MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	DATWYLER PHARMA PACKAGING INDIA PRIVATE LIMITED (w.e.f. 11.04.2012)
Formerly Known As :	HELVOET PHARMA INDIA OPERATIONS PRIVATE LIMITED
Registered Office :	Plot No. 5, Khandala, Sez MIDC, Village Kesurdi, District Satara – 412801, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.12.2009
Com. Reg. No.:	11-144482
Capital Investment / Paid-up Capital :	Rs. 550.590 Millions
CIN No.: [Company Identification No.]	U25203PN2009PTC144482
PAN No.: [Permanent Account No.]	AADCN1330Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Products
No. of Employees :	58 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2200000
Status :	Project under implementation stage
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company incorporated in the year 2009 it is yet to commence it’s commercial operation. As the company’s project is under implementation stage. However, capitalbase of the company is good. Payments are unknown. The company can be considered for dealings with some caution. Note: Profit and Loss Account of the company is not available

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 PARTED BY

Name :	Mr. Abhijit Achintya Biswas
Designation :	Director
Contact No.:	91-9921282353
Date :	14.01.2013

LOCATIONS

Registered Office / Factory :	Plot No. 5, Khandala, Sez MIDC, Village Kesurdi, District Satara – 412801, Maharashtra, India
Tel. No.:	91-2162-398239
Mobile No.:	91-9921282353
Fax No.:	Not Available
E-Mail :	pharma(at)datwyler.com Abhijit.Biswas@datwyler.com
Website :	www.datwyler.com

DIRECTORS

As on 24.09.2012

Name :	Mr. Dirk Leonardus M Borghs
Designation :	Director
Address :	Acacialaan, 37, 2480, Kasterlee, NA, Belgium
Date of Birth/Age :	03.11.1963
Date of Appointment :	03.04.2010
DIN No.:	02919667
Name :	Mr. Willy Belmans
Designation :	Director
Address :	Elkenboomlaan 20, 2450, Meerhout, Meerhout, NA, Belgium
Date of Birth/Age :	22.02.1958
Date of Appointment :	03.04.2010
DIN No.:	02919687
Name :	Mr. Guido L M Wallraff
Designation :	Director
Address :	Terlinden 184, 1785 Merctem, Merchtem, NA, Belgium
Date of Birth/Age :	04.11.1963
Date of Appointment :	03.04.2010
DIN No.:	02964217
Name :	Mr. Abhijit Achintya Biswas
Designation :	Director
Address :	406, Gulmohar Green Valley, Wanowre, Pune – 411040, Maharashtra, India
Date of Birth/Age :	02.11.1963
Date of Appointment :	20.05.2011
DIN No.:	03530919
Name :	Mr. Rahul Devprasad Dev
Designation :	Additional Director
Address :	Rose Parade Kondhawa Kd, Bl-C4, Near Sai Dwarkamal Society, Pune – 411048, Maharashtra, India
Date of Birth/Age :	15.02.1969
Date of Appointment :	15.10.2012
DIN No.:	064000766

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Matrijzenmakerij ‘Maro’ BV, Netherland	22150683
Datwyler Pharma Paaackaging Belgium NV, Belgium	2162
Daetwyler Pharma Pack Holding AG, Switzerland	32906150
Total	55058995

As on 24.09.2012

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 and Exporter of Packaging Products

GENERAL INFORMATION

No. of Employees :

58 (Approximately)

Bankers :

BNP Paribas, 20, Collyer Quay, #01-01 Tung Centre, Singapore - 049319, Singapore

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from banks	696.700	0.000
Total	696.700	0.000
Charge on Fixed Asset and Guarantee By Holding Company

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Pune, Maharashtra, India
PAN.:	AAAFK7554R
Holding company :	Daetwyler Pharma Pack Holding AG, Switzerland

CAPITAL STRUCTURE

As on 31.03.212

Authorised Capital :

No. of Shares	Type	Value	Amount
56000000	Equity Shares	Rs.10/- each	Rs.560.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55058995	Equity Shares	Rs.10/- each	Rs.550.590 Millions

Disclosure of shareholding more than five per cent in company

Particular	Number of shares	Percentage of shareholding in company
Daetwyler Pharma Packaging Holding Ag	3,29,06,150	59.765%
Matrijzenmakerji Maro BV	2,21,50,683	40.231%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		550.590	149.349	100.000
2] Share Application Money		0.000	211.063	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	-51.300
NETWORTH		550.590	360.412	48.700
LOAN FUNDS
1] Secured Loans		696.700	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		696.700	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1247.290	360.412	48.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.403	49.249	0.000
Capital work-in-progress		795.734	91.993	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	270.911	96.279	100.000
	Other Current Assets	186.238	29.310
	Loans & Advances	54.117	146.966
Total Current Assets		511.266	272.555	100.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.726	39.713	36.300
	Other Current Liabilities	90.024	13.672	0.000
	Provisions	0.363	0.000	15.000
Total Current Liabilities		110.113	53.385	51.300
Net Current Assets		401.153	219.170	48.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1247.290	360.412	48.700

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	1.47	0.15	1.05
Current Ratio (Current Asset/Current Liability)	4.64	5.11	1.95

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	19.726	39.713	36.300
Total	19.726	39.713	36.300

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	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	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

Note:

The registered office of the company has been shifted from A-10, Green Park, New Delhi – 110016, India to present address w.e.f. 24.07.2012

OPERATIONS

During the year under report company was working for the greenfield project of constructing state of the art Manufacturing facility at Plot No 5, Khandala SEZ developed by MIDC, Village Kesurdi, District Satara, Maharashtra, India. The paid up capital of the company on the reporting date is Rs. 550.590 Millions.

The total Pre Operative expenses is Rs 186.238 Millions as on 31st March, 2012. Total Capital WIP (net of amortization or Depreciation) is Rs 795.734 Millions.

COMPANY OVERVIEW

Subject (formerly known as Helvoet Pharma India Operations Private Limited) (the Company) was incorporated on December 5, 2009 and is in the business of Pharma Packaging. The Company is a wholly owned subsidiary of Daetwyler Pharma Pack Holding AG, Switzerland through Datwyler Pharma Packaging NV and MARO BV, The Netherlands.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25203PN2009PTC144482
Name of the company	DATWYLER PHARMA PACKAGING INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 5, Khandala, Sez MIDC, Village Kesurdi, District Satara – 412801, Maharashtra, India Abhijit.Biswas@datwyler.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10352807
Type of charge	Immovable property
Particular of charge holder	BNP Paribas, 20, Collyer Quay, #01-01 Tung Centre, Singapore - 049319, Singapore priyadarshini.das@asia.bnpparibas.com
Nature of instrument creating charge	Memorandum of Entry, Dated 03.08.2012.
Date of instrument Creating the charge	03.08.2012
Amount secured by the charge	Rs. 663.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be specified by the Bank and mutually agreed by the Borrower. Terms of Repayment As may be specified by the Bank and mutually agreed by the Borrower. Margin As may be specified by the Bank and mutually agreed by the Borrower. Extent and Operation of the charge Charge created by way of mortgage on immovable property of the Company as a security for the repayment of financial facilities granted by the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Charge on property admseasuring 36000 Sq.Mtrs, located at Plot No.5, Khandala Phase - I (SEZ) Industrial Area, Village Kesurdi, District - Satara in addition to hypothecation of the whole of the movable properties of the Borrower including its movable plant and machinery, machinery spares tools, and accessories and other movables, both present and future, whether installed or not, and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Borrower's factories, premises and godowns or wherever else the same may be or be held by any party to the order or deposition of the Borrower or in the course of transit or on high seas or on order, or delivery howsoever and wheresoever in the possession of the Borrower and either by of substitution or addition ( all of which are hereinafter for brevity's sake collectively referred to as " the hypothecated assets") as security by way of first charge, for the due payment of the
Particulars of the present modification	By the present modification, facility is further secured by way of mortgage on Immovable Property of the Company adms. 36000 Sq.Mtrs, located at Plot No.5, Khandala Phase - I (SEZ) Industrial Area, Village Kesurdi, District - Satara., in addition to first charge on moveable properties of the Borrower as security for the financial facilities granted by the Bank to the Borrower.

FIXED ASSETS

· Office equipment

· Computer equipments

· Vehicles

· Other equipments

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.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.