MIRA INFORM REPORT

Report No. :	332478
Report Date :	17.07.2015

IDENTIFICATION DETAILS

Name :	WALMARK MEDITECH PRIVATE LIMITED
Registered Office :	II Floor, Hyatt Medicare, Shantoli, Opposite Getwell Hospital, Dhantoli, Nagpur – 440012, Maharashtra
Tel. No.:	91-712-6453192
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.11.2010
Com. Reg. No.:	11-209825
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U51101MH2010PTC209825
IEC No.:	5011003981
TAN No.: [Tax Deduction & Collection Account No.]	NGPW00502F
PAN No.: [Permanent Account No.]	AABCW1548B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Adult Diapers, PP Bags, Non-Woven Fabrics, Non-Woven Fabrics Bags, Soya Seed Doc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 75000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company reported healthy topline growth and achieved fair profitability margins at 1.82%. However, rating remain constrained on account of company’s moderate financial risk profile marked by low reserves along with huge borrowings and leverage balance sheet profile of the company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of leverage balance profile, the company can be considered for business dealing with some caution.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	CARE
Rating	Lon term bank facilities= B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	14.01.2015

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shirish
Designation :	General Manager
Contact No.:	91-9823325997
Date :	16.07.2015

LOCATIONS

Registered / Admin Office :	II Floor, Hyatt Medicare, Shantoli, Opposite Getwell Hospital, Dhantoli, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-6453192
Mobile No.:	91-9823325997 (Mr. Shirish)
Fax No.:	Not Available
E-Mail :	wetexdiaper@gmail.com controller@wmpl.co.in
Website :	www.wmpl.co.in
Corporate Office :	Cardiotech, Millennium Star Office No. 306, III Floor, Besides Ruby, Hall Clinic Dhole Patil Road Pune – 411001, Maharashtra, India
Factory :	D-34, M.I.D.C. Industrial Area, Butibori, Nagpur – 440016, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Rahul Vilas Page
Designation :	Managing Director
Address :	Plot No. 93, Near Telekamnagar Bagichya, Pratapnagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	18.05.1971
Date of Appointment :	04.11.2010
DIN No.:	03056683
Name :	Mr. Vilas Raghunath Page
Designation :	Director
Address :	Plot No. 93, Near Telekamnagar Bagichya, Pratapnagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	30.05.1938
Date of Appointment :	04.11.2010
DIN No.:	03059132
Name :	Mrs. Saroj Vilas Page
Designation :	Director
Address :	Plot No. 93, Near Telekamnagar Bagichya, Pratapnagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	20.05.1940
Date of Appointment :	04.11.2010
DIN No.:	03056767
Name :	Mr. Kushal Sanjay Kholapurkar
Designation :	Director
Address :	77-B, Pande Lay Out, Khamla, Nagpur – 440025, Maharashtra, India
Date of Birth/Age :	12.08.1987
Date of Appointment :	01.03.2014
DIN No.:	02076991

KEY EXECUTIVES

Name :	Mr. Shirish
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Rahul Vilas Page	1280000	64.00
Vilas Raghunath Page	80000	4.00
Saroj Vilas Page	640000	32.00
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Adult Diapers, PP Bags, Non-Woven Fabrics, Non-Woven Fabrics Bags, Soya Seed Doc.

Products :

Product Description	Item Code No.:
Adult Diapers	48184010
PP Bags	39021000
Non-Woven Fabrics, Non-Woven Fabrics Bags	5007
Soya Seed Doc	1201

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

Srilanka

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	South Ambazari Branch Nagpur, K-5, Manjula Building, 8 Rasta Chowk, Laxmi Nagar, Nagpur – 440010, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	91-712-22244715
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans from banks
Bank of Baroda – Term loan	21.227	14.777
Bank of Baroda – Vehicle loan	0.605	0.000
Short Term Borrowings
Bank of Baroda – CC A/c	60.031	11.792
Total	81.863	26.569

Auditors :
Name :	V S Nasery and Company Chartered Accountants
Address :	322, Shankar Nagar, Nagpur – 440009, Maharashtra, India
PAN No.:	AAHPN0155G
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Party :	Cardiotech Rahul Enterprises Techtonics

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	5.000	5.000
(b) Reserves & Surplus	6.147	17.048	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	26.147	22.048	5.000
(3) Non-Current Liabilities
(a) long-term borrowings	21.832	14.777	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	35.513	0.000	0.000
(d) Unsecured Loans	27.604	14.767	0.000
Total Non-current Liabilities (3)	84.949	29.544	0.000
(4) Current Liabilities
(a) Short term borrowings	60.031	11.792	22.097
(b) Trade payables	38.655	90.723	3.936
(c) Other current liabilities	22.160	8.220	0.114
(d) Short-term provisions	4.477	1.374	0.000
Total Current Liabilities (4)	125.323	112.109	26.147
TOTAL	236.419	163.701	31.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.394	73.798	19.619
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	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	1.513	1.891	0.000
Total Non-Current Assets	77.907	75.689	19.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.989	63.114	3.073
(c) Trade receivables	29.100	13.266	5.662
(d) Cash and cash equivalents	24.034	9.668	0.593
(e) Short-term loans and advances	1.283	0.000	0.000
(f) Other current assets	17.106	1.964	2.200
Total Current Assets	158.512	88.012	11.528
TOTAL	236.419	163.701	31.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	225.101	53.046	0.000
		Other Income	0.981	1.515	0.000
		TOTAL	226.082	54.561	0.000
Less	EXPENSES		220.150	53.206	0.000
	PROFIT/(LOSS) BEFORE TAX		5.932	1.355	0.000
Less	TAX		1.833	0.411	0.000
	PROFIT/(LOSS) AFTER TAX		4.099	0.944	0.000
	EARNINGS IN FOREIGN CURRENCY		4.793	0.000	NA
	CIF VALUE OF IMPORTS		63.496	47.431	NA
	Earnings Per Share (Rs.)		5.05	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.82	1.78	NA
Return on Total Assets (PBT/Total Assets)	(%)	2.51	0.83	NA
Return on Investment (ROI) (PBT/Networth)		0.23	0.06	NA
Debt Equity Ratio (Total Debt /Networth)		3.13	1.21	4.42
Current Ratio (Current Asset/Current Liability)		1.26	0.79	0.44

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	5.000	5.000	20.000
Reserves & Surplus	0.000	17.048	6.147
Net worth	5.000	22.048	26.147
long-term borrowings	0.000	14.777	21.832
Short term borrowings	22.097	11.792	60.031
Total borrowings	22.097	26.569	81.863
Debt/Equity ratio	4.419	1.205	3.131

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	0.000	53.046	225.101
			324.351

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	0.000	53.046	225.101
Profit	0.000	0.944	4.099
	#DIV/0!	1.78%	1.82%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office address of the company has been shifted from Plot No. 93, Near Telekam Nagar Bagichya, Pratap Nagar, Nagpur – 440022, Maharashtra, India to the present address but the same has not been updated in the government registry.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Cardiotech	5.600	5.600
Mr. Kushal Kholapurkar	8.500	8.500
Techtonics	13.504	0.667
Total	27.604	14.767

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10350904	07/05/2015 *	195,660,000.00	Bank of Baroda	S. A. Road Branch, Aath Rastha Chowk, Laxmi Nagar, Nagpur, Maharashtra - 440022, India	C52521366

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electrical Equipment

· Fire Safety Equipment

· Frontal Tap Gun

· Printer

· Shape Cutter

· Weighing Machine

· Wet Tissue Machine

· Air Condition

· Office Equipment

· Invertor

· Projector

· Tools

· Motor

· Computer

· 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.63.50
UK Pound	1	Rs.99.17
Euro	1	Rs.69.39

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.