MIRA INFORM REPORT

Report Date :

17.08.2011

IDENTIFICATION DETAILS

Name :	AUTOPRINT MACHINERY MANUFACTURES PRIVATE LIMITED
Registered Office :	“Kaanchan”, 7/9 North Huzur Road, Coimbatore – 641018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.11.1992
Com. Reg. No.:	18-004134
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U29294TZ1992PTC004134
TAN No.: [Tax Deduction & Collection Account No.]	CMBA03652F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Trader of Printing Machinery Equipment.
No. of Employees :	Not Available

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 390000
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.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	“Kaanchan”, 7/9 North Huzur Road, Coimbatore – 641018, Tamilnadu, India
Tel No,:	91-422-2212749/ 2212416/ 2216750
Fax No.;	91-422-2212749
E-Mail :	bandco.ca@gmail.com info@autoprint.co.in
Website :	http://www.autoprint.net
Overseas Office :	Located at: · Nepal · Srilanka · Bangladesh · Malaysia · Indonesia · Thailand · UAE · Sudi Arabia · Africa · Nigeria · South Africa

DIRECTORS

(AS ON 09.09.2010)

Name :	Mr. Ashok Nataraj Coimbatore
Designation :	Director
Address :	7 North Huzur Road, Central Post Office, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	18.10.1964
Date of Appointment :	26.11.1992
Name :	Mr. Suresh Ganapathi Karathuzhuvu
Designation :	Director
Address :	23, V Cross Street, Bharathi Park Road, Coimbatore – 641043, Tamilnadu, India
Date of Birth/Age :	23.07.1962
Date of Appointment :	26.11.1992
Name :	Mr. Ashok Rajashree
Designation :	Director
Address :	7 North Huzur Road, Central Post Office, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	21.07.1970
Date of Appointment :	01.04.1996
Name :	Mr. Suresh Vijayalakshmi
Designation :	Director
Address :	23, V Cross Street, Bharathi Park Road, Coimbatore – 641043, Tamilnadu, India
Date of Birth/Age :	08.04.1966
Date of Appointment :	10.07.1998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 09.09.2010)

Names of Shareholders	No. of Shares
Ashok Nataraj Coimbatore	400000
Suresh Ganapathi Karathuzhuvu	400000
Ashok Rajashree	100000
Suresh Vijayalakshmi	100000
Total	1000000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Printing Machinery Equipment.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Machines	Qty	--	--	466

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank

Industrial Finance Branch, 1604 Trichy Road, Coimbatore – 641018, Tamilnadu, India

· Small Industries Development Bank of India

Gowtham Centre, 1055/7, Avinashi Road, Coimbatore – 641018,Tamilnadu, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. in Millions)
IOB – OCC A/c	23.414	49.413
Corporation Bank Loan	7.204	7.081
SIDBI Term Loan	0.000	1.751
SIDBI Bills Discounting	9.424	10.179
Total	40.042	68.424

Banking Relations :	--
Auditors :
Name :	R. Bakthavachalam Chartered Accountant
Address :	8^th Cross Barathi Park Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		34.897	38.127	24.769
3] Reserves & Surplus		52.524	36.864	29.352
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.421	84.991	64.121
LOAN FUNDS
1] Secured Loans		40.042	68.424	74.023
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.042	68.424	74.023
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		137.463	153.415	138.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.150	66.058	62.966
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.721	0.802	0.802
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.873	58.932	51.745
	Sundry Debtors	56.488	71.860	58.018
	Cash & Bank Balances	41.099	14.278	10.195
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.599	25.897	37.453
Total Current Assets		163.059	170.967	157.411
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	68.923	65.536	47.256
	Other Current Liabilities	19.422	18.008	35.064
	Provisions	0.122	0.868	0.794
Total Current Liabilities		88.467	84.412	83.114
Net Current Assets		74.592	86.555	74.297
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Deferred Revenue Expenditure		0.000	0.000	0.079
TOTAL		137.463	153.415	138.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Sales and Incidental Receipts)	321.200	291.948	256.319
		Other Income	1.085	0.691	1.987
		TOTAL	322.285	292.639	258.306
Less	EXPENSES
		Difference in Inventory	1.622	(2.491)	61.349
		Other Expenses	289.975	283.791	226.357
		TOTAL	291.597	281.300	287.706
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.688	11.339	(29.400)
Less/ Add	DEPRECIATION/ AMORTISATION		5.814	6.023	5.987
	PROFIT/ (LOSS) BEFORE TAX		24.874	5.316	(35.387)
Less	TAX		9.214	(2.195)	(9.178)
	PROFIT/ (LOSS) AFTER TAX		15.660	7.511	(26.209)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.553	0.042	0.051
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	(26.200)
		Dividend	--	--	--
		Tax on Dividend	--	--	--
	BALANCE CARRIED TO THE B/S		23.213	7.553	0.042
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	56.804	101.654	99.565
	TOTAL EARNINGS		56.804	101.654	99.565
	Earnings Per Share (Rs.)		24.87	5.31	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.86	2.57	(10.15)
Net Profit Margin (PBT/Sales)	(%)	7.74	1.82	(13.81)
Return on Total Assets (PBT/Total Assets}	(%)	11.04	2.24	(16.06)
Return on Investment (ROI) (PBT/Networth)		0.26	0.06	(0.55)
Debt Equity Ratio (Total Liability/Networth)		1.32	1.80	2.45
Current Ratio (Current Asset/Current Liability)		1.84	2.03	1.89

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

The company has recorded a turnover of Rs.321.200 Millions as against previous year turnover of Rs.291.947 Millions which shows a growth in turnover of around 10 % over the previous year. The company is under the process of developing new products and as well as value addition to existing products which incurs additional overhead on account of R & D and other development expenses. As the market for the products under development is yet to take place, the overhead incurred by the company is not fully absorbed. However the unit at HP is continuing to record good performance commensurate with growth in business. Further, The Directors are expecting a good result in the year to come having spent huge amount for product development which will yield the result, particularly the unit at Coimbatore in the coming year. As regards profitability of the company. Unit I has incurred loss of Rs.10.664 Millions and unit II has earned profit of Rs.35.538 Millions and an overall profit of Rs.24.874 Millions as against previous year profit of Rs.5.316 Millions. However the Directors are expecting good results in the year to come.

OUTLOOK FOR THE CURRENT YEAR:

The directors are concentrating more on their products by re-engineering their design and cost effectiveness. The directors hope that it will cater to the needs of the market expectations in terms of quality and cost. In addition to that the company has formed a 100% subsidiary company for providing post press solutions to the printing industry which is a growing market as compared to the Pre Press Industry and no players are operating in that field at present. Now the Industry is depending on imported machineries only for such solutions. The Post Press solutions business is being set up by the company’s subsidiary in Metropolitan cities initially and the same will be extended to the other A and B cities. In view of the above the directors are approaching the market aggressively which will yield better results in the coming year.

CONTINGENT LIABILITIES:

· The company is contingently liable for disputed value of service tax input credit availed amounting to Rs.0.168 Million (Previous year Rs.0.168 Million).

· The company is contingently liable for Letter of Guarantee issued towards performance obligation to Rs.0.413 Million (Previous year Rs.0.413 Millions)

FORM 8:

Corporate identity number of the company	U29294TZ1992PTC004134
Name of the company	AUTOPRINT MACHINERY MANUFACTURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7 North Huzur Road, Coimbatore – 641018, Tamilnadu, India Bandco.ca@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (Not being pledge)
Particular of charge holder	· Corporation Bank Industrial Finance Branch, 1604 Trichy Road, Coimbatore – 641018, Tamilnadu, India Cb562@corpbank.co.in
Nature of instrument creating charge	Sanction Letter Memorandum of Deposit of Tile Deed dated 15.07.2011
Date of instrument Creating the charge	15.07.2011
Amount secured by the charge	Rs.11.945 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Base Rate plus 5.00% i.e. 14.40% p.a. at Present (Subject to revision from time to time. Margin: 25% Extent and Operation of the charge: EMG of vacant land measuring 1.92 acres situated at SF no. 118/2 C at Pannimadai Village, Coimbatore Taluk Standing in the name of the Company First Charge on HAAS USA make vertical centre (CNC machine) purchased out of the loan.
Particulars of the property charged	EMG of vacant land measuring 1.92 acres situated at SF no. 118/2 C at Pannimadai Village, Coimbatore Taluk Standing in the name of the Company First Charge on HAAS USA make vertical centre (CNC machine) purchased out of the loan.

FIXED ASSETS

· Land

· Building

· Computers

· Plant and Machinery

· Furnitures

· Vehicles

WEBSITE DETAILS:

PROFILE:

The story of Autoprint is one of visionary thinking and marketing coupled with the will to innovate. Beginning originally as a small letter press unit, it transformed itself into a DTP house with the change in technology. Recognizing the need for a machine that entailed low investment and was suited for small runs, Autoprint set about designing a machine from scratch. The success of this machine paved the way for a range of machines with the small printer in mind. The logic behind concentrating on this segment was the understanding that most print jobs involved small runs, which could best be achieved on machines specifically designed for such jobs.

What however set Autoprint apart from the rest was their evolution of own technology based on a philosophy of ensuring high quality results even in small machines. Taking their concept of Small and Sharp to the end user they have succeeded in establishing an installation base of 6600 machines in just 15 years. The marketing efforts have focused on first time entrepreneurs, screen printers wishing to upgrade and on DTP houses looking to expand their activities. So successful has been the marketing model adopted that it is now being used in its international marketing efforts as well.

MILESTONES

1985	- Establishment of Imprint - a small Letter Press Unit
1989	- Upgradation - DTP + Mini Offset (Autoprint)
1992	- Introduction of Linotronic Image Setter (Autoprint Imagesetters Private Limited) - Prototype of Autoprint MOP rolls out
1993	- First 1510 Machine rolls out of the Assembly Line
1996	- Installation of 100th Machine - Launch of 1520 Model
1997	- Installation of 500th Machine
1998	- Inauguration of New Factory - Commencement of construction of new Corporate Office
1999	- Export Tie-up with M/s. Manugraph, Mumbai - Launch of Form Series Machines at Print Pack ‘99, New Delhi - Inauguration of Vijayshree Instaprint Machinery, Pondicherry - Installation of 1000th Machine - Inauguration of new Corporate Office
2000	- Launch of Mobile Demo Van
2001	- Introduction of Customer Relationship Management (CRM) Software - Awarded the Best Technology Award by NSIC
2002	- ISO 9001-2000 Certification from TUV Suddeutschland AG, for design, production and marketing of entire product range
2003	- Launch of Five New Products: · Autoprint Knight · Autoprint 1117 LS · Autoprint Tag’O 100 · Autoprint Reckoner · Autoprint Collator
2004	- Inauguration of R & D Centre / Export Unit - Inauguration of CNC Division - Receives Rajiv Gandhi National Quality Award 2003, given by National Awards Committee Govt. of India and Bureau of Indian Standards
2005	- Launch of Four New Products · Autoprint Gamut 300 (Five Colour Label Printing Machine) · Autoprint Knight 250 CB (Two Colour Printing Machine) · Autoprint SFT (Stitching / Folding / Trimming) · Autoprint Creasing Machine - Tie-up with Kompac, U.S
2006	- Collaboration with M/s. MIDA Maquinaria, Spain - Enters Chinese market - Installation base crossed 5697 mark - Launch of five new products · Autoprint PTP 7000 Single Colour · Autoprint Reckoner 24” New Model · Autoprint UV-Fine Coat 50 Machine · Autoprint Alca Gamut 250 (Label Printing Machine) · Autoprint Vacuumatic (Paper Counting Machine) - Implementing Bar code system for Spares in Customer Care - Introducing Online payment system for Spares in Customer Care All existing sheet fed models improved & standardized
2007	- Launch of New Autoprint UV Fine Coat 80 (22x32) Machine - Implementation of ERP - Inauguration of Manufacturing Unit in Himachal Pradesh

ABOUT PROMOTERS

Mr. K. RAMAKRISHNAN, B.E (Mech)

Chairman

Born on 8th February, 1936

A mechanical engineering graduate from Madras University, Mr. K. Ramakrishnan has vast industrial knowledge, having served first in SAIL and later in BHEL for many years and as the Managing Director of Jayamkondam Lignite Power Corporation after retiring from BHEL. He has rich experience of over 36 years in core Public Sectors and 8 years in the Private Sector.

Mr. Ramakrishnan is at present, the President of Best and Crompton Engineering Projects Limited, involved in the execution of many infrastructure projects. He is in the Board of many companies.

Mr. K. G. Suresh, M. Tech (Gold Medalist)

Director – Technical

Born on 23rd July, 1962. Mr. K.G. Suresh is the Director – Technical of Autoprint Machinery Mfrs. (Private) Limited Coimbatore. He started his career in the year 1984 – 1985 as Graduate Engineer in Telco. After completion of M. Tech he served in M/s India Pistons for 4 Years from 1986 to 1990 specialising in Machine Building.

Having identified the need for quality Small Offset Printing machines with good after sales service back up, Mr. K. G. Suresh joined with Mr. C.N. Ashok as the Director – Technical in the year 1992.

§ Contributions to the Printing Industry

§ Designs Printing Machines

§ New Product Development

§ Concept Development

Mr. Suresh was ranked 7th in Tennis in India.

Mr. Suresh has traveled widely to more than 25 countries.

Mr. C. N. Ashok, B.Com, C.A.(Gold Medalist)

Director – Commercial

Born on 18th October, 1964 in Coimbatore, Tamilnadu, India, Mr. C. N. Ashok is the

§ founder Director of M/s Autoprint Machinery Mfrs (Private) Limited, an ISO 9001:2000 Company engaged in the manufacture of Offset Printing machines

§ Chairman of Confederation of Indian Industry (CII), Coimbatore Zone

§ Vice President (Southern region) of (IPAMA) Indian Printing Packaging and Allied Machinery Manufacturers Association

Autoprint Machinery Mfrs (Private) Limited, was established in the year 1992, at Coimbatore, South India, as an expansion of the existing printing unit under the name Autoprint. Having realized the need for good quality small offset printing machines with a good service back up, Mr. Ashok pooled in the technical expertise of his cousin, K.G. Suresh, the Technical director of the company.

Identifying the need for skilled Manpower in the Printing Industry, Mr. C. N. Ashok initiated the establishment of a Training Centre at Coimbatore and in Gwalior, to provide hands-on professional training to aspiring printing machine operators and Service Engineers.

Mr. Ashok believes in working with youngsters and inspiring them to face challenges with conviction, commitment and courage.

Mr. Ashok has traveled widely to more than 28 countries.

He was an avid Basket Ball player in school and in college and has represented the State of Tamilnadu and Bharathiar University. He is currently coaching a team of 20 youngsters in basketball to vent his passion for the sport.

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.45.25
UK Pound	1	Rs.73.88
Euro	1	Rs.65.06

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	NO
--AFFILIATION	YES/NO	NO
--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.