MIRA INFORM REPORT

Report No. :	353937
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	MAMATA MACHINERY PRIVATE LIMITED
Formerly Known As :	PATEL MACHINERY PRIVATE LIMITED
Registered Office :	Survey No.423/P, Sarkhej – Bavla Road, N H No.8-A, Tal. – Sanand, Moraiya – 382213, Gujarat
Tel. No.:	91-2717-300700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.04.1979
Com. Reg. No.:	04-003363
Capital Investment / Paid-up Capital :	Rs.28.520 Million
CIN No.: [Company Identification No.]	U29259GJ1979PTC003363
IEC No.:	0890001651
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01242D
PAN No.: [Permanent Account No.]	AABCM8241P
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject engaged in manufacturing of Plastic Bag and Pouch Making Machineries. [Registered Activity and also confirmed by management]
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 :	Clear
Comments :	Subject is an established company incorporated in the year 1979 having satisfactory track. The company possesses an above average financial risk profile marked by healthy networth base and decent liquidity position of the company. The rating also takes into consideration long track record of business operation. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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	Moderate degree of safety and carry moderate credit risk
Date	17.03.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk
Date	17.03.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Deepak Modi
Designation :	Finance Department
Contact No.:	91-2717-300700
Date :	11.12.2015

LOCATIONS

Registered Office/ Factory :	Survey No.423/P, Sarkhej – Bavla Road, N H No.8-A, Tal. – Sanand, Moraiya – 382213, Gujarat, India
Tel. No.:	91-2717-300700
Fax No.:	91-2717-300710
E-Mail :	fin@mamta.com
Website :	http://www.mamta.com
Area :	Owned
Location :	Industrial

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Mahendra Narsinhbhai Patel

Designation :

Managing Director

Address :

15,Kairavi Bungalows, Vastrapur Road,Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

17.01.1949

Date of Appointment :

12.09.1994

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	15/07/2014	Active	NO
10	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04/01/2006	04/01/2006	-	Under Process of Striking off	NO
11	U72200GJ2000PTC038028	VIBRATIONS INFOTALS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Under liquidation	NO
12	U65999GJ2004PTC044563	NATRAJ FINSEC (INDIA) PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	-	Under liquidation	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	-	Converted to LLP	NO
15	U29249GJ2007PTC050353	HYDCO ENGINEERING PRIVATE LIMITED	Director	12/08/2008	02/07/2007	25/07/2014	Active	NO
16	U73100GJ2008NPL054708	INDIAN CENTRE FOR CLIMATE AND SOCIETAL IMPACTS RESEARCH	Director	07/08/2008	07/08/2008	01/08/2014	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. Chandrakant Baldevbhai Patel

Designation :

Managing Director

Address :

100, Surdhara Bunglows, Drive-in-Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

10.01.1954

Date of Appointment :

20.12.2010

DIN No.:

00380810

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	20/12/2010	12/03/1990	-	Active	NO
2	U72200GJ1992PTC017819	SOURCEPRO INFOTECH PRIVATE LIMITED	Director	01/10/1993	01/10/1993	-	Active	NO
3	U29212GJ1997PTC031529	MAMATA EXTRUSION SYSTEMS PRIVATE LIMITED	Whole-time director	17/01/1997	17/01/1997	-	Active	NO
4	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	24/03/2001	24/03/2001	-	Active	NO
5	U25202GJ2004PTC045123	SUNPACK BARRIER FILMS PRIVATE LIMITED	Director	13/12/2004	13/12/2004	15/07/2014	Active	NO
6	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04/01/2006	04/01/2006	-	Under Process of Striking off	NO
7	U65999GJ2004PTC044563	NATRAJ FINSEC (INDIA) PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	-	Under liquidation	NO
8	U65910GJ1990PTC014305	MAMATA MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	31/12/2006	-	Converted to LLP	NO
9	U29249GJ2007PTC050353	HYDCO ENGINEERING PRIVATE LIMITED	Managing director	12/08/2008	29/03/2007	30/11/2010	Active	NO
10	U72900GJ2000PTC037323	DATA INNOVATION (INDIA) PRIVATE LIMITED	Director	22/04/2007	22/04/2007	-	Converted to LLP	NO
11	U40106GJ2006PTC049596	MAMATA PYRON SOLAR PRIVATE LIMITED	Additional director	16/11/2009	16/11/2009	-	Strike off	NO
12	AAE-8792	DATA INNOVATION (INDIA) LLP	Designated Partner	07/10/2015	07/10/2015	-	Active	NO

Name :

Mrs. Nayanaben Mahendra Patel

Designation :

Director

Address :

15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

11.08.1952

Date of Appointment :

12.08.1992

DIN No.:

00105627

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	Director	12/08/1992	12/08/1992	-	Active	NO
2	U65910GJ1993PTC019248	MAMATA GROUP CORPORATE SERVICES PRIVATE LIMITED	Director	11/08/1997	11/08/1997	-	Active	NO
3	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	17/01/2001	17/01/2001	-	Active	NO
4	U72200GJ2000PTC038028	VIBRATIONS INFOTALS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Under liquidation	NO

Name :

Mr. Tarana Mahendrabhai Patel

Designation :

Director

Address :

15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

07.10.1975

Date of Appointment :

12.09.2011

DIN No.:

03449948

KEY EXECUTIVES

Name :	Mr. Deepak Modi
Designation :	Finance Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Tarana M Patel	53200
Nayana M Patel	43402
Chandrakant B. Patel	6200
Manibhai H. Patel	6000
Naranbhai H. Patel	6000
Mamata Group Corporate Service Private Limited, India	70000
N. Mahendra Patel	1880
Bhagvati G. Patel	37200
Mamata Management Services Private Limited, India	61318
Total	285200

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	46.04
Directors or relatives of Directors	53.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in manufacturing of Plastic Bag and Pouch Making Machineries. [Registered Activity and also confirmed by management]
Products :	Processing Machinery Automatic Plastic Bag Making Machine High Speed Side Sealing
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Africa Saudi Arabia
Imports :
Products :	Raw Material
Countries :	China Japan Germany USA
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

250 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Overseas (Branch), Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	91-79-27540694 [Ringing]
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Foreign Currency Term Loan**	167.184	186.985
Term Loan **	1.682	1.953
Hire Purchase Contracts for Vehicles	0.318	0.781
SHORT TERM BORROWING
Cash Credit *	3.240	43.771
Export Packaging Credit Limit	47.929	25.005
Over Draft Against Fixed Deposit	177.774	115.905
Total	398.127	374.400

Note:

** [by way of first charge on inovable and immovable properties of the company and personal guarantees of the Managing Director and it Managing Director of the Company]

Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountants
Address :	51, Madhuban, Near Madalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFD0959G
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary :	Mamata Enterprises INC [Formally known as Mamata USA INC ]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
285200	Equity Shares	Rs.100/- each	Rs.28.520 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	28.520	28.520	28.520
(b) Reserves & Surplus	404.376	380.962	392.720
(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)	432.896	409.482	421.240
(3) Non-Current Liabilities
(a) long-term borrowings	185.593	202.273	220.258
(b) Deferred tax liabilities (Net)	11.195	10.191	-0.272
(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)	196.788	212.464	219.986
(4) Current Liabilities
(a) Short term borrowings	228.943	184.682	153.709
(b) Trade payables	180.921	137.396	119.867
(c) Other current liabilities	45.154	41.175	29.654
(d) Short-term provisions	35.693	24.457	34.454
Total Current Liabilities (4)	490.711	387.710	337.684
TOTAL	1120.395	1009.656	978.910
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	379.269	398.369	26.421
(ii) Intangible Assets	3.433	4.303	0.137
(iii) Capital work-in-progress	0.000	0.000	335.273
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.624	19.624	19.624
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.388	1.352	0.506
(e) Other Non-current assets	21.729	56.925	15.288
Total Non-Current Assets	425.443	480.573	397.249
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.153	95.316	113.741
(c) Trade receivables	154.146	106.385	119.102
(d) Cash and cash equivalents	324.003	228.645	210.684
(e) Short-term loans and advances	86.209	86.301	124.875
(f) Other current assets	12.441	12.436	13.259
Total Current Assets	694.952	529.083	581.661
TOTAL	1120.395	1009.656	978.910

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	558.300	379.500	430.640
Less	EXPENSES TOTAL	503.300	355.263	290.006
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	55.000	24.237	140.634
Less	DEPRECIATION/ AMORTISATION	23.114	21.102	3.394
	PROFIT/ (LOSS) BEFORE TAX	31.886	3.135	137.240
Less	TAX	6.804	13.236	32.067
	PROFIT/ (LOSS) AFTER TAX	25.082	(10.101)	105.173
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	365.220	376.978	273.462
Less	APPROPRIATIONS
	Dividend	1.426	1.426	1.426
	Tax on Dividend	0.242	0.231	0.231
	Total (M)	1.668	1.657	1.657
	Balance Carried to the B/S	388.634	365.220	376.978
	Earnings / (Loss) Per Share (Rs.)	87.95	(35.42)	368.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	24.784	21.274	19.220
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Turnover)	(%)	4.49	-2.66	24.42
Operating Profit Margin (PBIDT/ Turnover)	(%)	9.85	6.39	32.66
Return on Total Assets (PBT/Total Assets}	(%)	2.90	0.32	21.99
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	0.33
Debt Equity Ratio (Total Debt /Networth)		1.01	1.00	0.93
Current Ratio (Current Asset/Current Liability)		1.42	1.36	1.72

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	28.520	28.520	28.520
Reserves & Surplus	392.720	380.962	404.376
Net worth	421.240	409.482	432.896
Long-term borrowings	220.258	202.273	185.593
Short term borrowings	153.709	184.682	228.943
Current maturities of long-term debts	19.220	21.274	24.784
Total borrowings	393.187	408.229	439.320
Debt/Equity ratio	0.933	0.997	1.015

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)
Turnover	430.640	379.500	558.300
		(11.875)	47.115

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	430.640	379.500	558.300
Profit	105.173	(10.101)	25.082
	24.42%	(2.66%)	4.49%

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	No
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 5/1/1a, GIDC Estate, Phase-I, Vatva Ahmedabad – 382445, Gujarat India to the present address w.e.f. 12.07.2012

CORPORATE INFORMATION:

Subject (the company) was incorporated on 17 April 1979 as a Private Limited company. The company is engaged in manufacturing of Plastic Bag and Pouch Making Machineries.

UNSECURED LOANs

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deposits	0.055	0.055
Form Members and Directors	1.500	1.500
Inter Corporate Deposit	14.854	11.000
Total	16.409	12.555

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10546247	16/10/2014	155,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR,, ISCKON ELE  GANCE,PRAHLADNAGAR CROSSING, S.G.HIGHWAY, AHMEDABAD, GUJARAT - 380015, INDIA	C42051748
2	10295081	04/12/2014 *	545,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, ISCKON ELEG  ANCE, PRAHLADNAGAR CROSSING,S.G.HIGHWAY, AHMEDABAD, GUJARAT - 380015, INDIA	C44251247
3	10032974	04/12/2014 *	545,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, ISCKON ELE GANCE,PRAHLADNAGAR CROSSING, S.G.HIGHWAY, AHMEDABAD, GUJARAT - 380015, INDIA	C38706248
4	90111850	21/05/2005	6,400,000.00	STATE BANK OF INDIA	VATWA INDL. ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
5	90110697	27/02/2004	30,000,000.00	STATE BANK OF INDIA	VATWA INDL. ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
6	90111735	29/06/2005 *	30,000,000.00	STATE BANK OF INDIA	VATVA INDL. ESTATE BRANCH, VATVA, AHMEDABAD, GUJARAT, INDIA	-
7	90110077	05/02/2000	21,300,000.00	STATE BANK OF INDIA	VATWA INDL. ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
8	90111415	04/12/2014 *	250,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, ISCKON ELEG  ANCE, PRAHLADNAGAR CROSSING,S.G.HIGHWAY, AHMEDABAD  , GUJARAT - 380015, INDIA	C44253284
9	90107691	05/06/2002 *	20,000,000.00	STATE BANK OF INDIA	VATVA INDL. ESTATE BRANCH, VATVA, AHMEDABAD, GUJA  RAT - 382445, INDIA	-
10	90109657	29/04/2005 *	20,000,000.00	STATE BANK OF INDIA	VATVA INDL. ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land - Leasehold

· Building, Factory Office

· Plant and Machinery

· Vehicles

· Office Equipment

· Furniture and Fixture

· Computer and Software

· Electric Equipment

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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	GEET

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
--PROFITABILITY	1~10	5
--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	NO
--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		47

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.