MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	CAPIOUS ROADTECH PRIVATE LIMITED
Formerly Known As :	CAPIOUS AIRTECH PRIVATE LIMITED
Registered Office :	Plot No. 4008, Phase IV, GIDC Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.02.1996
Com. Reg. No.:	04-028836
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U29299GJ1996PTC028836
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00956E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Road Construction Equipments.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 (General Details)

Name :	Mr. Bhavan
Designation :	Accounts Department
Contact No.:	91-79-25833436
Date :	19.12.2011

LOCATIONS

Registered Office/Factory :	Plot No. 4008, Phase IV, GIDC Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25833436/ 25890356/ 25833597/ 25841172/ 25841171
Mobile No.:	91-9825038093 (Mr. Kiran Pandya)
Fax No.:	91-79-25833597
E-Mail :	info@capious.com dhaval@capious.com info@dineshrthakkar.com rocfilingdrt@gmail.com
Website :	http://www.capious.com
Area :	50,000 sq. ft.
Location :	Owned
Administration Office :	Plot No. 1812, Phase III, GIDC, Vatva, Ahmedabad 382445, Gujarat, India
Tel. No.:	91-79-25833436
Fax No.:	91-79-25833597
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Kiranbhai Kantilal Pandya
Designation :	Managing Director
Address :	6, Devpriya Bunglows, Prahlad Nagar Road, satellite, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	27.04.1950
Date of Appointment :	01.04.2008
DIN No.:	00350301
Name :	Mr. Jay Kiranbhai Pandya
Designation :	Director
Address :	6, Devpriya Bunglows, Prahlad Nagar Road, satellite, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	13.06.1976
Date of Appointment :	01.04.2008
DIN No.:	01320822
Name :	Mr. Dhaval Karunashankar Pandya
Designation :	Director
Address :	5-6, Devpariya Part – 1, Vejalpur, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	23.11.1979
Date of Appointment :	01.04.2010
DIN No.:	03041610

KEY EXECUTIVES

Name :	Mr. Bhavan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Kiranbhai K Pandya	30000
Geetaben K Pandya	50000
Rekhaben K Pandya	30000
Dhaval K Pandya	30000
Jay Kiran Pandya	60000
Total	200000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Road Construction Equipments.

Products :

· Asphalt Drum Mix Plant

· Asphalt Drum Mix Plant – Accessories

· Asphalt Drum Mix Plant – Assemblies

· Bitumen Sprayer

· Mechanical Paver Finisher

Item Code No.:	Product Description
107	Engineering Goods – Road Making Machines
204	Trading in Engineering Goods

Exports :

Products :

Road Construction Equipment

Countries :

· UAE

· Sri Lanka

· Panama

Terms :

Selling :

L/C

Purchasing :

L/C

GENERAL INFORMATION

Customers :

Building Construction Company

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank,

Mam Nagar Branch, Ahmedabad, Gujarat, India

· Union Bank of India

Gandhi Road Branch, Ahmedabad - 380001, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Bank
Working Capital Facilities	0.948	8.690
Overdraft Against Banks FD	24.456	20.284
Total	25.404	28.974
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors	3.920	0.000
From Others	0.000	0.125
Total	3.920	0.125

Banking Relations :	--
Auditors :
Name :	Dinesh R. Thakkar and Company Chartered Accountant
Address :	1, Mayur Appartment, 2, Motinagar, B/H Rambali School, Mahalaxmi Cross Road, Paldi, Ahmedabad 380007, Gujarat, India
PAN No.:	AAKPT5883G
Memberships :	ISO 9001: 2000, D and B, Coface India, CII, EEPC, ITPO, AMA.

CAPITAL STRUCTURE

(AS ON 15.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.638	52.900	37.718
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.638	54.900	39.718
LOAN FUNDS
1] Secured Loans		25.404	28.974	18.531
2] Unsecured Loans		3.920	0.125	0.125
TOTAL BORROWING		29.324	29.099	18.656
DEFERRED TAX LIABILITIES		0.889	0.786	0.508
TOTAL		88.851	84.785	58.882
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.010	13.200	12.628
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.988	7.716	7.511
	Sundry Debtors	2.771	3.638	1.486
	Cash & Bank Balances	62.258	60.174	54.781
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.462	31.320	14.739
Total Current Assets		105.479	102.848	78.517
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.514	5.823	9.093
	Other Current Liabilities	1.336	3.286	5.677
	Provisions	23.788	22.154	17.493
Total Current Liabilities		29.638	31.263	32.263
Net Current Assets		75.841	71.585	46.254
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.851	84.785	58.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income (Turnover)	68.570	76.658	122.372
		Other Income	NA
		TOTAL	NA	76.658	122.372
Less	EXPENSES
		TOTAL	69.686	53.394	82.641
	PROFIT BEFORE TAX		5.431	23.263	39.731
Less	TAX		1.693	8.082	14.392
	PROFIT AFTER TAX		3.738	15.181	25.339
	EARNINGS IN FOREIGN CURRENCY		32.385	52.576	NA
	Earnings Per Share (Rs.)		18.69	75.91	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	19.80	20.71
Net Profit Margin (PBT/Sales)	(%)	7.92	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.58	20.05	43.59
Return on Investment (ROI) (PBT/Networth)		0.09	0.42	1.00
Debt Equity Ratio (Total Liability/Networth)		1.01	1.10	1.29
Current Ratio (Current Asset/Current Liability)		3.56	3.29	2.43

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution 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 for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FORM 8

Corporate identity number of the company	U29299GJ1996PTC028836
Name of the company	CAPIOUS ROADTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 4008, Phase IV, GIDC Vatva, Ahmedabad 382445, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Union Bank of India Address: Gandhi Road Branch, Ahmedabad 380001, Gujarat, India Email: ubizccp@pn3.vsnl.net.in
Nature of instrument creating charge	Supplemental Memorandum of Entry for creation of equitable mortgage by way of constructive delivery of deposit of title deeds, documents. Writings etc. to secure enhanced facility of Rs.7.000 millions of CC Hypo. with packing credit and Rs.2.500 millions for Letter of Guarantee aggregating to Rs.9.500 millions with Union Bank of India, Gandhi Road Branch dt.22nd January 2007.
Date of instrument Creating the charge	22.01.2007
Amount secured by the charge	Rs. 9.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BPLR + 1% = 12.50% per annum on monthly rests in case of CC Hypothecation and As per RBI Guidelines in case of P/C i.e. 7.50% . Penal Interest of 2%. Terms of repayment There is no term loan, hence no stipulation regarding repayment. Margin 25% on Stock and 50% of Book Debts. 10% in case of Packing Credit Extent and operation of the charge To Cover enhanced facility of Rs.7.000 millions of CC Hypothecation with packing credit and Rs.2.500 millions for Letter of Guarantee aggregating to Rs.9.500 millions.
Short particulars of the property charged (Including location of the property)	Plot of land PH-4 (No.4008) Phase IV, admeasuring about 1809 sq. mtrs. at Vatva Industrial Estate of G.I.D.C. in registration district and sub district of Ahmedabad Taluka Daskroi, Village Vatva, owned by M/s Capious Roadtech Private Limited.
Particulars of the present modification	The Equitable Mortgage which was covering limit of Rs.2.500 millions filed on 29/01/2003 against entry no. 28836 now is now modified to cover enhanced limit of Rs.7.000 millions of CC Hypo. with packing credit and Rs.2.500 millions for Letter of Guarantee aggregating to Rs.9.500 millions.

FIXED ASSETS:

· Air Conditioner

· Computer System

· Elec. Fittings

· Factory Plot - (Land)

· Fax Machine

· Furniture

· Machinery

· Mobile Phone

· Motor Car - Scoda

· Motor Car -Ascent

· Motor Car Ford

· Patterns

· Water Cooler

· Work Shop Building

· Factory Shed

· Factory Crane

· W.I.P (Capital) Machineries

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.52.68
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.