MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED (w.e.f. 12.04.1993)
Formerly Known As :	TECHNOVA PLATE MAKING SYSTEMS LIMITED
Registered Office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalakshmi, Mumbai – 400 011, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.08.1979
Com. Reg. No.:	11-21599
Capital Investment / Paid-up Capital :	Rs.119.637 Millions
CIN No.: [Company Identification No.]	U74999MH1979PTC021599
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10262A MUMT01213C
PAN No.: [Permanent Account No.]	AAACT2165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Imaging Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 770000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Profit and Loss of the company is not available.

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/ Corporate office :	Laxmi Mills Estate, Sakti Mills, Off. Dr. E. Moses Road, Mahalakshmi, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-42200300/ 27412463 / 2741 2464 (Extension - 480) / 2740 2589
Mobile No.:	91-9920066262 (Mr. Ajay J. Hathi)
Fax No.:	91-22-24950322/ 27410261
E-Mail :	corp@technovaworld.com atulk@technovaindia.com corp@technova.com sridhar@technovaindia.com pnp@technovaworld.com rk@technocaindia.com repro@technovaworld.com rk@technovaindia.com
Website :	http://www.technovaworld.com
Location :	Owned
International Office :	Located at : Dubai South Africa Sri Lanka East Africa United Kingdom & Europe South America North America
National Office :	Located at : Ahmedabad Bengaluru Chennai Delhi Hyderabad Kochi Kolkata Mumbai (Vidyavihar) Indore Lucknow
Marketing Services :	plates@technovaworld.com qps@technovaworld.com chem@technovaworld.com films@technovaworld.com inkjet@technovaworld.com
Services :	csd@technovaindia.com novajetdesk@technovaindia.com tkx@technovaworld.com help@technovaworld.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Pranav Natvarlal Parikh

Designation :

Chairman and Managing Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

18.02.1943

Qualification :

B.Com., MBA Havard

Date of Appointment :

29.08.1979

DIN No.:

00318726

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Director	01-02-69	01-02-69	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	10-02-70	10-02-70	28-12-06	Active	NO
3	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
4	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
5	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29-08-79	29-08-79	-	Active	NO
6	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	28-01-86	28-01-86	-	Active	NO
7	U45202MH1957PLC010885	SHREE LAXMI WOOLLEN MILLS ESTATE LIMITED	Director	29-06-94	29-06-94	-	Active	NO
8	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Alternate director	02-08-99	02-08-99	-	Active	NO
9	L26100GJ1907PLC000033	ALEMBIC LIMITED	Director	28-03-01	28-03-01	31-03-11	Active	NO
10	U74140MH2004PTC144831	A L RECORDS MANAGEMENT PRIVATE LIMITED	Alternate director	28-08-04	28-08-04	-	Active	NO
11	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	17-09-07	17-09-07	29-10-10	Active	NO
12	U63090MH1996PTC099340	DHL LEMUIR LOGISTICS PRIVATE LIMITED	Additional director	29-08-08	29-08-08	04-04-12	Active	NO
13	U24230GJ2010PLC061123	ALEMBIC PHARMACEUTICALS LIMITED	Director	29-08-11	31-03-11	-	Active	NO

Name :

Mr. Jivanlal Gulabrai Bhatt

Designation :

Whole Time Director

Address :

556/ A, Shriketan, Adenwala Road, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

23.10.1952

Qualification :

M.Sc. (North California State University, U.S.A.)

Date of Appointment :

01.01.1989

DIN No.:

00435182

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	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Whole-time director	01-01-89	01-01-89	-	Active	NO
2	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	17-03-89	17-03-89	-	Active	NO
3	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	15-10-08	11-10-07	29-10-10	Active	NO
4	U72200KA2010PTC055462	MSI SERVICES PRIVATE LIMITED	Director	15-03-12	12-10-10	-	Active	NO
5	U74900KA2011PTC057787	4D NATURAL STONES PRIVATE LIMITED	Whole-time director	22-03-11	22-03-11	-	Active	NO

Name :

Mr. Arvind Natvarlal Parikh

Designation :

Director

Address :

8, Palmera, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

19.10.1927

Date of Appointment :

29.08.1979

DIN No.:

00319473

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Whole-time director	25-05-50	25-05-50	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	19-07-61	19-07-61	28-12-06	Active	NO
3	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
4	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
5	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29-08-79	29-08-79	-	Active	NO
6	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Director	02-08-99	02-08-99	24-03-11	Active	NO
7	U63090MH2002PTC135399	DHL DANZAS LEMUIR PRIVATE LIMITED	Director	03-04-02	03-04-02	-	Amalgamated	NO
8	U74140MH2004PTC144831	A L RECORDS MANAGEMENT PRIVATE LIMITED	Director	03-03-04	03-03-04	24-03-11	Active	NO
9	U63090MH1996PTC099340	DHL LEMUIR LOGISTICS PRIVATE LIMITED	Additional director	10-06-08	10-06-08	04-04-12	Active	NO

Name :

Mr. Mangesh Shripad Kulkarni

Designation :

Director

Address :

201, Moti Mahal, 28 Senapari Bapat Marg, Mahim, Mumbai, Maharashtra India

Date of Birth/Age :

05.06.1942

Date of Appointment :

18.04.2001

DIN No.:

00347908

Name :

Mrs. Snehal Arvind Parikh

Designation :

Director

Address :

5, Rushila Building, Carmichal Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

01.02.1955

Date of Appointment :

26.12.1988

DIN No.:

00467965

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Managing director	19-06-78	19-06-78	-	Active	NO
2	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	26-12-88	26-12-88	-	Active	NO
3	U45203TN1994PTC045754	TIRUPUR CONTAINER TERMINALS PRIVATE LIMITED	Director	12-04-94	12-04-94	-	Active	NO
4	U63090MH2003PTC140699	LEMUIR SECURE LOGISTICS PRIVATE LIMITED	Director	03-06-03	03-06-03	-	Active	NO
5	U63030MH2003PTC142519	S P LOGISTICS PRIVATE LIMITED	Director	06-10-03	06-10-03	-	Active	NO
6	U63090MH1996PTC099340	DHL LEMUIR LOGISTICS PRIVATE LIMITED	Additional director	13-03-08	13-03-08	04-04-12	Active	NO

Name :

Mrs. Maya Pranav Parikh

Designation :

Whole Time-Director

Address :

18 A, Manek, L D Ruparel Marg, Malabar Hill Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.01.1978

Date of Appointment :

14.12.2001

DIN No.:

00468051

Name :

Ms. Shelina P. Parikh

Designation :

Whole Time Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

25.07.1968

Date of Appointment :

08.07.1994

DIN No.:

00468199

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	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	08-07-94	08-07-94	-	Active	NO
2	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Whole-time director	08-07-94	08-07-94	-	Active	NO

Name :

Mr. Jagdish Natvarlal Parikh

Designation :

Director

Address :

6B, Brighton, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

07.02.1930

Date of Appointment :

29.08.1979

DIN No.:

00348650

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Director	03-08-54	03-08-54	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	19-07-61	19-07-61	28-12-06	Active	NO
3	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
4	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31-12-74	31-12-74	-	Active	YES
5	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	29-08-79	29-08-79	-	Active	NO
6	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29-08-79	29-08-79	-	Active	NO
7	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Director	02-08-99	02-08-99	-	Active	NO
8	U63090MH2002PTC135399	DHL DANZAS LEMUIR PRIVATE LIMITED	Director	23-04-03	23-04-03	-	Amalgamated	NO
9	U74140MH2004PTC144831	A L RECORDS MANAGEMENT PRIVATE LIMITED	Director	12-08-04	12-08-04	-	Active	NO
10	U72900MH2005PTC153704	NOEMA (INDIA) PRIVATE LIMITED	Director	02-06-05	02-06-05	-	Active	NO
11	U92110MH1995PTC091089	TROPIC FILM PRIVATE LIMITED	Additional director	29-02-08	29-02-08	-	Active	NO
12	U63090MH1996PTC099340	DHL LEMUIR LOGISTICS PRIVATE LIMITED	Additional director	23-01-09	23-01-09	04-04-12	Active	NO

Name :

Mrs. Gayathri Ramkrishnan

Designation :

Director

Address :

10/ 75, Government Housing Colony, Unnat Nagar II, Off M.G. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

Date of Birth/Age :

01.03.1963

Date of Appointment :

14.03.2007

DIN No.:

01733464

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	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	14-03-07	14-03-07	-	Active	NO
2	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	15-10-08	11-10-07	29-10-10	Active	NO
3	U72900MH1980PTC022514	LASTRA NIRAJ PRIVATE LIMITED	Director	26-03-08	26-03-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Arvind N Parikh	127600
Arvind N Parikh (HUF)	3600
Anuradha Benegal	105500
Jagdish N Parikh (HUF)	600
Maya P Parikh and Pranav N Parikh	100200
Natverlal Parikh (HUF)	4500
Poorvi A Parikh and Arvind N Parikh	3600
Pranav N Parikh and Salome Pranav Parikh	850925
Pranav N Parikh (HUF)	408600
Salome P Parikh and Pranav N Parikh	71400
Savita S Parikh and Snehal A Parikh	3600
Shelina P Parikh and Pranav N Parikh	109800
Snehal A Parikh and Savita S Parikh	64800
Sophie Hyams and Pranav N Parikh	1800
Jivan G Bhatt and Nilakshi Bhatt	1075
Prashant J Parikh (Trustee of PAN Family Trust)	41300
Prashant J Parikh	64800
TOTAL	1963700

Names of Shareholders (Preference Shares)	No. of Shares
Pranav N. Parikh	1000000
TOTAL	1000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	99.91
Other top fifty shareholders	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Imaging Products.
Products :	Thermal CTP Solutions Violet CTP Solutions UV CTP Solutions Inkjet CTP Solutions Offset Plates Laser Plates Chemistry Flexo and Letterpress Sol Graphic Arts Films Offset Blankets Laser Media Inkjet Media Screen Print Solutions

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• Corporation Bank, Industrial Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, India
• Corporation Bank, Industrial Finance Branch, Bharat House No. 104, Ground Floor, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India
• Saraswat Co-Operative Bank Limited, Overseas Branch, 1^st Floor, Kimatral Building, 77/79, Maharshi Karve Road, Marin Lines, Mumbai – 400020, Maharashtra, India
• The Saraswat Co-Operative Bank Limited, Nana Chowk Branch, Mumbai-400 007, Maharashtra, India
• Citibank N.A., Mumbai, Maharashtra, India
• The United Western Bank Limited
• Bank of Baroda, Mumbai, Maharashtra, India
• Corporation Bank, 21, Dalal Street, Fort, Mumbai-400023, Maharashtra, India
• Bank of Baroda, Pune Branch, Pune Camp, Pune – 411001, Maharashtra, India
• Corporation Bank, Industrial Finance Branch, Bharat House No.104, Ground Floor, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions (15 Months)	31.12.2008 Rs. in Millions (8 Months)
i) Term Loans:
From Banks
- Rupee Loan (Repayable within a year Rs.305.739 Millions previous period Rs.32.500 Millions)	1835.277	1484.413
- Foreign Currency Loan (Repayable within a year Rs. Nil – Previous Period Rs.310.691 Millions)	--	310.691
ii) Housing Loan from Bank (Repayable within a year Rs.5.055 Millions – Previous period Rs.4.340 Millions)	12.035	17.563
iii) Vehicles Loans from Banks Rupee Loan (Repayable within a year Rs.0.463 Million- Previous period Rs.1.876 Millions)	0.633	2.620
Foreign Currency Loan (Repayable within a year Rs.0.063 Million – Previous period Rs.0.201 Million)	0.063	0.263
iv) Hire Purchase (repayable within a year Rs.0.665 Million – previous period Rs.0.572 Millions)	2.471	3.201
v) Working Capital Loans form Banks
- Rupee Loan	396.350	606.400
- Foreign Currency Loan	697.164	596.755
Total	2943.993	3021.906
Note: a) Term Loan from Corporation Bank led consortium are secured by first pari passu charge on all fixed assets situated at Plot No. E-1, E-2/2, E-3, C-2, T-4 and 17/1 MIDC. Taloja, Maharashtra by way of equitable mortgage and by second pari passu charge on all current assets present and future. b) Housing Loan is secured against hypothecation of flats. c) Vehicle loans are secured against hypothecation of vehicles d) Hire Purchase is secured against machinery taken on lease. e) Working Capital borrowings form Corporation bank led consortium on account of buyers credit, cash credit, Packing credits and bills discounting accounts are secured by a first pari passu charge on all current assets, present and future. These borrowings are additionally secured by a second pari passu charge on all fixed assets situated at Plot Nos. E-1, E-2/1, E-2/2, E-3, C-2, T-4 and 17/2 MIDC, Taloja, Maharashtra, by way of equitable mortgage. f) Above Secured loan includes interest accrued and due Rs.17.971 Millions (Previous period Rs.5.741 Millions)
Unsecured Loans	31.03.2010 Rs. in Millions (15 Months)	31.12.2008 Rs. in Millions (8 Months)
Short Term Loans and Advances
i) Loan from Directors	448.668	570.737
ii) Loans from Shareholders	355.937	328.796
iii) Interest Accrued and Due	26.055	30.337
iv) Deposit from company	1.650	0.000
Total	832.310	929.870

Banking Relations :	--
Auditors :
Name :	N.A. Shah and Associates Chartered Accountants
Address :	B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai-400013, Maharashtra, India
PAN.:	AAAFN5380N
Associates :	Technova Graphics Private Limited Lunar Caustics Private Limited Lemiur Group of Companies Technova Hichem Systems (Private) Limited Technova Imaging Systems INC, USA Technova Reprographic Systems (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs.19.800 Millions
1000000	Preferences Shares	Rs.100 /- each	Rs.100.000 Millions
20000	Unclassified Shares	Rs.10/- each	Rs.0.200 Million
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1963700	Equity Shares	Rs.10/- each	Rs.19.637 Millions
1000000	Preferences Shares	Rs.100 /- each	Rs.100.000 Millions
	Total		Rs.119.637 Millions

Notes:

Of the Above:

• 4,660 (previous period 4,660) Equity shares of Rs.10/.each, were allotted to erstwhile shareholders of TechNova Graphic Systems Private Limited and lmage Print makers Private Limited on amalgamation in the year 1990-91
• 21, 500 (previous period 2 1,500) Equity hares of Rs.10 each, were allotted to erstwhile shareholders of TechNova Investment and Leasing Private Limited amalgamation in the year 2003-04
• 6,300 (previous period 6,300) Equity shares of Rs.10/-each, were allotted to erstwhile shareholders of Sola Optical (India) Private Limited on amalgamation in the year (2003-04)
• 1 875,140 (previous period 1,875,140 Equity shares of Rs.10/each were allotted as fully paid-up bonus shares by capitalization of General reserve.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (15 Months)	31.12.2008 (9 Months)	31.03.2008 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		119.637	19.637	19.637
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.065	87.567	493.006
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		192.702	107.204	512.643
LOAN FUNDS
1] Secured Loans		2943.993	3021.906	2683.150
2] Unsecured Loans		832.310	929.870	549.663
TOTAL BORROWING		3776.303	3951.776	3232.813
DEFERRED TAX LIABILITIES		0.000	0.000	118.691
TOTAL		3969.005	4058.980	3864.147
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2201.801	2417.090	2380.266
Capital work-in-progress		4.824	20.555	62.688
INVESTMENT		75.230	75.125	81.319
DEFERREX TAX ASSETS		67.968	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1525.366	1283.330	1080.687
	Sundry Debtors	765.270	565.387	426.306
	Cash & Bank Balances	167.651	130.810	124.298
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	549.691	581.710	527.878
Total Current Assets		3007.978	2561.237	2159.169
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	976.737	724.710	598.885
	Other Current Liabilities	275.618	203.885	145.225
	Provisions	136.441	86.432	75.185
Total Current Liabilities		1388.796	1015.027	819.295
Net Current Assets		1619.182	1546.210	1339.874
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3969.005	4058.980	3864.147

.

KEY RATIOS

PARTICULARS	31.03.2010 (15 Months)	31.12.2008 (9 Months)	31.03.2008 (12 Months)
Debt Equity Ratio (Total Liability/Networth)	26.80	46.33	7.90
Current Ratio (Current Asset/Current Liability)	2.17	2.52	2.64

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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
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	No
30) Major Shareholders, if available	Yes

History

Subject was incorporated on at Mumbai in Maharashtra having Company Registration Number.

In an Extra-Ordinary General meeting of the members held on 16^th April, 1991, the scheme of Amalgamation of Technova Graphic Systems Private Limited and Image Printmakers Private Limited with the company was approved.

Name of the company was changed to Technova Imaging Systems Limited on 12^th April, 1993 and Registered on 14^th September, 1993.

Subject has become a Private Company with effect from 28^th February 2001.

FINANCIAL HIGHLIGHTS

The company has faced tremendous challenges on account of very high volatility in the commodity market and foreign exchange market leading to exceptional losses as indicated in the Profit and Loss Account. Subject to this exceptional item, the operation efficiency is considered satisfactory during the year.

In view of the above exceptional items, the company had availed the stimulus package which has been approved by the lead bankers. Further, it has been decided to close the accounts for the period of 15 months i.e. from January 2009 to March 2010 and thereafter to continue the fiscal year as the financial year of the company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999MH1979PTC021599
Name of the company	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Laxmi Mills Estate, Sakti Mills L, Off. Dr. E. Moses Road, Mahalakshmi – 400011, Mumbai, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90213299
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Corporation Bank, Industrial Finance Branch, Bharat House No. 104, Ground Floor, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India
Nature of instrument creating charge	a) Joint Supplemental Deed of Hypothecation b) Joint Supplemental Working Capital Consortium Agreement and c) Supplemental Inter Se Agreement (Collectively constitute a single charge for Rs. 4336.200 Millions)
Date of instrument Creating the charge	24.03.2011
Amount secured by the charge	Rs.4336.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be stipulated by the bank from time to time Terms of Repayment A) Working capital facilities to be repayable on demand and B) Term Loans granted by corporation bank, Saraswat Co-Operative bank limited and Indian Bank shall be repayable in accordance with the terms and conditions stipulated in respective sanction letters of and/ or as stated in the relevant security documents as amended from time to time Margin As may be stipulated by the bank from time to time Extent and Operation of the charge Hypothecation of Current Assets on pari passu first charge basis and hypothecation of Movable Fixed Assets by Second charge on secure working capital facilities of Corporation Bank Consortium. Hypothecation of Movable Fixed Assets by first pari passu charge basis and hypothecation of current assets by second pari passu charge basis to secure the term loan facilities granted/ to be granted by Corporation Bank, Saraswat Co-Operative Bank Limited and Indian Bank. Others a) The charge created herein by the Company shall be on pari passu inter se the members of Corporation Bank Consortium to secure the working capital facilities for all purpose and to all intents without any priority of one over the other or others and b) The charge created herein by the company shall be on pari passu inter se corporation Bank, Saraswat Bank and Indian Bank for their Term Loans for all purposes and to all intents without any priority of one over the others.
Short particulars of the property charged	Hypothecation of current assets on pari passu first charge basis to secure Working Capital Facilities of Corporation Bank Consortium Hypothecation of Movable Fixed Assets by way of pari passu second charge basis to secure Working Capital Facilities of Corporation Bank Consortium Hypothecation of Movable Fixed Assets on first pari passu charge basis to secure Term Loan Facilities granted / to granted by Corporation Bank, Saraswat Co-Operative Bank and India Bank Hypothecation of current assets on second pari passu charge basis to secure Term Loan faculties granted /to granted by Corporation Bank, Saraswat Co-Operative Bank and India Bank
Date of instrument modifying the charge	03.03.2010
Particulars of the present modification	The consortium charge shall now stands increased / modified/ revised from Rs. 3859.900 Millions to Rs. 4336.200 Millions (Comprising WC limits of Rs. 2550.000 Millions and TLs of Rs. 1786.200 Millions) in favour of the members of corporation bank consortium and Term Lenders.

Fixed Assets:

· Leasehold Land

· Freehold Land

· Factory Building and Residential Quarters

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Air – Conditioning Equipments

· Computers

· Vehicles

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.52.48
UK Pound	1	Rs.84.66
Euro	1	Rs.67.85

INFORMATION DETAILS

Report Prepared by :

MYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.