MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	STATOMAT SPECIAL MACHINES (INDIA) PRIVATE LIMITED
Registered Office :	R-719, T.T.C Industrial Area, MIDC Rabale, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.01.1992
Com. Reg. No.:	11-064675
Capital Investment / Paid-up Capital :	Rs. 2.253 Millions
CIN No.: [Company Identification No.]	U29299MH1992PTC064675
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Special Machine Parts.
No. of Employees :	38 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in its sales and profitability during 2012. However, general financial position 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Ms. Sonali
Designation :	Accounts Department
Contact No.:	91-22-27698023

LOCATIONS

Registered Office / Factory :	R-719, T.T.C Industrial Area, MIDC Rabale, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27698023 / 65135461
Fax No.:	91-22-27698024
E-Mail :	accounts@statomatindia.com statomat@vsnl.net
Location :	Leased

DIRECTORS

As on: 29.09.2012

Name :	Mr. Chittaranjan Ganesh Naik
Designation :	Director
Address :	6, Pushpanjali, 48/A, 15^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	29.09.1961
Date of Appointment :	06.04.2009
DIN No.:	01887132
Name :	Mr. Kalpathy Hariharan Parameswaran
Designation :	Director
Address :	Flat No. 6, Forward House No. 1, Wadala (West), Mumbai – 400031, Maharashtra, India
Date of Birth/Age :	26.01.1952
Date of Appointment :	06.04.2009
DIN No.:	00476718
Name :	Mr. Sadiku Sadik
Designation :	Director
Address :	Friedeich Ebert STR 92 63543, Neuberg 1, Federal Republic of Germany
Date of Birth/Age :	13.01.1959
Date of Appointment :	30.09.2002

KEY EXECUTIVES

Name :	Ms. Sonali
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Statomat Spezial Maschieng MBH, Germany	18000
Chittaranjan Ganesh Naik	4530
Total	22530

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	79.89
Directors or relatives of Directors	20.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Special Machine Parts.
Exports :
Products :	Finished Goods
Countries :	Germany
Imports :
Products :	Finished Goods and Raw Materials
Countries :	· Taiwan · UK · Germany · Switzerland
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production
Special Purpose Machinery	79
Toolings and Sub-Assemblies	149

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

38 (Approximately)

Bankers :

Union Bank of India, Thane (West) Branch, Manas Building, Shop No.9A and B, 3, Petrol Pump, Thane (West), Thane - 400601, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Loan term borrowings
Term Loans
From Banks	0.308	3.188
From other parties	1.872	0.000
Short term borrowings
Cash Credit from banks repayable on demand	5.163	3.238
Total	7.343	6.426
Note: Nature of Security and Terms of Repayment of Secured borrowings Term loan from Bank is secured by hypothecation of plant and machinery along with land and building as collateral security and personal guarantee by the whole time director. The loan bears interest at Base rate + 5.25% and is to be repaid in 12 monthly installment of Rs. 0.240 Million each and one installment of Rs. 0.308 Million Term Loan from other parties (BMW Financial Services) is secured by hypothecation of motor car. The loan is taken at an interest of 9,04% and is repayable in 59 equated monthly installments. Cash Credit from Bank is secured by Hypothecation of Inventories and Book debts.

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN No.:	AAAFK7554R
Holding Company :	Statomat Spezialmaschinen GmbH

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22530	Equity Shares	Rs.100/- each	Rs. 2.253 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	2.253	2.253
(b) Reserves & Surplus	36.939	31.954
(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)	39.192	34.207
(3) Non-Current Liabilities
(a) long-term borrowings	2.180	3.189
(b) Deferred tax liabilities (Net)	2.105	1.830
(c) Other long term liabilities	0.000	0.092
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.285	5.111
(4) Current Liabilities
(a) Short term borrowings	5.163	3.238
(b) Trade payables	19.912	28.238
(c) Other current liabilities	21.332	15.234
(d) Short-term provisions	0.518	1.061
Total Current Liabilities (4)	46.925	47.771
TOTAL	90.402	87.089
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.180	24.722
(ii) Intangible Assets	0.338	0.563
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.104	0.000
(d) Long-term Loan and Advances	17.570	16.684
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43.192	41.969
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	28.905	28.585
(c) Trade receivables	4.059	13.641
(d) Cash and cash equivalents	12.480	0.769
(e) Short-term loans and advances	1.323	1.807
(f) Other current assets	0.443	0.318
Total Current Assets	47.210	45.120
TOTAL	90.402	87.089

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.253
2] Share Application Money		0.000
3] Reserves & Surplus		20.897
4] (Accumulated Losses)		0.000
NETWORTH		23.150
LOAN FUNDS
1] Secured Loans		0.417
2] Unsecured Loans		0.000
TOTAL BORROWING		0.417
DEFERRED TAX LIABILITIES		0.000
TOTAL		23.567
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.291
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.235
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.671
	Sundry Debtors	5.591
	Cash & Bank Balances	2.196
	Other Current Assets	0.013
	Loans & Advances	14.938
Total Current Assets		74.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.854
	Other Current Liabilities	33.562
	Provisions	1.952
Total Current Liabilities		62.368
Net Current Assets		12.041
MISCELLANEOUS EXPENSES		0.000
TOTAL		23.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	97.264	237.245	62.188
		Other Income	0.475	0.227	1.641
		TOTAL	97.739	237.472	63.829
			(Very less orders received)
Less	EXPENSES
		Office Expenses	86.600	218.146	58.748
		Administrative Expenses
		Advertising Expenses
		TOTAL	86.600	218.146	58.748
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		11.139	19.326	5.081
Less/ Add	DEPRECIATION/ AMORTISATION		3.550	2.242	1.798
	PROFIT BEFORE TAX		7.589	17.084	3.283
Less	TAX		2.604	6.027	1.285
	PROFIT AFTER TAX		4.985	11.057	1.998
	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of Exports	15.426	20.810	31.677
	TOTAL EARNINGS		15.426	20.810	31.677
	IMPORTS
		Stores & Spares	5.545	16.968	7.600
	TOTAL IMPORTS		5.545	16.968	7.600
	Earnings Per Share (Rs.)		221.27	490.76	88.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.10	4.66	3.13
Net Profit Margin (PBT/Sales)	(%)	7.80	7.20	5.28
Return on Total Assets (PBT/Total Assets}	(%)	8.40	19.62	3.83
Return on Investment (ROI) (PBT/Networth)		0.19	0.50	0.14
Debt Equity Ratio (Total Debt /Networth)		0.19	0.19	0.02
Current Ratio (Current Asset/Current Liability)		1.01	0.94	1.19

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

During the year the Company has earned Rs. 97.739 Millions as total revenue. The Company has earned a profit of Rs. 4.985 Millions after providing provisions for depreciation of Rs. 3.550 Millions and for provision for tax of Rs. 2.604 Millions [including provision for Deferred Tax of (Rs. 0.196 Million)] during the year.

FIXED ASSETS

v Tangible Assets

· Leasehold

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Computers

v Intangibles Assets

· Computer Software

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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.