MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	EVERGREEN TECHNOLOGIES PRIVATE LIMITED
Registered Office :	3-D, Maker Bhavan -2, 18 New Marine Lines, Mumbai-400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.04.1972
Com. Reg. No.:	11-015773
Capital Investment / Paid-up Capital :	Rs.1.110 Millions
CIN No.: [Company Identification No.]	U32109MH1972PTC015773
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Demister, Mist Eliminator, Fiber Bed Mist Eliminator, Wire Product.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 214000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

LOCATIONS

Registered Office/ Factory :	3-D, Maker Bhavan-2, 18 New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22012461/22012706
Fax No.:	91-22-22010024
E-Mail :	info@evergreenindia.com

DIRECTORS

AS ON 11.09.2012

Name :

Mr. Ajit Laxmidas Thakker

Designation :

Director

Address :

77/78, Sahakar Niwas, 20 Tardeo Road, Mumbai-400034, Maharashtra, India

Date of Birth/Age :

19.07.1949

Date of Appointment :

31.10.1990

Election Commission Identity Card No.:

MT42427221

Din No.:

00436584

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	Company/ LLP Status	Defaulting status
1	U31300MH1979PTC021143	EVERGREEN WIRECLOTH FACTORY PRIVATE LIMITED	Director	29/01/1983	29/01/1983	Active	NO
2	U74999MH1990PTC057906	EVERGREEN SEPARATECH PRIVATE LIMITED	Director	28/08/1990	28/08/1990	Active	NO
3	U32109MH1972PTC015773	EVERGREEN TECHNOLOGIES PRIVATE LIMITED	Managing director	31/10/1990	31/10/1990	Active	NO

Name :

Mr. Mukesh Chandrakant Khagram

Designation :

Director

Address :

11 Swadhin Sadan, C Road, Churchgate, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

24.11.1959

Date of Appointment :

30.10.1990

Election Commission Identity Card No.:

MT419255254

Din No.:

00437042

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	Company/ LLP Status	Defaulting status
1	U31300MH1979PTC021143	EVERGREEN WIRECLOTH FACTORY PRIVATE LIMITED	Director	30/10/1990	30/10/1990	Active	NO
2	U74999MH1990PTC057906	EVERGREEN SEPARATECH PRIVATE LIMITED	Director	30/10/1990	30/10/1990	Active	NO
3	U32109MH1972PTC015773	EVERGREEN TECHNOLOGIES PRIVATE LIMITED	Director	31/10/1990	31/10/1990	Active	NO
4	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	Active	NO
5	U11200MH2000PTC124048	IHSEDUAGROCHEM PRIVATE LIMITED	Director	26/09/2011	19/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.09.2012

Names of Shareholders	No. of Shares
Ajit Laxmidas Thakker and Kokila Ajit Thakker	200
Ajit Laxmidas Thakker HUF	130
Hansa Chandrakant Khagram and Mukesh Chandrakant Khagram	80
Mukesh Chandrakant Khagram and Hansa Chandrakant Khagram	10
Mukesh Chandrakant Khagram and Sadhana Mukesh Khagram	430
Kokila Ajit Thakker and Ajit Laxmidas Thakker	220
Evergreen Wirecloth Factory Private Limited, India	10
Mukesh Chandrakant Khagram and Sadhana Mukesh Khagram	30
TOTAL	1110

AS ON 11.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Demister, Mist Eliminator, Fiber Bed Mist
Eliminator, Wire Product.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Gava Seperater	842139
Welded Wiremesh	731411

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Actual Production
Gava Separation/ FBME	Pcs R/Sq. Mtr/ Kgs	NA	--
Ferrous/ Non Ferrous Wire Mesh	Pcs R/Sq. Mtr/ Kgs	NA	126738 895 14795

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Fort Branch, Universal Insurance Building, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loan From Banks [secured against hypothecation of motor cars]	2.663	0.500
Short Term Borrowings
Cash Credit From Banks [secured by hypothecation of entire, present and future, current assets of the company including stocks and receivables and collaterally secured by way of pledge of entire fixed assets]	27.487	27.033
TOTAL	30.150	27.533
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties	13.065	12.015
Other Loans and Advances	1.313	1.197
TOTAL	14.378	13.212

Banking Relations :	--
Auditors :
Name :	Raiyani and Company Chartered Accountants
Address :	4-B2, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
PAN No:	AABPR7628E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.1000/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1110	Equity Shares	Rs.1000/- each	Rs.1.110 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.110	1.110
(b) Reserves & Surplus	52.407	41.705
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	53.517	42.815
(3) Non-Current Liabilities
(a) long-term borrowings	2.663	0.500
(b) Deferred tax liabilities (Net)	0.288	0.488
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.951	0.988
(4) Current Liabilities
(a) Short term borrowings	41.865	40.245
(b) Trade payables	23.337	25.733
(c) Other current liabilities	5.437	7.255
(d) Short-term provisions	6.239	11.230
Total Current Liabilities (4)	76.878	84.463
TOTAL	133.346	128.266
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.415	19.247
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.265	2.111
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	20.685	21.363
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	61.887	35.587
(c) Trade receivables	26.426	32.320
(d) Cash and cash equivalents	10.877	21.157
(e) Short-term loans and advances	13.471	17.839
(f) Other current assets	0.000	0.000
Total Current Assets	112.661	106.903
TOTAL	133.346	128.266

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.110
2] Share Application Money		0.000
3] Reserves & Surplus		28.395
4] (Accumulated Losses)		0.000
NETWORTH		29.505
LOAN FUNDS
1] Secured Loans		28.557
2] Unsecured Loans		8.443
TOTAL BORROWING		37.000
DEFERRED TAX LIABILITIES		0.242
TOTAL		66.747
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.350
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.200
	Sundry Debtors	33.428
	Cash & Bank Balances	33.755
	Other Current Assets	0.000
	Loans & Advances	17.254
Total Current Assets		99.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.394
	Other Current Liabilities	7.698
	Provisions	13.153
Total Current Liabilities		45.245
Net Current Assets		54.392
MISCELLANEOUS EXPENSES		0.000
TOTAL		66.747

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	170.906	203.847
		Other Income	NA
		TOTAL	NA	170.906	203.847
Less	EXPENSES
		TOTAL	NA	142.456	176.473
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		21.115	28.450	27.374
Less/ Add	DEPRECIATION/ AMORTISATION		3.091	2.353	1.434
	PROFIT / (LOSS) BEFORE TAX		18.024	26.097	25.940
Less	TAX		5.910	8.897	9.357
	PROFIT / (LOSS) AFTER TAX		12.114	17.200	16.583
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.701	24.111	11.311
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	1.720	0.000
		Interim Dividend	1.110	1.110	0.000
		Proposed Dividend	0.111	2.220	3.330
		Tax on Interim Dividend	0.180	0.184	0.553
		Tax on Proposed Dividend	0.018	0.360	0.000
		Income Tax is Respect of Earlier Years	0.000	0.016	(0.006)
		Short/Excess Provision for Tax Earlier Years	(0.007)	0.000	(0.093)
	BALANCE CARRIED TO THE B/S		44.403	35.701	24.110
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	27.733	25.140	64.732
		Commission	0.894	0.876	0.806
		Reimbursement of Freight Paid		0.377	0.678
		Reimbursement of Exhibition Expenses	0.452	0.982	0.352
		Interest Income	0.000	1.737	0.000
		Professional Fees	0.284	0.000	0.000
	TOTAL EARNINGS		0.736	29.112	66.568
	IMPORTS
		Raw Materials	8.575	8.517	13.210
		Finished Goods	7.637	0.987	1.459
		Spares and Machinery Parts/Capital Goods	0.017	0.000	0.000
	TOTAL IMPORTS		16.229	9.504	14.669
	Earnings / (Loss) Per Share (Rs.)		10913.51	15495.50	14939.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	10.06	8.14
Return on Total Assets (PBT/Total Assets}	(%)	13.52	20.35	23.16
Return on Investment (ROI) (PBT/Networth)		0.34	0.61	0.88
Debt Equity Ratio (Total Debt/Networth)		0.83	0.95	1.25
Current Ratio (Current Asset/Current Liability)		1.47	1.27	2.20

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	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90241441	13/02/2013 *	57,000,000.00	Axis Bank Limited	JEEVAN PRAKASH BUILDING, SIR. P. M. ROAD, FORT, MUMBAI- 400001, MAHARASHTRA, INDIA	B70515481
* Date of charge modification

ACTIVITIES OF COMPANY:

During the year, the company carried on the same business as in the past. There is no change in the activity of the company.

FIXED ASSETS:

• Factory Building
• Furniture and Fixtures
• Plant and Machinery
• Dies
• Factory Equipments
• Electrical Fittings
• Weighing Scales
• Type Writers
• Motor Cars
• Air Conditioners
• Office Equipments
• Computers
• Land

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.67.70
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.