MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	DEVSHI EARTHMOVERS PRIVATE LIMITED
Registered Office :	M – 79, 1^st Floor, M – Block Market, Greater Kailash – II, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.2004
Com. Reg. No.:	55-125085
Capital Investment / Paid-up Capital :	Rs.8.088 Millions
CIN No.: [Company Identification No.]	U74999DL2004PTC125085
TAN No.: [Tax Deduction & Collection Account No.]	DELD07857D
PAN No.: [Permanent Account No.]	AABCD9558N
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors and Service Providers of Heavy Equipment Parts and Diesel Engine Components.
No. of Employees :	Not Available

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 230000
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. Jayesh Thaker
Designation :	Director

LOCATIONS

Registered Office :	M – 79, 1^st Floor, M – Block Market, Greater Kailash – II, New Delhi – 110048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jayesh@devshi.in
Website :	http://www.devshi.in
Corporate Office :	201, Aadi, P. F. Office, Stadium Road, Akota, Baroda – 390002, Gujarat, India
Tel. No.:	91-265-2322495/ 2322496
Fax No.:	91-265-2322493
E-Mail :	info@devshi.in
Global Sales Office :	4, Tampines Station 73, #02-01 Pinevale, Singapore – 528824
Tel. No.:	#65-97378408
E-Mail :	yashodha@devshi.in
Other Sales Office :	Baroda 509 - Saffron, Fatehgunj, Baroda – 390002, India Tel. 91 - 265 - 2786025 / 2789402 Fax 91 - 265 - 2785075 E-mail: jayesh@devshi.in Bilaspur Zone – 2, Plot B – 15/1, Vypar Vihar, Bilaspur – 495001, Chhatisgarh, India Tel. 91 - 7752 - 409569 Fax 91 - 7752 – 409569 E-mail: devshi.bilaspur@airtelmail.in Chennai 932/6/1 Poonamalle High Road, Chennai – 600084, India Tel. 91 - 44 - 26480576 Fax 91 - 44 - 26480618 E-mail: dlthacker@satyam.net.in Delhi Shop No. 5, 28A Kamla Nagar, Delhi – 110007, India Tel. 91 - 11 - 23848434 Fax 91 - 11 - 23848433 E-mail: delhi@devshi.in Dhanbad Savitree Apartment, Shastri Nagar, Dhanbad – 826001, India Tel. 91 - 326 - 2302363 Fax 91 - 326 - 2305184 E-mail: kumar@devshi.in Kolkata 9 - Magoe Lane, 4th Floor, RN-3, Kolkata – 700001, India Tel. 91 - 33 - 22101214 / 22101215/ 30926255 Fax 91 - 33 - 22481275 E-mail: thacker@cal.vsnl.net.in Nagpur 204, 1st Floor, Sheela Complex, Wadi, Nagpur – 440023, India Tel. 91 - 7104 - 2224780 Fax 91 – 7104-2224780 E-mail: info@devshi.in Talcher Handidua Chowk, Talcher – 759110, India Telefax 91 - 6760 - 241105 E-mail: kumarengrs@sify.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Jayesh Lakshmidas Thaker

Designation :

Director

Address :

509, Saffron Fatehgunj, Vadodara – 390002, Gujarat, India

Date of Birth/Age :

26.03.1965

Date of Appointment :

10.03.2004

DIN No.:

00696804

Name :

Mr. Kumar Laxmidas Thacker

Designation :

Director

Address :

House No. B – 3/4, Deeparaj Apartment Shastri Nagar, Bank More, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

25.06.1968

Date of Appointment :

01.04.2006

DIN No.:

01321061

Other Directorship :

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
U74300WB1999PTC090839	Kumar Hydrolics Private Limited	Director	5/12/2000	5/12/2000	-	Active	NO
U31200WB1995PTC072547	Alliance Switches Private Limited	Director	1/03/2001	1/03/2001	-	Active	NO
U51909WB1995PTC075789	Ramen Merchandise Private Limited	Director	26/04/2004	26/04/2004	-	Active	NO
U51109WB1997PTC084667	Biswas Enterprises Private Limited	Director	5/02/2005	5/02/2005	-	Active	NO
U74999DL2004PTC125085	Devshi Earthmovers Private Limited	Director	1/04/2006	1/04/2006	-	Active	NO
U74999WB2011PTC164537	Coalfield Equipments Private Limited	Director	5/07/2011	5/07/2011	-	Active	NO

Name :

Mr. Raman Chawla

Designation :

Director

Address :

C – 4/66, Safdarjung, Development Area, New Delhi – 110016, India

Date of Birth/Age :

20.10.1967

Date of Appointment :

06.08.2007

DIN No.:

00005560

Other Directorship :

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
L74130DL1984PLC019469	Galaxy Commercial Limited	Director	17/01/2002	17/01/2002	-	Active	NO
U74140DL2004PTC127508	Tomorrow Business Solutions Private Limited	Director	1/02/2005	1/02/2005	15/03/2010	Active	NO
U72900DL2001PTC110922	Skybird Infotech Private Limited	Director	15/06/2005	15/06/2005	30/04/2010	Active	NO
U74899HR2002PTC034954	ADI Biotech Private Limited	Director	23/01/2006	23/01/2006	8/01/2008	Active	YES
U45201MH2006PTC166016	Appian Associates Infrastructure Private Limited	Director	9/07/2007	9/07/2007	-	Active	NO
U74999DL2004PTC125085	Devshi Earthmovers Private Limited	Director	6/08/2007	6/08/2007	-	Active	NO
U72300DL2008PTC184690	NGC Biz Solutions Private Limited	Director	5/11/2008	5/11/2008	-	Active	NO
U72900DL2001PTC110923	Sea Wind Infotech Private Limited	Director	15/01/2010	15/01/2010	15/01/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jayesh Lakshmidas Thaker	330000
Kumar Lakshmidas Thaker	5000
Jayesh Lakshmidas Thaker (HUF)	50000
Biswas Enterprises Private Limited, India	120000
Remen Merchandise Private Limited, India	210000
Emerge Dealcomm Private Limited, India	25000
Surabhi Saree Emporium Private Limited, India	29375
A. K. Prints Private Limited, India	1875
Tapti Trade Links Private Limited, India	23750
Guru Krippa Commotarde Private Limited, India	13750
Total	808750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	52.40
Directors or relatives of Directors	41.42
Other top fifty shareholders	6.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributors and Service Providers of Heavy Equipment Parts and Diesel Engine Components.

Products :

Equipments · Payloaders · Dozers · Dumpers · Excavators · Cranes · Rail Bus/Loco · Port Handling Machines · Forklift Trucks · Oil Rigs · Crushers Parts · Bearings · Drive Lines and UJ Asslys · Electrical Parts · Engine Parts · Filters · Ground Engaging Tools · Hydraulic Hoses · Hydraulic Parts · Pins, Bushes and Chasis Parts · Radiators and Oil Coolers · Seals, O Rings and Gaskets · Steering Orbitrol Parts · Transmissions · Undercarriage · Clutch Assemblies · Shock Absorbers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Union Bank of India , 239, Vidhan Bhawan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

· City Bank

· ICICI Bank

· Vijaya Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Union Bank of India – C/ C Limit (Secured against hypothecation of Inventories, Receivables and all other company’s properties)	2.617	5.779
Total	2.617	5.779
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Director	0.367	0.000
Inter Corporate Deposit	6.733	0.000
Total	7.100	0.000

Banking Relations :	--
Auditors :
Name :	V. P. G. S. and Company Chartered Accountants
Address :	E – 149, 1^st Floor, Opposite Sainik Vihar’s, Gate No. – 1, Rishi Nagar, Rani Bagh, New Delhi – 110034, India
Tel. No.:	91-11-27030181/ 182
Mobile No.:	91-9810189050
Fax No.:	91-11-27030183
E-Mail :	cagulshangaba@yahoo.com gulshan@vpgs.in
PAN.:	AAJPG7484K
Subsidiaries :	· Devshi International FZE – UAE · Devshi International Pte
	·
Enterprises over which person having controlling interest in Company/ Key Management personnel along with their relatives are able to exercise significant influence :	· Kumar Hydraulics Private Limited Address: Mangoe Lane, 4th Floor, Room No. 03, Kolkata - 700 001. (India) Tel No.: 91 - 33 - 22101214/1215 / 30926255 Fax No.: 91 - 33 - 22481275 · Kumar Engineer · Nagar Goel and Chawla · Alliance Switches Private Limited · Biswas Enterprises

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs.8.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
808750	Equity Shares	Rs.10/- each	Rs.8.088 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		8.088	7.150	5.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.404	37.520	25.091
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.492	44.670	30.141
LOAN FUNDS
1] Secured Loans		2.617	5.779	0.000
2] Unsecured Loans		7.100	0.000	0.000
TOTAL BORROWING		9.717	5.779	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		68.209	50.449	30.141
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.155	2.007	0.614
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.642	1.642	1.642
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.971	25.242	16.718
	Sundry Debtors	27.406	22.545	12.284
	Cash & Bank Balances	0.518	2.406	1.685
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.059	7.328	4.417
Total Current Assets		75.954	57.521	35.104
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.399	6.975	6.145
	Other Current Liabilities	0.776	1.320	0.665
	Provisions	5.367	2.426	0.409
Total Current Liabilities		11.542	10.721	7.219
Net Current Assets		64.412	46.800	27.885
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.209	50.449	30.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	83.893	82.649	45.463
		Other Income			0.552
		TOTAL	83.893	82.649	46.015
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	74.270	74.675	41.711
		Financial Expenses
		TOTAL	74.270	74.675	41.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.623	7.974	(including depreciation)
Less/ Add	DEPRECIATION/ AMORTISATION		0.361	0.280
	PROFIT BEFORE TAX		9.262	7.694	3.752
Less	TAX		2.940	3.665	0.090
	PROFIT AFTER TAX		6.322	4.029	3.662
	IMPORTS
		Spare Parts	27.615	32.883	11.022
	TOTAL IMPORTS		27.615	32.883	11.022
	Earnings Per Share (Rs.)		8.81	7.64	7.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.53	4.87	7.96
Net Profit Margin (PBT/Sales)	(%)	NA	NA	8.25
Return on Total Assets (PBT/Total Assets}	(%)	11.85	12.92	10.50
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.12
Debt Equity Ratio (Total Liability/Networth)		0.36	0.36	0.24
Current Ratio (Current Asset/Current Liability)		6.58	5.36	4.86

LOCAL AGENCY FURTHER INFORMATION

Note :

The registered address of the company M – 53, IIND Floor, M Block Market, Greater Kailash – II, New Delhi – 110048, India has been shifted to the present address w.e.f. 01.07.2009

FINANCIAL RESULTS

During the year, the Company has earned net profit before tax of Rs.9.262 Millions (Previous year Profit of Rs.7.694 Millions) after providing a depreciation of Rs.0.361 Million (Previous year Rs.0.280 Million)

FORM 8

Corporate identity number of the company	U74999DL2004PTC125085
Name of the company	DEVSHI EARTHMOVERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-79, 1^st Floor, M-Block Market, Greater Kailash- II, New Delhi – 110048, India Email Id : jayesh@devshi.in
This form is for	Creation of charge
Type of charge	Book Debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email Id : RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time Terms of repayment On demand Margin As may be stipulated by the Bank from time to time Extent and operation of the charge Hypothecation by way of First Charge on Stocks and Book Debts etc. to secure as a continuing security for the repayment of Rs.10.000 Millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock-in-Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due

FIXED ASSETS

· Car

· Furniture and Fixtures

· Refrigerator

· Television

· Air Conditioners

· Computers

· Fax Machine

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.52.96
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

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	NO
--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	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.