MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	ACE MANUFACTURING SYSTEMS LIMITED
Registered Office :	Plot No.467-469, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1994
Com. Reg. No.:	08-015321
Capital Investment / Paid-up Capital :	Rs. 6.880 Millions
CIN No.: [Company Identification No.]	U85110KA1994PLC015321
TAN No.: [Tax Deduction & Collection Account No.]	BLRA01051B
PAN No.: [Permanent Account No.]	AACCA3584G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Vertical Machining Centers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5140000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Overall financial position of the company appears to be strong and healthy. Fundamental of the company seems to be strong. Trade relations are fair. Business is active. Payment terms are regular and as per commitment. The company can be considered for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits : A+
Rating Explanation	Adequate credit quality and average credit risk.
Date	July 01, 2013

Rating Agency Name	ICRA
Rating	LC : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	July 01, 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

91-80-41828100 [CONTINUOUSLY RINGING]

LOCATIONS

Registered Office :	Plot No.467-469, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41828100/ 28360508-12/ 41828102
Fax No.:	91-80-28362791/41828102
E-Mail :	helpdesk@amslindia.com
Website :	http://www.amsl.in
Sales and Service Centers :	Located at: · Aurangabad · Bangalore · Belgaum · Hyderabad · Kolkata · Kolhapur · Chennai · Ranipet · Mumbai · Coimbatore · Pune · Gurgaon · Delhi · Faridabad · Jamshedpur · Rajkot

DIRECTORS

AS ON 16.05.2012

Name :

Puttige Ramdas

Designation :

Managing director

Address :

No.452, 1st Stage 1 main Bemllayout, Basveshwarnagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

18.03.1946

Qualification :

B.E., M. Tech

Date of Appointment :

01.04.2010

PAN No.:

AANPR3545A

DIN No.:

01510873

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	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Managing director	01/04/2010	30/03/1996	Active	NO
2	U28930KA2007PTC043919	AMS BHARGAVA MACHINING PRIVATE LIMITED	Director	20/09/2007	20/09/2007	Active	NO

Name :

Mr. Shrinivas Govindrao Shirgurkar

Designation :

Director

Address :

586, 1^st Main, 2^nd Stage, 3^rd Block, Rmvextention, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

08.04.1948

Qualification :

B.E.

Date of Appointment :

07.03.1994

PAN No.:

AKMPS5692E

DIN No.:

00173944

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01/07/2010	25/09/1986	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED	Director	03/11/2005	03/11/2005	Active	NO
7	L85110KA1980PLC003913	WENDT INDIA LIMITED	Director	17/04/2006	17/04/2006	Active	NO
8	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	Active	NO
9	U74900KA2012NPL067059	IMTMA MACHINE TOOL INDUSTRY PARK	Director	06/12/2012	06/12/2012	Active	NO
10	U72200KA2013PTC070078	ACEMICROMATIC MANUFACTURING INTELLIGENCE TECHNOLOGIES PRIVATE LIMITED	Director	26/07/2013	26/07/2013	Active	NO

Name :

Benedict Machado

Designation :

Director

Address :

583, 1^st Main, 2^nd Stage, 3^rd Block, Rmvextention, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

04.12.1948

Qualification :

B.E.

Date of Appointment :

07.03.1994

PAN No.:

AEJPM7124C

DIN No.:

00174074

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01/07/2010	25/09/1986	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED	Director	03/11/2005	03/11/2005	Active	NO

Name :

Mr. Ashok Vishwanath Sathe

Designation :

Director

Address :

No.252, 5^th D Cross,2^nd Phase, 2^nd Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

17.03.1940

Qualification :

B.E., M. Tech

Date of Appointment :

07.03.1994

DIN No.:

00174204

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Whole-time director	01/07/2010	25/09/1986	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	Active	NO
3	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED	Director	01/02/1988	01/02/1988	Active	NO
4	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	Active	NO
5	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	Active	NO
6	U29199KA2001PTC029247	PRAGATI AUTOMATION PRIVATE LIMITED	Director	05/07/2001	05/07/2001	Active	NO
7	U22100PN2007PTC130644	UDYAM PRAKASHAN PRIVATE LIMITED	Director	03/09/2007	03/09/2007	Active	NO
8	U29253KA2011PTC060244	PRAGATI CONTROL SYSTEMS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	Active	NO

Name :

V. Chandra

Designation :

Director

Address :

No.437, 8^th Floor, Mahalakshmipuram, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

26.01.1949

Qualification :

B.E

Date of Appointment :

13.02.1995

DIN No.:

01510893

Name :

Thirumalaimuppur Kuppuswamy Ramesh

Designation :

Additional director

Address :

1702, 7^th Floor, Gowart Apartments, RMV II Stage, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

26.01.1958

Qualification :

B.E., PGDBA

Date of Appointment :

04.08.2007

DIN No.:

01790388

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	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Additional director	04/08/2007	04/08/2007	Active	NO
2	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.05.2012

Names of Shareholders	No. of Shares
ACE Designer Limited, India	19400
Micromatic Machine Tools Limited, India	18000
Puttige Ramdas	11200
Benedict Machado	5400
Shrinivas Govindrao Shirgurkar	5400
Ramdas Jayashree	4000
Philomena Machado	1800
Bharathi Shitrgurkar	1800
V. Chandra	1800
Total	68800

AS ON 16.05.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	49.00
Directors or relatives of directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vertical Machining Centers.

Products/ Services :

ITC Code No.	Product Descriptions
84597100	Machining Centers

GENERAL INFORMATION

Customers :

· Autotech Industries

· Bagla Group

· Bajaj Auto Limited

· Bajaj Motors

· Bosch Group

· Brakes India Group

· Kalyani Group

· Kiran Udyog Limited

· Mahindra Group

· Menon Group

· Sakthi Auto Limited

· SPM Auto

· TBK Company Limited

No. of Employees :

Not Available

Bankers :

· Canara Bank, Industrial Finance Branch, Venkatadri Complex, No.83, Richmod Road, Bangalore - 560025, Karnataka, India

The Karnataka Bank Limited, Kasturba Road Branch, Kasturba Road, Bangalore - 560001, Karnataka, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand	10.141	48.191
Total	10.141	48.191

Banking Relations :	--
Auditors :
Name :	P.A. Ghatage and Company Chartered Accountants
Address :	2/10, BDA Flats, Cambridge Layout Extension, Ulsoor, Bangalore – 560008, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AANPG1439N
Associates :	· Ace Designers Limited · Ace Multi Axes Systems Limited · Auto CNC Machining Limited · Pragati Automation Private Limited · Micromatic Machine Tools Private Limited · AMS Bhargava Machining Private Limited [U28930KA2007PTC043919]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions
50,000	Preference Shares	Rs. 100/- each	Rs. 5.000 Millions
	Total		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68,800	Equity Shares	Rs. 100/- each	Rs. 6.880 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	6.880	6.880
(b) Reserves & Surplus	1278.847	1021.231
(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)	1285.727	1028.111
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	36.950	32.542
(c) Other long term liabilities	4.107	2.227
(d) long-term provisions	14.009	11.985
Total Non-current Liabilities (3)	55.066	46.754
(4) Current Liabilities
(a) Short term borrowings	11.041	49.090
(b) Trade payables	493.600	336.940
(c) Other current liabilities	192.387	142.182
(d) Short-term provisions	249.524	220.459
Total Current Liabilities (4)	946.552	748.671
TOTAL	2287.345	1823.537
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	381.682	364.797
(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	2.608	2.608
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	32.545	31.812
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	416.835	399.217
(2) Current assets
(a) Current investments	524.509	296.595
(b) Inventories	656.600	532.475
(c) Trade receivables	355.223	274.964
(d) Cash and cash equivalents	19.561	22.549
(e) Short-term loans and advances	314.617	297.737
(f) Other current assets	0.000	0.000
Total Current Assets	1870.510	1424.320
TOTAL	2287.345	1823.537

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.600
2] Share Application Money		0.00
3] Reserves & Surplus		961.884
4] (Accumulated Losses)		0.000
NETWORTH		969.484
LOAN FUNDS
1] Secured Loans		22.128
2] Unsecured Loans		3.126
TOTAL BORROWING		25.254
DEFERRED TAX LIABILITIES		29.600
TOTAL		1024.338
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		336.930
Capital work-in-progress		0.000
INVESTMENT		302.608
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	355.365
	Sundry Debtors	234.898
	Cash & Bank Balances	33.646
	Other Current Assets	109.902
	Loans & Advances	46.716
Total Current Assets		780.527
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	270.735
	Other Current Liabilities	54.974
	Provisions	70.018
Total Current Liabilities		395.727
Net Current Assets		384.800
MISCELLANEOUS EXPENSES		0.000
TOTAL		1024.338

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2936.388	2131.702	1110.332
		Other Income	26.444	18.142	5.987
		TOTAL (A)	2962.832	2149.844	1116.319
Less	EXPENSES
		Cost of materials consumed	2046.473	1494.402
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(10.500)	(61.741)
		Employee benefit expense	181.161	151.679
		Other expenses	258.222	207.496
		TOTAL (B)	2475.356	1791.836	991.228
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		487.476	358.008	125.091
Less	FINANCIAL EXPENSES (D)		0.500	0.258	0.591
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		486.976	357.750	124.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.110	16.771	15.572
	PROFIT BEFORE TAX (E-F) (G)		467.866	340.979	108.928
Less	TAX (H)		146.281	109.242	36.076
	PROFIT AFTER TAX (G-H) (I)		321.585	231.737	72.852
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		893.680	857.832	806.659
Less	APPROPRIATIONS
		Provision for Dividend on Equity Shares	55.040	44.720	12.160
		Corporate Tax on Dividend	8.928	7.321	2.019
		Transfer to General Reserve	32.500	23.500	7.500
		Utilised for buy back of shares	0.000	120.348	0.000
			96.468	195.889	21.679
	BALANCE CARRIED TO THE B/S		1118.797	893.680	857.832
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	43.497	13.330	12.295
	IMPORTS
		Raw Materials	287.395	237.663	81.273
	Earnings Per Share (Rs.)		4674	3368	959

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.85	10.78	6.53
Net Profit Margin (PBT/Sales)	(%)	15.93	16.00	9.76
Return on Total Assets (PBT/Total Assets}	(%)	20.48	18.72	9.48
Return on Investment (ROI) (PBT/Networth)		0.36	0.33	0.11
Debt Equity Ratio (Total Debt/Networth)		0.01	0.05	0.03
Current Ratio (Current Asset/Current Liability)		1.98	1.90	1.97

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 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	Yes
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	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80038464	29/02/2012 *	45,000,000.00	THE KARNATAKA BANK LIMITED	KASTURBA ROAD BRANCH, KASTURBA ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B35693449
2	80046793	31/01/2013 *	272,500,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, VENKATADRI COMPLEX, NO .83, RICHMOD ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B68301035

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Loans and advances from related parties	0.900	0.000
Loans and advances from others	0.000	0.900
Total	0.900	0.900

RESULTS OF OPERATIONS:

During the year, the Company achieved the all time highest ever turnover and production of Rs. 2922.900 Millions and Rs. 2933.400 Millions respectively, and registered a growth of 37.64 % in Turnover, and 34.23 % in production, as compared to the previous year’s turnover/production of Rs. 2123.600 Millions/ Rs. 2185.300 Millions. The profit before tax for the year stood at Rs. 467.800 Millions, as against the previous year’s figure of Rs. 341.000 Millions, thus registering a growth of 37.18 % in terms of absolute figures. In view of the manufacturing industry looking up, the Production and Turnover of the Company were the highest ever in the history of the Company. The Company hopes that the improvement in the situation will continue and the Company would do much better in the next financial year.

The Company has made ambitious plans to produce and dispatch about 1250 machines in the financial year 2012-13.

During the year, Company has sold 960 machines consisting of 58 Horizontal Machining Centres and 902 Vertical Machining Centres. The average sale value per machine for the year 2011-12 was Rs. 30.450 Millions as against Rs. 28.240 Millions in the previous year.

BUSINESS PROSPECTS:

The Market situation has experienced volatility during the year. The order inflow was fairly good in the first five to six months of the year. Thereafter, the inflow was dropped substantially. However, the inflow improved in the month of March, 2012 ; inflow for the month of March, 2012 stood at 130 machines and Rs. 501.700 Millions, which is an all time high figure for a single month in the history of the Company. The total orders pending as at 31/03/2012 was 191 machines and Rs. 872.500 Millions, as against 320 machines and Rs. 1056.900 Millions. The present delivery period of the machines is about four weeks. The Company has geared up for production of about 100 machines per month. The Company hopes to improve this in the months to come. The Company is hopeful that the improving trend should continue and the profitability should be better in the coming years. The cash flow situation has been quite satisfactory, since, the Company did not go for any major additions to Fixed Assets.

The Company is planning to put up new hangars behind the existing facility of the Company to accommodate the increasing demand for the Company’s products. To cater to the long term requirement, the Company is planning to purchase land for its expansion programmes. The Company expects that by the end of the calendar year 2012, the land purchase activity may be completed.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

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. 67.71
UK Pound	1	Rs. 105.14
Euro	1	Rs. 90.03

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.