MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	MAXMECH EQUIPMENTS PRIVATE LIMITED
Registered Office :	7611, GIDC Estate, Phase-IV, Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.11.2006
Com. Reg. No.:	04-49494
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U29249GJ2006PTC049494
IEC No.:	0806015900
PAN No.: [Permanent Account No.]	AAFCM8747R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Road Construction Equipments and Concreting Equipments.
No. of Employees :	225 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 104000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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, 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. Rakesh Joshi
Designation :	Sales and Marketing Manager
Contact No.:	91-9909947588
Date :	10.12.2011

LOCATIONS

Registered Office :	7611, GIDC Estate, Phase-IV, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25841985 / 25841143 / 25840930
Mobile No.:	91-9909947588 (Mr. Rakesh Joshi)
Fax No.:	91-79-25840053 / 25841143
E-Mail :	jayanti_ds@rediffmail.com pradip@pradiprshah.com info@maxmechgroup.net d_shahca@yahoo.com sales@maxmechgroup.net
Website:	http://www.maxsmechgroup.net
Area :	2500 sq.ft (Owned)
Factory :	Plot No. 229, Village Varsola, Nadiayad State Highway, Kheda District, Gujarat, India
Area :	32000 sq. mt. (Owned)

DIRECTORS

As on 29.09.2010

Name :

Mr. Jayantilal Narandas Surelia

Designation :

Director

Address :

29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar, Ahmedabad-380008, Gujarat, India

Date of Birth/Age :

06.10.1954

Qualification :

B.E

Date of Appointment :

30.11.2006

DIN :

00808305

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200MH2005PTC151008	SHANTI INFRAENGINEERING PRIVATE LIMITED	Director	4/2/2005	4/2/2005	1/1/2008	Active	NO
2	U29249GJ2006PTC049494	MAXMECH EQUIPMENTS PRIVATE LIMITED	Director	30/11/2006	30/11/2006	-	Active	NO

Name :

Mr. Nandish Jayantilal Surilia

Designation :

Director

Address :

29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar, Ahmedabad-380008, Gujarat, India

Date of Birth/Age :

03.09.1984

Qualification :

B.M

Date of Appointment :

30.11.2006

DIN :

00808314

Name :

Mr. Nikul Jayantilal Surelia

Designation :

Director

Address :

29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar, Ahmedabad-380008, Gujarat, India

Date of Birth/Age :

03.09.1984

Qualification :

B.M.A

Date of Appointment :

30.11.2006

DIN :

00808311

KEY EXECUTIVES

Name :	B Patel and Company
Designation :	Company Secretary
Address :	4, First Floor, Bhagwati Chambers, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat, India
Mobile No. :	91-9825310515
Name :	Mr. Rakesh Joshi
Designation :	Sales and Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Jayantilal N Surelia	170000
Nikul J Surelia	160000
Nandish J. Surelia	170000
Total	500000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Road Construction Equipments and Concreting Equipments.
Products :	Road Construction Equipments § Hydraulic Sweeping Machine (Broomer) § Wet Mix Macadam Plant § Slip form Curbing Machine Concreting Equipments § Concrete Batching Mixing/ Plant § Mobile Concrete Batching / Mixing Plant § Mobile Cement / Flyash Silo § Truck Mounted Concrete Batching Mixing Plant § Concrete Batching Mixing Plant Of Higher Capacities § Cement and Fly Ash Silo § Transit Mixer § Concrete Lining Paver
Exports :
Products :	Construction and Concreting Equipments
Countries :	· Afghanistan · Gulf Countries · Oman · Bhutan · Iraq · Bangladesh · Tajikistan · Senegal
Imports :
Products :	Raw Material
Countries :	Europe
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

• J J Patel Infrastructure and Engineering Private Limited
• Manishai and Brothers Constructions Private Limited
• Safex Equipment Private Limited
• Best Technocraft India Private Limited
• Ambica Engineering Company
• Aaka Design Studio
• Unnati Engineers
• Colour Roof India Limited

Customers :

End User and OEM’s

• Soma Enterprise Limited
• Vishal Infrastructure Limited
• Srei Infrastructure Finance Limited (QUIPO)
• Reliance Industries Limited
• Subhash Projects and Marketing Limited
• Leighton Contractors (India) Private Limited
• Simplex Infrastructures Limited
• BSC – C and C ‘JV’
• Petron Civil Engineering Private Limited
• D.S. Construction Limited
• Progressive Constructions Limited
• Essar Constructions Limited
• Tarmat Infrastructural and Engg. Private Limited
• Nagarjuna Construction Company Limited
• Gannon Dunkerley and Company Limited
• Bridge and Roof Company (India) Limited
• Ideal Road Builders Private Limited
• Continental Construction Limited

No. of Employees :

225 [Approximately]

Bankers :

Union Bank of India, Bhairavnath Road Branch, Near Radha Vallabh Mandir, Ahmedabad-380008, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Bank OD A/C
UBI Term Loan	3.966	5.966
Union Bank of India	17.328	17.699
Ranchod Electrical Loan (Omini)	0.120	0.000
Shree Ganesh Fabricators Loan (Omini)	0.121	0.000
Minibus Finance	0.647	0.125
Total	22.182	23.790
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Gaurang J Dalal	0.432	0.000
Himanshu J Dalal	0.216	0.000
J C Dalal – HUF	0.216	0.000
J N Finance	24.644	8.393
Jayantilal N Surelia – Loan	30.840	30.631
Nandish Jayantilal Surelila- Loan	17.568	17.864
Nikul Jayantilal Sureila – Loan	17.751	18.031
Total	91.667	74.919

Banking Relations :	--
Auditors :
Name :	Aniket B Shah and Company Chartered Accountant
Address :	410, Spectrum Commercial Centre, Salapose Road, Near GPO, Ahmedabad-380001, Gujarat, India
Name :	Pradeep R Shah and Company Chartered Accountant
Address :	Ahmedabad, Gujarat, India
Associates/Subsidiaries :	Mad Mach Engineering Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.220	14.275	6.735
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.220	19.275	11.735
LOAN FUNDS
1] Secured Loans		22.182	23.790	19.112
2] Unsecured Loans		91.667	74.919	31.418
TOTAL BORROWING		113.849	98.709	50.530
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		140.069	117.984	62.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.129	49.039	30.676
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	4.225	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.574	76.919	62.414
	Sundry Debtors	31.956	3.956	11.883
	Cash & Bank Balances	0.399	1.078	3.030
	Other Current Assets	1.060	0.846	7.455
	Loans & Advances	7.449	4.922	0.000
Total Current Assets		130.438	87.721	84.782
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.627	19.688	50.219
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	5.006	3.516	3.245
Total Current Liabilities		49.633	23.204	53.464
Net Current Assets		80.805	64.517	31.318
MISCELLANEOUS EXPENSES		0.135	0.203	0.271
TOTAL		140.069	117.984	62.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	191.107	147.569
	PROFIT BEFORE TAX		1.089	10.500
Less	TAX		0.395	2.960
	PROFIT AFTER TAX		0.694	7.540
	Earnings Per Share (Rs.)		1.39	--

Particulars	31.03.2011
Sales Turnover [Approximately]	250.000

Expected Sales (2011-2012) : Rs.400.000 millions

The above information has been parted by Mr. Rakesh Joshi [Sales and Marketing Manager].

KEY RATIO

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	0.57	7.12	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.57	7.68	NA
Return on Investment (ROI) (PBT/Networth)		0.04	0.54	NA
Debt Equity Ratio (Total Liability/Networth)		6.24	6.32	8.86
Current Ratio (Current Asset/Current Liability)		2.63	3.78	1.59

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	-
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	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note: The Registered office of the company has been shifted from Plot No. 2102, GIDC Estate, Phase – IV, Vatva, Ahmedabad-382445, Gujarat, India to present address w.e.f. 09.03.2010.

Trade References:

· Asia Motor Works Limited

· AMR Constructions Limited

· Superbuild India Private Limited

Review of Operations:

The company has incurred sales of Rs. 191.107 Millions which is increased by 30% form the turnover of the previous financial year. The directors are achieved excellent performance in business of manufacturing of machineries and machineries parts.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29249GJ2006PTC049494
Name of the company	MAXMECH EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7611, GIDC Estate, Phase-IV, Vatva, Ahmedabad-382445, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10068223
Type of charge	Book Debts Movable Property
Particular of charge holder	Union Bank of India, Bhairavnath Road Branch, Near Radha Vallabh Mandir, Ahmedabad-380008, Gujarat, India
Nature of instrument creating charge	Supplementary Deed To SD-20 Hypothecation Deed (SD-20(s))
Date of instrument Creating the charge	29.04.2010
Amount secured by the charge	Rs. 42.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C. Hypothecation : At BPLR Term Loan I: AT BPLR Term Loan II: At BPLR Letter of Credit : Usual Terms of Repayment Terms of repayment shall continue to apply and subsist as per composite hypothecation deed dated 14.08.2007 and supplemental hypothecation deed 04.05.2009 Margin Term and conditions regarding Margin shall continue to apply and subsist as per composite hypothecation deed dated 14.08.2007 and Supplemental hypothecation Deed 04.05.2009 Extent and Operation of the charge Charge operates as first charge on company’s movable property and book debts to secure existing as well as various credit facilities aggregating to Rs. 42.300 Millions, together with interest, additional interest, compounded interest, commission, commission on letter of credit, premia on prepayment cost, charges, expenses and all other monies payable by the borrower to bank.
Short particulars of the property charged	Short Particulars of Property
Date of instrument modifying the charge	04.05.2009
Particulars of the present modification	Charge created on Hypothecation property and book debts dated 14.08.2007 shall be further extended and shall also be continuing security to secure modified and revised credit facilities aggregating to Rs. 42.300 Millions

This form is for	Creation of charge
Corporate identity number of the company	U29249GJ2006PTC049494
Name of the company	MAXMECH EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2102, GIDC Estate, Phase – IV, Vatva, Ahmedabad-382445, Gujarat, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Union Bank of India, Bhairavnath Road Branch, Near Radha Vallabh Mandir, Ahmedabad-380008, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed
Date of instrument Creating the charge	14.08.2007
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC Hypothecation : BPLR + 0.25% i.e. 13.50% Term Loan : BPLR + 0.75% i.e. 14.00% Or such other rate/s as may be prescribed by the bank from time to time. Terms of Repayment Cash Credit Hypothecation : Amount Repayable on Demand Term Loan : Amount Repayable in 60 monthly installments along with interest with 6 months moratorium. Margin Cash Credit Hypothecation : 25% Term Loan : 20% Extent and Operation of the charge First charge on Company’s Moveable assets including Stock, Book Debts and Plant and Machinery to secure Cash Credit Hypothecation Facility of Rs. 10.000 Millions and Term Loan facility of Rs. 10.000 Millions making aggregate facilities of Rs. 20.000 Millions.

Trade References :

• Best Technocraft India Private Limited
• Ambica Engineering Company
• A K Dutta and Company Private Limited
• Alience Developers Private Limited
• AMR Constructions Limited

Fixed Assets:

· Building

· Computer

· Electrical Installations

· Furniture

· Factory Land

· Motor Cars

· Plant and Machinery

· Office Equipments

· Staff Buses and Loading Vehicles

· Scooter

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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.