MIRA INFORM REPORT

Report No. :	343404
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	MACHINFABRIK INDUSTRIES PRIVATE LIMITED
Registered Office :	R-90, T.T.C. Industrial Area, Rabale, M.I.D.C., Thane Belapur, Navi Mumbai-400 701, Maharashtra
Tel No.:	91-22-67368200
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 Million
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 :	Subject is engaged in the business of 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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company incorporated in June 2012 having moderate track record. It is engaged in the business as manufacturer of Medical equipment’s. The rating takes into consideration limited track record of business operation and low reserves level of the company. Their trade relations are reported as fair. Business is active. Payments are reported as 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 – 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	ICRA
Rating	Long Term Fund Based Facility = (BB-)
Rating Explanation	Moderate risk of default.
Date	May 31, 2015

Rating Agency Name	ICRA
Rating	Short Term Non-Fund Based Facility = (A4)
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	May 31, 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 (GENERAL DETAILS)

Name :	Mr. Vinayak
Designation :	Assistant Manager
Contact No.:	91-22-67368200

LOCATIONS

Registered Office/ Factory :	R-90, T.T.C. Industrial Area, Rabale, M.I.D.C., Thane Belapur, Navi Mumbai-400 701, Maharashtra, India
Tel. No.:	91-22-67368200
Fax No.:	91-22-67368225
E-Mail :	vng@machinfabrik.com sales@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	Date of cessation	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	Date of cessation	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

KEY EXECUTIVES

Name :	Mr. Vinayak
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age
Ajit Hanumant Kulkarni	54,000	2.37
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 :	Subject is engaged in the business of manufacturing of Medical Equipments.
Products :	Medical equipments
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Product :	Finished Goods
Country :	Bangladesh
Imports :
Product :	Raw Material
Country :	Germany
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 :

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 Million)	31.03.2013 (Rs. in Million)
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	1.331
Religare Finvest Limited	0.000	1.744
TATA Capital Limited	0.000	1.335
Total	71.483	78.206

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 :	Not Available
Collaborators :	Not Available
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 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2273000	Equity Shares	Rs.10/- each	Rs. 22.730 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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
	TOTAL INCOME	373.043	184.258
Less	TOTAL EXPENSES	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 IN FOREIGN CURRENCY
	F.O.B. Value of Exports	45.684	NA
	Earnings / (Loss) Per Share (Rs.)	2.71	2.33

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

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)		2.09	2.79
Current Ratio (Current Asset/Current Liability)		1.41	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)
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 Million)	(INR in Million)
Total Income	184.258	373.043
		102.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)
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	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	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 about two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about two 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

CORPORATE INFORMATION

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	16/03/2015 *	110,000,000.00	BANK OF BARODA	Ghatkopar-E Branch, Chetan Building, A-Wing, Ghatkopar-East,  Mumbai, Maharashtra - 400077, India	C48527311

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. 65.55
UK Pound	1	Rs. 99.17
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered By :	KMN
Analysis Done by :	DIV
Report Prepared by :	SYL

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	YES
--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.