MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	MACHINO PLASTICS LIMITED
Registered Office :	Plot No.3, Maruti Joint Venture Complex, Delhi-Jaipur Highway, Gurgaon-122015, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.01.2003
Com. Reg. No.:	05-035034
Capital Investment / Paid-up Capital :	Rs.61.368 Millions
CIN No.: [Company Identification No.]	L25209HR2003PLC035034
TAN No.: [Tax Deduction & Collection Account No.]	RTKM01828B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacture and Distribution of Plastic Components, Instrument Panels and Radiators.
No. of Employees :	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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	CRISIL
Rating	BBB+ (Long Term Loan Rating)
Rating Explanation	Having Moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	14.09.2011

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Surya Kant Agrawal
Designation :	Accounts Head
Contact No.:	91-124-2341218
Date :	09.08.2012

LOCATIONS

Registered Office / Factory 1 :	Plot No.3, Maruti Joint Venture Complex, Delhi-Jaipur Highway, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-2341218 / 2340806 / 2346094 / 2347601
Fax No.:	91-124-2340692
E-Mail :	admin@machino.com sec.legal@machino.com
Website :	http://www.machino.com
Factory 2 :	Plant II, Plot No.128 and 129. IMT Manesar, Gurgaon-122050, Haryana, India

DIRECTORS

As on 31.03.2011

Name :	Mr. M D Jindal
Designation :	Chairman
Other Directorship :	· Machino Finance Private Limited · Machino Motors Private Limited · Rajiv Export Industries Private Limited · Machino Transport Private Limited · Machino Polymers Limited · Machino Techno Sales Limited · Machino Auto Comp Limited
Name :	Dr. Sanjiv Jindall
Designation :	Managing Director
Name :	Mr. Masayuki Kamiya
Designation :	Director (Representative of Suzuki Motors Corporation, Japan)
Name :	Mr. A K Tomer
Designation :	Director (Representative of Maruti Suzuki India Limited)
Name :	Mr. R Krishnan
Designation :	Director
Name :	Mr. R L Gaggar
Designation :	Director
Name :	Mr. S Balasubramanian
Designation :	Additional Director
Other Directorship :	· Jaypee Infratec Limited · GVK Power and Infrastructure Limited · Emami Paper Mills Limited · Gontermann-Peipers (India) Limited · Crest Animation Studios Limited
Name :	Mr. G C Dwivedi
Designation :	Additional Director

KEY EXECUTIVES

Name :	Mr. Surya Kant Agrawal
Designation :	Compliance Officer, General Manager Finance and Company Secretary, Account Head
Name :	Mr. V.K. Jain
Designation :	Head of Plant Unit

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	944,692	15.39
Bodies Corporate	2,656,614	43.29
Sub Total	3,601,306	58.68
(2) Foreign
Bodies Corporate	941,700	15.35
Sub Total	941,700	15.35
Total shareholding of Promoter and Promoter Group (A)	4,543,006	74.03
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,500	0.02
Sub Total	1,500	0.02
(2) Non-Institutions
Bodies Corporate	82,609	1.35
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	947,301	15.44
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	553,723	9.02
Any Others (Specify)	8,661	0.14
Non Resident Indians	8,661	0.14
Sub Total	1,592,294	25.95
Total Public shareholding (B)	1,593,794	25.97
Total (A)+(B)	6,136,800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	6,136,800	-

BUSINESS DETAILS

Line of Business :

Manufacture and Distribution of Plastic Components, Instrument Panels and Radiators.

Products :

Product Description	ITC Code
Automotive parts like Instrument Panels, Bumpers, Grills etc.	8708.10
Parts of Refrigerator	8418.90
Parts of Washing Machine	8450.90

Imports :

Products :

Raw Material

Countries :

Thailand

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Moulded Plastic Products Bumper, Instrument Panel and Grill Etc.	MT	15000	11286

GENERAL INFORMATION

Suppliers :

· Nagase India Private Limited

Customers :

Wholesaler and Retailers

· Maruti Suzuki India Limited

No. of Employees :

80 [Approximately]

Bankers :

· State Bank of India, Industrial Finance Branch, New Delhi, India

· The Bank of Tokyo-Mitsubishi UFG Limited, New Delhi, India

· Allahabad Bank, Parliament Street, New Delhi, India

· Axis Bank, Sector 14, Gurgaon Branch, Haryana, India

Facilities :

Secured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
From Banks : Term Loans	78.261	58.300
Working capital loans	100.034	2.467
Buyers’ credit	331.420	145.320
Total	509.715	206.087
NOTES: 1. Term loans I, II, III, and VI are secured by way of exclusive charge on the entire assets of the manesar plant including land and building. and second charge on current assets and Term Loans IV and V are secured by way of first pari passu charge on the fixed assets of the Gurgaon plant. 2. Working capital loan and buyers’ credit are secured by first pari passu charge on entire current assets of the company and extension of first pari passu charge on fixed assets except moulds, financed under lease agreement.
Unsecured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Tooling loans from customers	0.106	184.562
Total	0.106	184.562

Banking Relations :	--
Auditors :
Name :	Goel Garg and Company Chartered Accountants
Address :	New Delhi
Associates :	· Maruti Suzuki India Limited · Suzuki Motor Corporation, Japan
Enterprises over which key management personnel and their relatives are able to exercise significant influence :	· Machino Motors Private Limited · Grandmasstters Mold Limited · Machino Techno Sales Limited · Machino Transport Private Limited · Machino Finance Private Limited · Machino Autocomp Private Limited · Machino Polymers Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,136,800	Equity Shares	Rs.10/- each	Rs.61.368 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		61.368	61.368	61.368
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		545.831	481.282	427.829
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		607.199	542.650	489.197
LOAN FUNDS
1] Secured Loans		509.715	206.087	389.755
2] Unsecured Loans		0.106	184.562	202.305
TOTAL BORROWING		509.821	390.649	592.060
DEFERRED TAX LIABILITIES		57.198	47.319	30.160
TOTAL		1174.218	980.618	1111.417
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		919.253	841.754	756.487
Capital work-in-progress		65.434	7.566	169.121
INVESTMENT		12.500	12.500	27.700
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.972	55.011	40.967
	Sundry Debtors	112.994	126.239	114.083
	Cash & Bank Balances	112.098	85.604	71.898
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	69.548	53.365	57.440
Total Current Assets		366.612	320.219	284.388
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.452	153.441	98.018
	Other Current Liabilities	56.299	30.090	24.671
	Provisions	17.830	17.890	3.590
Total Current Liabilities		189.581	201.421	126.279
Net Current Assets		177.031	118.798	158.109
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1174.218	980.618	1111.417

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1590.571	1234.439	843.217
		Other Income	12.218	10.429	9.824
		Profit on sale of investments	94.699	69.898	59.879
		TOTAL (A)	1697.488	1314.766	912.920
Less	EXPENSES
		Raw materials consumed	1088.682	788.612	571.636
		Manufacturing expenses	128.960	118.461	69.735
		Personnel expenses	102.503	66.262	49.029
		Administrative, selling & distribution expenses	93.203	71.169	76.295
		Accretion/(Decretion) in finished goods	[1.206]	[3.726]	2.028
		TOTAL (B)	1412.142	1040.778	768.723
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		285.346	273.988	144.197
Less	FINANCIAL EXPENSES (D)		47.074	45.429	33.957
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		238.272	228.559	110.240
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.351	120.022	96.426
Add	Net prior period adjustment		0.000	0.000	[0.173]
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		122.921	108.537	13.641
Less	TAX (H)		40.541	37.194	13.092
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		82.380	71.343	0.549
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		146.012	99.859	102.899
Less	APPROPRIATIONS
		Transfer to General Reserve	12.500	7.300	0.000
		Proposed Dividend	15.342	15.342	3.068
		Tax on Dividend	2.489	2.548	0.521
	BALANCE CARRIED TO THE B/S		198.061	146.012	99.859
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	0.000	0.413	0.738
	TOTAL EARNINGS		0.000	0.413	0.738
	IMPORTS
		Raw Materials	258.473	159.569	118.806
		Components and Spare Parts	9.089	1.631	0.342
		Capital Goods	248.687	11.064	96.884
	TOTAL IMPORTS		516.249	172.264	216.032
	Earnings/[Loss] Per Share (Rs.)		13.42	11.63	0.09

Particulars	31.03.2012
Sales Turnover [Approximately]	1750.000

Expected Sales (2012-13) : Rs.2000.000 Millions.

The above information has been parted by Mr. S.K. Agarwal.

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012	30.06.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter
Net Sales	361.900	331.130	385.620	385.690	438.750
Total Expenditure	325.300	306.080	357.860	335.910	399.480
PBIDT (Excl OI)	36.600	25.050	27.760	49.780	39.270
Other Income	2.850	4.420	8.200	2.590	1.820
Operating Profit	39.450	29.470	35.960	52.380	41.090
Interest	12.650	9.180	12.870	9.320	12.780
PBDT	26.800	20.290	23.090	43.060	28.310
Depreciation	29.13	29.15	28.920	30.760	29.220
Profit Before Tax	(2.320)	(8.860)	(5.830)	12.300	(0.910)
Tax	0.000	0.000	0.000	5.310	0.000
Profit After Tax	(2.320)	(8.860)	(5.830)	6.990	(0.910)
Net Profit	(2.320)	(8.860)	(5.830)	6.990	(0.910)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.85	5.43	0.06
Net Profit Margin (PBT/Sales)	(%)	7.73	8.79	1.62
Return on Total Assets (PBT/Total Assets}	(%)	9.56	9.34	1.31
Return on Investment (ROI) (PBT/Networth)		0.20	0.20	0.03
Debt Equity Ratio (Total Liability/Networth)		1.15	1.09	1.47
Current Ratio (Current Asset/Current Liability)		1.93	1.59	2.25

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATION REVIEW:

India’s domestic passenger vehicle industry reported a 29% growth in sales in 2010-11 riding on the government’s stimulus packages that perked demand, making it the second fastest growing market in the world after China. A variety of factors, including the stimulus package, lower interest rates, and new model launches, helped the industry register the growth.

Car market leader Maruti Suzuki India Limited sold in domestic market a total of 11,32,739 vehicles in 2010-11. The total sales numbers in 2010-11 mark a growth of 30% over preceding financial year. Maruti Suzuki’s domestic sale in 2009-10 was 8,70,790 vehicles.

FINANCIAL REVIEW:

The turnover of the company has increased by 28.85% approx. i.e. from Rs. 1234.439 millions in 2009-10 to Rs. 1590.571 millions in current year. PAT has increased by 15.47% from Rs. 71.343 millions to Rs. 82.379 millions.

LISTING:

The Equity Shares of the company are listed at Bombay Stock Exchange. The company has paid listing fees to the stock exchange for the year 2010-11.

Management Discussion and Analysis

Industry Structure and Development

The Company is mainly engaged in the manufacture of large size injection moulded automotive components i.e. bumpers, instruments panels, grills etc. as original equipments and for spare parts market primarily for Maruti Suzuki India Limited (MSIL). The company also manufactures various automotive small components for others.

The company can be classified as the automotive components manufacturer in view of the application of product made. From manufacturing process involved it may be classified as a plastic part manufacturer. The company has 34 nos. injection moulding machines, sizes ranging from 100 Ton to 3150 Ton clamping force. The company has been dealing in bulky plastic automotive components which can be supplied by setting production facility next door to automobile industries. For supplying such components to customer other than MSIL, it has set up additional facility.

The automotive sector is witnessing highest ever growth in volumes. This is reflected in all segments- Two wheeler, Cars and Commercial vehicles. Most of the vehicle manufactures are ramping up their capacities to cater to the growing appetite for automobiles in Indian market and export requirements.

Outlook

The growth expected in the domestic automobile industry will give a fillip to the auto component sector. The Indian automobile industry offers great potential considering the low penetration along with rising income levels and a rapidly growing middle class. These factors will witness a boost in demand for vehicles passenger cars and two wheelers.

The Indian auto component industry is poised for robust growth during the next couple of years. There is a perceptive exuberance in the industry, and growth estimates indicate a booming industry. Going by current trends in production and exports of auto components, a significant growth of the domestic component industry is imperative.

With the automobiles industry fast growing in terms of volume and as well as number of players, the company foresee a bright future at least for next 3-4 years. To cater to the growing needs, the company has already placed order for 7 new machines. The company has received several proposals from OEM/Tier-1 vendor to set up exclusive plant for them. All these opportunities are being actively examined.

The Manesar Plant of the company is now the focus area for all future growth of the company.

Financial Performance

The company has registered all round phenomenal growth for the year 2010-2011. The turnover has increased by 28.85% while PAT has increased by 15.47%. The turnover of the company has reached to Rs. 1590.571 millions as against Rs. 1234.439 millions in last year. The total profit before tax of Rs. 122.921 millions as against Rs. 108.537 millions in previous year.

Contingent liabilities: [as on 31.03.2011]

Contingent liabilities not provided for:

• Demand under the central excise act of Rs.139.256 millions (Previous year Rs. 123.655 millions)

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011

Rs. In Millions

PARTICULARS	3 MONTHS ENDED UNAUDITED
	30.06.2011
Income
a) Net Sales / Income from Operations	361.902
b) Other Operating Income	2.854
Total Operating Income	364.756
Expenditure
(a) (Increase)/decrease in Stock in Trade	2.054
(b) Consumption of Raw Materials	243.672
(c) Staff Cost	27.745
(d) Other Expenditure I Manufacturing Expenses Ii Administrative selling and Distribution expenses	31.765 20.061
(e) Interest	12.660
(f) Depreciation	29.128
Profit / (Loss) before tax	[2.317]
Provision for Taxation	0.000
Net Profit/(Loss)	[2.317]
Extraordinary Items
Net Profit/(Loss) for the period
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	61.368
Reserves (Excluding Revaluation Reserves)	-
Basic and Diluted EPS in Rs.	[0.38]
Average of Non Promoter Share Holding
- Number of Shares	1504394
- Percentage of shareholding	25.98%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	-
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	-
- Percentage of shares(as a % of the total share capital of the company)	-
b) Non-encumbered
- Number of Shares	4542406
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100.00%
- Percentage of Share (as a % of the total share capital of the company)	74.02%

NOTE:

• Above unaudited results are reviewed by audit committee were approved and taken on record by the board of directors in their meeting held on 29.07.2011. limited review as required under clause 41 of listing agreement has been carried out by the statutory auditors.

• Prices fixed with MSIL are subject to changes

• The company is primarily engaged in the business of manufacturing of components for automobiles and as such is having one segment to report.

• No complaints was pending at the beginning of the quarter. The company has received one complaint during the quarter and disposed off during the quarter. No complaint was pending as on 30.06.2011

• Previous year figures have been recast wherever considered necessary

FIXED ASSETS:

· Land (Lease Hold)

· Buildings

· Plant and Machinery

· Moulds

· Moulds on Finance lease

· Furniture, Fixtures and Office Equipment

· Motor Vehicles

WEB DETAILS

Company Profile

Subject has been in the plastic moulding business since 1987. The company achieved a turnover of U.S. $ 28.40 million in the last financial year (1st April, 2009 to 31 march, 2010) and is listed in the Bombay Stock Exchange. Quality certifications include the ISO 14001, OHSAS 18001 and TS 16949:2002.

The company has an extensive customer base that includes that includes Maruti Suzuki India, Suzuki Motorcycle India, Volvo Eicher, SMR, Hero Motors, Mikuni, Krisna Maruti and Bharat Seats.

The manufacturing plant at Gurgaon and Manesar, India boasts of micro processor based Japanese injection moulding machines, a sophisticated design department and highly skilled employees.

Our vision at Machino Plastics Limited is to provide international quality products and complete customer satisfaction at optimal cost.

Company History / Background

Subject started as an alliance among the Machino Group, Maruti Udyog Limited and Suzuki Motor Corporation, Japan. A state-of-the-art plant was set up in 1987 within the Maruti Udyog Limited Joint Venture complex for moulding large components like Bumpers, Instrument Panels and Radiator Grills for entire range of Maruti cars.

Machino Plastics Limited Set up its second unit for molding small to large components at Manesar in January' 2008.

Business Description

Subject is engaged in the manufacture of injection molded automotive components, including bumpers, instrument panels, grills as original equipments, and for spare parts market for Maruti Suzuki India Limited (MSIL). The Company also manufactures automotive parts for VE Commercial Vehicles Ltd., SMR Automotive, Hero Motors, Suzuki Motor Cycle. For the nine months ended 31 December 2010, Machino Plastics Limited's revenues increased 37% to RS1.29B. Net income increased 25% to RS76.7M. Revenues reflects an increase in the sales of the products of the company and higher other income. Net income was partially offset by increased consumption of raw material expenses, higher staff cost, a rise in other expenditure and increased interest expenses.

More Business Descriptions

Manufacture and distribution of plastic components, instrument panels and radiators. ISO 9002 and 14000 certified

Machino Plastics specialises in plastic mouldings. Customers include a number of domestic and international representations, including Maruti Udyog Limited, Eicher Motors Limited, Whirlpool India Limited, Samsung India Electronics Limited and Coca Cola India. In 1995, a joint venture with Himont (Italy) led to the establishment of Machino Montell India Limited (now Machino-Basell India Limited), specialising in the manufacture of advanced polypropelyne compounds.

Board of Directors

Mr. Murli Dhar Jindal

Mr. Murli Dhar Jindal has been appointed as Executive Chairman of the Board of Machino Plastics Limited with effect from September 21, 2011. He is an industrialist with experience of over 60 years in Automobile Industry. He is a Graduate in Economics and Engineer with Specialisation in Automobile Industry from England. He is founder of the company. His other Directorship include Machine Polymers Private Limited, Machine Autocomp Private Limited, Machine Techno Sales Private Limited, Machine Finance Private Limited, Rajiv Exports Industries Private Limited, Machine Animation Private Limited, Machine Motors Private Limited .

Mr. S. Balasubramanian

Mr. S. Balasubramanian is Additional Independent Non-Executive Director of Machino Plastics Private Limited He holds a L.L.B from Delhi University and associate member of The Institute of Chartered Accountants of India, The Institute of Company Secretaries of India and The Institute of Cost and Works Accountants of India. He is a Post Graduate in Management Accountancy of the Institute of Chartered Accountant of India and a Post Graduate Diploma holder in Project Management from University of Bradford (UK). Mr. S. Balasubramanian is a member of Delhi High Court Bar Council. He has over 18 years of experience in the Company Law Board as a member, the Vice President including 12 years as Chairman. He was the Director in charge of Public Grievances and Pension at Department of Post. At Indian Telephone Industries, Bangalore, he served as Chief Finance Manager in charge of entire corporate finance. At Department of Post, Ministry of Communication, he served in various capacities in Gujarat, Tamil Nadu and Maharashtra Circles and at New Delhi.

Mr. G C Dwivedi

Mr. G C Dwivedi is Additional Independent Non-Executive Director of Machino Plastics Private Limited He holds a B.E. (Mechanical Engineering) from Moti Lal Nehru Regional Engineering College, Allahabad University.

Shri. R. L. Gaggar

Shri. R. L. Gaggar is Non-Executive Independent Director of Machino Plastics Limited Mr. Gaggar is a practicing Solicitor and Advocate of the Hon'ble High Court of Calcutta for past 50 years. He is Director of Somani Ceramics Limited Sarda Plywood Industries Private Limited TIL Limited. Peria Karmlal Tea and Produce Company Limited. Paharpur Cooling Towers Limited. International Combustion India Limited Sumedha Fiscal Services Limited Shree Cement Limited. Financial and Management ServicesPrivate Limited Machino Bassel Industries Private Limited Eastern Silk Industries Limited. Bhaskar Silicon Private Limited Subhas Projects and Marketing Limited.

Dr. Sanjiivv Jindall

Dr. Sanjiivv Jindall is Managing Director, Executive Director of Machino Plastics Limited. He has completed his Doctorate (Ph.D) from Pacific Western University, U.S.A. in Marketing and MBA in Marketing from International Management Institute, Delhi and is a commerce graduate from St. Xavier's College, Calcutta. He has experience in the field of plastic moulding and marketing and is associated with the company since its inception. His other Directorships include Grand Maastters Mold Limited., Machine Polymers Private Limited, Machine Techno Sales Private Limited, Machino Transport Sales Private Limited Machine Finance Private Limited

Mr. Masayuki Kamiya

Mr. Masayuki Kamiya is Non-Executive Director of Machino Plastics Limited and Representative of Suzuki Motor Corporation, Japan. He is a Mechanical Engineer with specialisation in welding engineering. He is the plant head for Manesar unit of MSIL and working with over 25 years with Suzuki Motor Corporation, Japan.

Mr. R. Krishnan

Mr. R. Krishnan is Independent Non-Executive Director of Machino Plastics Private Limited He is a M A in Economics. He is the Founder President of the Institute of Company Secretaries of India and a Fellow Member of the Institute. In addition he is a Fellow Member of the Institute of Directors and the Chartered Institute of Securities and Investment, UK. He carries with him a long experience of over 40 years into the field of Corporate Law and Corporate Management. Currently Mr Krishnan is Managing Director of Associated VAT Recovery Inc. Associated VAT Recovery Inc is one of the players globally in VAT reclaim. He is also on the board of Kitec Industries India Private Limited He has served as: Member of Finance Minister's delegation to Germany in April, 2000 and September, 2007 to espouse case for VAT recovery. Member of Indian delegation led by Honorable Minister for Commerce and Industry to USA in 2003. Nominated by Ministry of Finance as a Member of Corporate Governance Committee. Member of Advisory Committee on Corporate Law, nominated by Ministry of Finance. Company Secretary of Indian Oil Corporation Limited for 5 years. Group Company Secretaries of Indian Tube and Stewards and Lloyds for 10 years. Company Secretary of ACC Babcock Limited for 4 years. Directors of Champion Spark Plug Company India Limited for 6 years. Directors, Bureau Veritas, Consumer products Services, South Asia for 10 years. President of Institute of Company Secretaries of India for three consecutive terms. He is Director of Kitec Industries India Private Limited Associated VAT Recovery Inc.

Mr. A. K. Tomer

Mr. A. K. Tomer is Non-Executive Director of Machino Plastics Limited and Representative of Maruti Suzuki India Private Limited He is B Tech, Mechanical Engineer. He is over 25 years of varied experience in the field of quality assurance in Automobile Industry.

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.55.42
UK Pound	1	Rs.86.77
Euro	1	Rs.68.03

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.