MIRA INFORM REPORT

Report Date :

31.01.2014

IDENTIFICATION DETAILS

Name :	SUPERNOVA ENGINEERS LIMITED [w.e.f. 21.04.1995]
Formerly Known As :	SUPERNOVA ENGINEERS PRIVATE LIMITED
Registered Office :	F2, First Floor, Shapath Hexa, Near Sola Bridge, Opposite Gujarat High Court, Sarkhej Gandhinagar Road, Ahmedabad-380060, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.02.1987
Com. Reg. No.:	04-009346
Capital Investment / Paid-up Capital :	Rs.36.000 Millions
CIN No.: [Company Identification No.]	U31100GJ1987PLC009346
TAN No.: [Tax Deduction & Collection Account No.]	AHNS00113B
PAN No.: [Permanent Account No.]	AACCS6758G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Diesel Generators Sets.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1004700
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in the profitability of the company during current year. However, general financial position of the company appears good. 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.

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ [Long Term Bank Facilities-Suspended]
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	28.02.2013

Rating Agency Name	CARE
Rating	A2 [Short Term Bank Facilities-Suspended]
Rating Explanation	Strong degree of safety. It carry very low credit risk.
Date	28.02.2013

Reason of Suspended: The rating has been suspended as the company has not furnished the information required.

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. Hemant
Designation :	Marketing Manager
Contact No.:	91-79-32422163
Date :	29.01.2014

LOCATIONS

Registered Office :	F2, First Floor, Shapath Hexa, Near Sola Bridge, Opposite Gujarat High Court, Sarkhej Gandhinagar Road, Ahmedabad-380060, Gujarat, India
Tel. No.:	91-79-32422163/26401450/26407792/49009500
Mobile No.:	91-9327140005 [Mr. Hemant]
Fax No.:	91-79-26400004
E-Mail :	hjp@supernoragenset.com hc@supernovagenset.com jms@supernovagenset.com marketing@supernovagenset.com
Website :	http://www.supernovagenset.com
Area :	4000 Sq. Ft
Location :	Owned
Marketing Office :	3^rd Floor, Gopal Palace – ‘A’ Wing, Opposite Ocean Park, Nehru Nagar Cross Road, Ahmedabad, Gujarat, India
Tel. No.:	91-79-32422163/ 32422166/ 26766824
Fax No.:	91-79-26766825
E-Mail :	marketing@supernovagenset.com
Factory 1 :	Rajpur 1470/1, Village, Rajpur, Taluka, Kadi, District Mehsana, Gujarat, India
Tel. No.:	91-2764-324852/ 856
Fax No.:	91-2764-278469
Area :	10000 Sq. Mtr
Location :	Owned
Factory 2 :	Silvasa Survey No. 263/2/1, Plot No. 1, Village Sayli, Silvassa, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2996630/ 32
Fax No.:	91-260-2996631
Area :	40000 Sq. Ft
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Samir Vasudev Mistry
Designation :	Chairman cum Managing Director
Address :	14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	15.11.1961
Qualification :	Diploma in Electric Engineering
Date of Appointment :	02.02.1987
PAN No.:	AFQPM4432D
DIN No.:	01376697
Name :	Mr. Unmesh Vasudevbhai Mistry
Designation :	Whole Time Director
Address :	14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	10.11.1965
Qualification :	B.Com
Date of Appointment :	02.02.1987
PAN No.:	ACLPM5340A
DIN No.:	01637552
Name :	Mr. Vasudevbhai Keshavlal Mistry
Designation :	Whole Time Director
Address :	14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	03.10.1939
Qualification :	Diploma
Date of Appointment :	30.09.2003
PAN No.:	AKNPM5307R
DIN No.:	01376968
Name :	Mr. Nilaykumar Harshadbhai Parikh
Designation :	Whole Time Director
Address :	2-11, Akash Apartment, Javahar Chowk, Maninagar, Ahmedabad-380008, Gujarat, India
Date of Birth/Age :	18.01.1969
Date of Appointment :	02.08.2012
DIN No.:	01941137
Name :	Mr. Dilip Digambar Pundlik
Designation :	Whole Time Director
Address :	Flat No.5, Shree Dhanalaxmi Society, Senapati Bapat Road, Pune-411016, Maharashtra, India
Date of Birth/Age :	14.05.1948
Date of Appointment :	02.08.2012
DIN No.:	02595500
Name :	Mr. Sandeep Chhaganbhai Jolapara
Designation :	Whole Time Director
Address :	B-20, Axardhara Flat, P-1, Satellite Road, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	12.02.1975
Date of Appointment :	02.08.2012
DIN No.:	05265271

KEY EXECUTIVES

Name :	Mr. Hemant
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Samit Mistry	654750
Unmesh Mistry	669900
Nitin C Thakkar	150000
Vasudev Keshavlal Mistry	235600
Surekhaben Mistry	211100
Trupti Mistry	387150
Hita Mistry	228000
Samir Vasudev Mistry HUF	400600
Unmesh Vasudev HUF	17100
Vasudev Keshavlal Mistry HUF	180800
Supernova Systems Private Limited, India	465000
TOTAL	3600000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.92
Directors or relatives of directors	82.91
Other top fifty shareholders	4.17
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Diesel Generators Sets.

Products :

PRODUCT DESCRIPTION	ITEM CODE
D.G. Set	8502.11

Exports :

Products :

Finished Goods

Countries :

· Sri Lanka

· Nepal

· Tanzania

Terms :

Selling :

LC and Credit

Purchasing :

LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 [Approximately]

Bankers :

· Development Credit Bank Limited, “Prerna Arcade”, Ground Floor, Opposite Doctor House, Near Parimal Garden, C G Road, Ahmedabad, - 380006 Gujarat, India

· Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Bhadra, Ahmedabad-380001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	28.614	31.769
Short Term Borrowings
Loans Repayable on Demand From Banks [Working Capital Loans are secured by first pari paasu charge on all current assets of the Company along with personal guarantee of all the directors]	150.608	75.084
TOTAL	179.222	106.853
Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Term Loans From Banks	19.718	125.452
TOTAL	19.718	125.452

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountant
Address :	2^nd and 3^rd Floor, Ambica Chambers, Near Old High Court, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-27544571 / 72
Fax No.:	91-79-27542233 / 30084575
PAN No:	AAAFT4520A
Other Related Parties :	· Supernova Systems Private Limited [U31110GJ1989PTC012833] · Autonova Motors Private Limited [U50100GJ2005PTC045283] · Nixynova Motoren Private Limited [U50100GJ2008PTC053617]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs.10/- each	Rs.36.000 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	36.000	36.000	36.000
(b) Reserves & Surplus	215.185	204.686	193.134
(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)	251.185	240.686	229.134
(3) Non-Current Liabilities
(a) long-term borrowings	28.614	31.769	24.551
(b) Deferred tax liabilities (Net)	19.122	18.024	19.010
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.794	2.033	1.467
Total Non-current Liabilities (3)	48.530	51.826	45.028
(4) Current Liabilities
(a) Short term borrowings	170.326	200.536	90.296
(b) Trade payables	440.833	202.322	246.508
(c) Other current liabilities	36.607	36.300	57.111
(d) Short-term provisions	2.103	1.678	1.401
Total Current Liabilities (4)	649.869	440.836	395.316
TOTAL	949.584	733.348	669.478
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.757	161.910	177.894
(ii) Intangible Assets	0.640	0.907	1.174
(iii) Capital work-in-progress	17.098	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.166	0.166	0.166
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.193	10.504	13.886
(e) Other Non-current assets	0.119	0.082	0.096
Total Non-Current Assets	177.973	173.569	193.216
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	201.814	130.945	85.392
(c) Trade receivables	332.654	201.359	177.802
(d) Cash and cash equivalents	203.086	199.954	183.864
(e) Short-term loans and advances	32.350	26.369	27.766
(f) Other current assets	1.707	1.152	1.438
Total Current Assets	771.611	559.779	476.262
TOTAL	949.584	733.348	669.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	869.771	803.386	1040.134
		Other Income	20.661	17.356	26.818
		TOTAL (A)	890.432	820.742	1066.952
Less	EXPENSES
		Cost of materials consumed	671.142	629.722	862.176
		Purchases of stock-in-trade	8.314	0.000	0.000
		Employee benefit expense	24.324	28.120	26.665
		Other expenses	123.635	102.191	119.364
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.245	(0.245)	14.121
		TOTAL (B)	827.660	759.788	1022.326
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.772	60.954	44.626
Less	FINANCIAL EXPENSES (D)		31.496	28.942	17.410
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.276	32.012	27.216
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.494	17.469	18.509
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		17.782	14.543	8.707
Less	TAX (H)		7.283	2.991	5.976
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10.499	11.552	2.731
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	2.348	8.316
	IMPORTS
		Raw Materials	387.173	408.563	346.368
	Earnings / (Loss) Per Share (Rs.)		2.92	3.21	0.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.17	1.41	0.25
Net Profit Margin (PBT/Sales)	(%)	2.04	1.81	0.84
Return on Total Assets (PBT/Total Assets}	(%)	1.91	1.98	1.30
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.04
Debt Equity Ratio (Total Debt/Networth)		0.79	0.97	0.50
Current Ratio (Current Asset/Current Liability)		1.19	1.27	1.20

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]
Current Maturities of Long Term Debt	3.612	3.311	12.345

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10320533	08/11/2011	3,500,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR, BOI BUILDING, SWASTIK CHAR RASTA, C. G. ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B26569897
2	10197867	21/12/2009	20,500,000.00	BANK OF INDIA	AHMEDABAD CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A77628733
3	10194966	21/12/2009	22,000,000.00	BANK OF INDIA	AHMEDABAD CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A76627728
4	90112928	23/01/2010 *	768,850,000.00	DEVELOPMENT CREDIT BANK LIMITED	"PRERNA ARCADE", GROUND FLOOR, OPPOSITE DOCTOR HOUSE, NEAR PARIMAL GARDEN, C.G.ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	A77547909
5	90111795	29/03/2013 *	520,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	"PRERNA ARCADE", GROUND FLOOR, OPPOSITE DOCTOR HOUSE, NEAR PARIMAL GARDEN, C.G.ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B74232901
* Date of charge modification

HIGH COURT OF GUJARAT

TAX APPEAL NO. 38 OF 2008

STATUS: PENDING (CONVERTED FROM : ST/2153/2007) CCIN NO : 001092200800038

NEXT LISTING DATE: 14/02/2014

CORAM: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE K.J.THAKER

NOT BEFORE: HONOURABLE MR.JUSTICE AKSHAY H.MEHTA

S. NO.

NAME OF THE PETITIONER

ADVOCATE ON RECORD

1

THE COMMISSIONER OF INCOME TAXAHMEDABAD-IV

MR NITIN K MEHTA for: Appellant(s) 1

S. NO.

NAME OF THE RESPONDENT

ADVOCATE ON RECORD

1

SUPERNOVA ENGINEERS LTD.

MR HM TALATI for: Opponent(s) 1
MR TEJ SHAH for : Opponent(s) 1

Presented On: 19/07/2007 Registered On: 19/07/2007

Bench Category: DIVISION BENCH District: AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed: 232 times

Stage Name: FOR FINAL HEARING

Act: INCOME-TAX ACT, 1961

OFFICE DETAILS

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

17/06/2008

APPEARANCE NOTE

MR HM TALATI ADVOCATE
for RESPONDENT(s) 1

-

MR HM TALATI:1

2

24/06/2008

VAKALATNAMA

MR HM TALATI ADVOCATE
for RESPONDENT(s) 1

5

MR HM TALATI:1

3

15/08/2008

VAKALATNAMA

MR HM TALATI ADVOCATE
for RESPONDENT(s) 1

-

MR HM TALATI:1

4

15/08/2008

VAKALATNAMA

MR TEJ SHAH ADVOCATE
for RESPONDENT(s) 1

-

MR TEJ SHAH:1

5

15/08/2008

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) 1

-

MS PAURAMI B SHETH:1

6

27/04/2011

VAKALATNAMA

MR TEJ SHAH ADVOCATE
for RESPONDENT(s) 1

5

MR TEJ SHAH:1

7

11/06/2012

APPEARANCE NOTE

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) 1

-

MS PAURAMI B SHETH:1

8

18/01/2014

APPEARANCE NOTE

MR NITIN K MEHTA ADVOCATE
for PETITIONER(s) 1

0

MR NITIN K MEHTA(3286) for P:1

LINKED MATTERS

S. NO.	CASE DETAIL	STATUS NAME	DISPOSAL DATE	ACTION/CORAM
1	TAX APPEAL/1088/2008	PENDING	-	- · HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE K.J.THAKER
2	TAX APPEAL/1251/2009	PENDING	-	- · HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE K.J.THAKER

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

1

19/03/2008

1

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

· HONOURABLE MR.JUSTICE J.C.UPADHYAYA

2

16/12/2013

5

59

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE M.R. SHAH

· HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE R.P.DHOLARIA

3

07/01/2014

2

65

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE K.J.THAKER and HONOURABLE MR.JUSTICE R.P.DHOLARIA

4

13/01/2014

2

47

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE K.J.THAKER

5

14/02/2014

2

-

FOR FINAL HEARING

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE K.J.THAKER

AVAILABLE ORDERS

S. NO.

CASE DETAILS

JUDGE NAME

ORDER DATE

CAV

JUDGEMENT

1

TAX APPEAL/38/2008

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

HONOURABLE MR.JUSTICE J.C.UPADHYAYA

19/03/2008

N

ORDER

CERTIFIED COPY

S. NO.

APPLICANT NAME

APPLICATION TYPE

APPLICATION DATE

UOL NUMBER

ORDER DATE

NOTIFY DATE

DELIVERY DATE

STATUS

NATURE OF DOCUMENT

1

MR MANISH R BHATT

ORDINARY

24/03/2008

O/9528/2008

19/03/2008

31/03/2008

01/04/2008

Delivered

ORDER

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

During the year, the Company has earned a profit before tax of Rs. 17.782 Millions after providing Rs. 13.494 Millions for depreciation and Rs. 31.496 Millions for financial expenses. The Company has also made provision of Rs. 7.283 Millions for Income tax expenditure after considering Mat Credit Entitlement, short provision of Income tax, excess provision of deferred tax. After taking into accounts the previous year profits of Rs. 168.908 Millions, the total profit carried to balance sheet stands at Rs. 179.407 Millions. During the year, the Company has earned total income of Rs. 952.764 Millions from sale of products and service income. The Company has also received Rs. 27.801 Millions from other sources. The Company also received Rs.7.140 Millions from other operating revenues.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Electric Installation

· Office Equipments

· Furniture and Fixtures

· Computer

· Air Condition

· Wind Mill

· Vehicles

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.62.73
UK Pound	1	Rs.103.87
Euro	1	Rs.85.61

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.