MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	RUBY MACONS LIMITED
Registered Office :	A – 203/204, Angelina Apartments, Srojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.1986
Com. Reg. No.:	11-039768
Paid-up Capital :	Rs. 33.318 Millions
CIN No.: [Company Identification No.]	U28920MH1986PTC039768
TAN No.: [Tax Deduction & Collection Account No.]	SRTR01608F MUMR14446F
PAN No.: [Permanent Account No.]	AAACR1939A AABCR0343K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of kraft papers (test liner and fluting papers) and supplier of paper and pulp making machineries and their parts
No. of Employees :	500 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. Financial position of the company appears to be sound. Performance capacity of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition. Note: We received press release dated on 19^th October 2012 that Meadwestvaco will acquire “Ruby Macons Limited”. But it has not been confirmed.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A+(Long Term Bank Facilities)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	February 2012

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Strongest degree of safety. It carry lowest credit risk.
Date	February 2012

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 :	A – 203/204, Angelina Apartments, Srojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India.
Tel. No.:	91-22-26186771/ 72
Fax No.:	91-22-26186773/ 74
E-Mail :	jitu@rubymacons.com bombay@rubymacons.com rml@rubymacons.com vapi.macons@axcess.net.in macons@nathani.com mail@rubymacons.com
Website :	www.rubymacons.com
Area:	1500 Sq. Ft.
Location :	Owned
Factory 1 :	Plot No. 789/4, III Phase Road, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-3050000
Fax No.:	91-260-3050010
E-Mail :	mail@rubymacons.com
Area :	17500 Sq. Mtr.
Location :	Owned
Factory 2 :	206/6/3, Amrut Industrial Estate, Opposite Dadra Check Post, U.T. Of Dadra and Nagar Haveli
Area :	6000 Sq. Mtr.
Location :	Owned
Factory 3 :	Survey No. 56/1, Village Morai, Via Vapi, Vapi -396 191, District Valsad, Gujarat, India
Area :	26 Acres
Location :	Owned

DIRECTORS

AS ON 17.08.2012

Name :	Mr. Alibhai Hasanbhai Nathani
Designation :	Whole Time Director
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	29.08.1944
Qualification :	Paper Tech Degree
Date of Appointment :	16.08.2006
PAN No.:	AACPN0747M
Voter ID No :	GJ-26-182-051558
DIN No.:	00307266
Name :	Mr. Ashraf Alibhai Nathani
Designation :	Managing Director
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	23.05.1971
Qualification :	Mechanical Engineer
Date of Appointment :	16.08.2006
PAN No.:	AACPN0746L
Voter ID No :	GJ-26-182-051559
DIN No.:	00307527
Name :	Mr. Arshad Alibhai Nathani
Designation :	Whole Time Director
Address :	Atul Society, Valsad Road,Vapi, Valsad – 396 191, Gujarat, India.
Date of Birth/Age :	17.01.1980
Qualification :	Software Engineer
Date of Appointment :	16.08.2006
PAN No.:	AAOPN4598E
DIN No.:	00307430
Name :	Mr. Harshad Ghelabhai Vashi
Designation :	Whole Time Director
Address :	C-302, Rahul Apartment, Sky Build, Village Borsapada Road, Poisar, Kandivali (West), Mumbai – 400067, Maharashtra, India.
Date of Birth/Age :	01.12.1958
Qualification :	B.Com
Date of Appointment :	16.08.2006
PAN No.:	AAQPV9750J
Voter ID No :	GJ-26-182-028067
DIN No.:	00501097
Name :	Mr. Mahendinawaz Kaisar Kureshi
Designation :	Whole Time Director
Address :	B-Wing, Flat No – 303/304, Bh-Aazad Weigh Bridge, Vapi - 396191, Valsad, Gujarat, India
Date of Birth/Age :	05.01.1968
Qualification :	Engineer
Date of Appointment :	16.08.2006
PAN No.:	ACFPK2684P
Voter ID No :	GJ-26-182-051816
DIN No.:	00502404

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOTE: Shareholders details are not available.

AS ON 17.08.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of kraft papers (test liner and fluting papers) and supplier of paper and pulp making machineries and their parts

Products :

Products	ITC Code No.
Uncoated Paper and Paper Board	4805
Parts of Pulp and Paper making machinery	8439.90

GENERAL INFORMATION

No. of Employees :

500 (approximately)

Bankers :

• Bank of Baroda, Industrial Estate Branch, Vapi, Gujarat, India
• State Bank of India – MID Corporate Branch, Vapi – 396195, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans	30.000	123.000
Working Capital Loans from Banks	82.720	0.000
Loans Repayable on Demand from Banks	250.270	180.351
TOTAL	362.990	303.351

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered accountants
Address :	12, Dr A B Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400067, Maharashtra, India
PAN No.:	AABFD7919A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3331775	Equity Shares	Rs.10/- each	Rs. 33.318 Millions

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		33.318	33.318	33.318
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1471.776	1208.638	923.067
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1505.094	1241.956	956.385
LOAN FUNDS
1] Secured Loans		362.990	303.351	553.528
2] Unsecured Loans		0.000	124.751	37.364
TOTAL BORROWING		362.990	428.102	590.892
DEFERRED TAX LIABILITIES		286.076	278.904	230.418
TOTAL		2154.160	1948.962	1777.695
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1172.340	1183.709	990.062
Capital work-in-progress		100.010	10.709	219.885
INVESTMENT		0.001	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	391.482	297.732	296.464
	Sundry Debtors	517.542	498.475	332.991
	Cash & Bank Balances	27.418	14.520	28.881
	Other Current Assets	0.000	0.000	5.000
	Loans & Advances	95.984	185.091	120.164
Total Current Assets		1032.426	995.818	783.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.408	139.071	164.204
	Other Current Liabilities	33.048	100.092	49.429
	Provisions	12.161	2.111	2.119
Total Current Liabilities		150.617	241.274	215.752
Net Current Assets		881.809	754.544	567.748
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2154.160	1948.962	1777.695

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4185.190	3725.665	2781.745
		Other Income	11.461	20.071	2.643
		TOTAL (A)	4196.651	3745.736	2784.388
Less	EXPENSES
		Cost of materials consumed	2577.670	2243.379	2371.315
		Purchases of stock-in-trade	48.464	45.557
		Employee benefit expense	118.551	109.185
		Other expenses	934.620	837.681
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.525)	(3.599)
		TOTAL (B)	3673.780	3232.203	2371.315
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		522.871	513.533	413.073
Less	FINANCIAL EXPENSES (D)		66.796	52.354	22.570
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		456.075	461.179	390.503
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.513	83.908	60.537
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		369.562	377.271	329.966
Less	TAX (H)		104.488	89.765	105.780
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		265.074	287.506	224.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	170.664
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	1.666
		Proposed Dividend Distribution Tax	NA	NA	0.277
		Transfer to General Reserve	NA	NA	70.000
	BALANCE CARRIED TO THE B/S		NA	NA	322.907
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	46.484	51.027	26.581
	TOTAL EARNINGS		46.484	51.027	26.581
	IMPORTS
		Raw Materials	NA	1148.285	738.098
		Stores & Spares	NA	11.279	10.841
		Capital Goods	NA	7.439	130.057
	TOTAL IMPORTS		NA	1167.003	878.996
	Earnings Per Share (Rs.)		79.56	86.29	67.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.32	7.68	8.05
Net Profit Margin (PBT/Sales)	(%)	8.83	10.13	11.86
Return on Total Assets (PBT/Total Assets}	(%)	16.76	17.31	18.60
Return on Investment (ROI) (PBT/Networth)		0.25	0.30	0.35
Debt Equity Ratio (Total Debt /Networth)		0.24	0.34	0.62
Current Ratio (Current Asset/Current Liability)		6.85	4.13	3.63

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Working Capital Loans From Banks	0.000	124.751
TOTAL	0.000	124.751

CORPORATE INFORMATION

Subject incorporated in the year 1986, is in the business of manufacturing of kraft papers (test liner and fluting papers) and supply of paper and pulp making machineries and their parts.

PERFORMANCE REVIEW

During the year, the company’s inherent capabilities and superior product quality/delivery stood the company in good stead in a difficult operating environment. Overall, Sales increased by 13% though the profitability was under some pressure due to high inflation and increasing costs. The first half was better than the second half. The biggest challenge, during the year, has been the increase in the cost of raw materials due to the unprecedented depreciation of Rupee especially against the Dollar, and rising interest rates. In this backdrop the company could maintain its EBIDTA at Rs.522.800 Millions against Rs.513.500 Millions in the previous year, though the Profit after Tax declined slightly from Rs.287.500 Millions to Rs.265.000 Millions.

When compared to the industry performance, RML’s performance is amongst the best with superior operating ratios due to its integrated energy, high quality of products and service resulting in increasing customer loyalty and premium pricing.

MACHINERY SEGMENT

The order inflow and sales has been somewhat sluggish in last year as the customer have deferred and slow down their capex decision but profit has been increased because of continued focus on cost reduction/control. The share of machinery division in total sales and profit has also progressively declined in past years. In India, managing growth and price stability emerged as key concern.

POWER GENERATION

The company has generated 390.88 lacs units (KWH) of power during the year against 394.48 lacs (KWH) in the previous year for captive consumption. The company’s main objective is to operate a modern, cost-effective, energy efficient and environment friendly production plant. The management is committed towards Conservation of Energy.

FUTURE OUTLOOK

The global environment and economic activity is likely to continue to be an area of concern, especially due to the grim financial situation in Europe. The difficulties of the western countries have started affecting the Asian and BRICs economies. The rupee depreciated against the dollar by more than 20% in the previous year and this has affected the economy and resulted in slow down.

Despite this scenario, the Indian economy grew by nearly 7% until March quarter. There are also signs of the commodity prices coming down resulting in better fiscal and macro position of the country. Growth is likely to improve in the second half of 2012 and in 2013 onwards crossing 8% once again. India remains one of the fastest growing economies of the world due to its inherent long-term advantages; the growth should start hitting the 8% plus mark towards the end of 2012. Falling inflation is also an encouraging factor with the average inflation forecast for FY 2012-13 at 7.5% compared to the average inflation of nearly 9% last year with further expectation to come down.

The Indian Packaging industry is set to witness unprecedented growth, with policy changes and the growth in Indian retail environment. Increasing urbanization, low penetration of packaged products and unorganized supply chains offers great opportunity for the packing industry to ride on this boom.

In order to cater to the growing markets and increasingly demanding and discerning customers, the Company has embarked on an expansion and setting up a new production line (PM4) with better technology and better product mix. The Machine has already been procured and the civil work for proposed expansion with additional production line (PM #4) has commenced at site. On startup of this Paper Machine, RML will be able to capitalize on its brand image and expand its customer base.

While expanding its product line and capacities, the company is conscious of its social responsibility and the green initiatives. In the past it has been at the forefront of technology ensuring superior and lower energy consumption, better effluent treatment and waste handling and safer operations. The Effluent treatment plant for the new project will be the best in India in this field consisting of modern anaerobic facility which consumes less energy.

The company has made Environment and Safety a subject of focus. Special efforts are being made at all manufacturing facilities to improve the standards of Environment and Safety.

The thermal co-generation power plant at Morai facility is fully operational. This has not only given financial benefits, but also increased the reliability of power and reduced downtime.

FORM 8

Corporate identity number of the company	U28920MH1986PLC039768
Name of the company	RUBY MACONS LIMITED
Address of the registered office or of the principal place of business in India of the company	203/204 Angelina Aptssarojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India mail@rubymacons.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90225295
Type of charge	Immovable property
Particular of charge holder	State Bank Of India - MID Corporate Branch, Vapi – 396195, Gujarat, India sb.60144@sbi.co.in
Nature of instrument creating charge	Letter of release of title deeds dated 16.08.2012
Date of instrument Creating the charge	16.08.2012
Amount secured by the charge	Rs.721.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit @ Br+2% , SLC @ 1% Above Cc Rate , LC As Per Extant Instructions BG As Per Extant Instructions Terms of Repayment Valid For Period Of One Year, Payable On Demand Margin Raw Materials 25% Stores Spares 50% Stock In Process 30% Finished Goods 35% Book Debts 35% LC 10% BG 10% Extent and Operation of the charge To secure the due repayment, discharge and redemption by the company to the SBI for its credit facilities of Rs.721.600 Millions granted to the company as under:- Together with interest additional interest liquidated damages, commitment charges, premia on repayment or redemption etc on first charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable motgage over factory land and building at Survey No. 56/1 At Village Morai. Taluka Pardi. District Vlsad
Date of instrument modifying the charge	23.09.2009
Particulars of the present modification	Release of Property Situated At GIDC Vapi Estate Plot No. 789/4 Third Phsae Road GIDC Vapi, Revenue Survey No. 47/P And 48/P Within The Village Limit of Taluka Pardi, District Valsad Admeasurements 16000sqmt and 2552 sqmt Agregating 18552 sqmt

FIXED ASSETS

• Land-Free Hold
• Land –Leasehold
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

WEBSITE DETAILS

NEW

PRESS RELEASE

MWV WILL ACQUIRE RUBY MACONS LIMITED TO ACCELERATE INDIA GROWTH STRATEGY MWV WILL BECOME A MARKET LEADER IN FAST-GROWING INDIAN CORRUGATED PACKAGING SECTOR

RICHMOND, Va., October 19, 2012—MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions today announced a definitive agreement with Mr. Alibhai Nathani and family to purchase Ruby Macons Limited (“Ruby Macons”), India’s top producer of corrugated packaging materials and a leader in the country’s growing industrial packaging industry. Terms of the transaction were not disclosed.

“The acquisition of Ruby Macons extends our participation in India, strengthening our presence in a market that we have targeted for profitable growth,” said John A. Luke, Jr., chairman and chief executive officer, MWV. “The Nathani family and the Ruby Macons leadership team have built a very successful business and established a best-in-class operation that boasts advantaged operational and technical leadership, strong brand awareness and reputation among converters and brand owners, a highly efficient capital model and an advantaged geographic location within India in Vapi, Gujarat. The addition of Ruby Macons boosts our ability to grow profitably in India by bringing their leading local position and capabilities in packaging materials together with our global expertise and innovation capabilities.”

"We’ve built a significant and highly-profitable industrial packaging business in Brazil over the last 60 years, and we will leverage this experience to serve the rapidly-evolving retail sector and fast-growing middle class in India. Through Ruby Macons and its converting customers, in addition to our own box plant in Pune, MWV will offer a wide range of packaging solutions that address market and consumer needs in India, including innovative solutions similar to those we've developed in Brazil for fresh produce, industrial products and consumer goods markets.”

“We are pleased to welcome Ruby Macons to the MWV family and are very excited about the profitable growth opportunities this acquisition creates,” concluded Luke.

Ruby Macons is the market leader in corrugated packaging materials in India, producing greater than 150,000 tons annually with significant capacity expansion underway. Founded and managed by the Nathani family since 1986, Ruby Macons’ revenues were approximately $80 million over the last 12 months with double digit operating margins and strong return on capital. The company has achieved greater than 20 percent average growth over the last several years and is poised for significant future profitable growth through the expansion plans underway.

“From the beginning, the Nathani family and Ruby Macons’ management has built a strong business delivering high quality products to customers and value to all our stakeholders,” said Mr. Alibhai Nathani, chairman of Ruby Macons. “After extensive conversations with MWV, through which we came to understand their global leadership, outstanding technical capabilities and strong long-term commitment, we chose them as the right partner to take Ruby Macons to the next level. Our single-most focus while making this decision was to ensure that the business we’ve built with passion over the last two decades will be in the right hands to ensure long term sustainability for all our stakeholders. Our family will continue to be involved in the business, and we are excited about partnering with MWV.”

Ruby Macons’ offices and manufacturing facilities, including its two mills containing three paper machines, are located in and around the industrial city of Vapi, Gujarat, 180 kilometers north of Mumbai. These assets will remain in full operation and become an important part of MWV’s industrial packaging and global manufacturing platform. All Ruby Macons employees will become MWV India employees and the Ruby Macons management team will remain in place, including Mr. Ashraf Nathani, managing director, Ruby Macons, who will become vice chairman and president of the business.

Mr. Ashraf Nathani said, “I am excited about leading MWV’s paperboard operations in India, and I know that we will build a very strong presence in the market. The products, relationships and quality leadership of Ruby Macons will be leveraged together with the strong MWV technical and management teams. I am convinced that together we will have the vision, resources and ability to succeed in a market like India.”

The acquisition of Ruby Macons expands MWV’s presence in industrial packaging in India, which today includes a manufacturing facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals. Upon closing, the combined business will report through MWV’s Industrial packaging segment. MWV has a broader packaging business in India - led by managing director Gautam Sircar and headquartered in Pune, India - delivering innovative packaging solutions for a variety of consumer goods markets, including Healthcare, Beauty and Personal Care, Home and Garden, and Beverage. It also markets specialty chemicals for asphalt paving and other markets.

“Our plan is to continue to drive aggressive growth in this business as part of our broader India and global growth plans,” said Peter C. Durette, senior vice president and chief strategy officer for MWV, who oversees the company’s business and growth in India. “We see significant potential for high quality, innovative solutions in India, from corrugated and consumer packaging to specialty chemicals that can help solve significant challenges in India and improve the lives of consumers. We are developing insights into the unique unmet needs in the local marketplace and bringing solutions that will benefit customers and consumers in India.”

About Ruby Macons Limited

Ruby Macons Limited is the market leader in corrugated packaging materials in India, producing greater than 150,000 tons annually. Soundly managed by the Nathani family since its founding in 1986, Ruby Macons Limited boasts strong operational leadership, a best-in-class reputation, high brand awareness among converters and brand owners, and advantaged geographic locations within India in Vapi and Morai, Gujarat.

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. 53.33
UK Pound	1	Rs. 82.55
Euro	1	Rs. 70.10

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.