MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	MILTECH INDUSTRIES PRIVATE LIMITED
Registered Office :	F-27/1, MIDC Industrial Hingna Road, Nagpur-440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.1982
Com. Reg. No.:	11-27274
Capital Investment / Paid-up Capital :	Rs. 113.610 Millions
CIN No.: [Company Identification No.]	U74950MH1982PTC027274
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Plastic Goods.
No. of Employees :	400 (Approximately)

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

Maximum Credit Limit :	USD 838664
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.

EXTERNAL AGENCY RATING

Agency Name	Rating
CRISIL	D / P5

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 (GENERAL DETAILS)

Name :	Mr. Kamlesh
Designation :	Company Secretary
Contact No. :	91-7104-237210

LOCATIONS

Registered Office :	F-27/1, MIDC Industrial Hingna Road, Nagpur-440016, Maharashtra, India
Tel. No.:	91-7104-237210
Fax No.:	91-7104-237573
E-Mail :	kkgoyel@miltechindustries.com
Website :	http://www.miltechindustries.com
Area :	10000 sq. ft.
Location:	Owned
Factory :	Plot No. D-38, MIDC, Ranjangaon, Taluka Sirur, District Pune-412220, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Govindal Nityanandji Agarwal

Designation :

Executive Director

Address :

80, Ring Road, Kotwal Nagar, Nagpur, Maharashtra, India

Date of Birth/Age :

25.05.1937

Date of Appointment :

31.05.1982

Din No.:

00567297

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45202MH1970PTC014610	WOOD PRESERVERS PRIVATE LIMITED	Director	07/07/1973	07/07/1973	Active	NO
2	U74950MH1982PTC027274	MILTECH INDUSTRIES PRIVATE LIMITED	Director	31/05/1982	31/05/1982	Active	NO
3	U24100MH1976PTC018874	NITYANAND UDYOG PRIVATE LIMITED	Managing director	10/06/1999	10/06/1999	Active	NO
4	U01403MH2008PTC178728	MILTECH AGROTECH AND INFRASTRUCTURE PRIVATE LIMITED	Director	09/02/2008	09/02/2008	Active	NO
5	U35914MH2008PTC179647	MILTECH AUTO INDUSTRIES PRIVATE LIMITED	Director	03/03/2008	03/03/2008	Active	NO

Name :

Mr. Pradeep Govindlal Agarwsal

Designation :

Director

Address :

80, Ring Road, Kotwal Nagar, Nagpur, Maharashtra, India

Date of Birth/Age :

15.12.1961

Date of Appointment :

07.06.1984

Din No.:

00567331

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45202MH1970PTC014610	WOOD PRESERVERS PRIVATE LIMITED	Director	01/01/1982	01/01/1982	Active	NO
2	U74950MH1982PTC027274	MILTECH INDUSTRIES PRIVATE LIMITED	Director	07/06/1984	07/06/1984	Active	NO
3	U24100MH1976PTC018874	NITYANAND UDYOG PRIVATE LIMITED	Director	01/04/1991	01/04/1991	Active	NO
4	U01403MH2008PTC178728	MILTECH AGROTECH AND INFRASTRUCTURE PRIVATE LIMITED	Director	09/02/2008	09/02/2008	Active	NO
5	U35914MH2008PTC179647	MILTECH AUTO INDUSTRIES PRIVATE LIMITED	Director	03/03/2008	03/03/2008	Active	NO

Name :

Mr. Gulabrao Nathuji Patankar

Designation :

Director

Address :

Bandu Soni Layout, Bhamat Parsodi, Nagpur, Maharashtra, India

Date of Birth/Age :

26.02.1952

Date of Appointment :

10.06.1999

Din No.:

00567320

Name :

Mr. Satish Ghanshamdasji Laddhad

Designation :

Director

Address :

Laddhad House, Gorepeth, Opposite G.S. Commerce College, Nagpur-10, Maharashtra, India

Date of Birth/Age :

20.05.1960

Date of Appointment :

10.06.2009

Din No.:

00567353

KEY EXECUTIVES

Name :	Mr. Kamleshkumar Ram Swaroop Goyal
Designation :	Secretary
Address :	446, Chandan Nagar, Nagpur, Maharashtra, India
Date of Birth/Age :	25.09.1963
Date of Appointment :	01.10.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares
Govindlal N Agarwal	78540
Shardadevi G Agarwal	10500
Pradeep G Agarwal	587540
Vanita Pradeep Agarwal	2792000
Gaurav Pradeep Agarwal	11220
Pradeep Govindlal Agarwal HUF	200200
Niharika Trust, Nagapur, Maharashtra, India	100000
Shweta Jan	150000
Sunanda Saraf	25000
Wood Presesrvers Private Limited, Nagapur, Maharashtra, India	884000
Dada Dharmanath Timber Company Private Limited, Nagpur, Maharashtra, India	3649000
Nityanand Udyog Private Limited, Nagpur, Maharashtra, India	73000
Total	8561000

Names of Shareholders	No. of Preference Shares
Dada Dharmanath Timber Company Private Limited, Nagpur, Maharashtra, India	1800000
Vanita Enterprises, Nagpur, Maharashtra, India	1000000
Total	2800000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	56.00
Directors or relatives of directors	42.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastic Goods.
Exports :
Products :	Plastic Goods
Countries :	· US · Germany
Imports :
Products :	Raw Material
Countries :	· Taiwan · China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

400 (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India
• HDFC Bank Limited

Facilities :

SECURED LOAN	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Term Loans from Banks	142.558	165.542
Working Capital Loans
From Banks	127.512	141.793
From Financial Institutions	15.144	0.000
Loan taken for Fixed Assets
Loan taken for vehicles secured	8.954	1.131
Total	294.168	308.466
UNSECURED LOAN	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Directors	0.000	0.150
Deferred Sales Tax Loan Unsecured	22.985	25.282
Other Debt Unsecured	33.669	47.259
Total	56.654	72.691

Banking Relations :	--
Auditors :
Name :	Loya Bagri and Company Chartered Accountant
Address :	Gandhibagh, Nagpur-440002, Maharashtra, India
Tel. No.:	91-712-2762408/ 2766229 (Office) 91-712-2233359/ 2248894 (Residential)
E-Mail :	loyabagri_nap@bsnl.in
Associates/Subsidiaries :	· Wood Preservers Private Limited Address: Plot No. F-2711, MIDC, Hingna Road, Nagpur-440016, Maharashtra, India Line of Business: Manufacturer of Furniture, Doors, Window Frames. · Nityanand Udyog Private Limited Address: Plot No. F-2711, MIDC, Hingna Road, Nagpur-440016, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 Millions
3000000	Preference Shares	Rs. 10/- each	Rs. 30.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8561000	Equity Shares	Rs. 10/- each	Rs.85.610 Millions
2800000	12% Redeemable Preference Shares	Rs. 10/- each	Rs.28.000 Millions
	Total		Rs.113.610 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		113.610	113.610	100.250
2] Share Application Money		0.000	0.000	23.400
3] Reserves & Surplus		96.056	66.658	44.304
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		209.666	180.268	167.954
LOAN FUNDS
1] Secured Loans		294.168	308.466	314.001
2] Unsecured Loans		56.654	72.691	81.315
TOTAL BORROWING		350.822	381.157	395.316
DEFERRED TAX LIABILITIES		14.046	11.785	8.745
TOTAL		574.534	573.210	572.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		264.944	287.821	310.616
Capital work-in-progress		0.506	0.499	6.780
INVESTMENT		0.835	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	192.549	197.537	209.317
	Sundry Debtors	167.828	222.594	166.213
	Cash & Bank Balances	29.789	6.425	8.222
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.198	25.664	32.547
Total Current Assets		439.364	452.220	416.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.468	129.546	148.026
	Other Current Liabilities	72.574	45.259	16.666
	Provisions	13.265	1.647	6.025
Total Current Liabilities		140.307	176.452	170.717
Net Current Assets		299.057	275.768	245.582
MISCELLANEOUS EXPENSES		9.192	9.097	9.012
TOTAL		574.534	573.210	572.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	627.900
		Other Income	NA
		TOTAL	NA	577.532	662.854
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	537.230	622.963
		Advertising Expenses
		TOTAL	NA	537.230	622.963
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	40.302	39.891
Less/ Add	DEPRECIATION/ AMORTISATION		NA	33.455	32.767
	PROFIT BEFORE TAX		44.937	6.847	7.124
Less	TAX		NA	4.533	8.457
	PROFIT AFTER TAX		NA	2.314	(1.333)
	Earnings Per Share (Rs.)		NA	0.28	(0.18)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.40	(0.20)
Return on Total Assets (PBT/Total Assets}	(%)	6.38	0.92	0.98
Return on Investment (ROI) (PBT/Networth)		0.21	0.03	0.04
Debt Equity Ratio (Total Liability/Networth)		2.34	3.09	3.37
Current Ratio (Current Asset/Current Liability)		3.13	2.56	2.44

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	Yes
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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	Yes
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

DESCRIPTION OF STATE OF COMPANIES AFFAIR

During the year 2010-11, Company registered an total turnover of Rs. 627.900 Millions. There is good increase in turnover of Rs.57.600 millions as also a very good increase in Net Business Profit Rs. 36.000 Millions. The overall effect shows Net Profit of Rs. 44.937 millions before tax. Thus there is good Net Profit. This happened due to all out efforts of directors and good work done by staff and workers of the Company. Company had set up a very prestigious and big unit at D-38 Ranjangaon MIDC, Tal: Sirur, DISTT: Pune before 6 years. It had started commercial production by August, 2005. This is sixth year of its operation. The interest burden and depreciation was very high during first some years still the profit and loss account shows good profit. New products were developed and they were approved by Defence Deptt. Company’s Goodwill is increasing day by day. Company is continuously investing funds in new machines and moulds. The Board of Directors promises to members to further increase the turnover and Net Profit in coming years. The Board is hopeful that the Company will show further better working results in the next year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U74950MH1982PTC027274

Name of the company

MILTECH INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

F-27/1, MIDC Industrial Hingna Road, Nagpur-440016, Maharashtra, India

This form is for

Creation of charge

Type of charge

Movable property

Particular of charge holder

Name :	INTEC CAPITAL LIMITED
Address :	701,Manjusha, 57 Nehru Place, New Delhi – 110019, India
Email :	complianceofficer@inteccapital.com

Nature of instrument creating charge

Loan Agreement

Date of instrument Creating the charge

01.06.2011

Amount secured by the charge

Rs. 11.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

7% Per Annum Calculated On Flat Basis

Terms of Repayment

Total 36 installments for Rs. 0.369 Millions

Margin

Nil

Extent and Operation of the charge

first and exclusive charge on assets financed by Intec Capital Limited

Others

Nil

Particulars of the property charged

Engel Injection Moulding Machine Victory 2550/400 Spex Pro Worth 1,38,000/- Euro

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Paint Shop Machinery

· Moulds

· Electric Fitting

· Electric Installation

· Factory Equipments

· Office Equipments

· Lab Equipments

· Tools

· Scooters

· Computers

· Car

· Furniture

· Software

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.56.02
UK Pound	1	Rs.86.89
Euro	1	Rs.67.84

INFORMATION DETAILS

Report Prepared by :

TPT

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	YES
--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.