MIRA INFORM REPORT

Report No. :	307712
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	GOPALA KRAFT PACK PRIVATE LIMITED

Registered Office :	I/2, Akanksha Appartments Near Sola Railway Crossing Sola Road, Ahmedabad - 380061, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.02.1992

Com. Reg. No.:	04-024591

Capital Investment / Paid-up Capital :	Rs. 22.717 Millions

CIN No.: [Company Identification No.]	U74999GJ1995PTC024591

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 :	Manufacturer of corrugated paper works.

No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and huge external borrowing taken by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

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	CRISIL
Rating	Long Term Rating = B
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	November 10, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	I/2, Akanksha Appartments Near Sola Railway Crossing Sola Road, Ahmedabad - 380061, Gujarat, India
Tel. No.:	91-22-22400260
Fax No.:	Not Available
E-Mail :	kclahoti2@rediffmail.com

Factory :	G-5,MIDC Area,Opposite Kathpal Railway Station,Baramati India

Administration Office :	158/164, Laxmi Bhavan, 4^th Floor, Kalbadevi Road, Kalbadevi, Mumbai – 400002, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Siddharth Shreeprakash Somani

Designation :

Director

Address :

86-A, Shriniketan, N.S. Road, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

08.10.1982

Date of Appointment :

21.03.1998

DIN No.:

00075585

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	U51900MH1994PTC082835	KAGAJ MARKETING AND TRADING PRIVATE LIMITED	Director	01/09/2007	11/11/1994	-	Active	NO
2	U21010MH1994PTC084079	NEW LIFE MARKETING AND TRADING PRIVATE LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	U65990MH1994PTC084074	STATUS CREDIT AND CAPITAL PRIVATE LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
4	U74999GJ1995PTC024591	GOPALA KRAFT PACK PRIVATE LIMITED	Director	21/03/1998	21/03/1998	-	Active	NO
5	U25209GJ2002PTC041156	EVERPLUS PLASTICS PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
6	U67120MH1990PTC058898	SWASTIK CAPITAL AND STOCK PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
7	U65990GJ1993PTC020447	ARUNODAYA CREDIT AND HOLDING INVESTMENT PVT LTD	Director	29/09/2007	18/07/2007	-	Active	NO
8	U14200MH2008PTC181590	G.S. MINING COMPANY PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
9	U51505MH1994PTC077633	EXCEL CRAFT MACHINERIES PRIVATE LIMITED	Director	20/11/2008	20/11/2008	-	Active	NO
10	U25209MH2009PTC189816	Polyplus Concentrates Private Limited	Director	22/01/2009	22/01/2009	-	Active	NO
11	U65923MH1995PTC085001	STAR TRECK SYNTEX PRIVATE LIMITED	Director	27/09/2013	05/10/2012	-	Active	NO

Name :

Gautam Shreeprakash Somani

Designation :

Director

Address :

86-A, Shriniketan, N.S. Road, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

11.05.1973

Date of Appointment :

28.03.2006

DIN No.:

00076897

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	U51900MH1994PTC082835	KAGAJ MARKETING AND TRADING PRIVATE LIMITED	Director	31/05/2004	31/05/2004	31/03/2006	Active	NO
2	U25209GJ2002PTC041156	EVERPLUS PLASTICS PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
3	U74999GJ1995PTC024591	GOPALA KRAFT PACK PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
4	U25209MH2009PTC189816	Polyplus Concentrates Private Limited	Director	22/01/2009	22/01/2009	-	Active	NO
5	U65923MH1995PTC085001	STAR TRECK SYNTEX PRIVATE LIMITED	Director	27/09/2013	05/10/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	27.73
Directors or relatives of Directors	68.11
Other top fifty shareholders	4.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of corrugated paper works.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Not Available

Purchasing :	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 :

30 (Approximately)

Bankers :

State Bank of India, Building No. 2B, Jaihind Estate, Dr. A. M. Road, Bhuleshwar, Mumbai – 400002, Maharashtra, India
State Bank of India, Empire House Fort Branch, 214, D.N. Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans	27.737	28.061
Foreign currency term loan	34.293	28.607
SHORT TERM BORROWINGS
Loans repayable on demand	37.604	23.899

Total	99.634	80.567


Auditors :
Name :	Jain P.C. and Associates Chartered Accountants
Address :	501-502, Diwan Chambers, Opposite Loha Bhavan, Old High Court Lane, Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAFFJ2841K

Memberships :	Not Available

Collaborators :	Not Available

Enterprises in which key management personnel and their relatives have significant influence :	Star Treck Syntex Private Limited Status Credit and Capital Private Limited Arunodaya Credit and Holdings Investment Private Limited Kagaj Marketing and Trading Private Limited Gopala Merchantile Limited Nathmal Somani and Company Everplus Plastic P Limited Polyplus Concentrates Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
324530	Equity Shares	Rs. 10/- each	Rs. 3.245 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	3.245	3.245	3.245
(b) Reserves & Surplus	15.714	13.086	11.032
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	21.020	13.985
Total Shareholders’ Funds (1) + (2)	18.959	37.351	28.262

(3) Non-Current Liabilities
(a) long-term borrowings	107.440	72.634	60.209
(b) Deferred tax liabilities (Net)	2.713	1.927	2.379
(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)	110.153	74.561	62.588

(4) Current Liabilities
(a) Short term borrowings	46.290	29.653	26.783
(b) Trade payables	16.659	20.662	11.143
(c) Other current liabilities	11.334	10.369	3.022
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	74.283	60.684	40.948

TOTAL	203.395	172.596	131.798

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.254	105.419	77.230
(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	1.491	1.116	1.151
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	112.745	106.535	78.381

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	34.222	29.246	19.629
(c) Trade receivables	31.397	22.521	21.964
(d) Cash and cash equivalents	18.107	6.459	7.982
(e) Short-term loans and advances	6.564	7.401	3.718
(f) Other current assets	0.360	0.434	0.124
Total Current Assets	90.650	66.061	53.417

TOTAL	203.395	172.596	131.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	194.679	162.498	107.397
		Other Income	0.204	1.144	0.666
		TOTAL (A)	194.883	163.642	108.063

Less	EXPENSES
		Cost of Materials Consumed	145.574	121.361	80.509
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.126)	(2.225)	(1.196)
		Employees benefits expense	8.734	9.432	6.585
		Other expenses	23.703	20.226	15.960
		TOTAL (B)	176.885	148.794	101.858

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.998	14.848	6.205

Less	FINANCIAL EXPENSES (D)		10.160	8.910	3.174

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.838	5.938	3.031

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.925	4.186	2.749

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.913	1.752	0.282

Less	TAX (H)		0.785	(0.301)	1.058

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.128	2.053	(0.776)

	Earnings / (Loss) Per Share (Rs.)		3.48	6.33	(2.39)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	0.58	1.26	(0.72)

Operating Profit Margin (PBDIT/Sales)	(%)	9.24	9.14	5.78

Return on Total Assets (PBT/Total Assets}	(%)	0.94	1.02	0.21

Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.01

Debt Equity Ratio (Total Debt/Networth)		8.11	2.74	3.08

Current Ratio (Current Asset/Current Liability)		1.22	1.09	1.30

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	3.245	3.245	3.245
Reserves & Surplus	11.032	13.086	15.714
Net worth	14.277	16.331	18.959

long-term borrowings	60.209	72.634	107.440
Short term borrowings	26.783	29.653	46.290
Total borrowings	86.992	102.287	153.730
Debt/Equity ratio	6.093	6.263	8.109

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	107.397	162.498	194.679
		51.306	19.804

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	107.397	162.498	194.679
Profit	(0.776)	2.053	1.128
	(0.72%)	1.26%	0.58%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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	Yes
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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10217533	30/05/2013 *	94,500,000.00	STATE BANK OF INDIA	Empire House Fort Branch, 214, D.N.Road,, Fort, M umbai, Maharashtra - 400001, INDIA	B79720645
2	80040509	09/06/2011 *	144,375,000.00	STATE BANK OF INDIA	BUILDING NO. 2B, JAIHIND ESTATE,, DR. A. M. ROAD, BHULESHWAR,, MUMBAI, Maharashtra - 400002, INDIA	B14826507
3	90099824	18/10/2007 *	9,000,000.00	STATE BANK OF INDORE	BUILDING NO. 2B, JAIHIND ESTATE,, DR. A. M. ROAD, BHULESHWAR, MUMBAI, Maharashtra - 400002, INDIA	A29870086

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From shareholders and relatives	20.419	6.665
From corporate bodies	16.908	3.291
From directors	5.277	2.918
Interest free sales tax deferment loan from State Government of Maharashtra	2.805	3.092
SHORT TERM BORROWINGS
From others	8.686	5.754

Total	54.095	21.720

FIXED ASSETS

Land – freehold
Building
Plant and machinery
Furniture and fixture and equipments
Office equipments
Vehicles
Computer
Air conditioner

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 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 :	KAR

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.

MIRA INFORM REPORT

0.58

9.24

Unit