MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	MIVEN MACHINE TOOLS LIMITED
Registered Office :	Tarihal Industrial Area, Tarihal, Hubli – 580026, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.07.1985
Com. Reg. No.:	08-007036
Capital Investment / Paid-up Capital :	Rs. 30.035 Millions
CIN No.: [Company Identification No.]	L29220KA1985PLC007036
TAN No.: [Tax Deduction & Collection Account No.]	BLRM06213E
PAN No.: [Permanent Account No.]	AABTM0082B / AAECM4671J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of CNC Machine Tools.
No. of Employees :	160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca [14]

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The networth of the company is fully eroded due to continuous loss. There appear huge accumulated losses recorded by the company. The external borrowings are also huge. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on secured 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

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 [GENERAL DETAILS]

Name :	Mr. C.B. Ganji
Designation :	Senior Manager of Sales Marketing Department
Contact No.:	91-9448285828
Date :	22.06.2013

LOCATIONS

Registered Office/ Factory :	Tarihal Industrial Area, Tarihal, Hubli – 580026, Karnataka, India
Tel. No.:	91-836-2212221-24
Mobile No.:	91-9448285828 [Mr. C.B. Ganji]
Fax No.:	91-836-2310411
E-Mail :	mivensales@gmail.com mmsales@dataone.in
Website :	http://www.mivenmachinetools.net
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Shyam Mohan Sirur

Designation :

Director

Address :

A 8/2, HDFC Colony, Chinchawad, Pune – 411019, Maharashtra, India

Date of Birth/Age :

09.08.1948

Qualification :

BE (Elec)

Date of Appointment :

30.03.2002

DIN No.:

00134226

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	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Whole-time director	02/04/2007	01/12/1972	-	Active	NO
2	U01113KA1976PTC003027	MIPRO INTERNATIONAL PRIVATE LIMITED	Director	01/11/1976	01/11/1976	-	Active	NO
3	U31102PN1989PTC016572	SUNNY WELD PRIVATE LIMITED	Director	15/09/1989	15/09/1989	07/02/2011	Active	NO
4	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Whole-time director	01/04/2006	15/03/1993	-	Active	NO
5	U72200MH1995PTC087911	MOMIC TECHNOLOGIES PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO
6	U31909MH1997PTC107161	COTMAC ELECTRONICS (SURAT) PRIVATE LIMITED	Director	09/04/1997	09/04/1997	-	Active	NO
7	U17111KA1981PTC004382	N A SIRUR(HUBLI)PRIVATE LIMITED	Director	13/04/1998	13/04/1998	-	Active	NO
8	U51101KA1919ULL001442	SIBELLA PRIVATE LIMITED	Director	13/04/1998	13/04/1998	-	Active	NO
9	U72200PN1999PTC013498	COTMAC INFOTECH PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
10	U31200PN2000PTC014637	COTMAC SYNERGY AUTOMATION PRIVATE LIMITED	Director	23/03/2000	23/03/2000	-	Strike off	NO
11	U31909PN2000PTC014803	SOFTECH CONTROLS PRIVATE LIMITED	Director	25/04/2000	25/04/2000	-	Active	NO
12	U32204PN2000PTC015258	COTMAC TELECOM PRIVATE LIMITED	Director	25/08/2000	25/08/2000	-	Strike off	NO
13	U29194PN2000PTC015657	COTMAC GASTEC PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
14	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
15	U72200PN2001PTC016204	PRO-EX SOLUTIONS PRIVATE LIMITED	Nominee director	20/03/2006	20/03/2006	20/09/2011	Active	NO
16	U72200PN2007PTC130625	SIBELLA TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
17	U51909PN2010PTC136352	COTMAC INDUSTRIAL TRADING PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
18	U51101KA1960PTC001408	MOGORA COSMIC PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
19	U74999PN2012PTC142497	COTMAC DTM EXIM PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
20	U27320PN2012PTC142854	COTMAC PRECISION CASTINGS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
21	U74120MH2013PTC241426	NIMBUS AUTOMATION SOLUTIONS PRIVATE LIMITED	Director	28/03/2013	28/03/2013	-	Active	NO

Name :

Mr. Vikram Raghavesh Sirur

Designation :

Whole-time director

Address :

Opposite Hubli Dharwad Municipal Corporation Lamington Road, Hubli Dharwad - 580021, Karnataka, India

Date of Birth/Age :

16.12.1946

Qualification :

BE (Chem) and MIE

Date of Appointment :

01.07.2010

PAN No.:

AHLPS2898B

DIN No.:

00312980

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	U29150KA1986PTC007869	MIVEN MAYFRAN CONVEYORS PRIVATE LIMITED	Managing director	21/10/1986	21/10/1986	-	Active	NO
2	U15493KA1991PTC012376	RURIS TECNAL EXTRACTION SYSTEMS PRIVATE LIMITED	Managing director	03/10/1991	03/10/1991	-	Active	NO
3	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	09/01/1992	09/01/1992	-	Active	NO
4	U01113KA1976PTC003027	MIPRO INTERNATIONAL PRIVATE LIMITED	Director	19/02/1998	19/02/1998	-	Active	NO
5	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Whole-time director	01/07/2010	15/10/1998	-	Active	NO
6	U72200PN1999PTC013498	COTMAC INFOTECH PRIVATE LIMITED	Director	08/05/1999	08/05/1999	-	Active	NO
7	U17111KA1981PTC004382	N A SIRUR(HUBLI)PRIVATE LIMITED	Director	10/12/2000	10/12/2000	-	Active	NO
8	U31904MH1986PTC039713	FINEARC SYSTEMS PVT LTD	Director	01/04/2002	01/04/2002	-	Active	NO
9	U29219KA2011PTC057337	PRATT AUTOMATION PRIVATE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO
10	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	08/09/2011	08/09/2011	-	Active	NO
11	U74900KA2012NPL067059	IMTMA Machine Tool Industry Park	Director	06/12/2012	06/12/2012	-	Active	NO

Name :

Ambat Rajagopal Menon

Designation :

Whole-time director

Address :

Shakuntala Plot No:T1, Mahalaxmi Apartments, Shanti Colony, Vishweshwar Nagar, Hubli, Dharwad - 580032, Karnataka, India

Date of Birth/Age :

30.01.1950

Qualification :

B. Sc (Engg)

Date of Appointment :

27.06.2011

PAN No.:

ABJPR9733P

DIN No.:

01273473

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	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Whole-time director	27/06/2011	27/06/2002	Active	NO

Name :

Mr. Sanjay Balkrishna Baljekar

Designation :

Director

Address :

Soumeya 8, Anand Niketan Co-operative Housing Society, 22/1-A, Karve Nagar, Pune – 411052, Maharashtra, India

Date of Birth/Age :

19.09.1954

Qualification :

Hons. Graduate in Business Management

Date of Appointment :

25.09.2009

DIN No.:

01999874

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	U34360PN1982PTC028836	PRECOMP TOOLS PRIVATE LIMITED	Director	04/12/1982	04/12/1982	-	Active	NO
2	U34300PN1993PTC075125	PRECOMP GEARS PRIVATE LIMITED	Director	12/11/1993	12/11/1993	-	Active	NO
3	U29299PN1998PTC014540	EMUGE INDIA PRIVATE LIMITED	Director	01/12/1998	01/12/1998	-	Active	NO
4	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Director	25/09/2009	24/10/2008	-	Active	NO
5	U28112PN2012PTC142153	METFORM VACUTREAT INDIA PRIVATE LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. C.B. Ganji
Designation :	Senior Manager of Sales Marketing Department
Name :	Mr. Vishnu Narayanappa Hasalkar
Designation :	Secretary
Address :	House No.253, Renuka Nagar, Gokul Road, Hubli, Dharwad - 580030, Karnataka, India
Date of Birth/Age :	11.04.1946
Date of Appointment :	28.06.2006
PAN No.:	ACBPH5282J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	2588150	86.17
Sub Total	2588150	86.17
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2588150	86.17
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	53100	1.77
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	348550	11.60
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	12900	0.43
Any Others (Specify)	800	0.03
Directors & their Relatives & Friends	800	0.03
Sub Total	415350	13.83
Total Public shareholding (B)	415350	13.83
Total (A)+(B)	3003500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3003500	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of CNC Machine Tools.

Products/ Services :

ITC Code No.	Product Descriptions
84581100	Horizontal Numerically Controlled Lathes

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

160 (Approximately)

Bankers :

v The Shamrao Vithal Co-operative Bank Limited, Ground Floor, Satellite Space Age Complex, Koppikar Road, Hubli - 580020, Karnataka, India

v State Bank of India

v Vijaya Bank

v ICICI Bank Limited

v Indian Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	18.300	0.000
Working capital loans from banks	12.283	20.000
SHORT-TERM BORROWINGS
Working capital loans from banks	0.000	17.577
Loans repayable on demand from banks	5.496	7.500
Total	36.079	45.077

Banking Relations :	--
Auditors :
Name :	B K Ramadhyani and Company Chartered Accountants
Address :	4B, Chitrapur Bhavan, 8th Main, 15th Cross, Malleshwaram, Bangalore – 560003, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFB1153O
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	v Miven Mayfran Conveyors Private Limited [U29150KA1986PTC007869] v Cotmac Private Limited [U01132PN1955PTC131061] v Ruris Tecnal Extraction Systems Private Limited [U15493KA1991PTC012376] v N A Sirur (Hubli) Private Limited [U17111KA1981PTC004382]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,003,500	Equity Shares	Rs. 10/- each	Rs. 30.035 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	30.035	30.035
(b) Reserves & Surplus	(71.216)	(62.639)
(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)	(41.181)	(32.604)
(3) Non-Current Liabilities
(a) long-term borrowings	47.392	33.309
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.505	1.877
Total Non-current Liabilities (3)	48.897	35.186
(4) Current Liabilities
(a) Short term borrowings	5.496	25.077
(b) Trade payables	23.267	23.931
(c) Other current liabilities	39.799	38.541
(d) Short-term provisions	0.358	0.373
Total Current Liabilities (4)	68.920	87.922
TOTAL	76.636	90.504
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.374	15.463
(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	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.893	1.234
(e) Other Non-current assets	1.458	1.458
Total Non-Current Assets	18.775	18.205
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	44.118	40.717
(c) Trade receivables	8.430	26.493
(d) Cash and cash equivalents	3.046	2.304
(e) Short-term loans and advances	2.214	2.776
(f) Other current assets	0.053	0.009
Total Current Assets	57.861	72.299
TOTAL	76.636	90.504

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.035
2] Share Application Money		0.000
3] Reserves & Surplus		1.528
4] (Accumulated Losses)		(56.816)
NETWORTH		(25.253)
LOAN FUNDS
1] Secured Loans		41.513
2] Unsecured Loans		9.387
TOTAL BORROWING		50.900
DEFERRED TAX LIABILITIES		0.000
TOTAL		25.647
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.497
Capital work-in-progress		0.000
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.605
	Sundry Debtors	7.895
	Cash & Bank Balances	1.447
	Other Current Assets	0.000
	Loans & Advances	3.634
Total Current Assets		38.581
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.047
	Other Current Liabilities	9.889
	Provisions	1.545
Total Current Liabilities		29.481
Net Current Assets		9.100
MISCELLANEOUS EXPENSES		0.000
TOTAL		25.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	84.655	55.118	47.955
		Other Income	0.676	2.042	0.587
		TOTAL (A)	85.331	57.160	48.542
Less	EXPENSES
		Cost of materials consumed	65.873	42.394
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.840)	(5.408)
		Employee benefit expense	6.287	6.744
		Other expenses	15.306	11.538
		TOTAL (B)	83.626	55.268	49.460
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.705	1.892	(0.918)
Less	FINANCIAL EXPENSES (D)		9.032	7.756	6.953
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(7.327)	(5.864)	(7.871)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.250	1.486	1.651
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(8.577)	(7.350)	(9.522)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(8.577)	(7.350)	(9.522)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(64.166)	(56.816)	(47.294)
	BALANCE CARRIED TO THE B/S		(72.743)	(64.166)	(56.816)
	IMPORTS
		Raw Materials	65.873	42.394	0.000
		Components and spare parts	0.919	1.949	0.233
	TOTAL IMPORTS		66.792	44.343	0.233
	Earnings/ (Loss) Per Share (Rs.)		(2.86)	(2.45)	(3.17)

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	17.200	14.600	11.900	24.000
Total Expenditure	18.100	16.400	13.400	20.900
PBIDT (Excl OI)	(0.800)	(1.800)	(1.600)	3.100
Other Income	0.100	0	0.100	0.000
Operating Profit	(0.700)	(1.800)	(1.500)	3.100
Interest	2.200	1.900	2.700	3.500
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(2.900)	(3.700)	(4.200)	(0.400)
Depreciation	0.300	0.300	0.300	0.300
Profit Before Tax	(3.200)	(4.000)	(4.500)	(0.700)
Tax	0.000	0.000	0.000	0.000
Provisions and Contingencies	0.000	0.000	0.000	0.000
Reported PAT	(3.200)	(4.000)	(4.500)	(0.700)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(3.200)	(4.000)	(4.500)	(0.700)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(10.05)	(12.86)	(19.62)
Net Profit Margin (PBT/Sales)	(%)	(10.13)	(13.34)	(19.86)
Return on Total Assets (PBT/Total Assets}	(%)	(11.20)	(8.13)	(17.29)
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.38
Debt Equity Ratio (Total Debt/Networth)		(1.28)	(1.79)	(2.02)
Current Ratio (Current Asset/Current Liability)		0.84	0.82	1.31

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%	--
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)	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	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	16.809	13.309
Total	16.809	13.309

OPERATIONS:

During the year, the company achieved a turnover of Rs. 85.331 Millions excluding Excise Duty as against previous year’s turnover of Rs. 57.160 Millions excluding Excise Duty and suffered a loss of Rs. 8.577 Millions as against previous year’s net loss of Rs. 7.350 Millions. The company manufactured and dispatched 18 machines during the year as against 13 machines during the previous year. The company’s order book position at the beginning of the year consisted of 24 machines for a value of Rs. 97.839 Millions. During the year, the company received orders for 9 machines for a value of Rs. 36.695 Millions. Though there is increase in the in-house manufacturing activity during the year, the material consumption has increased to 74.83 % as compared to that of previous year of 71.76 %.

PROSPECTS:

Though the overall economic outlook is satisfactory, inflationary trends and slowdown in automobile and certain sectors of the engineering industry is noticeable, the company has an encouraging order book. However, shortage of adequate working capital and higher interest rates are areas of concern. The Company has weathered a difficult year and is considering avenues for raising sufficient funds to meet its working capital requirements, which will help it improve its performance during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L29220KA1985PLC007036
Name of the company	MIVEN MACHINE TOOLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Tarihal Industrial Area, Tarihal, Hubli – 580026, Karnataka, India Email: mivensales@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	90192596
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited, Ground Floor, Satellite Space Age Complex, Koppikar Road, Hubli - 580020, Karnataka, India Email: nadkarnishm@svcbank.com
Nature of description of the instrument creating or modifying the charge	1.Composite hypothecation agreement dated 06.02.2013 2.Recording letter evidencing deposit of title deeds-link dated 06.02.2013 3.Sanction letter dated 24.01.2013 received from the bank
Date of instrument Creating the charge	06.02.2013
Amount secured by the charge	Rs. 127.424 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR Minus 3.50%=14.00% P.A Floating Rate Terms of Repayment Additional term loan of Rs.40.000 Millions to be repaid by 31.12.2013 with moratorium of 6 months upto June 2013 Margin For the new project term loan of Rs.40.000 Millions - 40% Cash Credit-25% WCTL BL-25% Term Loan BL 744-15% Term Loan BL 745-15% Bank Guarantee-15% Extent and Operation of the charge The hypothecation agreement is to operate as continuing security for the ultimate balance or aggregate balances with interest thereon to become payable upon the said account or accounts as aforesaid and the said account/accounts is/are not to be considered to be closed for the purpose of this security and the security is not to be considered exhausted merely by reason of the said account or the accounts or either or any of them being brought to credit at any time. Others Existing Limit New Limit Project Term Loan 0 40.000 Millions Cash Credit 15.000 Millions 15.000 Millions WCTL BL 20.000 Millions 14.759 Millions Term Loan BL 744 12.500 Millions 12.061 Millions Term Loan BL 745 5.800 Millions 5.604 Millions Bank Guarantee 20.000 Millions 40.000 Millions Total 73.300 Millions 127.424 Millions
Short particulars of the property charged	Land & buildings: Plot No. Nil, Tarihal Industrial Area, Survey No. 92/1 & 92/2 (total of 21 acres & 2169 square meters) Hypothecated stocks: whole of the present and future stocks of raw materials, goods in process of manufacture and all finished and manufactured goods and articles Hypothecated book debts: all of the present and future book debts, outstanding monies, receivables, claims, bills, rights to or in movable properties which are now due or become due in future. Hypothecated plant and machinery: all the plant and machinery other assets etc installed at the factory. Plot No 11, R.S. No. 106A+107B, 108A+109A, Akshay Centre, Gokul Road, Hubli-580030 owned by Mr. Vikram Sirur. Area of the open plot is 950 sq mtrs.
Date of Modification	27.08.2011
Particulars of the present modification	1.Total limits altered from Rs. 73.300 Millions to Rs.127.424 Millions (break up as per column no. 13(e) of this form) 2.Additional collateral security by way of property situated at Akshay Centre, Gokul Road, Hubli owned by Mr. Vikram Sirur

FIXED ASSETS:

v Land

v Buildings

v Factory building

v Plant and equipment

v Factory equipments

v Other plant and equipment

v Furniture and fixtures

v Vehicles

v Motor vehicles

v Office equipment

v Computer equipments

v Other 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. 59.73
UK Pound	1	Rs. 91.82
Euro	1	Rs. 78.23

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	-
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.