MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	ATHULYA BELLOWS AND ENGINEERING PRIVATE LIMITED
Registered Office :	B – 3, Sahajanand Apartment, Near Ward Office, No.6, Old Padra Road, Vadodara – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	06.12.1999
Com. Reg. No.:	04-36967
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29120GJ1999PTC036967
TAN No.: [Tax Deduction & Collection Account No.]	BRDA00956E
PAN No.: [Permanent Account No.]	AACCA4007C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Universal Bellows and Axial Bellows
No. of Employees :	80 (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 22000
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 – 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. Ankit
Designation :	Assistant Manager
Date :	28.05.2011

LOCATIONS

Registered Office :	B – 3, Sahajanand Apartment, Near Ward Office, No.6, Old Padra Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2344238/ 6544238/ 2352005/ 2344236
Mobile No.:	91-9376228449 (Mr. Alpesh Shah)
Fax No.:	91-265-2352805
E-Mail :	response@athulyabellow.com athulyabello@satyam.net.in finance@athulyabellow.com
Website :	http://www.athulyabellow.com
Area :	2500 sq. fts
Location :	Owned
Unit No.1 :	B – 14 / 81, Saraswati, Industrial Estate, Opposite Chhani Octroi Naka, Baroda – 390002, Gujarat, India
Tel. No.:	91-265-6557028
Area :	10000 sq. fts
Location :	Owned
Unit No.2 :	336 / 41, GIDC Estate, Makarpura, Baroda, India
Tel. No.:	91-265-6595938
Area :	35000 sq. fts
Location :	Owned
Branches :	Located at: · Delhi · Mumbai · Pune · Bangalore · Kanpur · Hyderabad · Bhillai · Calcutta · Satna (Madhya Pradesh) · Udaipur · Bokaro · Indore

DIRECTORS

(AS ON 30.09.2008)

Name :	Mr. Dharmesh Shah
Designation :	Finance Director
Address:	B3, Sahajanand Apartment, Near BMC, Old Padra Road, Baroda 390020, Gujarat, India
Date of Birth/Age :	09.10.1967
Qualification :	Graduate in Commerce
Date of Appointment :	06.12.1999
Name :	Mr. Alpesh Shah
Designation :	Director
Address:	B3, Sahajanand Apartment, Near BMC, Old Padra Road, Baroda 390020, Gujarat, India
Date of Birth/Age :	15.07.1971
Qualification :	Mechanical Engineering
Date of Appointment :	06.12.1999
Name :	Mr. Tejas Shah
Designation :	Director
Address:	Atepo Mobha Road, Near Bus Stop, Padra, Baroda 390020, Gujarat, India
Qualification :	Mechanical Engineering
Date of Appointment :	16.01.2004
Name :	Ms. Sandipaben V. Shah
Designation :	Director
Date of Birth/Age :	07.10.1973
Qualification :	Graduate
Date of Appointment :	25.08.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2008)

Names of Shareholders	No. of Shares
Dharmesh Shah	17500
Alpesh Shah	17500
Sandipaben Shah	10000
Tejas Shah	5000
Total	50000

(AS ON 30.09.2008)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Universal Bellows and Axial Bellows
Products :	· Universal Bellows · Hinged Bellows · Axial Bellows · Square Bellows · All types of Hoses · Gimble type Bellows
Exports :
Products :	· Universal Bellows · Axial Bellows · Hose
Countries :	· Italy · Greece · Australia · Saudi Arabia · UK · Sri Lanka
Terms :
Purchasing :	Depend

GENERAL INFORMATION

Customers :	End Users and OEM’s ♠ Cement Industry ♠ Petrol Pump Manufacturing Industry ♠ Chemical Industry ♠ Pharmaceutical Industry ♠ D. G. Set Manufacturers ♠ Power Plants ♠ Engineering Industry ♠ Refineries ♠ Electrical Industry / CTPT Transformers ♠ Shipyard Industry ♠ Fertilizer Industry ♠ Steel and Iron Industry ♠ Food Industry ♠ Sugar Industry ♠ Paper Industry ♠ Textile Industry ♠ Cryogenic Industry ♠ Turnkey Contractors
No. of Employees :	80 (Approximately)
Bankers :	· ABN Amro Bank Old Padra Road, Vadodara, India · Bank of Baroda, Vadodara, India · The Cosmos Co-operative Bank Limited, Vadodara, India

Banking Relations :	--
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountants
Address:	Samarpan 26, Haribhakti Colony, Race Course Circle, Vadodara – 390015, Gujarat, India
Tel No.:	91-265-2337064
Fax No.:	91-265-2354386
Email :	shahsanghvi@gmail.com

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-each	Rs.0.500 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		0.500	0.500	0.500
2] Share Application Money		0.373	0.373	0.373
3] Reserves & Surplus		4.507	3.096	1.958
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.380	3.969	2.831
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.050	0.000	1.206
TOTAL BORROWING		0.050	0.000	1.206
DEFERRED TAX LIABILITIES		0.000	0.000	0.149
TOTAL		5.430	3.969	4.186
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.882	2.805	2.889
Capital work-in-progress		0.050	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.020	0.047	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.860	1.222	3.058
	Sundry Debtors	30.983	28.741	18.752
	Cash & Bank Balances	1.932	3.746	2.353
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.255	4.586	1.417
Total Current Assets		42.030	38.295	25.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	37.800	33.867	23.507
	Other Current Liabilities	0.637	2.142
	Provisions	1.115	1.169	0.776
Total Current Liabilities		39.552	37.178	24.283
Net Current Assets		2.478	1.117	1.297
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.430	3.969	4.186

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income
		Other Income
		TOTAL	64.091	61.158	39.616
Less	EXPENSES
		Office Expenses
		Administrative Expenses	61.975	59.411	38.337
		Advertising Expenses
		TOTAL	61.975	59.411	38.337
	PROFIT BEFORE TAX		2.116	1.747	1.279
Less	TAX		0.705	0.609	0.506
	PROFIT AFTER TAX		1.411	1.138	0.773
	Earnings Per Share (Rs.)		28.22	--	--

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	80.000	80.000

The above information has been parted by Mr. Aniket.

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	3.30	2.86	3.23
Return on Total Assets (PBT/Total Assets}	(%)	4.71	4.25	4.49
Return on Investment (ROI) (PBT/Networth)		0.39	0.44	0.45
Debt Equity Ratio (Total Liability/Networth)		7.36	9.37	9.00
Current Ratio (Current Asset/Current Liability)		1.06	1.03	1.05

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Office Equipments

· Plant and Machinery

· Computer

· Furniture and Fixture

· Shed

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

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	YES
--AFFILIATION	YES/NO	NO
--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.