MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	HITECH ENGINEERING CORPORATION INDIA PRIVATE LIMITED
Registered Office :	G-17, MIDC, Baramati, Pune-413102, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.06.2008
Com. Reg. No.:	25-132311
Capital Investment / Paid-up Capital :	Rs. 8.054 Millions
CIN No.: [Company Identification No.]	U74200PN2008PTC132311
TAN No.: [Tax Deduction & Collection Account No.]	PNEH05900G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of cane handling systems, cane feeding systems, cane mills, and providing services of turnkey sugar plants.
No. of Employees :	Approximately 150 (in office + in factory)

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 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. The company is progressing well. 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.

INFORMATION PARTED BY

Name :	Mr. Rajendra Ingawale
Designation :	Director
Contact No.:	91-9922985800
Date :	04.10.2011

LOCATIONS

Registered Office/ Factory :	G-17, MIDC, Baramati, Pune-413102, Maharashtra, India
Tel No.:	91-2112-244252/ 244488/ 243646
Mobile No.:	91-9922985800 (Mr. Rajendra Ingawale)
Fax No.:	91-2112-243229
E-Mail :	cagandhidb@gmail.com info@hitecheng.com mail@hitecheng.in marketing@hitecheng.in enquiry@hitecheng.in
Website:	http://www.hitecheng.in
Area :	2500 sq.ft.
Location :	Owned

DIRECTORS

As On: 30.09.2010

Name :

Mr. Rajendra Chandrakant Ingawale

Designation :

Director

Address :

At Post Khandaj, Taluka Baramati, Pune-413102, Maharashtra, India

Date of Birth/Age :

12.07.1969

Qualification :

Engineer

Date of Appointment :

25.06.2008

DIN No.:

02054682

Name :

Mr. Sanjay Jyotiram Awate

Designation :

Director

Address :

Flat No. 9, Sai Park, Ozarde Estate, T.C. Coll Road, Baramati, Pune-413402, Maharashtra, India

Date of Birth/Age :

15.04.1969

Qualification :

Engineer

Date of Appointment :

25.06.2008

DIN No.:

02054762

Other Directorship:

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74200PN2008PTC132311	Hitech Engineering Corporation India Private Limited	Managing director	01/04/2010	25/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On: 30.09.2010

Names of Shareholders	No. of Shares
Rajendra Ingawale	423697
Sanjay Awate	381705
Total	805402

Equity Share Breakup (Percentage of Total Equity)

As On: 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of cane handling systems, cane feeding systems, cane mills, and providing services of turnkey sugar plants.

Products:

Product Description	ITC Code
Machinery for Sugar Manufacturer	8438.30

Exports :

Products :

· Cane Handling Systems

· Cane Feeding System

Countries :

· Kenya

· Uruguay

Imports :

Products :

Raw Material

Countries :

· Germany

· Italy

Terms:

Selling:

Cash / Credit (30 days )

Purchasing:

Cash / Credit (30 days)

GENERAL INFORMATION

Customers:

End Users and OEM’s

No. of Employees:

Approximately 150 (in office + in factory)

Bankers :

• Bank of Maharashtra, Nagar Parishad Building, Bhigwan Chowk, Baramati, Baramati Branch, Pune-413102, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
HDFC Bank Car Loan (Indigo Manza)	0.539	0.000
HDFC Bank Car Loan (Bolero)	0.453	0.000
HDFC Bank Crane Loan (Hydra Crane)	0.472	0.000
HDFC Bank Crane Loan (Hydra Crane)	0.000	0.113
Bank of Maharashtra Term loan (Machinery)	19.817	0.000
Bank of Maharashtra FD Loan (Fixed Deposit)	6.646	0.000
Bank of Maharashtra Cash Credit A/C (Stock and Debtors)	10.183	0.000
Kotak Mahindra Car Loan (Swift Car)	0.293	0.000
Kotak Mahindra Car Loan (Honda City)	0.513	0.000
Kotak Mahindra Car Loan (Swift Desire)	0.388	0.000
Total	39.304	0.113
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.000	0.600
From Director’s Relatives	0.114	0.708
Total	0.114	1.308

Banking Relations :	--
Auditors :
Name :	Dinesh B Gandhi and Associates Chartered Accountant
Address :	1, Ground Flora, Gauri Apartments, 250/A, Shaniwar Peth, Pune-411030, Maharashtra, India
Tel. No.:	91-24477603/ 24494240
E-Mail :	cagandhidb@gmail.com
PAN No.:	AMBPG3585D

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20,00,000	Class A Equity Shares	Rs.10/- each	Rs. 20.000 Millions
30,000	Class B Equity Shares	Rs. 1000/- each	Rs. 30.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
805402	Equity Shares	Rs.10/- each	Rs. 8.054 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.054	0.100
2] Share Application Money		0.000	7.954
3] Reserves & Surplus		32.085	10.299
4] (Accumulated Losses)		0.000	0.000
NETWORTH		40.139	18.353
LOAN FUNDS
1] Secured Loans		39.304	0.113
2] Unsecured Loans		0.114	1.308
TOTAL BORROWING		39.418	1.421
DEFERRED TAX LIABILITIES		0.873	0.000
TOTAL		80.430	19.774
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.798	22.440
Capital work-in-progress		30.662	2.743
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	176.939	113.085
	Sundry Debtors	116.700	12.194
	Cash & Bank Balances	69.140	129.378
	Other Current Assets	0.000	0.000
	Loans & Advances	732.677	314.852
Total Current Assets		1095.456	569.509
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.275	92.114
	Current Liabilities	976.892	426.400
	Provisions	85.607	56.788
Total Current Liabilities		1113.774	575.302
Net Current Assets		(18.318)	(5.793)
MISCELLANEOUS EXPENSES		0.288	0.384
TOTAL		80.430	19.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	896.348	559.805
		Other Income	7.652	2.302
		TOTAL	904.000	562.107
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	871.524	546.127
		Depreciation
		Financial Charges
		TOTAL	871.524	546.127
	PROFIT BEFORE TAX		32.476	15.980
Less	TAX		11.221	5.681
	PROFIT AFTER TAX		21.255	10.299
	IMPORTS
		Import Value	NA	4.519
	TOTAL IMPORTS		NA	4.519
	Earnings Per Share (Rs.)		52.13	1029.90

Particulars	31.03.2011
Sales Turnover (Approximately)	5000.000

Note: Due to more order turnover of 2011 is increasing.

Expected Sales (2011-2012) : Rs.12000.000 Millions

The above information has been parted by Mr. Rajendra Ingawale

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	2.35	1.83
Net Profit Margin (PBT/Sales)	(%)	3.62	2.85
Return on Total Assets (PBT/Total Assets}	(%)	2.79	2.70
Return on Investment (ROI) (PBT/Networth)		0.81	0.87
Debt Equity Ratio (Total Liability/Networth)		28.73	31.42
Current Ratio (Current Asset/Current Liability)		0.98	0.99

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Sundry Creditors
For Expenses	0.068	0.487
For Goods and Services	0.130	89.776
For Fixed Assets	51.077	1.851
Total	51.275	92.114

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions 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 year	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	Yes
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concern	--
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export/ Import Details (If applicable)	Yes
Market Information	--
Litigations that the firm/ Promoter involved in	--
Banking Details	Yes
Banking Facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financials, fi provided	No
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

Bankers Charges Report as per Registry

Corporate identity number of the company

U74200PN2008PTC132311

Name of the company

HITECH ENGINEERING CORPORATION INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

G-17, MIDC, Baramati-413102, Maharashtra, India

This form is for

Creation of Charge

Type of charge

• Book Debts
• Movable Property (not being pledge)
• Others

Particular of charge holder

Bank of Maharashtra, Nagar Parishad Building, Bhigwan Chowk, Baramati, Baramati Branch, Pune-413102, Maharashtra, India

Nature of instrument creating charge

Composite Deed of Hypothecation for all facilities

Date of instrument Creating the charge

05.08.2009

Amount secured by the charge

Rs. 150.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit and Term Loan – BPLR minus 0.75% presently 12.00% with monthly rests (as per credit risk rating)

Bank Guarantee and Foreign/ Inland Letter of Credit – Commission as per the rules

Terms of Repayment

As stipulated by the bank

Margin

CC: 20%, TL 25%

Extent and Operation of the charge

Facility	Amount Rs. In Millions
Cash Credit	10.000
Term Loan	20.000
Bank Guarantee	100.000
Foreign/ Inland Letter of Credit	20.000
Total	150.000

Short particulars of the property charged

Hypothecation of stocks, book-debts, machinery and other equipments, spares etc.

Hypothecation of present and future moveable plants, and/ or machineries, articles, installations, equipments, tools, implements and vehicles etc

Fixed Assets:

· Factory Shed At Plot No. G-17

· Office Building

· Office Premises at Baramati

· Air Conditiner

· Borewell

· Computer

· Electrification

· Furniture and Fixture

· Machinery

· Office Equipments

· Mobile Handset

· Tools and Equipments

· Innova Car

· Honda City

· Swift Car

· Tuckson Car

· Hydra Crane

· Vehicle- Platina

· Vehicle - Platina

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.49.22
UK Pound	1	Rs.76.06
Euro	1	Rs.65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	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		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.