MIRA INFORM REPORT

Report Date :

20.07.2012

IDENTIFICATION DETAILS

Name :	MILMAN THIN FILM SYSTEMS PRIVATE LIMITED
Registered Office :	Vishwachhaya Industry Road, Gate No.322/A/2, Pirangut, Taluka Mulshi, Pune – 412 111, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.03.1995
Com. Reg. No.:	11-86836
Capital Investment / Paid-up Capital :	Rs.3.000 millions
CIN No.: [Company Identification No.]	U25209PN1995PTC086836
PAN No.: [Permanent Account No.]	AABCM2665H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Vacuum Coating Machines
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

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. 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 :	Vishwachhaya Industry Road, Gate No.322/A/2, Pirangut, Taluka Mulshi, Pune – 412 111, Maharashtra, India
Tel. No.:	91-20-66748971 to 75
Mobile No.:	91-9822409634 (Mr. Milind Ganesh Acharya)
Fax No.:	91-20-66748970
E-Mail :	milman@vsnl.com sales@milmanthinfilms.com
Website :	www.milmanthinfilms.com
Location :	Rented

DIRECTORS

AS ON 23.08.2011

Name :	Mr. Milind Ganesh Acharya
Designation :	Director
Address :	B2-503, Kumar Parisar, Kothrud, Pune–411038, Maharashtra, India
Date of Birth/Age :	14.02.1962
Qualification :	Ph. D. (Physics)
Experience :	18 Years
Date of Appointment :	24.03.1995
DIN No.:	01976173

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	U25209PN1995PTC086836	Milman Thin Film Systems Private Limited	Director	24-03-95	24-03-95	-	Active	NO
2	U28920PN2005PTC020424	Ionbond Coatings Private Limited	Director	17-03-05	17-03-05	24-01-09	Active	NO

Name :	Mr. Mandar Shashidhar Ashtikar
Designation :	Director
Address :	Sainavratna, Bhusare Colony, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	20.05.1965
Qualification :	Ph. D. (Physics)
Experience :	18 Years
Date of Appointment :	24.03.1995
DIN No.:	02872194

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2011

Names of Shareholders	No. of Shares
Milind Ganesh Acharya	14900
Mandar Shashidhar Ashtikar	14900
B Vijayalaxmi	100
Sultana Najma	100
Total	30000

AS ON 23.08.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Vacuum Coating Machines
Product Description :	Vacuum Coating Machines

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra, Bajirao Road Branch, Janmangal 1177, Budhwar Peth, Pune - 411 002, Maharashtra, India

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

· ABN Amro Bank Limited

· Barclyas Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Short Term Loan – Secured Loan	15.183	15.139
Cash Credit Account of Bank of Maharashtra	5.107	0.245
Total	20.290	15.384
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Dr. M S Ashrikar	0.000	0.250
Dr. M G Acharya	0.460	0.710
ABN Amro Bank Limited	0.073	0.339
Barclyas Bank PLC	1.988	1.407
Cholamandalam DBS Finance Limited	0.273	1.014
HDFC Bank Limited (MSA and MGA)	0.477	1.188
Kotak Mahindra Bank Limited	0.100	0.464
Reliance Capital Limited	0.492	1.066
TOTAL	3.863	6.438

Banking Relations :	--
Auditors :
Name :	Thakur Narendra and Company Chartered Accountants
Address :	25, Adwat, Vitthalwadi, Sinhagad Road, Pune – 411 030, Maharashtra, India
Tel No.:	91-20-24250815
PAN No.:	AANPT9859K

CAPITAL STRUCTURE

AS ON 23.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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		3.000	1.000	1.000
2] Share Application Money		0.018	0.624	0.624
3] Reserves & Surplus		3.211	2.236	1.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.229	3.860	2.849
LOAN FUNDS
1] Secured Loans		20.290	15.384	6.790
2] Unsecured Loans		3.863	6.438	9.818
TOTAL BORROWING		24.153	21.822	16.608
DEFERRED TAX LIABILITIES		0.135	0.199	0.263
TOTAL		30.517	25.881	19.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.814	6.481	7.371
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.507	0.507	0.507
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.450	29.491	38.825
	Sundry Debtors	19.579	12.312	1.372
	Cash & Bank Balances	3.304	2.497	1.685
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.296	2.956	2.092
Total Current Assets		66.629	47.256	43.974
Less: CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.759	3.413	4.859
	Other Current Liabilities	41.558	32.927	36.623
	Provisions	1.533	1.492	1.171
Total Current Liabilities		50.850	37.832	42.653
Net Current Assets		15.779	9.424	1.321
MISCELLANEOUS EXPENSES		8.417	9.469	10.521
TOTAL		30.517	25.881	19.720

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales		43.546	36.725	9.373
		Other Income		0.142	0.247	NA
		TOTAL		43.688	36.972	NA
Less	EXPENSES
			Cost of Material Consumed	20.041	22.234	NA
			Payments to and Provision for Employees	7.604	4.882
			Administrative and Selling Expenses	9.228	4.450
			TOTAL	36.873	31.566	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			6.815	5.406	NA
Less	INTEREST AND FINANCIAL CHARGES			4.780	3.556	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			2.035	1.850	NA
Less/ Add	DEPRECIATION/ AMORTISATION			0.924	0.903	NA
	PROFIT BEFORE TAX			1.111	0.947	(2.898)
Less	TAX			0.136	(0.064)	0.077
	PROFIT AFTER TAX			0.975	1.011	(2.975)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			2.076	1.065	NA
	BALANCE CARRIED TO THE B/S			3.051	2.076	NA
	EARNINGS IN FOREIGN CURRENCY			NIL	NIL	0.571
	Earning Per Share			32.50	101.10	(297.50)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.23	2.73	NA
Net Profit Margin (PBT/Sales)	(%)	2.55	2.58	(30.92)
Return on Total Assets (PBT/Total Assets}	(%)	1.53	1.76	(5.64)
Return on Investment (ROI) (PBT/Networth)		0.18	0.25	(1.02)
Debt Equity Ratio (Total Liability/Networth)		12.04	15.45	20.80
Current Ratio (Current Asset/Current Liability)		1.31	1.25	1.03

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes

NOTE

The Registered Office of the company has been shifted from 25 Krishna Colony, Sangeet Sadhana, P O Ex Servicemen Colony, Pune, Maharashtra, India to the present address w.e.f. 01.03.2008.

OPERATIONS

As a result of sustained efforts on the part of management the company has achieved an improved performance compared to previous year.

FORM 8

Corporate identity number of the company	U25209PN1995PTC086836
Name of the company	MILMAN THIN FILM SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Vishwachhaya Industry Road, Gate No.322/A/2, Pirangut, Tal-Mulshi, Pune-421011, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, Bajirao Road Branch, Janmangal, 1177,Budhwar Peth, Pune-411002, Maharashtra, India
Nature of instrument creating charge	Composite Deed of Hypothecation For All Facilities.
Date of instrument Creating the charge	08.06.2011
Amount secured by the charge	Rs.2.680 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base rate + 3.50% i.e. Presently 13.50 % p.a. With monthly rests. Terms of repayment In 36 months in monthly installment of Rs. 0.075 millions p.m. Interest to be paid as and when due. Margin 25% Extent and operation of the charge Term loan of Rs. 2.680 millions.
Short particulars of the property charged (Including location of the property)	Hypothecation of two Jetta Comfrontline Diesel cars.

TRADE REFERENCES

· PFEIFFER VACUUM GmbH, Germany

· MKS Instruments Pte Limited, Singapore

· Lonbond Coatings, USA

FIXED ASSETS

· Factory Land

· Factory Building

· Plant and Machinery

· Computers

· Office Equipments

· Furniture and Fixtures

· Motor Car

WEB DETAILS

PROFILE

Subject a start up company established in 1996 by a group of Technocrats is a major player in state-of-the-art Thin Film Equipment and Plasma Process Technology. The main objective of the company is continuous development of frontline technologies in the area of Thin Films and producing finest quality physical vapour deposition equipment based on them.

Subject enjoys a large customer base in Scientific Research Laboratories, Universities, Institutes of Technologies and Industries.

Subject specializes in offering complete solutions to customers in the field of Thin Films, Plasma Processing and associated Technologies. The entire chain of activities from Computer Aided design to final production, quality control and Installation of all the equipment manufactured by us, is strongly supported by specially developed vendor base and state-of-the-art in-house assembly shop run by experts.

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. 55.38
UK Pound	1	Rs. 86.75
Euro	1	Rs. 68.06

INFORMATION DETAILS

Report Prepared by :

SDA

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	4
--CREDIT LINES	1~10	4
--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		43

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.