MIRA INFORM REPORT

Report No. :	308736
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	MACHINFABRIK INDUSTRIES PRIVATE LIMITED

Registered Office :	R-90, TTC Industrial Area, MIDC, Rabale, Thane Belapur Road, Navi Mumbai-400701, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	04.06.2012

Com. Reg. No.:	11-231794

Capital Investment / Paid-up Capital :	Rs. 22.730 Millions

CIN No.: [Company Identification No.]	U29253MH2012PTC231794

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Medical Equipments

No. of Employees :	210 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 97648

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile market by low reserves level and thin profit margin of the company. However, trade relations are reported as far. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	ICRA
Rating	(BB-) – Long Term Fund Based Facility
Rating Explanation	Moderate risk of default.
Date	May 2014

Rating Agency Name	ICRA
Rating	(A4) – Short Term Non-Fund Based Facility
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	May 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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Ashok
Designation :	Account Officer
Contact No.:	91-22-67368200
Date :	18.02.2015

LOCATIONS

Registered Office/ Factory :	R-90, TTC Industrial Area, MIDC, Rabale, Thane Belapur Road, Navi Mumbai-400701, Maharashtra, India
Tel. No.:	91-22-67368200
Fax No.:	91-22-67368225
E-Mail :	vng@machinfabrik.com
Website :	http://www.machinfabrik.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ajit Hanumant Kulkarni

Designation :

Director

Address :

404, Dalal Sadan, Plot No. 23, Pestom Sagar, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

07.03.1957

Date of Appointment :

04.06.2012

DIN No.:

00381779

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1993PTC073375	MF MARKETING PRIVATE LIMITED	Director	06/08/1993	06/08/1993	Active	NO
2	U33113MH1996PTC103039	MF DYNA THERM PRIVATE LIMITED	Director	03/10/1996	03/10/1996	Active	NO
3	U33101MH1997PTC105988	TRITON ENGINEERING PRIVATE LIMITED	Director	19/02/1997	19/02/1997	Active	NO
4	U29253MH2012PTC231794	MACHINFABRIK INDUSTRIES PRIVATE LIMITED	Director	04/06/2012	04/06/2012	Active	NO

Name :

Mr. Anand Bhaskar Kotwal

Designation :

Director

Address :

A-20-79, Rajawadi CHS Limited, Rajawadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

21.12.1946

Date of Appointment :

04.06.2012

DIN No.:

00381914

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33113MH1996PTC103039	MF DYNA THERM PRIVATE LIMITED	Director	03/10/1996	03/10/1996	Active	NO
2	U33101MH1997PTC105988	TRITON ENGINEERING PRIVATE LIMITED	Director	19/02/1997	19/02/1997	Active	NO
3	U51900MH1993PTC073375	MF MARKETING PRIVATE LIMITED	Director	30/03/1998	30/03/1998	Active	NO
4	U29253MH2012PTC231794	MACHINFABRIK INDUSTRIES PRIVATE LIMITED	Director	04/06/2012	04/06/2012	Active	NO

Name :

Mr. Mohnish Gajanan Godbole

Designation :

Director

Address :

Tower No. 8, Flat No. 802, Oak, Orchard Residency, LBS Road, Ghatkopar (West), Mumbai-400086, Maharashtra, India

Date of Birth/Age :

24.07.1971

Date of Appointment :

04.06.2012

DIN No.:

05219017

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29253MH2012PTC231794	MACHINFABRIK INDUSTRIES PRIVATE LIMITED	Director	04/06/2012	04/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok
Designation :	Account Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age
Ajit Hanumant Kulkarni	54,000	2.38
Anand Bhaskar Kotwal	2,127,500	93.60
Mohnish Gajanan Godbole	91,500	4.03
TOTAL	2,273,000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Medical Equipments

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

No. of Employees :

210 [Approximately]

Bankers :

Bank Name	Bank of Baroda
Branch	Chetan Building A, Rajawadi Branch, Ghatkopar East, Mumbai-400077, 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 :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Bank of Baroda OD A/C 25	70.077	71.607
ICICI Bank Motor Car Loan	0.842	0.000
Kotak Mahindra Prime – XUV 500	0.564	0.936

Short-term borrowings
Kotak Mahindra Prime – Logan	0.000	0.086
Kotak Mahindra Prime – Xylo	0.000	0.129
Barclays Bank PLC	0.000	1.037
Kotak Mahindra Bank Limited	0.000	1.332
Religare Finvest Limited	0.000	1.744
TATA Capital Limited	0.000	1.335

Total	71.483	78.206


Banking Relations :

Auditors :
Name :	Mulin Devchand Vora Chartered Accountants
Address :	504, bhavya Plaza, Corner of 5^th Road, Khar West, Mumbai-400052, Maharashtra, India
Tel. No.:	91-22-30054004/5
Mobile No.:	91-9820198149
E-Mail :	camulinvora@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	ADYPV8817H

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2273000	Equity Shares	Rs.10/- each	Rs. 22.730 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.730	22.730
(b) Reserves & Surplus	11.447	5.292
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	34.177	28.022

(3) Non-Current Liabilities
(a) long-term borrowings	71.483	72.543
(b) Deferred tax liabilities (Net)	1.118	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	72.601	72.543

(4) Current Liabilities
(a) Short term borrowings	0.000	5.663
(b) Trade payables	83.646	65.919
(c) Other current liabilities	51.279	93.684
(d) Short-term provisions	3.248	2.905
Total Current Liabilities (4)	138.173	168.171

TOTAL	244.951	268.736

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.433	18.406
(ii) Intangible Assets	3.809	4.762
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.338	39.663
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	50.580	62.831

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	47.651	64.454
(c) Trade receivables	107.194	92.243
(d) Cash and cash equivalents	6.091	31.155
(e) Short-term loans and advances	10.966	11.200
(f) Other current assets	22.469	6.853
Total Current Assets	194.371	205.905

TOTAL	244.951	268.736

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	373.043	184.258
	Other Income
	TOTAL	373.043	184.258

Less	EXPENSES
	Cost of Material Consumed	363.291	177.087
	Manufacturing Expenses
	Employees benefits expense
	Other expenses
	TOTAL	363.291	177.087

	PROFIT/ (LOSS) BEFORE TAX	9.752	7.171

Less	TAX	3.597	1.879

	PROFIT/ (LOSS) AFTER TAX	6.155	5.292

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	5.292	0.000

	Balance Carried to the B/S (J+K+L-M)	11.447	5.292

	Earnings / (Loss) Per Share (Rs.)	2.71	2.33

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013

Return on Total Assets (PBT/Total Assets}	(%)	3.98	2.67


Return on Investment (ROI) (PBT/Networth)		0.29	0.26


Debt Equity Ratio (Total Debt /Networth)		4.54	4.94


Current Ratio (Current Asset/Current Liability)		1.41	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	22.730	22.730
Reserves & Surplus	5.292	11.447
Net worth	28.022	34.177

long-term borrowings	72.543	71.483
Short term borrowings	5.663	0.000
Total borrowings	78.206	71.483
Debt/Equity ratio	2.791	2.092

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Total Income	184.258	373.043
		102.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR)	(INR)
Total Income	184.258	373.043
Profit	5.292	6.155
	2.87%	1.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
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	No
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	Yes

CORPORATE INFORMATION

Machinfabrik Industries Private Limited (the company) is a private company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the Business of Manufacturing of Medical Equipments.

Index of charges

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451746	27/08/2013	95,000,000.00	BANK OF BARODA	CHETAN BUILDING A, RAJAWADI BRANCH GHATKOPAR EAST, MUMBAI, MAHARASHTRA - 400077, INDIA	B86040391

FIXED ASSETS

Factory Building
Land
Plant and Machinery
Office Equipments
Computer
Vehicle
Goodwill

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	DIV

Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

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