MIRA INFORM REPORT

Report Date :

08.08.2014

IDENTIFICATION DETAILS

Name :	ACE MANUFACTURING SYSTEM LIMITED
Registered Office :	Plot No.467-469, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.1994
Com. Reg. No.:	08-015321
Capital Investment / Paid-up Capital :	Rs.6.880 Millions
CIN No.: [Company Identification No.]	U85110KA1994PLC015321
TAN No.: [Tax Deduction & Collection Account No.]	BLRA01051B
PAN No.: [Permanent Account No.]	AACCA3584G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Vertical Machining Centers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 5900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Profit of the company has declined during financial year 2013. However, the rating takes into consideration company’s healthy financial risk profile and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits: A+
Rating Explanation	Adequate degree of safety and High credit risk.
Date	June, 2014

Rating Agency Name	ICRA
Rating	Non fund based limits = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	June, 2014

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 31-03-2014.

INFORMATION PARTED BY

Management non co-operative

Tel No.: 91-80-28360508

LOCATIONS

Registered Office :	Plot No.467-469, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41828100/ 28360508-12/ 41828102
Fax No.:	91-80-28362791/41828102
E-Mail :	helpdesk@amslindia.com
Website :	http://www.amsl.in
Sales and Service Centers :	Located at: · Aurangabad · Bangalore · Belgaum · Hyderabad · Kolkata · Kolhapur · Chennai · Ranipet · Mumbai · Coimbatore · Pune · Gurgaon · Delhi · Faridabad · Jamshedpur · Rajkot

DIRECTORS

As on: 30.09.2013

Name :

Puttige Ramdas

Designation :

Managing director

Address :

No.452, 1st Stage 1 main Bemllayout, Basveshwarnagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

18.03.1946

Qualification :

B.E., M. Tech

Date of Appointment :

01.10.2013

PAN No.:

AANPR3545A

DIN No.:

01510873

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	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Managing director	01/10/2013	30/03/1996	-	Active	NO
2	U28930KA2007PTC043919	AMS BHARGAVA MACHINING PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Active	NO
3	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Nominee director	06/09/2013	06/09/2013	-	Active	NO

Name :

Mr. Shrinivas Govindrao Shirgurkar

Designation :

Director

Address :

586, 1^st Main, 2^nd Stage, 3^rd Block, Rmvextention, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

08.04.1948

Qualification :

B.E.

Date of Appointment :

07.03.1994

PAN No.:

AKMPS5692E

DIN No.:

00173944

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01/07/2010	25/09/1986	-	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	-	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	-	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	-	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LTD	Director	30/08/1996	30/08/1996	-	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED.	Director	03/11/2005	03/11/2005	-	Active	NO
7	L85110KA1980PLC003913	WENDT INDIA LIMITED	Director	17/04/2006	17/04/2006	-	Active	NO
8	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	-	Active	NO
9	U74900KA2012NPL067059	IMTMA Machine Tool Industry Park	Director	06/12/2012	06/12/2012	-	Active	NO
10	U72200KA2013PTC070078	ACEMICROMATIC MANUFACTURING INTELLIGENCE TECHNOLOGIES PRIVATE LIMITED	Director	26/07/2013	26/07/2013	-	Active	NO

Name :

Benedict Machado

Designation :

Director

Address :

583, 1^st Main, 2^nd Stage, 3^rd Block, Rmvextention, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

04.12.1948

Qualification :

B.E.

Date of Appointment :

07.03.1994

PAN No.:

AEJPM7124C

DIN No.:

00174074

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01/07/2010	25/09/1986	-	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	-	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	-	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	-	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LTD	Director	30/08/1996	30/08/1996	-	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED.	Director	03/11/2005	03/11/2005	-	Active	NO

Name :

Mr. Ashok Vishwanath Sathe

Designation :

Director

Address :

No.252, 5^th D Cross,2^nd Phase, 2^nd Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

17.03.1940

Qualification :

B.E., M. Tech

Date of Appointment :

07.03.1994

DIN No.:

00174204

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Whole-time director	01/07/2010	25/09/1986	-	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11/06/1987	11/06/1987	-	Active	NO
3	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LTD	Director	01/02/1988	01/02/1988	-	Active	NO
4	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07/03/1994	07/03/1994	-	Active	NO
5	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16/08/1995	16/08/1995	-	Active	NO
6	U29199KA2001PTC029247	PRAGATI AUTOMATION PRIVATE LIMITED	Director	05/07/2001	05/07/2001	-	Active	NO
7	U22100PN2007PTC130644	UDYAM PRAKASHAN PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO
8	U29253KA2011PTC060244	PRAGATI CONTROL SYSTEMS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO

Name :

Venkateshaiah Chandra

Designation :

Director

Address :

No.437, 8^th Floor, Mahalakshmipuram, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

26.01.1949

Qualification :

B.E

Date of Appointment :

13.02.1995

DIN No.:

01510893

Name :

Thirumalaimuppur Kuppuswamy Ramesh

Designation :

Additional director

Address :

1702, 7^th Floor, Gowart Apartments, RMV II Stage, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

26.01.1958

Qualification :

B.E., PGDBA

Date of Appointment :

04.08.2007

DIN No.:

01790388

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	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Additional director	04/08/2007	04/08/2007	-	Active	NO
2	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	-	Active	NO

Name :

Benine Gopalrao Dwarakanath

Designation :

Director

Address :

Aadhara Nilaya, No.92, 57^th Cross, Vijaya Bank Layout, Behind IIMB, Bannerghatta Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

23.08.1948

Date of Appointment :

01.04.2013

DIN No.:

00449073

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	U29199TZ1991PLC003561	TITAN MECHATRONICS LIMITED	Director	01/11/1999	01/11/1999	-	Active	NO
2	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Director	29/12/2001	29/12/2001	18/04/2011	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
ACE Designer Limited, India	19400
Micromatic Machine Tools Limited, India	18000
Puttige Ramdas	11200
Benedict Machado	5400
Shrinivas Govindrao Shirgurkar	5400
Ramdas Jayashree	4000
Philomena Machado	1800
Bharathi Shitrgurkar	1800
V. Chandra	1800
Total	68800

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	54.00
Directors or relatives of directors	46.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vertical Machining Centers.

Products :

Products Description	Item Code No.
Machining Centers	84597100

GENERAL INFORMATION

Customers :

· Autotech Industries

· Bagla Group

· Bajaj Auto Limited

· Bajaj Motors

· Bosch Group

· Brakes India Group

· Kalyani Group

· Kiran Udyog Limited

· Mahindra Group

· Menon Group

· Sakthi Auto Limited

· SPM Auto

· TBK Company Limited

No. of Employees :

Not Available

Bankers :

· Canara Bank

Industrial Finance Branch, Venkatadri Complex, No.83, Richmod Road, Bangalore - 560025, Karnataka, India

The Karnataka Bank Limited

Kasturba Road Branch, Kasturba Road, Bangalore - 560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans repayable on demand form banks	62.660	10.141
Total	62.660	10.141

Banking Relations :	--
Auditors :
Name :	P. A. Ghatage and Company Chartered Accountants
Address :	2/10, BDA Flats, Cambridge Layout Extension, Ulsoor, Bangalore – 560008, Karnataka, India
PAN No.:	AANPG1439N
Associates/Subsidiaries :	· Ace Designers Limited · Ace Multi Axes Systems Limited · Auto CNC Machining Limited · Pragati Automation Private Limited · Micromatic Machine Tools Private Limited · AMS Bhargava Machining Private Limited [U28930KA2007PTC043919]

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions
50000	Preference Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68800	Equity Shares	Rs.100/- each	Rs.6.880 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	6.880	6.880	6.880
(b) Reserves & Surplus	1488.607	1278.847	1021.231
(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)	1495.487	1285.727	1028.111
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	39.795	36.950	32.542
(c) Other long term liabilities	5.430	4.107	2.227
(d) long-term provisions	17.515	14.009	11.985
Total Non-current Liabilities (3)	62.740	55.066	46.754
(4) Current Liabilities
(a) Short term borrowings	63.560	11.041	49.090
(b) Trade payables	223.263	493.600	336.940
(c) Other current liabilities	91.530	192.387	142.182
(d) Short-term provisions	228.690	249.524	220.459
Total Current Liabilities (4)	607.043	946.552	748.671
TOTAL	2165.270	2287.345	1823.537
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	380.954	381.682	364.797
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.608	2.608	2.608
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.987	32.545	31.812
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	417.549	416.835	399.217
(2) Current assets
(a) Current investments	564.466	524.509	296.595
(b) Inventories	591.815	656.600	532.475
(c) Trade receivables	281.306	355.223	274.964
(d) Cash and cash equivalents	25.498	19.561	22.549
(e) Short-term loans and advances	284.636	314.617	297.737
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1747.721	1870.510	1424.320
TOTAL	2165.270	2287.345	1823.537

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2319.700	2936.388	2131.702
		Other Income	28.907	26.444	18.142
		TOTAL (A)	2348.607	2962.832	2149.844
Less	EXPENSES
		Cost of materials consumed	1611.558	2046.473	1494.402
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(100.402)	(10.500)	(61.741)
		Employee benefit expense	198.076	181.161	151.679
		Other expenses	240.531	258.222	207.496
		TOTAL (B)	1949.763	2475.356	1791.836
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		398.844	487.476	358.008
Less	FINANCIAL EXPENSES (D)		0.713	0.500	0.258
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		398.131	486.976	357.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.366	19.110	16.771
	PROFIT BEFORE TAX (E-F) (G)		376.765	467.866	340.979
Less	TAX (H)		114.845	146.281	109.242
	PROFIT AFTER TAX (G-H) (I)		261.920	321.585	231.737
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	893.680	857.832
Less	APPROPRIATIONS
		Provision for Dividend on Equity Shares	NA	55.040	44.720
		Corporate Tax on Dividend	NA	8.928	7.321
		Transfer to General Reserve	NA	32.500	23.500
		Utilised for buy back of shares	NA	0.000	120.348
	BALANCE CARRIED TO THE B/S		NA	1118.797	893.680
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	43.497	13.330
	TOTAL EARNINGS		NA	43.497	13.330
	IMPORTS
		Raw Materials	NA	287.395	237.663
	TOTAL IMPORTS		NA	287.395	237.663
	Earnings Per Share (Rs.)		3806.98	4674.00	3368.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.15	10.85	10.78
Net Profit Margin (PBT/Sales)	(%)	16.24	15.93	16.00
Return on Total Assets (PBT/Total Assets}	(%)	17.42	20.48	18.72
Return on Investment (ROI) (PBT/Networth)		0.25	0.36	0.33
Debt Equity Ratio (Total Debt/Networth)		0.04	0.01	0.05
Current Ratio (Current Asset/Current Liability)		2.88	1.98	1.90

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.880	6.880	6.880
Reserves & Surplus	1021.231	1278.847	1488.607
Net worth	1028.111	1285.727	1495.487
long-term borrowings	0.000	0.000	0.000
Short term borrowings	49.090	11.041	63.560
Total borrowings	49.090	11.041	63.560
Debt/Equity ratio	0.048	0.009	0.043

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2131.702	2936.388	2319.700
		37.749	(21.002)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2131.702	2936.388	2319.700
Profit	231.737	321.585	261.920
	10.87%	10.95%	11.29%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	Yes

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Other loans and advances	0.900	0.900
Total	0.900	0.900

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80038464	14/11/2013 *	45,000,000.00	THE KARNATAKA BANK LIMITED	KASTURBA ROAD BRANCH, KASTURBA ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B91542522
2	80046793	31/01/2013 *	272,500,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, VENKATADRI COMPLEX, NO.83, RICHMOD ROAD, BANGALORE - 560025, KARNATAKA,  INDIA	B68301035

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer 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 judgment 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.61.41
UK Pound	1	Rs.103.42
Euro	1	Rs.82.17

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.