MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	LIVIA POLYMER BOTTLES PRIVATE LIMITED
Registered Office :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.12.1985
Com. Reg. No.:	18-012489
Capital Investment / Paid-up Capital :	Rs. 16.200 Millions
CIN No.: [Company Identification No.]	U24300TN1985PTC012489
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00046E
PAN No.: [Permanent Account No.]	AAACL5958K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of high quality PET Containers, Jars and Bottles in Various Sizes, Shapes and Colours.
No. of Employees :	Not Available

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 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. The company has seen a significant increase in its sales turnover as well as net profitability during 2012. Profit margin appears to be good. Financial and liquidity position of the subject seems to be sound. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of the company’s established market position in the Poly Ethylene Terephthalate (PET) bottles industry, the subject 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 – 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long Term Loan)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.01.2012

Rating Agency Name	CRISIL
Rating	A2 (Short Term Loan)
Rating Explanation	Strong degree of safety and low credit risk.
Date	06.01.2012

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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24330168
Fax No.:	Not Available
E-Mail :	ramanan@livia.in
Website :	http://www.xariatech.com
Office and Factory :	Mandaiyur Salai, Mandaiyur, Pudukottai-622 515, Tamilnadu, India
Tel. No.:	91-4339-250418/ 472/ 580
Fax No.:	91-4339-250418/ 472/ 580
E-Mail :	admin@livia.in admin@livpet.in

DIRECTORS

AS ON 27.04.2013

Name :	Mr. Venkata Ramanan Bapoo
Designation :	Managing Director
Address :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India
Date of Birth/Age :	03.03.1960
Date of Appointment :	18.12.1985
DIN No.:	00934602

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	U24300TN1985PTC012489	LIVIA POLYMER BOTTLES PRIVATE LIMITED	Managing director	18/12/1985	18/12/1985	-	Active	NO
2	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director	29/09/2010	23/10/2009	-	Active	NO
3	U85110TZ1987PTC017564	SEMAC CONSULTANTS PRIVATE LIMITED	Director	27/08/2011	04/10/2010	-	Active	NO
4	U85110TN2002PTC049432	ASSURED BEST CARE HOSPITAL PRIVATE LIMITED	Director	05/09/2011	05/09/2011	29/09/2012	Active	NO

Name :	Mr. Ambikrishnaswamy Bapoo Lakshmanan
Designation :	Director
Address :	10, Rajaram Salai K. K. Nagar, Trichy – 620021, Tamilnadu, India
Date of Birth/Age :	12.11.1929
Date of Appointment :	30.06.1989
Date of Cessation :	11.06.2013
DIN No.:	00934816
Name :	Mr. Mythily Ramanan
Designation :	Director
Address :	2-D, Sridev Apartments, 31 First Main Road, West CIT Nagar, Nandanam, Chennai – 600035, Tamilnadu, India
Date of Birth/Age :	29.11.1962
Date of Appointment :	26.04.1999
DIN No.:	01258785

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.04.2013

Names of Shareholders	No. of Shares
Venkata Ramanan Bapoo	134534
Ambikrishnaswamy Bapoo Lakshmanan	11250
K. Lakshmanan	810
A. Raghavan	1000
Auto Parts and Acessories, India	1000
Vashist Ramanan	100
K. Prakash	700
Mythily Ramanan	12606
TOTAL	162000

AS ON 27.04.2013

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	97.83
Other top fifty shareholders	2.17
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of high quality PET Containers, Jars and Bottles in Various Sizes, Shapes and Colours.

Products :

Products Description	Item Code No.
Pet Bottles	39233000

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
PET Bottles	In Metric Tonnes	10734	6008

GENERAL INFORMATION

Customers :

· United Spirits

· ITC Limited

· Henkel

· DDL

· Perfetti

· Lio Dates

· Cavinkare

· Olam

· Western India Cashew

· Vinbros

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· State Bank of India, Commercial Branch, Dukes Complex, 6, Bharathiar Salai, Tiruchirapalli-620001, Tamilnadu, India

· Indian Overseas Bank, Haddows Road Branch, Prince Towers, Nungambakkam, College Road, Chennai-600006, Tamilnadu, India

· Bharat Overseas Bank Limited, Large Advance Branch, 756, Anna Salai Madras-600002, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans from Banks	411.228	304.958
Term Loans from Others	0.326	0.976
Short Term Borrowings
Working Capital Loans from Banks	157.708	80.293
TOTAL	569.262	386.227

Banking Relations :	--
Auditors :
Name :	Somasundaram and Sivaraman Chartered Accountant
Address :	E-10, Karthik Apartments, 46 Vijayaraghava Road, T. Nagar, Chennai – 600017, Tamilnadu, India
PAN No.:	AASPS4961Q

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
162000	Equity Shares	Rs.100/- each	Rs. 16.200 Millions

AS ON 27.04.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
162000	Equity Shares	Rs.100/- each	Rs. 16.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.200	16.200
(b) Reserves & Surplus	321.696	241.693
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	6.400	4.800
Total Shareholders’ Funds (1) + (2)	344.296	262.693
(3) Non-Current Liabilities
(a) long-term borrowings	411.554	305.934
(b) Deferred tax liabilities (Net)	75.134	38.918
(c) Other long term liabilities	0.392	6.689
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	487.080	351.541
(4) Current Liabilities
(a) Short term borrowings	157.708	80.293
(b) Trade payables	90.943	125.649
(c) Other current liabilities	9.158	8.783
(d) Short-term provisions	30.419	29.332
Total Current Liabilities (4)	288.228	244.057
TOTAL	1119.604	858.291
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	769.973	527.462
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.566	3.431
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	770.539	530.893
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	87.700	91.559
(c) Trade receivables	205.985	167.628
(d) Cash and cash equivalents	8.073	7.397
(e) Short-term loans and advances	36.056	42.033
(f) Other current assets	11.251	18.781
Total Current Assets	349.065	327.398
TOTAL	1119.604	858.291

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.200
2] Share Application Money		2.600
3] Reserves & Surplus		147.745
4] (Accumulated Losses)		0.000
NETWORTH		166.545
LOAN FUNDS
1] Secured Loans		228.964
2] Unsecured Loans		0.000
TOTAL BORROWING		228.964
DEFERRED TAX LIABILITIES		24.752
TOTAL		420.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		328.762
Capital work-in-progress		8.419
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.688
	Sundry Debtors	114.843
	Cash & Bank Balances	0.071
	Other Current Assets	13.641
	Loans & Advances	40.073
Total Current Assets		208.316
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.013
	Other Current Liabilities	2.578
	Provisions	33.645
Total Current Liabilities		125.236
Net Current Assets		83.080
MISCELLANEOUS EXPENSES		0.000
TOTAL		420.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1168.626	847.784	648.084
		Other Income
		TOTAL (A)	1168.626	847.784	648.084
Less	EXPENSES
		Cost of Material Consumed	889.089	622.632	470.200
		Purchase of Stock In Trade
		Employee benefits expenses
		TOTAL (B)	889.089	622.632	470.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		279.537	225.152	177.884
Less	FINANCIAL EXPENSES (D)		50.926	32.438	26.332
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		228.611	192.714	151.552
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.202	54.618	36.918
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		145.409	138.096	114.634
Less	TAX (H)		65.406	44.148	36.932
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		80.003	93.948	77.702
	Earnings / (Loss) Per Share (Rs.)		493.85	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.85	11.08	11.99
Return on Total Assets (PBT/Total Assets}	(%)	12.99	16.15	21.34
Return on Investment (ROI) (PBT/Networth)		0.42	0.53	0.69
Debt Equity Ratio (Total Debt /Networth)		1.65	1.47	1.37
Current Ratio (Current Asset/Current Liability)		1.21	1.34	1.66

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	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	Yes
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	Yes

YEAR IN RETROSPECT

The year 2011-12 has been yet another successful year for the Company. The company achieved a growth of 40% in sales over the last year. The Company’s performance on the profitability front has also seen 23% growth over the last year in terms of cash profit after tax.

For the Company, expansion program has been a continuous process. In the year gone by, the Company has added THREE more Stretch Blow Moulding machines, taking the total number of machines installed at their factory to TWENTY SIX.

The processing capacity of the Company has now increased to 13800 MT per annum. The Company envisages to expand its processing capacity further in the coming year too.

This year, they have made a total investment in buildings, plant and machinery to the tune of Rs. 81.100 Millions. They believe that, with this investment and the proposed investment(s) towards expansion for the year 2012-13, The Company is poised for yet another year of significant growth. The Company has invested Rs.238.000 Millions during the year in 3 more Wind Turbine Generators, adding 3.7 MW capacities to its existing renewable energy resource, taking the total to 4.55 MW. This will greatly ease the power situation for the Company and also reduce power cost substantially.

During the year, the raw material prices were under normal fluctuation. As the Company is well covered through an indexing mechanism of pricing on a monthly basis, the fluctuating raw material prices did not reflect much on the profits of the Company

However, there has been increase in power restrictions and introduction of power holiday which necessitated increased use of diesel generators. This had inevitable impact on the power cost and in turn, on the profits

The Company believes that, in the year 2012-13 also, the interest rates, raw material prices and power cost are going to be significant factors having some effect on the profitability and performance of the Company.

This year, the Company had taken several steps to diversify the customer portfolio. The liquor segment continues to lead their portfolio in terms of volume of sales. However, due to continuous effort, the Company was able to add new products from the FMCG segment to its business portfolio.

The Company is now working on several projects in newer areas and segments for the coming year. They believe that the addition of capability to process Poly Propylene (PP) material, apart from Poly Ethylene Terephthalate (PET), will give a new fillip in the coming year apart from their efforts to diversify customers portfolio.

They are also expecting to increase substantially their deemed export sales during the year.

The Company is steadily on the growth path and the year 2012-13 will also see a substantial growth matched with good performance due to all the above.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electrical Equipment

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

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. 61.40
UK Pound	1	Rs. 99.28
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

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