MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	REXAM PHARMA PACKAGING INDIA PRIVATE LIMITED (w.e.f.25.06.2007)
Formerly Known As :	TRUE PACK PRIVATE LIMITED
Registered Office :	B-5/9 Sukumar Co-operative Housing Socity, Dayal Das Road, Ville Parle (East), Mumbai 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.12.1986
Com. Reg. No.:	060481
Capital Investment / Paid-up Capital :	Rs.25.200 millions
CIN No.: [Company Identification No.]	U24295KA1986PTC060481
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of drug delivery device like bottles, nozzles and caps, etc.
No. of Employees :	75 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 261044
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses being incurred by the company in the current year, I. e. 2009-10. However, Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for small to mediocre 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	B-5/9 Sukumar Co-operative Housing Socity, Dayal Das Road, Ville Parle (East), Mumbai 400057, Maharashtra, India
E-Mail :	Vijay.AM@rexam.com
Website :	1000 sq.mtr
Factory :	No. 485, 13^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore 560058, Karnataka, India
Tel. No.:	91-80-40326500
Fax No.:	91-80-40326513

DIRECTORS

AS ON 02.12.2010

Name :	Mr. Marc Hamel
Designation :	Director
Date of Appointment :	03.11.2007
DIN No.:	02751281

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	U24295KA1986PTC060481	Rexam Pharma Packaging India Private Limited	Director	03/11/2007	03/11/2007	-	Active	NO

Name :	Mr. Shirish Prasad
Designation :	Director
Date of Appointment :	31.07.2009
DIN No.:	02736929

Top of Form

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	U24295KA1986PTC060481	Rexam Pharma Packaging India Private Limited	Director	30/09/2009	31/07/2009	-	Active	NO

Name :	Mr. Kevin Mc Nair
Designation :	Director
Date of Appointment :	20.07.2010

KEY EXECUTIVES

Name :	Mr. Manoj Mithala
Designation :	Secretary
Date of Appointment :	01.06.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.12.2010

Names of Shareholders	No. of Shares
Berkeley Holding Limited, London	1
Rexam Plastic Packaging (India Holding) Limited, London	2520019
Total	2520020

AS ON 02.12.2010

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]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of drug delivery device like bottles, nozzles and caps, etc.
Exports :
Countries :	USA, France
Imports :
Countries :	France
Terms :
Selling :	Direct
Purchasing :	Direct

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Bottles	Nos.	150,000,000	150,000,000	103,277,758
Caps	Nos.	150,000,000	150,000,000	100,908,807
Nozzles	Nos.	150,000,000	150,000,000	101,067,307

GENERAL INFORMATION

Suppliers :

· Rexam PL, France

· Rexam Services, France

· Rexam Pharma Offtranville, France

Customers :

· Rexam Primary Packaging Perrysburg, USA

No. of Employees :

75 Approximately

Bankers :

Canara Bank, Industrial Finance Branch, Richmond Road, Bangalore 560025, Karnataka, India

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2010	31.03.2009
Long Term Loan - From Bank	248.639	195.065
Working Capital Loan / Overdraft Facilities	2.436	33029
Deferred Payment Credit from Bank	7.243	0.000
Foreign Currency Term Loan - From the Holding Company	187.725	145.836
TOTAL	446.043	373.930

Note:

· Secured by Corcoran Guarantee given by Rexam PLC, the Ultimate Holding Company

· Amount repayable within one year Rs. 85.335 million.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountant
Address :	5^th Floor, Tower D, The Millennia, 1 and 2 Murphy Road, Ulsoor, Bangalore 560008, Karnataka, India
Name :	Mukesh M Shah and Company Chartered Accountant
Address :	S-616, MAnipal Centre, 47, Dikenson Road, Bangalore 560042, Karnataka, India
Ultimate Holding Company :	Rexam Pic.
Holding Company :	Rexam Plastic Packaging (India Holding) Limited, London
Associates/Subsidiaries :	· Rexam Primary Packaging- Perrysburg · Rexam Pharma La Verpilliere SAS, France · Rexam Closures, USA · Rexam Services, France · Rexam Pharma - Offranville · Rexam Home and Personal Care Lodz - Poland

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10 each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2520020	Equity Shares	Rs. 10 each	Rs.25.200 millions

NOTE:

1. Include 176000 Equity Shares of Rs. 10 each issued as fully paid up sweat equity shares during 2004-2005

2. Of the above 2520015 equity shares of Rs. 10 each are held by Rexam Plastic Packaging (India Holding) Limited, London, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		25.200	25.200	25.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.061	49.119	44.272
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.261	74.319	69.472
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.085
2] Unsecured Loans		446.043	373.930	114.115
TOTAL BORROWING		446.043	373.930	114.200
DEFERRED TAX LIABILITIES		0.937	7.809	13.892
TOTAL		512.241	456.058	197.564
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		454.389	94.648	97.570
Capital work-in-progress		1.167	309.979	8.147
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.051	9.322	13.479
	Sundry Debtors	61.323	37.760	56.649
	Cash & Bank Balances	14.973	12.545	0.681
	Other Current Assets	4.556	4.550	0.000
	Loans & Advances	233.792	33.682	75.100
Total Current Assets		344.695	97.859	145.909
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.617	44.582	38.109
	Other Current Liabilities	249.635	0.752
	Provisions	0.758	1.094	15.953
Total Current Liabilities		288.010	46.428	54.062
Net Current Assets		56.685	51.431	91.847
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		512.241	456.058	197.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	244.490	172.630	186.080
		Other Income	0.000	0.000	0.000
		TOTAL (A)	244.490	172.630	186.080
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	192.380	152.330	172.370
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	192.380	152.330	172.370
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.110	20.300	13.710
Less	FINANCIAL EXPENSES (D)		31.770	7.210	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.340	13.090	13.710
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.270	14.320	14.280
	PROFIT BEFORE TAX (E-F) (G)		(15.930)	(1.230)	(0.570)
Less	TAX (H)		(6.870)	(6.080)	3.040
	PROFIT AFTER TAX (G-H) (I)		(9.060)	4.850	(3.610)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.759	9.202	4.870
	IMPORTS
		Raw Materials	67.258	41.096	38.362
		Capital Goods	104.541	41.231	10.712
		Others	8.067	0.000	1.402
	TOTAL IMPORTS		179.866	82.327	50.476
	Earnings Per Share (Rs.)		(3.59)	1.92	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(3.70)	2.80	(1.94)
Net Profit Margin (PBT/Sales)	(%)	(6.51)	(0.71)	(0.30)
Return on Total Assets (PBT/Total Assets}	(%)	(1.99)	(0.63)	(0.23)
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.02)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		11.26	5.76	2.62
Current Ratio (Current Asset/Current Liability)		1.19	2.10	2.69

LOCAL AGENCY FURTHER INFORMATION

PROFILE:

Subject is a provider of drug delivery solutions in the healthcare sector. Rexam India has its manufacturing facilities in Bangalore, India. Rexam manufacturer drug delivery device like bottles, nozzles and caps to its customers. It also advice customers in design and development of the devices and moulds for such devices.

NOTE:

Registered office of the company has been shifted from No. 485, 13^th Cross, IV Phase, Peenya Industrial Area, Bangalore 560058, Karnataka, India to the present address w.e.f.03.11.2007

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Fire Fighting Equipments

· Furniture and Fixtures

· Office Equipments

· 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 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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.