MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	TECHNOSHELL AUTOMATIONS PRIVATE LIMITED
Registered Office :	Plot No. G-49, MIDC Area, Ambad, Nashik-422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.2008
Com. Reg. No.:	11-180530
Capital Investment / Paid-up Capital :	Rs. 7.500 Millions
CIN No.: [Company Identification No.]	U28112MH2008PTC180530
TAN No.: [Tax Deduction & Collection Account No.]	NSKT02943D
PAN No.: [Permanent Account No.]	AACCT8909Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of hot foil stamping machine, screen printing machine, lable and lacquer machine etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 170000
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.

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 :	Plot No. G-49, MIDC Area, Ambad, Nashik-422010, Maharashtra, India
Tel. No.:	91-253-2383049
Fax No.:	91-253-2381474
E-Mail :	info@technoshell.com
Website :	www.technoshell.com

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Nikhil Ramchandra Baste
Designation :	Director
Address :	Baste Hospital, 37 Kalpana Housing Society, College Road, Nashik-422005, Maharashtra, India
Date of Birth/Age :	13.04.1962
Date of Appointment :	27.03.2008
DIN No.:	01999364

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	U28112MH2008PTC180530	TECHNOSHELL AUTOMATIONS PRIVATE LIMITED	Director	27-03-08	27-03-08	Active	NO
2	U29253MH2010PTC200941	AUTOSHELL ELECTROMECH PRIVATE LIMITED	Director	17-03-10	17-03-10	Active	NO

Name :	Mr. Abbas Hakimuddin Aboojiwala
Designation :	Director
Address :	Vanraj Co-operative Housing Society, Bunglow No.19, Behind Dwarka Takli Road, Nashik-422011, Maharashtra, India
Date of Birth/Age :	22.05.1963
Date of Appointment :	27.03.2008
DIN No.:	01999389
Name :	Mr. Tareen Mubin Shaikh
Designation :	Director
Address :	House No.27/2, Multanpura Near Minara Masjid, Nashik-422001, Maharashtra, India
Date of Birth/Age :	23.02.1961
Date of Appointment :	27.03.2008
DIN No.:	01999420

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Tareen Shaikh	250000
Abbas Aboojiwala	250000
Nikhil Baste	250000
TOTAL	750000

AS ON 29.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of hot foil stamping machine, screen printing machine, lable and lacquer machine etc.

GENERAL INFORMATION

Customers :

· TKH Plastics Private Limited, Hyderabad, India

· J.D. Exports, Mumbai, India

· Arun Plasto and Moulders, Chennai, India

· R.D. Polyplast, Assam, India

· Hertz Limited, Daman, India

· 3D Technopack Limited, Silvassa, India

· Toly Products India Private Limited, Dehradun, India

· Juken Uniproducts Private Limited, Noida, India

· Shimnit Utsch Private Limited, Faridabad, India

· Bharat Box Factory Limited, Ludhiana, India

· Madag Printing Systems AG, Switzerland

· Padma Lamitube Limited, Bangladesh

· Associate Industries Limited, Bangladesh

· Sunrise Plastics Limited, Pakistan

· Moheh Qazvin Packing and Plastics Industrial Company, Iran

· Espadana Company Limited., Iran

· Les Laboratories Limited, Cameroun

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, 1^st Floor, Pingle Complex, Opposite Kulkarni Garden, Sharanpur Road, Nashik-422002, Maharashtra, India

· HDFC Bank

· Union Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Bank (Car Term Loan – Maruti Swift)	0.000	0.153
HDFC Bank (Car Term Loan – Chevrolet Beat LS)	0.215	0.000
HDFC Bank (Car Term Loan – Toyota Innova)	0.931	0.000
Union Bank of India (Car Term Loan – Maruti SX4)	0.000	0.024
Union Bank of India – 483	1.172	2.093
Union Bank of India – 484	0.148	0.750
SIDBI – Machinery Hypothecation - 1	0.521	0.730
SIDBI – Machinery Hypothecation – 2	2.012	3.003
SIDBI – Machinery Hypothecation - 3	3.489	0.000
Total	8.488	6.753
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
BST Deferment PSI-93-I	0.253	0.283
BST Deferment PSI-93-II	0.959	1.003
Total	1.212	1.286

Banking Relations :	---
Auditors :
Name :	R. S. Baste and Company Chartered Accountant
Address :	4, 1^st Floor, Gajanan Heights, Old Pandit Colony, Nashik-422002, Maharashtra, India
Tel. No.:	91-253-2581309 / 2578639
Pan No.:	AEJPB4764K

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 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		7.500	7.500	1.500
2] Share Application Money		0.000	0.000	6.000
3] Reserves & Surplus		35.245	13.874	6.333
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.745	21.374	13.833
LOAN FUNDS
1] Secured Loans		8.488	6.753	6.127
2] Unsecured Loans		1.212	1.286	1.360
TOTAL BORROWING		9.700	8.039	7.487
DEFERRED TAX LIABILITIES		1.099	0.314	0.313
TOTAL		53.544	29.727	21.633
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.147	18.123	15.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.849	7.343	3.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.292	7.861	5.419
	Sundry Debtors	18.394	3.975	3.587
	Cash & Bank Balances	10.908	3.675	0.958
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.361	1.621	1.214
Total Current Assets		43.955	17.132	11.178
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.767	3.817	3.630
	Other Current Liabilities	16.168	8.526	3.417
	Provisions	1.577	0.648	0.677
Total Current Liabilities		25.512	12.991	7.724
Net Current Assets		18.443	4.141	3.454
MISCELLANEOUS EXPENSES		0.105	0.120	0.135
TOTAL		53.544	29.727	21.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	120.871	58.360	54.256
		Other Income	4.706
		TOTAL	125.577	58.360	54.256
Less	EXPENSES
		Office Expenses	90.188	46.437	43.638
		Administrative Expenses
		Advertising Expenses
		TOTAL	90.188	46.437	43.638
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35.389	11.923	10.618
Less/ Add	DEPRECIATION/ AMORTISATION		2.610	1.550	1.237
	PROFIT BEFORE TAX		32.779	10.373	9.381
Less	TAX		11.408	2.838	3.048
	PROFIT AFTER TAX		21.371	7.535	6.333
	Earnings Per Share (Rs.)		28.49	10.05	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	17.02	12.91	11.67
Net Profit Margin (PBT/Sales)	(%)	27.12	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	47.44	29.42	35.82
Return on Investment (ROI) (PBT/Networth)		0.77	0.49	0.68
Debt Equity Ratio (Total Liability/Networth)		0.85	1.00	1.12
Current Ratio (Current Asset/Current Liability)		1.72	1.32	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. Constructions 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	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
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 AND FINANCES OF COMPANY

It is very much please to say that, the company has developed one capping machine and added in the series of machines for plastic and packaging industries. Particularly for this machine there is a competitor in abroad and not in India. In the period of recession, this is one of the best opportunities they have been achieved and used the time in new development.

FORM 8

Corporate identity number of the company	U28112MH2008PTC180530
Name of the company	TECHNOSHELL AUTOMATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. G-49, MIDC Area, Ambad, Nashik-422010, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, 1^st Floor, Pingle Complex, Opposite Kulkarni Garden, Sharanpur Road, Nashik-422002, Maharashtra, India
Nature of instrument creating charge	(1) Loan Agreement (2) Deed of Hypothecation (Both Documents Constitute A Single Charge)
Date of instrument Creating the charge	28.03.2012
Amount secured by the charge	Rs. 2.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest payable @ 0.50% below sidbi's P. L. R. Rising or falling therewith, with monthly rests. Current effective rate of interest is @ 12.25% p. A. Penal interest @ 2% p. A. On default Terms of repayment The loan shall be repaid in 60 monthly installments of Rs.0.045 million each commencing immediately after a the date of first disbursement of the loan. Margin As Per Sidbi's Norms Extent and operation of the charge First charge to secure due repayment and discharge to SIDBI of its loan of Rs. 2.700 Millions together with interest, further interest, liquidated damages, cost, charges, expenses and other money payables under the said agreement. The company undertakes to keep movables and immovable’s in marketable and good condition at its own costs and insure the same in joint name of SIDBI and company.
Short particulars of the property charged (Including location of the property)	Hypothecation of All Movables, Plant, Machinery, Machinery Spares, Tools and Accessories Office Equipments, Computers, Furniture And Fixtures Both Present And Future Acquired Out of Sidbi's Assistance. Extension of First Charge By Way of Hypothecation of All Movables, Plant, Machinery, Equipments, Spares, Tools, Accessories, Furniture, Fixtures and Fittings Acquired Out of Sidbi's Earlier Term Loans. Extension Oflien On Fixed Deposit Receipts (Fdr) Issued By SIDBI For Rs. 0.500 Million And Interest Accrued Thereon

FIXED ASSETS

· Computer Systems

· Electrical Installation

· Factory Building

· Factory Equipments

· Furniture and Fixtures

· Land

· Office Equipments

· Plant and Machinery

· Vehicles

WEBSITE DETAILS

PROFILE

They are Leaders in the Design, Manufacturing and Exports of High Quality Automated Hot Foil Stamping Machines. Their machines are aesthetically designed keeping customers need in mind and with stress on quality workmanship and productivity.

Their organization aims at absolute customer satisfaction with a strong focus on quality products. With the support of strong infrastructure facilities they monitor the manufacturing processes. They have their own design set-up with latest design software like Solid Works 2010 and eplan. They possess state-of-the art production capacity, which is backed by hi-tech machines and latest technology. Their in-house electronic set-up for making the control cards, control panels, wiring and testing of the machines helps them to offer consistent quality machines to their customers. The software programming is done in-house.

Their company, with its efficient and dynamic management, and with the provision of all in-house facilities is able to cater to all the requirements of their customers under the one roof

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. 57.07
UK Pound	1	Rs. 88.95
Euro	1	Rs. 71.40

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.