MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	WEBTECH PAKAGINGS (INDIA) PRIVATE LIMITED
Registered Office :	House No. 163, 3^rd Floor, Kailash Hills, New Delhi – 110065, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.1998
Com. Reg. No.:	55-092055
Capital Investment / Paid-up Capital :	Rs. 0.500 million
CIN No.: [Company Identification No.]	U25202DL1998PTC092055
TAN No.: [Tax Deduction & Collection Account No.]	DELW00708B
PAN No.: [Permanent Account No.]	AAACW1423G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Printed Value added labels of various types for spirit, Beer and cosmetic industries
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 96000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sunil Tangri
Designation :	Director
Contact No.:	91-9810720122
Date :	02.12.2011

LOCATIONS

Registered Office :	House No.163, 3^rd Floor, Kailash Hills, New Delhi – 110065, Delhi, India
Tel. No.:	91-11-26372848 / 41613888
Mobile No.:	91-9810720122 (Mr. Sunil Tangri)
Fax No.:	Not Available
E-Mail :	webtechpackagingindia@yahoo.co.in
Area :	800 sq. ft.
Location :	Owned
Unit 1 :	1C-31, Okhla, Industrial area, Phase 1, New Delhi, Delhi, India
Tel. No.:	91-11-41613888
Area :	3200 sq. ft.
Location :	Rented
Unit 2 :	F-21, 5C, Suraj Pure, Grata Noida, Uttar Pradesh, India
Tel. No.:	91-120-2560721
Area :	15000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ramani Tangri
Designation :	Director
Address :	2^nd Floor, Kailash Hills, New Delhi – 110065, Delhi, India
Date of Birth/Age :	14.01.1962
Qualification :	B. Tech
Experience :	32 Years
Date of Appointment :	05.02.1998
DIN No.:	01183558

Name :	Mr. Sunil Kumar Tangri
Designation :	Director
Address :	2^nd Floor, Kailash Hills, New Delhi – 110065, Delhi, India
Date of Birth/Age :	22.12.1957
Qualification :	B.A.
Experience :	32 Years
Date of Appointment :	08.12.1999
DIN No.:	00803178

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ramani Tangri	100
Jitendra BHushan Gulati	100
Sunil Kumar Tangri	49800
Total	50000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Printed Value added labels of various types for spirit, Beer and cosmetic industries
Exports :
Products :	Packages
Countries :	Africa
Imports :
Products :	Machinery
Countries :	· U.S.A. · Europe
Terms :
Selling :	Cash and Credit (90 Days)
Purchasing :	Cash and Credit (90 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production
Labels	437344325
Cartons	Nil

GENERAL INFORMATION

Customers :

· Pernod Richard India Limited

· Beam Global Spirits Limited

· Jagatjit Industries Limited

· Radico Khaitan Limited

· A B Sugars Limited

· Carlsberg India Private Limited

· J.R. Herbal Limited

No. of Employees :

70 (Approximately)

Bankers :

• Religare Finvest Limited, D3, P3B, District Centre, Saket, New Delhi – 110017, Delhi, India
• Bank of India
• HDFC Bank Limited
• Citi Bank
• Kotak Mahindra Bank Limited
• ING Vysya Bank Limited
• Yes Bank Limited
• Barclays Bank
• Standard Charted Bank Finance Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of India – Term Loan (Secured Against mortgage of Industrial Land )	0.708	1.183
Bank of India in Cash Credit Account (Secured against hypothecation of book debts )	5.999	6.000
Bank of India in Cash Credit Account (Secured against hypothecation of Stock)	3.053	4.312
HDFC Bank Limited Car Loans	1.304	1.566
Religare Finvest Limited (Purchase of Machinery)	3.575	0.000
Total	14.639	13.061
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	1.330	1.330
From Shareholders	0.163	0.272
Bajaj Auto Finance Limited	0.898	1.340
Bajaj Finserv Lending	1.094	0.000
Barclays Bank PLC – I	0.000	0.684
Barclays Bank PLC – III	2.791	0.000
Barclays Bank PLC – II	0.061	0.279
Cholamandalam DBS Finance Limited	0.208	0.334
Citi Bank NA – I	0.264	0.538
Citi Bank – II	0.341	0.509
HDFC Bank A/c Sh. Sunil Tangri	0.000	0.718
HDFC Bank Limited	1.468	0.000
India Bulls Finance Services Limited	0.383	0.819
ING Vysya Bank Limited	0.164	0.403
Kotak Mahindra Bank Limited – I	0.000	0.088
Kotak Mahindra Bank Limited – II	0.326	0.000
Magma Fincorp Limited – I	0.976	1.405
Magma Fincorp Limited – II	1.408	0.000
Reliance Capital Limited	0.056	0.362
Standard Charted Bank Finance Limited	0.407	0.882
Tata Capital	1.432	0.000
Yes Bank Limited	0.000	0.416
Total	13.770	10.379

Cash Credit Rs. 30.000 millions (From Bank of India )

Banking Relations :	----
Auditors :
Name :	Nagpal Nagpal and Associates Chartered Accountant
Address :	Ritambhara Building, Tribhuvan Complex, Ishwar Nagar (West), New Delhi – 110065, Delhi, India
Pan No.:	AAAFN4011G

CAPITAL STRUCTURE

AS ON 31.03.2011

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
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.456	11.136	8.149
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.956	11.636	8.649
LOAN FUNDS
1] Secured Loans		14.639	13.061	12.761
2] Unsecured Loans		13.770	10.379	10.288
TOTAL BORROWING		28.409	23.440	23.049
DEFERRED TAX LIABILITIES		2.380	2.228	2.338
TOTAL		54.746	37.304	34.036
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.039	41.172	42.775
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.744	8.953	6.245
	Sundry Debtors	8.225	7.040	15.925
	Cash & Bank Balances	43.330	28.582	6.517
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.253	6.361	9.152
Total Current Assets		79.552	50.936	37.839
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.452	50.012	43.743
	Other Current Liabilities	2.643	2.792	1.980
	Provisions	4.750	2.000	0.855
Total Current Liabilities		69.845	54.804	46.578
Net Current Assets		9.707	(3.868)	(8.739)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.746	37.304	34.036

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2010
	SALES
		Income	122.712	73.522	45.215
		Other Income	1.538	1.552	0.572
		TOTAL (A)	124.250	75.074	45.787
Less	EXPENSES
		Material Consumed	74.832	49.641	25.253
		Manufacturing Expenses	4.385	3.436	3.329
		Payments to and Provision for Employees	8.454	5.711	4.301
		Administrative Expenses	2.857	2.509	1.820
		Selling and Distribution Expenses	3.748	1.864	1.637
		Increase / Decrease in Stock of Finished Goods and Stock in Process	1.972	(3.390)	(2.743)
		TOTAL (B)	96.248	59.771	33.597
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.002	15.303	12.190
Less	FINANCIAL EXPENSES (D)		4.133	4.383	3.334
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.869	10.920	8.856
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.837	5.961	2.352
	PROFIT BEFORE TAX (E-F) (G)		18.032	4.959	6.504
Less	TAX (H)		5.713	1.972	2.456
	PROFIT AFTER TAX (G-H) (I)		12.319	2.987	4.048
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.136	8.149	4.101
	BALANCE CARRIED TO THE B/S		23.456	11.136	8.149
	Earnings Per Share (Rs.)		246.40	59.74	80.96

Expected Sales (2011-2012) : Rs. 165.000 millions

The above information has been parted by Mr. Sunil Tangri .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.91	3.97	8.84
Net Profit Margin (PBT/Sales)	(%)	14.69	6.74	14.38
Return on Total Assets (PBT/Total Assets}	(%)	14.47	5.38	8.06
Return on Investment (ROI) (PBT/Networth)		0.75	0.42	0.75
Debt Equity Ratio (Total Liability/Networth)		4.10	6.72	8.05
Current Ratio (Current Asset/Current Liability)		1.13	0.92	0.81

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	-----
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	-----
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
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	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

PERFORMANCE :

There was considerable improvement in the sales and operating profits during the yea. The performance of the Company is likely to improve even further in the coming years with addition of number of new customers in the recent past with huge demand for which major capital expenditure is planned in the near future.

PROFILE :

Mr. Sunil Tangri, Director in the company is got an experience of more than 32 years in the field of printed cartons, labels and printed flexible laminates. He worked for twenty years in one of the largest operations leading a team of technical, commercial, marketing and selling personnel and exposure to businesses like, Unilever, Nestle, Tata, Godrej,  Britannia etc.

In January 2008, the company inducted state of the art printing machinery with in line finishing, movable hot stamping, screen printing. This expansion in the new technology could take the company in the double digit growth for the year 2010-2011.

Company is in next phase of expansion and is in the process of finalization of next generation fully servo driven, 10 colours flexo printing machine with value added features like stork rotary screen and hot foil stamping rail mounted on the machine.

In addition the company has plans to invest an additional sum of Rs. 500.000 millions in the new packaging lines, which shall bring total sales to about Rs.750.000 millions by 2012-13

Company has already invested huge sums in the up gradation of the existing machinery and equipment to enhance the quality and improving the deliveries.

In the management the team is assisted by well qualified technical and marketing staff.

FORM 8

Corporate identity number of the company	U25202DL1998PTC092055
Name of the company	WEB TECH PACKAGING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	House No. 163, IIIrd Floor, Kailash Hills, New Delhi – 110065, Delhi, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Religare Finvest Limited, D3, P3B, District Centre, Saket, New Delhi – 110017, Delhi, India
Nature of instrument creating charge	Loan Agreement against movable Property
Date of instrument Creating the charge	23.12.2010
Amount secured by the charge	Rs. 5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14.75% per annum Terms of repayment 36 monthly installment of Rs. 0.172 millions each Margin Nil Extent and operation of the charge 100 % on the Entire Property Other Nil
Short particulars of the property charged (Including location of the property)	Martin Model MBSC 05-12-31 Automatic Butt splice MATHO Cutting and Exhausting System Cutto Bag CB – 1000.1 Screen Unit RSI 13” Compact

FIXED ASSETS :

· Land

· Air Conditioners

· Motor Cars

· Computers

· Cellphone Instrument

· Electrical Fittings

· Furniture and Fixtures

· Miscellaneous Fixed Assets

· Plant and Machinery

· Scooter / Motor Cycle

· Factory Building

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 records 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. 51.35
UK Pound	1	Rs. 80.50
Euro	1	Rs. 69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.