MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	SHREE KHODIYAR ENGINEERS (INDIA) PRIVATE LIMITED
Registered Office :	7, Jessika Co-Operative Housing Society, N R Karode Road, S. V Road, Borivali (West), Mumbai-400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.02.1992
Com. Reg. No.:	11-065315
Capital Investment / Paid-up Capital :	RS. 3.300 Millions
CIN No.: [Company Identification No.]	U28920MH1992PTC065315
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Plant Designers and Product Design Consultant.

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 53000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has been successful in wiping off the accumulated losses of the previous year. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account is not given.

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

LOCATIONS

Registered Office :	7, Jessika Co-Operative Housing Society, N R Karode Road, S. V Road, Borivali (West), Mumbai-400092, Maharashtra, India
Tel. No.:	91-22-28052417 / 28063095 / 28636473
Fax No.:	91-22-280540961
E-Mail :	khodiyar@bom7vsnl.net.in info@khodiyargroup.com manish@khodiyargroup.com bhimanip@vsnl.net
Website :	www.khodiyargroup.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Manish Vrajlal Bhimani
Designation :	Director
Address :	10, Jessika Co-Operative Housing Society, N R Karode Road, S. V Road, Borivali (West), Mumbai-400092, Maharashtra, India
Date of Birth/Age :	11.03.1971
Date of Appointment :	10.02.1992
DIN No.:	01674407

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28920MH1992PTC065315	Shree Khodiyar Engineers (India) Private Limited.	Director	10-02-92	10-02-92	Active	NO
2	U51909GJ1994PTC022416	Shree Khodiyar Ashish Technicians (India) Private Limited	Director	15-07-94	15-07-94	Dormant	NO

Name :	Mr. Pankaj Varjlal Bhimani
Designation :	Director
Address :	10, Jessika Co-Operative Housing Society, N R Karode Road, S. V Road, Borivali (West), Mumbai-400092, Maharashtra, India
Date of Birth/Age :	26.09.1973
Date of Appointment :	04.09.2004
DIN No.:	01674444

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1994PTC022416	Shree Khodiyar Ashish Technicians (India) Private Limited	Director	15-07-94	15-07-94	Dormant	NO
2	U28920MH1992PTC065315	Shree Khodiyar Engineers (India) Private Limited	Director	04-09-04	04-09-04	Active	NO
3	U28113GJ2009PTC058834	Everon Engineering (India) Private Limited	Director	25-03-10	25-03-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Virjlal Pragji	10000
Dilip Vrajlal Bhimani	10000
Manish Vrajlal Bhimani	10000
Pankaj Vrajlal Bhimani	10000
Jayesh Vrajlal Bhimani	20000
Jagruti Dilip Bhimani	10000
Neha Manish Bhimani	10000
Urvashi Pankaj Bhimani	10000
Vasumati Vrajlal Bhimani	10000

AS ON 30.09.2010

Equity Share Break UP	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Plant Designers and Product Design Consultant.

GENERAL INFORMATION

Bankers :

· Dena Bank, “Deepavali”, Swami Vivekanand Road, Andheri (West), Mumbai-400058, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Dena Bank
Cash Credit Facilities (Secured against hypothecation of Stock and Debtors)	1.208	10.880
Loan Against Fixed Deposits (Secured against Fixed Deposits of the Company)	1.190	1.165
Kotak Mahindra Prime Limited – Car Loan (Secured against car of the Company)	1.284	0.000
Total	3.682	12.045
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Others	0.374	0.338
From Companies	17.935	35.190
Total	18.309	35.528

Banking Relations :	--
Auditors :
Name :	K P Kapadia and Company Chartered Accountant
Address :	3-D/1, 3^rd Floor, Kakad House, A Wing, Hospital Street, 11 S. J. Thackersy Marg, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-65919694
Fax No.:	91-22-22014925 / 22019410
E-Mail :	kpkapadia@rediffmail.com cmaneklca@gmail.com
PAN No.:	AABPK8472S

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
330000	Equity Shares	Rs.10/- each	Rs. 3.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.300	3.300	3.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.107	0.000	0.000
4] (Accumulated Losses)		0.000	(14.713)	(34.630)
NETWORTH		13.407	(11.413)	(31.330)
LOAN FUNDS
1] Secured Loans		3.682	12.045	5.451
2] Unsecured Loans		18.309	35.528	0.305
TOTAL BORROWING		21.991	47.573	5.756
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		35.398	36.160	(25.574)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.485	6.705	2.983
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		11.315	11.079	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.171	15.972	3.244
	Sundry Debtors	25.194	54.520	15.449
	Cash & Bank Balances	35.865	12.761	5.012
	Other Current Assets	1.331	1.349	1.222
	Loans & Advances	61.857	38.035	21.091
Total Current Assets		134.418	122.637	46.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.824	39.767
	Other Current Liabilities	47.050	59.649	70.757
	Provisions	10.446	5.345	4.318
Total Current Liabilities		115.320	104.761	75.075
Net Current Assets		19.098	17.876	(29.057)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.398	36.160	(25.574)

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	10.24	5.01	2.21
Current Ratio (Current Asset/Current Liability)	1.16	1.17	0.61

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

· Plant and Machinery

· Vehicles

· Tools and Equipments

· Electrical Equipments

· Furniture and Fixtures

· Air Condition

· Computers

· Telephone

· Refrigerator

· Office Equipments

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.49.06
UK Pound	1	Rs. 77.41
Euro	1	Rs. 67.72

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	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--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.