MIRA INFORM REPORT

Report Date :

17.10.2012

IDENTIFICATION DETAILS

Name :	HASSIA PACKAGING PRIVATE LIMITED (w.e.f. 03.10.2006)
Formerly Known As :	HASSIA REDATRON PACKAGING MACHINERY PRIVATE LIMITED
Registered Office :	Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	19.06.1997
Com. Reg. No.:	11-108901
Capital Investment / Paid-up Capital :	Rs. 42.000 millions
CIN No.: [Company Identification No.]	U29195PN1997PTC108901
TAN No.: [Tax Deduction & Collection Account No.]	PNEH00824F
PAN No.: [Permanent Account No.]	AAACH4374D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of all types of Packaging Machine, Allied Systems and Accessories.
No. of Employees :	150 (Approximately)

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 538000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Oystar International GmbH’. It is a well established company having good track. It has recorded a better growth in its sales and profits during 2011. Profitability of the company appears to be good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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 – 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.

LOCATIONS

Registered Office/ Factory :	Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra, India
Tel. No.:	91-2137-253210/ 209/302800/2/6/302805/ 91-20-22532081
Fax No.:	91-2137-302819/ 253206
E-Mail :	redatron_india@vsnl.com sunil_adhiya@vsnl.com info@oystar.hassiapackaging.com finance@oystar.hossiapackaging.com
Website :	http://www.hassiaredatron.com www.oystar-group.com
Administrative Office/ Branch Office :	15/A, Kondhwa Budruk, Pune – 41104, Maharashtra, India
Tel. No.:	91-2137-253210
Fax No.:	91-2137-253206
E-Mail :	redatron_india@vsnl.com finance@oystar.hassiapackaging.com

DIRECTORS

As on 30.04.2012

Name :

Mr. Ravi Krishnamachari

Designation :

Managing Director

Address :

10/10 Kumar city, Kalyani Nagar, Pune - 411014, Maharashtra, India

Date of Birth/Age :

11.06.1959

Qualification :

B.Sc., M.B.A

Experience :

31 Years

Date of Appointment :

19.06.1997

DIN No.:

00327292

Name :

Mr. Markus Adolf Ehl

Designation :

Nominee Director

Date of Appointment :

31.08.2011

DIN No.:

03631106

Name :

Mr. Dieter Steinbach

Designation :

Nominee Director

Address :

Durlacher Strasse 17, Ettlingen - 76275, Germany

Date of Birth/Age :

29.12.1952

Date of Appointment :

31.08.2011

DIN No.:

03631109

Name :

Mr. Joesf Spieler

Designation :

Nominee Director

Address :

Muhlsteig 9, Ulm 89075 Germany

Date of Birth/Age :

25.05.1954

Date of Appointment :

26.03.2012

DIN No.:

01514814

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	U74999MH2006PTC166570	PERI (INDIA) PRIVATE LIMITED	Director	28/12/2006	28/12/2006	31/03/2009	Active	NO
2	U29195PN1997PTC108901	HASSIA PACKAGING PRIVATE LIMITED	Nominee director	26/03/2012	26/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil N. Adhiya
Designation :	Company Secretary
Address :	201, Pallavi House, Dr Ketkar Marg, Erandwane, Pune – 411 004, Maharashtra, India

MAJOR SHAREHOLDERS

As on 30.04.2012

Names of Shareholders	No. of Shares
IWKA Packaging GmbH, Germany	419999
Wolf-Dieter Ernst Baumann	1
Total	420000

As on 30.04.2012

Equity Share Break up (Percentage of Total Equity)

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, Exporter and Importer of all types of Packaging Machine, Allied Systems and Accessories.

Products :

Product Description	ITC Code
Packaging Machinery	84223000

• Flexi Jar Indexer
• Flexi Weigh Belt Weigher
• Flexi Weigh Screw Weigher
• Weigh Vibratory Weigher
• Easy Dose Cup Filler
• Flexi Weigh Net Scale
• Accu Screw Auger Filler
• Flexi Bag 280 E 3s
• Flexibag 280
• Flexibag 280 3s
• Flexibag 280 C
• Flexibag 280 E - Basic Machine Suitable For Laminates
• Flexibag 280 E/S
• Flexibag 400
• Flexibag 400 E

PRODUCTION STATUS (AS ON 31.12.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity**	Actual Production
Packaging Machinery	Nos.	200	200	106

Note:

* Licensed Capacity is based on Industrial license issued by Government of India

** As certified by management and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

Canara Bank, M G Road, Pune – 411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.12.2011 (Rs. in Millions)	As on 31.12.2010 (Rs. in Millions)
From Banks Cash Credit (Secured by hypothecation of stocks and book debts) From Kotak Mahindra Primus Limited (Secured by hypothecation of vehicles)	18.781 0.472	13.083 1.238
Total	19.253	14.321
Unsecured Loan	As on 31.12.2011 (Rs. in Millions)	As on 31.12.2010 (Rs. in Millions)
Sales Tax deferral Loan	0.136	1.500
Total	0.136	1.500

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No.8, Airport Road, Yerwada, Pune-411006, Maharashtra, India
PAN No.:	AADFP9359C
Ultimate Holding :	Odewald and Compagnie GmbH and Company
Holding Company :	Oystar International GmbH
Fellow Subsidiary :	Hamba Filltec GmbH and Company KG Oystar Packaging Technologies GmbH Hassia Verpackungsmaschinen GmbH

CAPITAL STRUCTURE

As on 31.12.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
420000	Equity Shares	Rs. 100/- each	Rs. 42.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
420000	Equity Shares	Rs. 100/- each	Rs. 42.000 millions

NOTE:

The entire Share Capital is held by Oystar International GmbH, Germany, the Holding Company and its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		42.000	42.000	42.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.525	51.689	21.292
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		134.525	93.689	63.292
LOAN FUNDS
1] Secured Loans		19.253	14.321	1.438
2] Unsecured Loans		0.136	1.500	1.500
TOTAL BORROWING		19.389	15.821	2.938
DEFERRED TAX LIABILITIES		1.020	0.095	1.782
TOTAL		154.934	109.605	68.012
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.697	27.251	24.196
Capital work-in-progress		1.153	24.506	0.285
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	1.463
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.042	34.402	29.386
	Sundry Debtors	44.572	19.883	28.959
	Cash & Bank Balances	49.690	52.435	24.730
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.639	22.365	12.268
Total Current Assets		194.943	129.085	95.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.851	30.770	28.777
	Other Current Liabilities	53.844	22.452	15.520
	Provisions	5.164	18.015	8.978
Total Current Liabilities		133.859	71.237	53.275
Net Current Assets		61.084	57.848	42.068
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		154.934	109.605	68.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	347.852	235.782	103.697
		Other Income
		TOTAL	347.852	235.782	103.697
Less	EXPENSES
		Office Expenses
		Administrative Expenses	275.937	185.142	80.691
		Advertising Expenses
		TOTAL	275.937	185.142	80.691
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		71.915	50.640	23.006
Less/ Add	DEPRECIATION/ AMORTISATION		10.208	4.038	2.099
	PROFIT BEFORE TAX		61.707	46.602	20.907
Less	TAX		20.871	16.205	7.631
	PROFIT AFTER TAX		40.836	30.397	13.276
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.689	21.292	NA
	BALANCE CARRIED TO THE B/S		92.525	51.689	21.292
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	104.614	52.415	31.737
	TOTAL EARNINGS		104.614	52.415	31.737
	IMPORTS
		Raw Materials	13.463	7.673	4.956
	TOTAL IMPORTS		13.463	7.673	4.956
	Earnings Per Share (Rs.)		97.23	72.37	31.61

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	11.74	12.89	12.80
Return on Total Assets (PBT/Total Assets}	(%)	21.45	29.81	17.49
Return on Investment (ROI) (PBT/Networth)		0.46	0.50	0.33
Debt Equity Ratio (Total Liability/Networth)		1.14	0.93	0.89
Current Ratio (Current Asset/Current Liability)		1.46	1.81	1.79

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
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

COMPANY OVERVIEW

The Company, a subsidiary of Oystar International GmbH Germany, was incorporated under The Companies Act, 1956 of India on June 19, 1997.

Subject’s primary business is to manufacture, export, import and deal in all types of packaging machine, allied systems and accessories.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29195PN1997PTC108901
Name of the company	HASSIA PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 768/3, Sanaswadi, Taluka Shirur, Koregaon Bhima, Pune – 412207, Maharashtra, India e-mail: sunil_adhiya@vsnl.net
This form is for	Modification of charge
Charge identification number of the modified	10066852
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, 11, M. G. Road, Camp, Pune – 411001, Maharashtra, India e-mail: mnorth2551@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement Dated 31.03.2012
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs. 120.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+3.75% i.e @ 14.50% p.a. Terms of Repayment On Demand Margin Cash Credit:Stock - 25% and Book Debts- 40% Letter of Credit: 15% Bank Guarantee: 15% Extent and Operation of the charge First Charge in Favour of the Bank
Short particulars of the property charged	Movable Fixed Assets : Plant And Machinery, Equipments, Accessories, Stocks and Book Debts Free Hold Land and Building Admeasuring 8922.50 Sq.Mtr at Gat No. 768/1 & 768/3 Sanaswadi, Taluka Shirur, District Pune. All The Properties Are Situated In India
Date of latest modification prior to the present modification	23.06.2011
Particulars of the present modification	Amount covered under the charge is increased from Rs.60.000 millions to Rs.120.000 millions consisting of the following facilities: Cash Credit: Rs. 60.000 millions Letter Of Credit: Rs. 15.000 millions Bank Guarantee: Rs. 45.000 millions ------------------------------------------------------ Total: Rs. 120.000 millions ===============================

FIXED ASSETS:

· Land

· Factory and Building

· Plant and Machinery

· Office Equipment,

· Computers

· Furniture

· Vehicles

· Technical Knowhow

· Softwares

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 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.52.75
UK Pound	1	Rs.85.08
Euro	1	Rs.69.04

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		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.