MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED (w.e.f. 12.04.1993)
Formerly Known As :	TECHNOVA PLATE MAKING SYSTEMS LIMITED
Registered Office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.08.1979
Com. Reg. No.:	11-021599
Capital Investment / Paid-up Capital :	Rs.119.637 Millions
CIN No.: [Company Identification No.]	U74999MH1979PTC021599
PAN No.: [Permanent Account No.]	AAACT2165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Imaging Products.
No. of Employees :	1160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1630000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. There appears huge external borrowing taken by the company during the financial year 2012, which act as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. NOTE: Latest financials for the year 2013 is not available with us.

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating=BB-
Rating Explanation	Moderate risk of default and high credit risk.
Date	31.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31.10.2013

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.

LOCATIONS

Registered office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-42200300/ 27412463 / 27412464 (Extension - 480) / 27402589
Fax No.:	91-22-24950322/ 27410261
E-Mail :	corp@technovaworld.com atulk@technovaindia.com corp@technova.com sridhar@technovaindia.com pnp@technovaworld.com repro@technovaworld.com rk@technovaindia.com plates@technovaworld.com qps@technovaworld.com chem@technovaworld.com films@technovaworld.com inkjet@technovaworld.com
Website :	www.technovaworld.com
Corporate office :	Plot No. E1/2/3, MIDC, Taloja, Raigad-410208, Maharashtra, India
Tel. No.:	91-22-27412463
Fax No.:	91-22-27410261
National Office :	Located At : · Ahmedabad Bangalore Chennai Delhi Hyderabad Kochi Kolkata Mumbai (Vidyavihar) Indore Lucknow
International Office :	Located At : · Dubai South Africa East Africa United Kingdom and Europe South America North America

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Pranav Natvarlal Parikh

Designation :

Chairman and Managing Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

18.02.1943

Qualification :

B.Com., MBA Havard

Date of Appointment :

29.08.1979

PAN No.:

AADPP7768H

DIN No.:

00318726

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Director	01/02/1969	01/02/1969	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	10/02/1970	10/02/1970	28/12/2006	Active	NO
3	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
4	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
5	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29/08/1979	29/08/1979	-	Active	NO
6	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	28/01/1986	28/01/1986	-	Active	NO
7	U45202MH1957PLC010885	SHREE LAXMI WOOLLEN MILLS ESTATE LIMITED	Director	29/06/1994	29/06/1994	-	Active	NO
8	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Alternate director	02/08/1999	02/08/1999	07/08/2012	Active	NO
9	L26100GJ1907PLC000033	ALEMBIC LIMITED	Director	28/03/2001	28/03/2001	31/03/2011	Active	NO
10	U74140MH2004PTC144831	A L MANAGEMENT PRIVATE LIMITED	Alternate director	28/08/2004	28/08/2004	07/08/2012	Active	NO
11	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	17/09/2007	17/09/2007	29/10/2010	Active	NO
12	U63090MH1996PTC099340	DHL LOGISTICS PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	04/04/2012	Active	NO
13	L24230GJ2010PLC061123	ALEMBIC PHARMACEUTICALS LIMITED	Director	29/08/2011	31/03/2011	-	Active	NO

Name :

Mr. Arvind Natvarlal Parikh

Designation :

Director

Address :

8, Palmera, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

19.10.1927

Date of Appointment :

29.08.1979

PAN No.:

AABPP7241B

DIN No.:

00319473

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Whole-time director	25/05/1950	25/05/1950	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	19/07/1961	19/07/1961	28/12/2006	Active	NO
3	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
4	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
5	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29/08/1979	29/08/1979	-	Active	NO
6	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	24/03/2011	Active	NO
7	U63090MH2002PTC135399	DHL DANZAS LEMUIR PRIVATE LIMITED	Director	03/04/2002	03/04/2002	-	Amalgamated	NO
8	U74140MH2004PTC144831	A L MANAGEMENT PRIVATE LIMITED	Director	03/03/2004	03/03/2004	24/03/2011	Active	NO
9	U63090MH1996PTC099340	DHL LOGISTICS PRIVATE LIMITED	Additional director	10/06/2008	10/06/2008	04/04/2012	Active	NO

Name :

Mr. Jagdish Natvarlal Parikh

Designation :

Director

Address :

6B, Brighton, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

07.02.1930

Date of Appointment :

29.08.1979

DIN No.:

00348650

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Director	03/08/1954	03/08/1954	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	19/07/1961	19/07/1961	28/12/2006	Active	NO
3	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
4	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Active	YES
5	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	29/08/1979	29/08/1979	-	Active	NO
6	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	29/08/1979	29/08/1979	-	Active	NO
7	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	-	Active	NO
8	U63090MH2002PTC135399	DHL DANZAS LEMUIR PRIVATE LIMITED	Director	23/04/2003	23/04/2003	-	Amalgamated	NO
9	U74140MH2004PTC144831	A L RECORDS MANAGEMENT PRIVATE LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
10	U72900MH2005PTC153704	NOEMA (INDIA) PRIVATE LIMITED	Director	02/06/2005	02/06/2005	-	Active	NO
11	U92110MH1995PTC091089	TROPIC FILM PRIVATE LIMITED	Additional director	29/02/2008	29/02/2008	-	Active	NO
12	U63090MH1996PTC099340	DHL LOGISTICS PRIVATE LIMITED	Additional director	23/01/2009	23/01/2009	04/04/2012	Active	NO
13	U92412MH2013NPL244622	G5A FOUNDATION FOR CONTEMPORARY CULTURE	Director	18/06/2013	18/06/2013	-	Active	NO
14	U74120MH2013PTC250166	CHAPTER 24 CONSULTING PRIVATE LIMITED	Director	19/11/2013	19/11/2013	-	Active	NO

Name :

Mr. Jivanlal Gulabrai Bhatt

Designation :

Whole Time Director

Address :

556/ A, Shriketan, Adenwala Road, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

23.10.1952

Qualification :

M.Sc. (North California State University, U.S.A.)

Date of Appointment :

01.01.1989

PAN No.:

AAAPB8767D

DIN No.:

00435182

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	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Whole-time director	01/01/1989	01/01/1989	-	Active	NO
2	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	17/03/1989	17/03/1989	-	Active	NO
3	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	15/10/2008	11/10/2007	29/10/2010	Active	NO
4	U72200KA2010PTC055462	MSI SERVICES PRIVATE LIMITED	Director	15/03/2012	12/10/2010	-	Active	NO
5	U74900KA2011PTC057787	4D NATURAL STONES PRIVATE LIMITED	Director	27/03/2012	22/03/2011	-	Active	NO

Name :

Mrs. Snehal Arvind Parikh

Designation :

Director

Address :

5, Rushila Building, Carmichal Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.02.1955

Date of Appointment :

26.12.1988

DIN No.:

00467965

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Managing director	19/06/1978	19/06/1978	-	Active	NO
2	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	26/12/1988	26/12/1988	-	Active	NO
3	U45203TN1994PTC045754	TIRUPUR CONTAINER TERMINALS PRIVATE LIMITED	Director	12/04/1994	12/04/1994	-	Active	NO
4	U63090MH2003PTC140699	LEMUIR SECURE LOGISTICS PRIVATE LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
5	U63030MH2003PTC142519	S P LOGISTICS PRIVATE LIMITED	Director	06/10/2003	06/10/2003	-	Active	NO
6	U63090MH1996PTC099340	DHL LOGISTICS PRIVATE LIMITED	Additional director	13/03/2008	13/03/2008	04/04/2012	Active	NO

Name :

Mrs. Maya Pranav Parikh

Designation :

Whole Time-Director

Address :

18 A, Manek, L D Ruparel Marg, Malabar Hill Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.01.1978

Date of Appointment :

14.12.2001

PAN No.:

AFSPP0124P

DIN No.:

00468051

Name :

Ms. Shelina P. Parikh

Designation :

Whole Time Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

25.07.1968

Qualification :

MBA-Harvard

Date of Appointment :

08.07.1994

PAN No.:

AFVPP8218F

DIN No.:

00468199

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	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	08/07/1994	08/07/1994	Active	NO
2	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Whole-time director	08/07/1994	08/07/1994	Active	NO
3	U80904MH2013PTC242039	TOSG ART EDUCATION PRIVATE LIMITED	Additional director	10/09/2013	10/09/2013	Active	NO

Name :

Mr. Ramkrishnan Gayathri

Designation :

Director

Address :

B1402, Anmol, 14th Floor, Opposite Patel Auto, Off S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

01.03.1963

Date of Appointment :

14.03.2007

DIN No.:

01733464

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	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
2	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	15/10/2008	11/10/2007	29/10/2010	Active	NO
3	U72900MH1980PTC022514	LASTRA NIRAJ PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO

Name :

Mr. Mangesh Shripad Kulkarni

Designation :

Director

Address :

201, Moti Mahal, 28 Senapari Bapat Marg, Mahim, Mumbai - 400016, Maharashtra India

Date of Birth/Age :

05.06.1942

Date of Appointment :

18.04.2001

PAN No.:

AACPK7623H

DIN No.:

00347908

KEY EXECUTIVES

Name :	CG Ramakrishnan
Designation :	Chief Operating Officer
Name :	Melville Nornonha
Designation :	Business Unit Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Arvind N Parikh	127600
Arvind N Parikh (HUF)	3600
Anuradha Benegal	105500
Jagdish N Parikh (HUF)	600
Maya P Parikh Jointly with Pranav N Parikh	100200
Maya P Parikh	563100
Natverlal Parikh (HUF)	4500
Poorvi A Parikh Jointly with Arvind N Parikh	3600
Pranav N Parikh Jointly with Salome Pranav Parikh	214325
Pranav N Parikh (HUF)	1800
Savita S Parikh Jointly with Snehal A Parikh	3600
Shelina P Parikh Jointly with Pranav N Parikh	109800
Shelina P Parikh	553500
Snehal A Parikh Jointly with Savita S Parikh	64800
Jivan G Bhatt Jointly with Nilakshi Bhatt	1075
Neal Prashant Parikh	41300
Jagdish N Parikh Jointly with Shila J Parikh	64800
Total	1963700

Names of Preference Shareholders	No. of Shares
Pranav N. Parikh	1000000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Imaging Products.

Products :

Item Code No. (ITC Code)	Product Description
84425020	Lithographics Plates
37079010	Chemical Products Mixed for Photo Uses
38140010	Organic Composite Solvent and Thiners

GENERAL INFORMATION

No. of Employees :

1160 (Approximately)

Bankers :

· Corporation Bank, Corporate Financial Branch, 104, Bharat House, Ground Floor, Mumbai Samachar Marg, Mumbai – 400023, Maharashtra, India

Saraswat Co-Operative Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowings
Rupee term loans from banks	241.500	1097.942
Foreign currency term loans from banks	585.550	0.000
Long-term maturities of finance lease obligations	0.256	1.095
Other loans and advances	0.749	2.189
Short Term Borrowings
Loans repayable on demand from banks	1600.632	1412.925
Total	2428.687	2514.151

Banking Relations :	--
Auditors :
Name :	N.A. Shah and Associates Chartered Accountants
Address :	B 41 - 45 , Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India
PAN No.:	AAAFN5380N
Associate Company :	Lastra Niraj Private Limited, India CIN No.: U72900MH1980PTC022514
Subsidiary :	TechNova Imaging Systems Inc*
Enterprises, where key management personnel and relatives exercise significant influence :	· TechNova Parikh Enterprises Lee and Muirhead Private Limited DHL Lemuir Logistics Private Limited A L Movers Private Limited CIN No.: U63000MH1999PTC121101 TechNova Graphics Private Limited ** CIN No.: U24110MH1952PTC008855 DHL DANZAS LEMUIR PRIVATE LIMITED CIN No.: U63090MH2002PTC135399 TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED CIN No.: U74900DL2007PTC168260

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs. 10/- each	Rs.19.800 Millions
1000000	Preference Shares	Rs. 100/- each	Rs.100.000 Millions
20000	Unclassified Shares	Rs. 10/- each	Rs.0.200 Million
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1963700	Equity Shares	Rs. 10/- each	Rs.19.637 Millions
1000000	Preference Shares	Rs. 100/- each	Rs.100.000 Millions
	Total		Rs.119.637 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	119.637	119.637
(b) Reserves & Surplus	290.076	272.722
(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)	409.713	392.359
(3) Non-Current Liabilities
(a) long-term borrowings	1635.155	1908.863
(b) Deferred tax liabilities (Net)	31.790	31.984
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	85.516	114.095
Total Non-current Liabilities (3)	1752.461	2054.942
(4) Current Liabilities
(a) Short term borrowings	1600.632	1412.925
(b) Trade payables	548.055	459.212
(c) Other current liabilities	1279.955	1307.644
(d) Short-term provisions	62.971	61.815
Total Current Liabilities (4)	3491.613	3241.596
TOTAL	5653.787	5688.897
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1789.197	2005.270
(ii) Intangible Assets	8.218	16.068
(iii) Capital work-in-progress	52.024	1.555
(iv) Intangible assets under development	9.649	8.666
(b) Non-current Investments	51.120	51.120
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	182.508	149.406
(e) Other Non-current assets	8.485	8.455
Total Non-Current Assets	2101.201	2240.540
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1974.329	2112.541
(c) Trade receivables	1056.153	820.743
(d) Cash and cash equivalents	88.750	24.829
(e) Short-term loans and advances	369.222	463.137
(f) Other current assets	64.132	27.107
Total Current Assets	3552.586	3448.357
TOTAL	5653.787	5688.897

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		119.637
2] Share Application Money		0.000
3] Reserves & Surplus		73.065
4] (Accumulated Losses)		0.000
NETWORTH		192.702
LOAN FUNDS
1] Secured Loans		2943.993
2] Unsecured Loans		832.310
TOTAL BORROWING		3776.303
DEFERRED TAX LIABILITIES		0.000
TOTAL		3969.005
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2201.803
Capital work-in-progress		4.824
INVESTMENT		75.230
DEFERREX TAX ASSETS		67.968
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1525.365
	Sundry Debtors	765.270
	Cash & Bank Balances	167.651
	Other Current Assets	0.000
	Loans & Advances	561.600
Total Current Assets		3019.886
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	976.737
	Other Current Liabilities	286.839
	Provisions	136.441
Total Current Liabilities		1400.017
Net Current Assets		1619.180
MISCELLANEOUS EXPENSES		0.000
TOTAL		3969.005

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
PROFIT/ (LOSS) AFTER TAX	17.354	199.652	(14.501)
Earnings / (Loss) Per Share (Rs.)	3.51	96.34	NA

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	7.90	8.47	19.60
Current Ratio (Current Asset/Current Liability)	1.02	1.06	2.16

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	Yes
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

LITIGATION DETAILS:

Case Details

Bench:-Bombay

Lodging No.:-	NMAL/3387/2012	Filing Date:-	10/12/2012
Main Matter

Lodging No.:-

CEXAL/25/2009

Reg No.:-

CEXA/135/2013

Petitioner.:-

THE COMMISIONER OF CENTRAL EXCISE

Respondent:-

TECHNOVA IMAGIN SYSTEMS PRIVATE LIMITED

SYSTEMS PRIVATE LIMITED

Petn.Adv.:-

R. ASOKAN (0)

Bench:-	DIVISION
Status:-	Pre-Admission
Last Date:-	17/12/2012	Stage:-
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

FINANCIAL HIGHLIGHTS

Subject continued to experience tremendous challenges in the market place under overall economic climate including dumping of products from specific countries which lead to a severe pressure on the margins. The Company has taken appropriate steps in this regard to improve the performance in future.

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowings
Loans and advances from related parties	807.100	807.637
Total	807.100	807.637

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90213299	12/11/2013 *	3,767,500,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, BHARAT HOUSE NO.104, GROUND FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B90819533
2	90213144	26/02/1998	415,000.00	THE SARASWAT CO-OP BANK LIMITED	CENTRAL ADMN. OFFICE, APSARA CINEMA BUILDING 2ND FLOOR, GRANT ROAD, DR. D. B. MARG, MUMBAI - 400007, MAHARASHTRA , INDIA	-
3	90212437	23/12/1993	2,000,000.00	THE UNITED WESTERN BANK LIMITED	LAXMI ROAD, PUNE - 411002, MAHARASHTRA, INDIA	-
4	90212157	17/05/1991 *	5,200,000.00	THE INDUSTRIAL CREDIT & INVSTMEN CORPORATION OF INDIA LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
5	90211925	17/04/1989	168,900.00	CORPORATION BANK	VEENA CHAMBERS, DALAL STREET; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

Land

Buildings

Factory Building

Plant and Equipment

Other plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other Equipments

Intangible Assets

Goodwill

Computer software

Copyrights, patents and other operating rights

Patents

Commercial contractual right

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		31

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.