MIRA INFORM REPORT

Report No. :	307778
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	AMOL PAPER MILLS PRIVATE LIMITED
Registered Office :	Syndicate Bank Building, 26-A, Sir P.M Road, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.05.1987
Com. Reg. No.:	11-043513
Capital Investment / Paid-up Capital :	Rs. 19.110 Millions
CIN No.: [Company Identification No.]	U99999MH1987PTC043513
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of paper such as writing printing, wrapping tissue, poster paper, cover paper, specialty papers, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory. Profit margin of the company appears to be fair. External borrowing of the company is near to nil. Overall financials of the company appears decent. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office :	Syndicate Bank Building, 26-A, Sir P.M Road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22662257/22660338/22661242
Fax No.:	91-22-22661952
E-Mail :	info@amolpaper.com
Sales Office :	Readymoney Terrace, 167 Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra, India.
Tel. No.:	91—22-24970303/24972299/24973344
Fax No.:	91-22-24935752

DIRECTORS

As on 30.09.2014

Name :

Mr. Milind Chandulal Shah

Designation :

Managing director

Address :

H No. GR/1 Shak (Shampensse) Khan A Gafarkhan Road Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

20.02.1962

Date of Appointment :

19.05.1987

DIN No.:

00204297

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	U99999MH1987PTC043513	AMOL PAPER MILLS PVT LTD	Managing director	19/05/1987	19/05/1987	-	Active	NO
2	U65910MH1987PTC043541	MILIND INVESTMENTS PVT LTD	Director	22/05/1987	22/05/1987	-	Active	NO
3	U21010MH1999PTC123386	CARLTON COATS PRIVATE LIMITED	Director	30/12/1999	30/12/1999	-	Active	NO

Name :

Mr. Amol Chandulal Shah

Designation :

Managing director

Address :

H No. GR/1 Shak (Shampensse) Khan A Gafarkhan Road Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

29.05.1951

Date of Appointment :

19.05.1987

DIN No.:

00204109

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	U99999MH1987PTC043513	AMOL PAPER MILLS PVT LTD	Managing director	19/05/1987	19/05/1987	-	Active	NO
2	U65910MH1987PTC043541	MILIND INVESTMENTS PVT LTD	Director	22/05/1987	22/05/1987	-	Active	NO
3	U21010MH1999PTC123386	CARLTON COATS PRIVATE LIMITED	Director	30/12/1999	30/12/1999	-	Active	NO

Name :

Chandulal Hirachand Shah

Designation :

Director

Address :

H No. GR/1 Shak (Shampensse) Khan A Gafarkhan Road Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

23.03.1928

Date of Appointment :

19.05.1987

DIN No.:

00203858

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	U99999MH1987PTC043513	AMOL PAPER MILLS PVT LTD	Director	19/05/1987	19/05/1987	-	Active	NO
2	U65910MH1987PTC043541	MILIND INVESTMENTS PVT LTD	Director	22/05/1987	22/05/1987	-	Active	NO
3	U21010MH1999PTC123386	CARLTON COATS PRIVATE LIMITED	Managing director	30/12/1999	30/12/1999	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Virendra Bhatt
Designation :	Company secretary
Address :	302, Taredeo aircondioned Market, Tardeo Main Road, Taredeo, Mumbai-400034, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Chandulal H. Shah	250000
Amol C. Shah	250000
Milind C Shah	549000
Abhyudaya C. Shah	250000
Jinnati C. Shah	370000
Bina C. Shah	50000
Sarita A. Shah	50000
Chandrika D. Mehta	1000
Rahul Sanghvi	7000
Siddhart Sanghvi	3000
Mahendra Parikh	1000
Milind Investments Private Limited	130000
Total	1911000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.52
Bodies corporate	6.80
Directors or relatives of Directors	92.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of paper such as writing printing, wrapping tissue, poster paper, cover paper, specialty papers, etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Worli Branch R M Terrace, Dr. A B Road Worli Naka, Mumbai - 400601, Maharashtra, India

Facilities :

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Sohni Packwell Industries Private Limited	0.100	0.100
Total	0.100	0.100

Auditors :
Name :	Vilas M Karpe and Company Chartered Accountants
Address :	B/202, Motivihar, Netaji Subhash Road, Mulund (West), Mumbai-400080, Maharashtra, India
Tel No.:	91-22-25933919
Fax No.:	91-22-25933920
PAN No.:	AHRPH5958R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,911,000	Equity Shares	Rs.10/- each	Rs.19.110 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	19.110	19.110	19.110
(b) Reserves & Surplus	38.471	32.407	27.163
(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)	57.581	51.517	46.273
(3) Non-Current Liabilities
(a) long-term borrowings	0.100	0.100	0.134
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.100	0.100	0.134
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	21.147	7.987	18.778
(c) Other current liabilities	1.616	2.858	0.591
(d) Short-term provisions	12.424	9.687	7.395
Total Current Liabilities (4)	35.187	20.532	26.764
TOTAL	92.868	72.149	73.171
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.220	14.391	11.353
(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	1.085	0.785	0.485
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.305	15.176	11.838
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.046	26.353	29.429
(c) Trade receivables	12.432	11.426	12.463
(d) Cash and cash equivalents	14.559	4.383	5.578
(e) Short-term loans and advances	16.277	12.406	13.863
(f) Other current assets	2.249	2.405	0.000
Total Current Assets	75.563	56.973	61.333
TOTAL	92.868	72.149	73.171

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	272.364	229.090	203.267
		Other Income	4.664	0.724	1.710
		TOTAL (A)	277.028	229.814	204.977
Less	EXPENSES
		Cost of Materials Consumed	201.923	159.479	148.492
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.586)	(0.374)	(1.538)
		Employees benefits expense	23.042	20.693	17.389
		Other expenses	45.818	40.178	33.251
		TOTAL (B)	266.197	219.976	197.594
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.831	9.838	7.383
Less	FINANCIAL EXPENSES (D)		0.194	0.123	0.187
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.637	9.715	7.196
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.836	2.115	1.552
	PROFIT BEFORE TAX (E-F) (G)		8.801	7.600	5.644
Less	TAX (H)		2.737	2.357	1.780
	PROFIT AFTER TAX (G-H) (I)		6.064	5.243	3.864
	Earnings Per Share (Rs.)		3.17	2.74	2.02

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.23	2.29	1.90
Operating Profit Margin (PBDIT/Sales)	(%)	3.98	4.29	3.63
Return on Total Assets (PBT/Total Assets}	(%)	9.59	10.65	7.76
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.12
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.15	2.77	2.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	19.110	19.110	19.110
Reserves & Surplus	27.163	32.407	38.471
Net worth	46.273	51.517	57.581
long-term borrowings	0.134	0.100	0.100
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.134	0.100	0.100
Debt/Equity ratio	0.003	0.002	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	203.267	229.090	272.364
		12.704	18.890

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	203.267	229.090	272.364
Profit	3.864	5.243	6.064
	1.90%	2.29%	2.23%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90148418	26/05/2008 *	26,950,000.00	BANK OF MAHARASHTRA	WORLI BRANCH R M TERRACE, DR A B ROAD WORLI NAKA,  MUMBAI, Maharashtra - 400601, INDIA	A41665761
2	90147053	27/02/2003 *	2,800,000.00	THE SARASWAT CO - OP. BANK LTD.	WORLI BRANCH, BOMBAY, Maharashtra - 400025, INDIA	-
3	90147043	29/12/1995 *	7,200,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE; GRUND FLOOR; NO - 104; BS MARG, BOMBAY, Maharashtra - 400001, INDIA	-
4	90147042	29/12/1995 *	300,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE; GRUND FL  OOR; NO - 104; BS MARG, BOMBAY, Maharashtra - 4000  01, INDIA	-

* Date of charge modification

FIXED ASSETS

· Factory

· Motor car

· Furniture and fitting

· Office electrical fitting

· Office equipment

· Computer

· Plant and machinery

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.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	JYTK

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	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.