MIRA INFORM REPORT

Report Date :

15.09.2014

IDENTIFICATION DETAILS

Name :	MIRANDA AUTOMATION PRIVATE LIMITED
Registered Office :	C – 16, Satyam Shopping Centre, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.2001
Com. Reg. No.:	11-131274
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74210MH2001PTC131274
IEC No.:	0306092620
TAN No.: [Tax Deduction & Collection Account No.]	MUMM14796F
PAN No.: [Permanent Account No.]	AACCM7620F
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is mainly engaged in design, research, manufacture of machineries mainly used in food and chemical industries.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for normal business dealing 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Joel A. Miranda
Designation :	Director
Contact No.:	91-9820062237
Date :	04.09.2014

LOCATIONS

Registered Office :	C – 16, Satyam Shopping Centre, M.G. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel. No.:	91-22-25134455
Fax No.:	91-22-25141961
E-Mail :	sales@mirandaautomation.com enquiry@mirandaautomation.com tech@mirandaautomation.com mary@mirandaautomation.com ram@mirandaautomation.com
Website :	www.mirandaautomation.com
Area :	200 sq ft
Location :	Rented
Factory 1 :	Plot No. R-632, M.I.D.C., T.T.C. Industrial Area, Rabale Village, Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra, India
Tel. No.:	91-22-27642533
Fax No.:	91-22-27690128 / 9188

DIRECTORS

As on 30.09.2013

Name :

Mr. Daniel Edward Miranda

Designation :

Director

Address :

B - Building, T4, Garden Cly, 2^nd Cross L. J. Road, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

10.12.1988

Date of Appointment :

01.04.2008

DIN No.:

02117741

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	U74210MH2001PTC131274	MIRANDA AUTOMATION PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U72900MH2003PTC141333	MIRANDA INFOTECH & MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U29100MH1993PTC071143	MIRANDA ENGINEERING PVT LTD	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Mary Albert Miranda

Designation :

Director

Address :

B - Building, T4, Garden Cly, 2^nd Cross L. J. Road, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

21.12.1953

Date of Appointment :

19.03.2001

DIN No.:

02117751

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	U29100MH1993PTC071143	MIRANDA ENGINEERING PVT LTD	Director	16/03/1993	16/03/1993	-	Active	NO
2	U74210MH2001PTC131274	MIRANDA AUTOMATION PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Active	NO
3	U72900MH2003PTC141333	MIRANDA INFOTECH & MANAGEMENT SERVICES PRIVATE LIMITED	Director	15/07/2003	15/07/2003	-	Active	NO

Name :

Mr. Joel A. Miranda

Designation :

Director

Address :

B - Building, T4, Garden Cly, 2^nd Cross L. J. Road, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

17.02.1985

Date of Appointment :

01.08.2003

DIN No.:

02117768

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	U74210MH2001PTC131274	MIRANDA AUTOMATION PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
2	U29100MH1993PTC071143	MIRANDA ENGINEERING PVT LTD	Director	01/08/2003	01/08/2003	-	Active	NO

Name :

Mr. Albert Anthony Miranda

Designation :

Managing Director

Address :

B - Building, T4, Garden Cly, 2^nd Cross L. J. Road, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

15.11.1947

Date of Appointment :

19.03.2001

DIN No.:

02117815

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	U29100MH1993PTC071143	MIRANDA ENGINEERING PVT LTD	Managing director	16/03/1993	16/03/1993	-	Active	NO
2	U74210MH2001PTC131274	MIRANDA AUTOMATION PRIVATE LIMITED	Managing director	19/03/2001	19/03/2001	-	Active	NO
3	U72900MH2003PTC141333	MIRANDA INFOTECH & MANAGEMENT SERVICES PRIVATE LIMITED	Managing director	15/07/2003	15/07/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mr. Albert Anthony Miranda	5000
Mary Albert Miranda	5000
Total	10000

As on 30.09.2013

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 :	The Company is mainly engaged in design, research, manufacture of machineries mainly used in food and chemical industries.
Products :	· Material Handling System · Sugar Pulverizer · Inverter Syrup and Sugar Solution · Continuous Mixer · Pre-Creamer · PLC and SCADA Based Industrial Automation · Bulk Powder Handling and liquid handling systems · Minor Ingredient Dosing System

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Citizen Credit Co-Operative Bank Limited, Bandra Branch, Sunbeam Co-Operative Housing Society, 64, Mt. Camel Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Over draft from bank	12.897	18.085
Total	12.897	18.085

Banking Relations :	---
Auditors :
Name :	DJA and Associates Chartered Accountants
Address :	Shop No.C-2, Windsor Chs, Ashok Van, Shiv Vallabh Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Mobile No.:	91-9820562120
PAN No.:	AAIFD5337K
Subsidiaries :	Miranda Automations (USA)

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	31.605	29.847	25.836
(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)	31.705	29.947	25.936
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.964	0.532	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.964	0.532	0.000
(4) Current Liabilities
(a) Short term borrowings	38.693	46.944	52.338
(b) Trade payables	69.334	72.732	41.518
(c) Other current liabilities	16.997	26.723	23.572
(d) Short-term provisions	0.860	0.791	0.533
Total Current Liabilities (4)	125.884	147.190	117.961
TOTAL	158.553	177.669	143.897
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.869	22.356	5.023
(ii) Intangible Assets	0.851	0.960	0.985
(iii) Capital work-in-progress	1.900	1.900	1.900
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.620	25.216	7.908
(2) Current assets
(a) Current investments	10.462	10.462	22.724
(b) Inventories	13.654	17.521	20.500
(c) Trade receivables	74.877	75.584	63.821
(d) Cash and cash equivalents	7.522	30.887	12.326
(e) Short-term loans and advances	26.418	17.999	16.618
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	132.933	152.453	135.989
TOTAL	158.553	177.669	143.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	TOTAL EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.402	NA	4.562
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		3.748	NA	4.002
	Earnings Per Share (Rs.)		374.80	NA	400.20

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	1.22	1.57	2.02
Current Ratio (Current Asset/Current Liability)	1.06	1.04	1.15

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	0.100	0.100	0.100
Reserves & Surplus	25.836	29.847	31.605
Net worth	25.936	29.947	31.705
long-term borrowings	0.000	0.000	0.000
Short term borrowings	52.338	46.944	38.693
Total borrowings	52.338	46.944	38.693
Debt/Equity ratio	2.018	1.568	1.220

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	Yes
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	No
12]	Profitability for last two 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

NATURE OF OPERATIONS

Subject was incorporated in India with limited liability on March 19, 2001.

The Company is mainly engaged in design, research, manufacture of machineries mainly used in food and chemical industries. Company also undertakes erection and commissioning of projects on turnkey Basis. Company also provided technical consultancy.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loan and advances from related parties repayable on demand	25.795	28.859
Total	25.795	28.859

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10143287	31/07/2014 *	10,000,000.00	CitizenCredit Co-operative Bank Ltd.-Bandra Branch	Sunbeam Co-op.Hsg.Society, 64,Mt.Carmel Road, Bandra (West), Mumbai, Maharashtra - 400050, INDIA	C19507771
2	10143291	31/07/2014 *	10,000,000.00	CitizenCredit Co-operative Bank Ltd.-Bandra Branch	Sunbeam Co-op.Hsg.Society, 64,Mt.Carmel Road, Bandra (West), Mumbai, Maharashtra - 400050, INDIA	C19507151

* Date of charge modification

FIXED ASSETS

· Mobile Handset

· Plant and machinery

· Office equipment

· Furniture and fittings

· Motor car

· Computer

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.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	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		52

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.