MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	HRISHI EXPORTS PRIVATE LIMITED
Registered Office :	Plot No.334, G.I.D.C., AJI Industrial Estate, Phase No. II, Rajkot – 360 003, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.1995
Com. Reg. No.:	04-025099
Capital Investment / Paid-up Capital :	Rs.2.002 millions
CIN No.: [Company Identification No.]	U51909GJ1995PTC025099
TAN No.: [Tax Deduction & Collection Account No.]	RKTH00301A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fabrication Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 60000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight 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 – 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. Jaydeep Dave
Designation :	Director
Contact No.:	91-9909999069
Date :	12.2011

LOCATIONS

Registered Office/ Factory :	Plot No.334, G.I.D.C., AJI Industrial Estate, Phase No. II, Rajkot – 360 003, Gujarat, India
Tel. No.:	91-281-2387295/ 2387295/ 2387164/ 2231829
Mobile No.:	91-9909999069 (Mr. Jaydeep Dave)
Fax No.:	91-281-2227573/ 2389545
E-Mail :	mjpassociates@gmail.com
Website :	http://www.hrishiexports.com
Area :	10000 sq mtrs.

DIRECTORS

As on 30.09.2010

Name :

Mr. Narendrakumar Chatrabhuj Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

21.03.1995

DIN No.:

00492990

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Director	21-03-95	21-03-95	Active	NO
2	U27109GJ1995PTC025100	Prem Engineering Private Limited	Director	01-10-95	01-10-95	Active	NO

Name :

Mr. Jaydeep Narendrakumar Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

01.10.1995

DIN No.:

00493144

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Director	01-10-95	01-10-95	Active	NO
2	U27109GJ1995PTC025100	Prem Engineering Private Limited	Director	01-10-95	01-10-95	Active	NO

Name :

Mr. Harishkumar Narotamdas Dave

Designation :

Managing Director

Address :

Kailash, 30-A, Paras Society, Nirmala Road, Rajkot – 360 005, Gujarat, India

Date of Appointment :

21.03.1995

DIN No.:

00493400

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Managing director	01-08-09	21-03-95	Active	NO
2	U27109GJ1995PTC025100	Prem Engineering Private Limited	Managing director	01-08-09	21-03-95	Active	NO

Name :

Mr. Hrishikesh Harishkumar Dave

Designation :

Director

Address :

Kailash, 30-A, Paras Society, Nirmala Road, Rajkot – 360 005, Gujarat, India

Date of Appointment :

01.04.2003

DIN No.:

00493468

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Director	01-04-03	01-04-03	Active	NO
2	U27109GJ1995PTC025100	Prem Engineering Private Limited	Director	01-04-03	01-04-03	Active	NO

Name :

Mr. Ankur Narendrakumar Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

01.10.1995

DIN No.:

01345512

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109GJ1995PTC025100	Prem Engineering Private Limited	Director	21-03-95	21-03-95	Active	NO
2	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Director	01-10-95	01-10-95	Active	NO

Name :

Mr. Dhruv Harishkumar Dave

Designation :

Director

Address :

Paras Society, Near Nirmala Convent School, Rajkot – 360 001, Gujarat, India

Date of Appointment :

01.04.2009

DIN No.:

02652378

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1995PTC025099	Hrishi Exports Private Limited	Director	01-04-09	01-04-09	Active	NO
2	U27109GJ1995PTC025100	Prem Engineering Private Limited	Director	01-04-09	01-04-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Harishkumar N. Dave	50020
Ankur N. Dave	25030
Pushpagauriben N. Dave	10020
Darshanben H. Dave	10020
Hrishikesh H. Dave	10020
Dhruv H. Dave	10020
Narendrakumar C. Dave	25020
Ramagauriben N. Dave	25020
Jaydeep N. Dave	24990
Sapnaben J. Dave	20
Prem J. Dave	20
Tina H. Dave	5000
Rutva H. Dave	5000
Total	200200

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Fabrication Products.
Products :	v High Speed Diesel Engines v Self Priming Mud/ Sewage Pumps v Slow Speed Diesel Engines v Afridev Deepwell Hand Pumps v Portable Diesel Engines v India Mark-II Deep Well Hand Pumps v Portable Pumping Sets v Treadle Pumps v Diesel Generating Sets v Grinding Mills v Animal Driven Plough v Castings v Direct Couple Centrifugal Pumps v Forgings v Belt Driven Centrifugal Pumps v Bearings v Agricultural and Garden Tools
Exports :
Products :	v High Speed Diesel Engines v Self Priming Mud/ Sewage Pumps v Slow Speed Diesel Engines v Afridev Deepwell Hand Pumps v Portable Diesel Engines v India Mark-II Deep Well Hand Pumps v Portable Pumping Sets v Treadle Pumps v Diesel Generating Sets v Grinding Mills v Animal Driven Plough v Castings v Direct Couple Centrifugal Pumps v Forgings v Belt Driven Centrifugal Pumps v Bearings v Agricultural and Garden Tools
Countries :	v Iraq v Iran v Europe v Saudi Arabia v UAE v Nepal v Sri Lanka v Africa
Terms :
Selling :	Advance
Purchasing :	Advance

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Receipt from Production
I.C Engine	Nos.	649
Couple Set	Nos.	4885
Lister Engine	Nos.	892

(License Capacity is Not Applicable)

GENERAL INFORMATION

Suppliers :

v Usha International

Customers :

Direct Importer

v Kirloskar

v Isha Enterprises

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, Near Kanta Stri Vikasgruh, Dhebarbhai Road, Bhaktinagar, Rajkot – 360 002, Gujarat, India

Bank of India (DBK) Mumbai

Corporation Bank

HDFC Bank Limited

State Bank of Saurashtra

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
State Bank of India FBP	2.315	0.000
State Bank of India Packing Credit	1.211	0.000
HDFC Car Loan	1.388	0.000
Total	4.914	0.000

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Standard Chartered Bank	0.569	1.565
Total	0.569	1.565

Banking Relations :	--
Auditors :
Name :	D.J. Baxi and Company Chartered Accountants
Address :	4, Pramukswami Arcade, Wing "B", 5^th Floor , Malaviya Chowk, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2225965
Mobile No.:	91-9824210021
Income-tax PAN of auditor or auditor's firm :	ABPPB7850D
Associates/Subsidiaries :	v H.J. Exports v Prime Engineering

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200200	Equity Shares	Rs.10/- each	Rs.2.002 millions

(Out of above 100100 Shares of Rs.10/- issued as fully paid Bonus Share)

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		2.002	2.002	2.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.945	12.928	12.780
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.947	14.930	14.782
LOAN FUNDS
1] Secured Loans		4.914	0.000	1.424
2] Unsecured Loans		0.569	1.565	0.000
TOTAL BORROWING		5.483	1.565	1.424
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.430	16.495	16.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.391	1.218	1.443
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.400	3.360	2.431
	Sundry Debtors	26.231	12.818	8.322
	Cash & Bank Balances	1.906	2.028	4.198
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.606	12.311	34.655
Total Current Assets		53.143	30.517	49.606
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.029	10.393	13.495
	Other Current Liabilities & Provisions	10.075	4.847	21.348
Total Current Liabilities		35.104	15.240	34.843
Net Current Assets		18.039	15.277	14.763
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.430	16.495	16.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	143.125	153.134	117.871
		Other Income	0.380	0.103	0.210
		TOTAL (A)	143.505	153.237	118.081
Less	EXPENSES
		Cost of Goods Sold	132.484	142.595	105.010
		Direct Expenses	5.621	5.134	8.663
		Selling & Administrative Expenses	4.743	4.669	3.256
		TOTAL (B)	142.848	152.398	116.929
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.657	0.839	1.152
Less	BANK INTEREST (D)		0.318	0.095	0.494
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.339	0.744	0.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.261	0.218	0.255
	PROFIT BEFORE TAX (E-F) (G)		0.078	0.526	0.403
Less	TAX (H)		0.025	0.210	0.114
	PROFIT AFTER TAX (G-H) (I)		0.053	0.316	0.289
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.503	11.355	11.158
Add	Excess provision of Taxation Reverse		0.044	0.000	0.000
Less	Sales Tax / Excise / F.B.T. etc. W/off		0.081	0.168	0.092
	BALANCE CARRIED TO THE B/S		11.519	11.503	11.355
	EARNINGS IN FOREIGN CURRENCY		143.125	148.851	NA
	Earnings Per Share (Rs.)		0.27	1.58	1.44

Particulars	31.03.2011
Sales Turnover (Approximately)	170.000

Expected Sales (2011-2012): Rs.250.000 millions

The above information has been parted by Mr. Jaydeep Dave (Director).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.04	0.21	0.24
Net Profit Margin (PBT/Sales)	(%)	0.05	0.34	0.34
Return on Total Assets (PBT/Total Assets}	(%)	0.14	1.66	0.79
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		2.72	1.13	2.45
Current Ratio (Current Asset/Current Liability)		1.58	2.00	1.42

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8:

Corporate identity number of the company	U51909GJ1995PTC025099
Name of the company	HRISHI EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.334, G.I.D.C., AJI Industrial Estate, Phase No. II, Rajkot – 360 003, Gujarat, India E-Mail: mjpassociates@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Other (stocks, raw materials, goods, vehicles, etc.)
Particular of charge holder	State Bank of India, Near Kanta Stri Vikasgruh, Dhebarbhai Road, Bhaktinagar, Rajkot – 360 002, Gujarat, India E-Mail: hiteshpopat@sbi.co.in
Nature of description of the instrument creating or modifying the charge	The Instrument Creating the Charge: Agreement of loan-cum-hypothecation
Date of instrument Creating the charge	03.08.2010
Amount secured by the charge	Rs.44.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: EPC/ FBP/ FUBD - 1.50% above BR i.e. 9.00% Terms of Repayment: All the facilities with the limits are payable on demand. Margin: EPC/ FBP/ FUBD - 10% Bank Guarantees - 25% Extent and Operation of the charge: The charge operates to create security over the properties of the company as in favour of Bank, to secure repayment of entire credit facility of Rs.44.000 millions in addition to all interest, cost and expenditure.

TRADE REFERENCES:

v Kirloskar

v Isha Enterprises

v Usha International

FIXED ASSETS:

· Furniture

Computer

Canan Printer

Cartoon Strapping Machine

Shrink Tunnel Machine

Computer (New)

Nokia Mobile

Santro Car

Volkswagen Jetta

Bajaj Chetak – 3958

Honda CR-V-RVI

Almonard Pedestal Fan

Banana Pattern with Core Box

Honda Accord Vtill Car

Honda Activa

Refrigerator

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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.