MIRA INFORM REPORT

Report No. :	337568
Report Date :	24.08.2015

IDENTIFICATION DETAILS

Name :	SAHAJANAND LASER TECHNOLOGY LIMITED
Formerly Known As :	SHREEJI LASER TECHNOLOGY PRIVATE LIMITED
Registered Office :	E-30, G.I.D.C. Electronics Estate, Sector-26, Gandhinagar – 382028, Gujarat
Tel. No.:	91-79-23287461-68
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.04.2002
Com. Reg. No.:	04-040659
Capital Investment / Paid-up Capital :	Rs. 203.682 Million
CIN No.: [Company Identification No.]	U30007GJ2002PLC040659
IEC No.:	0893017027
TAN No.: [Tax Deduction & Collection Account No.]	AHMS04011A
PAN No.: [Permanent Account No.]	AAGCS1983B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Laser Cutting, Marking, Welding, Micro Machining, Solar Cell Scribing/ Cutting, CNC Laser Cutting Machine, etc.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	March 19, 2015

Rating Agency Name	CARE
Rating	Short term Bank facilities = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	March 19, 2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Gaurav Amrutiya
Designation :	Chartered Accountant
Contact No.:	91-9909914406
Date :	22.08.2015

LOCATIONS

Registered Office/ Factory 1 :	E-30, G.I.D.C. Electronics Estate, Sector-26, Gandhinagar – 382028, Gujarat, India
Tel. No.:	91-79-23287461-68
Mobile No.:	91-9909914406 [Mr. Gaurav Amrutiya]
Fax No.:	91-79-23287470
E-Mail :	sltlcs@sahajanandlaser.com gaurav@sahajanandlaser.com account@sahajanandlaser.com info@sahajanandlaser.com marketing@sahajanandlaser.com career@sahajanandlaser.com
Websites :	http://www.sahajanandlaser.com http://www.sltl.com
Area :	42500 Sq. Mt.
Location :	Owned
Factory 2 :	Plot No : 29 and 58, Special Economic Zone, Sur SEZ, Sachin, Surat - 394230, Gujarat, India
Tel. No.:	91-261-2568447-48
Fax No.:	91-261-2398419
Branch Office 1 :	1, Anurag Mansion, Ground Floor, Gokul Anand Hotel, Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-22902346-7/ 64126885
Branch Office 2 :	105, Guru Arjun Dev Bhawan, Ranjeet Nagar Commercial Complex, Near Shadipur Metro Station, New Delhi – 110008, India
Branch Office 3 :	B-24, Patel Industrial Estate, Near Harikrishna Circle, Bambawadi, Katargam, Surat, Gujarat, India
Tel. No.:	91-261-2530440/ 2538440
Branch Office 4 :	Flat No: 01, S No: 09, Dhore Nagar, Sanghvi, Pune - 400027, Maharashtra, India
Tel. No.:	91-20-32544456
Branch Office 5 :	48-A, Arvind Estate, Behind Indica Laboratory, L.B.S. Road, Bapunagar, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-22200950

DIRECTORS

AS ON 26.09.2014

Name :	Mr. Arvindbhai Lavjibhai Patel
Designation :	Managing director
Address :	4, Manichandra Society, Part - I, Near Surdhara Circle, Thaltej, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age :	17.08.1958
Qualification :	B.E.(Electronics and Communication) in 1988 Post Graduate Diploma in Bio Medical Instrumentation in 1981 Diploma in Electronics and Radio Electronics in 1980
Experience :	30 Years
Date of Appointment :	23.04.2002
PAN No.:	AHMPP5654Q
DIN No.:	00085612
Name :	Mr. Dineshbhai Lavjibhai Patel
Designation :	Whole-time director
Address :	17, Vitthalnagar Society, Camp Road, Shahibaug, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	13.08.1968
Qualification :	Diploma Electronics
Experience :	20 Years
Date of Appointment :	23.04.2002
DIN No.:	00091594
Name :	Mr. Maulik Arvindbhai Patel
Designation :	Whole-time director
Address :	17, Vitthalnagar Society, Camp Road, Shahibaug, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	26.08.1984
Qualification :	Bachelor of Mechatronics Engineer Middle Management Course from IIM Ahmedabad in 2012
Experience :	10 Years
Date of Appointment :	01.04.2009
PAN No.:	ALUPP5629F
DIN No.:	00359678
Name :	Mr. Ashwin Jerambhai Babaria
Designation :	Director
Address :	435, Shady Lane, South Lake, Texas, 76092, United States of America
Date of Appointment :	15.05.2006
PAN No.:	ALJPB3347B
DIN No.:	00359466
Name :	Mr. Dhirajlal Jerambhai Babaria
Designation :	Director
Address :	435, Shady Lane, South Lake, Texas, 76092, United States of America
Date of Appointment :	15.05.2006
PAN No.:	ALKPB5134F
DIN No.:	00689305
Name :	Mr. Sudhakar Chintaman Sahasrabudhe
Designation :	Director
Address :	Amarasharanam, Khare Town, Dharampeth, Nagpur - 440010, Maharashtra, India
Date of Appointment :	15.01.2008
DIN No.:	00114802
Name :	Mr. Mihirkumar Arvindbhai Joshi
Designation :	Nominee director
Address :	37/A, Vrajraj Cooperative Housing Society, Gala Gymkhana Road, Bopal, Ahmedabad - 380058, Gujarat, India
Date of Appointment :	19.08.2009
DIN No.:	00823615
Name :	Mr. Dilip Kevalram Pankhi
Designation :	Nominee director
Address :	7, Das Bunglows, Near Bodakdev Fire Station, Bodakdev, Vastrapur, Ahmedabad - 380054, Gujarat, India
Date of Appointment :	31.05.2010
DIN No.:	03009105

KEY EXECUTIVES

Name :	Mrs. Pooja Majithia
Designation :	Secretary
Address :	28, Vrundawan Bunglow,, Opposite NID, Kudasan,, Gandhinagar - 382421, Gujarat, India
Date of Appointment :	25.12.2009
PAN No.:	AFFPM4444L
Name :	Mr. Gaurav Amrutiya
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Arvindbhai L Patel	9840066
Dineshbhai L Patel	593633
Lavjibhai P Patel	527450
Jyotsnaben A Patel	547500
Rekhaben D Patel	553333
Hasmukhbhai R Patel	100
Maulik A Patel	15208
Dhirajlal J Babaria	3094219
Ashwinbhai J Babaria	3073385
Dineshbhai Lavjibhai Patel HUF Through Dineshbhai Lavjibhai Patel, Karta	140000
ALP Multi-Tech Private Limited	50000
GVFL Trustee Company Private Limited - Trustee of Gujarat IT Fund	833333
GVFL Trustee Company Private Limited - Trustee of GVFL Venture Capital Fund	1100000
Total	20368227

AS ON 26.09.2014

Equity Share Breakup	Percentage of Holding
Category
Venture capital	9.49
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	30.28
Directors or relatives of directors	60.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Laser Cutting, Marking, Welding, Micro Machining, Solar Cell Scribing/ Cutting, CNC Laser Cutting Machine, etc.

Products :

ITC Code No.	Product Descriptions
85158090	Industrial Machinery

Brand Names :

--

Agencies Held :

--

Exports :

Countries :

· USA

· UK

· Angola

· Armenia

· Botswana

· China

· Dubai

· Iran

· Israel

· Namibia

· Poland

· Russia

· Hong Kong

· Saudi Arabia

· Singapore

· South Africa

· Sri Lanka

· Switzerland

· Vietnam

· Thailand

· Germany

· UAE

Imports :

Products :

Raw Material

Countries :

· Germany

· USA

· Japan

Terms :

Selling :

L/C and Credit [30 days]

Purchasing :

L/C, Cash and Credit [30 days and 60 days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and Others

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

700 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· IDBI Bank Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· State Bank of India (SBI)

MCL AU Unit, Ahmedabad LHO Building, Lal Darwaja, Ahmedabad - 380006, Gujarat, India

· IDBI Bank Limited

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

· The Ahmedabad Merchantile Cooperative Bank Limited

AMCO House, Near Stadium Circle, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	10.010	0.000
Rupee term loans from others	23.200	46.400
Other loans and advances	1.532	3.666
SHORT TERM BORROWINGS
Working capital loans from banks	225.709	208.456
Total	260.451	258.522

Banking Relations :	--
Auditors :
Name :	Manubhai and Shah Chartered Accountants
Address :	2nd Floor, B Wing House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad - 380009 , Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFM2086H
Memberships :	--
Collaborators :	--
Subsidiary Companies :	· Lancer Medical Technology limited [U33112GJ2003PLC043027] · Satva Mechatronics Limited [U31200GJ2000PLC038335] · Global Microwave Private Limited [U29299GJ2008PTC054210] · SLT Energy Limited [U40100GJ2008PLC053141] E-2, G.I.D.C. Electronics Estate, Sector – 26, Gandhinagar - 382028, Gujarat, India
Wholly Owned Subsidiaries :	· SLT Guangzhou Jewelry Company Limited, China · SLT USA** · SLT and Handesgesllschaft GMBH, Germany
Enterprise over which Key Management personnel are able to exercise significant Influence :	· Shreeji Services · Sahajanand Software Private Limited** · Microsurface Technology · Sahajanand Technocrat** · S V Tronics Assembling (India) Private Limited** · Cell Thep** ** No transactions during the year

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,368,227	Equity Shares	Rs. 10/- each	Rs. 203.682 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	203.682	203.682	203.682
(b) Reserves & Surplus	702.571	601.327	507.262
(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)	906.253	805.009	710.944
(3) Non-Current Liabilities
(a) Long-term borrowings	34.742	50.066	72.003
(b) Deferred tax liabilities (Net)	35.774	7.532	0.000
(c) Other long term liabilities	5.355	5.464	3.879
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	75.871	63.062	75.882
(4) Current Liabilities
(a) Short term borrowings	285.866	299.129	206.968
(b) Trade payables	191.429	251.462	108.331
(c) Other current liabilities	184.176	131.867	113.881
(d) Short-term provisions	34.338	15.732	23.101
Total Current Liabilities (4)	695.809	698.190	452.281
TOTAL	1677.933	1566.261	1239.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	373.147	358.778	360.183
(ii) Intangible Assets	74.491	79.294	30.715
(iii) Capital work-in-progress	20.239	0.000	0.911
(iv) Intangible assets under development	0.000	6.233	3.981
(b) Non-current Investments	55.038	79.348	79.348
(c) Deferred tax assets (net)	0.000	0.000	7.689
(d) Long-term Loan and Advances	119.422	59.042	48.590
(e) Other Non-current assets	0.008	0.006	0.510
Total Non-Current Assets	642.345	582.701	531.927
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	422.478	439.747	312.366
(c) Trade receivables	481.003	416.725	219.865
(d) Cash and cash equivalents	34.647	37.143	64.080
(e) Short-term loans and advances	97.460	89.578	110.389
(f) Other current assets	0.000	0.367	0.480
Total Current Assets	1035.588	983.560	707.180
TOTAL	1677.933	1566.261	1239.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1207.964	1188.322	1025.344
		Other Income	8.014	8.742	8.324
		TOTAL (A)	1215.978	1197.064	1033.668
Less	EXPENSES
		Cost of Materials Consumed	808.116	808.364	673.384
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(50.957)	(35.361)	(6.689)
		Employees benefits expense	119.612	134.911	92.970
		Other expenses	118.450	112.548	96.977
		Exceptional Items	24.360	0.000	0.000
		TOTAL (B)	1019.581	1020.462	856.642
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		196.397	176.602	177.026
Less	FINANCIAL EXPENSES (D)		32.097	35.494	34.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		164.300	141.108	142.119
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.745	31.101	24.674
	PROFIT BEFORE TAX (E-F) (G)		131.555	110.007	117.445
Less	TAX (H)		30.985	16.423	19.355
	PROFIT AFTER TAX (G-H) (I)		100.570	93.584	98.090
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	21.353	28.609	73.007
		Sales against EPCG License	475.939	611.208	475.144
	TOTAL EARNINGS		497.292	639.817	548.151
	IMPORTS
		Raw Materials	227.576	399.076	335.996
		Capital Goods	17.948	2.409	1.470
	TOTAL IMPORTS		245.524	401.485	337.466
	Earnings Per Share (Rs.)		4.94	4.59	4.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	25.333	25.845	33.864
Cash generated from/(used in) operations	180.901	47.122	108.225
Net cash flows from (used in) operations	186.838	53.174	112.382

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.33	7.88	9.57
Operating Profit Margin (PBDIT/Sales)	(%)	16.26	14.86	17.27
Return on Total Assets (PBT/Total Assets}	(%)	8.21	7.43	10.24
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		0.38	0.47	0.44
Current Ratio (Current Asset/Current Liability)		1.49	1.41	1.56

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	203.682	203.682	203.682
Reserves & Surplus	507.262	601.327	702.571
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	710.944	805.009	906.253
Long-term borrowings	72.003	50.066	34.742
Short term borrowings	206.968	299.129	285.866
CURRENT MATURITIES OF LONG-TERM DEBTS	33.864	25.845	25.333
Total borrowings	312.835	375.040	345.941
Debt/Equity ratio	0.440	0.466	0.382

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1025.344	1188.322	1207.964
		15.895	1.653

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1025.344	1188.322	1207.964
Profit	98.090	93.584	100.570
	9.57%	7.88%	8.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

------------------------------------------------------------------------------------------------------------------------------

OBSERVATION POINTS

Name of Company :	SAHAJANAND LASER TECHNOLOGY LIMITED
Address:	E-30, Electronic Estate, G. I. D. C., Sector - 26, Gandhinagar - 382028, Gujarat, India
Contact No.:	91-9909914406
E-Mail :	gaurav@sahajanandlaser.com
Name Board:	Sighted
Location:	Easy
Landmark (if any):	G.I.D.C.
Total floors of the Building	2
Subject situated on	1-2 Floors
Locality:	Industrial
Area of Premises :	--
Area :	Upmarket
No. of Employees seen at Business Premises:	--
Visibility of Items:	Telephone: Yes Fax Machine: Yes Telex: Yes Computers: Yes Air Conditioner: Yes Office Equipment: Yes Xerox Machine: Yes
Visiting Card Provided as Proof of Visit:	Photograph / Visiting Card

------------------------------------------------------------------------------------------------------------------------------

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL SUITS No. 4 of 2010

Status: PENDING ( Converted from : ST/2972/2010 ) CCIN No: 001059201000004

Last Listing Date: 11/03/2015

Coram: HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

S.NO.

Name of the Petitioner

Advocate On Record

1

SARIN TECHNOLOGIES LTD

MR DHARMESH V SHAH for: Plaintiff(s)  1

S.NO.

Name of the Respondent

Advocate On Record

1
2

3

ARVINDBHAI LAVJIBHAI PATEL
SAHAJANAND LASER TECHNOLOGY LTD

SHREEJI LASER TECHNOLOGY PVT LTD

NOTICE SERVED for :Defendant(s)  3
MR ASHISHKUMAR A JHA for :Defendant(s)  1
MR ANAND NAINAWATI for :Defendant(s)  2

Presented On	: 19/10/2010	Registered On	: 19/10/2010
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 51 times
Stage Name	: FOR ADMISSION - OTHER OJ SIDE

Classification	SJ - OJ - CIVIL SUIT - PATENTS ACT, 1970 SJ - OJ - SUIT - ADMIRALITY OFFENCES (CONTROL) ACT, 1849 - APPOINTMENT OF ARBITRATOR - U/S 11	SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - DELETION OF PARTY
Act	CIVIL PROCEDURE CODE, 1908 PATENTS ACT, 1970	COMPANIES ACT, 1956

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2010

VAKALATNAMA

MR ANAND NAINAWATI ADVOCATE
for RESPONDENT(s)  2

4

MR ANAND NAINAWATI:2

2

15/08/2010

VAKALATNAMA

DR RAJESH H ACHARYA ADVOCATE
for RESPONDENT(s)  1

-

DR RAJESH H ACHARYA:1,2

3

15/08/2010

DOCUMENT

NOTICE SERVED 
for RESPONDENT(s)  3

-

NOTICE SERVED:3

4

20/04/2011

VAKALATNAMA

MR DHARMESH V SHAH ADVOCATE
for PETITIONER(s)  1

5

MR DHARMESH V SHAH:1

5

30/06/2011

VAKALATNAMA

MR ANAND NAINAWATI ADVOCATE
for RESPONDENT(s)  2

5

MR ANAND NAINAWATI:2

6

05/07/2011

VAKALATNAMA

DR RAJESH H ACHARYA ADVOCATE
for RESPONDENT(s)  1

5

DR RAJESH H ACHARYA:1,2

7

18/09/2013

VAKALATNAMA

MR ASHISHKUMAR A JHA ADVOCATE
for RESPONDENT(s)  1

5

MR ASHISHKUMAR A JHA(5591) for R:1

8

22/10/2013

DOCUMENT

MR DHARMESH V SHAH ADVOCATE
for PETITIONER(s)  1

0

MR DHARMESH V SHAH(1050) for P:1

9

03/03/2014

DOCUMENT

MR DHARMESH V SHAH ADVOCATE
for PETITIONER(s)  1

0

MR DHARMESH V SHAH(1050) for P:1

10

14/03/2014

AFFIDAVIT IN RE-JOINDER

MR ASHISHKUMAR A JHA ADVOCATE
for RESPONDENT(s)  1

0

MR ASHISHKUMAR A JHA(5591) for R:1

Applications

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION (OJ)/328/2011	PENDING	-	- · HONOURABLE MR.JUSTICE K.M.THAKER

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	01/03/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
2	08/03/2011	16	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE K.M.THAKER
3	22/03/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
4	18/04/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER  · HONOURABLE MR.JUSTICE J.B.PARDIWALA
5	22/04/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
6	02/05/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
7	20/05/2011	16	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE K.M.THAKER
8	15/06/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
9	21/06/2011	11	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
10	29/06/2011	16	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE K.M.THAKER
11	04/07/2011	16	-	FOR ADMISSION - OTHER OJ SIDE BOARD NO.II.	NOTICE	· HONOURABLE MR.JUSTICE K.M.THAKER
12	06/07/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
13	20/07/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
14	23/08/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
15	26/09/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
16	09/11/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
17	30/11/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
18	19/12/2011	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
19	02/03/2012	51	-	FOR ADMISSION - OTHER OJ SIDE	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
20	30/03/2012	51	-	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
21	09/04/2012	51	-	FOR ADMISSION - OTHER OJ SIDE	NOTICE	· HONOURABLE MR.JUSTICE ANANT S. DAVE
22	27/06/2013	13	-	FOR ADMISSION - OTHER OJ SIDE	MENTIONED BEFORE THE HON'BLE COURT	· HONOURABLE MR.JUSTICE K.M.THAKER
23	16/07/2013	13	34	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
24	18/07/2013	13	27	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
25	02/08/2013	13	33	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
26	13/08/2013	13	34	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
27	21/08/2013	13	46	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
28	20/09/2013	13	36	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
29	18/10/2013	13	36	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
30	22/11/2013	15	22	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER  · HONOURABLE MR.JUSTICE R.M.CHHAYA
31	19/12/2013	15	26	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
32	17/01/2014	15	37	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
33	05/02/2014	15	39	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
34	25/02/2014	15	57	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
35	18/03/2014	9	44	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MR.JUSTICE R.M.CHHAYA
36	02/04/2014	9	40	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
37	23/04/2014	9	48	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
38	26/06/2014	9	43	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
39	10/07/2014	9	37	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
40	31/07/2014	9	41	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
41	28/08/2014	18	36	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MR.JUSTICE N.V.ANJARIA
42	18/09/2014	17	25	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
43	26/09/2014	17	42	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
44	07/10/2014	17	45	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
45	12/11/2014	18	43	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
46	02/12/2014	18	37	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
47	09/01/2015	9	24	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI  · HONOURABLE MR.JUSTICE N.V.ANJARIA
48	27/01/2015	9	53	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI
49	03/02/2015	9	52	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI
50	23/02/2015	9	49	FOR ADMISSION - OTHER OJ SIDE	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI
51	11/03/2015	8	37	FOR ADMISSION - OTHER OJ SIDE		· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MS.JUSTICE HARSHA DEVANI

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Transferred	Download
1	CIVIL SUITS/4/2010	· HONOURABLE MR.JUSTICE ANANT S. DAVE	03/05/2011	N	ORDER	Y	Download
2	CIVIL SUITS/4/2010	· HONOURABLE MR.JUSTICE K.M.THAKER	18/07/2013	N	ORDER	Y	Download
3	CIVIL SUITS/4/2010	· HONOURABLE MR.JUSTICE N.V.ANJARIA	07/10/2014	N	ORDER	Y	Download
4	CIVIL SUITS/4/2010	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT	11/03/2015	N	ORDER	Y	Download

Certified Copy

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR DHARMESH V SHAH	ORDINARY	21/06/2013	O/17883/2013	-	03/07/2013	04/07/2013	Delivered	MEMO WITH ANNEX

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UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	31.03.2014	31.03.2013
SHORT TERM BORROWINGS
Term loans from banks	57.657	90.673
Loans and advances from related parties	2.500	0.000
Total	60.157	90.673

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10571120	30/03/2015	296,700,000.00	THE AHMEDABAD MERCHANTILE CO-OP. BANK LIMITED	AMCO HOUSE, NR. STADIUM CIRCLE, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	C54462643
2	10222649	11/05/2012 *	424,300,000.00	IDBI BANK LIMITED	IDBI COMPLEX, OPP. MUNICIPAL STAFF QUARTERS, OFF.  C. G. ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	B41245606
3	10192320	01/05/2009	104,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING A, GROUND FLOOR, VISHWAKARMA BHAVAN,, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	A72457138

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 48-A, Arvind Estate, B/H Indica Laboratory, Bapunagar, Ahmedabad - 380025, Gujarat, India to the present address w.e.f.21.11.2006.

REVIEW OF OPERATIONS

Financial Year 2013-14 marked a strong resurgence in volume and demand growth post the financial crisis. This growth was led by Diamond Industry's turnaround and was secular across all industries and developed markets of the Automobile and Fabrication Industry growth.

The Company has registered a strong broad based sequential growth across all key markets and customer segments.

The company's profit after tax amount to 100.600 Million in comparison to last year profit of 93.600 Million. The amount transfer to general reserve is 100.600 Million.

Overall performance of the Company was satisfactory considering the present market conditions barring unforeseen events, the Directors expect to achieve good result in the coming years.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
(a) Corporate Guarantees given in favour of Bank for loan sanctioned to customers	25.297	31.056
(b) Claims not acknowledged as debts by the company:
Employees Matter	1.049	0.000
Excise duty	0.000	0.184
Sales tax **	30.604	16.149
Value added tax **	49.944	50.141
Income tax	12.676	12.630
(Less) Income tax Paid under Protest	(3.993)	(5.750)
Total	115.577	104.410
**Sales Tax/ Value Added Tax on sales from SEZ: Sales Tax and Value Added Tax demanded by the Gujarat Commercial Tax Department is disputed by the Company. The dispute is on the ground that, as per resolution no. SEZ-2001-1465-G dated 19th July'02 issued by the Government of Gujarat, any sales from SEZ to Domestic Tariff Area (DTA) will be treated as import and import duty will be applicable as per GOI policy. In view of this, all sales affected by the Company from its SEZ unit to EPCG License holder are considered as imports and import duty is charged as per the applicable rates. Consequently, on the same goods and in the same transaction the Company should not be charged any sales tax. On the basis of this understanding the Company has not even collected any sales tax or VAT on these sales. However, the Gujarat Commercial Tax Department has raised demand for payment of sales tax and VAT. The company has preferred appeal for remission and has also made representation to the Government of Gujarat. During the financial year 2012-13, the Government of Gujarat vide notification dated 3rd October, 2012 has waived interest and penalty. The Company has continued with the appeal for remission of the tax demand. However owing to the pressure for recovery of outstanding demand, the company prefer SCA before Hon High Court of Gujarat. The Hon High court directed the company to approach Gujarat VAT Trubunal. The Tribunal vide its order dated 12/09/2014, stayed the demand on the condition of pre-deposit of amount of Rs. 5.000 Million within one month from the date of the order. The company is in the process of making the payment as per the order of the Tribunal. Having regard to the Notification No. (GHN-14) VAT-2011-S-5(2)(33)(TH) dated 11th May, 2011 of Finance Department Government of Gujarat, providing for exemption of sales of Diamond Cutting and Diamond Processing machines by a dealer of SEZ in the state of Gujarat and on the basis of legal advice obtained; the company believes that it has fair chance of getting favourable order in its favor.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Patents

· Computer software

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. 65.83
UK Pound	1	Rs. 103.39
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.