MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	MILTECH INDUSTRIES PRIVATE LIMITED
Registered Office :	F-27/1, MIDC Industrial Hingna Road, Nagpur - 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.1982
Com. Reg. No.:	11-027274
Capital Investment / Paid-up Capital :	Rs. 113.610 Millions
CIN No.: [Company Identification No.]	U74950MH1982PTC027274
PAN No.: [Permanent Account No.]	AAACN8953B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of semi-finished products of plastic.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in profitability during 2011-2012. However, general financial performance is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	-
Rating Explanation	CRISIL has kept its rating under continuous surveillance.
Date	April, 2013

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 DECLINED BY

Name :	Mr. Kamlesh Goyal
Designation :	Company Secretary
Contact No.:	91-7104-237210
Date :	25.04.2013

LOCATIONS

Registered Office/ Head Office :	F-27/1, MIDC Industrial Hingna Road, Nagpur - 440016, Maharashtra, India
Tel. No.:	91-7104-237210
Fax No.:	91-7104-237573
E-Mail :	kkgoyel@miltechindustries.com miltech_ngp@sancharnet.in sujaramu1@rediffmail.com
Website :	http://www.miltechindustries.com
Area :	10000 sq. ft.
Location:	Owned
Factory :	Plot No. D-38, MIDC, Ranjangaon, Taluka Sirur, District Pune - 412220, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Govindlal Nityanand Agarwal
Designation :	Executive Director
Address :	80, Ring Road, Kotwal Nagar, Nagpur – 440015, Maharashtra, India
Date of Birth/Age :	25.05.1937
Date of Appointment :	31.05.1982
PAN No.:	AAKPA1669B
Voter Id:	MT/23/136/264214
DIN No.:	00567297
Name :	Mr. Pradeep Govindlal Agrawal
Designation :	Director
Address :	80, Ring Road, Kotwal Nagar, Nagpur - 440015, Maharashtra, India
Date of Birth/Age :	15.12.1961
Date of Appointment :	07.06.1984
PAN No.:	AAKPA1670Q
Voter Id:	MT/23/136/264409
DIN No.:	00567331
Name :	Mr. Gulabrao Nathuji Patankar
Designation :	Director
Address :	Bandu Soni Layout, Bhamat Parsodi, Nagpur, Maharashtra, India
Date of Birth/Age :	26.02.1952
Date of Appointment :	10.06.1999
PAN No.:	ACGPP3313D
DIN No.:	00567320
Name :	Mr. Satish Ghanshamdasji Laddhad
Designation :	Director
Address :	Laddhad House, Gorepeth, Opposite G. S. Commerce College, Nagpur - 440010, Maharashtra, India
Date of Birth/Age :	20.05.1960
Date of Appointment :	10.06.2009
DIN No.:	00567353

KEY EXECUTIVES

Name :	Mr. Kamlesh Goyal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Equity Shares
Govindlal N Agarwal	78540
Shardadevi G Agarwal	10500
Pradeep G Agarwal	587540
Vanita Pradeep Agarwal	2092000
Gaurav Pride Agarwal	11220
Pradeep Govindlal Agarwal HUF	200200
Niharika Trust, Nagapur, Maharashtra, India	100000
Shweta Jan	150000
Sunanda Saraf	25000
Wood Preservers Private Limited, Nagapur, Maharashtra, India	1284000
Dada Dharamnath Timber Company Private Limited, Nagpur, Maharashtra, India	3949000
Nityanand Udyog Private Limited, Nagpur, Maharashtra, India	73000
Total	8561000

Names of Shareholders	No. of Preference Shares
Dada Dharamnath Timber Company Private Limited, Nagpur, Maharashtra, India	1800000
Vanita Enterprises, Nagpur, Maharashtra, India	1000000
Total	2800000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	62.00
Directors or relatives of Directors	35.00
Others	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of semi-finished products of plastic.

Products :

Description of product	ITC code
Semi-finished products of plastic	39269009

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

· State Bank of India, IFB Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks (Repayable Rs. 35.600 Millions in the Year 2013-14, Rs. 41.800 Millions in 2014-15 and balance Rs. 2.600 Millions In 2015-16)	80.018	111.393
Rupee term loans from others (Secured Against Hypothecation of Machinery)	0.000	9.493
Loans taken for vehicles (Car Loan are Secured by Hypothecation of Car)	6.136	7.029
Loans taken for Other Fixed Assets (Secured Against Hypothecation of Machinery)	15.428	0.000
Working capital loans from banks	113.523	112.565
Other loans and advances	8.147	14.948
Total	223.252	255.428

Banking Relations :	--
Auditors :
Name :	Loya Bagri and Company Chartered Accountants
Address :	Popular Market, Gaandhibagh, Nagpur, Maharashtra, India
PAN No.:	AAAFL2608P
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relative :	· Wood Preservers Private Limited CIN No.: U45202MH1970PTC014610 · Nityanand Udyog Private Limited CIN No.: U24100MH1976PTC018874 · Vanita Enterprises

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions
3000000	Preference Shares	Rs.10/- each	Rs. 30.000 Millions
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8561000	Equity Shares	Rs.10/- each	Rs. 85.610 Millions
2800000	Preference Shares	Rs.10/- each	Rs. 28.000 Millions
	Total		Rs. 113.610 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		113.610	113.610	113.610
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		104.179	96.056	66.658
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		217.789	209.666	180.268
LOAN FUNDS
1] Secured Loans		223.252	255.428	308.466
2] Unsecured Loans		49.606	54.923	72.691
TOTAL BORROWING		272.858	310.351	381.157
DEFERRED TAX LIABILITIES		12.042	14.046	11.785
TOTAL		502.689	534.063	573.210
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		268.171	264.944	287.821
Capital work-in-progress		11.361	9.698	0.499
INVESTMENT		0.033	0.835	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	255.830	192.549	197.537
	Sundry Debtors	131.643	167.828	222.594
	Cash & Bank Balances	11.045	29.789	6.425
	Other Current Assets	5.168	0.245	0.000
	Loans & Advances	36.560	46.754	25.664
Total Current Assets		440.246	437.165	452.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.825	52.893	129.546
	Other Current Liabilities	149.298	113.573	45.259
	Provisions	7.999	12.113	1.647
Total Current Liabilities		217.122	178.579	176.452
Net Current Assets		223.124	258.586	275.768
MISCELLANEOUS EXPENSES		0.000	0.000	9.097
TOTAL		502.689	534.063	573.210

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales (Without Excise, VAT and CST Collection)	671.200	627.900	570.300
		Other Income	8.408	NA	5.976
		TOTAL	679.608	NA	576.276
Less	EXPENSES
		Office Expenses
		Administrative Expenses	627.097	NA	535.974
		Advertising Expenses
		TOTAL	627.097	NA	535.974
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		52.511	NA	40.302
Less/ Add	DEPRECIATION/ AMORTISATION		36.504	NA	33.455
	PROFIT BEFORE TAX		16.007	44.937	6.847
	TAX		3.550	11.620	4.533
	PROFIT AFTER TAX		12.028	33.317	2.314
	EARNINGS IN FOREIGN CURRENCY		34.751	42.302	NA
	Earnings Per Share (Rs.)		1.06	2.93	0.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.77	NA	0.40
Net Profit Margin (PBT/Sales)	(%)	2.38	7.16	1.20
Return on Total Assets (PBT/Total Assets}	(%)	2.26	6.40	0.93
Return on Investment (ROI) (PBT/Networth)		0.07	0.21	0.04
Debt Equity Ratio (Total Debt /Networth)		1.25	1.48	2.11
Current Ratio (Current Asset/Current Liability)		2.03	2.45	2.56

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors for Capital Goods	59.825	52.893	3.369
Sundry Creditors for Purchase			126.177
	59.825	52.893	129.546

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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74950MH1982PTC027274
Name of the company	MILTECH INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-27/1, MIDC Industrial Hingna Road, Nagpur - 440016, Maharashtra, India sujaramu1@rediffmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	INTEC Capital Limited, 701,Manjusha, 57 Nehru Place, New Delhi - 110019, India complianceofficer@inteccapital.com
Nature of instrument creating charge	First and exclusive charge by way of endorsement on the old assets financed by INTEC Capital Limited
Date of instrument Creating the charge	22.12.2012
Amount secured by the charge	Rs. 15.238 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.00% on Reducing Basis. Terms of Repayment EMI of Rs. 0.521 Million payable in 36 months. Extent and Operation of the charge First and exclusive charge by way of endorsement on the old assets financed by INTEC Capital Limited
Particulars of the property charged	· 1 set of used Thermoplastic Injection Mouding Machine Model SM-850 screw dia with high base invoice No. as-34004 year of mfg-2005 from Asian Plastic Machinery Company Limited · 1 set of used Thermoplast Moulding Machine model SM 850 100 mm screw dia invoice as 33204 year of mfg 2004 from Asian Plastic Machinery Company Limited · 1 set of used Injection Moulding Machine model JM 1000 c2 screw dia invoice No. 8908159 from chen hsong machinery Macao Commercial Offsore Company Limited.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Deferred sales tax loan	21.817	21.255
Loans and advances from others (Loans From Related Parties are of Long Term Nature, However no Repayment Schedule has been defined for the same.)	27.458	30.136
Loans repayable on demand	0.295	0.670
Loans and advances from related parties	0.036	2.862
Total	49.606	54.923

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Claims against company not acknowledged as debt	1.638	0.000
Guarantees	20.417	26.499

FIXED ASSETS

· Land

· Building

· Factory Building

· Plant and Equipment

· Factory Equipment

· Furniture and fixtures

· Vehicles

· Computer Equipment

· Office Equipment

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. 54.17
UK Pound	1	Rs. 82.99
Euro	1	Rs. 70.62

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.