MIRA INFORM REPORT

Report No. :	304410
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	TULA ENGINEERING PRIVATE LIMITED (w,e,f 04.08.2009)
Formerly Known As :	TULA INVESTMENT PRIVATE LIMITED
Registered Office :	26, Bazar Road, Bandra (West), Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.09.1983
Com. Reg. No.:	11-041275
Capital Investment / Paid-up Capital :	Rs 0.925 Million
CIN No.: [Company Identification No.]	U65990MH1983PTC041275
IEC No.:	Not Available
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 bottling machinery
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. The rating reflects company sound financial risk profile marked by healthy reserves position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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.

LOCATIONS

Registered Office :	26, Bazar Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-28329193
Fax No.:	91-22-56920056
E-Mail :	info@rankgroup.in PUNITGOYALAGARWAL@YAHOO.IN
Factory :	976/3, road - B, GIDC, Makapura, Baroda – 390010, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ratanchand Jivraj Oswal

Designation :

Director

Address :

83/84 Solitaire Central Avenue, Santacruz (West), Mumbai – 4000054, Maharashtra, India

Date of Birth/Age :

11.07.1942

Date of Appointment :

09.04.1985

DIN No.:

00425184

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	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	09/04/1985	09/04/1985	-	Active	NO
2	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Managing director	09/04/1985	09/04/1985	-	Active	NO
3	U45201RJ2008PTC025900	SUNSHINE LANDCON PRIVATE LIMITED	Director	03/08/2009	15/07/2008	-	Active	NO
4	U27205MH2010PTC203497	RENOX STAINLESS STEEL INDIA PRIVATE LIMITED	Director	26/05/2010	26/05/2010	-	Active	NO
5	U74999MH2013PTC241712	OZBORNE VENTURES PRIVATE LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Rishi Ratanchand Oswal

Designation :

Director

Address :

83/84 Solitaire Central Avenue, Santacruz (West), Mumbai – 4000054, Maharashtra, India

Date of Birth/Age :

07.02.1971

Date of Appointment :

01.04.0996

DIN No.:

00425486

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	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	01/01/1998	01/01/1998	-	Active	NO
3	U27205MH2010PTC203497	RENOX STAINLESS STEEL INDIA PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
4	U74999MH2013PTC241712	OZBORNE VENTURES PRIVATE LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Rasila Ratanchand Oswal

Designation :

Director

Address :

83/84 Solitaire Central Avenue, Santacruz (West), Mumbai – 4000054, Maharashtra, India

Date of Birth/Age :

01.04.1947

Date of Appointment :

02.05.2001

DIN No.:

00425697

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	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO
2	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO

Name :

Mr. Madhulika Rishi Oswal

Designation :

Director

Address :

81/82 Solitaire Central Avenue, Santacruz (West), Mumbai – 4000054, Maharashtra, India

Date of Birth/Age :

04.08.1974

Date of Appointment :

02.05.2001

DIN No.:

00425859

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	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO
2	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Jivraj Ratanchand Oswal	2000
Shefali Ratnachand Oswal	250
Bharti Ratnachand Oswal	375
Rishi Ratnachand Oswal	4000
Rasila Ratnachand Oswal	2000
Madhulika Rishi Oswal	625
Total	9250

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of bottling machinery
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS (As on 31.03.2014)

Actual Production	Units	Qty
Bottle Washer	Nos.	4
Bottle Warmer	Nos.	6
Roll Conveyor	Mtr.	11
Lubrication System	Nos.	3
RFC	Nos.	8
Bevmix	Nos	4
Conveyor & Conveying System	Nos.	175
Conveyor & Conveying System	Mtr.	10
Conveyor & Conveying System	Set	245
Cooling Tunel	Nos.	5
Air Blower	Nos.	2
Shrink Tunnel	Set	-
Case Packer	Nos.	3
Warmer Tunnel	Nos.	6
Ink Jet coding Sys	Nos.	2
Scada System	Nos.	1
Crate Washer	Nos.	2
Spare Parts	Nos. Mtr Set Kgs.	2586 463 18136 932
Scrap	Kgs.	1340
Case Washer	Nos.	1

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Citi Bank N.A., Trent House, 2^nd Floor, G block, Plot No. C60, Bandra Kurla complex, Bandra (East), Mumbai – 400051, Maharashtra, India
• State Bank of India, Makarpura, Baroda, Gujarat, India
• Bank of Baroda, Makarpura, Baroda, Gujarat, India
• Axis Bank, Andheri (East), Mumbai – 400050, Maharashtra, India

Auditors :
Name :	RANK and Associates Chartered Accountants
Address :	53/B, Tejpal Road, Above Parlekar Masalas, Super Market, Opposite Railway Station, Vileparle (East), Mumbai – 400057, Maharashtra, India
E-Mail :	info@rankgroup.com
PAN No.:	AAEFC7598P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92500	Equity Shares	Rs.10/- each	Rs. 0.925 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.925	0.925	0.925
(b) Reserves & Surplus	145.366	110.804	95.768
(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)	146.291	111.729	96.693
(3) Non-Current Liabilities
(a) long-term borrowings	17.000	9.525	9.525
(b) Deferred tax liabilities (Net)	0.868	0.739	0.100
(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)	17.868	10.264	9.625
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	26.564	36.735	43.890
(c) Other current liabilities	55.674	53.695	25.148
(d) Short-term provisions	6.714	5.814	8.995
Total Current Liabilities (4)	88.952	96.244	78.033
TOTAL	253.111	218.237	184.351
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.495	66.238	57.920
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.623	1.896	0.707
(e) Other Non-current assets
Total Non-Current Assets	127.118	68.134	58.627
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.900	72.100	12.610
(c) Trade receivables	22.339	18.780	49.785
(d) Cash and cash equivalents	11.281	9.460	18.031
(e) Short-term loans and advances	67.473	49.763	45.298
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	125.993	150.103	125.724
TOTAL	253.111	218.237	184.351

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	339.944	154.775	228.842
	Other Income	25.951	17.322	NA
	TOTAL (A)	365.895	172.097	NA
Less	EXPENSES
	Cost of Materials Consumed	219.051	84.309
	Employees benefits expense	21.769	16.805
	Other expenses	65.418	39.720	NA
	Exceptional Item	0.131	0.000
	TOTAL (B)	306.369	140.834
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	59.526	31.263	NA
Less	FINANCIAL EXPENSES (D)	2.151	1.742	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	57.375	29.521	54.822
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.114	3.926	0.841
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	51.261	25.595	53.981
Less	TAX (I)	14.549	8.409	17.592
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	36.712	17.186	36.389
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	98.210	84.894	54.394
Less	APPROPRIATIONS
	Transfer to General Reserve	3.680	1.720	3.640
	Dividend	1.850	1.850	1.850
	Tax on Dividend
	Total (M)	5.530	3.570	5.490
	Balance Carried to the B/S (J+K+L-M)	129.093	98.210	84.894
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	68.683	55.533	11.580
	TOTAL EARNINGS	68.683	55.533	11.580
	Earnings / (Loss) Per Share (Rs.)	3968.91	1857.99	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.80	11.10	15.90
Operating Profit Margin (PBDIT / Sales)	(%)	17.51	20.20	0.00
Return on Total Assets (PBT/Total Assets}	(%)	20.25	11.73	29.28
Return on Investment (ROI) (PBT/Networth)		0.35	0.23	0.56
Debt Equity Ratio (Total Debt /Networth)		0.12	0.09	0.10
Current Ratio (Current Asset/Current Liability)		1.42	1.56	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.925	0.925	0.925
Reserves & Surplus	95.768	110.804	145.366
Net worth	96.693	111.729	146.291
long-term borrowings	9.525	9.525	17.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	9.525	9.525	17.000
Debt/Equity ratio	0.099	0.085	0.116

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	228.842	154.775	339.944
		(32.366)	119.638

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	228.842	154.775	339.944
Profit	36.389	17.186	36.712
	15.90%	11.10%	10.80%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three 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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from related parties	0.000	9.325
Loan from shareholders	17.000	0.200
Total	17.000	9.525

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362798	29/05/2012	20,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN DRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B42532226
2	10362799	29/05/2012	20,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN DRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B42532440

* Date of charge modification

FIXED ASSETS

• New Factory Land
• Lease Hold Land
• Factory Building
• Residential Flat
• Bore Well
• Plant & Machinery
• Electrical Installation
• Office Equipment
• Vehicle
• Furniture & Fixture
• Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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.61.69
UK Pound	1	Rs.93.32
Euro	1	Rs.71.49

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	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		51

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.