MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	RATHNA PACKAGING INDIA PRIVATE LIMITED
Formerly Known As :	ASIAN PACKAGING
Registered Office :	No.26, Rajiv Gandhi Nagar, 3^rd Main Road, 7^th Sector, 18^th Cross, HSR Layout, Bangalore-560068, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.12.2005
Com. Reg. No.:	08-038098
Capital Investment / Paid-up Capital :	Rs. 43.000 Millions
CIN No.: [Company Identification No.]	U21022KA2005PTC038098
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polythene Bags
No. of Employees :	220 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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

INFORMATION PARTED BY

Name :	Mr. Raghunath
Designation :	Finance Manager
Contact No.:	91-9600222511
Date :	18.05.2012

LOCATIONS

Registered Office :	No.26, Rajiv Gandhi Nagar, 3^rd Main Road, 7^th Sector, 18^th Cross, HSR Layout, Bangalore-560068, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-9600222511
Fax No.:	Not Available
E-Mail :	rathnapackagingip@yahoo.co.in
Website :	www.rathnagroup.in
Location :	Owned
Factory 1 :	No.55, SIPCOT Industrial Complex, Phase 1, Mookandapalli Post, Hosur-635 125, Tamilnadu, India
Tel. No.:	91-4344-400221 / 278804
Fax No.:	91-4344-400225

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sudhakar Bodugu
Designation :	Managing Director
Address :	H No.9-1, Kolamasanapalli, Oakamaneru, Chittoor-517408, Andhra Pradesh, India
Date of Birth/Age :	25.05.1973
Date of Appointment :	30.12.2005
DIN No.:	1854832

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	U21022KA2005PTC038098	RATHNA PACKAGING INDIA PRIVATE LIMITED	Managing director	30-12-05	30-12-05	Active	NO
2	U51215KA2006PTC039246	RATHNA BIOTECK PRIVATE LIMITED	Director	05-05-06	05-05-06	Active	NO
3	U28999TN2005PTC056971	CAMTECH CNC PRIVATE LIMITED	Director	12-05-08	12-05-08	Active	NO
4	U21013KA2010PTC053485	RATHNA MULTI FILMS PRIVATE LIMITED	Managing director	04-05-10	04-05-10	Active	NO

Name :	Mr. Bodugu Gangi Reddy
Designation :	Director
Address :	122, Samadanapuram, SIPCOT Housing Colony, Krishnagiri District, Hosur-635126, Tamilnadu, India
Date of Birth/Age :	01.07.1940
Date of Appointment :	30.12.2005
DIN No.:	01854981

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	U21022KA2005PTC038098	RATHNA PACKAGING INDIA PRIVATE LIMITED	Director	30-12-05	30-12-05	Active	NO
2	U51215KA2006PTC039246	RATHNA BIOTECK PRIVATE LIMITED	Director	05-05-06	05-05-06	Active	NO
3	U21013KA2010PTC053485	RATHNA MULTI FILMS PRIVATE LIMITED	Director	04-05-10	04-05-10	Active	NO

Name :	Ms. Rathna Reddy
Designation :	Director
Address :	Kolamasanapalle Village, Post Palamaner Mandal, Chittoor-517432, Andhra Pradesh, India
Date of Birth/Age :	01.07.1947
Date of Appointment :	30.12.2005
DIN No.:	02674222

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	U21022KA2005PTC038098	RATHNA PACKAGING INDIA PRIVATE LIMITED	Director	30-12-05	30-12-05	Active	NO
2	U51215KA2006PTC039246	RATHNA BIOTECK PRIVATE LIMITED	Managing director	05-05-06	05-05-06	Active	NO
3	U21013KA2010PTC053485	RATHNA MULTI FILMS PRIVATE LIMITED	Director	04-05-10	04-05-10	Active	NO

Name :	Ms. Geetha Bodugu
Designation :	Director
Address :	Kolamasanapalle Village, Post Palamaner Mandal, Chittoor-517432, Andhra Pradesh, India
Date of Birth/Age :	09.08.1979
Date of Appointment :	01.04.2006
DIN No.:	02674245

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	U21022KA2005PTC038098	RATHNA PACKAGING INDIA PRIVATE LIMITED	Director	30-06-07	01-04-06	Active	NO
2	U51215KA2006PTC039246	RATHNA BIOTECK PRIVATE LIMITED	Director	05-05-06	05-05-06	Active	NO
3	U21013KA2010PTC053485	RATHNA MULTI FILMS PRIVATE LIMITED	Director	04-05-10	04-05-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghunath
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sudhakar Bodugu	176300
Bodugu Gangi Reddy	40850
Rathna Reddy	40850
Geetha Bodugu	172000
Total	430000

AS ON 30.01.2012

Names of Allottee	No. of Shares
Sudhakar Bodugu	20500
Bodugu Gangi Reddy	4750
Rathna Reddy	4750
Geetha Bodugu	20000
Total	50000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polythene Bags
Exports :
Products :	Polythene Bags
Countries :	· Africa · Sri Lanka
Imports :
Products :	Raw Material
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Tirupati Laminates

Customers :

Wholesalers and Retailers

· TS Motor Limited

No. of Employees :

220 (Approximately)

Bankers :

· ING Vysya Bank Limited, No.7, II Cross Kamaraj Colony, Krishnagiri District, Hosur-635125, Karnataka, India

· ICICI Bank Limited, No.1, Cenotaph Road, Teynampet, Chennai-600018, Tamilnadu, India

Facilities :

Cash Credit Limit Rs. 200.000 Millions TL Limit Rs. 60.000 Millions
Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan – from Banks and Financial Institutions	23.271	14.755
Cash Credit – SBI Electronic City Branch	99.395	30.880
Total	122.666	45.635
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others	16.630	2.149
From Directors	0.279	6.717
Total	16.909	8.866

Banking Relations :	--
Auditors :
Name :	S. Betrayasamy and Company Chartered Accountant
Address :	75/5A, Anna Nagar, Old Telephone Exchange Road, Hosur-635109, Tamilnadu, India
Tel. No.:	91-4344-222893
E-Mail :	sbetraya@yahoo.co.in
Pan No.:	AEKPB5841E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430000	Equity Shares	Rs.100/- each	Rs. 43.000 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480000	Equity Shares	Rs.100/- each	Rs. 48.000 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		43.000	16.950	16.950
2] Share Application Money		14.125	0.000	0.000
3] Reserves & Surplus		27.844	11.837	5.523
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.969	28.787	22.473
LOAN FUNDS
1] Secured Loans		122.666	45.635	10.893
2] Unsecured Loans		16.909	8.866	8.630
TOTAL BORROWING		139.575	54.501	19.523
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		224.544	83.288	41.996
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.393	37.009	22.104
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	65.601	21.184	9.178
	Sundry Debtors	125.970	69.357	32.056
	Cash & Bank Balances	5.778	1.818	1.408
	Other Current Assets	0.000	0.000	4.176
	Loans & Advances	26.389	13.172	7.956
Total Current Assets		223.738	105.531	54.774
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.515	57.990	32.748
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	11.163	1.371	2.261
Total Current Liabilities		85.678	59.361	35.009
Net Current Assets		138.060	46.170	19.765
MISCELLANEOUS EXPENSES		0.091	0.109	0.127
TOTAL		224.544	83.288	41.996

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	652.287	342.348	150.800
		Other Income			NA
		TOTAL (A)	652.287	342.348	NA
Less	EXPENSES
		Office Expenses	601.972	320.864	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	601.972	320.864	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.315	21.484	14.427
Less	FINANCIAL EXPENSES (D)		13.613	4.456	4.449
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.702	17.028	9.978
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.692	6.827	4.263
	PROFIT BEFORE TAX (E-F) (G)		24.010	10.201	5.715
Less	TAX (H)		8.004	3.887	1.576
	PROFIT AFTER TAX (G-H) (I)		16.006	6.314	4.139
	BALANCE CARRIED TO THE B/S		16.006	6.314	4.139
	EARNINGS IN FOREIGN CURRENCY		346.716	175.795	88.680
	IMPORTS
		Raw Materials	1.692	5.458	0.000
	TOTAL IMPORTS		1.692	5.458	0.000
	Earnings Per Share (Rs.)		37.22	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.45	1.84	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.79
Return on Total Assets (PBT/Total Assets}	(%)	7.74	7.16	7.43
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.25
Debt Equity Ratio (Total Liability/Networth)		2.65	3.96	2.43
Current Ratio (Current Asset/Current Liability)		2.61	1.78	1.56

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. Constructions 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	Yes
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	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	Yes
30. Major Shareholders, if available	Yes

NOTE

Registered office has been shifted from No.171, 11^th Main, 18^th Cross, Near Lakkasandra Extension, Wilson Garden, Bangalore-560030, Karnataka, India to the present address w.e.f.16.05.2011.

OPERATIONS

During the year, the company has earned a profit of Rs. 16.006 millions for the financial year ended 31^st March, 2011.

FUTURE OUTLOOK

The Directors are confident of driving the company towards growth in business and profitability in the years to come.

FORM 8

Corporate identity number of the company	U21022KA2005PTC038098
Name of the company	Rathna Packaging India Private Limited
Address of the registered office or of the principal place of business in India of the company	No.26, Rajiv Gandhi Nagar, 3^rd Main Road, 7^th Sector, 18^th Cross, HSR Layout, Bangalore-560068, Karnataka, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	ICICI Bank Limited, No.1, Cenotaph Road, Teynampet, Chennai-600018, Tamilnadu, India
Nature of instrument creating charge	1) Deed of Hypothecation executed by Rathna Packaging India Private Limited in favour of ICICI Bank Limited 2) No document was executed, but mortgage was created by deposit of title deeds in favour ICICI Bank Limited on 5-5-2012
Date of instrument Creating the charge	05.05.2012
Amount secured by the charge	Rs. 210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Credit Arrangement Letter Terms of repayment As per Credit Arrangement Letter Margin As per Credit Arrangement Letter Extent and operation of the charge 1) First pari passu charge on current assets 2) First pari passu charge on Land and buildings situated at Sy. No. 852/2, Aggondapalli Village, Denkani Kotta Taluk, Krishnagiri District, Tamil Nadu 3) Second charge on the movable fixed assets of the company, both present and future
Short particulars of the property charged (Including location of the property)	1) First Pari Passu Charge by Way of Hypothecation of The Following:- 1) (a) The whole of the borrower`s stocks of RMs, Goods in process, semi finished and finished goods, consumable stores and spares, book debts, bills whether documentary or clean, both present and future 1) (b) All amounts owing to, and received and/or receivable by the company, all book debts, all cash flows and receivables and proceeds including all rights, title, interest, benefit, claims and demands 2) First pari passu charge on the land and building of the Co. admeasuring Unit- II, measuring 2.71 acres situates at Sy. No. 852/2, Aggondapalli Village, Denkani Kotta Taluk, Krishnagiri District, TN 3) Second Charge of The Following:- (a) Hypothecation of the whole of Office equipment of the company including its spares, tools and accessories and software (b) Hypothecation of the whole of Company’s movable properties except current assets including its movable plant and machinery, machinery spares, loose and accessories, non-trade receivables and other movables, both present and future

TRADE REFERENCES

· TS Motor Limited

· Tirupati Laminates

FIXED ASSETS

· Building

· Plant and Machinery

· Motors and Pumps

· Cylinders

· Genset

· UPS

· Electrical Fittings

· Computer and Accessories

· Xerox Machine

· Mobile Phone

· Furniture and Fittings

· Office Equipment

· Vehicles

· Camera

WEB SITE DETAILS

HISTORY

1999 - The company Asian Packaging was promoted by Mr. B.G. Reddy

2001 - Mr. B. Sudhakar Reddy, B. Tech Polymer joined to boost the growth

2002 - Company got accredition of ISO 9001:2000 certificate

2006 - Company was converted into Private Limited company with a change in name to Rathna Packaging India Private Limited

2006 - Company started Rathna Bioteck Private Limited at Palamaner in A.P. to produce extracts from medicinal plants

2009 - Their 2nd unit at A55, SIPCOT, Hosur started production

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. 55.93
UK Pound	1	Rs. 88.14
Euro	1	Rs. 70.87

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.