MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	SHEELA EQUIPMENTS PRIVATE LIMITED
Registered Office :	No. 11, 3^rd Floor, 1^st Cross, 80 Feet Road, Maruti Nagar, Chandra Layout, Bangalore – 560072, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.05.2009
Com. Reg. No.:	08-049928
Capital Investment/ Paid-up Capital:	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29192KA2009PTC049928
TAN No.: [Tax Deduction & Collection Account No.]	BLRS32296F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Stainless Steel Kitchen Equipments, Steam Equipment, etc.
No. of Employees:	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a successor of “Sheela Enterprises” a proprietory concern started in the year 1998. It 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. The company can be considered for business dealings with some cautions.

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. Ravindranath
Designation :	Director
Contact No.:	91-9845392696
Date :	24.09.2011

LOCATIONS

Registered Office/ Factory :	No. 11, 3^rd Floor, 1^st Cross, 80 Feet Road, Maruthi Nagar, Chandra Layout, Bangalore – 560072, Karnataka, India
Tel. No.:	91-80-23185011/ 42117103
Mobile No.:	91-9845392696 (Mr. Ravindranath)
Fax No.:	91-80-42117103
E-Mail :	sheelaequipments@yahoo.com corocfiling@gmail.com
Website :	www.sheelaequipments.com
Area :	1280 Sq.ft
Location :	Rented

DIRECTORS

As on 29.09.2010

Name :	Amritha Vijay Shetty
Designation :	Director
Address :	No.2/1, Nanjarasappa Layout, Behind Canara Bank Colony, Nagarabhavi 1st Main, Bangalore – 560072, Karnataka, India
Date of Birth/Age :	01.08.1968
Date of Appointment :	25.05.2009
DIN No:	02638413
Name :	Mr. Ravindranath Marla Permanki
Designation :	Director
Address :	#1-24-1, Manorama Shriyan Compound, Old Marigudi Road, Surathkal, Mangalore – 575014, Karnataka, India
Date of Birth/Age :	08.05.1969
Date of Appointment :	25.05.2009
DIN No:	02638347
Name :	Mr. Vijay Jagannath Shetty
Designation :	Director
Address :	No.2/1, Nanjarasappa Layout, Behind Canara Bank Colony, Nagarabhavi 1st Main, Bangalore – 560072, Karnataka, India
Date of Birth/Age :	08.12.1967
Date of Appointment :	25.05.2009
DIN No:	02638394

Other Directorship:

S.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	U29192KA2009PTC049928	Sheela Equipments Private Limited	Director	25-05-09	25-05-09	-	Active	NO
2	U55103KA2008PTC047364	Nandi Hospitality Services Private Limited	Additional director	27-07-09	27-07-09	-	Active	NO

Name :	Yashomati Thonse Ravindranath
Designation :	Director
Address :	#1-24-1, Manorama, Old Marigudi Road, Surathkal, Mangalore – 575014, Karnataka, India
Date of Birth/Age :	06.10.1970
Date of Appointment :	25.05.2009
DIN No:	02638367

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Amritha Vijay Shetty	2500
Ravindranath Marla Permanki	2500
Vijay Jagannath Shetty	2500
Yashomati Thonse Ravindranath	2500
Total	10000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Stainless Steel Kitchen Equipments, Steam Equipment, etc.
Products:	Display Counter LPG Equipments Burner Mobile Roomali Stand Steam Boiler Idli Plant Fume Exhaust Blower Rice Vessel (Steam Operated) Kitchen Exhaust System Dining Table Three Sink Washing Unit Tandoor Bhatti Steel Dining Table Cooking Ranges and Working Tables Dosa Making Equipments Tilting Braising Pan Hotel Cooking Stoves
Exports :
Products :	Stainless Steel Kitchen Equipment
Countries :	Middle East Countries
Imports :
Products :	Raw Material, Finished Goods
Countries :	Korea and Malaysia
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Hotels and Hospitals

No. of Employees :

35 (Approximately)

Bankers :

Vijaya Bank, Bangalore, Karnataka, India

Facilities :

Unsecured Loans	31.03.2010 Rs. in Millions
Shree Charan Chits Private Limited	0.300
Total	0.300

Banking Relations :	--
Auditors :
Name :	Balakrishna and Company Chartered Accountants
Address :	No. 97/3-2, 13^th Cross, 8^th main, Wilson Garden, Bangalore – 560030, Karnataka, India
PAN No.:	AAGFB0322A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.885
3] Reserves & Surplus		0.123
4] (Accumulated Losses)		0.000
NETWORTH		1.108
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.300
TOTAL BORROWING		0.300
DEFERRED TAX LIABILITIES		0.003
TOTAL		1.411
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.073
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2.482
	Cash & Bank Balances	1.099
	Other Current Assets	0.000
	Loans & Advances	0.054
Total Current Assets		3.635
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.825
	Other Current Liabilities	0.364
	Provisions	0.156
Total Current Liabilities		2.345
Net Current Assets		1.290
MISCELLANEOUS EXPENSES		0.048
TOTAL		1.411

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010
	TURNOVER	12.428
	TOTAL EXPENDITURE	12.239
	PROFIT BEFORE TAX	0.182
Less	TAX	0.059
	PROFIT AFTER TAX	0.123
	Earnings Per Share (Rs.)	12.00

Particulars	31.03.2011	31.03.2009 (Proprietorship)
Sales Turnover (Approximately)	16.400	10.000

Expected Sales (2011-2012) : Rs.25.000 Millions

The above information has been parted by Mr. Ravindranath.

KEY RATIOS

PARTICULARS		31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.90
Return on Investment (ROI) (PBT/Networth)		0.16
Debt Equity Ratio (Total Liability/Networth)		2.38
Current Ratio (Current Asset/Current Liability)		1.55

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the company has been shifted from No.142/3, Shiva Complex, 5^th Main Road, Chamrajpet, Bangalore – 560018, Karnataka, India, to the present address w.e.f. 18.12.2010.

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution of the Firm	Yes
4)Premises Details	Yes
5)Type of Business	Yes
6)Line of Business	Yes
7)Promoter’s Background	Yes
8)No. of Employees	Yes
9)Name of Person Contacted	Yes
10)Designation of Contact person	Yes
11)Turnover of Firm for last three years	Yes
12)Profitability for last three years	Yes
13)Reason for variation <> 20%	----------------
14)Estimated for coming financial year	Yes
15)Capital in the Business	No
16)Details of Sister Concern	-----------------
17)Major Suppliers	No
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

Trade Reference:

• J W Marriott

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.49.02
UK Pound	1	Rs.77.12
Euro	1	Rs.67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.