MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	TECHNO WEIGH SYSTEMS PRIVATE LIMITED
Registered Office :	276/8, Allied Complex, GIDC, Makarpura, Vadodara-390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1997
Com. Reg. No.:	04-032351
Capital Investment / Paid-up Capital :	Rs.0.987 Million
CIN No.: [Company Identification No.]	U36998GJ1997PTC032351
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00265G
PAN No.: [Permanent Account No.]	AAACT7749N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Electronic Automatic Bagging Machine, Computerized Batching Systems, Micro Ingredient, Bag Conveyors.
No. of Employees :	90 [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 45000
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. NOTE: As confirmed by Mr. Amit Vyas, Techno Weigh System which was established in 1991 as a partnership firm has been converted into Techno Weigh Systems Private Limited in the year of 1997.

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

INFORMATION PARTED BY

Name :	Mr. Amit Vyas
Designation :	Assistant Manager in Admin and Marketing
Contact No.:	91-9327226589
Date :	23.05.2012

LOCATIONS

Registered Office :	276/8, Allied Complex, GIDC, Makarpura, Vadodara-390010, Gujarat, India
Tel. No.:	91-265-2641948/2653041
Mobile No.:	91-9327226589 [Mr. Amit Vyas]
Fax No.:	91-265-2638501
E-Mail :	info@twspl.com
Website :	http://www.twspl.com
Area :	3000 sq. ft.
Location :	Owned
Factory :	A2/426, GIDC, Makarpura, Vadodara-390010, Gujarat, India
Area :	4000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Vikas Kewal Krishan Marwaha

Designation :

Director

Address :

A-801, Radhe Tower-A, 5^th Floor, Pashabhai Park Race Course, Vadodara-390007, Gujarat, India

Date of Appointment :

16.05.1997

Din No.:

00389101

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	U15209GJ1995PTC025882	PURVIK PROTEINS PRIVATE LIMITED	Director	15-05-95	15-05-95	Active	NO
2	U36998GJ1997PTC032351	TECHNO WEIGH SYSTEMS PRIVATE LIMITED	Director	16-05-97	16-05-97	Active	NO

Name :

Mrs. Harmindarkaur Vikas Marwaha

Designation :

Director

Address :

A-801, Radhe Tower-A, 5^th Floor, Pashabhai Park Race Course, Vadodara-390007, Gujarat, India

Date of Appointment :

16.05.1997

Din No.:

00525666

KEY EXECUTIVES

Name :	Mr. Amit Vyas
Designation :	Assistant Manager in Admin and Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vikas Kewal Krishan Marwaha	45225
Harmindarkaur Vikas Marwaha	53375
Unnikrishnan N.	100
Total	98700

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electronic Automatic Bagging Machine, Computerized Batching Systems, Micro Ingredient, Bag Conveyors.
Exports :
Products :	Electronic Automatic Bagging Machine, Computerized Batching Systems, Micro Ingredient, Bag Conveyors.
Countries :	· Srilanka · Bangladesh · Dubai · Iran · Saudi Arabia
Imports :
Products :	Machinery
Countries :	Japan
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

· K.K. International

· Kruti Sales Corporation

· M.D. Sales

· National Electrical and Electronics Corporation

· Omkar Industries

· Parag Engineering

· Sensor India

· Shreeji Gases

· Rishi Laser Limited

· The Shoppe

· Tricone Engineering

Customers :

End Users and OEM’s

· Amrit Feeds Limitd

· Bheda Brothers

· Cargill India Private Limited

· DCW Limited

· Ennpr Muds and Chemicals

· Finex Sieves Private Limited

· General Commodities

· Hardcase Engineering Works Private Limited

· Indian Products Limited

· Jay Mahesh Sugar Industries Limited

· KSE Limited

· L.T. Food Limited

No. of Employees :

90 [Approximately]

Bankers :

· State Bank of India, Makarpura Industrial Estate Branch, GIDC, Makarpura, Vadodara-390010, Gujarat, India

· ICICI Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
HDFC Honda Civic	0.085	0.221
ICICI Bank Limited Captiva	0.000	0.289
SBI Term Loan	0.358	0.540
Bank OD A/C	5.241	1.557
Total	5.684	2.607
Unsecured loan
Griffin Technologies	2.000	2.000
Harmindarkaur Vikas Marwaha	0.300	0.650
Vikas Kewal Krishan Marwaha	0.000	0.150
Total	2.300	2.800

Banking Relations :	--
Auditors :
Name :	Yogesh Shah Chartered Accountant
Address :	201, Pavan Complex, Jetalpure Road, Vadodara-390007, Gujarat, India
Pan No.:	AFXPS9585G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98700	Equity Shares	Rs.10/- each	Rs.0.987 Million

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		0.987	0.987	0.987
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.476	6.405	5.221
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.463	7.392	6.208
LOAN FUNDS
1] Secured Loans		5.685	2.607	1.637
2] Unsecured Loans		2.300	2.800	3.200
TOTAL BORROWING		7.985	5.407	4.837
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.448	12.799	11.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.481	8.726	6.886
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.861	1.685	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.450	4.536	4.070
	Sundry Debtors	7.906	7.758	7.535
	Cash & Bank Balances	0.151	0.296	0.561
	Other Current Assets	0.039	0.028	0.037
	Loans & Advances	0.000	0.000	1.294
Total Current Assets		19.546	12.618	13.497
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.157	8.926	0.486
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.283	1.304	8.852
Total Current Liabilities		13.440	10.230	9.338
Net Current Assets		6.106	2.388	4.159
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.448	12.799	11.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	67.759	42.083	32.297
		Other Income	0.934	0.389	0.247
		TOTAL (A)	68.693	42.472	32.544
Less	EXPENSES
		Material Consumed	44.509	26.656	26.701
		Direct Expenses	8.525	6.374	0.000
		Administrative Expenses	3.527	2.536	2.790
		Sales and Distribution Expenses	1.237	1.717	0.000
		Statutory Expenses	1.042	0.429	0.000
		Audit Fees	0.023	0.023	0.023
		Directors Remunerations	1.500	1.200	1.230
		TOTAL (B)	60.363	38.935	30.744
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.330	3.537	1.800
Less	FINANCIAL EXPENSES (D)		0.912	0.375	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.418	3.162	1.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.418	1.162	1.053
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.000	2.000	0.747
Less	TAX (H)		1.855	0.620	0.225
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.145	1.380	0.522
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.185	0.000	0.000
Less	EARLIER YEAR INCOME TAX ADJUSTMENT		0.075	0.195	0.000
	BALANCE CARRIED TO THE B/S		5.255	1.185	0.522
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.161	NA	NA
	Earnings / (Loss) Per Share (Rs.)		42.00	13.98	5.29

Particulars	31.03.2012
Sales Turnover [Approximately]	150.000

Expected Sales (2012-13) : Rs.180.000 Millions.

The above information has been parted by Mr. Amit Vyas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.03	3.25	1.60
Net Profit Margin (PBT/Sales)	(%)	8.85	4.75	2.31
Return on Total Assets (PBT/Total Assets}	(%)	20.67	9.37	3.66
Return on Investment (ROI) (PBT/Networth)		0.52	0.27	0.12
Debt Equity Ratio (Total Liability/Networth)		1.87	2.12	2.28
Current Ratio (Current Asset/Current Liability)		1.45	1.23	1.45

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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
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	Yes

OPERATION:

The company has performed extremely well from first financial year. In previous year company has sales of Rs.42.084 Millions, and profit before tax is Rs.2.000 Millions, compare to last year the company has achieved the sales target during the year of Rs.67.759 Millions and net profit of Rs.4.146 Millions before tax. The sale has increased 61.01% over last year. The company expects to continue more profit and turnover during the following years.

OUTLOOK:

The company performance during the year is quite satisfactory. The company expects to achieve higher level of sales during the following year in view of present negotiations going on with reputed customers. The outlook for the current year is fairly good, barring unforeseen circumstances.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90104758
Corporate identity number of the company	U36998GJ1997PTC032351
Name of the company	TECHNO WEIGH SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	276/8, Allied Complex, GIDC, Makarpura, Vadodara-390010, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	State Bank of India, Makarpura Industrial Estate Branch, GIDC, Makarpura, Vadodara-390010, Gujarat, India Email: pankaj.k.kumar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan cum Hypothecation
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs.16.147 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest WC - 6.00% above Base Rate effective rate 15.25% p.a. with monthly rest , Existing TL - 6.00% above Base Rate+ 0.50% Term Premia effective rate 15.75% p.a. with monthly rest Terms of Repayment WC - On Demand, TL - As per sanction terms repayment of existing TL will continued. MTL - 36 monthly installments Margin RM - 25%, SIP - 30%, FG - 25%, RECEIVABLES (Cover Period 90 Days) - 50%, TL - 25.04% Extent and Operation of the charge Hypothecation of all kinds of stocks in trade and receivables and plant and machinery purchased out of bank finance and lying / situated at Shed No.A2-426/2, at GIDC, Makarpura, within the vill. limit of Vadsar, Dist: Vadodara Others Credit facilities - Cash Credit Rss.10.000 millions + Old TL (O/s) Rs.0.322 millions + TL - New Rs.4.325 millions + BG - Rs.1.500 millions aggregating to Rs.161.47 millions.
Short particulars of the property charged	Hypothecation of all kinds of stocks in trade and receivables and plant and machinery purchased out of bank finance and lying / situated at Shed No.A2-426/2, at GIDC, Makarpura, within the vill. Limit Vadsar Dist: Vadodara
Date of latest modification prior to the present modification	22.01.2011
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities to Rs.16.147 Millions.{Credit facilities - Cash Credit Rss.10.000 millions + Old TL (O/s) Rs.0.322 million + TL - New Rs.4.325 millions + BG - Rs.1.500 millions aggregating to Rs.16.147 millions}

FIXED ASSETS:

· Air Condition

· Air Compressor

· Computer Systems

· Electrification

· Honda Civic Car

· Maruti Car

· Mobile Instruments

· Scooter

· Samsung Fax

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	SVA
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	5
--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	NO
--LISTED	YES/NO	NO
--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.