MIRA INFORM REPORT

Report No. :	292486.2
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	RENEWSYS INDIA PRIVATE LIMITED (w.e.f. 01.06.2012)
Formerly Known As :	POSITIVE RENEWSYS PRIVATE LIMITED
Registered Office :	98, Jolly Maker Chambers No.2, 225, Nariman Point, Mumbai – 400 021, Maharashtra
Tel. No.:	91-22-30011700
Country :	India
Financials (as on) :	28.02.2015 (Provisional)
Date of Incorporation :	09.08.2011
Com. Reg. No.:	11-220771
Capital Investment / Paid-up Capital :	Rs.696.589 million
CIN No.: [Company Identification No.]	U36990MH2011PTC220771
IEC No.:	0314038850
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCP2384M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Components for Solar PV Modules.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2211000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “FAR EAST HOLDINGS LIMITED” Mauritius. It is having a moderate track record. As claimed by Mr. Suresh Raman, General Manager that subject company has acquired business of solar energy from POSITIVE PACKAGING INDUSTRIES LIMITED and got demerger as on 1^st April 2014. After demerge company management has changed and it is operating as a separate legal entity. Further financial for the subject company is separately reflected. For the financial year ended 2014, (ranging from 1^st April 2014 to 31^st August 2014), the company has incurred loss from its operational activities. However, company receives strong financial and managerial support from its parent company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of strong parent company support, the company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Suresh Raman
Designation :	General Manager
Contact No.:	91-9620145060
Date :	10.04.2015

LOCATIONS

Registered Office :	98, Jolly Maker Chambers No.2, 225, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-30011700
Mobile No.:	91-9620145060 (Mr. Suresh Raman)
Fax No.:	91-22-22023774
E-Mail :	renewsys@renewsysindia.com suresh.raman@renewsysindia.com sec@positivepackaging.com jayaram.upadhya@renewsysindia.com avinash.hira@renewsysindia.com
Website :	www.renewsysindia.com
Factory :	Plot No.21 and Part 22, Bommasandra-Jigani Link Road, KIADB Industrial Area, Bangalore – 562 106, Karnataka, India
Tel. No.:	91-80-33494545
Fax No.:	91-80-33494552

DIRECTORS

Name :

Mr. Laxminarayan Hariharan Chitoor

Designation :

Whole-time Director

Address :

C/302, Shree Mangesh, Junction of 6^th and 8^th Road, Chembur, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

22.10.1957

Date of Appointment :

01.10.2014

DIN No.:

00062585

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	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Whole-time director	01/11/2014	30/09/1992	-	Active	NO
2	U67120MH1992PTC065419	CHAPARRAL HOLDINGS COMPANY PRIVATE LIMITED	Director	11/08/1998	11/08/1998	-	Active	NO
3	U51900MH1993PTC071173	CHANDRALOK EXIM PRIVATE LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
4	U67120MH2000PTC129105	CHETAK RESOURCES PRIVATE LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
5	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	01/10/2014	26/09/2002	27/01/2015	Active	NO
6	U51900MH1984PTC034426	VIGNESHH PHARMA IMPEX PRIVATE LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
7	U85110MH2005PTC154861	NEW WORLD I CARE PRIVATE LIMITED	Alternate director	31/10/2005	31/10/2005	-	Active	NO
8	U70200MH2007PTC167216	CHAPARRAL HOUSING PRIVATE LIMITED	Director	23/01/2007	23/01/2007	-	Active	NO
9	U72200PN2003PTC018548	EMPIRICAL SYSTEMS PRIVATE LIMITED	Additional director	20/03/2009	20/03/2009	-	Active	NO
10	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Whole-time director	01/10/2014	09/08/2011	-	Active	NO
11	U74950MH2007PTC174475	ICM PACKAGING PRIVATE LIMITED	Director	29/09/2012	30/03/2012	-	Amalgamated	NO
12	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	27/08/2012	27/08/2012	-	Active	NO
13	U74120MH2011PTC221719	TOBUSOL MANAGEMENT SERVICES PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO

Name :

Mr. Sanjay Naraindas Kirpalani

Designation :

Director

Address :

98, Jolly Maker Chambers No.2, 225, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

00088075

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	U51900MH1992PTC068505	MONTANA EXPORTS PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
2	U85110MH2005PTC154861	NEW WORLD I CARE PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
3	U74952MH1994FLC078296	POSITIVE PACKAGING INDUSTRIES LIMITED	Director	01/01/2014	24/09/2005	27/01/2015	Active	NO
4	U21010MH1985FTC035837	VISTA FILM AND PACKAGING PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Amalgamated	NO
5	U22300MH2006PTC163173	BLUE FROG MEDIA PRIVATE LIMITED	Director	10/09/2007	21/05/2007	-	Active	NO
6	U74999MH2007PTC169648	FROG COMPANY PRIVATE LIMITED	Director	28/09/2012	25/11/2011	-	Active	NO
7	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	18/09/2014	27/08/2014	-	Active	NO
8	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	30/09/2014	27/08/2014	-	Active	NO
9	U74120MH2011PTC221719	TOBUSOL MANAGEMENT SERVICES PRIVATE LIMITED	Director	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Arun Ashok Lakhani

Designation :

Director

Address :

Apartment 2804, AL Murjan Towers, Dubai Marina, PO Box 48748, Dubai, NA, United Arab Emirates

Date of Appointment :

30.09.2014

DIN No.:

06910712

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	U72900MH2012PTC234985	ENCEPT PREMEDIA PRIVATE LIMITED	Director	18/09/2014	07/08/2014	-	Active	NO
2	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Director	30/09/2014	27/08/2014	-	Active	NO

Name :

Mr. Avinash Gope Hiranandani

Designation :

Additional Director

Address :

605, Kaveri Apartments, 5^th Road, Diamond Garden, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/ Age :

20.01.1967

Date of Appointment :

18.03.2015

DIN No.:

07118075

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	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Additional director	18/03/2015	18/03/2015	-	Active	NO

Name :

Mr. Jayaram Upadhya

Designation :

Additional Director

Address :

No.471, Mahalakshmi, 3^rd Cross, Barath HSG Co-operative Society, Subramanyapura Post, Bangalore – 560 061, Karnataka, India

Date of Birth/ Age :

25.10.1961

Date of Appointment :

18.03.2015

DIN No.:

07120812

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	U36990MH2011PTC220771	RENEWSYS INDIA PRIVATE LIMITED	Additional director	18/03/2015	18/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Raman
Designation :	General Manager
Name :	Mr. U.K Jayaram
Designation :	Executive Director
Name :	Mr. Rajesh Singh
Designation :	General Manager – Operation
Name :	CS Piyush A. Gohil
Designation :	Practicing Company Secretary
Address :	509, Pearl Plaza, Station Road, Opposite Andheri Station, Andheri (West), Mumbai – 400 058, Maharashtra, India
Mobile No.:	91-9004077999
E-Mail :	piyush@pcsllp.com

MAJOR SHAREHOLDERS

AS ON 31.03.2014

Names of Shareholders	No. of Shares	% of Holding
Positive Packaging Industries Limited, India	9980	99.80

AS ON 29.03.2015

Names of Allottees	No. of Shares
Far East Holdings Limited, Mauritius	6951981
Goldera International Limited, Mauritius	61569
Star Services and Investments Limited, Mauritius	220985
N.P. Kirpalani	3944
A.S. Lakhani	1490
C.H. Laxminarayan	18
L. Ramkrishnan	6
Total	7239993

BUSINESS DETAILS

Line of Business :	Manufacturer of Components for Solar PV Modules.
Products :	EVA Sheet and Back Sheet (Components for Solar PV modules)
Brand Names :	“CONSERVE” for EVA Sheet “PRESERVE” for Back Sheet
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Materials
Countries :	Korea China US
Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)
Purchasing :	Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS (AS ON 2015):

Particulars	Annual Capacities
EVA Sheet	1.2 Million Sq. Mtrs.
Back Sheet	1.5 Million Sq. Mtrs.

GENERAL INFORMATION

Suppliers :

Reference :	Arkema
Name of the Person :	Mr. Pradip Sonawane, Manager
Contact No.:	91-9769952399
Since How Long Known :	More than 2 years
Experience :	Payment Behaviour: Excellent Market Goodwill: Excellent Overall: Excellent
Maximum Limit Dealt :	Rs.20.000 million
Remark :	Very good customer, very punctual customer. Clear all payments in dues. No complaints. He is too happy with the customer. They are not default a single payment.

Customers :

End Users and OEM’s

Reference :	EMMVEE Solar
Name of the Person :	Mr. Mohan Kumar, General Manager – Supply Chain
Contact No.:	91-9686450958
Since How Long Known :	More than 2 years
Experience :	Product Quality: Good Delivery Behaviour: Excellent Overall: Excellent
Maximum Limit Dealt :	Rs.40.000 million (P.M)
Remark :	It’s a good company. No Complaints.

No. of Employees :

120 (Approximately)

Bankers :

Banker Name	The Federal Bank Limited
Branch Address	Bannerghatta Branch, Bangalore, Karnataka, India
Person Name (With Designation)	Mr. V. Jaymon (Branch Manager)
Contact Number	91-9449029683
Name of Account Holder	RENEWSYS INDIA PRIVATE LIMITED
Account Number	1571550000017
Account Since (Date/Year of Account Opening)	Since July, 2014
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Term Loan: Rs.130.000 million Working Capital: Rs.130.000 million
Account Operation	Not Divulged
Remarks (If any)	It’s a good company. No complaints as such.

The Federal Bank Limited, Federal Towers, P.B. No.103, Alwaye, Eranakulam – 683 101, Kerala, India

Facilities :

SECURED LOANS	28.02.2015 (Rs. In Million)
Federal Bank Term Loan	130.000
Interest accrued but not due	0.439
Total	130.439

SECURED LOANS	31.08.2014 (Rs. In Million)
LONG TERM BORROWINGS
Loan from Landesbank	115.767
Total	115.767

Notes:

Loan from Landes Bank has already been settled.

Banking Relations :	--
Auditors :
Name :	Gopalkrishnan M and Company Chartered Accountants
Address :	B-601, Sai Leela, Near Pillai College, Sector 16, New Panvel, Navi Mumbai – 410 206, Maharashtra, India
Tel. No. :	91-22-22055858/ 22052903
Mobile No. :	91-9820423901/ 9969398887
E-Mail :	gopi2903@yahoo.com
PAN No.:	AAFPM7592J
Memberships :	Solar Energy Society of India and National Centre of Photo Voltaic Research and Education
Collaborators :	Not Available
Holding Company :	Far East Holdings Limited, Mauritius

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Rs.700.000 million

Issued, Subscribed & Paid-up Capital : Rs.696.589 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		28.02.2015 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		696.589
2] Share Application Money		3.351
3] Reserves & Surplus		73.908
4] (Accumulated Losses)		0.000
NETWORTH		773.848
LOAN FUNDS
1] Secured Loans		130.439
2] Unsecured Loans		215.934
TOTAL BORROWING		346.373
DEFERRED TAX LIABILITIES		60.885
TOTAL		1181.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		563.400
Capital work-in-progress		11.567
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.354
	Sundry Debtors	285.367
	Cash & Bank Balances	260.749
	Other Current Assets	0.000
	Loans & Advances	65.987
Total Current Assets		720.457
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.384
	Other Current Liabilities	72.648
	Provisions	9.565
Total Current Liabilities		130.597
Net Current Assets		589.860
MISCELLANEOUS EXPENSES		16.279
TOTAL		1181.106

SOURCES OF FUNDS	31.08.2014	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	147.519	0.100	0.100
(b) Reserves & Surplus	91.695	(0.039)	(0.038)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	229.287	0.000	0.000
Total Shareholders’ Funds (1) + (2)	468.501	0.061	0.062
(3) Non-Current Liabilities
(a) Long-term borrowings	115.767	0.000	0.000
(b) Deferred tax liabilities (Net)	60.886	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	176.653	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	440.961	0.000	0.000
(b) Trade payables	38.959	0.000	0.000
(c) Other current liabilities	31.166	0.000	0.000
(d) Short-term provisions	10.775	0.000	0.000
Total Current Liabilities (4)	521.861	0.000	0.000
TOTAL	1167.015	0.061	0.062
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	584.229	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	13.417	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	597.646	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	155.508	0.000	0.000
(c) Trade receivables	120.897	0.000	0.000
(d) Cash and cash equivalents	230.201	0.061	0.062
(e) Short-term loans and advances	58.973	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	565.579	0.061	0.062
PROFIT & LOSS ACCOUNT	3.790	0.000	0.000
TOTAL	1167.015	0.061	0.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		28.02.2015 (Provisional)	31.08.2014
	SALES
		Net Sales	588.165	185.233
		Other Income	1.682	1.010
		Other Income (Solar Power Generation)	0.768	0.360
		TOTAL	590.615	186.603
Less	EXPENSES
		Materials, Manufacturer and Operating Expenses	445.015	137.274
		Personnel Expenses	48.818	20.796
		Administration and Sales Expenses	34.324	11.562
		TOTAL	528.157	169.632
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		62.458	16.971
Less	FINANCIAL EXPENSES		33.707	8.261
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		28.751	8.710
Less/ Add	DEPRECIATION/ AMORTISATION		46.500	12.500
	PROFIT/ (LOSS) BEFORE TAX		(17.749)	(3.790)
Less	TAX		0.000	NA
	PROFIT/ (LOSS) AFTER TAX		(17.749)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.039)	NA
	BALANCE CARRIED TO THE B/S		(17.788)	NA
	Earnings / (Loss) Per Share (Rs.)		NA	NA

KEY RATIOS

PARTICULARS		28.02.2015 (Provisional)	31.08.2014	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	(3.02)	NA	NA	NA
Operating Profit Margin (PBDIT/ Sales)	(%)	10.62	9.16	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.38)	(0.33)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.01)	NA	NA
Debt Equity Ratio (Total Debt/Networth)		0.45	1.19	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.52	1.08	0.00	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.08.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	0.100	0.100	147.519
Reserves & Surplus	(0.038)	(0.039)	91.695
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	229.287
Net worth	0.062	0.061	468.501
Long Term borrowings	0.000	0.000	115.767
Short Term borrowings	0.000	0.000	440.961
Total borrowings	0.000	0.000	556.728
Debt/Equity ratio	0.000	0.000	1.188

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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

BACKGROUND (AS ON 31.03.2014):

The company was incorporated with the name Positive Renewsys Private Limited on 9^th August, 2011. The name was since changed to Renewsys India Private Limited wide fresh certificate of incorporation dated 1^st June, 2012.

Pursuant to the Scheme of arrangement (The Scheme) under sections 391 to 394 read with sections 78, 100 to 103 of Companies Act 1956 between Positive Packaging Industries Limited (PPIL) and the Company and their respective Shareholder and Creditors, Manufacturing of components of solar modules viz. Ethylene Vinyl Acetate (EVA) film and back sheet business of PPIL, as sanctioned by Hon'ble High Court of Bombay, vide its order dated 1^st August 2014 has been transferred by way of demerger to the Company on a going concern bash with effect.

Notes:

· Positive Packaging had seven divisions. One of the division was manufacturing Components of Solar PV modules. This division got demerged with REnewsys India Private Limited effective from 1^st April 2014. Now PPIL is not a related party of Positive Packaging Industries Limited nor having any common directors.

· Authorised share capital of the company’s Rs.700.000 million. 99.5% of the paid up share capital is held by Far East Holdings Limited (Holding Company) Mauritius. The promoters are from ENPEE group and they have their presence in Nigerai in a big way and also got their business establishments   in South Africa, Europe, Singapore, UAE and USA.

· The company is manufacturing EVA sheet and back sheet. They are the major manufacturer of these products in the country. Though the beginning of the year their performance was sluggish from January 15 onwards their production capacity is over utilised. They expect their turnover for the current fiscal to each around Rs.1500.000 million.

UNSECURED LOANS

PARTICULARS	28.02.2015 (Rs. In Million)
ECB Loan	215.934
Total	215.934

PARTICULARS	31.08.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loan from Positive Packaging Industries Limited	440.961
Total	440.961

Notes:

· All ECB loans are from Promoters

· There is no loan outstanding with Positive Packaging Industries Limited as on 31^st March 2015

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10551031	02/02/2015	230,000,000.00	THE FEDERAL BANK LIMITED	FEDERAL TOWERS, P B NO.103, ALWAYE, ERANAKULAM, KERALA - 683101, INDIA	C44559789

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.