MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	TECHNOMEC ROLL MANUFACTURING COMPANY PRIVATE LIMITED (w.e.f. 24.06.2004)
Formerly Known As :	SANTEJ STAMPING PRIVATE LIMITED
Registered Office :	859/B, Village Santej, Taluka Kalol, Gandhinagar-382721, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.07.1993
Com. Reg. No.:	04-019900
Capital Investment/ Paid-up Capital:	Rs. 4.655 Millions
CIN No.: [Company Identification No.]	U31100GJ1993PTC019900
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00573G
PAN No.: [Permanent Account No.]	AACCS1059G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of MS Rolls, Copper plated Roll.
No. of Employees:	60 (Approximately)

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 67000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. There appears some dip in the profitability of the company. However, networth appears to be satisfactory. 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 fro 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.

INFORMATION PARTED BY

Name :	Mr. Chandrakant
Designation :	Accountant
Contact No.:	91-9925207271
Date :	08.06.2011

LOCATIONS

Registered Office :	859/B, Village Santej, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-268352
Mobile No.:	91-9925207271 (Mr. Chandrakant)
E-Mail :	accounts@technomec.co.in nehal@technomec.co.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Nehal Divyakant Amin
Designation :	Director
Address :	9 Aalay Bunglows, Shyamal 3 B Lane, New Times of Road, Satellite Ahmedabad, Ahmedabad-380051, Gujarat, India
Date of Birth/Age :	02.07.1963
Qualification :	Engineer
Date of Appointment :	29.03.2004
DIN No.:	01832463
Name :	Mrs. Meera Nehal Amin
Designation :	Director
Address :	9 Aalay Bunglows, Shyamal 3 B Lane, New Times of Road, Satellite Ahmedabad, Ahmedabad-380051, Gujarat, India
Date of Birth/Age :	18.05.1962
Qualification :	BA
Date of Appointment :	29.03.2004
DIN No.:	01832463

KEY EXECUTIVES

Name :	Mr. Chandrakant
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Nehal Divyankant Amin	309060
Meera Nehal Amin	156440
Total	465500

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of MS Rolls, Copper plated Roll.
Products :	Engineering Items
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON (31.03.2010)

Installed Capacity:	24000 (In Nos.)
Production :	19980 (In Nos.)

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

60 (Approximately)

Bankers :

• Bank of India, Gomtipur Branch, Gomtipur, Ahmedabad, Gujarat, India
• Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Ahmedabad-380001, Gujarat, India
• HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Term loan from Bank of India (Term loan is secured by way of hypothecation of plant and machineries present and future and equitable mortgage of factory land and building and also secured by personal guarantee of the directors)	4.562	3.670
Corporate Loan from Bank of India (Corporate loan is secured by way of hypothecation of plant and machineries present and future and equitable mortgage of factory land and building and also secured by personal guarantee of the directors.)	8.125	0.000
Working Capital from Bank of India (Working capital facilities are secured by hypothecation of stocks and also secured by personal guarantee of the directors)	34.382	29.257
Vehicles Loan form HDFC Bank (Vehicles loan secured by way of hypothecation of motor car purchased under agreement)	0.068	0.177
Total	47.137	33.104
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Directors and relatives	5.553	2.591
Inter Corporate Loan	1.000	0.000
Total	6.553	2.591

Banking Relations :	--
Auditors :
Name :	Sunil Nagori and Associates Chartered Accountant
Address :	G-83, Galaxy, Near Hotel Grant Bhagwati, Bodakdev, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-26852969
Mobile No.:	91-9825194080
Associates:	Technomec Engineering Industries

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
465500	Equity Shares	Rs. 10/- each	Rs. 4.655 Millions
	(Fully paid up in cash (Previous year 197750 Equity Shares of Rs. 10 each fully paid up in cash))

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		4.655	4.655	4.655
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.160	11.366	8.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.815	16.021	13.425
LOAN FUNDS
1] Secured Loans		47.137	33.104	34.672
2] Unsecured Loans		6.553	2.591	0.540
TOTAL BORROWING		53.690	35.695	35.212
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		70.505	51.716	48.637
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.400	21.302	8.199
Capital work-in-progress		0.000	0.000	8.555
INVESTMENT		0.055	0.055	0.056
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.840	14.652	12.264
	Sundry Debtors	20.296	17.037	15.946
	Cash & Bank Balances	1.121	0.534	0.066
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.266	4.535	6.414
Total Current Assets		53.523	36.758	34.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.207	6.327	2.863
	Other Current Liabilities	0.266	0.072	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		4.473	6.399	2.863
Net Current Assets		49.050	30.359	31.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		70.505	51.716	48.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	101.537	64.991	66.736
		Other Income	0.013	0.000	0.018
		TOTAL (A)	101.550	64.991	66.754
Less	EXPENSES
		Raw Material Consumed	66.522	28.083	53.041
		Manufacturing and Operating Expenses	9.042	5.568	4.139
		Payment to and Provision for Employees	3.496	2.769	2.498
		Administration and Other Expenses	2.659	2.817	1.853
		Selling and Distribution Expenses	8.808	4.337	4.220
		Increase/ Decrease in Stock	1.357	10.667	[6.919]
		TOTAL (B)	91.884	54.241	58.832
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.666	10.750	7.922
Less	FINANCIAL EXPENSES (D)		4.681	5.128	3.925
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.985	5.622	3.997
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.035	1.579	1.144
	PROFIT BEFORE TAX (E-F) (G)		1.950	4.043	2.853
Less	TAX (H)		0.402	1.447	0.765
	PROFIT AFTER TAX (G-H) (I)		0.794	2.596	2.088
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.413	4.817	3.041
Less:	Free Reserve utilized for bonus shares		0.000	0.000	0.311
	BALANCE CARRIED TO THE B/S		8.207	7.413	4.818
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.104	10.721	10.005
	TOTAL EARNINGS		13.104	10.721	10.005
	Basic/ Diluted Earnings Per Share (Rs.)		1.71	5.58	--

Particulars	31.03.2011
Sales Turnover	125.000

The above information has been parted by Mr. Chandrakant (Accountant)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.78	3.99	4.27
Net Profit Margin (PBT/Sales)	(%)	1.92	6.22	4.28
Return on Total Assets (PBT/Total Assets}	(%)	2.60	6.96	6.65
Return on Investment (ROI) (PBT/Networth)		0.12	0.25	0.21
Debt Equity Ratio (Total Liability/Networth)		3.46	2.63	2.84
Current Ratio (Current Asset/Current Liability)		11.97	5.74	12.12

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Creditors for Goods	0.594	1.562	0.356
Creditors for Expenses	3.139	2.234	2.102
Creditors for capital Expenses	0.474	2.531	0.405
Total	4.207	6.327	2.863

Operations during the year:

During the year, the company achieved the gross income of Rs. 112.734 Millions as against the inco0me of Rs. 75.609 Millions in the last year and made the net profit before tax of Rs. 1.950 Millions as against Rs. 4.043 Millions during the year.

Since the change activities to engraver cylinder4, the company has established now well in the market and has added number of new customers in its profile. The company has got good response in the international market as well and the direct export sales has also increased from Rs. 11.257 Millions in the financial year 2008-09 to Rs. 15.848 Millions during the financial year under this report. The directors are further focusing on expanding the customer base of the company and are hopeful of achieving positive results in the coming years.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U31100GJ1993PTC019900
Name of the company	TECHNOMEC ROLL MANUFACTURING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	859/B, Village Santej, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Ahmedabad-380001, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation cum loan agreement dated 17-03-2009 for total limits of Rs 64.975 Millions
Date of instrument Creating the charge	17.03.2009
Amount secured by the charge	Rs. 64.975 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest i) For Cash Credit of Rs 450 lacs ii) For Corporate Loan of Rs. 100 lacs iii) For Term Loan of s. 99.75 lacs 0.25% below BPLR minimum 13% PA with monthly rests. Presently 13% PA or at the rate of interest stipulated by bank from time to time Terms of Repayment i) For Cash Credit : On Demand - Annual Review ii) Corporate Loan : In 48 monthly installment of the 2,08,350/- with a moratorium period of 3 months from date of disbursement. iii) Term Loan I (Existing) - In 60 monthly installment each of Rs. 43300/- Term Loan II (Existing) - In 20 quarterly installments each of Rs. 1,68,750/- Term Loan III (New) in 60 monthly installments of Rs 1,00,000/- each with a moratorium period of 6 months. Margin 25% against raw material and finished goods 25% against stores 25% against goods in process 25% against book debts outstanding upto 3 months 40% against book debts outstanding for more than 3 months to less than 6 months Term Loan I (Existing) - 25% Term Loan II (Existing) - 25% Term Loan III (New) - 63% Extent and Operation of the charge First and exclusive change on current assets, i.e., Stock and Book Debts of the Company (Both present and future), Plant & Machinery and other movable properties of the Company situated at Block No. 859/B, Village : Santej, Tal : Kalol, dist : Gandhinagar, PIN 382721 or in transit or anywhere belonging to the company.
Short particulars of the property charged	First and exclusive change on current assets, i.e., Stock and Book Debts of the Company (Both present and future), Plant & Machinery and other movable properties of the Company situated at Block No. 859/B, Village : Santej, Tal : Kalol, dist : Gandhinagar, PIN 382721 or in transit or anywhere belonging to the company as well as hypo. of movable properties as per Annexure-A attached herewith.

Fixed Assets:

· Land

· Lad Dev

· Factory Building

· Wire Fancing

· Road Const.

· Office Cabin

· Tubewell

· Plant and Machinery

· Electrification

· Office Equipments

· Computer

· Furniture

· Dead Stocks

· Water Conn

· Wagon-R

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] 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.44.61
UK Pound	1	Rs.73.28
Euro	1	Rs.65.47

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--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.