MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	IMA-PG INDIA PRIVATE LIMITED (w.e.f. 01.10.2010)
Formerly Known As :	IMA-PG INDIA LIMITED (w.e.f. 01.04.2010) PRECISION GEARS PRIVATE LIMITED PRECISION GEARS LIMITED
Registered Office :	Plot No.R-677, M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	23.03.1961
Com. Reg. No.:	11- 011958
Capital Investment / Paid-up Capital :	Rs.17.852 Millions
CIN No.: [Company Identification No.]	U27100MH1961PTC011958
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15667B
PAN No.: [Permanent Account No.]	AAACP6442Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Blister Machines, Tube Filling Machines etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1500000
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/ Factory 1:	Plot No.R-677, M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-67179000/ 27690986
Fax No.:	91-22-27600888/ 27600889
E-Mail :	accounts@precisiongears-ima.com
Website :	http://www.imapg.com
Factory 2 (Unit II) :	Plot No.R-696, M.I.D.C., T.T.C. Industrial Area, Rabale, Navi Mumbai – 400701, Maharashtra, India

DIRECTORS

(AS ON 04.03.2011)

Name :

Mr. Satish Gopal Rao

Designation :

Whole-time Director

Address :

Le Papeyon, Plot No.101, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.08.1945

Date of Appointment :

01.01.2010

DIN No.:

00282519

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1982PTC028801	EXPO COLORPACKS PRIVATE LIMITED	Director	03-06-83	03-06-83	Active	NO
2	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Whole-time director	01-01-10	03-10-97	Active	NO
3	U63040MH2005PTC158265	BALLAL JYOTI TRAVELS PRIVATE LIMITED	Director	12-02-11	12-02-11	Active	NO

Name :

Mr. Andrea Malagoli

Designation :

Director

Address :

Via Archirola 38, 41100 Moden, 41100, Italy

Date of Birth/Age :

30.09.1965

Date of Appointment :

23.04.2008

DIN No.:

02241152

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Director	28-06-08	23-04-08	Active	NO

Name :

Mr. Mahadevan Gopalakrishnan Iyer

Designation :

Managing Director

Address :

No.5, Shoba CHS limited, 5^th Roaqd, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

14.10.2007

DIN No.:

01878492

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Managing director	23-04-08	14-10-07	Active	NO
2	U74900MH2011FTC224073	IMA INDUSTRIES INDIA PRIVATE LIMITED	Director	18-11-11	18-11-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 04.03.2011)

Names of Shareholders	No. of Shares
IMA S.p.A., Italy	178515
IMA S.p.A. Castiglione Giovanni, Italy	1
IMA S.p.A. Castiglione Gatano, Italy	1
IMA S.p.A. Marzo Sergio, Italy	1
IMA S.p.A. Zella Stephano, Italy	1
Satish Rao	1
IMA S.p.A. Baldanio Andrea, Italy	1
Total	178521

(AS ON 30.06.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Blister Machines, Tube Filling Machines etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited

52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

· The Shamrao Vithal Co-Opposite Bank Limited

Ghatkopar Branch, Mumbai - 400077, Maharashtra, India

Facilities :

Secured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
Cash Credits from Bank · Primary Security – Hypothecation of Book debts, Inventories and Plant and machinery · Collateral Security – Equitable Mortgage of Rabale Factory at Plot No. R677, R696 and Indore Unit II Premises · Corporate guarantee given by IMA	0.000	2.315
Hire Purchases Loans (Secured by Hypothecation of Vehicles)	0.000	0.754
Total	0.000	3.069

Banking Relations :	--
Auditors :
Name :	B. M. Chatrath and Company Chartered Accountant
Address :	Centre Point, 4^th Floor, Room No.440, 21 Hemanta Basu, Sarani, Kolkata – 700001, West Bengal, India
PAN No.:	AACFB7576N
Tel No.:	91-44-22484575/ 4667/ 6810/ 6798/ 22101385
Fax No.:	91-44-22489934
Email :	bmccal@dataone.in bmccal@vsnl.net bmccal@airtelmail.in
Website :	http://www.bmchatrath.in
Holding Company :	· IMA S.p.A., Italy

CAPITAL STRUCTURE

(AS ON 31.12.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
178521	Equity Share	Rs.100/- each	Rs.17.852 Millions

NOTE:

- Of the above:

a) 3,177 equity shares of Rs.100 each fully paid-up are issued for consideration other than cash.

b) 178,521 equity shares of Rs.100 each fully paid-up are held by IMA SAFE S.r.l., Italy the holding company

c) 119,014 equity shares of Rs.100 each were issued as fully paid-up bonus shares by capitalisation of securities premium account.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		17.852	17.852	17.852
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		369.004	316.065	276.178
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		386.856	333.917	294.030
LOAN FUNDS
1] Secured Loans		0.000	3.069	1.925
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	3.069	1.925
DEFERRED TAX LIABILITIES		0.000	0.000	0.280
TOTAL		386.856	336.986	296.235
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.664	118.698	121.965
Capital work-in-progress		0.890	0.000	7.157
INVESTMENT		10.000	0.000	0.000
DEFERREX TAX ASSETS		17.568	13.217	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	198.763	197.148	224.598
	Sundry Debtors	172.770	135.192	166.691
	Cash & Bank Balances	85.228	16.085	48.256
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	71.278	79.614	75.105
Total Current Assets		528.039	428.039	514.650
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	116.822	131.413	184.106
	Other Current Liabilities	68.961	47.969	105.615
	Provisions	73.522	43.586	57.816
Total Current Liabilities		259.305	222.968	347.537
Net Current Assets		268.734	205.071	167.113
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		386.856	336.986	296.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	716.030	604.620	596.098
		Other Income		13.344	25.094
		TOTAL (A)	716.030	617.964	621.192
Less	EXPENSES
		Materials and Manufacturing Expenses		254.803	260.442
		Employees Costs	612.830	140.499	141.806
		Selling, Administrative and Other Expenses		145.032	160.834
		TOTAL (B)	612.830	540.334	563.082
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.200	77.630	58.110
Less	FINANCIAL EXPENSES (D)		0.310	0.121	0.483
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.890	77.509	57.627
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.800	17.818	16.405
	PROFIT BEFORE TAX (E-F) (G)		85.090	59.691	41.222
Less	TAX (H)		32.150	19.804	24.603
	PROFIT AFTER TAX (G-H) (I)		52.940	39.887	16.619
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		203.200	167.299	152.342
Less	APPROPRIATIONS
		Transfer to General Reserve	5.290	3.989	1.662
	BALANCE CARRIED TO THE B/S		250.850	203.197	167.299
	EARNINGS IN FOREIGN CURRENCY		NA	355.025	358.254
	IMPORTS
		Raw Materials	NA	0.000	0.255
		Components	NA	29.427	50.071
		Traded Goods	NA	0.000	1.829
	TOTAL IMPORTS		NA	29.427	52.155
	Earnings Per Share (Rs.)		296.54	223.43	93.09

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	7.39	6.45	2.68
Net Profit Margin (PBT/Sales)	(%)	NA	9.87	6.92
Return on Total Assets (PBT/Total Assets}	(%)	13.78	10.92	6.48
Return on Investment (ROI) (PBT/Networth)		0.22	0.18	0.14
Debt Equity Ratio (Total Liability/Networth)		0.67	0.68	1.19
Current Ratio (Current Asset/Current Liability)		2.04	1.92	1.48

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office of the company has been shifted form, G-1, Everest Building, 156 Tardeo Road, Mumbai – 400034, Maharashtra, India, to the present address w.e.f. 22.05.2007.

FINANCIAL PERFORMANCE

During the year the sates revenue of the company increased by 15.87% from Rs.617.96 million to Rs.716.03 million. This is due to the end of recessionary trends which persisted during the year 2009. The operating profit for the year increased to Rs.85.09 million from Rs 59.69 million, showing growth of 42.55% (This is after making a provision of Rs.14.60 million towards Rates and Taxes on materials and property in respect of which a legal dispute with a local authority is pending before judiciary. But for this abnormal item, the operating profit would have been Rs.117.80 million.) The profit after tax was Rs. 52.94 million as compared to Rs. 39.89 million in the previous year. The earning per share was Rs. 296.54 as against Rs.223.43 in the previous year.

FORM 8:

Corporate identity number of the company	U27100MH1961PTC011958
Name of the company	IMA-PG India Private Limited
Address of the registered office or of the principal place of business in India of the company	Plot No. R-677 , M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India accounts@precisiongears-ima.com
This form is for	Modification of charge
Charge identification number of the modified	90241310
Type of charge	Book debts Movable property (not being pledge) Others: Stocks
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited 52/60 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India pareshmehta@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Second supplemental deed of hypothecation dated 24th October 2011 for stocks and book debts and plant and machinery
Date of instrument Creating the charge	24.10.2011
Amount secured by the charge	Rs.127.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest shall be payable by the Company on the banking facilities as per Banks tariff, subject however that the Bank shall have the right to change the rate of interest after giving notice to the Company Terms of Repayment In Consideration of Banking facilities sanctioned/to be sanctioned by the bank to the company, the company has hypothecated and charged to the bank by way of exclusive charge on stocks and book debts and plant and Machinery both present and future as a continuing security, as mentioned in Principal Deed and First and Second Supplemental Deed of Hypothecation to secure the repayments of the advances together with interest cost and all other charges. Margin The company shall maintain such margin as may be specified by the Bank from time to time. Extent and Operation of the charge In case the Company fails to fulfill its obligations under the agreement, the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims
Short particulars of the property charged	Exclusive charge on Stocks and Book debts and Plant and Machinery, both present and future located at Plot No. R-677, MIDC, TTC Industrial Area, Thane Belapur Road, Navi Mumbai - 400 701 Exclusive charge on Stocks and Book debts and Plant and Machinery, both present and future located at Plot No. R-696, MIDC, TTC Industrial Area, Thane Belapur Road, Navi Mumbai - 400 701 Exclusive charge on Stocks and Book debts and Plant and Machinery, both present and future located at Unit II, Laxmibai Nagar Industrial Estate, Kila Maidan, Indore - 452 006
Date of latest modification prior to the present modification	24.12.2008
Particulars of the present modification	The amount secured by charge has been increased from Rs.120.000 Millions to Rs.127.000 Millions.

FIXED ASSETS:

· Freehold land

· Leasehold Land

· Building – Factory

· Plant and Machinery

· Computer

· Electrical Installation

· Vehicles

· Office Equipment

· Furniture and Fixture

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.