MIRA INFORM REPORT

Report No. :	311785
Report Date :	22.03.2015

IDENTIFICATION DETAILS

Name :	RECON MACHINE TOOLS PRIVATE LIMITED

Registered Office :	9, Hoota Galli Industrial Area, Off Hunsur Road, Mysore – 570086, Karnataka

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	04.09.1982

Com. Reg. No.:	08-004934

Capital Investment / Paid-up Capital :	Rs. 0.570 Million

CIN No.: [Company Identification No.]	U27101KA1982PTC004934

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRR02006E

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

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and Exporting of Plant and Machinery used for Metal Cans, Metal Closures, etc.

No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 36000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. There seems some continuous dip in the turnover of the company, Profit margin of the company is also low. However, trade relations are reported as fair. Business is active. Payment 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	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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anil
Designation :	Accounts Department
Contact No.:	91-22-26875931
Date :	18.03.2015

LOCATIONS

Registered Office/ Factory :	9, Hoota Galli Industrial Area, Off Hunsur Road, Mysore – 570086, Karnataka, India
Tel. No.:	91-22-26875931
Fax No.:	Not Available
E-Mail :	rmt@airtelmail.com sales@reconmachine.com rmt@touchtelindia.com
Website :	http://www.reconmachine.com
Location :	Owned

Branch Office :	37, Sarvodaya Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26875931
Fax No.:	91-22-26873739
E-Mail :	sales@reconmachine.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Dattatraya Kogga Bantwal

Designation :

Director

Address :

Flat No. 2-A, A – Building, Cresent Co-Operative Housing Society, Pali Hill Road, Mumbai - 400052, Maharashtra, India

Date of Birth/Age :

15.06.1938

Date of Appointment :

04.09.1982

DIN No.:

00221052

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	U29220MH1982PTC026747	RECON DIES AND TOOLS PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
2	U92110MH1982PTC026744	PRAKASH MEHRA PICTURES PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
3	U27101KA1982PTC004934	RECON MACHINE TOOLS PRIVATE LIMITED	Director	04/09/1982	04/09/1982	Active	NO
4	U28920KA1996PTC019660	PACMAC ENGINEERS PRIVATE LIMITED	Director	23/01/1996	23/01/1996	Active	NO

Name :

Mr. Chandrashekhar Santhur Kambalguttu Rao

Designation :

Director

Address :

604, Sagar Kanya, J P Road, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

06.12.1947

Date of Appointment :

04.09.1982

DIN No.:

00221105

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	U92110MH1982PTC026744	PRAKASH MEHRA PICTURES PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
2	U29220MH1982PTC026747	RECON DIES AND TOOLS PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
3	U27101KA1982PTC004934	RECON MACHINE TOOLS PRIVATE LIMITED	Director	04/09/1982	04/09/1982	Active	NO
4	U28920KA1996PTC019660	PACMAC ENGINEERS PRIVATE LIMITED	Director	23/01/1996	23/01/1996	Active	NO

Name :

Anantharay Pai

Designation :

Director

Address :

13, Gulab View, Dr. C Gidwani Road, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

03.09.1944

Date of Appointment :

04.09.1982

DIN No.:

00307460

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	U29220MH1982PTC026747	RECON DIES AND TOOLS PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
2	U92110MH1982PTC026744	PRAKASH MEHRA PICTURES PRIVATE LIMITED	Director	23/03/1982	23/03/1982	Active	NO
3	U27101KA1982PTC004934	RECON MACHINE TOOLS PRIVATE LIMITED	Director	04/09/1982	04/09/1982	Active	NO
4	U28920KA1996PTC019660	PACMAC ENGINEERS PRIVATE LIMITED	Director	23/01/1996	23/01/1996	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Chandrashekhar Santhur Kambalguttu Rao	1900	33.33
Dattatraya Kogga Bantwal	1900	33.33
Anantharay Pai	1900	33.33

Total	5700	100.00

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, Exporting of Plant and Machinery used for Metal Cans, Metal Closures etc.

Products :	Metal Cans Metal Closures

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Gulf Country

Imports :	Not Divulged

Terms :
Selling :	Advance Payment

Purchasing :	Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Manufacturer

Reference :	Hindustan Team work
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 :

30 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	Saraswathipuram Branch, 2961/38A, 5th Main, 5th Cross, Saraswathipuram, Mysore - 570009, Karnataka, 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)	OD = Rs. 2.500 Million
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 loan from Banks
Vehicle loan from Syndicated Bank	0.364	0.421

SHORT TERM BORROWING
Loans repayable on demand from banks
Overdraft from Syndicated Bank	0.000	1.459

Total	0.364	1.880

Auditors :
Name :	B S Ravikumar and Associates Chartered Accountants
Address :	No. 73, 2nd Floor, Sri Madhvesha Complex, Malai Mahadeshwara Road, Nazarbad, Mysore – 570010, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AADFB1008N

Memberships :	· Indian Institute of Packaging (IIP) · Institute of Packaging Machinery Manufacturer Association (IPMMI)

Collaborators :	Not Available

Entities over which Key Management Personnel and their relatives are able to exercise influence :	· Recon Dies and Tools Private Limited · Decomac Engineers · Packmac Engineers Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5,700	Equity Shares	Rs.100/- each	Rs. 0.570 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	0.570	0.570	0.570
(b) Reserves & Surplus	12.030	11.901	12.621
(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)	12.600	12.471	13.191

(3) Non-Current Liabilities
(a) long-term borrowings	0.364	0.421	0.071
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.364	0.421	0.071

(4) Current Liabilities
(a) Short term borrowings	0.000	1.459	4.683
(b) Trade payables	3.023	4.125	4.443
(c) Other current liabilities	10.185	8.824	10.089
(d) Short-term provisions	5.461	3.993	2.485
Total Current Liabilities (4)	18.669	18.401	21.700

TOTAL	31.633	31.293	34.962

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.114	3.632	3.468
(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	0.018	0.018	0.018
(c) Deferred tax assets (net)	0.865	0.813	0.239
(d) Long-term Loan and Advances	0.176	0.175	0.175
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.173	4.638	3.900

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.591	8.155	15.043
(c) Trade receivables	8.007	10.773	10.432
(d) Cash and cash equivalents	4.764	5.495	3.632
(e) Short-term loans and advances	2.098	2.232	1.955
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	27.460	26.655	31.062

TOTAL	31.633	31.293	34.962

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	22.757	38.371	40.332
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA

Less	EXPENSES
	TOTAL (B)	22.578	39.409	38.034

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(Including Financial and Depreciation Expenses)	(Including Financial and Depreciation Expenses)	2.298

Less	FINANCIAL EXPENSES (D)			0.903

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.395

Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.574

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.179	-1.038	0.821

Less	TAX (I)	0.050	-0.318	0.486

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.129	-0.720	0.335

	EARNINGS IN FOREIGN CURRENCY	3.263	14.175	11.695

	Earnings / (Loss) Per Share (Rs.)	22.63	(126.14)	58.78

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.57	(1.88)	0.83

Operating Profit Margin (PBDIT / Sales)	(%)	0.00	0.00	5.70

Return on Total Assets (PBT/Total Assets}	(%)	0.58	(3.41)	2.37

Return on Investment (ROI) (PBT/Networth)		0.01	(0.08)	0.06

Debt Equity Ratio (Total Debt /Networth)		0.03	0.15	0.36

Current Ratio (Current Asset/Current Liability)		1.47	1.45	1.43

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	0.570	0.570	0.570
Reserves & Surplus	12.621	11.901	12.030
Net worth	13.191	12.471	12.600

long-term borrowings	0.071	0.421	0.364
Short term borrowings	4.683	1.459	0.000
Total borrowings	4.754	1.880	0.364
Debt/Equity ratio	0.360	0.151	0.029

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	40.332	38.371	22.757
		(4.862)	(40.692)

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	40.332	38.371	22.757
Profit	0.335	(0.720)	0.129
	0.83%	(1.88%)	0.57%

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 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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10093091	27/09/2007	900,000.00	SYNDICATE BANK	SARASWATHIPURAM BRANCH, 2961/38A, 5TH MAIN, 5TH CROSS, SARASWATHIPURAM, MYSORE - 570009, KARNATAKA, INDIA	A33062704
2	80037575	27/09/2007 *	6,900,000.00	SYNDICATE BANK	SARASWATHIPURAM BRANCH, 2961/38A, 5TH MAIN, 5TH CROSS, SARASWATHIPURAM, MYSORE - 570009, KARNATAKA, INDIA	A33062993

* Date of charge modification

FIXED ASSETS:

· Land

· Borewell

· Industrial Gala - Bombay

· Factory/office Building

· Furniture and Fixtures

· Plant & Machinery

· Spares and Accessories

· Electrical Installation

· Factory & Office Equipments

· Air conditioner

· Computer

· Bicycle

· Motor Car

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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.29

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	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		33

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

Unit