MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	HI - TECH INKS PRIVATE LIMITED
Registered Office :	S-360, Grater Kailash-I, New Delhi - 110 048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.2007
Com. Reg. No.:	55-157472
Capital Investment / Paid-up Capital :	Rs.58.915 Millions
CIN No.: [Company Identification No.]	U24222DL2007PTC157472
TAN No.: [Tax Deduction & Collection Account No.]	DELH05979B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Foil and Flexo Inks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 410000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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. Profit and Loss of the company of 2011 and 2010 is not available.

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

LOCATIONS

Registered Office :	S-360, Grater Kailash-I, New Delhi - 110 048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vishal@abc-india.com acs_vandana@yahoo.com uday.desai@hitechinks.co.in
Website :	http://www.hitechinks.co.in
Factory :	Plot No. 633 to 635, 100 Shed Area, GIDC, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2452656 / 2453113
Fax No.:	91-260-2452988

DIRECTORS

As on: 30.09.2011

Name :

Mr. Arun Bakshi

Designation :

Director

Address :

42 Todar Mal Road, Bengali Market, New Delhi – 110 001, India

Date of Birth/Age :

30.12.1955

Date of Appointment :

05.01.2007

DIN No.:

00099183

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1994PTC059774	CSI ENTERPRISES PRIVATE LIMITED	Whole-time director	01-04-11	02-06-97	-	Active	NO
2	U72200DL2000PTC104525	WORLD WIDE CONNECTIONS INDIA PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
3	U18101DL2006PTC149460	MAORI GARMENT PRIVATE LIMITED	Director	03-06-06	03-06-06	-	Strike off	NO
4	U60231DL2006PTC149461	B.D.G INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	06-06-06	06-06-06	06-03-12	Active	NO
5	U72900DL2000PTC105623	INFINITE TELESOLUTIONS PRIVATE LIMITED.	Director	10-06-06	10-06-06	-	Active	NO
6	U24222DL2007PTC157472	HI- TECH INKS PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
7	U74140DL2008PTC181231	A B WEALTH ADVISOR PRIVATE LIMITED	Director	23-07-08	23-07-08	-	Strike off	NO
8	U74990DL2009PTC188064	FT BUTTONS PRIVATE LIMITED	Director	02-03-09	02-03-09	-	Active	NO
9	U74900DL2009PTC189157	CONMED DEVICES PRIVATE LIMITED	Director	06-04-09	06-04-09	28-02-11	Active	NO
10	U85100DL2011PTC220796	PRS HEALTHCARE PRIVATE LIMITED	Director	13-06-11	13-06-11	-	Active	NO

Name :

Mr. Vishal Sandhir

Designation :

Director

Address :

S-360, Greater Kailash-I, New Delhi – 110 048, India

Date of Birth/Age :

12.05.1978

Date of Appointment :

05.01.2007

DIN No.:

00099174

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U18101DL2006PTC149460	MAORI GARMENT PRIVATE LIMITED	Director	03-06-06	03-06-06	-	Strike off	NO
2	U24222DL2007PTC157472	HI- TECH INKS PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
3	U74140DL2008PTC181231	A B WEALTH ADVISOR PRIVATE LIMITED	Director	23-07-08	23-07-08	-	Strike off	NO
4	U74990DL2009PTC188064	FT BUTTONS PRIVATE LIMITED	Director	02-03-09	02-03-09	-	Active	NO
5	U74900DL2009PTC189157	CONMED DEVICES PRIVATE LIMITED	Additional director	01-03-10	06-04-09	-	Active	NO
6	U85100DL2011PTC220796	PRS HEALTHCARE PRIVATE LIMITED	Director	13-06-11	13-06-11	-	Active	NO
7	U85100DL2012PTC232139	LAVENDER HEALTHCARE PRIVATE LIMITED	Director	28-02-12	28-02-12	-	Active	NO

Name :

Mr. Rajesh Kumar Mahajan

Designation :

Director

Address :

S-234, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

27.06.1957

Date of Appointment :

01.06.2007

DIN No.:

01969965

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U00313DL2005PTC139214	EAST-WEST DESIGN PRIVATE LIMITED	Director	01-08-05	01-08-05	-	Active	NO
2	U24222DL2007PTC157472	HI- TECH INKS PRIVATE LIMITED	Director	01-06-07	01-06-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Arun Bakshi	900
Vishal Sandhir	100
Allan Francis Peters	1103
Alfred Hugo Mccreadie	1104
Glenn Anthony Peters	1104
Gragam George Palmer	1104
Speedbird Investment Holdings Private Limited, Modderfontein	348072
Rajesh Kumar Mahajan	235658
Total	589145

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	59.08
Directors or relatives of Directors	40.17
Other top fifty shareholders	0.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Foil and Flexo Inks.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, Commercial Plot No. C7/67/p. N.H. No. 8, Near Koparli Road, G.I.D.C., Hotel Fortune Galaxy, Vapi – 396 195, Gujarat, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	15.616	8.912
Rupee term loans others secured	1.760	0.000
Working capital loans banks secured	37.288	17.467
Loans taken for vehicles secured	0.126	0.234
Loans taken for other fixed assets secured	0.074	0.281
Total	54.864	26.894
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans director unsecured	7.500	0.000
Total	7.500	0.000

Banking Relations :
Auditors :
Name :	Kapadia Shah and Company Chartered Accountants
Address :	CM-20, Above State Bank of Indore, Silvassa Road, GIDC, Vapi – 396 195, Gujarat, India
PAN No :	AAGFK2662N

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
589145	Equity Shares	Rs.100/- each	Rs.58.915 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		58.915	58.915	58.915
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.758	26.280	23.640
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		102.673	85.195	82.555
LOAN FUNDS
1] Secured Loans		54.864	26.894	47.537
2] Unsecured Loans		7.500	0.000	0.000
TOTAL BORROWING		62.364	26.894	47.537
DEFERRED TAX LIABILITIES		0.000	0.000	0.976
TOTAL		1650.037	112.089	131.068
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.614	34.494	38.607
Capital work-in-progress		1.152	0.000	0.000
INVESTMENT		0.387	0.387	1.565
DEFERREX TAX ASSETS		1.211	2.048	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.029	23.584	30.747
	Sundry Debtors	105.873	44.594	77.736
	Cash & Bank Balances	1.786	4.372	10.332
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.454	41.044	14.470
Total Current Assets		192.142	113.594	133.285
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.040	36.684	33.546
	Other Current Liabilities	7.569	2.030	9.264
	Provisions	0.000	0.000	0.000
Total Current Liabilities		82.609	38.714	42.810
Net Current Assets		109.533	74.880	90.475
MISCELLANEOUS EXPENSES		0.140	0.280	0.421
TOTAL		1650.037	112.089	131.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009
	SALES
		Sales	217.072
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		34.812
Less	FINANCIAL EXPENSES		5.512
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.300
Less/ Add	DEPRECIATION/ AMORTISATION		5.857
	PROFIT BEFORE TAX		23.443
Less	TAX		5.984
	PROFIT AFTER TAX		17.459
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	94.431
	IMPORTS
		Raw Materials	75.241
	Earnings Per Share (Rs.)		29.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.80
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	13.64
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.28
Debt Equity Ratio (Total Liability/Networth)		1.41	0.77	1.09
Current Ratio (Current Asset/Current Liability)		2.33	2.93	3.11

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last one year	Yes
Profitability for last one year	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U24222DL2007PTC157472
Name of the company	HI - TECH INKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S-360, Grater Kailash-I, New Delhi - 110 048, India
This form is for	Modification of charge
Charge identification number of the modified	10085612
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited Commercial Plot No. C7/67/p. N.H. No. 8, Near Koparli Road, G.I.D.C., Hotel Fortune Galaxy, Vapi – 396 195, Gujarat, India
	Supplemental Deed Of Hypothecation Dated 22.02.2012
Date of instrument Creating the charge	22.02.2012
Amount secured by the charge	Rs.89.594 Millions
Short particular of the property or asset(s) charged	Hypothecation charge on entire current assets, movable fixed assets including plant and machinery, furniture and fixtures etc. of the company for present and future.
Date of instrument modifying the charge	12.08.2011
Particulars of the present modification	Adhoc Cash Credit Limit of Rs.10.000 Millions [ Existing Limits : CC Rs.60.000 Millions, Term Loan Rs.19.094 Millions (Rundown Liability ), LER Rs.0.500 Millions ] = Total Rs.89.594 Millions

FIXED ASSETS

· Goodwill

· Land and Building

· Furniture and Fixtures

· Electric Installation

· Plant and Machinery

· Handling Equipments

· Vehicles

· Equipments

· Laboratory Equipments

· Generator

· Transformers

· Fire Extinguisher

· Air Conditioners

· Computer

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Report Prepared by :

VRN

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	4
--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
TOTAL		44

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.