MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	LIVIA POLYMER BOTTLES PRIVATE LIMITED
Registered Office :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.12.1985
Com. Reg. No.:	18-012489
Capital Investment / Paid-up Capital :	Rs.16.200 Millions
CIN No.: [Company Identification No.]	U24300TN1985PTC012489
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00046E
PAN No.: [Permanent Account No.]	AAACL5958K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of high quality PET Containers, Jars and Bottles in Various Sizes, Shapes and Colours.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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

LOCATIONS

Registered Office :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24330168
Fax No.:	Not Available
E-Mail :	ramanan@livia.in
Website :	http://www.xariatech.com
Office and Factory :	Mandaiyur Salai, Mandaiyur, Pudukottai - 622 515, Tamilnadu, India
Tel. No.:	91-4339-250418/ 472/ 580
Fax No.:	91-4339-250418/ 472/ 580
E-Mail :	admin@livia.in admin@livpet.in

DIRECTORS

(AS ON 27.04.2011)

Name :

Mr. Venkata Ramanan Bapoo

Designation :

Managing Director

Address :

2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

03.03.1960

Date of Appointment :

18.12.1985

DIN No.:

00934602

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	U24300TN1985PTC012489	LIVIA POLYMER BOTTLES PRIVATE LIMITED	Managing director	18/12/1985	18/12/1985	Active	NO
2	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director	29/09/2010	23/10/2009	Active	NO
3	U85110TZ1987PTC017564	POTENTIAL SEMAC CONSULTANTS PRIVATE LIMITED	Director	27/08/2011	4/10/2010	Active	NO
4	U85110TN2002PTC049432	ASSURED BEST CARE HOSPITAL PRIVATE LIMITED	Director	5/9/2011	5/9/2011	Active	NO

Name :

Mr. Ambikrishnaswamy Bapoo Lakshmanan

Designation :

Director

Address :

10, Rajaram Salai K. K. Nagar, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

12.11.1929

Date of Appointment :

30.06.1989

DIN No.:

00934816

Name :

Mr. Mythily Ramanan

Designation :

Director

Address :

2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

29.11.1962

Date of Appointment :

26.04.1999

DIN No.:

01258785

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.04.2011)

Names of Shareholders	No. of Shares
Venkata Ramanan Bapoo	133934
Ambikrishnaswamy Bapoo Lakshmanan	11250
K. Lakshmanan	810
A. Raghavan	1000
Auto Parts and Acessories, India	1000
Vashist Ramanan	100
K. Prakash	700
Malika Laqkshmanan	600
Mythily Ramanan	12606
Total	162000

(AS ON 26.07.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	97.83
Other top fifty shareholders	2.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of high quality PET Containers, Jars and Bottles in Various Sizes, Shapes and Colours.

Products :

Products Description	Item Code No.
Pet Bottles	39233000

GENERAL INFORMATION

Customers :	· United Spirits · ITC Limited · Henkel · DDL · Perfetti · Lion Dates · Cavinkare · VKL · Vinbros · Western India Cashew
No. of Employees :	Not Available
Bankers :	· Indian Overseas Bank Haddows Road Branch, Prince Towers, College Road, Nungambakkam, Chennai - 600006, Tamilnadu, India · State Bank of India, Trichy · HDFC Bank, Trichy · ICICI Bank Limited, Trichy

Banking Relations :	--
Auditors :
Name :	Somasundaram and Sivaraman Chartered Accountant
Address :	E-10, Karthik Apartments, 46 Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamilnadu, India
PAN No.:	AASPS4961Q

CAPITAL STRUCTURE

(AS ON 27.04.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
162000	Equity Share	Rs.100/- each	Rs.16.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.200	16.200	10.800
2] Share Application Money		4.800	2.600	3.300
3] Reserves & Surplus		241.693	147.745	70.263
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		262.693	166.545	84.363
LOAN FUNDS
1] Secured Loans		386.227	228.964	163.091
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		386.227	228.964	163.091
DEFERRED TAX LIABILITIES		38.918	24.752	15.420
TOTAL		687.838	420.261	262.874
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		527.462	328.762	211.545
Capital work-in-progress		3.431	8.419	4.342
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	91.559	39.688	20.025
	Sundry Debtors	167.628	114.843	76.474
	Cash & Bank Balances	0.040	0.071	0.060
	Other Current Assets	18.844	13.641	10.527
	Loans & Advances	49.328	40.073	26.065
Total Current Assets		327.399	208.316	133.151
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor including Other Current Liabilities	132.338	91.591	63.508
	Provisions	38.116	33.645	22.656
Total Current Liabilities		170.454	125.236	86.164
Net Current Assets		156.945	83.080	46.987
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		687.838	420.261	262.874

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	Income from Operations	953.137	722.043	396.628
	PROFIT BEFORE TAX	138.274	114.635	57.357
Less	TAX	44.148	24.500	10.450
	PROFIT AFTER TAX	94.126	90.135	46.907
	Earnings Per Share (Rs.)	581	585	434.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	16.18	21.34	16.64
Return on Investment (ROI) (PBT/Networth)		0.53	0.69	0.68
Debt Equity Ratio (Total Liability/Networth)		2.12	2.13	2.95
Current Ratio (Current Asset/Current Liability)		1.92	1.66	1.55

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES AND COMMITMENTS (AS ON 31.03.2011)

· Claims not acknowledged as debts – Sales Tax – Rs.0.271 Million (Previous year Rs.0.271 Million)

· Letter of Credit Opened with Bankers – Rs.72.448 Millions (Previous year of Rs.85.514 Millions

· Estimated amount of Contracts remaining to be executed and not provided for Rs.41.100 Millions (previous year Rs.64.700 Millions)

· Guarantee Nil (Previous year Rs. Nil)

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90304319
Corporate identity number of the company	U24300TN1985PTC012489
Name of the company	Livia Polymer Bottles Private Limited
Address of the registered office or of the principal place of business in India of the company	2-D, Sridev Apartments, 31, First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India ramanan@livia.in
Type of charge	Immovable property Book Debts Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank Haddows Road Branch, Prince Towers, College Road, Nungambakkam, Chennai – 600006, Tamilnadu, India haddowsbr@ntserver.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	1. Letter of Hypothecation (for securing machineries/ vehicles/ goods/ book debts) 2. Term Loan Agreement 3. No Instrument. Confirmation Letters evidencing creation of supplemental mortgage.
Date of instrument Creating the charge	31/01/2012
Amount secured by the charge	Rs.547.404 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 1.25%, presently 12.00% p.a. Terms of Repayment Working capital limits repayable on demand. Existing TLs to be repaid as per the existing repayment terms. TL of Rs.75.800 Millions enhanced to Rs.92.500 Millions and the same is repayable in 18 equal quarterly installment of Rs.5.140 Millions each after a holiday period of six months from the date of first disbursement. (Total Tenor 5 years) Margin Margin 30% for TL of Rs.92.500 Millions. Existing margin for the existing limits to continue. Extent and Operation of the charge First and exclusive charge by Hypothecation of assets and Extn. of Equitable Mortgage by constructive delivery of documents of immovable properties, belonging to the company, already charged to the bank and Equitable Mortgage by deposit of title deeds of immovable properties belonging to the company, now newly charged to the bank, more fully described in the annexure to this form 8. The charge operates as security for the repayment of the dues by the company to the bank along with interest, charges etc. Others All other Terms and conditions are as per sanction letter dt. 26.12.2011 and documents obtained by the bank.
Short particulars of the property charged	First and exclusive charge by Hypothecation of assets and Extension of Equitable Mortgage by constructive delivery of documents of immovable properties, belonging to the company, already charged to the bank and Equitable Mortgage by deposit of title deeds of immovable properties belonging to the company, now newly charged to the bank.
Date of latest modification prior to the present modification	19/05/2011
Particulars of the present modification	The company has been sanctioned with enhancement in the existing TL limit from Rs.75.800 Millions to Rs.92.500 Millions and there is reduction in the Existing TLs sanctioned to the company due to repayment, thereby the Total limits sanctioned to the company has been modified/reduced from the existing Rs.599.800 Millions to Rs.547.404 Millions. Hence this modification.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Equipment

· Furniture and Fixtures

· Office Equipment

· Computers

· 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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.