MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	TIME MAUSER INDUSTRIES PRIVATE LIMITED (w.e.f. 21.04.2005)
Formerly Known as :	QPAK INDUSTRIES PRIVATE LIMITED
Registered Office :	205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman - 396210, Daman and Diu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	14.08.2003
Com. Reg. No.:	56-3276
Capital Investment/ Paid-up Capital:	Rs.171.450 Millions
CIN No.: [Company Identification No.]	U01122DD2003PTC003276
TAN No.: [Tax Deduction & Collection Account No.]	MUMQ00640D
PAN No.: [Permanent Account No.]	AADCO6440R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Containers Excluding SSI Items.
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between Time Technoplast Limited and Mauser Werke GmbH, Germany. It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION DECLINED BY

Name :	Mr. Suresh Saini
Designation :	Finance Head
Date :	22.09.2011

LOCATIONS

Registered Office/ Factory :	205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman-396210, Daman and Diu, India
Tel. No.:	91-22-42119999 / 56062495 / 28570302
Fax No.:	91-22-28575672
E-Mail :	ttl@timetechnoplast.com
Website :	http://www.timemauser.com http://www.timetechnoplast.com
Area:	1500 sq. ft. (Owned)
Corporate Office :	101-B, Todi Complex, 35, Saki Vihar Road, Andheri (East), Mumbai - 400 072, Maharashtra, India
Tel. No.:	91-22 – 28039999
Fax No.:	91-22 – 28575672
E-Mail :	tmil@timemauser.com
Factory 2:	Sr No. 169 and 191 Pen Khopoli Road, Post Ambeghar, Taluka Pen-402107, Raigad, Maharashtra, India
Factory 3:	Plot No. 22, Survey No. 377/1, Kachigam Daman (U.T)
Regional Offices :	Located at: Bangalore Baroda Chandigarh Chennai Delhi Hyderabad Kolkata Sahibabad R.O. (Delhi) Indore Trivandrum

DIRECTORS

As on 27.09.2011

Name :

Mr. Clemens Friedrich Willee

Designation :

Director

Address :

Winter Gasses 60, 69469, Weinhein, Germany

Date of Birth :

07.05.1962

Date of Appointment :

05.03.2009

DIN :

02521138

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01122DD2003PTC003276	TIME MAUSER INDUSTRIES PRIVATE LIMITED	Nominee director	5/3/2009	5/3/2009	Active	NO

Name :

Mr. Hans Peter Schaefer

Designation :

Director

Address :

39 Rufled Feather Dr IL 60439, Lemont USA

Date of Birth :

08.04.1951

Date of Appointment :

24.09.2009

DIN :

02799781

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01122DD2003PTC003276	TIME MAUSER INDUSTRIES PRIVATE LIMITED	Nominee director	24/09/2009	24/09/2009	Active	NO

Name :

Dr. Detlev Gerd Weyrauch

Designation :

Nominee Director

Address :

IM Oberental 12, D52372, Kreuzau, Germany

Date of Birth :

15.01.1962

Date of Appointment :

30.03.2005

DIN :

00731935

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01122DD2003PTC003276	TIME MAUSER INDUSTRIES PRIVATE LIMITED	Nominee director	30/03/2005	30/03/2005	Active	NO

Name :

Mr. Anil Jain

Designation :

Nominee Director

Address :

311/ 312, Magnum Tower, Lokhenwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

03.01.1955

Date of Appointment :

24.02.2004

DIN :

00183364

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Managing director	1/12/2010	17/10/1991	Active	NO
2	U51900MH1991PTC063915	TIME EXPORTS PRIVATE LIMITED	Director	6/11/1991	6/11/1991	Active	NO
3	U51900MH1989PTC052612	VISHWALAXMI TRADING AND FINANCE PRIVATE LIMITED	Director	25/03/1995	25/03/1995	Active	NO
4	U51900MH1999PTC119909	AVION EXIM PRIVATE LIMITED	Director	18/05/1999	18/05/1999	Active	NO
5	U01122DD2003PTC003276	TIME MAUSER INDUSTRIES PRIVATE LIMITED	Nominee director	24/02/2004	24/02/2004	Active	NO
6	U67120MH1995PTC089667	TIME SECURITIES SERVICES PRIVATE LIMITED	Director	15/05/2006	15/05/2006	Active	NO
7	U31909DD1998PLC004665	NED ENERGY LIMITED	Director	29/09/2007	29/09/2007	Active	NO
8	U74999MH2008PTC178615	GENEX SCIENCE AND TECHNOLOGIES PRIVATE LIMITED	Director	7/2/2008	7/2/2008	Active	NO
9	U28992MH1999PLC119981	ACE MOULDINGS LIMITED	Director	27/09/2008	9/5/2008	Active	NO
10	U74999MH1998PTC113840	BHARAT INFRASTRUCTURES PRIVATE LIMITED	Director	27/09/2008	1/8/2008	Active	NO
11	U25200DD2009PLC004671	SCHOELLER ARCA TIME MATERIALS HANDLING SOLUTIONS LIMITED	Nominee director	13/05/2009	13/05/2009	Active	NO

Name :

Mr. Naveen Jain

Designation :

Nominee Director

Address :

43, Charkop Awas CHS Limited, 2 / RSB 28, Kandivali (West), Mumbai – 400067

Date of Birth/Age :

19.01.1966

Date of Appointment :

10.11.2003

DIN :

00183948

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Whole-time director	1/12/2010	20/12/1989	Active	NO
2	U51900MH1999PTC119909	AVION EXIM PRIVATE LIMITED	Director	18/05/1999	18/05/1999	Active	NO
3	U01122DD2003PTC003276	TIME MAUSER INDUSTRIES PRIVATE LIMITED	Nominee director	10/11/2003	10/11/2003	Active	NO
4	U74999MH2008PTC178615	GENEX SCIENCE AND TECHNOLOGIES PRIVATE LIMITED	Director	7/2/2008	7/2/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Kumar Mewara
Designation :	Company Secretary
Address :	Flat No. 201, Mohan Co-Operative Housing Society, Desai Ward, Vapi-396191, Gujarat, India
Date of Birth/Age :	13.06.1967
Date of Appointment :	15.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2011

Names of Shareholders	No. of Shares
Time Technoplast Limited (Formerly known as Time Packaging Limited) TTL, India	8401044
Aruna Jain	1
Deepa Jain	1
Naveen Jain	1
Nireeksha Thyagarajan	1
Raghupathy Thyagarajan	1
Ritu Jain	1
Mauser Holding International Gmbh, (Mauser), Germany	8743950
Total	17145000

As on 27.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Containers Excluding SSI Items.

Products :

Product Description	Item Code
Articles of plastic containers excluding items reserved for SSI sector.	3139
Drums of iron and steel	7310

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Articles (IBC)	Nos	90000	56112
Metal Drums	Nos	1800000	419439

Note:

• Licensed capacity in not applicable in view of the company products having been de-licensed as per the new licensing policy announced by the government of India
• Installed capacity is as certified by the management and accepted by auditors as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

• Axis Bank Limited, Credit Management Centre, Mumbai, Unit No. 6, Corporate Park, Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra, India

• State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Galli, Andheri (East), Mumbai – 400059, Maharashtra, India

E – Mail: kamalax_saraf@hotmail.com

• ING Vysya Bank Limited, Patel Chambers, Ground Floor, Opera House, Mumbai – 400007, Maharashtra, India
• ING Vysya Bank Limited, 22 M G Road, Bangalore-560001, Karnataka, India

Facilities :

Secured Loan	31.12.2010 (Rs. in Millions)	31.12.2009 (Rs. in Millions)
Term Loan
From Financial Institution/ Banks	51.360	72.636
Cash Credit - From Banks	217.796	184.054
Total	269.156	256.690
Unsecured Loan
Short Term Loan	50.387	52.022
Total	50.387	52.022

Note:

1. The Term Loan from Financials Institutions/ Banks are secured by first charge ranking pari passu on all immoveable assets and hypothecation of all moveable (Save and Except Current Assets) of the company subject to second charge in favour of the Company’s Bankers for working capital limits and further secured by personal guarantee of some directors and corporate guarantee d Promoter Company.

2. The Cash Credit facilities from Banks are secured by way of hypothecation of Company's stock and book debts (present and future) and further secured by second charge rankling pari passu over the immovable fixed assets of the company and further secured by personal guarantee of some Directors and corporate guarantee of Promoter Company.

Banking Relations :	--
Financial Institution:	Axis Trustee Services Limited, Maker Towers 'F', 13^th Floor, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Auditors :
Name :	AMPAC and Associates Chartered Accountant
Address :	7/ Hira Moti Building, 1^st Floor, Shrinagar Society, M.G. Road, Goregaon, Mumbai-400062, Maharashtra, India
Holding Company:	Mauser Holding International GMBH
Associates :	Ned Energy Limited TPL Plastech Limited
Other Related Parties :	Time Technoplast Limited Time Securities and Services Private Limited Time Exports Private Limited Apex Plastic Avion Exim Private Limited Vishwalaxmi Trading and Finance Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
17,500,000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,145,000	Equity Shares	Rs.10/- each	Rs.171.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		171.450	171.450	171.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		155.599	124.789	102.529
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		327.049	296.239	273.979
LOAN FUNDS
1] Secured Loans		269.156	256.690	267.068
2] Unsecured Loans		50.387	52.022	50.000
TOTAL BORROWING		319.543	308.712	317.068
DEFERRED TAX LIABILITIES		32.719	21.890	10.658
TOTAL		679.311	626.841	601.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		325.916	338.789	352.652
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	182.807	155.228	138.280
	Sundry Debtors	205.726	172.058	126.035
	Cash & Bank Balances	16.254	12.638	14.706
	Other Current Assets	0.604	0.397	0.000
	Loans & Advances	54.820	42.305	37.280
Total Current Assets		460.211	382.626	316.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.899	79.167	56.511
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	21.917	15.521	10.959
Total Current Liabilities		106.816	94.688	67.470
Net Current Assets		353.395	287.938	248.831
MISCELLANEOUS EXPENSES		0.000	0.114	0.222
TOTAL		679.311	626.841	601.705

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2010	31.12.2009	31.12.2008
	GROSS TURNOVER AND OTHER INCOME	946.520	667.400	585.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	71.480	59.340	51.610
Less/ Add	DEPRECIATION/ AMORTISATION	18.840	18.600	19.060
	PROFIT BEFORE TAX	52.640	40.740	32.550
Less	TAX	21.410	18.240	10.730
	PROFIT AFTER TAX	31.230	22.500	21.820
	EARNINGS IN FOREIGN CURRENCY	163.086	121.709	101.650
	Import – Material	131.811	90.494	111.499
	Earnings Per Share (Rs.)	1.82	1.31	1.34

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
Return on Total Assets (PBT/Total Assets}	(%)	6.70	5.65	4.87
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.12
Debt Equity Ratio (Total Liability/Networth)		1.30	1.36	1.40
Current Ratio (Current Asset/Current Liability)		4.31	4.04	4.69

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.12.2010	31.12.2009	31.12.2008
Sundry Creditors for Micro, small and medium Enterprises	0.000	0.018	0.228
Sundry Creditors for others	84.899	79.149	56.283
Total	84.899	79.167	56.511

Financial Results:

During the year 2010, the company achieved gross turnover and other income of Rs.946.520 millions an increase of 41.82% over the previous year’s Rs.667.400 millions. The net profit of the company after current tax for the year 2010 is Rs.42.060 millions an increase of 24.69% as compared to the previous year’s net profit of Rs.33.730 millions.

Current Period Performance :

The performance of the company during the current year has been satisfactory. The project of manufacturing of Plastic Articles including Intermediate Bulk Containers [IBCs] of 1000 ltr capacity and project for Manufacturing Steel Drums at Pen, Maharashtra is running smoothly.

Contingent Liabilities :

Contingent Liabilities not provided for in respect of :

1. Guarantee given by banks on behalf of the company Rs.1.867 millions[Rs.3.200 millions]
2. Letter of credit issued by the banks on behalf of the company Rs.71.169 millions [Rs.98.062 millions]

Bankers Charges Report as per Registry

Corporate identity number of the company	U01122DD2003PTC003276
Name of the company	TIME MAUSER INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	205, Sabari Apartment, Second Floor, Building No. 1, Survey No. 387, Kachigam, Daman-396210, Daman and Diu, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property Others
Particular of charge holder	Axis Trustee Services Limited, Maker Towers 'F', 13^th Floor, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Email	kirtikant.kaviju@axistrustee.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 23rd April 2010 creating charge on movable fixed and current assets. An equitable mortgage by way of deposit of title deeds with Axis Trustee on 23rd April 2010. No instrument was executed.
Date of instrument Creating the charge	23.04.2010
Amount secured by the charge	Rs.464.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited Terms of Repayment As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited Margin As per sanction terms of Axis Bank Limited and ING Vysya Bank Limited Extent and Operation of the charge First pari passu charge/Second pari passu charge on movable and immovable properties to be operative till entire amount due to the lenders is paid in full
Short particulars of the property charged	I) All immovable and movable fixed assets (present and future) of the company situate at Pen Unit. II) All the immovable and movable fixed assets of the Company situate at Daman Unit. III) Entire current assets (both present and future) of the company.

Fixed Assets:

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fittings
• Vehicles
• Computers

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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
TOTAL		46

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.