MIRA INFORM REPORT

Report No. :	355164
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	SAFEPACK INDUSTRIES LIMITED (w.e.f. 1996)
Formerly Known As :	SAFEPACK POONA PRIVATE LIMITED
Registered Office :	Gat No. 1093/1094, At and Post Shiroli, Taluka Rajgurunagar, Pune – 410505, Maharashtra
Tel. No.:	91-2135-222199
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.05.1991
Com. Reg. No.:	11-061503
Capital Investment / Paid-up Capital :	Rs.40.500 Million
CIN No.: [Company Identification No.]	U29195PN1991PLC061503
IEC No.:	3193000469
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS9161Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the business of manufacturer and sale of specility packaging material i.e. protective, polycaoted and flexible packaging materials and allied activities. [Registered Activity and also confirmed by management]
No. of Employees :	150 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1991 having satisfactory track. For the FY 15, the company has achieved decent sales turnover marked by satisfactory profit margin. The company possesses adequate networth base marked by favorable gap between trade payables and receivables. However, rating is constrained on account of huge dip in profit margin and cash accruals as compared to previous year. Trade relations are fair. Business is active. Payments are 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.

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 31-03-2015.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Ketan
Designation :	Export Manager
Contact No.:	91-20-27111000
Date :	16.12.2015

LOCATIONS

Registered Office/Factory :	Gat No. 1093/1094, At and Post Shiroli, Taluka Rajgurunagar, Pune – 410505, Maharashtra, India
Tel. No.:	91-2135-222199
Mobile No.:	91-9860798881 (Mr. Ravindra Mali)
Fax No.:	91-2135-223289
E-Mail :	exports@safepack.com
Website :	www.safepack.com
Area :	50000 sq. ft.
Location :	Owned
Marketing Office :	A Symphony, 210 Ashok Nagar, Range Hills Road, Pune - 411020, Maharashtra, India
Tel No.:	91-20-25560400 / 25560999 / 25561600 / 25561500
Fax No.:	91-20-25560888
E-Mail :	convert@safepack.com solutions@safepack.com

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Rajendra Bhagirath Tapadia

Designation :

Managing director

Address :

Bunglow No. 1, Mauli Mantri Kishore Park, Bhosale Nagar, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

06.10.1959

Date of Appointment :

01.10.2013

DIN No.:

00508894

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	L28939PN1987PLC043953	BILCARE LIMITED	Director	08/12/1994	08/12/1994	-	Active	NO
2	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Managing director	01/10/2013	16/11/2000	-	Active	NO
3	U29195PN2000PTC015660	SAFE PACKAGING PRIVATE LIMITED	Director	22/12/2000	22/12/2000	-	Active	NO
4	U25202PN2004PLC019493	SAFEPROPACK LIMITED	Director	09/07/2004	09/07/2004	-	Active	NO
5	U74900PN2009PTC133531	TOUCHMAGIX MEDIA PRIVATE LIMITED	Director	17/02/2009	17/02/2009	-	Active	NO
6	U15490PN2010PLC136358	ART BLENDS LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mrs. Anjali Rajendra Tapadia

Designation :

Whole-time director

Address :

Bunglow No. 1, Mauli Mantri Kishore Park, Bhosale Nagar, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

30.07.1962

Date of Appointment :

01.10.2013

DIN No.:

00508907

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	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Whole-time director	01/10/2013	26/05/1991	-	Active	NO
2	U29195PN2000PTC015660	SAFE PACKAGING PRIVATE LIMITED	Director	22/12/2000	22/12/2000	-	Active	NO
3	U25202PN2004PLC019493	SAFEPROPACK LIMITED	Director	09/07/2004	09/07/2004	-	Active	NO
4	U15490PN2010PLC136358	ART BLENDS LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Mohan Harakchand Bhandari

Designation :

Director

Address :

604, Mantri Lawns, Behind Anand Ban Club, Anand Ban, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.11.1959

Date of Appointment :

20.10.2001

DIN No.:

00052777

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	L28939PN1987PLC043953	BILCARE LIMITED	Managing director	01/07/2012	01/07/1987	-	Active	NO
2	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Director	20/10/2001	20/10/2001	-	Active	NO
3	U45202TN2003PLC051682	SARAVANA GLOBAL HOLDINGS LIMITED	Director	30/09/2003	30/09/2003	06/10/2009	Active	NO
4	U67190PN2008PTC132137	TANISH FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	29/05/2008	29/05/2008	-	Strike off	NO
5	U52399PN2012PTC141889	M & N SALES & MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	11/01/2012	11/01/2012	-	Strike off	NO
6	U74900PN2012PLC143775	B A TECHNOLOGIES LIMITED	Director	21/06/2012	21/06/2012	-	Active	NO
7	L29150MH1946PLC004877	CAPRIHANS INDIA LIMITED	Director	26/09/2014	14/02/2013	-	Active	NO

Name :

Mr. Rajesh Omkarnath Malpani

Designation :

Director

Address :

Bansuri Janakinagar, Sangamner, District Ahmednagar Ms, Sangamner – 422605, Maharashtra, India

Date of Birth/Age :

23.02.1961

Date of Appointment :

20.11.2001

DIN No.:

01596468

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	U16003MH1985PTC036341	OM TOBACCO PRODUCTS PRIVATE LIMITED	Director	29/04/1987	29/04/1987	31/03/2015	Active	NO
2	U72200PN1998PTC012661	MALPANI ACADEMY PRIVATE LIMITED	Director	12/07/1998	12/07/1998	10/12/2013	Active	NO
3	U15495PN1998PTC013082	UNIVERSAL SPICES PRIVATE LIMITED	Director	30/03/2001	30/03/2001	20/11/2012	Active	NO
4	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Director	20/11/2001	20/11/2001	-	Active	NO
5	U45201PN2005PTC020481	KAUSTUBH ESTATE AND DEVELOPERS PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
6	U45201PN2005PTC020484	HARSHVARDHAN PROPERTIES PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
7	U45209PN2005PTC021539	LANDLORD PROPERTIES PRIVATE LIMITED	Director	14/11/2005	14/11/2005	-	Active	NO
8	U52110PN2007PTC129928	SARGAM RETAILS PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
9	U55101PN2007PTC129988	GREEN PARK HOLIDAYS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
10	U70102KA1990PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Director	23/06/2008	19/06/2008	-	Active	NO
11	U55101KA2008PTC047021	SURAJ INN PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
12	U80302KA2005PTC037233	INDUS INTERNATIONAL SCHOOL (PUNE) PRIVATE LIMITED	Director	15/05/2009	30/03/2009	15/03/2010	Active	NO
13	U45200PN2006PTC022230	RAMSUKH DEVELOPERS PRIVATE LIMITED	Director	25/03/2010	25/03/2010	05/08/2010	Active	NO
14	U93000PN2011PTC140096	MALPANI HOME CARE PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
15	U40106PN2012PTC145151	VAYUMITRA ENERGY PRIVATE LIMITED	Director	22/10/2012	22/10/2012	20/12/2013	Active	NO
16	U40106RJ2012PTC040491	PAVANMITRA ENERGY PRIVATE LIMITED	Director	23/10/2012	23/10/2012	25/12/2013	Active	NO
17	U45400PN2014PTC150171	GREENEARTH HOUSING PRIVATE LIMITED	Director	15/01/2014	15/01/2014	-	Active	NO
18	U45400PN2014PTC150209	AIM HOUSING PRIVATE LIMITED	Director	16/01/2014	16/01/2014	-	Active	NO
19	AAB-5794	MALPANI ALLIANCE LIFESPACES LLP	Designated Partner	12/06/2013	12/06/2013	-	Active	NO
20	AAC-0002	MIDORI REALTY LLP	Designated Partner	13/01/2014	13/01/2014	-	Active	NO
21	AAC-0003	VERDANT PROPERTIES LLP	Designated Partner	13/01/2014	13/01/2014	-	Active	NO
22	AAC-5331	THE ACROPOLIS LIFESPACES LLP	Designated Partner	01/08/2014	01/08/2014	-	Active	NO
23	AAC-5332	DIVINE STRETCH LIFESPACES LLP	Designated Partner	01/08/2014	01/08/2014	-	Active	NO
24	AAC-6037	KINGSVILLE REALTY LLP	Designated Partner	18/08/2014	18/08/2014	-	Active	NO

Name :

Mr. Anup Rajendra Tapadia

Designation :

Director

Address :

Mauli Bunglow No 1, Mantri Kishor Park Bhosale Nagar, Pune - 411007, Maharashtra, India

Date of Appointment :

16.02.2015

DIN No.:

02326410

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	U74900PN2009PTC133531	TOUCHMAGIX MEDIA PRIVATE LIMITED	Managing director	01/10/2010	17/02/2009	-	Active	NO
2	U25202PN2004PLC019493	SAFEPROPACK LIMITED	Director	15/07/2010	10/02/2010	-	Active	NO
3	U15490PN2010PLC136358	ART BLENDS LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
4	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Director	26/09/2015	16/02/2015	-	Active	NO

Name :

Mr. Anand Rajendra Tapadia

Designation :

Whole-Time Director

Address :

Mauli Bunglow No. 1, Mantri Kishor Park, Bhosale Nagar, Pune - 411007, Maharashtra, India

Date of Appointment :

16.02.2015

DIN No.:

07095944

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	U74900PN2009PTC133531	TOUCHMAGIX MEDIA PRIVATE LIMITED	Managing director	01/10/2010	17/02/2009	-	Active	NO
2	U25202PN2004PLC019493	SAFEPROPACK LIMITED	Director	15/07/2010	10/02/2010	-	Active	NO
3	U15490PN2010PLC136358	ART BLENDS LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
4	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Director	26/09/2015	16/02/2015	-	Active	NO

Name :

Mr. Sharad Shamsundar Sarda

Designation :

Whole-Time Director

Address :

D/303 Sonigara Nilay 1817, B/H.Kunal River Side Chd., Pune - 411033, Maharashtra, India

Date of Appointment :

16.02.2015

DIN No.:

7095964

KEY EXECUTIVES

Name :	Mr. Ketan
Designation :	Export Manager
Name :	Shekhar Ghatpande and Co
Designation :	Company Secretaries
Address :	13, `Saraswati’ 3rd Floor, COMPANY SECRETARIES Rambaug Colony, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Tel No.:	91-25435387
Mobile No.:	91-9422089343

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Rajendra Bhagirath Tapadia	3105270
Anjali Rajendra Tapadia	938700
Ajit Khushalchand Lunawat	1800
Mohan Harakchand Bhandari	2250
Rajendra Bhagirath Tapadia (HUF)	900
Rajesh Omkarnath Malpani	450
Safe Packaging Private Limited	450
Shreya Anup Tapadia	5
Kunda Prakash Malpani	5
Prakash Malapani (HUF)	5
Gopikishan Ramkishanji Bharadia	5
Priya Pawan Jaju	5
Kanta Ajit Lunawat	5
Anup Rajendra Tapadia	75
Anand Rajendra Tapadia	75
Total	4050000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.94
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in the business of manufacturer and sale of specility packaging material i.e. protective, polycaoted and flexible packaging materials and allied activities. [Registered Activity and also confirmed by management]
Products :	Protective Polycoated Flexible Packaging Materials Allied Activities
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Countries Sri Lanka Middle East Countries UAE
Imports :
Products :	Raw Materials
Countries :	Thailand
Terms :
Selling :	L\C and credit [30,60 Days]
Purchasing :	L\C and credit [30,60 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

OEMs

• Renault
• Hyundai
• Honda
• FIAT
• Mahindra
• TOYOTA
• Force Motors
• TATA
• BOSCH
• Mahindra Rise
• BHEL
• CIPLA
• SANOFI
• JCB

No. of Employees :

150 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India

Banker Name	State Bank of India
Branch Address	1548 A, Commercial Branch, Sadashiv Peth,Tilak Road, Pune - 411030, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-20-24330066 [Management non Corporative]
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loans from banks	22.606	31.394
From Others	0.429	0.557
SHORT TERM BORROWING
Cash credit from Banks	52.316	174.816
Export Packing Credit	3.143	8.086
Total	78.494	214.853

Notes:

SHORT TERM BORROWING:

Security and terms of repayments

Cash credit facilities from HDFC bank is secured by hypothecation by way of first and exclusive charge on all present and future stocks and book debts and equitable mortgage of factory land and building and is personally guaranteed by Managing director and Whole-time director. The loan carries interest @base rate+1.25% which is 11.25% at present.

Working capital loan in the form of export packing credit HDFC bank is within sublimit of Cash Credit facility. The loan carries interest at Libor + 3.50%

Deposits from Directors are repayable on demand and carries interest @12% p.a.

Auditors :
Name :	Patankar and Associates Chartered Accountants
Address :	19, Gold Wings, Parvati Nagar, Sinhagad Road, Pune - 411030, Maharashtra, India
Tel. No.:	91-20-24252117/ 18
E-Mail :	sanjay@patankarassociates.com
Memberships :	Not Available
Collaborators :	Not Available
Concern Over which Key Management Personnel of their relatives have significant influence:	Safepropack Limited Touchmagix Media Private Limited Art Blends Limited Technokarma – Prop. Anup R Tapadia

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
4230000	Equity Shares	Rs.10/- each	Rs.42.300 Million
20000	Preference Shares	Rs.10/- each	Rs.0.200 Million
	Total		Rs.42.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4050000	Equity Shares	Rs.10/- each	Rs.40.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.500	40.500	40.500
(b) Reserves & Surplus	132.798	120.483	102.593
(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)	173.298	160.983	143.093
(3) Non-Current Liabilities
(a) long-term borrowings	46.008	61.019	71.401
(b) Deferred tax liabilities (Net)	8.492	14.355	15.395
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.491	1.265	0.760
Total Non-current Liabilities (3)	55.991	76.639	87.556
(4) Current Liabilities
(a) Short term borrowings	61.933	183.404	106.855
(b) Trade payables	110.483	135.425	80.099
(c) Other current liabilities	20.158	26.147	32.033
(d) Short-term provisions	6.360	5.468	3.683
Total Current Liabilities (4)	198.934	350.444	222.670
TOTAL	428.223	588.066	453.319
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	173.986	198.109	219.924
(ii) Intangible Assets	0.356	0.477	0.807
(iii) Capital work-in-progress	15.354	15.324	15.084
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.345	9.491	13.397
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	192.042	223.402	249.213
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	94.786	81.907	86.794
(c) Trade receivables	134.332	175.925	109.637
(d) Cash and cash equivalents	2.292	102.478	4.534
(e) Short-term loans and advances	4.689	2.254	2.815
(f) Other current assets	0.082	0.100	0.326
Total Current Assets	236.181	362.664	204.106
TOTAL	428.223	586.066	453.319

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	717.411	702.494	603.379
	Other Income	11.388	18.383	4.062
	TOTAL (A)	728.799	720.877	607.441
Less	EXPENSES
	Cost of Materials Consumed	533.241	499.564	420.323
	Purchases of Stock-in-Trade	0.314	0.186	0.205
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.572)	7.053	(0.039)
	Employees benefits expense	62.580	51.634	43.176
	Other expenses	82.882	75.563	63.701
	TOTAL (B)	661.445	634.000	527.366
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	67.354	86.877	80.075
Less	FINANCIAL EXPENSES (D)	15.560	22.036	25.411
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	51.794	64.841	54.664
Less/ Add	DEPRECIATION/ AMORTISATION (F)	31.362	16.194	15.061
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	20.432	48.647	39.603
Less	TAX (H)	7.140	15.149	13.841
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	13.292	33.498	25.762
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	84.690	56.481	56.918
	TOTAL EARNINGS	84.690	56.481	56.918
	IMPORTS
	Raw Materials	106.713	84.597	52.496
	Capital Goods	0.015	0.371	0.280
	Stock in trade	0.000	0.000	0.097
	TOTAL IMPORTS	106.728	84.968	52.873
	Earnings / (Loss) Per Share (Rs.)	3.28	8.27	6.36

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	11.641	9.903	19.190
Cash generated from operations	72.049	85.877	71.186
Net cash flows from operating activities	58.340	72.617	65.462

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.85	4.77	4.27
Operating Profit Margin (PBIDT/Sales)	(%)	9.39	12.37	13.27
Return on Total Assets (PBT/Total Assets}	(%)	4.95	8.52	9.04
Return on Investment (ROI) (PBT/Networth)		0.12	0.30	0.28
Debt Equity Ratio (Total Debt /Networth)		0.69	1.58	1.38
Current Ratio (Current Asset/Current Liability)		1.19	1.03	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.500	40.500	40.500
Reserves & Surplus	102.593	120.483	132.798
Net worth	143.093	160.983	173.298
Long-term borrowings	71.401	61.019	46.008
Short term borrowings	106.855	183.404	61.933
Current maturities of long-term debts	19.190	9.903	11.641
Total borrowings	197.446	254.326	119.582
Debt/Equity ratio	1.380	1.580	0.690

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	603.379	702.494	717.411
		16.427	2.123

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	603.379	702.494	717.411
Profit	25.762	33.498	13.292
	4.27%	4.77%	1.85%

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

Subject (the company) is a closely held Company. The company is engaged in the business of manufacturer and sale of specialty packaging material i.e. protective, polycaoted and flexible packaging materials and allied activities. The company operates in both domestic and international market.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Sales Tax Deferernent	3.783	4.770
Loans and Advances from Related Parties
Intercorporate deposit	0.000	10.000
From Director	29.000	24.200
Deposits from Shareholders	1.830	0.000
Less: Amount disclosed under the head "Other Current Liabilities	(11.641)	(9.903)
SHORT TERM BORROWING
Loans and Advances from Related Parties
Deposits from Directors	6.475	0.503
Total	29.447	29.570

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10508392	31/07/2014 *	165,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C20126405

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	AMR
Report Prepared by :	GEET

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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	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.