MIRA INFORM REPORT

Report Date :

27.12.2012

IDENTIFICATION DETAILS

Name :	TOLY PRODUCTS INDIA PRIVATE LIMITED
Registered Office :	201A, Trinity Towers, DLF City, Phase - V, Gurgaon – 122 002, Haryana
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	20.07.2006
Com. Reg. No.:	151160
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U25209DL2006PTC151160
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of packaging material for cosmetic fragrances, promotional items, make up, skin care and pharmaceutical and health care products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial since 2009 with the Government Department. As per available information company’s performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Sammi Thakkar
Designation :	Finance Head
Contact No.:	91-9897709955
Date :	26.12.2012

LOCATIONS

Registered Office/ Sales Office :	201A, Trinity Towers, DLF City, Phase - V, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4285550
Mobile No.:	91-9897709955 (Mr. Sammi Thakkar – Finance Head) 91-9891448888 (Mr. Akash)
Fax No.:	91-124-4285551
E-Mail :	ravi@duaconsulting.com as@toly.com
Website :	http://www.toly.com
Factory :	D-11, Sara Industrial Estate Limited, Dehradun - Chakratta Road, Rampur, Dehradun – 268 197, Uttaranchal, India
Tel. No.:	91-135-2699250-58

DIRECTORS

As on 21.06.2010

Name :

Mr. Andrew Imre Gatesy

Designation :

Director

Address :

44, Porta Hompescn, Verdala Mansions, Inguanez Street, Rabat, Malta, RBT02

Date of Birth/Age :

24.01.1964

Date of Appointment :

11.08.2006

DIN No.:

01509222

Name :

Mr. William Wait

Designation :

Director

Address :

5, Triq, IR-Rihan, Fgura, Malta, PLA

Date of Birth/Age :

26.05.1968

Date of Appointment :

11.08.2006

DIN No.:

00663993

Name :

Mr. Ravi Oberoi

Designation :

Director

Address :

316, Kailash Tower, East of Kailash, New Delhi – 110 065, India

Date of Birth/Age :

14.03.1956

Date of Appointment :

20.07.2006

DIN No.:

00075971

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	29/04/1999	29/04/1999	-	Active	NO
2	U70109WB2006PTC153923	THIESS INDIA PRIVATE LIMITED	Director	03/06/2006	03/06/2006	07/05/2007	Active	NO
3	U25209DL2006PTC151160	TOLY PRODUCTS INDIA PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
4	U63040DL2006PTC154671	UNIVERSAL WEATHER AND AVIATION INDIA PRIVATE LIMITED	Director	09/10/2006	09/10/2006	04/10/2011	Active	NO
5	U74140DL2006FTC155125	ALCOA INDIA PRIVATE LIMITED	Director	31/10/2006	31/10/2006	21/12/2006	Active	NO
6	U74210DL2007PTC158478	HEINKEL AERO ENGINEERING INDIA PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Under Process of Striking off	NO
7	U72300DL2007PTC162723	TECHNOVA EQUIPMENTS PRIVATE LIMITED	Director	30/04/2007	30/04/2007	16/08/2010	Active	NO
8	U74210KA2007PTC043176	CEBENETWORK CADES ENGINEERING INDIA PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Under Process of Striking off	NO
9	U74900PN2008FTC139492	ETEM COMPOSITE MATERIALS INDIA PRIVATE LIMITED	Director	11/04/2008	11/04/2008	05/07/2011	Active	NO
10	U29299KA2008PTC046819	WORLDMED EQUIPMENTS PRIVATE LIMITED	Director	18/06/2008	18/06/2008	01/06/2010	Active	NO
11	U74900DL2010FTC198229	WESTAT INDIA SOCIAL SCIENCES PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO

Name :

Mr. Akash Purshottam Dass Sharma

Designation :

Director

Address :

8236, C 8, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

05.09.1968

Date of Appointment :

06.12.2007

DIN No.:

02006215

KEY EXECUTIVES

Name :	Mr. Sammi Thakkar
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.06.2010

Names of Shareholders	No. of Shares	Percentage of Holding
Toly Group International ApS, Denmark	9900	99.00
Susie Gatesy, Malta	100	1.00
Total	10000	100.00

Names of Allottee	No. of Shares
Toly Group International ApS, Denmark	1272560
Total	1272560

As on 21.06.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of packaging material for cosmetic fragrances, promotional items, make up, skin care and pharmaceutical and health care products.

PRODUCTION STATUS (AS ON 31.12.2009)

Particulars	31.12.2009
(A) Licensed and Installed Capacity (in no. of pcs per month)
Licensed Capacity	13000000
Installed Capacity	7284078
Note: Installed Capacity not verified by the Auditors being a technical matter.
(B) Production (in no. of pcs)	13095547

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Hongkong and Shanghai Banking Corporation Limited, Malta

Facilities :

Unsecured Loans	31.12.2009 (Rs. in Millions)	31.12.2008 (Rs. in Millions)
Long Term Loan*
Loan from Hongkong and Shanghai Banking Corporation Limited (Secured by standby letter of credit from Hongkong and Shanghai Banking Corporation Limited, Malta)	144.000	0.000
Interest accrued and due	1.203	0.000
Short Term Loans and Advances
Overdraft from Hongkong and Shanghai Banking Corporation Limited (Secured by standby letter of credit from Hongkong and Shanghai Banking Corporation Limited, Malta)	2.632	136.096
Total	147.835	136.096
* Due within one year	18.000	0.000

Banking Relations :	--
Auditors :
Name :	Mohinder Puri and Company Chartered Accountants
Address :	1A-D, Vandhana, 11, Tolstoy Marg, New Delhi – 110 001, India
Tel. No.:	91-11-47102200/ 47103300/ 47102250
Fax No.:	91-11-23313908/ 23731220/ 47102290
E-Mail :	mpco@mpco.in
Website :	www.mpco.in
Income-tax PAN of auditor or auditor's firm :	AAAFM9269R
Holding Company :	Toly Group International ApS, Denmark
Entities having substantial interest in the Holding Company :	Complast Trust Reg, Malta
Fellow Subsidiary Companies :	v Toly Products Limited, Malta v Toly Korea Inc., Korea v Toly Asia Limited, Hong Kong v Toly (Hong Kong) Limited v Toly Products Limited, UK
Entity in which Director’s relative is interested :	MAP Promoters Private Limited

CAPITAL STRUCTURE

After 21.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1282560	Equity Shares	Rs.10/- each	Rs.12.826 millions

As on 31.12.2009

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

(Of the above, 9900 Equity Sharer of Rs.10/- each fully paid up are held by Toly Group International ApS, Denmark, the Holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009	31.12.2008	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money Pending Allotment		67.268	27.967	18.116
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(106.240)	(51.167)	(6.831)
NETWORTH		(38.872)	(23.100)	11.385
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		147.835	136.096	10.932
TOTAL BORROWING		147.835	136.096	10.932
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		108.963	112.996	22.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.425	144.502	0.324
Capital work-in-progress		0.000	0.000	12.996
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.158	2.129	0.000
	Sundry Debtors	22.656	4.463	0.000
	Cash & Bank Balances	1.535	0.630	0.056
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.114	24.328	17.385
Total Current Assets		57.463	31.550	17.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.060	50.359	4.672
	Other Current Liabilities	40.865	12.422	3.657
	Provisions	0.000	0.275	0.115
Total Current Liabilities		95.925	63.056	8.444
Net Current Assets		(38.462)	(31.506)	8.997
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		108.963	112.996	22.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009	31.12.2008	31.12.2007
	SALES
		Income from sale of goods	53.752	8.639	3.410
		Other Income	23.717	3.421	0.183
		TOTAL (A)	77.469	12.060	3.593
Less	EXPENSES
		Increase/ Decrease in Finished Goods	130.993	(1.503)	0.000
		Cost of Sales and Manufacturing Expenses		15.680	3.023
		Personnel Expenses		3.662	1.360
		Administrative, Selling and Other Expenses		23.128	3.338
		TOTAL (B)	130.993 (including financial and depreciation)	40.967	7.721
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(28.907)	(4.128)
Less	FINANCIAL EXPENSES (D)			11.288	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(40.195)	(4.128)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			3.129	0.037
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(53.524)	(43.324)	(4.165)
Less	TAX (H)		1.549	1.012	0.207
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(55.073)	(44.336)	(4.372)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(51.167)	(6.831)	(2.459)
	BALANCE CARRIED TO THE B/S		NA	(51.167)	(6.831)
	EARNINGS IN FOREIGN CURRENCY
		Sale of Goods	7.254	7.882	3.410
		Commission	3.099	3.157	0.000
		Others	0.931	0.000	0.000
	TOTAL EARNINGS		11.284	11.039	3.410
	IMPORTS
		Purchases	7.245	7.363	3.023
		Capital Goods	0.000	0.022	0.021
	TOTAL IMPORTS		7.245	7.385	3.044
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(5507.30)	(4433.56)	(437.22)
	- Diluted		(8.17)	(15.80)	NA

KEY RATIOS

PARTICULARS		31.12.2009	31.12.2008	31.12.2007
PAT / Total Income	(%)	(71.09)	(367.63)	(121.68)
Net Profit Margin (PBT/Sales)	(%)	(99.58)	(501.49)	(122.14)
Return on Total Assets (PBT/Total Assets}	(%)	(26.12)	(24.61)	(23.44)
Return on Investment (ROI) (PBT/Networth)		1.38	1.88	(0.37)
Debt Equity Ratio (Total Liability/Networth)		(6.27)	(8.62)	1.70
Current Ratio (Current Asset/Current Liability)		0.60	0.50	2.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from D-26, South Extension Part – I, New Delhi – 110 049 to the present address.

THE COMPANY AND ITS OPERATIONS

Subject, a wholly owned subsidiary of Toly Group International ApS, Denmark started operation on 20^th July 2006 in the field of packaging material for cosmetic fragrances, promotional items, make up, skin care and pharmaceutical and health care products of every description.

FIXED ASSETS:

v Plant and Machinery

v Office Equipments

v Furniture and Fixtures

v Computers

v Tools and Moulds

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.54.96
UK Pound	1	Rs.88.68
Euro	1	Rs.72.45

INFORMATION DETAILS

Information Gathered by :	SVA/ PJA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.