MIRA INFORM REPORT

Report No. :	309944
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	PAPTEX TRADING PRIVATE LIMITED (w.e.f. 01.04.2002)
Formerly Known As :	PAPTEX TRADING LIMITED (w.e.f. 01.07.1997) PAPTEX TRADING PRIVATE LIMITED
Registered Office :	45-46, Ideal Industrial Estate, Mathuradas Mill Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.05.1994
Com. Reg. No.:	11-078134
Capital Investment / Paid-up Capital :	Rs.10.000 million
CIN No.: [Company Identification No.]	U51900MH1994PTC078134
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACP2840G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading in Paper, Agricultural Commodities and Shares.
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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position 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 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.

INFORMATION DECLINED BY

Name :	Mr. Sharma
Designation :	Accounts Department
Contact No.:	91-22-24925000
Date :	27.02.2015

LOCATIONS

Registered Office :	45-46, Ideal Industrial Estate, Mathuradas Mill Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-24925000/ 24925800
Fax No.:	Not Available
E-Mail :	hr@desaiassociates.in

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Madhulika Pankaj Kedia

Designation :

Director

Address :

101, Kedia Apartments, 29-F, Doongarsi Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

22.03.1963

Date of Appointment :

29.09.1998

DIN No.:

00033537

PAN No.:

AABPK8317R

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	U51900MH1994PTC078134	PAPTEX TRADING PRIVATE LIMITED	Director	29/09/1998	29/09/1998	-	Active	NO
2	U51909MH2003PTC139854	KRAFTEX TRADING PRIVATE LIMITED	Additional director	27/01/2015	27/01/2015	-	Active	NO

Name :

Mrs. Bharati Sandeep Singhania

Designation :

Director

Address :

82, Kedia Apartments, 29-F, Doongarsi Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

29.09.1971

Date of Appointment :

30.09.2000

DIN No.:

00033879

PAN No.:

ARIPS0733P

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	U51900MH1994PTC078134	PAPTEX TRADING PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U51909MH2003PTC139854	KRAFTEX TRADING PRIVATE LIMITED	Additional director	27/01/2015	27/01/2015	-	Active	NO

Name :

Mrs. Anupam Sanjay Kedia

Designation :

Director

Address :

101, Kedia Apartments, 29-F, Doongarsi Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

16.12.1963

Date of Appointment :

29.09.1998

DIN No.:

00036384

PAN No.:

AAMPK1442N

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	U51900MH1994PTC078134	PAPTEX TRADING PRIVATE LIMITED	Director	29/09/1998	29/09/1998	-	Active	NO
2	U51909MH2003PTC139854	KRAFTEX TRADING PRIVATE LIMITED	Additional director	27/01/2015	27/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharma
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Atmaram Singhania	86260
Sanjay Kedia jointly Anupam Kedia	60100
Sandeep Kumar Singhania jointly Bharati Singhania	44000
Pankaj Kumar Kedia jointly Madhulika Kedia	70000
Pankaj Kumar Kedia on behalf of (Pankaj Kumar Kedia HUF)	90000
Atmaram Singhania (Atmaram Singhania HUF)	50000
Sandeep Kumar Singhania	53100
Vishwanath Kedia Vishwanath Kedia HUF	10000
Sanjay Kedia on Behalf of (Sanjay Kedia HUF)	95000
Madhulika Kedia jointly Pankaj Kumar Kedia	72410
Anupam Kedia jointly Sanjay Kedia	95000
Basudeo Gupta	5
Sangeeta Jhunjhunwala	5
Sandeepkumar Singhania HUF	5
Bharati Singhania jointly Sandeepkumar Singhania	5
Kaushalyadevi Singhania Family Trust, India	5
Lakhiyadevi Madanlal Singhania Family Trust, India	5
Shilpa Sanganeria	20
Vishwanath Kedia	92500
Pankaj V. Kedia	25000
Madhulka Kedia	23890
Sanjay Kedia	32800
Bharati Singhania	99940
Total	1000050

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading in Paper, Agricultural Commodities and Shares.
Products :	Paper and Paper Products Agricultural Commodities, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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	Not Divulged
Branch Address	Not Divulged
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

Banking Relations :	--
Auditors :
Name :	Desai Associates Chartered Accountants
Address :	103, Anand Estate, 189, Arthur Road, Chinchpokli, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-23080788/ 23001840/ 23051165
Fax No.:	91-22-23072987/ 23073055
E-Mail :	hr@desaiassociates.in
PAN No:	AAAFD4921H
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	A.M. Enterprise, India Lakhiyadevi M. Singhania Family Trust Atmaram Singhania HUF Sanjay Kedia HUF Kaushalyadevi A. Singhania Family Trust Vishwanath Kedia HUF Sandeep Kumar Singhania HUF Pankaj Kedia HUF

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000050	Equity Shares	Rs.10/- each	Rs.10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	143.772	103.844	92.935
(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)	153.772	113.844	102.935
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	200.437	35.490	17.006
(b) Trade payables	118.897	5.981	5.013
(c) Other current liabilities	3.813	0.083	0.154
(d) Short-term provisions	20.428	5.080	7.140
Total Current Liabilities (4)	343.575	46.634	29.313
TOTAL	497.347	160.478	132.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.225	0.246	0.270
(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	94.500	94.500	54.500
(c) Deferred tax assets (net)	0.022	0.025	0.029
(d) Long-term Loan and Advances	0.004	0.003	0.010
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	94.751	94.774	54.809
(2) Current assets
(a) Current investments	0.100	0.000	2.808
(b) Inventories	0.591	29.980	23.006
(c) Trade receivables	367.644	12.006	14.506
(d) Cash and cash equivalents	14.068	14.179	2.807
(e) Short-term loans and advances	12.954	9.539	34.294
(f) Other current assets	7.239	0.000	0.018
Total Current Assets	402.596	65.704	77.439
TOTAL	497.347	160.478	132.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	198.449	152.751
		Other Income	NA	4.029	3.462
		TOTAL (A)	NA	202.478	156.213
Less	EXPENSES
		Purchases of Stock-in-Trade	NA	182.571	156.067
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	(6.973)	(19.114)
		Employees benefits expense	NA	1.732	1.245
		Other expenses	NA	8.959	3.822
		TOTAL	NA	186.289	142.020
Less	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	16.189	14.193
Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.024	0.028
	PROFIT/ (LOSS) BEFORE TAX		NA	16.165	14.165
Less	TAX		NA	5.256	4.499
	PROFIT/ (LOSS) AFTER TAX		39.928	10.909	9.666
	Earnings / (Loss) Per Share (Rs.)		39.93	10.91	9.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	5.50	6.33
Return on Total Assets (PBT/Total Assets}	(%)	NA	24.51	18.23
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.14
Debt Equity Ratio (Total Debt/Networth)		1.30	0.31	0.17
Current Ratio (Current Asset/Current Liability)		1.17	1.41	2.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	92.935	103.844	143.772
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	102.935	113.844	153.772
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	17.006	35.490	200.437
Total borrowings	17.006	35.490	200.437
Debt/Equity ratio	0.165	0.312	1.303

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	No
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from 52, Kewal Industrial Estate, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra to the present address w.e.f. 11.09.2006.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Intercorporate borrowings	31.000	13.584
Deposits from directors	100.092	19.577
Deposits from shareholders	69.345	2.329
Total	200.437	35.490

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90156672	23/09/1997	19,000,000.00	ORIENTAL BANK OF COMMERCE	DADAR BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
2	90156184	05/10/1995	295,000.00	ORIENTAL BANK OF COMMERCE	DADAR BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
3	90156122	19/06/1995	9,000,000.00	ORIENTAL BANK OF COMMERCE	DADAR BRANCH, MUMBAI, MAHARASHTRA, INDIA	-

FIXED ASSETS

· Buildings

· Office Equipment

· Plant and Machinery

· Computer

· Furniture and Fixtures

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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	SMN

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
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.