MIRA INFORM REPORT

Report No. :	341343
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	BRANOPAC INDIA PRIVATE LIMITED
Registered Office :	605, Ansal Majestic Tower, G - Block, Vikas Puri, New Delhi - 110018
Tel. No.:	91-11-28543046/ 28543039
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	25.02.2002
Com. Reg. No.:	55-114355
Capital Investment / Paid-up Capital :	Rs.19.800 Million
CIN No.: [Company Identification No.]	U74950DL2002PTC114355
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 Anti Corrosion packaging products.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Branopac Gmbh, Germany, It was established in the year 2002. It deals in anticorrosion packaging products. Management has reported 16.2% of top line growth along with profitability margin of 10.0% during the year, under a review. The rating reflects company's satisfactory financial risk profile supported by above average net worth base and low borrowings taken by the company. The company has a worldwide production and distribution network and it receives good financial as well as managerial support from its holding company. Trade relations are reported as fair. Business is active. Payments are usually correct. The company 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	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	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Narendra Verma
Designation :	Account Manager
Contact No.:	91-130-3207050
Date :	16.09.2015

LOCATIONS

Registered Office :	605, Ansal Majestic Tower, G - Block, Vikas Puri, New Delhi – 110018, India
Tel. No.:	91-11-28543046/ 28543039
Fax No.:	Not Available
E-Mail :	india@branopac.com info@branopacindia.com
Website :	http://www.branopac.com
Location :	Owned
Locality :	Commercial
Head Office :	71, Liwaspur, (40 K.M. Stone National Highway), Bahalgarh chowk, Sonipat – 131021, Haryana, India
Tel. No.:	91-130-2380380
Fax No.:	91-2380381/ 3207050
Location :	Owned

DIRECTORS

AS ON 30.06.2014

Name :	Jorg Heinz Schulte
Designation :	Director
Address :	Stadtwald 7, Giessen, 35394, Germany
Date of Birth/Age :	05.10.1960
Date of Appointment :	19.06.2002
DIN No.:	02136794
Name :	Boris Kulinna
Designation :	Director
Address :	Eyber Str. 53, Ansbach, 91522, Germany
Date of Birth/Age :	06.02.1969
Date of Appointment :	06.04.2011
DIN No.:	03341023
Name :	Tarun Khattar
Designation :	Director
Address :	H. No. C-302, Yamuna Enclave, Panipat, 132103, Haryana, India
Date of Appointment :	02.03.2015
DIN No.:	07045237

KEY EXECUTIVES

Name :	Mr. Narendra Verma
Designation :	Account Manager

MAJOR SHAREHOLDERS

AS ON 30.06.2014

Names of Shareholders	No. of Shares
Branopack GMBH, Germany	1979999
Brano Holding GMBH and Company, Germany	10
Total	1980009

Equity Share Break up (Percentage of Total Equity)

AS ON 30.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Anti Corrosion packaging products.
Products :	Anti-Corrosion packaging products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

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 :

End Users

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 :

100 (Approximately)

Bankers :

Banker Name	Deutsche Bank Limited
Branch Address	Bahalagarh Branch, Haryana, 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 :

(Rs. In Million)

Particulars	As on 31.12.2014	As on 31.12.2013
SHORT TERM BORROWING
Vehicle Loan from Mahindra and Mahindra Financial Services Limited (Vehicles loan is secured by hypothecation of the vehicles)	0.000	0.037
Total	0.000	0.037

Auditors :
Name :	Chandrayan and Associates Chartered Accountants
Address :	C-3, 13th Floor, Himalaya House, Connaught Place, 23, KG Marg, New Delhi – 110001, India
Mobile No.:	91-9412596066
E-Mail :	Ashutosh.chandrayan@roedl.pro
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFC7971R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Branopac GMBH

CAPITAL STRUCTURE

AS ON 31.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs.19.800 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.800	19.800	19.800
(b) Reserves & Surplus	29.706	15.206	10.754
(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)	49.506	35.006	30.554
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	16.000
(b) Deferred tax liabilities (Net)	2.144	1.687	2.315
(c) Other long term liabilities	0.987	1.087	0.787
(d) long-term provisions	1.779	1.572	1.184
Total Non-current Liabilities (3)	4.910	4.346	20.286
(4) Current Liabilities
(a) Short term borrowings	6.647	16.037	4.178
(b) Trade payables	53.829	71.273	63.708
(c) Other current liabilities	3.153	3.134	2.507
(d) Short-term provisions	9.306	3.260	2.669
Total Current Liabilities (4)	72.935	93.704	73.062
TOTAL	127.351	133.056	123.902
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.623	54.244	56.226
(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	9.230	7.432	5.169
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.853	61.676	61.395
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.032	37.243	31.236
(c) Trade receivables	22.853	29.961	25.218
(d) Cash and cash equivalents	3.696	3.362	3.537
(e) Short-term loans and advances	1.917	0.814	2.516
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	65.498	71.380	62.507
TOTAL	127.351	133.056	123.902

PROFIT & LOSS ACCOUNT

PARTICULARS	31.12.2014	31.12.2013	31.12.2012
SALES
Income	143.617	123.895	119.477
Other Income
TOTAL	143.617	123.895	119.477
EXPENSES	122.055	118.788	109.146
PROFIT/ (LOSS) BEFORE TAX	21.562	5.092	10.160
TAX	7.209	0.173	5.241
PROFIT/ (LOSS) AFTER TAX	14.353	4.919	4.919
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	0.495	0.529	0.842
TOTAL EARNINGS	0.495	0.529	0.842
CIF Value of imports of Raw Materials ( Including goods in transit)	50.673	46.943	42.977
Earnings / (Loss) Per Share (Rs.)	7.25	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Return on Total Assets (PBT/Total Assets}	(%)	16.93	3.83	8.20
Return on Investment (ROI) (PBT/Networth)		0.44	0.15	0.33
Debt Equity Ratio (Total Debt /Networth)		0.13	0.46	0.66
Current Ratio (Current Asset/Current Liability)		0.90	0.59	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	19.800	19.800	19.800
Reserves & Surplus	10.754	15.206	29.706
Net worth	30.554	35.006	49.506
long-term borrowings	16.000	0.000	0.000
Short term borrowings	4.178	16.037	6.647
Total borrowings	20.178	16.037	6.647
Debt/Equity ratio	0.660	0.458	0.134

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	119.477	123.895	143.617
		3.698	15.918

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	119.477	123.895	143.617
Profit	4.919	4.919	14.353
	4.12%	3.97%	9.99%

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	Yes
8	Designation of contact person	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from B - 17, First Floor, B Block, Community Centre, Janakpuri New Delhi -110058, India to the present address w.e.f. 01.11.2012

BACKGROUND

The Company has been incorporated under Companies Act, 1956 on 25th February 2002. The Company is a subsidiary of Branopac GmbH, an entity registered in Germany. The Company is engaged in the business of Anti Corrosion Packaging Material.

SHIFT OF REGISTERED OFFICE:

The Board of Directors at their meeting held on 22nd April 2015 has decided to shift the registered office of the Company from the state of Delhi to the State of Haryana. In view of the fact that the corporate office of the Company is in Sonepat, Haryana and the majority of the business sites are around Sonepat so it would be convenient to carry on the business activities of the Company more efficiently and smoothly form Sonepat. Further to add on the proposed shifting of the Registered Office shall also help the company in looking towards its expansion plans of its business activities. Therefore as a whole it would be in the interest of the Company, its members and general public to shift the Registered Office of the Company to Haryana

As per Section 13(4) of Companies Act, 2013 and Rule 30 of the Companies (Incorporation) Rules, 2014 the registered office of the Company may be shifted outside the local limits of any city, town or village on the authority of the special resolution passed by the Company and subject to the confirmation of the Regional Director /Central Government, therefore, it has become necessary to seek your consent by way of special resolution to give effect to such provision.

None of the Directors of the Company has any interest or concern in the resolution except as members of the Board.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.12.2014	As on 31.12.2013
SHORT TERM BORROWING
Loan from Deutsche Bank (to be repaid within a period of one year)	6.647	16.000
Total	6.647	16.000

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Computers (Hardware)

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.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.