MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	NICHROME INDIA LIMITED
Registered Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.01.1960
Com. Reg. No.:	11-011575
Capital Investment / Paid-up Capital :	Rs.66.125 Millions
CIN No.: [Company Identification No.]	U28113MH1960PLC011575
TAN No.: [Tax Deduction & Collection Account No.]	PNEN00250F
PAN No.: [Permanent Account No.]	AAACT4161C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of packaging machines and packing solutions.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 890000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and a well established company having satisfactory track record. The company has shown a better increase in its sales turnover 2013, Overall position appears to be decent. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	22.05.2013

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	22.05.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Santosh Mahabaleshwar
Designation :	Finance Manager
Contact No.:	91-9370665969
Date:	11.10.2013

LOCATIONS

Registered Office/ Corporate Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra, India
Tel. No.:	91-20-66011001
Fax No.:	91-20-4011001
E-Mail :	finance@nichrome.com
Website :	http://www.nichrome.com
Area :	6500 sq ft
Location :	Owned
Factory :	Shrimal, at post wing, Khandala Gala No. 769 B, 772 B and 773 District-Satara, Maharashtra, India
Tel. No.:	91-2169-284063/64/65/67
Fax No.:	91-2169-284066
Offices and Dealers :	LOCATED AT :- India :- Ø Bangalore Ø Chennai Ø Indore Ø New Delhi Ø Kolkata Ø Mumbai Ø Hyderabad WORLDWIDE :- v ASEAN v Middle East v SAARC v CIS v Africa

DIRECTORS

As on: 21.08.2012

Name :

Mr. Shriniwas Vinayak Joshi

Designation :

Chairman

Address :

857, Savali Apartment, Bhandarkar Road, Pune-411004, Maharashtra

Date of Birth/Age :

07.03.1937

Date of Appointment :

03.04.1990

DIN No.:

00227320

PAN No.:

ACAPJ2953K

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	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Whole-time director	01-04-10	03-04-90	-	Active	NO
2	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	24-04-98	24-04-98	-	Active	NO
3	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	13-12-02	13-12-02	14-09-10	Active	NO
4	U72200PN2005PTC020413	NICHROME INFO MANAGEMENT PRIVATE LIMITED	Director	15-03-05	15-03-05	-	Active	NO

Name :

Mr. Harish Prabhakar Joshi

Designation :

Managing Director

Address :

857, Savali Apartment, Bhandarkar Road, Pune-411004, Maharashtra

Date of Birth/Age :

16.09.1964

Date of Appointment :

11.09.2000

DIN No.:

00227288

PAN No.:

AAXPJ4874

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	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	24-04-98	24-04-98	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Managing director	01-04-12	11-09-00	-	Active	NO
3	U29290MH2000NPL127775	INSTITUTE OF PACKAGING MACHINERY MANUFACTURERS OF INDIA	Director	12-08-09	12-08-09	-	Active	NO

Name :

Mr. Ashok Natwarlal Kothary

Designation :

Director

Address :

5D, 5/6, Himali Co-operative Housing Society 8+13/1/2 Erandwana Pune-411004

Date of Birth/Age :

13.09.1949

Date of Appointment :

22.10.1994

DIN No.:

00811919

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	U65910MH1986PTC040687	CONCORD MARKETING AND FINANCIERS PRIVATE LIMITED	Director	13-06-90	13-06-90	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	22-10-94	22-10-94	-	Active	NO
3	U74140MH1997PTC109282	QUAESTOR CONSULTANTS PRIVATE LIMITED	Director	08-07-97	08-07-97	-	Active	NO
4	L24110MH1973PLC016247	UNIVERSAL STARCH CHEM ALLIED LIMITED	Director	28-10-99	28-10-99	-	Active	NO
5	U72200PN2001PTC016510	FOUR J'S DEVELOPMENT TOOLS (INDIA) PRIVATE LIMITED	Director	22-10-01	22-10-01	-	Active	YES
6	U72200PN2005PTC020413	NICHROME INFO MANAGEMENT PRIVATE LIMITED	Director	15-03-05	15-03-05	-	Active	NO
7	U72900PN2005PTC020512	DESIGN AUTOMATION PUNE PRIVATE LIMITED	Director	05-04-05	05-04-05	26-03-06	Active	NO
8	U74140PN2005PTC021354	PHOENIX KNOWLEDGE MANAGEMENT PRIVATE LIMITED	Director	28-09-05	28-09-05	11-06-07	Active	NO
9	U15421MH1981PLC025191	UNIQUE SUGARS LIMITED	Additional director	24-04-10	24-04-10	-	Active	NO
10	U01407PN2009PTC134990	BAIF AGRO AND BIO TECHNOLOGY PRIVATE LIMITED	Director	29-09-10	25-06-10	-	Active	NO
11	U00069PN2006PTC022285	ATRIUM HOSPITALITY AND PROPERTY MANAGEMENT PRIVATE LIMITED	Director	10-07-10	10-07-10	-	Strike off	NO
12	U73100PN2013GAT146328	ARTHKRANTI GLOBAL PRIVATE LIMITED	Director	21-02-13	21-02-13	-	Active	NO

Name :

Mr. Mohanlal Chimanlal Gujarathi

Designation :

Director

Address :

Advait 1277, Shukrawar Peth, Subhash Nagar, Lane No- 6, Pune-411002

Date of Birth/Age :

30.08.1956

Date of Appointment :

16.10.2000

DIN No.:

00988542

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	U74140PN1994PTC079902	PRABODH ARTHA WARDHINI PRIVATE LIMITED	Director	27-07-94	27-07-94	-	Active	NO
2	U65923PN1997PTC108406	PRABODH ARTHA-SANCHAY PRIVATE LIMITED	Director	30-05-97	30-05-97	-	Active	NO
3	U72200MH1997PTC106779	PRABODHAN INFOSYSTEMS PRIVATE LIMITED	Director	11-10-97	11-10-97	-	Strike off	NO
4	U74992PN2000PTC014593	PRABODH ARTHA SAMWARDHAN PRIVATE LIMITED	Director	14-03-00	14-03-00	-	Active	NO
5	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16-10-00	16-10-00	-	Active	NO
6	U74999PN2004PTC019763	PRABODH ARTHA SAMPADA PRIVATE LIMITED	Director	20-09-04	20-09-04	-	Active	NO
7	U74900PN2009PTC133394	MANODAY CORPORATE CONSULTANTS PRIVATE LIMITED	Director	20-01-09	20-01-09	-	Strike off	NO
8	U74140PN2009PTC133393	MANODAY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20-01-09	20-01-09	-	Strike off	NO

Name :

Mr. Pramod Madhukar Chaudhari

Designation :

Director

Address :

Kinnari, 6, Vee Nimbkar Co-operative Housing Society 80/A, off Baner Road, Pune-411007

Date of Birth/Age :

26.11.1949

Date of Appointment :

16.04.2005

DIN No.:

00196415

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	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Whole-time director	01-08-12	08-11-85	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16-04-05	16-04-05	-	Active	NO
3	U72200PN2001PTC016563	ACCELTREE SOFTWARE PRIVATE LIMITED	Director	25-08-06	25-08-06	09-06-09	Active	NO
4	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	03-08-09	30-11-06	08-08-12	Active	NO
5	U74900PN2008PTC131691	P-CUBE ENTERPRISES PRIVATE LIMITED.	Director	26-03-08	26-03-08	-	Active	NO
6	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Nominee director	06-01-12	06-01-12	-	Active	NO
7	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	29-08-12	11-08-12	-	Active	NO
8	U74900PN2013PTC147132	P-CUBE TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	29-04-13	29-04-13	-	Active	NO
9	AAB-5131	PLUTUS PROPERTIES LLP	Designated Partner	10-05-13	10-05-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Mahabaleshwar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.08.2012

Names of Shareholders	No. of Shares
Shriniwas Vinayak Joshi Jointly with Jayashree S. Joshi	3965472
Jayashree S. Joshi Jointly with Shriniwas Vinayak Joshi	322560
Harish P. Joshi	3360
Mrunalini H. Joshi	3360
Ashok Kothary	3360
Rita A. Kothary	3360
Jehan A. Kothari	3360
Harish P Hoshi Jointly with Mrunalini H. Joshi	1957648
Mrunalini H. Joshi Jointly with Harish P Hoshi	350000
TOTAL	6612480

Equity Share Break up (Percentage of Total Equity)

As on: 21.08.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of packaging machines and packing solutions.

Products :

Product	ITC Code
Packaging Machine	84224000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• Bank of Baroda, Pune Camp Branch, Pune – 411 001, Maharashtra, India
• ICICI Bank, ICICI Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks	15.750	16.763
SHORT TERM BORROWINGS
Working capital loans from banks	52.445	32.945
Total	68.195	49.708

Banking Relations :	--
Auditors :
Name :	Naniwadekar and Company Chartered Accountants
Address :	2, Nalini Apartments, Plot No 3/10 Opposite SNDT College, Erandawane Pune – 411004, Maharashtra, India
PAN No.:	AANPN9281B

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6612480	Equity Shares	Rs.10/- each	Rs.66.125 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.125	66.125	66.125
(b) Reserves & Surplus	156.588	126.583	92.073
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	222.713	192.708	158.198
(3) Non-Current Liabilities
(a) long-term borrowings	19.528	19.846	8.419
(b) Deferred tax liabilities (Net)	8.036	9.479	10.506
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.564	29.325	18.925
(4) Current Liabilities
(a) Short term borrowings	55.365	35.765	36.124
(b) Trade payables	89.931	64.458	66.662
(c) Other current liabilities	47.666	44.862	40.470
(d) Short-term provisions	41.085	41.011	23.193
Total Current Liabilities (4)	234.047	186.096	166.449
TOTAL	484.324	408.129	343.572
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.938	98.801	74.097
(ii) Intangible Assets	5.807	8.181	1.064
(iii) Capital work-in-progress	44.130	22.896	14.934
(iv) Intangible assets under development	9.696	5.352	1.589
(b) Non-current Investments	0.186	0.186	0.186
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	52.728	20.932	8.373
(e) Other Non-current assets	0.074	0.148	0.222
Total Non-Current Assets	209.559	156.496	100.465
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	89.121	76.26	78.640
(c) Trade receivables	125.184	110.537	115.497
(d) Cash and cash equivalents	37.209	25.984	11.772
(e) Short-term loans and advances	21.178	36.871	34.213
(f) Other current assets	2.073	1.981	2.985
Total Current Assets	274.765	251.633	243.107
TOTAL	484.324	408.129	343.572

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	631.949	607.772	558.269
		Other Income	4.582	4.176	4.126
		TOTAL (A)	636.531	611.948	562.395
Less	EXPENSES
		Cost of materials consumed	324.664	295.175	297.601
		Purchases of stock-in-trade	11.665	15.135	14.442
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.095)	6.210	(4.065)
		Employee benefit expense	115.671	105.542	101.072
		Other expenses	108.025	98.503	80.550
		TOTAL (B)	555.930	520.565	489.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.601	91.383	72.795
Less	FINANCIAL EXPENSES (D)		5.250	7.326	4.621
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.351	84.057	68.174
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.163	11.436	7.885
	PROFIT BEFORE TAX (E-F) (G)		63.188	72.621	60.289
Less	TAX (H)		21.577	24.200	21.577
	PROFIT AFTER TAX (G-H) (I)		41.611	48.421	38.712
	EARNINGS IN FOREIGN CURRENCY		147.252	116.125	NA
	Earnings Per Share (Rs.)		6.29	7.32	5.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.54	7.91	6.88
Net Profit Margin (PBT/Sales)	(%)	9.99	11.95	10.80
Return on Total Assets (PBT/Total Assets}	(%)	14.68	19.13	18.44
Return on Investment (ROI) (PBT/Networth)		0.28	0.38	0.38
Debt Equity Ratio (Total Debt /Networth)		0.34	0.29	0.28
Current Ratio (Current Asset/Current Liability)		1.17	1.35	1.46

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
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	----------------------
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Deferred sales tax loan	1.324	2.777
Loans taken for fixed assets	2.454	0.306
SHORT TERM BORROWINGS
Deposits	2.920	0.000
Loans and advances from related parties	0.000	2.820
Total	6.698	5.903

COMPANY OVERVIEW :

The company has acquired new Technology of `Rotary Pick/fill and seal machine technology from Totpack.

This will cater to industries in the segment of Liquid, Pastes, Powders, Granules, Snack food etc.

FUTURE PLANS:

Company will focus on the post packaging activities and will concentrate more on project based activities.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90087218	28/03/2005	15,000,000.00	BANK OF BARODA	PUNE CAMP BRANCH, PUNE, Maharashtra, INDIA	-
2	90088893	24/08/2007 *	112,500,000.00	BANK OF BARODA	CAMP BRANCH, PUNE, Maharashtra - 411001, INDIA	A23117542
3	90092002	02/12/2002	85,827,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, PUNE, Maharashtra - 411002, INDIA	-
4	90082823	03/01/2012 *	142,600,000.00	Bank of Baroda	Pune Camp Branch, Pune, Maharashtra - 411001, INDIA	B30990345
5	90082747	20/07/2001	38,616,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, PUNE, Maharashtra, INDIA	-
6	90085556	29/11/2000	10,000,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, LAXMI ROAD, PUNE, Maharashtra, INDIA	-
7	90085301	03/01/2012 *	142,600,000.00	Bank of Baroda	Pune Camp Branch, Pune, Maharashtra - 411001, INDIA	B30991046

* Date of charge modification

FIXED ASSETS:

• Building – office
• Building – Factory
• Land – Factory
• Well
• Road
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Office Equipments
• Computer
• Canteen Equipments
• Vehicles

AS PER WEBSITE DETAILS:

PRESS RELEASES:

NICHROME INVESTS RS 5 CR IN R&D CENTER

July 28, 2012

Nichrom e India Limited, a packaging machinery manufacturer and a player in VFFS machines in India has set up its own research and development centre which is having apacity to house 150 people and investment of Rs 50.000 Millions and will add more Rs 20.000 Millions for the equipments.

The new R&D center includes the complete Engineering and Design facility with hi-tech 3D modeling software, parametric design and product data management facility.

The new facility has a training center for conducting customer training programs, a pouch and brand gallery.

The new facility is also equipped with a product and pouch testing laboratory.

“The packaging industry is one of the most rapidly growing industries and has scope for constant improvement, this lead to the vision of setting up an extensive R& D facility. We are confident that this facility will help Indian packaging industry to reach new highs and add a ‘plus factor’ to it,” said Harish Joshi, managing director, Nichrom India Limited

Nichrome is focusing agricultural packaging sector and expanding its base across India. Over 80 per cent of the seed packaging in India is done using Nichrome Machinery.

In every season (Rubby/Kharif) Nichrome machines manage to pack around 5 crore pouches.

It holds 25 per cent market share of the packaging manufacturing machinery business.

NICHROME BAGS THE IPMMI DESIGN DEVELOPMENT AWARD FOR ITS HIGH SPEED OIL PACKING MACHINE

Pune, 23 April 2012 - Nichrome a leading packaging machinery manufacturer and the pioneer in form fill seal machines in India, recently won the Machinery Design, Development and Innovation Award 2012 conferred by IPMMI (Institute of Packaging Machinery Manufacturers of India.)

Nichrome won this award for the development of High speed oil packing machine – Filpack SMD. It is a double head model with an output of upto 70 packs per minute. The double head construction of the machine saves space and the manpower contributing to the profitability. This machine also offers flexibility of packing different oils and quantities on two different heads simultaneously.

“ Nichrome could change the benchmark of productivity by doubling the output with the introduction of SMD oil machine . This has helped the oil companies to handle rising demand with the same manpower and space ” Said, Mr Harish Joshi, Managing Director of Nichrome India Limited

About Nichrome India Limited

Nichrome has pioneered in packaging for 35 years. Nichrome has a world class modern manufacturing set up spread over 10 acres of land at Shirval, about 40 km south of Pune. The infrastructure currently accommodates a manufacturing capacity of 500 machines per year. The set up has more than 150 skilled workforce for planning, engineering, supply chain, machine assembly, extensive product trials and testing, commissioning and service. Nichrome follows Lean - Line manufacturing concept wherein dedicated teams are responsible from execution to customer support functions.

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.62.14
UK Pound	1	Rs.99.02
Euro	1	Rs.83.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.