MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	MOTAN-COLORTRONIC PLASTICS MACHINERY (INDIA) PRIVATE LIMITED
Registered Office :	New Survey No. 113/1, 200F.T. Radial Road, Alagappa Nagar, Zamin Pallavaram, Chennai – 600117, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	01.05.2009
Com. Reg. No.:	18-071501
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U29299TN2009FTC071501
TAN No.: [Tax Deduction & Collection Account No.]	CHEM11415F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, assembling and sale of Auxiliary Equipment for Plastics Processing Machinery and all types of machines and equipments for plastic industry.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 37000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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 cautions.

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 (General Details)

Name :	Ms. Vidya
Designation :	Manager
Contact No.:	91-9840023759
Date :	21.05.2012

LOCATIONS

Registered Office :	New Survey No. 113/1, 200F.T. Radial Road, Alagappa Nagar, Zamin Pallavaram, Chennai – 600117, Tamilnadu, India
Tel. No.:	91-44-22472423
Mobile No.:	91-9840023759 (Ms. Vidya)
Fax No.:	91-44-22472422
E-Mail :	sriramnagrajan@srinishankar.com vsacs09@gmail.com
Location :	Owned

DIRECTORS

AS ON 25.04.2011

Name :

Mr. Srikanth Padmanabhan

Designation :

Managing Director

Address :

Flat C, Sai Vasantham, New No. 41, 3^rd Main Road, Gandhi Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

03.09.1956

Qualification :

M.E.

Experience :

31 Years

Date of Appointment :

01.05.2009

DIN No.:

01971337

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	U29299TN2009FTC071501	MOTAN-COLORTRONIC PLASTICS MACHINERY (INDIA) PRIVATE LIMITED	Managing director	01-11-09	01-05-09	Active	NO

Name :

Mr. Ulrich Eberhardt

Designation :

Director

Address :

Altringenberg 105, Gestratz, D88167, Germany

Date of Birth/Age :

19.01.1954

Date of Appointment :

09.07.2009

DIN No.:

02663292

Name :

Mr. Vidya Ramesh

Designation :

Alternate Director

Address :

Flat B II Floor, New No. 5, Old No. 6, Valliamal Garden 2^nd Street, Kodambakkam, Chennai – 600024, Tamilnadu, India

Date of Birth/Age :

21.08.1972

Date of Appointment :

09.07.2009

DIN No.:

02721029

KEY EXECUTIVES

Name :	Ms. Vidya
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.04.2011

Names of Shareholders	No. of Shares
Ralf Schneider Holding Gmbh	2999990
Motan Holding Gmbh	10
Total	3000000

AS ON 25.04.2011

Equity Share Breakup	Percentage of Holding
Category
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 :	Manufacturing, assembling and sale of Auxiliary Equipment for Plastics Processing Machinery and all types of machines and equipments for plastic industry.
Products :	v C-Flex Er Gravimetric (Single And Twin Screw Flexible Walled Feeder) v C-Flex M Gravimetric (Dosing Unit With Flexible Walled Hopper) v C-Flex M Volumetric (Dosing Unit With Flexible Walled Hopper) v Colorblend M Duo Additive Feeding System v Compact 50/80/100/120 v Ct 36 Gravimetric (Twin Screw Feeder With Agitator) v Graviplus (Gravimetric Dosing And Blending System) v Linknet (Visualisation System) v Luxor Hd (Hot Air Dryer) v Luxor Hdc (Crystalliser) etc
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	45 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Srinivasan and Shankar Chartered Accountants
Address :	18, II Floor, Karpagambal Nagar, Mylapore, Chennai – 600004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AANFS4136Q
Associates/Subsidiaries :	Motan Holding GmbH
Holding Company :	Ralf Schneider Holding GmbH

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		30.000	10.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(20.735)	(3.725)
NETWORTH		9.265	6.275
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		9.265	6.275
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.736	1.760
Capital work-in-progress		0.000	0.238
INVESTMENT		2.103	3.057
DEFERRED TAX ASSETS		0.458	0.074
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.417	6.362
	Sundry Debtors	5.821	1.945
	Cash & Bank Balances	2.027	0.865
	Other Current Assets	0.000	0.000
	Loans & Advances	7.504	1.210
Total Current Assets		34.769	10.382
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.621	7.557
	Other Current Liabilities	6.977	1.572
	Provisions	0.203	0.107
Total Current Liabilities		31.801	9.236
Net Current Assets		2.968	1.146
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		9.265	6.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009
	SALES
		Income
		Other Income
		TOTAL	74.845	2.322
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	91.547	3.360
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial Expenses)	(Including Financial Expenses)
Less	FINANCIAL EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(16.702)	(1.038)
Less/ Add	DEPRECIATION/ AMORTISATION		0.691	3.047
	PROFIT BEFORE TAX		(17.393)	(3.799)
Less	TAX		0.383	0.074
	PROFIT AFTER TAX		(17.010)	(3.725)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		N.A.	N.A.
	BALANCE CARRIED TO THE B/S		N.A.	N.A.
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.712	N.A.
	TOTAL EARNINGS		1.712	N.A.
	TOTAL IMPORTS		63.324	6.460
	Earnings Per Share (Rs.)		(16.83)	(15.45)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009
PAT / Total Income	(%)	(22.73)	(160.42)
Return on Total Assets (PBT/Total Assets}	(%)	45.17	31.29
Return on Investment (ROI) (PBT/Networth)		1.88	0.61
Debt Equity Ratio (Total Liability/Networth)		3.43	1.47
Current Ratio (Current Asset/Current Liability)		1.09	1.12

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. Constitution 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	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last two years	Yes
12. Profitability for last two 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	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	No
24. Banking facility details	No
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

ABOUT THE COMPANY

Subject (Company) was incorporated on 1st May 2009 as a Private Limited Company under the Companies Act, 1956. It is a wholly owned subsidiary of M/s Ralf Schneider Holding GmbH, Germany approved by the Foreign Direct Investment (FDI) policy of India by Foreign Investment Promotion Board (FIPB) on January 20, 2009.

BUSINESS

The Company is engaged in the business of Manufacturing, assembling and sale of Auxiliary Equipment for Plastics Processing Machinery and all types of machines and equipments for plastic industry.

PROSPECTS FOR THE FUTURE:

The Directors are exploring various opportunities for growth of the Company. Efforts are being taken to identify new clients. The Company’s domestic order position is encouraging. A strategic plan of action has been evolved to have a perennial flow of orders. The Directors are optimistic about better performance of the company in the current year. The Company expects to do a turnover of Rs. 120 million during the year ending December‟2011.

CONTINGENT LIABILITIES:

(Rs. in Millions)

Contingent Liabilities not provided for in respect of:-	31.12.2010	31.12.2009
Outstanding guarantees given by banks	4.215	Nil
Estimated amount of claims against the Company not acknowledged as debts in respect of:
- Disputed Income tax matters	Nil	Nil
- Disputed Sales tax matters	Nil	Nil
- Customer Claims	Nil	Nil
- Pending C Forms and Form XVII	6.080	Nil

NOTE :

Guaranteees given by banks constitute performance guarantee given by Deutsche Bank AG, Chennai Branch (vide Guarantee no.916BGG1000611) to the extent of Rs.4.215 Millions in favour of M/s Maruti Suzuki India Limited on behalf of the M/s Motan-Colortronic Plastics Machinery (India) Private Limited.

FIXED ASSETS

Tangible Assets

v Leasehold improvements

v Plant and Machinery

v Office Equipments

v Furniture and Fixtures

v Electrical Fittings

v Jigs and Tools

v Vehicles

v Computers

Intangible Assets

v Computer 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. 55.58
UK Pound	1	Rs. 87.14
Euro	1	Rs. 69.73

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.