MIRA INFORM REPORT

Report No. :	329903
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	TCPL PACKAGING LIMITED
Registered Office :	Empire Mills Complex, 414, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.08.1987
Com. Reg. No.:	11-044505
Capital Investment / Paid-up Capital :	Rs.87.000 Millions
CIN No.: [Company Identification No.]	L22210MH1987PLC044505
IEC No.:	05001962723
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09495D
PAN No.: [Permanent Account No.]	AAACT1406
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture Export of Paper board – based printed packaging material
No. of Employees :	1140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1987 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by decent net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further the rating also takes into consideration, company good profitability. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of long standing record and acceptable financial base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	CARE
Rating	Long - Term bank Facilities (BBB+)
Rating Explanation	Moderate Degree of Safety And Carry Moderate Credit Risk
Date	14.04.2014

Rating Agency Name	CARE
Rating	Short – Term Bank Facilities (A2)
Rating Explanation	Strong Degree of safety and carry low credit Risk
Date	14.04.2014

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 31-03-2013.

INFORMATION DENIED

Management Non-Co-Operative. Tel No.: (91-22-66606006)

LOCATIONS

Registered Office/ Head Office :	Empire Mills Complex, 414, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66606000 (Mr. Pravin Karambelkar)
Fax No.:	91-22-66606006
E-Mail :	nanavati@tcpl.in info@tcpl.in
Website :	http://www.tcpl.in
Factory 1 :	Silvassa 18/22, Government Industrial Estate, Masat, Silvassa, Union Territory of Dadra and Nagar Haveli 396230, India
Tel. No.:	91-260-2640259 / 2640067
Fax No.:	91-260-2640066
Factory 2 :	Haridwar Factory - Northern India Plot No.1 and 2, Sector 6A, Integrated Industrial Estate, BHEL, Haridwar - 249403, Uttarakhand, India
Tel. No.:	91-1334-239176-9/ 395217
Fax No.:	91-1334-239175
Factory 3 :	Goa Factory - Western India Shed No.1, 2 and 3 Plot No.124 and 127A, Kundaim Industrial Estate, Kundaim, Ponda, Goa-403115, Maharashtra, India
Tel. No.:	91-832-2395235/ 40
Factory 4:	Assam IGS Chatabari, Phase 1, Plot No.19, Chayagoan, District Kamrup Rural, Assam – 781123, India
Tel No.:	91-361-2132770
Branch Office:	New Delhi B-57, Second Floor, Kalkaji, New Delhi – 110019, India
Tel No.:	91-11-26441480/11
Fax No.:	91-11-26442531

DIRECTORS

As on 31.03.2014

Name :	Mr. Sajjan Jindal
Designation :	Chairman
Name :	Mr. Rishav Kanoria
Designation :	Executive Director
Name :	Mr. C.M. Maniar
Designation :	Director
Name :	Mr. Sudhir Merchant
Designation :	Director
Name :	Mr. Atul Sud
Designation :	Director
Name :	Mr. K.K. Kanoria
Designation :	Whole-Time Director
Name :	Mr. Saket Kanoria
Designation :	Managing Director
Name :	Mr. S. G. Nanavati
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Pravin Karambelkar
Designation :	Company Secretary
Name :	Mr. Anil
Designation :	Office Assistance

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	818271	9.41
Bodies Corporate	4264353	49.02
Sub Total	5082624	58.42
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5082624	58.42
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3600	0.04
Central Government / State Government(s)	50	0.00
Sub Total	3650	0.04
(2) Non-Institutions
Bodies Corporate	1073687	12.34
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1276275	14.67
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1232744	14.17
Any Others (Specify)	31020	0.36
Clearing Members	11202	0.13
Hindu Undivided Families	2336	0.03
Non Resident Indians	15982	0.18
Directors & their Relatives & Friends	1500	0.02
Sub Total	3613726	41.54
Total Public shareholding (B)	3617376	41.58
Total (A)+(B)	8700000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	8700000	100.00

BUSINESS DETAILS

Line of Business :	Manufacture Export of Paper board – based printed packaging material
Products :	Paper board – based printed packaging material
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

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 :

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 :

1140 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	BKC Branch, 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

• Axis Bank Limkted, Naiman Point
• ICICI Bank Limited, Prabhadevi

Facilities :

Secured Loans	31.03.2015 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
Long Term Borrowing
Term loans
From banks
In Rupee currency	NA	448.429
In Foreign currency	NA	321.561
From Others	NA
In Rupee Currency	NA	11.750
	NA
Short Term Borrowing	NA
Working Capital Loan from banks	NA	539.059
Acceptances		80.239
Total	NA	1401.038

Long Term Borrowing: (As on 31.03.2014)

· The loans from banks are secured by First pari passu charge on movable and immovable assets of the Company situated at Haridwar, Silvassa & Goa both present & future and Second pari passu charge by way of hypothecation of the Company's entire stock and other movables including book debts, bills, outstanding monies, receivables both present and future.

The loans from others are secured by hypothecation of specific machinery

/ assets for which loan are availed.

· Rupee Term Loan from banks carries interest in the range of 13% to 13.50% p.a. and Foreign Currency Loans from banks carries interest at LIBOR + ranging from 100 to 200 basis points. The loans are repayable in monthly / quarterly instalments Rupee loans from others carries interest in the range of 13% to 15% p.a. and are repayable in monthly instalments.

· Maturity profile of secured term loans are set out below:

(Rs. in millions)

Repayable in 2014-15		Repayable in 2015-16	Repayable in 2016-17	After 1-4-2017
From Banks:
Rupee Term Loan	155.149	259.048	250.667	203.922
Foreign Currency Term Loan	46.566	53.022	3.331	0.000
From Other parties:
Rupee Term Loan	59.948	11.750	0.000	0.000
Total	2616.63	3238.20	2539.98	2039.22

Short Term Borrowing:

Working Capital Loans and Acceptances are secured by pari passu charge by way of hypothecation of raw materials, semi-finished goods, finished goods, tools & spares, packing material, book debts and assignment of actionable claims. The loan is repayable on demand and carries interest in the range of 13% to 13.50% p.a.

Financial Institute:	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India
Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Other Related Parties: (As on 31.03.2014)	· Accura Reprotech Private Limited · Narmada Fintrade Limited · Flixit Animations Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.87.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8700000	Equity Shares	Rs.10/- each	Rs.87.000 Millions

Reconciliation of Equity shares outstanding at the beginning and at the end of the year

	31.03.2014	31.03.2013
Equity shares outstanding at the beginning of the year	87.000	87.000
At the End of the year	87.000	87.000

Terms attached to equity shares

The Company has only one class of equity shares having par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Details of shareholders holding more than 5% shares in the company

	31.03.2014	31.03.2013
	% holding	% holding
Accuraform Private Limited	20.06	16.15
Narmada Fintrade Private Limited	10.47	12.53
Powersurfer Interactive (India) Private Limited	1034	10.34
Anil Kumar Goel	6.18	3.47
AMVD Holding Private Limited	5.86	5.86
Sampannta Investments Private Limited	5.23	5.23
Total	58.14	53.58

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	87.000	87.000	87.000
(b) Reserves & Surplus	1051.297	792.265	692.675
(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)	1138.297	879.265	779.675
(3) Non-Current Liabilities
(a) long-term borrowings	974.250	781.740	632.136
(b) Deferred tax liabilities (Net)	132.914	120.414	100.637
(c) Other long term liabilities	7.613	6.286	5.280
(d) long-term provisions	23.289	15.409	17.550
Total Non-current Liabilities (3)	1138.066	923.849	755.603
(4) Current Liabilities
(a) Short term borrowings	589.613	619.298	622.953
(b) Trade payables	604.094	354.266	360.560
(c) Other current liabilities	439.853	406.333	387.690
(d) Short-term provisions	62.827	25.446	26.973
Total Current Liabilities (4)	1696.387	1405.343	1398.176
TOTAL	3972.750	3208.457	2933.454
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2272.844	1826.788	1606.097
(ii) Intangible Assets	6.452	5.562	4.376
(iii) Capital work-in-progress	17.240	40.048	12.330
(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	119.827	21.435	49.449
(e) Other Non-current assets	1.325	26.775	12.865
Total Non-Current Assets	2417.688	1920.608	1685.117
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	585.153	474.371	449.016
(c) Trade receivables	823.356	738.785	702.900
(d) Cash and cash equivalents	62.354	8.979	26.012
(e) Short-term loans and advances	61.073	51.231	50.515
(f) Other current assets	23.126	14.483	19.894
Total Current Assets	1555.062	1287.849	1248.337
TOTAL	3972.750	3208.457	2933.454

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4911.558	3900.395	3676.353
	Other Income	66.861	48.816	56.554
	TOTAL	4978.419	3949.211	3732.907
Less	EXPENSES
	Cost of Materials Consumed	2835.672	2288.621	2171.692
	Loss on account of exchange rate diffrences	0.000	7.394	1.430
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(35.008)	(21.634)	(4.587)
	Employees benefits expense	349.082	290.783	243.004
	Other expenses	1008.699	772.245	764.825
	TOTAL	4158.445	3337.409	3176.364
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	819.974	611.802	556.543
Less	FINANCIAL EXPENSES	172.882	176.560	149.568
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	647.092	435.242	406.975
Less	DEPRECIATION/ AMORTISATION	216.733	237.929	203.527
	PROFIT/ (LOSS) BEFORE TAX	430.359	197.313	203.448
Less	TAX	108.500	72.277	68.384
	PROFIT/ (LOSS) AFTER TAX	321.859	125.036	135.064
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	28.592	29.002	20.911
Less	APPROPRIATIONS
	General Reserve		100.000	100.000
	Proposed Dividend		21.750	23.055
	Corporate tax on dividend		3.696	3.918
	Total	NA	125.446	126.973
	Balance Carried to the B/S	NA	28.592	29.002
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		618.871	727.295
	Travelling and Others		32.016	33.336
	TOTAL EARNINGS	NA	650.887	760.631
	IMPORTS
	Raw Materials		137.926	130.319
	Consumables		52.897	74.247
	Capital Goods		256.626	130.360
	TOTAL IMPORTS	NA	447.449	334.926
	Earnings / (Loss) Per Share (Rs.)	37.00	14.37	15.52

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	241.263	275.421
Cash generated from operations	NA	613.850	306.289

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.55	3.21	3.67
Operating Profit Margin (PBIDT/Sales)	(%)	16.69	15.69	15.14
Return on Total Assets (PBT/Total Assets}	(%)	10.88	6.23	6.96
Return on Investment (ROI) (PBT/Networth)		0.38	0.22	0.26
Debt Equity Ratio (Total Debt /Networth)		1.37	1.87	1.96
Current Ratio (Current Asset/Current Liability)		0.92	0.92	0.89

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.584.75

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	87.000	87.000	87.000
Reserves & Surplus	692.675	792.265	1051.297
Net worth	779.675	879.265	1138.297
long-term borrowings	632.136	781.740	974.250
Short term borrowings	622.953	619.298	589.613
Total borrowings	1530.510	1642.301	1563.863
Debt/Equity ratio	1.963	1.868	1.374

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	3676.353	3900.395	4911.558
		6.094	25.925

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	3676.353	3900.395	4911.558
Profit	135.064	125.036	321.859
	3.67%	3.21%	6.55%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
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	Yes
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

UNSECURED LOAN

Particular	31.03.2015 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
Long Tem Borrowing
From Others	NA	0.000
From Related Party	NA	0.000
Total	NA	0.000

Note:

Unsecured loan is taken from a body corporate carrying interest @ 16% p.a. and is repayable in May 2014 and that from Related party carries interest @ 12% p.a.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT (As on 31.03.2014)

Overview

During the year 2013-14, the Company’s sales have increased from Rs. 3887.800 Millions to Rs. 4124.300 Millions showing a growth of 6.08%. The factories at Silvassa, Haridwar and Goa have converted 43360 M.T. of board as compared to 41773 M.T. in the previous year. The export turnover of the Company stood at `64.38 crores as against Rs. 856.900 Millions of last year. The Company has exported a variety of packing materials to its customers based in UAE and Europe countries.

The Company is continuously increasing its clientele and several large multinational companies operating in India are its customers.

Industry Structure and Developments

The year 2013-14 witnessed sluggish growth in FMCG industry. However with the new government at the centre it is expected that the country returns to the high growth rates seen in the past. They thus anticipate higher rates of industry growth in the future, which will be favourable to the prospects for their business.

Therefore, with the change in economic condition, lifestyle of people and launch of organised retail etc. the demand for packaged goods are expected to rise substantially.

Financial performance

During the year the performance of the Company has marginally increased compared to the previous year. While the turnover has increased by 6.08%, the EBIDTA has also gone up to Rs. 619.100 Millions as against Rs. 55.80 Millions during the previous year 2012- 13 represents an increase of 10.97%. The Cash profit of the Company has also gone up to Rs. 435.200 Millions in the current year as against Rs. 407.000 Millions in the last financial year.

Dividend Policy

TCPL is a regular dividend paying company for the past many years. For the year ended 31st March, 2014, the Directors have recommended a dividend of Rs. 2.50 per share amounting to Rs. 2544.600 lacs including taxes thereon. This amounts to 20% of the net profit for the year. As you may recall, the Company has announced previously a policy of payout of 20% of net profits by way of Dividend.

WORKING REVIEW AND PERFORMANCE (As on 31.03.2014)

Working Review:

During the year 2013-14, the gross turnover of the Company has increased to Rs. 4124.300 Millions from Rs. 3887.800 Millions for the previous year ended 31st March 2013 representing a growth of 6.08%. The Company has converted 43360 MT of paperboard as against 41773 MT in the previous year.

As usual, the Company continues to do significant share of its business by the conversion route. However, had all the products been sold on sales basis, the turnover would have been Rs. 4472.900 Millions as against Rs. 4208.300 Millions in the previous year, representing a growth of 6.29%.

The Company’s exports for the year ended 31st March, 2014 stood at Rs. 643.800 Millions, as against Rs. 856.900 Millions for the previous year.

During the year, the Company has earned an EBIDTA of Rs. 619.200 Millions as compared to Rs. 558.000 Millions, an increase of 10.97% over the previous year and amounts to 15.88% of net sales, as against 15.17% in the previous year.

Performance: (As on 31.03.2014 )

Silvassa factory:

During the year, the operations of all the three units in Silvassa have been encouraging and all the units have significantly contributed to the growth in sales.

During the year, the Company installed a state-of-the-art KBA offset printing machine from Germany at its Offset Printing Unit (OPU) in Silvassa alongwith a host of ancillary equipments which was commissioned in July 2013. The capacity utilisation of the unit has been increasing for the past few months and the unit has also added several new customers to its portfolio.

The performance of the Gravure printing unit (GPU) at Silvassa has also been satisfactory and bulk of the Company’s exports is contributed by products manufactured by this unit. This unit was also expanded during the year by integrating the neighbouring plots, and by installation of equipments which enable us to convert value added jobs such as high volume foil stamping and tactile UV applications.

The third unit at Silvassa is called Fluted Corrugation unit (FCU) and is also performing satisfactorily and is producing E/F/N fluted cartons for a variety of customers in the FMCG and Food industries.

Haridwar factory:

The Haridwar plant of the Company continues to achieve high levels of capacity utilisation. The products of the Company have been well received by its customers and the levels of utilisation and business generated at this plant have surpassed expectations and are at satisfactory level.

Goa factory:

During the year, the company added a printing machine at this facility by transferring a 6 colour offset printing machine from Silvassa and installed additional new equipment. This factory has become a full-fledged independent unit for manufacture of printed cartons, and will be a key factor in their pursuit of servicing orders from south based customers.

Guwahati project:

During the year, the Directors have decided to pursue the opportunity to expand their activities by setting up a Greenfield state-of-art packaging plant in Chayagaon, near Guwahati in the state of Assam. The northeast region of the country has been growing rapidly and Central and State Governments offer several fiscal benefits for units being set up there. In view of this, the Company has decided to set up a plant there to cater to the increasing demand for high quality packaging in that region. The construction of the factory building at the site is going on in full swing and we expect to commence commercial production by the end of the year.

Future prospects:

Due to the continuous growth the Company has witnessed, it continues to be India’s largest independent manufacturer of folding cartons with a turnover crossing a milestone figure of Rs. 4000.000 Millions at a compound annual growth rate in excess of 16% over the last 5 years. Further, the Directors are hopeful that, with the swearing in of a very progressive and stable Government at the Centre, the growth of Indian economy will further accelerate which promises to result in high growth in the FMCG sector and this will enable the company to utilise its capacities at higher levels and indeed create more opportunities for growth in the foreseeable future.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10559317	20/01/2015	560,000,000.00	THE RATNAKAR BANK LIMITED	SHAHAPURI KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C49186398
2	10571473	26/09/2014	377,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54703517
3	10571474	26/09/2014	455,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54704234
4	10571559	26/09/2014	455,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54705975
5	10571635	10/09/2014	1,350,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54757737
6	10571535	08/09/2014	442,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54708029
7	10571556	08/09/2014	560,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54699525
8	10571464	03/09/2014	1,370,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C54693031
9	10533735	02/07/2014	50,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	C35287101
10	10503126	04/06/2014	1,283,670.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	C06710214

CONTINGENT LIABILITIES: (As on 31.03.2014)

a) Counter Guarantees given to the banks in respect of:

1. Bank Guarantee of Rs.6.671 Millions given to the Electricity Departments / Various Government Authorities (Previous year Rs.7.171 Millions)

2. The Bonds given to Customs and Excise Authorities – Rs.826.053 Millions towards export obligation fulfillment of Rs2183.074 Millions (since fulfilled Rs.1904.637 Millions) for licences issued under Export Promotion Capital Goods Scheme (Previous Years Rs.663.874 Millions) and for other matters Rs. 175.718 Millions (Previous Year Rs.161.258 Millions)

b) Disputed demands of Rs.41.035 Millions in respect of various orders passed by Central Excise / Income Tax

authorities (Previous year Rs.11.666 Millions) for which appeals are made.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

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.63.39
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		50

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.