MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	BOBST INDIA PRIVATE LIMITED
Registered Office :	Gut No. 82, 124, 126 to 136 and 195 (Part) at and Post Village Kasar Amboli, Ghotawade Road, Pune – 412108, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.1995
Com. Reg. No.:	11-091771
Capital Investment / Paid-up Capital :	Rs.235.311 Millions
CIN No.: [Company Identification No.]	U51909MH1995PTC091771
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02956C
PAN No.: [Permanent Account No.]	AAACB7295F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Packaging and Wrapping Machinery.
No. of Employees :	170 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is improving. 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.

INFORMATION PARTED BY

Name :	Ms. Suchitra Deshmukh
Designation :	Finance Manager
Contact No.:	91-20-39878000
Date :	13.03.2012

LOCATIONS

Registered Office/ Factory :	Gut No. 82, 124, 126 to 136 and 195 (Part) at and Post Village Kasar Amboli, Ghotawade Road, Pune 412108, Maharashtra, India
Tel. No.:	91-20-39878000/ 39878040
Fax No.:	91-20-39878025/
E-Mail :	suresh_pingale@vsnl.com anildehadray@bobstindia.com bobst@bobstindia.com suchitra.deshmukh@bobstgroup.com Jayram.shenoy@bobstgroup.com andante@pn2.vsnl.net.in
Website :	http://www.bobstgroup.com
Location :	Owned

DIRECTORS

(AS ON 29.09.2011)

Name :	Mr. Jean Pascal Henri Bobst
Designation :	Director
Address :	CH. Des Cornalles 20, 1802, Corseaux, Lausanne 001802, Switzerland
Date of Birth/Age :	17.04.1965
Date of Appointment :	23.05.2006
DIN No.:	01308463
Name :	Mr. Pierre Yves Muller
Designation :	Director
Address :	Trois Moulins 45, 1633, Vuippens, Vuippens 001633 Switzerland
Date of Birth/Age :	16.08.1961
Date of Appointment :	01.04.2011
DIN No.:	03497364
Name :	Mr. Attilio Tissi
Designation :	Director
Address :	Riedlistrasse 27, 3168 Dudingen, 003168
Date of Birth/Age :	15.11.1968
Date of Appointment :	12.12.2011
DIN No.:	05140557
Name :	Mr. Philippe Alexandre Francois Milliet
Designation :	Director
Address :	Chemin De Leisis 24, 1009 Pully, Vaud Pully 001009
Date of Birth/Age :	18.01.1963
Date of Appointment :	12.12.2011
DIN No.:	05140545

KEY EXECUTIVES

Name :	Ms. Suchitra Deshmukh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Bobst Group SA, Switzerland	2353112
Bobst SA, Switzerland	2
Total	2353114

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Packaging and Wrapping Machinery.
Exports :
Products :	Packaging and Wrapping Machinery
Countries :	· UK · Kuwait · European country · Asian Country
Imports :
Products :	· Raw Materials · Machinery
Countries :	· Asian Country · Europe Country
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Suppliers :

· Data Logic Automation

· Casting Steel

· VST International

Customers :

Industries

· ITC Limited

No. of Employees :

170 (Approximately)

Bankers :

· Royal Bank of Scotland,

74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loan Banks Secured	85.000	0.000
Working Capital Loans Bank Secured	30.222	43.296
Total	115.222	43.296
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks unsecured	44.357	54.214
Total	44.357	54.214

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune – 411006, Maharashtra, India
Tel No.:	91-20-66036000
Fax No.:	91-20-66015900
PAN No.:	AACFS6921Q
Holding Company :	Bobst Group SA, Switzerland

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2353114	Equity Shares	Rs.100/- each	Rs.235.311 Millions

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		235.311	235.311	235.311
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		143.037	45.402	26.808
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		378.348	280.713	262.119
LOAN FUNDS
1] Secured Loans		115.222	43.296	91.792
2] Unsecured Loans		44.357	54.214	0.000
TOTAL BORROWING		159.579	97.510	91.792
DEFERRED TAX LIABILITIES		8.557	14.089	12.408
TOTAL		546.484	392.312	366.319
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		244.704	180.840	188.134
Capital work-in-progress		9.615	16.992	2.227
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	276.964	179.289	125.567
	Sundry Debtors	118.371	95.260	80.304
	Cash & Bank Balances	10.548	10.045	10.611
	Other Current Assets	10.776	6.741	5.052
	Loans & Advances	86.570	40.461	35.437
Total Current Assets		503.229	331.796	256.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	142.074	100.167	70.663
	Other Current Liabilities	22.916	30.415	10.196
	Provisions	46.099	6.759	0.179
Total Current Liabilities		211.089	137.341	81.038
Net Current Assets		292.140	194.455	175.933
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		546.484	392.312	366.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TOTAL INCOME		740.788	388.661	305.543
Less	EXPENSES
		TOTAL	621.062	361.673	316.788
	PROFIT BEFORE TAX		119.726	26.988	(11.245)
Less	TAX		25.014	8.394	4.226
	PROFIT AFTER TAX		94.712	18.594	(15.471)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.402	26.808	42.279
	BALANCE CARRIED TO THE B/S		140.114	45.402	26.808
	EARNINGS IN FOREIGN CURRENCY		626.391	348.091	NA
	Earnings Per Share (Rs.)		40.25	--	--

Expected Sales (2011-12): Rs.1000.000 Millions

The above information has been parted by Ms. Suchitra Deshmukh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.79	2.16	(5.06)
Return on Total Assets (PBT/Total Assets}	(%)	15.96	5.26	(2.53)
Return on Investment (ROI) (PBT/Networth)		0.32	0.10	(0.04)
Debt Equity Ratio (Total Liability/Networth)		0.98	0.84	0.66
Current Ratio (Current Asset/Current Liability)		2.38	2.42	3.17

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors due small micro enterprises	142.074	100.167	70.663
- Creditors Due others	--	--	--
Total	142.074	100.167	70.663

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes/
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last 1 years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

REVIEW OF OPERATIONS:

The turnover during the year showed a marked improvement and was Rs.740.788 Millions against Rs.388.661 Millions in the previous year, registering an increase of 90.60%. During the year, raw material prices continued to show upward movement. Despite these increase, the Company was able to show a Profit Before Tax of Rs119.726 Millions as against Rs.26.988 Millions in the previous year. The improved performance was mainly due to substantial increase in turnover and optimization of costs. During the year under review the Profit After Tax was Rs.94.712 Millions as compared to Rs.18.594 Millions in the previous year registering an impressive increase over the previous year. After considering the carried forward profit of Rs.45.402 Millions a balance of Rs.140.114 Millions was carried forward to Balance Sheet.

CONTINGENT LIABILITIES NOT PROVIDED For

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantees	5.847	0.998
Total	5.847	0.998

TRADE REFERENCE:

· Data Logic Automation

· Casting Steel

· VST International

· ITC Limited

FORM 8:

Corporate identity number of the company	U51909MH1995PTC091771
Name of the company	BOBST INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gut No. 82, 124, 126 to 136 and195 (Part), AT and Post Village Kasar Amboli, Ghotawade Road, Tal - Mulshi, District Pune, Maharashtra, India suresh_pingale@vsnl.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Royal Bank of Scotland N.V. 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India reenabang@rediffmail.com
Nature of instrument creating charge	Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	21.06.2010
Amount secured by the charge	Rs.85.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interests: Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the Charge: The Bank is having first sole charge on security given by the Company Others: Name of the Bank has been changed from "ABN Amro Bank N.V." to "The Royal Bank of Scotland N.V.", w.e.f. 19 March2010.
Particulars of the property charged	Hypothecation by way of first sole charge on entire movable plant and machinery including all the spare parts and all other movable assets such as furniture, fixture, fittings, vehicles, equipment, both present and future belonging or hereafter belonging to or at the disposal of the borrower and which are now or may be stored / brought into or are lying in the borrower's factory, godowns, warehouses, premises or at any other place including in the custody or control of the borrower's agents and / or third parties or at any premises in the borrower's possession / occupation, whether installed or no which may now or hereafter be in the course of transit / delivery to any godowns or other places of storages of the borrower.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Office Equipments

· Furniture and Fixture

· 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 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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.