MIRA INFORM REPORT

Report Date :

23.06.2011

IDENTIFICATION DETAILS

Name :	SHREYA ENGINEERING WORKS
Registered Office :	Zone : E-3, Shed No.C1/309, Opposite Old Telephone Exchange, Vitthal Udyognagar, Anand – 388121, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Year of Establishment :	2001
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
Legal Form :	Sole Proprietory concern
Line of Business :	Manufacturer and Exporter of Ice Cream Cone Filling Machinery, Dairy Equipments etc.
No. of Employees :	25 (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 10000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern 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. Preshkumar
Designation :	Proprietor
Contact No.:	91-9427004851
Date :	10.06.2011

LOCATIONS

Registered Office/Factory:	Zone : E-5, Shed No.C1/10, Opposite Old Telephone Exchange, Vitthal Udyognagar, Anand – 388121, Gujarat
Tel. No.:	91-2692-232185
Mobile:	91-9427004851 / 9825085951 (Mr. Prajesh Prajapati)
Fax No.:	91-2692-232185
E-Mail :	p1-prajapati@yahoo.com
Website :	www.shreyaengineering.com
Area :	9500 sq. ft
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Pareshkumar Shankarbhai Prajapati
Designation :	Proprietor
Date of Birth/Age :	40 years
Qualification :	Post Graduate with Diploma in Mechanical Engineer

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Ice Cream Cone Filling Machinery, Dairy Equipments etc.
Products :	· Continuous Ice Cream Freezer (Model: CF-160, CF-200 and CF-300) · Ice Cream Cup/Cone Filling Machine  (Model: CF-30 & CF-60 PLC Base) · Rotary Ice Cream Cup Filling Machine (PLC Base) · Linear Cup Filling Machine (Model: LCF-60 PLC Base) · Automatic Candy/Lolly Machine (CANDY-2000, PLC Base) · Fruit Feeder (Model: IF-300 & IF 600) · Triple Ripple Machine · Semi Automatic Cone Filling Machine · Flavored Milk Filling and Sealing Machine · Automatic Curd Filling Machine · Automatic Yogurt Filling Machine
Exports :
Products :	Filling Machinery Ice Ceram Con Filling Machine
Countries :	South Africa USA UK Middle East Nepal Bangladesh
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Filling Machinery	P.M	NA	NA	3-4

GENERAL INFORMATION

Customers :	· End Users · Dilbahar Ice cream and Food Industries, Bhavnagar ( Gujarat ) · Kamboliwala Dairy , Amod, Bharuch ( Gujarat ) · Sugam Dairy, Baroda ( Gujarat ) · Windy’s Ice cream, Mumbai ( Maharashtra ) · Preeti Ice cream and Foods , Jaipur ( Rajasthan ) · Rainbow Ice cream, Surat ( Gujarat ) · Ganga Foods ( Jammu ) · Bachubhai Dudhwala Private Limited , Bhavnagar · Sri Srinivasa Dairy Products Private Limited, Hyderabad · Johnson Ice cream, Indore ( MP ) · Health Food Products Private Limited, Cuttack ( Orissa ) · Vadilal Industries Limited Ahmedabad ( Gujarat ) · Nahar Frozen Foods and Ice cream Private Limited ,Nashik ( Maharastra ) · Shital Ice cream, Amreli ( Gujarat ) · Raj Ice cream, Ahmedabad · S.M. Milk Products and Company, Jalandhar ( Punjab ) · Pune Frozen Foods , Pune · Mona Ice cream, Jalgaon · Mr. Viren Diwanji ( Exporter ) Our Overseas Client · Snowbe Ice cream, Bangladesh · Maruti Investment, Zambia · Modern Food Products Company. Egypt
No. of Employees :	25 (Approximately)
Bankers :	· Axis Bank, U. V. Nagar Branch · State Bank of India, V U Nagar Branch Kotak Mahindra Bank, V U Nagar Branch Bank of India, V U Nagar Branch
Facilities:	Cash credit: Rs. 1.500 millions (Bank of India)
Banking Relations :	-
Auditors :
Name :	Mr. Piyush Panchal Chartered Accountants
Address :	Gujarat
Mobile No.:	91-9879399655

CAPITAL STRUCTURE

As on 31.03.2011

Capital Investment :
Owned :	Rs.2.500 millions (Approximately)
Borrowed :	-
Total :	Rs.2.500 millions (Approximately)

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover	20.000

The above information has been parted by Mr. Paresh Kumar

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.725	0.395
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.725	0.395
LOAN FUNDS
1] Secured Loans		4.185	1.337
2] Unsecured Loans		2.096	1.645
TOTAL BORROWING		6.281	2.982
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		7.006	3.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.044	2.867
Capital work-in-progress		0.000	0.000
INVESTMENT		0.104	0.051
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.781	0.863
	Sundry Debtors	6.028	4.115
	Cash & Bank Balances	0.019	0.086
	Other Current Assets	0.596	0.186
	Loans & Advances	0.308	0.085
Total Current Assets		7.732	5.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.914	3.646
	Other Current Liabilities	(0.114)	1.222
	Provisions	0.074	0.008
Total Current Liabilities		4.874	4.876
Net Current Assets		2.858	0.459
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		7.006	3.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	12.621	9.974
		Other Income	0.107	0.068
		TOTAL (A)	12.728	10.042
Less	EXPENSES
		Cost of Goods sold	9.275	7.360
		Advertisement Expenses	0.198	0.116
		Miscellaneous Expenses	0.032	0.036
		Traveling Expenses	0.204	0.153
		Office expenses	0.046	0.038
		Other Expenses	1.714	1.524
		TOTAL (B)	11.469	9.227
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.259	0.815
Less	FINANCIAL EXPENSES (D)		0.460	0.131
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.799	0.684
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.291	0.232
	NET TAX (E-F) (G)		0.508	0.452

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	3.99	4.50
Net Profit Margin (PBT/Sales)	(%)	4.03	4.53
Return on Total Assets (PBT/Total Assets}	(%)	4.31	5.51
Return on Investment (ROI) (PBT/Networth)		0.70	1.14
Debt Equity Ratio (Total Liability/Networth)		15.39	19.89
Current Ratio (Current Asset/Current Liability)		1.59	1.09

LOCAL AGENCY FURTHER INFORMATION

Trade References:

· Shital Icecream, Amreli

· Health Food Products Private Limited, Cuttack

AS PER WEB SITE DETAILS:

PROFILE:

They are dedicated to satisfying there customer's needs for filling machinery. There success comes from the close business partner ship they build with each and every customer. They began more then four years by listening to what there customer wanted and incorporating those requirements into there designs. They continue this approach today and prove this commitment by the significant number of repeat customers.

There company is suited to serve even the smallest local manufacturer, yet they are also capable of support for the leading producers in the Food, Dairy and Beverages.

Subject has concentrated all efforts in there core business to achieve a high level of vertical integration in manufacturing. This means utilizing advanced technologies to provide the most sanitary, efficient and productive machines that operate at the lowest cost, yet they are known for durability, reliability and longevity. This translates to producing equipment more effectively for there customers without sacrificing the highly regarded there quality. Rupees to rupees, the best value for the money is what they strive to give there customers with every machine they design and build.

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.44.82
UK Pound	1	Rs.72.84
Euro	1	Rs.64.58

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.