MIRA INFORM REPORT

Report Date :

25.01.2014

IDENTIFICATION DETAILS

Name :	FERROMATIK MILACRON INDIA PRIVATE LIMITED (w.e.f.16.12.2010)
Formerly Known As :	FERROMATIK MILACRON INDIA LIMITED CINCINNATI MILACRON PRIVATE LIMITED
Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.1995
Com. Reg. No.:	04-025783
Capital Investment / Paid-up Capital :	Rs. 268.983 Millions
CIN No.: [Company Identification No.]	U74999GJ1995FTC025783
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00035A
PAN No.: [Permanent Account No.]	AABCC0881D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Plastics Processing Machineries and Components thereof.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5770000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October 2013

Rating Agency Name	ICRA
Rating	Short term non fund based : A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	October 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.

LOCATIONS

Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26440331/ 25890081
Fax No.:	91-79-26421324
E-Mail :	mamatagroup@mamata.com samir_r_parekh@milacronindia.com corahm@bankofbaroda.com shirish_v_divgi@milacron.com servicefmi@milacron.com exportservicefmi@milacron.com servtek_India@milacron.com materials_fmil@milacron.com hrdfmi@milacron.com
Website :	http://www.milacronindia.com
Head Office/ Factory :	93/2 and 94/1, Phase – I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25830063/ 25890133/ 25890081
Fax No.:	91-79-25830125/ 25898998
E-Mail :	salesfmi@milacron.com
Branch Offices :	Located at: · New Delhi · Mumbai · Chennai · Kolkata · Hyderabad · Bangalore · Chandigarh · Pune · Vapi · Coimbatore · Kerala

DIRECTORS

AS ON 03.09.2013

Name :

Mr. Shirish Vasantbhai Divgi

Designation :

Managing Director

Address :

A-504, Indraprasth-7, Near Judges Bunglow, Opposite Bodakdev Fire Station, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

25.10.1963

Date of Appointment :

03.09.2013

PAN No.:

ABWPD4352K

DIN No.:

06406186

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	Company/ LLP Status	Defaulting status
1	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA PRIVATE LIMITED	Managing director	03/09/2013	09/10/2012	Active	NO

Name :

Mr. Mahendra Narsinhbhai Patel

Designation :

Director

Address :

15, Kairavi Bungalow, Near Sarthi Hotel, Vastrapur Road, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.01.1949

Date of Appointment :

31.05.1995

DIN No.:

00104997

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	U29259GJ1979PTC003363	MAMATA MACHINERY PRIVATE LIMITED	Managing director	12/09/1994	12/09/1994	-	Active	NO
2	U28999GJ1995FTC025601	KLOECKNER DESMA MACHINERY PRIVATE LIMITED	Managing director	25/04/1995	25/04/1995	-	Active	NO
3	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA PRIVATE LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
4	U29212GJ1997PTC031529	MAMATA EXTRUSION SYSTEMS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	-	Active	NO
5	U29199GJ1997FTC032397	KHS MACHINERY PRIVATE LIMITED	Director	01/01/2011	26/05/1997	-	Active	NO
6	U65910GJ1993PTC019248	MAMATA GROUP CORPORATE SERVICES PRIVATE LIMITED	Director	11/08/1997	11/08/1997	-	Active	NO
7	U72200GJ1992PTC017819	SOURCEPRO INFOTECH PRIVATE LIMITED	Director	17/07/2000	17/07/2000	25/12/2009	Active	NO
8	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	17/01/2001	17/01/2001	-	Active	NO
9	U25202GJ2004PTC045123	SUNPACK BARRIER FILMS PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
10	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04/01/2006	04/01/2006	-	Active	NO
11	U72200GJ2000PTC038028	VIBRATIONS INFOTALS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
12	U65999GJ2004PTC044563	NATRAJ FINSEC (INDIA) PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	-	Active	NO
13	U40106GJ2006PTC049596	MAMATA PYRON SOLAR PRIVATE LIMITED	Director	27/09/2007	19/12/2006	-	Strike off	NO
14	U65910GJ1990PTC014305	MAMATA MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	31/12/2006	-	Active	NO
15	U29249GJ2007PTC050353	HYDCO ENGINEERING PRIVATE LIMITED	Director	12/08/2008	02/07/2007	-	Active	NO
16	U73100GJ2008NPL054708	INDIAN CENTRE FOR CLIMATE AND SOCIETAL IMPACTS RESEARCH	Director	07/08/2008	07/08/2008	-	Active	NO
17	L25209DD1988PLC001544	WIM PLAST LIMITED	Director	18/09/2010	27/07/2010	16/07/2012	Active	NO
18	U91100DL2012NPL239417	PLASTICS MACHINERY MANUFACTURERS ASSOCIATION OF INDIA	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Narasinh Krishna Balgi

Designation :

Director

Address :

B – 401, Sumadhur – II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.06.1943

Qualification :

B.E.(Mech.)

Date of Appointment :

01.04.2011

DIN No.:

00163468

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	Company/ LLP Status	Defaulting status
1	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA PRIVATE LIMITED	Director	01/04/2011	05/06/2004	Active	NO
2	U91100DL2012NPL239417	PLASTICS MACHINERY MANUFACTURERS ASSOCIATION OF INDIA	Director	27/07/2012	27/07/2012	Active	NO
3	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	Active	NO

Name :

Mr. David Edward Lawrence

Designation :

Nominee Director

Address :

75 Duval Road, South Grosse Pointeshores Michigan, USA 48236

Date of Birth/Age :

15.01.1950

Date of Appointment :

29.12.2009

DIN No.:

02426697

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	Company/ LLP Status	Defaulting status
1	U74999KA1993PLC046003	DME (INDIA) PRIVATE LIMITED	Director	31/01/1994	31/01/1994	Active	NO
2	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA PRIVATE LIMITED	Nominee director	29/12/2009	17/08/2009	Active	NO

Name :

Mr. John C Francy

Designation :

Nominee director

Address :

814, Tweed Avenue Cincinnati Ohio USA 45226

Date of Birth/Age :

24.10.1964

Date of Appointment :

13.09.2012

DIN No.:

05221251

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	Company/ LLP Status	Defaulting status
1	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA Private Limited	Nominee director	13/09/2012	10/02/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Pradip Gajendrabhai Mistry
Designation :	Company Secretary
Address :	Bungalow 16, Sector 1, Kalhaar Bungalows Shilaj, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	15.12.1957
Date of Appointment :	01.06.1998
PAN No.:	AGAPM1318H
Name :	Mr. Samir Parekh
Designation :	General Manager – Finance
Name :	Bhalavat V.S.
Designation :	Chief Financial Officer
Date of Birth/Age :	54 Years
Qualification :	B.Com., A.C.A.
Experience :	33 Years
PAN No.:	AALPB4032A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.09.2013

Names of Shareholders	No. of Shares
Milacron Marketing Company LLC, USA	2689730
Milacron Marketing Company LLC, USA Jointly with Milacron Plastics Technologies Group LLC, USA	100
Total	2689830

AS ON 03.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Plastics Processing Machineries and Components thereof.

Products/ Services :

ITC Code No.	Product Descriptions
84771000	Injection Moulding Machines
84773000	Blow Moulding Machines

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank Of Baroda

2nd Floor, Bank Of Baroda Towers, Opposite Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· ICICI Bank

JMC House, Ahmedabad - 380006, Gujarat, India

· IDBI Bank Limited

IDBI Complex, Opposite Municipal Quarters, Off C. G. Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	15.000	35.000
SHORT TERM BORROWINGS
Working capital loans from banks	48.037	23.956
Total	63.037	58.956

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	Shivalik Ishan Building, Second Floor, Near CN Vidhyalaya, Ambavadi, Ahmedabad - 380015, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Fellow Subsidiary company :	· Ferromatik Milacron CA · Ferromatik Milacron GmbH · Milacron Equipamentos Plasticos Ltda · Milacron Marketing (Shanghai) Company Limited · Milacron Plastic Machinery (Jiangyin) Company Limited · Milacron Plastic Technologies Group LLC · Uniloy Milacron S.R.L.
Ultimate Holding company :	Milacron LLC
Holding company :	Milacron Marketing Company LLC

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 100/- each	Rs. 300.000 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,689,830	Equity Shares	Rs. 100/- each	Rs. 268.983 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	268.983	268.983	268.983
(b) Reserves & Surplus	1174.013	955.021	642.928
(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)	1442.996	1224.004	911.911
(3) Non-Current Liabilities
(a) long-term borrowings	15.000	35.000	55.000
(b) Deferred tax liabilities (Net)	43.123	38.530	33.491
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.186	22.903	19.295
Total Non-current Liabilities (3)	82.309	96.433	107.786
(4) Current Liabilities
(a) Short term borrowings	48.037	23.956	30.192
(b) Trade payables	692.400	480.491	527.261
(c) Other current liabilities	280.613	449.501	439.352
(d) Short-term provisions	263.940	79.858	70.519
Total Current Liabilities (4)	1284.990	1033.806	1067.324
TOTAL	2810.295	2354.243	2087.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	756.792	760.948	519.256
(ii) Intangible Assets	44.120	69.981	98.300
(iii) Capital work-in-progress	2.659	0.400	16.531
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.560	44.048	56.016
(e) Other Non-current assets	0.325	1.400	0.100
Total Non-Current Assets	844.456	876.777	690.203
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.114	731.499	828.931
(c) Trade receivables	475.920	312.793	191.616
(d) Cash and cash equivalents	438.252	373.089	282.302
(e) Short-term loans and advances	115.562	48.311	83.196
(f) Other current assets	16.991	11.774	10.773
Total Current Assets	1965.839	1477.466	1396.818
TOTAL	2810.295	2354.243	2087.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4604.000	4068.000	3581.290
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		708.980	609.780	664.770
Less	FINANCIAL EXPENSES (D)		21.710	55.250	26.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		687.270	554.530	638.160
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.580	90.960	66.180
	PROFIT BEFORE TAX (E-F) (G)		584.690	463.570	571.980
Less	TAX (H)		192.620	151.480	191.870
	PROFIT AFTER TAX (G-H) (I)		392.070	312.090	380.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		936.020	623.930	446.200
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	0.000	202.380
		Proposed Dividend	147.940	0.000	0.000
		Tax on Dividend	25.140	0.000	0.000
	BALANCE CARRIED TO THE B/S		1115.010	936.020	623.930
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1272.294	1046.465	826.319
	Earnings Per Share (Rs.)		145.76	116.03	141.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	12.70	11.40	15.97
Return on Total Assets (PBT/Total Assets}	(%)	20.82	19.69	27.63
Return on Investment (ROI) (PBT/Networth)		0.41	0.38	0.63
Debt Equity Ratio (Total Debt/Networth)		0.04	0.05	0.09
Current Ratio (Current Asset/Current Liability)		1.53	1.43	1.31

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	No
10]	Designation of contact person	No
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	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]	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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1549 of 2011

Status: PENDING ( Converted from : ST/2806/2011 ) CCIN No: 001073201300088

Last Listing Date: 29/02/2012

Coram

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

· HONOURABLE MR.JUSTICE Z.K.SAIYED

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER - CENTRAL EXCISE AND CUSTOMS

MR YN RAVANI for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

FERROMATIK MILACRON INDIA LIMITED

Presented On : 26/09/2011 Registered On : 26/09/2011

Bench Category : DIVISION BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 90 times

Stage Name : FOR REGULAR ADMISSION (SPL.)

Classification	DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G
Act	CENTRAL EXCISES AND SALT ACT, 1944

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

26/09/2011

CERTIFIED COPY

MR YN RAVANI ADVOCATE
for PETITIONER(s) 1

6

MR YN RAVANI:1

2

26/09/2011

MEMO OF APPEAL/PETITION/SUIT

MR YN RAVANI ADVOCATE
for PETITIONER(s) 1

50

MR YN RAVANI:1

Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/460/2011	DISPOSED	24/11/2011	ANY OTHER MODE @ ADM.STAGE · HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	11/10/2011	1	-	OFFICE OBJECTION REMOVED	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	29/02/2012	1	-	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	TAX APPEAL/1549/2011	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	29/02/2012	N	ORDER	-	Y	Download

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR YN RAVANI	ORDINARY	01/03/2012	O/7026/2012	29/02/2012	02/03/2012	06/03/2012	Delivered	ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10082606	26/08/2011 *	220,000,000.00	BANK OF BARODA	2ND FLOOR, BANK OF BARODA TOWERS, OPP. LAW GARDEN, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B20604971
2	80010854	05/08/2011 *	220,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B19815232

* Date of charge modification

CORPORATE INFORMATION

Subject is engaged in the manufacturing and selling of plastics processing machineries and components thereof.

PERFORMANCE OF THE COMPANY

During the year, company registered 13.18% (Rs.4604.000 millions over Rs. 4068.000 millions) growth compared to the sales growth of 13.04% in the previous year. Growth in sales volumes was driven by demand in Packaging and construction segments. The Board is pleased to inform that the company has registered growth in spite of contraction in demand of capital goods in general and 20% in plastic processing machineries in particular.

Continued high inflation reduced the consumption, slowed down the growth rate of economy during the year. Demand for machinery remained subdued in the previous year. Thus the new business intake remained at 2011-12 level.

Company expanded the customer base to 1412 nos. domestic and 235 nos. exports, having added new customers 208 nos. domestic and 25 nos. export customers.

Company maintained its position as large IMM builder having delivered 3200 Ton Maxima, the largest machine built in the country so far, to leading multinational auto component molder in November 2012.

The company achieved a landmark of delivering 7001st machine during the year.

To meet up the industry expectations, company expanded the energy efficient Nova Servo machine range. The portfolio of the All Electric-Elektron machines was further expanded by adding models 200,275,350 and 450.

Increase in input material cost due to increase in prices of steel, castings, copper and labour kept pressure on margins. During the year company has made profit before tax of Rs.584.690 millions as compared to Rs.463.570 millions of previous year.

OPERATIONS

Operations team had taken up focused inventory reduction programme as well as productivity improvement through 5S implementation. Both these initiatives progressing well and are expected to help improving the operational efficiency.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

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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. 62.18
UK Pound	1	Rs. 103.38
Euro	1	Rs. 85.09

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.