MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	IMA-PG INDIA PRIVATE LIMITED (w.e.f. 01.04.2010)
Formerly known as :	PRECISION GEARS PRIVATE LIMITED PRECISION GEARS LIMITED
Registered Office :	Plot No.R-677, M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.1961
Com. Reg. No.:	11- 011958
Capital Investment / Paid-up Capital :	Rs. 17.852 Millions
CIN No.: [Company Identification No.]	U27100MH1961PTC011958
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15667B
PAN No.: [Permanent Account No.]	AAACP6442Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Blister Machines, Tube Filling Machines etc.
No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Vikas Raut
Designation :	Accounts Manager
Contact No.:	9819010566
Date :	13.12.2014

LOCATIONS

Registered Office/ Factory 1:	Plot No.R-677, M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-67179000/ 27690986
Fax No.:	91-22-27600888/ 27600889
E-Mail :	accounts@precisiongears-ima.com secretarial@imapg.com
Website :	http://www.imapg.com
Factory 2 :	Plot No.R-696, M.I.D.C., T.T.C. Industrial Area, Rabale, Navi Mumbai – 400701, Maharashtra, India
Factory 3 :	Plot # 8, Laxmibai Nagar, Kila Maidan, Industrial Estate, Indore-452006, Madhya Pradesh, India
Tel. No.:	91-731-2612201
Fax No.:	91-731-2612203
Sales Office :	Located At: Bangalore Ghaziabad Pune Solan Kolkata Hyderabad Goa

DIRECTORS

As on 07.03.2014

Name :

Mr. Satish Gopal Rao

Designation :

Whole Time Director

Address :

Le Papeyon, Plot No.101, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.08.1945

Date of Appointment :

01.01.2010

DIN No.:

00282519

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	U24100MH1982PTC028801	EXPO COLORPACKS PVT LTD	Director	03/06/1983	03/06/1983	-	Active	NO
2	U27100MH1961PTC011958	IMA-PG India Private Limited	Whole-time director	01/01/2010	03/10/1997	-	Active	NO
3	U63040MH2005PTC158265	BALLAL JYOTI TRAVELS PRIVATE LIMITED	Director	12/02/2011	12/02/2011	-	Active	NO
4	U74900MH2012PTC236915	STARGO CONSULTING PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Converted to LLP and dissolved	NO
5	AAD-0014	STARGO CONSULTING LLP	Designated Partner	02/12/2014	02/12/2014	-	Active	NO

Name :

Mr. Mahadevan Gopalakrishnan Iyer

Designation :

Managing Director

Address :

No.5, Shoba CHS limited, 5^th Roaqd, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

14.10.2007

DIN No.:

01878492

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Managing director	23-04-08	14-10-07	Active	NO
2	U74900MH2011FTC224073	IMA INDUSTRIES INDIA PRIVATE LIMITED	Director	18-11-11	18-11-11	Active	NO

Name :

Mr. Andrea Malagoli

Designation :

Director

Address :

Via Archirola 38, 41100 Moden, 41100, Italy

Date of Birth/Age :

30.09.1965

Date of Appointment :

28.06.2008

DIN No.:

02241152

Name :

Sergio Marzo

Designation :

Director

Address :

V Somalla, 47 D, Forlla FO, 47100, Italy

Date of Birth/Age :

16.03.1966

Date of Appointment :

16.03.2012

Din No.:

03521984

Name :

Pierluigi Tampieri

Designation :

Director

Address :

VIA Toscanini 49, Imola BO, 40026, Italy

Date of Birth/Age :

05.02.1958

Date of Appointment :

16.03.2012

Din No.:

03525259

KEY EXECUTIVES

Name :	Mr. Vikas Raut
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.03.2014

Names of Shareholders	No. of Shares
IMA S.P.A.	178515
IMA S.P.A. Pecchioli Giovanni	1
IMA S.P.A. Castiglione Gaetano	1
IMA S.P.A. Marzo Sergio	1
IMA S.P.A. Zella Stefano	1
Satish Rao (Beneficial Owner of IMA S.P.A. Italy)	1
IMA S.P.A. Baldani Andrea	1
Total	178521

As on 07.03.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Blister Machines, Tube Filling Machines etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
• The Shamrao Vithal Co-Opposite Bank Limited, Ghatkopar Branch, Mumbai - 400077, Maharashtra, India
• Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
Working Capital from Banks	0.000	2.678
Other Loans and Advance	0.000	24.302
Total	0.000	26.980

Name :	B. M. Chatrath and Company Chartered Accountant
Address :	Centre Point, 4^th Floor, Room No.440, 21 Hemanta Basu, Sarani, Kolkata – 700001, West Bengal, India
Tel. No.:	91-44-22484575/ 4667/ 6810/ 6798/ 22101385
Fax No.:	91-44-22489934
E-Mail :	bmccal@dataone.in bmccal@vsnl.net bmccal@airtelmail.in
Website :	http://www.bmchatrath.in
PAN No:	AACFB7576N
Memberships :	--
Collaborators :	--
Holding Company :	IMA S.P.A., Italy
Fellow Subsidiary Company :	IMA North America Inc, United State IMA Germany, GMBH, Germany IMA France E.U.R.T., France Tianjin IMA Company Limited I.M.A. Est GMBH IMA U.K Limited, United Kingdome IMA Iberica S.L IMA Industries S.R.I. IMA Beijing Company Limited Comadis S.P.A Swi F Tpack Automation Limited

CAPITAL STRUCTURE

As on 07.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
178521	Equity Shares	Rs.100/- each	Rs. 17.852 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	17.852	17.852	17.852
(b) Reserves & Surplus	596.155	520.289	443.940
(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)	614.007	538.141	461.792
(3) Non-Current Liabilities
(a) long-term borrowings	85.366	72.560	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	(23.922)
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.475	16.639	16.521
Total Non-current Liabilities (3)	94.841	89.199	(7.401)
(4) Current Liabilities
(a) Short term borrowings	0.000	26.980	0.000
(b) Trade payables	256.858	200.503	175.851
(c) Other current liabilities	166.214	158.921	86.755
(d) Short-term provisions	39.554	70.659	57.905
Total Current Liabilities (4)	462.626	457.063	320.511
TOTAL	1171.474	1084.403	774.902
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	286.484	135.657	86.188
(ii) Intangible Assets	6.984	7.248	3.688
(iii) Capital work-in-progress	1.705	59.105	42.610
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.446	15.500	5.000
(c) Deferred tax assets (net)	37.508	36.061	0.000
(d) Long-term Loan and Advances	70.448	60.743	52.970
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	426.575	314.314	190.456
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	410.637	306.677	251.622
(c) Trade receivables	189.240	271.717	214.925
(d) Cash and cash equivalents	87.129	153.109	97.305
(e) Short-term loans and advances	57.893	38.586	20.594
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	744.899	770.089	584.446
TOTAL	1171.474	1084.403	774.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1096.470	955.630	795.320
Less	EXPENSES
		TOTAL	960.060	824.170	677.690
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		136.410	131.460	117.630
Less	FINANCIAL EXPENSES		3.840	0.940	0.570
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		132.570	130.520	117.060
Less/ Add	DEPRECIATION/ AMORTISATION		18.340	16.540	16.360
	PROFIT BEFORE TAX		114.230	113.980	100.700
Less	TAX		38.370	37.630	25.770
	PROFIT AFTER TAX		75.860	76.350	74.930
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		387.000	318.280	250.840
Less	APPROPRIATIONS
		Transfer to General Reserve	7.590	7.630	7.490
		TOTAL	7.590	7.630	7.490
	BALANCE CARRIED TO THE B/S		455.270	387.000	318.280
	EARNINGS IN FOREIGN CURRENCY		454.910	396.052	360.550
	Earnings Per Share (Rs.)		424.97	427.68	419.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	10.30	11.71	13.85
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.22
Debt Equity Ratio (Total Debt /Networth)		0.14	0.18	0.00
Current Ratio (Current Asset/Current Liability)		1.61	1.68	1.82

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	17.852	17.852	17.852
Reserves & Surplus	443.940	520.289	596.155
Net worth	461.792	538.141	614.007
long-term borrowings	0.000	72.560	85.366
Short term borrowings	0.000	26.980	0.000
Total borrowings	0.000	99.540	85.366
Debt/Equity ratio	0.000	0.185	0.139

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	795.320	955.630	1096.470
		20.157	14.738

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	795.320	955.630	1096.470
Profit	74.930	76.350	75.860
	9.42%	7.99%	6.92%

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	No

NOTE:

The Registered office of the company has been shifted form, G-1, Everest Building, 156 Tardeo Road, Mumbai – 400034, Maharashtra, India, to the present address w.e.f. 22.05.2007.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loans and Advance from Related Party	85.366	72.560
Total	85.366	72.560

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507664	30/06/2014	70,000,000.00	Axis Bank Limited	Corporate Banking Branch, Axis House, Gr. Floor,  Bombay Dyeing MillsCompound, P B Marg, Worli, Mumb  ai, Maharashtra - 400025, INDIA	C10267474
2	10500284	02/06/2014	70,000,000.00	Axis Bank Limited	Corporate Banking Branch, Axis House, Gr. Floor,  Bombay Dyeing MillsCompound, P B Marg, Worli, Mumb  ai, Maharashtra - 400025, INDIA	C05803085
3	10410310	09/12/2013 *	70,000,000.00	AXIS BANK LIMITED	CORPROATE BANKING BRANCH,AXIS HOUSE,GR FLOOR, BOM  BAY DYEING MILL COMPOUND,P.B. MARG,WORLI, MUMBAI,  Maharashtra - 400025, INDIA	B92184076
4	90238551	06/01/2009 *	120,000,000.00	THE HONGKOG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD,, MUMBAI, Maharashtra -  400001, INDIA	A54437843
5	90241310	24/10/2011 *	127,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORTION LIMITED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B23791155

* Date of charge modification

FIXED ASSETS

· Freehold land

· Leasehold Land

· Building – Factory

· Plant and Machinery

· Computer

· Electrical Installation

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 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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.