MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	TECHNOFORCE SOLUTIONS (INDIA) PRIVATE LIMITED
Registered Office :	D-33, MIDC Industrial Area, Ambad, Nashik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.07.1997
Com. Reg. No.:	11-109485
Capital Investment / Paid-up Capital :	Rs.4.400 Millions
CIN No.: [Company Identification No.]	U24110MH1997PTC109485
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of process equipment based on thin-film technology.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 560000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory tack. 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 – 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 / Factory / Pilot Plant :	D-33, MIDC Industrial Area, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2382451 / 2383134 / 2383613
Fax No.:	91-253-2381606
E-Mail :	sales@technoforce.net
Website :	http://www.technoforce.net/
Sales and Marketing Office :	02, Vasant Vihar Commercial Complex, Dr. C. Gidwani Marg, Chembur, Mumbai - 400 074, Maharashtra, INDIA
Tel. No.:	91-22-25204098 / 25200436
Fax No.:	91-22-25204307
E-Mail :	sales@technoforce.net

DIRECTORS

As on 30.09.2011

Name :	Mr. Raosaheb Nivrutti Patil
Designation :	Director
Address :	Plot No.19, Param, Near Navsha Ganpati, Ganpati nagar, Gangapur Road, Nashik – 422013, Maharashtra, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	17.07.1997
DIN No.:	00019315

Other Directorship

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	U24110MH1988PTC048237	Techno Force (India) Private Limited	Director	26/07/1988	26/07/1988	-	Active	NO
2	U24110MH1997PTC109485	Technoforce Solutions (India) Private Limited [Cn]	Director	17/07/1997	17/07/1997	-	Active	NO
3	U74120MH2011PTC219736	Promatic Solutions (India) Private Limited	Director	13/07/2011	13/07/2011	-	Active	NO

Name :	Mrs. Pratibha Raosaheb Patil
Designation :	Director
Address :	Plot No.19, Param, Near Navsha Ganpati, Ganpati nagar, Gangapur Road, Nashik – 422013, Maharashtra, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	17.07.1997
DIN No.:	00019355

Other Directorship

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	U24110MH1988PTC048237	Techno Force (India) Private Limited	Director	26/07/1988	26/07/1988	-	Active	NO
2	U24110MH1997PTC109485	Technoforce Solutions (India) Private Limited [Cn]	Director	17/07/1997	17/07/1997	-	Active	NO
3	U74120MH2011PTC219736	Promatic Solutions (India) Private Limited	Director	13/07/2011	13/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Raosaheb Patil son of Nivrutti Patil	260010
Pratibha Patil Wife of Raosaheb Patil	10
Pratibha Patil Wife of Raosaheb Patil and Roasaheb Patil son of Nivrutti Patil	180000
Total	440020

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate
Directors or relatives of Directors	100.00
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of process equipment based on thin-film technology.
Products :	Agitated Thin Film Evaporators Agitated Thin Film Dryers Short Path Distillation Units Rising Film Evaporators Falling Film Evaporators Forced Circulation Evaporators Liquid-Liquid Extractors Distillation Columns Zero Discharge Systems For Effluents Toll Processing Pilot Plants Detailed Engineering Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Khodadad Circle Branch, Jame Jamshed Charity Building, Khodadad Circle, Dada, Mumbai – 400014, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans from Banks
Central Bank of India – Cash Credit (Secured by hypothecation if sundry debtors, raw material, stock in process, finished goods, consumable stores, spares, packing material ets. These facilities are further secured by way of equitable mortgage on company’s sales office at Chembur owned by TFIPL, Residential Bungalow No.8, Walnut Creek, Anandvalli, Gangapur Road, Nashik, Owned by Mr. R. N. Patil and block of assets of TFIPL further, these facilities are also covered by guarantee from the directors in their personal capacity and corporate guarantee of TFIPL	9.749	7.190
Central Bank of India – Term loan (Secured by hypothecation of plant / machinery, equipments, acquired out of the loan amount and equitable mortgage on company’s sales office at Chembur owned by TFIPL, Residential bungalow No. 8, Walnut Creek Anadvalli, Gangapur Road, Nashik, owned by Mr. R. N. Patil and block assets of TFIPL. Further these facilities are also covered by guarantee from the directors in their personal capacity and corporate guarantee of TFIPL.	0.000	2.519
Loan for Acquisition of Vehicle (Secured by charge on vehicle for the purchase of which the loan has been sanctioned	0.248	0.404
Total	9.997	10.113
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Intercorporate Borrowings (Repaybale within one year Rs.Nil (Previous Year Rs.1.765 Millions))	0.000	1.765
Total

Banking Relations :	--
Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	706/708, Sharda Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22000607 7318 / 6360 91-22-66315835 / 36
Fax No.:	91-22-22003476
E-Mail :	info@bkkhareco.com
PAN.:	AAAFB0265E
Associates :	Technoforce India Private Limited Technoforce Marketing

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs.4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
440020	Equity Shares	Rs.10/- each	Rs.4.400 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		4.400	9.400	9.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		134.563	91.838	55.266
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.963	101.238	64.666
LOAN FUNDS
1] Secured Loans		9.997	10.113	0.169
2] Unsecured Loans		0.000	1.765	3.213
TOTAL BORROWING		9.997	11.878	3.382
DEFERRED TAX LIABILITIES		3.775	3.276	2.820
TOTAL		152.735	116.392	70.868
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.751	50.384	47.470
Capital work-in-progress		3.100	5.576	3.817
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.133	46.573	48.153
	Sundry Debtors	91.384	68.327	23.788
	Cash & Bank Balances	34.098	25.805	11.997
	Other Current Assets	79.960	75.364	54.731
	Loans & Advances	6.517	5.031	1.617
Total Current Assets		256.092	221.100	140.286
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.553	40.405	33.570
	Other Current Liabilities	92.983	87.020	67.776
	Provisions	36.672	33.243	19.359
Total Current Liabilities		161.208	160.668	120.705
Net Current Assets		94.884	60.432	19.581
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		152.735	116.392	70.868

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	465.900	402.200	332.800
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	382.500	327.900	298.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		83.400	74.300	34.500
Less/ Add	DEPRECIATION/ AMORTISATION		3.900	4.100	3.200
	PROFIT BEFORE TAX		79.500	70.200	31.300
Less	TAX		28.800	25.300	12.500
	PROFIT AFTER TAX		50.700	44.900	18.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.400	21.900	15.100
Less	APPROPRIATIONS
		Preference Dividend	0.300	0.500	0.500
		Corporate Dividend Tax – Preference Shares	0.400	0.200	0.000
		Equity Dividend	6.600	6.600	6.600
		Corporate Dividend Tax – Equity Shares	1.100	1.100	1.100
		Transfer to General Reserve	5.000	5.000	3.800
		Transfer to Capital Redemption Reserve	5.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		85.700	53.400	21.900
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	120.601	145.347	64.195
		Commission Earnings	0.000	0.000	0.000
		Trial and Processing Charges	0.179	2.100	0.686
	TOTAL EARNINGS		120.780	147.447	64.881
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.89	11.16	5.65
Return on Total Assets (PBT/Total Assets}	(%)	25.58	25.86	16.67
Return on Investment (ROI) (PBT/Networth)		0.57	0.69	0.48
Debt Equity Ratio (Total Liability/Networth)		1.23	1.70	1.92
Current Ratio (Current Asset/Current Liability)		1.59	1.38	1.16

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

During the year annual turnover of the company increased and thereby profitability of the company is also increased.

CONTINGENT LIABILITY:

Un-expired Bank Guarantee Rs.117.705 Millions (Previous Year Rs.52.826 Millions)

FORM 8:

Corporate identity number of the company	U24110MH1997PTC109485
Name of the company	TECHNOFORCE SOLUTIONS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-33, MIDC Industrial Area, Ambad, Nashik – 422010, Maharashtra, India E-Mail : sales@technoforce.net
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90354596
Type of charge	Immovable property
Particular of charge holder	Central Bank of India, Khodadad Circle Branch, Jame Jamshed Charity Building, Khodadad Circle, Dada, Mumbai – 400014, Maharashtra, India E-Mail : adlawani@rediffmail.com
Nature of instrument creating charge	Extension of Mortgage
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs.130.625 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI is linked base Rate and is Subject to change from time to time Terms of Repayments As may be decided by the bank. Margin As may be decided by the bank. Extend and operation of the charge Charge is created for immovable property of the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Charge is secured against mortgage of all that piece or parcel of land known as plot No. D-33 in the additional Nashik Industrial Area of MIDC within the village of Ambad Taluka and Registration sub district Nashik containing by admeasurements 5000 Sq. Mtrs together with land and building constructed.
Particulars of the present modification	Charge is modified on account of enhancement in present limits from Rs.94.999 Millions to Rs.130.625 Millions

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.