MIRA INFORM REPORT

Report No. :	354378
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED (w.e.f 28.02.2001)
Formerly Known As :	TECHNOVA IMAGING SYSTEMS LIMITED (w.e.f. 14.09.1993) TECHNOVA PLATE MAKING SYSTEMS LIMITED
Registered Office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra
Tel. No.:	91-22-42200300
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.08.1979
Com. Reg. No.:	11-021599
Capital Investment / Paid-up Capital :	Rs. 119.637 Million
CIN No.: [Company Identification No.]	U74999MH1979PTC021599
TIN No.:	Not Available
IEC No.:	388090774
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT2165J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and trading of Imaging Products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1979, it is having satisfactory track. As per the available financials of the year 2014, external borrowings of the company has reduced as compared to previous year. Further net profit of the company has increased significantly over the years. Overall financial position of the company is improving. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered 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.

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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 18, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September 18, 2014

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Chetan
Designation :	Deputy Manager in Account
Contact No.:	91-22-27412463
Date:	10.12.2015

LOCATIONS

Registered office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Tel. No.:	91-22-42200300/ 27412463 / 27412464 (Extension - 480) / 27402589 / 24983390 / 24938844
Fax No.:	91-22-24950322/ 27410261
E-Mail :	repro@technovaworld.com rk@technovaindia.com corp@technovaworld.com
Website :	http://www.technovaworld.com
Corporate Office / Factory :	Plot No. E1/2/3, MIDC, Taloja, Raigad - 410208, Maharashtra, India
Tel. No.:	91-22-27412463
Fax No.:	91-22-27410261
Domestic Office :	Located At : Ahmedabad Chennai Hyderabad Bengaluru Delhi Kochi Kolkata Mumbai Indore Lucknow
Oversees Office :	Located At : · Dubai · South Africa · East Africa · United Kingdom and Europe · South America · North America · Sri Lanka

DIRECTORS

As on 31.03.2015

Name :	Mr. Pranav Natvarlal Parikh
Designation :	Managing Director
Address :	18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	18.02.1943
Qualification :	B.Com., MBA Havard
Date of Appointment :	30.11.2013
PAN No.:	AADPP7768H
Experience:	36 Years
DIN No.:	00318726
Name :	Mr. Arvindbhai Natvarlal Parikh
Designation :	Director
Address :	241, 24^th Floor, Urvashi CHS Limited, 66 Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	19.10.1927
Date of Appointment :	29.08.1979
PAN No.:	AABPP7241B
DIN No.:	00319473
Name :	Mr. Jagdish Natvarlal Parikh
Designation :	Director
Address :	Ocean View, Flat No.104, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	07.02.1930
Date of Appointment :	29.08.1979
DIN No.:	00348650
Name :	Mr. Jivan Gulabrai Bhatt
Designation :	Whole Time Director
Address :	556/ A, Shriketan, Adenwala Road, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	23.10.1952
Qualification :	M.Sc. (North California State University, U.S.A.)
Date of Appointment :	01.01.1989
PAN No.:	AAAPB8767D
Experience:	32 Years
DIN No.:	00435182
Name :	Mrs. Snehal Arvind Parikh
Designation :	Director
Address :	5, Rushila Building, Carmichal Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	01.02.1955
PAN No.:	AGHPP7065K
Date of Appointment :	26.12.1988
DIN No.:	00467965
Name :	Mrs. Maya Pranav Parikh
Designation :	Whole Time-Director
Address :	18 A, Manek, L D Ruparel Marg, Malabar Hill Mumbai – 400006, Maharashtr\a, India
Date of Birth/Age :	27.01.1978
Date of Appointment :	14.12.2001
PAN No.:	AFSPP0124P
Experience:	11 Years
DIN No.:	00468051
Name :	Ms. Shelina P. Parikh
Designation :	Whole Time Director
Address :	18 A, Manek, L. D. Ruparel Marg, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	25.07.1968
Qualification :	MBA-Harvard
Date of Appointment :	08.07.2014
PAN No.:	AFVPP8218F
Experience:	22 Years
DIN No.:	00468199
Name :	Mr. Ramkrishnan Gayathri
Designation :	Director
Address :	B1402, Anmol, 14th Floor, Opposite Patel Auto, Off S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	01.03.1963
Date of Appointment :	14.03.2007
Experience:	51 Years
DIN No.:	01733464
Name :	Mr. Mangesh Shripad Kulkarni
Designation :	Director
Address :	201, Moti Mahal, 28 Senapari Bapat Marg, Mahim, Mumbai - 400016, Maharashtra India
Date of Birth/Age :	10.06.1942
Date of Appointment :	18.04.2001
PAN No.:	AACPK7623H
DIN No.:	00347908

KEY EXECUTIVES

Name :	Mr. Chetan
Designation :	Deputy Manager in Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Arvind N Parikh	127600	--
Arvind N Parikh (HUF)	3600	--
Anuradha Benegal	105500	--
Jagdish N Parikh (HUF)	600	--
Maya P Parikh Jointly with Pranav N Parikh	100200	--
Maya P Parikh	563100	--
Natverlal Parikh (HUF)	4500	--
Poorvi A Parikh Jointly with Arvind N Parikh	3600	--
Pranav N Parikh Jointly with Salome Pranav Parikh	214325	--
Pranav N Parikh	1800	1000000
Savita S Parikh Jointly with Snehal A Parikh	3600	--
Shelina P Parikh Jointly with Pranav N Parikh	109800	--
Shelina P Parikh	553500	--
Snehal A Parikh Jointly with Savita S Parikh	64800	--
Jivan G Bhatt Jointly with Nilakshi Bhatt	1075	--
Neal Prashant Parikh	41300	--
Jagdish N Parikh Jointly with Shila J Parikh	64800	--
TOTAL	1963700	1000000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and trading of Imaging Products

Products :

ITEM CODE NO. (ITC CODE)	PRODUCT DESCRIPTION
84425020	Lithographics Plates
37079010	Chemical Products Mixed for Photo Uses
38140010	Organic Composite Solvent and Thinners

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the Management.

Bankers :

Bank Name	Corporation Bank
Branch	Branch, Bharat House No.104, Ground Floor, Mumbai Samachar Marg, Fort, Mumbai- 400023, Maharashtra, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Lon from Bank	35.667	433.339
SHORT TERM BORROWING
Loan repayable on Demand from bank	1923.204	1788.656
Total	1958.871	2221.995

Auditors :
Name :	N.A. Shah and Associates Chartered Accountants
Address :	B 41 - 45 , Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFN5380N
Memberships :	--
Collaborators :	--
Associates :	Lastra Niraj Private Limited, India CIN No.:U72900MH1980PTC022514 TechNova Graphics Private Limited, India CIN No.:U24110MH1952PTC008855
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	AL Movers Private Limited, India CIN No.:U63000MH1999PTC121101

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs. 19.800 Million
1000000	Preference Shares	Rs.100/- each	Rs. 100.000 Million
20000	Unclassified Shares	Rs.10/- each	Rs. 0.200 Million
	Total		Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1963700	Equity Shares	Rs.10/- each	Rs.19.637 Million
1000000	Preference Shares	Rs.100/- each	Rs. 100.000 Million
	Total		Rs. 119.637 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	119.637	119.637	119.637
(b) Reserves & Surplus	878.880	501.089	290.076
(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)	998.517	620.726	409.713
(3) Non-Current Liabilities
(a) long-term borrowings	842.767	1240.439	1635.155
(b) Deferred tax liabilities (Net)	43.138	61.413	31.790
(c) Other long term liabilities	100.431	65.309	60.405
(d) long-term provisions	97.395	98.289	85.516
Total Non-current Liabilities (3)	1083.731	1465.450	1812.866
(4) Current Liabilities
(a) Short term borrowings	1923.204	1788.656	1600.632
(b) Trade payables	722.127	696.288	548.055
(c) Other current liabilities	1164.852	1139.374	1215.765
(d) Short-term provisions	147.609	124.251	62.971
Total Current Liabilities (4)	3957.792	3748.569	3427.423
TOTAL	6040.040	5834.745	5650.002
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1518.753	1661.655	1789.197
(ii) Intangible Assets	40.864	1.928	8.218
(iii) Capital work-in-progress	20.129	12.257	42.033
(iv) Intangible assets under development	0.000	25.079	19.640
(b) Non-current Investments	0.000	0.000	51.120
(c) Deferred tax assets (net)	50.820	50.820
(d) Long-term Loan and Advances	108.794	131.206	182.508
(e) Other Non-current assets	2.932	10.948	8.485
Total Non-Current Assets	1742.292	1893.893	2101.201
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2731.016	2265.786	1974.330
(c) Trade receivables	1239.678	1309.785	1052.367
(d) Cash and cash equivalents	13.134	11.168	88.750
(e) Short-term loans and advances	248.107	314.646	369.222
(f) Other current assets	65.813	39.467	64.132
Total Current Assets	4297.748	3940.852	3548.801
TOTAL	6040.040	5834.745	5650.002

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL SALES	N.A	N.A	N.A
Less	TOTAL EXPENSES	N.A	N.A	N.A
	PROFIT/ (LOSS) BEFORE TAX	N.A	N.A	N.A
Less	TAX	N.A	N.A	N.A
	PROFIT/ (LOSS) AFTER TAX	409.380	226.966	17.354
	EARNING PER SHARE	138.13	110.22	3.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	387.031	442.279	367.021
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	1056.473	585.905	833.976

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	3.16	5.59	8.79
Current Ratio (Current Asset/Current Liability)	1.09	1.05	1.04

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	119.637	119.637	119.637
Reserves & Surplus	290.076	501.089	878.880
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	409.713	620.726	998.517
long-term borrowings	1635.155	1240.439	842.767
Short term borrowings	1600.632	1788.656	1923.204
Current maturities of long-term debts	367.021	442.279	387.031
Total borrowings	3602.808	3471.374	3153.002
Debt/Equity ratio	8.793	5.592	3.158

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	No
5	Buyer visit details	--
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)	No
16	No. of employees	No
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	No
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

The Plate Business of the Company continued to experience challenges in the market place under overall economic climate. Further, the Company continues to focus aggressively on its initiatives to improve profitability through productivity improvement and cost optimization.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Lon from Bank	807.100	807.100
Total	807.100	807.100

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90213299	12/08/2015 *	3,911,250,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, BHARAT HOUSE NO.104, GROUND FLOOR, MUMBAI SAMACHAR MARG, FORT., MUMBAI- 400023,  MAHARASHTRA, INDIA	C63327308

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Goodwill

· Computer software

· Copyrights, patents and other operating rights

· Patents

· Commercial contractual right

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 records 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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.