MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	HASSIA PACKAGING PRIVATE LIMITED
Formerly Known As :	HASSIA REDATRON PACKAGING MACHINERY PRIVATE LIMITED
Registered Office :	Gat 768/3, Sanaswadi, Taluka Shirur, Pune – 412207, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	19.06.1997
Com. Reg. No.:	11-108901
Capital Investment / Paid-up Capital :	Rs. 42.000 Millions
CIN No.: [Company Identification No.]	U29195MH1997PTC108901
TAN No.: [Tax Deduction & Collection Account No.]	PNEH00824F
PAN No.: [Permanent Account No.]	AAACH4374D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Machinery.
No. of Employees :	150 (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 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sanjay
Designation :	Account Department
Contact No.:	91-2137-302785
Date :	02.11.2011

LOCATIONS

Registered Office/ Factory :	Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra, India
Tel. No.:	91-2137-253210/ 209 91-2137-302800/2/6/ 302805 91-20-22532081
Fax No.:	91-2137-302819/ 253206
E-Mail :	redatron_india@vsnl.com sunil_adhiya@vsnl.com info@oystar.hassiapackaging.com finance@oystar.hossiapackaging.com
Website :	http://www.hassiaredatron.com
Administrative Office/ Branch Office :	15/A, Kondhwa Budruk, Pune – 41104, Maharashtra, India
Tel. No.:	91-2137-253210
Fax No.:	91-2137-253206
E-Mail :	redatron_india@vsnl.com finance@oystar.hassiapackaging.com

DIRECTORS

AS ON 29.04.2011

Name :

Mr. Thomas Dirkingo Graf

Designation :

Director

Address :

Kaiser- Sigmund – STR73, Frankfurt, A M Main , Germany-60320

Date of Birth/Age :

20.02.1956

Date of Appointment :

25.01.2010

DIN No :

02942986

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29195PN1997PTC108901	Hassia Packaging Private Limited	Nominee director	22/03/2010	25/01/2010	-	Active	NO

Name :

Mr. Krishnamachari Ravi

Designation :

Managing Director

Address :

10/10 Kumar city, Kalyani Nagar, Pune-411014, Maharashtra, India

Date of Birth/Age :

11.06.1959

Date of Appointment :

19.06.1997

DIN No :

00327292

Name :

Mr. Christian Heinrich Korte

Designation :

Director

Address :

ST-Rapheal- Weg 1, Gaildorf-74405, Germany

Date of Birth/Age :

14.01.1967

Date of Appointment :

25.01.2010

DIN No :

02942968

Name :

Mr. Jens Wolfgang Torkel

Designation :

Nominee Director

Address :

Dusternhorst 2, Schwarzenbek-21493, Germany

Date of Birth/Age :

09.11.1968

Date of Appointment :

12.03.2010

Date of Ceasing:

25.05.2011

DIN No :

02989440

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29195PN1997PTC108901	Hassia Packaging Private Limited	Nominee director	12/03/2010	12/03/2010	25/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.04.2011

Names of Shareholders	No. of Shares
IWKA Packaging GmbH, Germany	419999
Wolf-Dieter Ernst Baumann	1
Total	420000

AS ON 29.04.2011

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 Packaging Machinery

Products :

Product Description	ITC Code
Packaging Machinery	84223000

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Packaging Machinery	Nos.	200	200	98

Note:

* Licensed Capacity is based on Industrial license issued by Government of India

** As certified by management and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

v Canara Bank, M G Road, Pune – 411001, Maharashtra, India

v ABN AMRO Bank

v Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.12.2010	Rs. In Millions 31.12.2009
From Banks
Cash Credit (Secured by hypothecation of stocks and book debts)	13.083	0.000
From Kotak Mahindra Primus Limited (Secured by hypothecation of vehicles)	1.238	1.438
Total	14.321	1.438
Unsecured Loan	Rs. In Millions 31.12.2010	Rs. In Millions 31.12.2009
Sales Tax deferral Loan	1.500	1.500
Total	1.500	1.500

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountant
Address :	Muttha Towers, 5^th Floor, Suite No.8, Airport Road, Yerwada, Pune-411006, Maharashtra, India
Ultimate Holding :	· Odewald and Compagnie GmbH and Company
Holding Company :	· Oystar International GmbH
Fellow Subsidiary :	· Hamba Filltec GmbH and Company KG · Oystar Packaging Technologies GmbH

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
420000	Equity Shares	Rs.100/- each	Rs. 42.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
420000	Equity Shares	Rs.100/- each	Rs. 42.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (12 Months)	31.12.2009 (9 Months)	31.03.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		42.000	42.000	42.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.689	21.292	8.015
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		93.689	63.292	50.015
LOAN FUNDS
1] Secured Loans		14.321	1.438	2.201
2] Unsecured Loans		1.500	1.500	1.181
TOTAL BORROWING		15.821	2.938	3.382
DEFERRED TAX LIABILITIES		0.095	0.320	0.677
TOTAL		109.605	66.550	54.074
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.251	24.196	22.712
Capital work-in-progress		24.506	0.285	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.402	29.386	17.184
	Sundry Debtors	19.883	28.959	18.081
	Cash & Bank Balances	52.435	24.730	15.427
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.365	12.268	6.722
Total Current Assets		129.085	95.343	57.414
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.770	28.777	18.535
	Other Current Liabilities	22.452	15.519	3.750
	Provisions	18.015	8.978	3.767
Total Current Liabilities		71.237	53.274	26.052
Net Current Assets		57.848	42.069	31.362
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		109.605	66.550	54.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (12 Months)	31.12.2009 (9 Months)	31.03.2009 (12 Months)
	SALES
		Income	235.782	103.697	152.601
		Other Income
		TOTAL	235.782	103.697	152.601
Less	EXPENSES
		Office Expenses
		Administrative Expenses	185.142	80.691	132.080
		Advertising Expenses
		TOTAL	185.142	80.691	132.080
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.640	23.006	20.521
Less/ Add	DEPRECIATION/ AMORTISATION		4.038	2.099	2.336
	PROFIT BEFORE TAX		46.602	20.907	18.185
Less	TAX		16.205	7.631	6.802
	PROFIT AFTER TAX		30.397	13.276	11.383
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	52.415	31.737	49.805
	TOTAL EARNINGS		52.415	31.737	49.805
	IMPORTS
		Raw Materials	7.673	4.956	6.377
	TOTAL IMPORTS		7.673	4.956	6.377
	Earnings Per Share (Rs.)		72.37	31.61	27.10

KEY RATIOS

PARTICULARS		31.12.2010 (12 Months)	31.12.2009 (9 Months)	31.03.2009 (12 Months)
PAT / Total Income	(%)	12.89	12.80	7.46
Return on Total Assets (PBT/Total Assets}	(%)	29.81	17.49	20.73
Return on Investment (ROI) (PBT/Networth)		0.50	0.33	0.36
Debt Equity Ratio (Total Liability/Networth)		0.93	0.89	0.74
Current Ratio (Current Asset/Current Liability)		1.81	1.79	1.93

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last year	No
Profitability for last three years	No
Reasons for Variation <> 20%`	--
Estimation for coming financial year	No
Capital in the business	No
Details of sister concern	--
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export/ Import Details (If applicable)	No
Market Information	--
Litigations that the firm/ Promoter involved in	--
Banking Details	Yes
Banking Facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financials, fi provided	No
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

COMPANY OVERVIEW

Subject a subsidiary of Oystar International GmbH Germany, was incorporated under The Companies Act, 1956 of India on June 19, 1997.

The company’s primary business is to manufacture, export, import and deal in all types of packaging machine, allied systems and accessories.

FORM 8

Corporate identity number of the company	U29195PN1997PTC108901
Name of the company	HASSIA PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, M G Road, Pune – 411001, Maharashtra, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement Dated 23.06.2011 Letter For Creation Of Equitable Mortgage By Deposit Title Deeds Dated 23.06.2011 Both The Above Instruments Constitute A Single Charge
Date of instrument Creating the charge	23.06.2011
Amount secured by the charge	Rs. 60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest (1) On Cash Credit And Packing Credit Base Rate + 4% P.A, MIN 14.25% P.A. (2) On Letter Of Credit As Per Bank Guidelines (3) On Bank Guarantee As Per Bank Guidelines Terms of repayment On Demand Margin Debtors < 90 Days : 40% Stock : 25% Extent and operation of the charge First Charge In Favour Of The Bank
Short particulars of the property charged (Including location of the property)	Movable fixed assets : plant and machinery, equipments, accessories, stocks and book debts Factory land and building at Gat No. 768/3, Sanaswadi, Taluka Shirur, District Pune. All the properties are situated in India
Charge identification number of the charge to be modified	10066852
Date of instrument modifying the charge	19.09.2009
Particulars of the present modification	Amount Covered Under The Charge Is Increased From Rs.30.000 millions To Rs.60.000 millions Consisting Of The Following Facilities: Cash Credit: RS. 22.500 millions Packing Credit: RS. 7.500 millions Letter Of Credit: RS. 5.000 millions Bank Guarantee: RS. 25.000 millions ------------------------------------------------------ Total: Rs. 60.000 millions ===============================

FIXED ASSETS:

· Land

· Factory and Building

· Plant and Machinery

· Office Equipment,

· Computers

· Furniture

· Vehicles

· Technical Knowhow

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 records 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. 49.38
UK Pound	1	Rs. 79.20
Euro	1	Rs. 67.84

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
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.