MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	EESHAAN AUTOMATION PRIVATE LIMITED
Registered Office :	A-70, D SFS Flatsmayur Vihar Phase III, New Delhi – 110096, Delhi
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	14.01.1993
Com. Reg. No.:	55-051721
Capital Investment / Paid-up Capital :	Rs. 0.251 Million
CIN No.: [Company Identification No.]	U74899DL1993PTC051721
TAN No.: [Tax Deduction & Collection Account No.]	DELE01280G DELE02893C DELE03259E
PAN No.: [Permanent Account No.]	AAACE0220D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Rubber Rollers.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 12000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its filed. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Yashodhar kahata
Designation :	Director
Contact No.:	91-79-25891296
Date :	13.06.2011

LOCATIONS

Registered Office :	A-70, D SFS Flatsmayur Vihar Phase III, New Delhi – 110096, Delhi, India
Tel. No.:	91-79-25891296
E-Mail :	ykahate@yahoo.co.in ygk@eeshaan.com
Website :	http://www.eeshaan.com
Location :	Owned
Factory :	89, Rajdeep Industrial Estate, Bibi Talav, Vatva, Ahmadabad – 382440, Gujarat, India

DIRECTORS

AS ON 14.01.1993

Name :	Mr. Y. G. Kahate
Designation :	Director
Address :	D-26, Panchwati Chs, Marol, Mumbai, Maharashtra, India
Date of Birth/Age :	27.12.1965
Date of Appointment :	14.01.1993
Name :	Mr. P.G. Kahate
Designation :	Director
Address :	D-26, Panchwati Chs, Marol, Mumbai, Maharashtra, India
Date of Birth/Age :	20.08.1936
Date of Appointment :	14.01.1993
Name :	Mr. G.R. Kahate
Designation :	Director
Address :	D-26, Panchwati Chs, Marol, Mumbai, Maharashtra, India
Date of Birth/Age :	06.04.1933
Date of Appointment :	14.01.1993
Name :	Mr. U. Y. Kahate
Designation :	Director
Address :	D-26, Panchwati Chs, Marol, Mumbai, Maharashtra, India
Date of Appointment :	01.05.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
G.R. Kahate	840
P.G. Kahate	830
Y.G. Kahate	830
Rutawari Kahate	10
U.Y.Kahate	5
Total	2515

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Rubber Rollers.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Bankers :

Bank of India, Vatva Branch, Bazar, Vatva, Ahmadabad – 382440, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
State Bank of India, Cash Credit A/c	0.000	0.237
(Secured against Entire Assets of unit Incl. Raw Material Stock Process. Finished Goods, Book Debts and Bills Receivable and Collateral, Security of House of Director)
State Bank of India, Overdraft	0.000	(0.004)
Total	0.000	0.233
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors and Shareholders
G.R. Kahate	0.029	0.137
Y.G. Kahate	0.037	0.243
Rutawarai Kahate	0.700	0.700
P.G. Kahate	0.179	0.079
Ujwala Kahate	0.215	0.042
Total	1.162	1.203

Banking Relations :	--
Auditors :
Name :	P A R Y and Company Chartered Accountant
Address :	A-146, 2^nd Floor, Sector – 63, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-3299186
Fax No.:	91-120-4346761
E-Mail :	info@paryca.org
Subsidiary Company :	CIN No.: U25209GJ1996PTC029391 VASUDEV POLYTECH PRIVATE LIMITED

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2515	Equity Shares	Rs.100/- each	Rs. 0.251 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.251	0.251	0.251
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.702	2.296	2.173
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.953	2.547	2.424
LOAN FUNDS
1] Secured Loans		0.000	0.233	1.227
2] Unsecured Loans		1.162	1.203	0.983
TOTAL BORROWING		1.162	1.436	2.210
DEFERRED TAX LIABILITIES		0.000	0.00	0.000
TOTAL		4.115	3.983	4.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.731	1.098	1.173
Capital work-in-progress		0.000	1.225	1.129
INVESTMENT		2.364	0.724	1.124
DEFERREX TAX ASSETS		0.028	0.069	0.066
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.432	0.238	0.277
	Sundry Debtors	0.948	1.284	0.653
	Cash & Bank Balances	0.288	0.240	0.840
	Other Current Assets	0.003	0.008	0.046
	Loans & Advances	1.769	2.022	2.002
Total Current Assets		3.440	3.792	3.818
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	1.032	1.298	1.044
	Provisions	1.416	1.627	1.632
Total Current Liabilities		2.448	2.925	2.676
Net Current Assets		0.992	0.867	1.142
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.115	3.983	4.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	GROSS RECEIPTS		3.082	3.190	2.327
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2.728	3.115	4.758
		Advertising Expenses
		Interest
		TOTAL	2.728	3.115	4.758
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.354	0.075	(2.431)
Less/ Add	DEPRECIATION/ AMORTISATION		0.111	0.115	0.126
	PROFIT BEFORE TAX		0.243	(0.040)	(2.557)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.243	(0.040)	(2.557)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.558	1.435	4.617
	BALANCE CARRIED TO THE B/S		1.964	1.558	1.435
	Earnings Per Share (Rs.)		96.74	NIL	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	7.88	(1.25)	(109.88)
Return on Total Assets (PBT/Total Assets}	(%)	5.82	(0.81)	(51.23)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.01)	(1.05)
Debt Equity Ratio (Total Liability/Networth)		1.22	1.71	2.01
Current Ratio (Current Asset/Current Liability)		1.40	1.29	1.42

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS :

During the year the company had made a profit of Rs. 0.243 millions for the period ended 31.03.2009, as compared to loss of Rs. 0.039 millions in the previous year.

Form : 8

	U74899DL1993PTC051721
Name of the company	EESHAAN AUTOMATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A 70 D SFS Flatsmayur Vihar Phase III, Delhi, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of India, Vatva Branch, Bazar, Vatva, Ahmadabad – 382440, Gujarat, India
Nature of instrument creating charge	Hypothecation Cum Loan Agreement (Plants and Machinery, Stocks and Book Debts) Executed By The Company To Secure The Fund Based Total Aggregate Limits of Rs. 1.850 millions.
Date of instrument Creating the charge	09/09/2010
Amount secured by the charge
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest TL - 4.50% Above Br Present 12.50% Pa On Monthly Rest CC - 3.50% Above Br Present 11.50% Pa On Monthly Rest Or Such Other Rate As May Be Prescribed By Bank From Time To Time Terms of repayment TL - Repayable In 60 Monthly Instl Each of Rs 30373/- Commencing From 30/12/2010 CC Stocks - On Demand / Annual Review Margin Term Loan - 25% CC Stocks - 25% Extent and operation of the charge First and Exclusive Hypothecation charge on all tangible movable properties being plant and mach, equipments, stocks of materials, book debts and other movable assets to secure the fund based aggregate limits of Rs. 1.850 millions along with interest, additional interest, penal interest, commission, cost, charges and all other amt due and payable to the bank from time to time of what so ever nature Other Nil
Short particulars of the property charged (Including location of the property)	Credit Limits - Amt Rs In millions Term Loan - 1.350 millions CC Stock 0.500 millions Total Aggregate 1.850 millions . 2. All Tan mov mach and plant whether installed or not and whether lying loose or in case or at site or in transit at co premises / godowns at vatva Ahmadabad or where ever else. 3. All stocks of RM like rubber, chemicals and fin goods like rollers etc lying at co premises / godowns at vatva Ahmadabad or where ever else. 4. All Present and Future Book Debts, Outstanding, Money Receivables, Claims Bills Etc

FIXED ASSETS :

· Industrial Plot

· Crane

· Air Collar

· Water Tank

· Boilers

· Chain Pully Block

· Electric Motors

· Tools Post Grinder

· Plant and Machinery

· EPABX and Fax Machine

· Air Cooler and AC

· UPS

· Printer

· Plastic Tank

· Inverter

· Furniture and Fixture

· Computer

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 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. 44.87
UK Pound	1	Rs. 72.82
Euro	1	Rs. 64.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.