MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	AIM MACHINTECHNIK PRIVATE LIMITED [w.e.f. 10.04.2007]
Formerly Known As :	AIM FLEXIPACK PRIVATE LIMITED
Registered Office :	Plot No. 2803, Road I-3, Kranti Gate, Lodhika GIDC, Metoda, Kalawd Road, Rajkot-360035, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.1995
Com. Reg. No.:	04-024709
Capital Investment / Paid-up Capital :	Rs.0.101 Million
CIN No.: [Company Identification No.]	U29119GJ1995PTC024709
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sealing and Printing Machines.
No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. There appears accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Birju Shantilal Savsani
Designation :	Director
Contact No.:	91-9427720302
Date :	27.09.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 2803, Road I-3, Kranti Gate, Lodhika GIDC, Metoda, Kalawd Road, Rajkot-360035, Gujarat, India
Tel. No.:	91-2827-287069/70
Mobile No.:	91-9427720302 [Mr. Birju Shantilal Savsani]
Fax No.:	Not Available
E-Mail :	birjusavsani@aimflex.com
Website :	http://www.aimflex.com
Area :	1300 st. mtr.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anilbhai Laxmanbhai Savsani

Designation :

Director

Address :

“Ashirvad”, 2 Ramdham Society, Kalawad Road, Rajkot-360005, Gujarat, India

Date of Appointment :

10.02.2003

Voter Id No.:

JVT2244671

Din No.:

00662229

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ1988PTC010486	LINEAR POLYPACK PRIVATE LIMITED	Managing director	23/03/1988	23/03/1988	-	Active	NO
2	U29119GJ1995PTC024709	AIM MACHINTECHNIK PRIVATE LIMITED	Director	21/02/1995	21/02/1995	-	Active	NO
3	U25199GJ2000PTC037246	AMULYA FLEXIPIPE PRIVATE LIMITED	Director	27/01/2000	27/01/2000	21/06/2007	Active	NO

Name :

Mr. Birju Shantilal Savsani

Designation :

Director

Voter Id No.:

JVT2223105

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rajendrabhai Hirjibhai Savsani	1050
Narendrabhai Laxmanbhai Savsani	2050
Anilbhai Laxmanbhai Savsani	1000
Abhishek Narendrabhai Savsani	1000
Dhirenkumar Madhavjibhai Savsani	500
Bharatkumar Mohanlal Savsani	500
Birjukumar Shantilal Savsani	500
Ansuyaben Narendrabhai Savsani	2000
Priyankabhai Narendrabhai Savsani	1000
Gargiben Shantilal Savsani	500
TOTAL	10100

AS ON 01.11.2011

Names of Allottees	No. of Shares
Anilbhai Laxmanbhai Savsani	60000
TOTAL	60000

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 Sealing and Printing Machines.
Exports :
Products :	Sealing and Printing Machines
Countries :	· Tanzania · Nigeria · South Africa · Sri Lanka
Imports :
Products :	Raw Materials
Countries :	· Bangkok · America · China · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Anupam Heaters and Controls Private Limited

· Arvind Rub-Web Controls Private Limited

· Atul Rubber Corporation

· B and R Industrial Automation Private Limited

· Balaji Engineers

· Festo Controls Private Limited

· H P Product

· IGUS (India) Private Limited

· Indofeb Engineering and Traders

· Maheshwari Power Drives

· Orange Enterprise

· Power Drives (Guj) Private Limited

· Parag Manufacturers

· Sandip Sales Corporation

Customers :

· Agarwal Polymers

· Print Pack Industries

· Gayatri Polyprint

· Malpani Polymers Private Limited

· Navsarjan Polyprint

· Shreeji Plastics

· United Preciaion Plastics

· Nivedha Packaging

· Ajanta Plastic Industries

· Pelican Polyfilms Limited

· Purusharth Auto Services

· Shree Pla Private Limited

· Viral Polymers

· Reliance Plastic Industries

No. of Employees :

15 [Approximately]

Bankers :

Union Bank of India Limited, Rajkot Main Branch, Rajkot-360001, Gujarat, India

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Anilbhai Laxmanbhai Savsani	1.279	1.286
Bhakti A. Savsani	0.050	0.050
Kumar Enterprise	0.000	0.200
TOTAL	1.329	1.536

Banking Relations :	--
Auditors :
Name :	Dodiya Mehta and Company Chartered Accountants
Address :	201, Shilp Tower, Tagore Road, Rajkot-360002, Gujarat, India
PAN No:	AACFD5674P

CAPITAL STRUCTURE

AS ON 30.09.2011

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
70100	Equity Shares	Rs.10/- each	Rs.0.701 Million

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
10100	Equity Shares	Rs.10/- each	Rs.0.101 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		0.101	0.101	0.101
2] Share Application Money		0.000	0.000	0.500
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.359)	(0.397)	(0.473)
NETWORTH		(0.258)	(0.296)	0.128
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.329	1.536	1.336
TOTAL BORROWING		1.329	1.536	1.336
DEFERRED TAX LIABILITIES		0.017	0.016	0.015
TOTAL		1.088	1.256	1.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.051	0.000	0.372
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.550	0.302	1.753
	Sundry Debtors	1.808	1.367	1.034
	Cash & Bank Balances	0.038	0.039	0.118
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.716	0.170	0.719
Total Current Assets		3.112	1.878	3.624
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.552	0.363	0.880
	Other Current Liabilities	1.399	0.160	1.511
	Provisions	0.124	0.099	0.126
Total Current Liabilities		2.075	0.622	2.517
Net Current Assets		1.037	1.256	1.107
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.088	1.256	1.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale	2.834	2.371	12.959
		Interest Income	0.003	0.000	0.004
		Service Income	0.038	0.000	0.000
		TOTAL	2.875	2.371	12.963
Less	EXPENSES
		Raw Material Consumed	2.698	1.259	6.941
		Direct Expenses	0.055	0.051	1.577
		Administration and Other Expenses	0.312	0.445	2.123
		Increase/Decrease in Stock	(0.248)	0.540	2.829
		TOTAL	2.817	2.295	13.470
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.058	0.076	(0.507)
Less/ Add	DEPRECIATION/ AMORTISATION		0.018	0.000	0.093
	PROFIT / (LOSS) BEFORE TAX		0.040	0.076	(0.600)
Less	TAX		0.002	0.000	0.007
	PROFIT / (LOSS) AFTER TAX		0.038	0.076	(0.607)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.397)	(0.473)	0.134
	BALANCE CARRIED TO THE B/S		(0.359)	(0.397)	(0.473)
	Earnings / (Loss) Per Share (Rs.)		3.76	7.52	(60.10)

Particulars	31.03.2012
Sales Turnover [Approximately]	14.000 [Due to develop new product]

Expected Sales (2012-13) : Rs.30.000 Millions.

The above information has been parted by Mr. Birju Shantilal Savsani.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	3.20	(4.68)
Net Profit Margin (PBT/Sales)	(%)	1.41	3.21	(4.63)
Return on Total Assets (PBT/Total Assets}	(%)	1.26	4.05	(15.02)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.25)	(4.69)
Debt Equity Ratio (Total Liability/Networth)		(13.19)	(7.29)	30.10
Current Ratio (Current Asset/Current Liability)		1.50	3.02	1.44

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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%	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10353268
Corporate identity number of the company	U29119GJ1995PTC024709
Name of the company	AIM MACHINTECHNIK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2803, Road I-3, Kranti Gate, Lodhika GIDC, Metoda, Kalawd Road, Rajkot-360035, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Union Bank of India Limited, Rajkot Main Branch, Rajkot-360001, Gujarat, India
Email	hershjani@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	As per the Hypothecation Deed
Date of instrument Creating the charge	20.06.2012
Amount secured by the charge	Rs.6.383 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 4%. Base Rate is 10.5% = 14.5% Terms of Repayment As per the Deed Margin 25% on Stock and 50% on Book Debts. 25% on Machinery in case of Term Loan Extent and Operation of the charge As per the document
Short particulars of the property charged	Assets in the name of Company. Book Debts and Stock in the name of Company.
Date of latest modification prior to the present modification	28.03.2012
Particulars of the present modification	Charge Created on the Assets of the Company including Book Debts and Stock to the extent of Rs. 6.000 Millions Cash Credit and Rs.0.383 Million Term Loan.

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 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 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.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.