MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	MILLTEC MACHINERY PRIVATE LIMITED
Registered Office :	No.51-A, 1^st Phase, K.I.A.D.B. Industrial Area, Bommasandra, Bengaluru – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.08.1998
Com. Reg. No.:	08-024139
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U85110KA1998PTC024139
TAN No.: [Tax Deduction & Collection Account No.]	BLRM02300E
PAN No.: [Permanent Account No.]	AABCM6912D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Suppliers of Food Processing Machinery
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. There appears same dip in the total income of the company during 2012. However, the company operates on its own fund. The financial position of the company appears to be sound and healthy. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

Name :	Mr. Ravindranath
Designation :	Director
Contact No.:	91-9845128432
Date :	07.05.2013

LOCATIONS

Registered Office / Factory :	No.51-A, 1^st Phase, K.I.A.D.B. Industrial Area, Bommasandra, Bengaluru – 560099, Karnataka, India
Tel. No.:	91-80-27831128/27835169/70/71/72/73/28016666
Mobile No.:	91-9845128432 (Mr. Ravindranath)
Fax No.:	91-80-27832723/27831129
E-Mail :	milltec@milltecmachinery.com finance@milltecmachinery.com marketing@milltecmachinery.com xports@milltecmachinery.com
Website :	http://www.milltecmachinery.com
Location :	Owned

DIRECTORS

As on: 30.09.2012

Name :	Mr. Veluru Girinatha Prakash
Designation :	Whole Time Director
Address :	A-240, Prestige Ozone, Varthur Road, White Filed, Bangalore – 560066, Karnataka, India
Date of Birth/Age :	15.11.1962
Date of Appointment :	28.08.1998
DIN No.:	00211521
Name :	Mr. Ramaiah Ravindranath
Designation :	Whole Time Director
Address :	A-253, Prestige Ozone Vartur Road, White Field, Bangalore – 560066, Karnataka, India
Date of Birth/Age :	20.07.1963
Date of Appointment :	28.08.1998
DIN No.:	00212085
Name :	Mr. Rajendran Joghee
Designation :	Whole Time Director
Address :	A-251, Prestige Ozone Vartur Road, White Field, Bangalore – 560066, Karnataka, India
Date of Birth/Age :	04.06.1996
Date of Appointment :	28.08.1998
DIN No.:	02505486
Name :	Mr. Veluru Ramanaiah
Designation :	Whole Time Director
Address :	304, Krishna Jayanthi, 2^nd Main, 9^th Cross, 3^rd Phase, J.P. Nagar, Bangalore – 560078, Karnataka, India
Date of Birth/Age :	01.06.1960
Date of Appointment :	28.08.1998
DIN No.:	01298671

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Veluru Girinatha Prakash	600000
Ramaiah Ravindranath	600000
Rajendran Joghee	600000
Veluru Ramanaiah	600000
B A Gayathri Devi	150000
M Jyothi Rani	150000
Manujula	150000
R. Uma	150000
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Suppliers of Food Processing Machinery
Products :	Pre-Cleaning Equipment Rice Hulling Equipment Rice Polishing Equipment Rice Grading Equipment
Exports :
Products :	Food processing machinery
Countries :	Germany Bangladesh Srilanka
Imports :
Products :	Raw material
Countries :	UK Germany
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Star N-2	Nos.	751
TGRD 2D	Nos.	51
TGRD 4D	Nos.	30
TGRD 6D	Nos.	2
Dest 2DB	Nos.	160
Huse	Nos.	49
DE-HUSK B	Nos.	3
Mase-S	Nos.	1157
Mase-B	Nos.	22
PSEP-60/5	Nos.	0
Poly M2	Nos.	56
Silk-N1	Nos.	454
Silk-N2	Nos.	0
Mega N-1	Nos.	129
GIGA	Nos.	2
Shel-N1	Nos.	455
Shel-5T	Nos.	2
SIFT 1D	Nos.	0
SIFT 2D	Nos.	3
LGRD	Nos.	301
Clas2DB-D1	Nos.	10
Aspi-1000 N1	Nos.	86
STAR-4T (final-MC)	Nos.	163
Shel-8T	Nos.	4
DEST 2DB-B	Nos.	15
CLAS-2DB	Nos.	77
PNSG	Nos.	506
ELEV-250	Nos.	29
RECO	Nos.	2
BNDS	Nos.	657
Aspi-1500	Nos.	7
BNDS-Big	Nos.	95
Clas-3D-B	Nos.	14
LGRD-2DM	Nos.	27
Poly M3	Nos.	74
Silk-10T	Nos.	9
Tiny N-2	Nos.	93
VFM	Nos.	0
DRUM	Nos.	0
HUSE-6T	Nos.	44
SHEL-6T	Nos.	67
TSEP 1D	Nos.	45
TSEP-2D	Nos.	50
MEGA 8T	Nos.	6
SILK 8T	Nos.	8
SIFT 5T	Nos.	1
LGRD-2DM(1/3)	Nos.	0
ELEV-200	Nos.	115
ELEV-340	Nos.	0
BNDS-B(Ø300)	Nos.	42
CLAS-2DB-B	Nos.	8
SCLP	Nos.	1
PNSG-150SQ	Nos.	3
PNSG-200SQ	Nos.	8

GENERAL INFORMATION

Customers :	Wholesalers Retailers Manufacturer
No. of Employees :	300 (Approximately)
Bankers :	State Bank of India, Electonicity Branch, No.26-A Hosur Road, Bangalore – 560100, Karnataka, India

Banking Relations :	--
Auditors :
Name :	V.A. Venkatram and Company Chartered Accountants
Address :	37/A, 6^th Main, 12^th A Cross, 3^rd Phase, JP Nagar, Bangalore – 560078, Karnataka, India
Tel. No.:	91-80-26589278 / 41211281
E-Mail :	vramca@yahoo.com
PAN No.:	AAKPV5665L
Related party :	M.S.SORTERS PRIVATE LIMITED CIN No. U31100KA2009PTC049840

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		437.855	344.277	250.588
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		467.855	374.277	280.588
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	3.892
TOTAL BORROWING		0.000	0.000	3.892
DEFERRED TAX LIABILITIES		0.837	0.404	0.112
TOTAL		468.692	374.681	284.592
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.879	85.871	58.895
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		224.635	185.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.441	109.301	88.937
	Trade receivable	176.938	153.637	127.556
	Cash & Bank Balances	32.434	89.789	213.586
	Other Current Assets	111.704	98.601	0.000
	Loans & Advances	31.110	29.965	72.672
Total Current Assets		485.627	481.293	502.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.753	43.720	62.731
	Other Current Liabilities	135.746	178.806	140.157
	Provisions	107.950	154.957	74.282
Total Current Liabilities		319.449	377.483	277.170
Net Current Assets		166.178	103.810	225.581
MISCELLANEOUS EXPENSES		0.000	0.000	0.116
TOTAL		468.692	374.681	284.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Income	1246.541	1364.255	1170.847
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		184.574	192.996	165.237
Less	TAX		56.130	64.324	56.068
	PROFIT AFTER TAX		128.444	128.672	109.169
	APPROPRIATIONS
		Dividend	NA	30.000	30.000
		Tax on Dividend	NA	4.982	5.099
	BALANCE CARRIED TO THE B/S		NA	34.982	35.099
	Earnings Per Share (Rs.)		42.81	42.89	36.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	32.75	34.03	29.42
Return on Investment (ROI) (PBT/Networth)		0.39	0.52	0.59
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		1.52	1.27	1.81

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS OPERATIONS – OVERVIEW AND OUTLOOK

The Company was able to show good performance during the year and the company is in the process of expanding its operations and Directors felt that the future prospects of the company are bright.

FIXED ASSETS

• Computer and Printer
• Furniture and Fixtures
• Cycle
• Plant and Machinery
• UPS Systems
• Electrical Equipments
• Factory Equipments
• Tools and Patterns
• Office Equipments
• Vehicles
• Motor Car
• Generator
• Factory Land
• Property at 235R
• Factory Building
• Security Systems
• Technical Know-how

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. 54.16
UK Pound	1	Rs. 83.88
Euro	1	Rs. 71.00

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.