MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	TETRA-PAK INDIA PRIVATE LIMITED
Registered Office :	Mayfair Towers, Ground Floor, Wakdewadi, Shivajinagar, Pune – 411 005, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	01.12.1987
Com. Reg. No.:	25-012926
Capital Investment / Paid-up Capital :	Rs.1819.200 Millions
CIN No.: [Company Identification No.]	U21014PN1987PTC012926
TAN No.: [Tax Deduction & Collection Account No.]	PNET03816B
PAN No.: [Permanent Account No.]	AAACT3467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Processing Equipments Dairy Products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There appears a tremendous increase in the net profitability during December 2011. Profit margin appears to be good. Financial position seems to be strong and healthy. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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

Management Non Co-operative (91-20-25510800)

LOCATIONS

Registered Office :	Mayfair Towers, Ground Floor, Wakdewadi, Shivajinagar, Pune – 411 005, Maharashtra, India
Tel. No.:	91-20-25510800/ 25510820
Fax No.:	91-20-25510820
E-mail:	sunil.tembe@tetrapak.com
Websites :	www.tetrapak.com
Area :	800 sq ft
Location :	Leased
Corporate Office :	DLF Cyber Terrace, Building No 5, Tower C, 16^th Floor, Cyber City, DLF Phase III, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-5124600
Fax No.:	91-124-5064308
Factory :	Plot No 53, MIDC, Chakan Phase 2, Village Vasuli, Taluka Khed, District Pune - 410501, Maharashtra, India
Tel. No.:	91-2114-244127
Fax No.:	91-2114-244123 / 244125
Area :	10,000 sq. ft.
Location :	Owned
Branch Office :	1134, 3rd Floor, 100 Feet Road, HAL 2nd Stage, Indiranagar, Bangalore – 560038, Karnataka, India
Tel. No.:	91-80-25294491
Fax No.:	91-80-25271005

DIRECTORS

As on 16.04.2012

Name :	Mr. Kandarp Bhushan Singh
Designation :	Chairman
Address :	Flat No. 606A, The Aralias, DLF Golf Links, DLF Phase V, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	05.01.1966
Date of Appointment :	01.01.2011
DIN No.:	03421754
Name :	Mr. Russel Leighton Kekuewa
Designation :	Director
Address :	20, SOI Yagsoi Sammitr. Sukh Umvit Road, Klongtoey, Bangkok, Thailand 10110
Date of Birth/Age :	30.04.1954
Date of Appointment :	27.08.2004
DIN No.:	01046807
Name :	Ms. Kavita Rao
Designation :	Whole Time Director
Address :	204, Gaurav Apartment, SAE Wadi, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	20.09.1962
Qualification :	MBA – Finance
Date of Appointment :	01.09.2005
DIN No.:	0003643

KEY EXECUTIVES

Name :	Mr. Sunil Rajaram Tembe
Designation :	Secretary and Manager Corporate Affairs
Address :	20, Suyog Heights, Rambaug Colony, Paud Road, Kothrud, Pune - 411 038, Maharashtra, India
Date of Birth/Age :	04.03.1961
Date of Appointment :	12.08.1996
Pan No.:	AAFPT4848Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.04.2012

Names of Shareholders	No. of Shares
Tetra Laval Holding and Finance S.A., Switzerland	181919999
Tetra Laval International S.A., Switzerland	1
Total	181920000

As on 16.04.2012

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 of Processing Equipments Dairy Products.
Products :	Packaging Machines Aseptic Packaging Straws

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· ANZ Grindlays Bank plc., New Delhi, India

· HSBC Bank

· Standard Chartered Bank

· Canara Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2011	As on 31.12.2010
Foreign currency loans banks	469.023	89.620
Total	469.023	89.620

Banking Relations :	---
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-2287 6485 / 4035 6300
Fax No.:	91-22-2287 6401 / 4035 6400
PAN No.:	AALFS0506L

CAPITAL STRUCTURE

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
270000000	Equity Shares	Rs.10/- each	Rs.2700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
181920000	Equity Shares	Rs.10/- each	Rs.1819.200 Millions

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		1819.200	1819.200	1819.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		887.808	152.115	76.326
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2707.008	1971.315	1895.526
LOAN FUNDS
1] Secured Loans		469.023	89.620	0.000
2] Unsecured Loans		1310.000	250.000	0.000
TOTAL BORROWING		1779.023	339.620	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4486.031	2310.935	1895.526
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1900.349	1299.115	884.643
Capital work-in-progress		1034.362	146.475	15.173
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		73.527	83.038	78.889
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1454.864	1675.651	1423.475
	Sundry Debtors	2088.911	1730.369	1243.421
	Cash & Bank Balances	215.931	77.400	496.626
	Other Current Assets	353.486	114.158	93.957
	Loans & Advances	791.120	881.695	645.087
Total Current Assets		4904.312	4479.273	3902.566
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2620.299	2124.220	1507.281
	Other Current Liabilities	694.659	1014.851	848.364
	Provisions	111.561	557.895	630.100
Total Current Liabilities		3426.519	3696.966	2985.745
Net Current Assets		1477.793	782.307	916.821
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4486.031	2310.935	1895.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	9496.830	8522.090	7135.680
		Other Income
		TOTAL	9496.830	8522.090	7135.680
Less	EXPENSES
		Office Expenses
		Administrative Expenses	8390.500	7478.258	6084.266
		Advertising Expenses
		TOTAL	8390.500	7478.258	6084.266
	PROFIT BEFORE TAX		1106.330	1043.832	1051.414
Less	TAX		NA	525.793	330.706
	PROFIT AFTER TAX		NA	518.039	720.708
	EARNINGS IN FOREIGN CURRENCY
		Design and other services	7.376	9.485	26.416
		Commission	0.000	0.000	9.029
		Reimbursement of expenses	127.442	72.447	76.369
		F.O.B. Value of exports	1709.594	1814.117	1661.241
	TOTAL EARNINGS		1844.412	1896.049	1773.055
	IMPORTS
		Raw Materials	2569.802	2210.581	2081.366
		Stores & Spares	636.311	29.356	229.924
		Capital Goods	793.077	101.333	36.661
		Trading Items	193.649	1389.207	952.487
	TOTAL IMPORTS		4192.839	3730.477	3300.438
	Earnings Per Share (Rs.)		NA	2.85	3.96

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	NA	6.08	10.10
Return on Total Assets (PBT/Total Assets}	(%)	16.26	18.06	21.96
Return on Investment (ROI) (PBT/Networth)		0.41	0.53	0.55
Debt Equity Ratio (Total Debt /Networth)		0.66	0.17	0.00
Current Ratio (Current Asset/Current Liability)		1.43	1.21	1.34

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	Yes
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	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	No
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

OPERATIONS

The Company recorded a total income of Rs. 9496.830 millions in the current financial year as against Rs. 8522.090 millions in the last year. The production of packaging material for the year was 4.81 billion packs against 4.73 billion packs during the previous year while sales of packaging material were 4.88 billion packs as against 4.70 billion packs for the previous year. The sales of processing division were higher at Rs.1834.990 Millions as compared to Rs. 1493.250 Millions recorded during previous year. The Company has earned a profit before tax of Rs.1106.330 millions as against Rs 1043.830 millions in the previous year.

PERFORMANCE AND PROSPECT

The Company has been showing consistent growth in its sales in domestic market during last couple of years. The growth is witnessed in juice/ nectar/ still drink and liquor category. The marketing team continues to work closely with the customers to assist them in their advertising campaign and retail activities. The Company has been utilizing its production capacity to the optimum level. The work on the setting up of new factory is progressing satisfactorily. Barring unforeseen circumstances, the performance of the Company in the coming year is expected to be satisfactory.

On the Corporate Social Responsibility perspective, the company continues to focus on reduction of impact on the environment of the post consumer waste of the cartons manufactured by the company. The recycling ratio continues to improve year on year. During the year, 4862 tons of post-consumer cartons were collected and sent for recycling.

NATURE OF OPERATIONS

Tetra Pak India Private Limited is in the business of liquid packaging solutions and related products provided mainly to dairy and fruit processing industry.

CONTINGENT LIABILITY

Rs in millions

Particulars	31.12.2010	31.12.2009
EPCG Obligation (Pertains to duty on imports under EPCG scheme not yet exported)	12.220	19.100
Claims against the Company not acknowledged as debts for the following:
- Excise (Disputed excise claims)	152.361	46.949
- Income Tax (Disputed IT claims for fringe benefit tax)	282.789	22.205
- Income Tax (Transfer pricing appeals pending before Commission/ DRP)	0.000	0.000
- Legal Suits (Pertains to claims for Octroi and Debt Recovery)	4.353	0.000
- Labour Cases (on behalf of payment of gratuity and writ petition filed by ex employee)	3.485	3.235
- Civil Cases (Pertains to dispute under Maharashtra Rent Control Act)	2.380	2.380
- Sales/ Service Tax (Pertains to service tax claims)	0.362	0.362
- HPCL related L/C claims lodged by Canara Bank	4.323	7.799

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.12.2011	As on 31.12.2010
Rupee term loans banks	310.000	0.000
Rupee term loans others	1000.000	250.000
Total	1310.000	250.000

Fixed Assets

• Goodwill
• Technical Knowhow
• Freehold Land
• Buildings
• Plant and Machinery
• Equipments Given On Operating Lease
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles

As per Website

Press Releases

FONTERRA CHOOSES TETRA PAK PROCESSING AND PACKAGING EQUIPMENT FOR NZ$100 MILLION UHT PLANT

2013.07.02

Plant to produce milk for export markets in Asia Fonterra, a global leader in dairy nutrition, has chosen state-of-the-art Tetra Pak® processing and packaging equipment for its NZ$100 million UHT greenfield plant in Waitoa, New Zealand.

The new plant will contain five new UHT lines that will produce a range of products including UHT white milk and UHT cream for the foodservice sector, and double Fonterra’s UHT production capacity. It is planned to start producing its first milk by the middle of 2014, with products from the new plant exported across the region.

“In choosing Tetra Pak we know we can count on the highest standard of food safety and quality. A long-standing partner of Fonterra, Tetra Pak offers both equipment and service that ensures we get our products to consumers safely and efficiently,” said Fonterra Managing Director for New Zealand Milk Products, Gary Romano.

Nils Björkman, Executive Vice President Commercial Operations for Tetra Pak, said: “Rising incomes across Asia mean that more and more families want milk in their daily diets. And high quality, nutritious milk from New Zealand is much sought after in countries across the region.”

“We have worked with Fonterra on long life milk for more than 30 years at Takanini. We are excited to continue to identify new opportunities and to deliver world-class integrated Processing and Packaging solutions to meet the growing need for safe, quality food products by consumers in this vibrant region,” said Björkman.

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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	PVL
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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

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.