MIRA INFORM REPORT

Report No. :	357757
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	VAIBHAV PAPER BOARDS PRIVATE LIMITED
Registered Office :	3, Shiley Industrial Estate, S V Road, Gorengaon West, Mumbai – 400062, Maharashtra
Tel. No.:	91-22-28752280
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.04.1980
Com. Reg. No.:	11-022509
Capital Investment / Paid-up Capital :	Rs.45.000 Million
CIN No.: [Company Identification No.]	U21010MH1980PTC022509
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	MUMV08024C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Eco-friendly Kraft paper. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (20)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Vaibhav Paper Boards Private Limited was incorporated in the year 1980, it is having moderate track. The company has reported weak financial profile marked by accumulated losses, which has eroded the networth of the company. Rating is further constrained, due to company’s huge external borrowings it has risked the liquidity position of the company. However, the company has achieved moderate growth into its sales turnover and reported negligible profits from its operation during the year under review. In view of aforesaid, the company can be considered for business dealings with safe and secure 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 DECLINED

MANAGEMENT NON CO-OPERATIVE (91-22-28752280)

LOCATIONS

Registered Office :	3, Shiley Industrial Estate, S V Road, Gorengaon West, Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28752280
Fax No.:	91-22-28743477
E-Mail :	info@vaibhavpaper.in
Factory / Admin Office:	1810 and 1811, 3rd Phase, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2401720
Fax No.:	91-260-2427232

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Nimish Juthalal Shah
Designation :	Whole-time director
Address :	A1/104, Rajmoti Apartments, Opposite UPL Colony, Near Haria Hospital, GIDC, Vapi - 396195, Gujarat, India
Date of Birth/Age :	24.03.1973
Date of Appointment :	06.03.2013
DIN No.:	06524205
Name :	Munjal Shantilal Nagda
Designation :	Whole-time director
Address :	401 Gayatri Niwas, Bhagat Singh Road, Vile Parle West, Mumbai - 400056, Maharashtra, India
Date of Birth/Age :	12.04.1984
Date of Appointment :	29.09.2009
DIN No.:	02627425
Name :	Mr. Shrenik Chandulal Dodhia
Designation :	Director
Address :	Milan, Opposite Jolly Bungalow, Summair Club Road, Jamnagar - 361005, Gujarat, India
Date of Birth/Age :	13.10.1971
Date of Appointment :	30.09.2013
DIN No.:	00158780
Name :	Sonilkumar Ramniklal Shah
Designation :	Director
Address :	Sonil, Club Road, Jamnagar - 361005, Gujarat, India
Date of Birth/Age :	09.12.1967
Date of Appointment :	30.09.2013
DIN No.:	00182987

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	28.00
Directors or relatives of Directors	26.00
Other top fifty shareholders	46.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Eco-friendly Kraft paper. (Registered Activity)
Products :	Eco-friendly Kraft paper
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: (AS ON 31.03.2015)

PARTICULARS	PRODUCTION
M G Kraft Paper	20627 Qty (MTs)

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 :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, 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 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
ICICI Bank	1.000	0.000
Add: Interest Accrued on loan	0.004	0.000
Less: Paid Amount	0.032	0.000
Less: Repayable in next 12 months treated as current liabilities	0.277	0.000
SHORT TERM BORROWING
ICICI Bank	0.277	0.000
Total	0.972	0.000

Auditors :
Name :	R V Nadkarni and Company Chartered Accountants
Address :	305, Shri Jalaram Complex, Near Development Credit Bank, Silvassa Road, Char Rasta, Vapi – 396191, Gujarat, India
Tel. No.:	91-260-2428323/6545911
Mobile No.:	91-9824121604
E-Mail :	Rvn_co@rediffmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Rajlaxmi Metals Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 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	45.000	38.000	38.000
(b) Reserves & Surplus	(79.220)	(100.568)	(91.102)
(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)	-34.220	-62.568	-53.102
(3) Non-Current Liabilities
(a) long-term borrowings	18.595	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.627	1.518	1.306
Total Non-current Liabilities (3)	20.222	1.518	1.306
(4) Current Liabilities
(a) Short term borrowings	125.377	133.793	91.300
(b) Trade payables	81.093	119.065	114.970
(c) Other current liabilities	5.661	4.898	27.403
(d) Short-term provisions	3.738	2.937	0.855
Total Current Liabilities (4)	215.869	260.693	234.528
TOTAL	201.871	199.643	182.732
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.384	64.982	63.180
(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	5.977	6.806	4.582
(e) Other Non-current assets	2.280	2.287	2.290
Total Non-Current Assets	86.641	74.075	70.052
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32.297	35.614	33.544
(c) Trade receivables	75.851	82.572	70.775
(d) Cash and cash equivalents	3.604	3.981	6.207
(e) Short-term loans and advances	2.690	1.997	1.322
(f) Other current assets	0.788	1.404	0.832
Total Current Assets	115.230	125.568	112.680
TOTAL	201.871	199.643	182.732

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	524.487	472.712	463.053
	Other Income	0.705	1.201
	TOTAL (A)	525.192	473.913	463.053
Less	EXPENSES
	Cost of Materials Consumed	412.612	378.791
	Cost of resales	3.255	0.257
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.818)	0.639	438.821
	Employees benefits expense	17.378	14.276
	Other expenses	69.655	67.191
	Extraordinary items	0.000	0.194
	Exceptional items	(0.381)	0.049	(0.279)
	TOTAL (B)	494.701	461.397	438.542
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	30.491	12.516	24.511
Less	FINANCIAL EXPENSES (D)	12.055	15.286	6.166
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.436	(2.770)	18.345
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.577	6.696	16.350
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.859	(9.466)	1.995
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	7.859	(9.466)	1.995
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(100.568)	(91.102)	(93.097)
Add	DEPRECIATION REVERSAL DUE TO CHANGE IN ACCOUNTING POLICY	13.489	0.000	0.000
	Balance Carried to the B/S	(79.220)	(100.568)	(91.102)
	IMPORTS
	Raw Materials	187.792	189.910	189.563
	Components and Stores parts	0.324	0.894	0.725
	Capital Goods	0.000	0.000	0.545
	TOTAL IMPORTS	188.116	190.804	190.833
	Earnings / (Loss) Per Share (Rs.)	2.07	(2.84)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	3.252	(19.005)	NA
Net cash flows from (used in) operations	3.252	(19.199)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.50	(2.00)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	5.81	2.65	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.89	(4.74)	1.09
Return on Investment (ROI) (PBT/Networth)		(0.23)	0.15	-0.04
Debt Equity Ratio (Total Debt /Networth)		(4.21)	2.14	-1.72
Current Ratio (Current Asset/Current Liability)		0.53	0.48	0.48

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	38.000	38.000	45.000
Reserves & Surplus	(91.102)	(100.568)	(79.220)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(53.102)	(62.568)	(34.220)
long-term borrowings	0.000	0.000	18.595
Short term borrowings	91.300	133.793	125.377
Total borrowings	91.300	133.793	143.972
Debt/Equity ratio	(1.719)	(2.138)	(4.207)

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)
Total Income	463.053	473.913	525.192
		2.345	10.820

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	463.053	473.913	525.192
Profit	1.995	(8.265)	8.564
	0.43%	(1.74%)	1.63%

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

THE STATE OF THE COMPANY'S AFFAIRS:

The company's ability to earn profit in the current year after the aberration in the immediate past financial year. As such in five out of the last six years, the company has shown positive results leading to a reduction in its accumulated losses. In the current year, the company has shown an increase in both production and sales quantity which have gone up by about 8% and 6 % respectively. The company has made cash profit of Rs.18.055 Million in the year under report as compared to cash loss of Rs.2.528 Million in the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Directors	17.900	0.000
SHORT TERM BORROWING
Corporates	118.000	101.915
Related Parties	2.400	23.251
Shareholders and Relatively	4.700	8.627
Total	143.000	133.793

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10567787	19/03/2015	1,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	C52869914

FIXED ASSETS

• Office Building
• Staff Quarter
• Factory Buildings
• Borewell
• Site Developments
• Non-Carpeted Roads
• Plant and Machinery
• Furniture and Fixtures
• Electricals Fittings
• Vehicles
• Computer Systems
• Mobile Handsets
• Leasehold Land

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.98.55
Euro	1	Rs.72.60

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	--
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		20

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.