director	06/07/1995	06/07/1995	16/03/2015	Active	NO
2	U26921RJ1988PTC004497	ARVIND REFRACTORIES PVT LTD	Director	01/03/2001	01/03/2001	23/01/2013	Active	NO
3	L74899DL1983PLC068008	KCL LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
4	U27100JH2004PTC010797	GLOBE STEEL AND ALLOYS PRIVATE LIMITED	Director	23/06/2004	23/06/2004	-	Active	NO
5	U25207DL2003PTC119656	CHANDAN STRIPS PRIVATE LIMITED	Director	01/08/2007	01/08/2007	16/03/2015	Active	NO
6	U27100JH2008PTC013294	VAISHNAVI FERRO TECH PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Active	NO

Name :

Rahul Jain

Designation :

Director

Address :

C- 1/16, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

02.05.1974

Date of Appointment :

21.03.2003

DIN No.:

02422075

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	U21014DL1987PTC026732	GINNI PACKAGING PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
2	L74899DL1983PLC068008	KCL LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO

Name :

Sanjeev Jain

Designation :

Whole-Time Director

Address :

C3/15, Ashok Vihar, Ph-2, Blk-C-3, Wazirpur, Delhi – 110052 , India

Date of Birth/Age :

02.07.1969

Date of Appointment :

21.03.2003

DIN No.:

00011248

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	L51909DL1984PLC019485	NORTH EASTERN CARRYING CORPORATION LIMITED	Director	10/10/1994	10/10/1994	31/01/2013	Active	NO
2	U93000DL1996PTC080337	N.E.C.C. FINANCIAL SERVICES PRIVATE LIMITED	Director	12/07/1996	12/07/1996	09/02/2011	Active	NO
3	U74899DL1991PTC044908	N E C C SECURITIES PRIVATE LIMITED	Director	12/05/1998	12/05/1998	20/06/2007	Active	NO
4	U74899DL1991PTC043600	N E C C AUTOMOBILES PRIVATE LIMITED	Director	12/05/1998	12/05/1998	20/06/2007	Active	NO
5	U74899DL1992PTC049680	INDIKA AGRO PRODUCTS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	20/06/2007	Active	NO
6	L74899DL1985PLC019748	N E C C LOGISTICS LIMITED	Director	01/09/2001	01/09/2001	31/08/2010	Active	NO
7	L74899DL1983PLC068008	KCL LIMITED	Whole-time director	01/01/2014	21/03/2003	-	Active	NO
8	U70109DL2003PTC120408	BHIKSHU ENTERPRISES PRIVATE LIMITED	Director	20/05/2003	20/05/2003	-	Active	NO
9	U74899DL1991PTC043601	SHREYANS BUILDWELL PRIVATE LIMITED	Director	04/04/2004	04/04/2004	20/06/2007	Active	NO
10	U60231DL2008PTC172279	GS AUTOMOBILES PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
11	U21014DL2010PTC208278	KCL PACKS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Strike off	NO
12	U70100MH2008PTC177702	PKJ INFRAA PRIVATE LIMITED	Director	23/01/2012	23/01/2012	29/02/2012	Active	NO
13	U60200DL2012PTC232415	Rattan Road Carriers Private Limited	Director	05/03/2012	05/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Amit Aggarwal
Designation :	Secretary
Address :	H. No. 42, Sector-55, Faridabad – 121005, Haryana, India
Date of Birth/Age :	15.11.1986
Date of Appointment :	22.04.2014
PAN No.:	AZHPA7500R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

SHAREHOLDING DETAILS FILE ATTAHCED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	27.91
Directors or relatives of Directors	60.41
Other top fifty shareholders	11.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of corrugated boxes and printed duplex board cartons and breakfast cereals.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Allahabad Bank
Branch Address	NIT Branch, Faridabad, Haryana – 121001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	21.609	32.448
Rupee term loan from others	12.962	0.000
Loans taken for fixed assets	8.900	9.862
SHORT TERM BORROWING
Working capital loans from banks	68.869	148.427
Total	112.340	190.737

Auditors :
Name :	Borar and Associates Chartered Accountant
Address :	35, Neelam Bata Road N. I. T., Faridabad – 121004, Haryana, India
PAN No.:	AADFM0930A
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ginni Packaging Private Limited Khemka Packagings Private Limited Khemka Leasing Private Limited KCl Milk Products India Private Limited KCL Packs Private Limited KCL Foods Private Limited MDS Milk Logistics Private Limited Wellness Foods

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000085	Equity Shares	Rs.10/- each	Rs. 30.001 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.001	30.001	30.001
(b) Reserves & Surplus	538.321	468.227	416.812
(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)	568.322	498.228	446.813
(3) Non-Current Liabilities
(a) long-term borrowings	43.472	42.715	42.922
(b) Deferred tax liabilities (Net)	0.000	0.000	4.194
(c) Other long term liabilities	6.230	6.032	0.000
(d) long-term provisions	0.000	0.000	4.860
Total Non-current Liabilities (3)	49.702	48.747	51.976
(4) Current Liabilities
(a) Short term borrowings	68.869	148.427	128.681
(b) Trade payables	200.798	114.536	105.222
(c) Other current liabilities	64.560	56.524	59.371
(d) Short-term provisions	9.716	0.024	6.162
Total Current Liabilities (4)	343.943	319.511	299.436
TOTAL	961.967	866.486	798.225
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	398.566	364.752	373.004
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	31.087	52.760	27.306
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.375	5.375	5.375
(c) Deferred tax assets (net)	4.326	0.689	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.022	0.692	0.074
Total Non-Current Assets	439.376	424.268	405.759
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.676	66.851	67.473
(c) Trade receivables	265.714	233.100	200.817
(d) Cash and cash equivalents	37.976	28.476	25.199
(e) Short-term loans and advances	140.225	113.791	98.977
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	522.591	442.218	392.466
TOTAL	961.967	866.486	798.225

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1735.704	1558.712	1504.754
	Other Income	5.323	3.866	18.360
	TOTAL	1741.027	1562.578	1523.114
Less	EXPENSES
	Cost of Materials Consumed	1221.339	1080.069	1028.834
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.271)	(4.914)	0.428
	Employees benefits expense	100.667	97.150	74.602
	Other expenses	239.234	238.050	232.607
	TOTAL	1558.969	1410.355	1336.471
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	182.058	152.223	186.643
Less	FINANCIAL EXPENSES	13.284	16.404	18.459
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	168.774	135.819	168.184
Less/ Add	DEPRECIATION/ AMORTISATION	73.266	67.134	63.801
	PROFIT BEFORE TAX	95.508	68.685	104.383
Less	TAX	25.413	17.271	13.036
	PROFIT AFTER TAX	70.095	51.414	91.347
	Earnings Per Share (Rs.)	23.36	17.13	30.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.04	3.30	6.07
Operating Profit Margin (PBIDT/Sales)	(%)	10.49	9.77	12.40
Return on Total Assets (PBT/Total Assets}	(%)	10.37	8.50	13.64
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.23
Debt Equity Ratio (Total Debt /Networth)		0.20	0.38	0.38
Current Ratio (Current Asset/Current Liability)		1.52	1.38	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.001	30.001	30.001
Reserves & Surplus	416.812	468.227	538.321
Share Application money pending allotment	0.000	0.000	0.000
Net worth	446.813	498.228	568.322
long-term borrowings	42.922	42.715	43.472
Short term borrowings	128.681	148.427	68.869
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	171.603	191.142	112.341
Debt/Equity ratio	0.384	0.384	0.198

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1504.754	1558.712	1735.704
		3.586	11.355

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1504.754	1558.712	1735.704
Profit	91.347	51.414	70.095
	6.07%	3.30%	4.04%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	-----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances	0.000	0.406
Total	0.000	0.406

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10572621	26/05/2015	65,000,000.00	The Hongkong and Shanghai Banking Corporation Limi  ted	25, Barakhamba Road, New Delhi, Delhi - 110001, IN  DIA	C55281554
2	10567379	30/10/2014	19,450,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Birla Tower, Barakhamba Road, New Delhi, Delh  i - 110001, INDIA	C52612629
3	10500417	26/05/2015 *	21,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C55279434
4	10500414	26/05/2015 *	173,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C55609804
5	10148627	18/02/2009	3,000,000.00	Director of Industries	Deputy Director, Single Window Clearance Agency (SWCA), Baddi, Himachal Pradesh -173205, INDIA	A59219352
6	10124291	29/09/2008	224,118,000.00	ALLAHABAD BANK	NIT BRANCH, FARIDABAD, Haryana - 121001, INDIA	A46763488
7	10056782	29/06/2007 *	224,118,000.00	ALLAHABAD BANK	NIT BRANCH, FARIDABAD, Haryana - 121001, INDIA	A17764119
8	90047125	12/01/2007 *	224,118,000.00	ALLAHABAD BANK	NIT BRANCH, FARIDABAD, Haryana - 121001, INDIA	-
9	90045395	09/01/2013 *	261,600,000.00	Allahabad Bank	Govind Bhawan, NIT, Near Neelam Chowk, Faridabad,  Haryana - 121001, INDIA	B68873678

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENT:

Packaging is an ever growing industrial sector in our country. On account of development in infrastructure, manufacturing, agriculture, service sector and change in life style of the people, the growth in packaging industry has also shown a fast growth. Now a days the modern retailing channels such as supermarkets and hypermarkets is the main driver towards shifting to packaged goods. As these modern retail outlets are better equipped to showcase packaged products compared to India’s traditional retail outlets, the role of packaging in influencing purchasing decisions in-store is greatly increasing and this has made packaging an even more important marketing tool than ever before. Demand for packaging of different types continued to rise in India, out of which Paper-based packaging materials are behind some of the most ground-breaking developments in the industry today. Paper and paper-based packaging is the largest sector in the worldwide market for packaging the products like Electrical and Electronic appliances, medicines, cosmetics, automotives etc. Similarly food products more particularly healthy food and Breakfast cereals have shown a very significant growth through the retail market channels as such food products also having good market potentiality.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office 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 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. 65.12
UK Pound	1	Rs. 101.62
Euro	1	Rs. 72.56

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.