MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	AMCOR FLEXIBLES INDIA PRIVATE LIMITED (w.e.f. 03.01.2011)
Formerly Known As :	ALCAN INDIA PRIVATE LIMITED
Registered Office :	403 IVY Centre, 4 Prabhat Nagar, Jogeshwari (West), Mumbai – 400102, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.2006
Com. Reg. No.:	11-166397
Capital Investment / Paid-up Capital :	Rs.877.504 Millions
CIN No.: [Company Identification No.]	U27203MH2006FTC166397
TAN No.: [Tax Deduction & Collection Account No.]	MUMA29188F
PAN No.: [Permanent Account No.]	AAGCA0510J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aluminium Foils.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under severe pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mukesh
Designation :	Sales Manager
Contact No.:	91-11-30045231
Date :	18.02.2012

LOCATIONS

Registered Office :	403 IVY Centre, 4 Prabhat Nagar, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Tel. No.:	91-22-30045231
Fax No.:	91-22-30045232
E-Mail :	sanjeev.dhiman@amcor.com
Website :	www.amcor.com
Location :	Owned
Sales Office :	6^th Floor, Technopolis, Sector 54 DLF Golf Course Road, Gurgaon 122002, Haryana, India
Tel. No.:	91-124-4626331
Fax No.:	91-124-4626273
Sales Office :	Also Located at : · Uttar Pradesh · Maharashtra
Factory 1 :	Gat No 222 And 152A, Chakan-Talegaon Road, Mahalunge, Tal: Khed Dist, Pune-410501, Maharashtra, India
Tel No.:	91-2135-259598
Fax No.:	91-2135-259271
Factory 2 :	Plot No. F1, Sector-7, IIE, SIDCUL Haridwar – 249403, Uttarakhand, India
Tel No.:	91-1334-239830
Fax No.:	91-1334-239456
Factory 3 :	Gat No. 119-123, Alandi-Markal Roa Village Dhanore, Taluka – Khed, Pune – 412105, Maharashtra, India
Tel No.:	91-2135-232537
Branches :	Located At: · Delhi · Bangladesh · Haridwar · Haryana

DIRECTORS

As on 30.09.2011

Name :

Mr. Anant Madhav Gadre

Designation :

Director

Address :

Flat No. 102, Building 2b, Rajgiri, Siddhachal Complex, Off Pokharan Road No. 2, Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

24.03.1965

Date of Appointment :

07.02.2008

DIN No.:

01963880

Other Directorship :

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
U27203MH2006FTC166397	Amcor Flexibles India Private Limited	Director	30/09/2008	7/02/2008	-	Active	NO

Name :

Mr. Sanjeev Kumar Dhiman

Designation :

Director

Address :

19 Swaran Villa, Yogi Vihar Jwalapur, Haridwar- 249407, Uttarakhand, India

Date of Birth/Age :

05.08.1971

Date of Appointment :

27.09.2011

DIN No.:

02796730

Other Directorship :

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
U27203MH2006FTC166397	Amcor Flexibles India Private Limited	Director	30/09/2011	7/09/2009	-	Active	NO

Name :

Mr. Andrew John Terry

Designation :

Director

Address :

No. 15, Lorong Selangat, Singapore 358708

Date of Birth/Age :

21.05.1969

Date of Appointment :

15.10.2010

DIN No.:

03474186

Name :

Mr. Ralf Klaus Wunderlich

Designation :

Director

Address :

5 Woollerton Park, Woollerton Park, Singapore 257513

Date of Birth/Age :

24.03.1966

Date of Appointment :

15.10.2010

DIN No.:

03474198

KEY EXECUTIVES

Name :	Mr. Sanjeev Kumar Dhiman
Designation :	Secretary
Address :	19 Swaran Villa, Yogi Vihar Jwalapur, Haridwar, Uttarakhand- 249407
Date of Birth/Age :	05/08/1971
Date of Appointment :	13.07.2010
PAN No.:	ABBPD3370L
Name :	Mr. Mukesh
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amcor Singapore Private Limited, Singapore	87750364
Amcor Holdings (Australia) Pty Limited, Australia	1
Total	87750365

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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 and Exporter of Aluminium Foils.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Flexible Packaging Laminate	39206919

Exports :

Products :

Aluminium Foils

Countries :

Germany

Terms :

Selling :

Credit (30 days)/ Advance

Purchasing :

Credit (30 days)/ Advance

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Flexible Packaging Laminate	Kg	2920113

GENERAL INFORMATION

Customers :

Wholesalers

Manufacturer

No. of Employees :

400 (Approximately)

Bankers :

Standard Chartered Bank, Goregaon (East) , Mumbai, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	385.141	278.754
Rupee term loans others unsecured	158.333	258.333
Total	543.474	537.087

Term loans Buyer's Credit Book Overdraft

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veersawarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN.:	AAEFP5579P
Ultimate holding company :	· Rio Tinto Alcan Inc. - Canada (till January 31, 2010) · Amcor Limited, Australia (w.e.f. February 1, 2010)
	·
Holding company :	· Amcor Singapore Pte Limited (Formerly known as Alcan Singapore Pte Limited - Singapore till June 22, 2010
	·
Fellow subsidiaries :	· Amcor France SAS · Amcor Packaging Strongpack Public Company Limited · Amcor Packaging - Singen GMBH · Amcor Packaging - Kruzlingen, AG · Amcor Jiangyin Propack Packaging Company Limited (597) · Alcan International Networks India Private Limited · Amcor Flexible Montreuil Bellay · Amcor Flexibles Bangkok Company Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87750365	Equity Shares	Rs.10/- each	Rs.877.504 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		877.504	752.211	747.136
2] Share Application Money		0.000	0.000	5.075
3] Reserves & Surplus		0.199	0.199	0.000
4] (Accumulated Losses)		(822.840)	(717.583)	(277.237)
NETWORTH		54.863	34.827	474.974
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		543.474	537.087	200.432
TOTAL BORROWING		543.474	537.087	200.432
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		598.337	571.914	675.406
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		431.346	462.921	613.327
Capital work-in-progress		8.537	4.876	21.871
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.320	109.559	70.618
	Sundry Debtors	167.399	108.173	54.771
	Cash & Bank Balances	32.509	33.004	19.333
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	69.090	46.158	31.118
Total Current Assets		407.318	296.894	175.840
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.076	181.457	125.819
	Other Current Liabilities	15.052	6.235	5.113
	Provisions	10.736	5.085	4.700
Total Current Liabilities		248.864	192.777	135.632
Net Current Assets		158.454	104.117	40.208
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		598.337	571.914	675.406

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	1240.141	706.773	312.448
		Operating Income		0.000	21.714
		Other Income		11.708	7.697
		TOTAL (A)	1240.141	718.481	341.859
Less	EXPENSES
		Cost of Materials		531.725	235.895
		Manufacturing Expenses		85.133	41.197
		Personnel Cost		56.895	68.781
		Administrative Expenses		0.000	0.000
		Other Expenses		360.500	118.676
		TOTAL (B)		1034.253	464.549
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1345.398	(315.772)	(122.690)
Less	FINANCIAL EXPENSES (D)			41.293	16.241
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(357.065)	(138.931)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			84.038	55.042
	Prior Period Income and Expenditures			(0.758)	0.000
	PROFIT BEFORE TAX (E-F) (G)		NA	(440.345)	(193.973)
Less	TAX (H)		NA	0.000	0.919
	PROFIT AFTER TAX (G-H) (I)		(105.257)	(440.345)	(194.892)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(717.582)	(277.237)	82.345
	BALANCE CARRIED TO THE B/S		(822.839)	(717.582)	(277.237)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	4.264	3.846
	IMPORTS
		Raw Materials		135.195	45.945
		Stores & Spares	NA	0.688	1.193
		Capital Goods		47.816	12.773
	TOTAL IMPORTS			183.699	59.911
	Earnings Per Share (Rs.)		(1.38)	(5.86)	(3.67)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(8.49)	(61.28)	(57.00)
Net Profit Margin (PBT/Sales)	(%)	NA	(62.30)	(62.08)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(57.95)	(24.57)
Return on Investment (ROI) (PBT/Networth)		NA	(12.64)	(0.40)
Debt Equity Ratio (Total Liability/Networth)		14.44	20.95	0.70
Current Ratio (Current Asset/Current Liability)		1.63	1.54	1.29

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Sundry Creditors due to others	223.076	181.457	125.819
Total	223.076	181.457	125.819

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The registered address of the company The Executive Centre, Level 2, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai – 400055, Maharashtra, India has been shifted to the present address w.e.f. 28.01.2011

Operations

Both Haridwar and Chakan plant are performing satisfactorily.

With effect from 3rd January 2011, the Company has changed its name to Amcor Flexibles India Private Limited and with effect from 28^th January, 2011, the Company has also changed its registered office address to 403 IVY Centre, 4 Prabhat Nagar, Jogeshwari (W), Mumbai - 400102, (Maharashtra), India.

Future Prospects

Based on sustainable foundation of Amcor organization in the space of food, pharma and medical packaging and strong relationship with customers, Amcor is now poised to accelerate profitable growth in Indian packaging industry in coming year.

Contingent Liabilities (As on 31.03.2011):

(a) Duty on export commitments to custom authorities under EPCG Scheme as at the year end aggregate - Rs.34.837 Millions

(b) Bills sent for collection aggregate Rs.5.548 Millions subsequent collection amounting Rs.3.350 Millions

(c) Deposit paid to Custom authority on imports made from associate companies aggregate Rs.4.059 Millions

FIXED ASSETS

· Leasehold Land

· Computer Equipments

· Furniture and Fixtures

· Vehicles

· Plant and Machinery

· Plant Building

· Goodwill

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		17

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.