MIRA INFORM REPORT

Report No. :	324983
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	GUJARAT PRINT-PACK PUBLICATIONS LIMITED

Registered Office :	201, Harsh Avenue, Navjivan Press Road, Ashram Road, Ahmedabad-380009, Gujarat
Tel. No.:	91-2762-2242141

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.06.1994

Com. Reg. No.:	04-022238

Capital Investment / Paid-up Capital :	Rs. 14.950 Million

IEC No.:	0894007882

CIN No.: [Company Identification No.]	U22210GJ1994PLC022238

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is a design, printing, packaging and labeling company, manufacturing a broad range of labels, corrugated boxes, stickers, printed cartons and shrink sleeves. It's services include designing for packaging/commercial printing.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of promotor’s rich experience and strong relationship with its customers, the subject can be considered 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Narendra Prajapati
Designation :	Not Divulged
Contact No.:	91-9825074814
Date :	29.05.2015

LOCATIONS

Registered & Marketing Head Office :	201, Harsh Avenue, Navjivan Press Road, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-27545314/27545414
Fax No.:	91-79-27545914
Email :	ashish@gujprintpack.com marketing@gujprintpack.com
Website :	http://www.gujprintpack.com
Area :	200 Sq. ft
Location:	Owned

Factory 1 :	308-9, G.I.D.C., Phase II, Dediyasan, Mehsana - 384 002, Gujarat, India
Tel No.:	91-2762-224014/224214
Fax No.:	91-2762-224914
Location:	Owned

Factory 2 :	Khasra, 278/26, Opposite Black Mango Hotel, Nahan Road, Village-Ougli, Kala Amb, Dist. Sirmor, Himachal Pradesh, India
Email :	himachal@gujprintpack.com
Location:	Owned

Overseas Office :	209 MST Building Bank Street, P O Box: 43978, Dubai-UAE
Tel. No.:	+97-104-3514456
Mobile No.:	+91-150-4216030
E-Mail :	dubai@gujprintpack.com

Branches :	Located At : Delhi Mumbai Kolkata Bangalore

DIRECTORS

As on 30.09.2014

Name :	Mr. Ashish Ambubhai Patel
Designation :	Managing Director
Address :	31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat, India
Date of Birth/Age :	29.12.1965
Date of Appointment :	10.06.1994
DIN No.:	00604949

Name :	Mr. Ambubhai Vanarasibhai Patel
Designation :	Director
Address :	31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat, India
Date of Birth/Age :	11.04.1929
Date of Appointment :	01.06.1994
DIN No.:	01782153

Name :	Mrs. Kamlaben Ambubhai Patel
Designation :	Director
Address :	31-B Vinaynagar Society, Jail Road, Mahsana – 384002, Gujarat, India
Date of Birth/Age :	01.05.1937
Date of Appointment :	01.10.1996
DIN No.:	00604976

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a design, printing, packaging and labeling company, manufacturing a broad range of labels, corrugated boxes, stickers, printed cartons and shrink sleeves. It's services include designing for packaging/commercial printing.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank of Baroda, Industrial Estate Branch, Opposite Simandhar Temple, State Highway, Mehsana – 384002, Gujarat, India

Bank Name	The Mehsana Urbna Co-Operative Bank Limited
Branch	Urban Bank Road, Mehsana –384 002, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
1) The Mehsana Urbna Co-Operative Bank Limited (Above loan is repayable by 72 Monthly installment payable in Rs. 0.199 million monthly started from May-10)	2.098	4.491
2) The Mehsana Urbna Co-Operative Bank Limited. ML50/14/29	1.045	3.194
3) GIDC, Ahmedabad Above loan is repayable by 16 Quarterly installments payable in Rs. 0.676 million started from December 2011. (Against approve the Plot No. E/284, At: GIDC, Sanand-II)	0.926	4.056
HDFC Bank Limited (36 Monthly Installment Payable in Rs. 0.096 million monthly starting from May, 2013) (Against hypothecation of specific vehicle)	0.783	1.939
HDFC Bank Limited (60 Monthly Installment payable in Rs. 0.096 monthly starting from April, 2014) (Against hypothecation of specific vehicle)	0.493	0.000
Short-term borrowings
The Mehsana Urbna Co-Operative Bank Limited. hypothecation A/c.13/05/266 (Secured by way of the first charge over the fixed assets i.e. Factory land at Plot No. 308-309 and factory building thereon and other fixed assets not specifically charged to other bank over and above first charge over the all current assets of the company)	34.229	18.827
Total	39.574	32.507

Auditors :
Name :	Virendra Chinubhai and Company Chartered Accountants
Address :	1-2-3, First Floor, Vyapar Bhawan, Visnagar – 384315, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADSPS6638P

Memberships :	--

Collaborators :	--

Associates:	G Flex

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1495000	Equity Shares	Rs.10/- each	Rs.14.950 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	14.950	14.950	14.950
(b) Reserves & Surplus	50.114	33.606	27.408
(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)	65.064	48.556	42.358

(3) Non-Current Liabilities
(a) long-term borrowings	27.990	34.191	53.849
(b) Deferred tax liabilities (Net)	13.098	13.424	12.447
(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)	41.088	47.615	66.296

(4) Current Liabilities
(a) Short term borrowings	34.229	18.827	12.383
(b) Trade payables	80.404	59.169	54.689
(c) Other current liabilities	32.289	35.214	25.595
(d) Short-term provisions	4.976	4.585	5.853
Total Current Liabilities (4)	151.898	117.795	98.520

TOTAL	258.050	213.966	207.174

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.262	87.821	75.573
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	16.391
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.625	1.125	1.125
(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	1.108	0.673	0.443
Total Non-Current Assets	105.995	89.619	93.532

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.701	25.367	23.030
(c) Trade receivables	87.515	75.242	67.678
(d) Cash and cash equivalents	4.941	2.024	1.066
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	25.898	21.714	21.868
Total Current Assets	152.055	124.347	113.642

TOTAL	258.050	213.966	207.174

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	319.856	269.266	230.895
	Other Income	3.464	2.827	1.253
	TOTAL (A)	323.320	272.093	232.148

Less	EXPENSES
	Cost of Materials Consumed	164.512	128.786	120.656
	Purchases of Stock-in-Trade	64.913	66.852	41.420
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.487)	(5.922)	(3.382)
	Employees benefits expense	21.338	19.926	17.924
	Other expenses	41.443	33.461	26.332
	TOTAL (B)	284.719	243.103	202.950

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	38.601	28.990	29.198

Less	FINANCIAL EXPENSES (D)	9.727	10.954	10.160

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	28.874	18.036	19.038

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.171	5.112	6.421

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	23.703	12.924	12.617

Less	TAX (H)	7.107	4.977	4.183

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	16.596	7.947	8.434

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	27.409	22.300	17.983

Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	1.749	1.617
	Proposed Dividend and Tax thereon	0.000	1.000	2.500
	Balance Carried to the B/S	44.005	27.498	22.300

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.576	0.324	15.009
	TOTAL EARNINGS	0.576	0.324	15.009

	IMPORTS
	Raw Materials	0.016	2.510	1.880
	Components and Stores parts	48.792	55.921	38.309
	Capital Goods	5.981	1.278	6.813
	TOTAL IMPORTS	54.789	59.709	47.002

	Earnings / (Loss) Per Share (Rs.)	11.10	5.32	5.64

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.19	2.95	3.65

Operating Profit Margin (PBIDT/Sales)	(%)	12.07	10.77	12.65

Return on Total Assets (PBT/Total Assets}	(%)	9.24	6.07	6.65

Return on Investment (ROI) (PBT/Networth)		0.36	0.27	0.30

Debt Equity Ratio (Total Debt /Networth)		0.96	1.09	1.56

Current Ratio (Current Asset/Current Liability)		1.00	1.06	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	14.950	14.950	14.950
Reserves & Surplus	27.408	33.606	50.114
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42.358	48.556	65.064

long-term borrowings	53.849	34.191	27.990
Short term borrowings	12.383	18.827	34.229
Total borrowings	66.232	53.018	62.219
Debt/Equity ratio	1.564	1.092	0.956

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	230.895	269.266	319.856
		16.618	18.788

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	230.895	269.266	319.856
Profit	8.434	7.947	16.596
	3.65%	2.95%	5.19%

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

During the year, the total turnover of the Company has increased by 19% approx. in comparison over previous year. Even though there was competition in market the company has remained successful in controlling overheads, succeeded in achieving profit increase by 108% and proved profitable in comparison to previous year. The management is still making endeavours and hopeful for reduction in cost and making profit.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
1)Deposit From Directors	5.405	5.405
2) Deposits from Shareholders and Directors relatives	15.335	13.202
3) Deposit from Other	1.905	1.904
Total	22.645	20.511

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10514408	04/08/2014	50,000,000.00	THE MEHSANA URBAN CO-OPERATIVE BANK LTD.	URBAN BANK ROAD, HIGHWAY, MEHSANA, GUJARAT - 3840 02, INDIA	C16092132
2	10226448	04/07/2014 *	115,000,000.00	THE MEHSANA URBAN CO-OPERATIVE BANK LTD.	URBAN BANK ROAD, HIGHWAY, MEHSANA, GUJARAT - 3840 02, INDIA	C16029332
3	10224669	31/05/2013 *	42,500,000.00	THE MEHSANA URBAN CO-OPERATIVE BANK LIMITED	URBAN BANK ROAD, MEHSANA, GUJARAT - 384002, INDIA	B76779966

* Date of charge modification

FIXED ASSETS

GIDC Land
GIDC Resident Plot
Building
Plant and Machinery
Electric Fitting
Furniture Fixture
Scooter/Cycle
Tata Truck
Motor Car
Office Equipment
Lab Equipments
Generator

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	SAN

Report Prepared by :	KVT

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

INDEX OF CHARGES

Unit