MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	CAPTAIN TRACTORS PRIVATE LIMITED
Formerly Known As :	ASHA EXIM PRIVATE LIMITED
Registered Office :	106, Royal Complex, Near Bhutkhanadhebar Road, Rajkot-360 002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1994
Com. Reg. No.:	04-22141
Capital Investment / Paid-up Capital :	Rs. 23.500 Millions
CIN No.: [Company Identification No.]	U51909GJ1994PTC022141
TAN No.: [Tax Deduction & Collection Account No.]	RKTA00085B
PAN No.: [Permanent Account No.]	AABC8015H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Tractor, Mini Tractor, Tractor Spare and Agriculture Implements.
No. of Employees :	120 Approximately (In office + In factory)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 143000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Business is active. Trade relations are reported as fair. Payments are reported to be slow but correct. The company can be considered for small 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Satish Movaliya
Designation :	Director
Contact No.:	91-982527375
Date :	06.12.2011

LOCATIONS

Registered Office :	106, Royal Complex, Near Bhutkhanadhebar Road, Rajkot-360 002, Gujarat, India
Tel. No.:	91-281-2228216
Mobile No.:	91-9825227375 (Mr. Satish Movaliya)
Fax No.:	91-281-2240501
E-Mail :	info@captaintractors.com
Website :	www.captaintractors.com
Area :	1 sq. ft. acres
Location :	Owned
Factory :	Veraval (Sharper) East, Padaval Road, Taluka, Kotda Sangani, Rajkot-360 024, Gujarat, India
Tel. No.:	91-2827-252547/253917
Fax No.:	91-2827-252547/253916
Area :	2 sq. ft. acres

DIRECTORS

As on 30.09.2011

Name :	Mr. NayanKumar Maganbhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	26.03.1981
Date of Appointment :	28.09.2005
DIN No.:	00444304
Name :	Mr. Kailashkumar Gandubhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	11.07.2006
Date of Appointment :	28.09.2005
DIN No.:	00444398
Name :	Mr. Gandubhai Tapubhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	17.06.1951
Date of Appointment :	28.09.1994
DIN No.:	00444513
Name :	Mr. Rajesh Gandubhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	23.01.1975
Date of Appointment :	24.06.2006
DIN No.:	00440418
Name :	Maganbhai Tapubhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	03.10.1953
Date of Appointment :	28.09.1994
DIN No.:	00444204
Name :	Mr. Satish Maganbhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	28.12.1984
Date of Appointment :	28.09.2005
DIN No.:	00442198
Name :	Mr. Shailesh Gandubhai Movaliya
Designation :	Director
Address :	Khodiyar Nivas, Behind Anad Nagar Garden, Rajkot-360 002, Gujarat, India
Date of Birth/Age :	17.01.1983
Date of Appointment :	28.09.2005
DIN No.:	00444895

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Maganbhai T. Movalia	175850
Maganbhai T. Movalia HUF	75500
Gandubhai T. Movalia	183635
Gandubhai T. Movalia HUF	129920
Bhaldha Fullabhai B.	24600
Manish Boghara	10000
Rajpara Harsukhbhai	34500
Kantaben G. Movalia	139800
Usadad Jadavjibhai J.	30000
Lilavatiben M. Movalia	145250
Sankharva A. Jyotsanaben	55900
Satishbhai M. Movalia	51400
Nayanbhai M. Movalia	108925
Aanalben K. Movalia	87500
Lakhabhai M. Trada	25000
Ashaben M. Movalia	30000
Bhakhar Binal J.	30000
Kailashbhai G. Movalia	154500
Kailashbhai G. Movalia HUF	83600
Khyatiben N. Movalia	91800
Sureshbhai P. Gajera	30000
Rajeshbhai G. Movalia	99470
Rajeshbhai G. Movalia HUF	79100
Rashmitaben R. Movalia	105000
Vallabhbhai V. Rajpara	40000
Shailesh G. Movalia	124700
Ashokbhai M Sanjharva HUF	54500
Batukbhai N. Savaliya	30000
Nayanbhai Movalia HUF	92050
Rajpara Anjana	10000
Rajpara Chetanaben	17500
TOTAL	2350000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Tractor, Mini Tractor, Tractor Spare and Agriculture Implements.
Exports :
Products :	Finish Goods
Countries :	Uganda Mozambik Sudan Africa
Imports :
Products :	Raw Material
Countries :	China Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

120 Approximately (In office + In factory)

Bankers :

• Bank of Baroda, Dhebar Road Branch, Rajkot - 360001, Gujarat, India
• IDBI Bank Limited, Shiv Darshan, Near Kathiawad Gymkhana, Dr. Radhakrishnan Road, Rajkot – 360001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda Term Loan (1-9285)	0.000	0.609
Bank of Baroda Term Loan (2-9375)	0.000	1.107
Bank of Baroda Cash Credit	0.000	40.423
IDBI Cash Credit Account	56.781	0.000
IDBI Term Loan	0.587	0.000
Bank of Baroda (Packing Credit) (Above TL and CC is secured by hypothecation of book debts, stocks and other moveable assets and mortgaged by immovable properties of the Company and personal guarantees of directors)	0.000	5.000
Bajaj Finance (Vehicle Loan)	0.020	0.000
Kotak Mahindra (Car Loan)	0.037	0.136
Kotak Mahindra Prime Limited (Skoda 9994)	0.555	0.000
Total	57.980	47.275
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	2.946	2.186
From Share Holders	1.972	2.330
Total	4.918	4.516

Banking Relations :	--
Financial Institution :	Bajaj Finance Kotak Mahindra Prime Limited
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34, 2^nd Floor, Star Shopping Center, 20, New Jagnath, Dr. Yagnik Road, Rajkot-360 001, Gujarat, India
PAN.:	AACPF2967P
Co Venture :	Captain Agrotech J.K Corporation

CAPITAL STRUCTURE

As on 31.03.2011

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
2350000	Equity Shares	Rs.10/- Each	Rs.23.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		23.500	20.000	16.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.147	6.260	2.912
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.647	26.260	19.412
LOAN FUNDS
1] Secured Loans		57.980	47.275	34.703
2] Unsecured Loans		4.918	4.516	1.000
TOTAL BORROWING		62.898	51.791	35.703
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		98.545	78.051	55.115
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.956	16.245	16.858
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.133	0.146	0.092
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.038	65.915	34.180
	Sundry Debtors	27.744	26.415	20.322
	Cash & Bank Balances	6.088	0.736	0.734
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.486	3.789	3.415
Total Current Assets		119.356	96.855	58.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.272	26.445	12.521
	Other Current Liabilities	13.628	6.950	7.215
	Provisions	3.000	1.800	0.750
Total Current Liabilities		43.900	35.195	20.486
Net Current Assets		75.456	61.660	38.165
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		98.544	78.051	55.115

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	291.971	201.795	120.483
		Other Income	2.005	0.508	0.284
		TOTAL (A)	293.976	202.303	120.767
Less	EXPENSES
		Cost of Production	230.894	160.768	98.261
		Selling and Administrative Expenses	42.213	24.893	15.886
		Increase/(Decrease) in stock	2.028	3.871	(1.062)
		TOTAL (B)	275.135	189.532	113.085
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.841	12.771	7.682
Less	FINANCIAL EXPENSES (D)		7.261	5.301	3.942
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.580	7.470	3.740
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.673	2.348	2.057
	PROFIT BEFORE TAX (E-F) (G)		8.907	5.122	1.683
Less	TAX (H)		3.013	1.745	0.661
	PROFIT AFTER TAX (G-H) (I)		5.894	3.377	1.022
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.260	2.912	1.741
Less	APPROPRIATIONS
		Excess Provision of income tax in earlier year	0.007	(0.029)	0.149
	BALANCE CARRIED TO THE B/S		12.147	6.260	2.912
	EARNINGS IN FOREIGN CURRENCY		1.375	21.547	NA
	Earnings Per Share (Rs.)
	Basic		2.59	1.69	0.62
	Diluted		2.59	1.69	0.62

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.00	1.67	0.85
Net Profit Margin (PBT/Sales)	(%)	3.05	2.54	1.40
Return on Total Assets (PBT/Total Assets}	(%)	6.26	4.53	8.67
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.09
Debt Equity Ratio (Total Liability/Networth)		3.00	3.31	2.89
Current Ratio (Current Asset/Current Liability)		2.72	2.75	2.86

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FUTURE OUTLOOKS AND PROSPECTUS:

The company’s performance has been excellent in the in terms of sales. The Company is engaged in production of Tractors. The Company has received overwhelming response for its Tractors and has continued its trading activities in manure and fertilizers and Agricultural Equipment. The Company delivered another year of steady performance despite very difficult trading conditions, characterized by extremely volatile financial and consumer market. Gross Turnover for the year grew from 201.795 Millions to 291.971 Millions and Net Profit from 3.377 Millions to 5.894 Millions. The future outlooks and prospects of the Company’s business are very bright and positive.

Fixed Assets:

· Land

· Factory Building

· Plant and Machinery

· Electrification

· Tools and Pattern

· Computer

· Vehicle Car

· Demo Metador

· Honda Activa

· Rickshow

· Washing Booth

· Colour Booth

· Furniture

· Office

· Indica 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 records 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.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
TOTAL		34

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.