MIRA INFORM REPORT

Report No. :	350710
Report Date :	18.11.2015

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 Baby and Adult Diapers.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 75000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010 and it is engaged in manufacturing and marketing personal hygiene products. Its products include adult diapers, baby diapers, under pads and feminine pad under brand name “Wetex”. Ratings derive strength from the experience of the promoters in the healthcare industry supported by the letter of intent signed by company with reputed customers (Godrej Memorial Hospital, Apollo Hospitals Enterprises Limited, Nirma Limited and Nipro (India) Corporation) and strong growth potential for the diapers segment. For the financial year ended 2014, company possesses decent operational performance and it has achieved extraordinary growth of 340% in its revenue during the year under review. Rating also takes into consideration company’s improved financial profile supported by growing scale of operations along with modest net worth base and average debt coverage indicators. However, rating strength is partially offset by working capital intense nature of business operations, its susceptibility to fluctuation in raw material prices imparting volatility to profitability and competitive market scenario. As per our investigation, our executive contacted BANK OF BARODA banker of the subject company and spoke to Mr. Ninje, Branch Manager. He has given positive feedback on the subject company and informed that the company has satisfactory transaction and has no complaints regards to its banking transactions. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of aforesaid, 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.

HENKEL RATING

HENKEL’s Rating :

350 (Significant risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

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	Long term bank facilities= BB-
Rating Explanation	Inadequate credit quality and 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rahul Vilas Page
Designation :	Director
Contact No.:	91-9823056603
Date :	17.11.2015

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) 91-9823056603 (Mr. Rahul)
Fax No.:	Not Available
E-Mail :	wetexdiaper@gmail.com controller@wmpl.co.in rahulpage@wmpl.co.in
Website :	www.wmpl.co.in
Area :	3500 sq. ft.
Location :	Owned
Locality :	Commercial
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 :

30.09.2014

DIN No.:

02076991

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	U45200MH2007PTC168191	SRINIVASA INFRASTRUCTURES PRVATE LIMITED	Director	27-02-2007	27-02-2007	-	Active	NO
2	U74120MH2012PTC229635	SRINIVASA CONCRETE PRIVATE LIMITED	Director	26-07-2012	26-07-2012	13-10-2012	Active	NO
3	U36912PN2013PTC149428	GLOBAL POLYFIBERS PRIVATE LIMITED	Director	14-11-2013	14-11-2013	-	Strike off	NO
4	U51101MH2010PTC209825	WALMARK MEDITECH PRIVATE LIMITED	Director	30-09-2014	01-03-2014	-	Active	NO
5	U45400MH2010PTC207769	VIRGO MARINE SHIPYARDS PRIVATE LIMITED	Additional director	23-12-2014	23-12-2014	01-09-2015	Active	NO
6	U74900AP2014PTC095900	SRINIVASA SOLAR TECH PRIVATE LIMITED	Director	26-12-2014	26-12-2014	-	Active	NO
7	AAC-0918	PIXTROY TECHNOLOGIES LLP	Designated Partner	14-02-2014	14-02-2014	-	Active	NO

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 Baby and Adult Diapers.

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 :

Wetex

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• Srilanka
• Bangladesh
• USA
• Korea

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash, Credit (30 / 60 / 90 Days)

Purchasing :

Cash, Credit (30 / 60 / 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Shri Balaji Polypack
Name of the Person :	Mr. Pradeep Bagaria (Owner)
Contact No.:	91-9321344189
Since How Long Known :	5 Years
Maximum Limit Dealt :	Rs.15.000 million (p.a.)
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	They are satisfied with the customer. No complaints. They are happy with payment behaviour and market goodwill.

Customers :

End Users, OEMs

Company Name :	Apollo Pharmacy
Name of the Person :	Mr. Samir (Purchase Manager)
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) :	Mr. Ninje (Branch Manager)
Contact Number :	91-712-2225054
Name of Account Holder :	Walmark Meditech Private Limited
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	5 Years
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash Credit (Limit= Not Divulged)
Account Operation :	--
Remark :	No complaints. Transactions are fair. They are satisfied with the customer.

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 :	--
Collaborators :	--
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]

FINANCIAL DETAILS FILE ATTACHED

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

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
		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	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 four 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.

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.65.98
UK Pound	1	Rs.100.11
Euro	1	Rs.70.35

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.