MIRA INFORM REPORT

Report No. :	348861
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	EVERGREEN TECHNOLOGIES PRIVATE LIMITED
Registered Office :	3-D, Maker Bhavan-2, 18 New Marine Lines, Mumbai-400020, Maharashtra
Tel. No.:	91-22-22012461/ 22012706/ 61566969
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.04.1972
Com. Reg. No.:	11-015773
Capital Investment / Paid-up Capital :	Rs.1.110 Million
CIN No.: [Company Identification No.]	U32109MH1972PTC015773
IEC No.:	0388024143
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE5284F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing industrial engineering products, such as mass transfer, filtration and separation products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 was incorporated in the year 1972, having satisfactory track. As per the available balance sheet of the company for the 2014, the company has possesses sound networth base. However it has reported increase in its borrowings and decline in its cash accruals. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: From the available financial documents of the company, the sales and profit amount is not clearly visible, so the given rating is based on the available balance sheet for the year 2014 and 2013.

NOTES :

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

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Venugopal
Designation :	General Manager
Contact No.:	91-22-22012461
Date :	06.11.2015

LOCATIONS

Registered Office/ Factory :	3-D, Maker Bhavan-2, 18 New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22012461/ 22012706/ 61566969
Fax No.:	91-22-22010024
E-Mail :	info@evergreenindia.com
Website :	http://www.evergreenindia.com

DIRECTORS

As on 26.09.2014

Name :	Mr. Ajit Laxmidas Thakker
Designation :	Managing Director
Address :	77/78, Sahakar Niwas, 20 Tardeo Road, Mumbai-400034, Maharashtra, India
Date of Birth/Age :	19.07.1949
Date of Appointment :	31.10.1990
DIN No.:	00436584
Election Commission Identity Card No.:	MT42427221
Name :	Mr. Mukesh Chandrakant Khagram
Designation :	Director
Address :	11 Swadhin Sadan, C Road, Churchgate, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	24.11.1959
Date of Appointment :	30.10.1990
DIN No.:	00437042
Election Commission Identity Card No.:	MT419255254

KEY EXECUTIVES

Name :	Mr. Venugopal
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Ajit Laxmidas Thakker and Kokila Ajit Thakker	200
Ajit Laxmidas Thakker HUF	130
Smt. Hansa Chandrakant Khagram and Mukesh Chandrakant Khagram	80
Mukesh Chandrakant Khagram and Hansa Chandrakant Khagram	10
Mukesh Chandrakant Khagram and Sadhana Mukesh Khagram	430
Kokila Ajit Thakker and Ajit Laxmidas Thakker	220
Evergreen Wirecloth Factory Private Limited, India	10
Mukesh Chandrakant Khagram and Sadhana Mukesh Khagram	30
Total	1110

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 manufacturing industrial engineering products, such as mass transfer, filtration and separation products.
Products :	Mass Transfer Filtration Separation Products
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	Axis Bank Limited
Branch	Jeevan Prakash Building, Sir. P. M. Road, Fort,  Mumbai -400001, 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

· Axis Bank Limited

Universal Insurance Building, Ground Floor, Sir P. M. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Banks [secured against hypothecation of motor cars]	0.630	1.743
Term Loan From Banks (Secured against pledge of Property)	14.192	0.000
Short-term borrowings
Cash Credit From Banks [secured by hypothecation of entire, present and future, current assets of the company including stocks and receivables and collaterally secured by way of pledge of entire fixed assets]	27.602	41.333
		43.076
Total	42.424

Auditors :
Name :	Raiyani and Company Chartered Accountants
Address :	4-B2, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPR7628E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.1000/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1110	Equity Shares	Rs.1000/- each	Rs.1.110 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	1.110	1.110	1.110
(b) Reserves & Surplus	68.616	61.843	52.407
(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)	69.726	62.953	53.517
(3) Non-Current Liabilities
(a) long-term borrowings	14.822	1.743	2.663
(b) Deferred tax liabilities (Net)	0.320	0.185	0.288
(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)	15.142	1.928	2.951
(4) Current Liabilities
(a) Short term borrowings	54.652	56.333	41.866
(b) Trade payables	29.428	20.397	23.337
(c) Other current liabilities	8.851	5.909	5.437
(d) Short-term provisions	5.049	4.710	6.239
Total Current Liabilities (4)	97.980	87.349	76.879
TOTAL	182.848	152.230	133.347
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.451	17.729	19.416
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.371	1.151	1.265
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	35.827	18.885	20.686
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	66.496	77.534	61.887
(c) Trade receivables	66.126	38.756	26.426
(d) Cash and cash equivalents	5.075	7.845	10.877
(e) Short-term loans and advances	9.324	9.210	13.471
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	147.021	133.345	112.661
TOTAL	182.848	152.230	133.347

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.740	17.170	21.115
Less/ Add	DEPRECIATION/ AMORTISATION	3.783	3.091	3.091
	PROFIT/ (LOSS) BEFORE TAX	11.957	14.079	18.024
Less	TAX	3.886	4.607	5.910
	PROFIT/ (LOSS) AFTER TAX )	8.071	9.472	12.114
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	53.839	44.403	35.701
Less	APPROPRIATIONS
	Transfer to General Reserve	0.807	0.000	2.000
	Interim Dividend	0.000	0.000	1.110
	Proposed Dividend	1.210	0.000	0.111
	Tax on Interim Dividend	0.000	0.000	0.180
	Tax on Proposed Dividend	0.187	0.000	0.018
	Income Tax is Respect of Earlier Years	0.001	0.030	0.000
	Short/Excess Provision for Tax Earlier Years	0.001	0.006	(0.007)
	Total	2.206	0.036	3.412
	Balance Carried to the B/S	59.704	53.839	44.403
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	33.308	32.894	27.733
	TOTAL EARNINGS	33.308	32.894	27.733
	IMPORTS
	Raw Materials	11.738	10.582	8.575
	Finished Goods	6.818	3.547	7.637
	Spares and Machinery Parts	0.000	0.110	0.017
	Capital Goods	1.857	0.369	0.000
	TOTAL IMPORTS	20.413	14.608	16.229
	Earnings / (Loss) Per Share (Rs.)	7271.17	8533.33	10913.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.494	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	6.54	9.25	13.52
Return on Investment (ROI) (PBT/Networth)		0.17	0.22	0.34
Debt Equity Ratio (Total Debt /Networth)		1.00	0.92	0.83
Current Ratio (Current Asset/Current Liability)		1.50	1.53	1.47

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	1.110	1.110	1.110
Reserves & Surplus	52.407	61.843	68.616
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	53.517	62.953	69.726
long-term borrowings	2.663	1.743	14.822
Short term borrowings	41.866	56.333	54.652
Current Maturities of Long-Term Debts	0.000	0.000	0.494
Total borrowings	44.529	58.076	69.968
Debt/Equity ratio	0.832	0.923	1.003

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	Yes
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	No
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Directors
- Ajit Laxmidas Thakker	2.111	0.875
- Mukesh Chandrakant Khagram	7.961	3.465
From Other Related Parties	16.389	10.114
Other Loans and Advances	0.589	0.546
Total	27.050	15.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447936	24/08/2013	15,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B84508803
2	90241441	28/02/2014 *	62,000,000.00	Axis Bank Limited	JEEVAN PRAKASH BUILDING, SIR. P. M. ROAD, FORT,  MUMBAI, Maharashtra - 400001, INDIA	B98798804

FIXED ASSETS

· Factory Building

· Furniture and Fixtures

· Plant and Machinery

· Dies

· Factory Equipments

· Electrical Fittings

· Weighing Scales

· Type Writers

· Motor Cars

· Air Conditioners

· Office Equipments

· Computers

· Land

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.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.54

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		43

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.