MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	DIVINE HYDRAULICS PRIVATE LIMITED
Registered Office :	Plot No. G -538, GIDC, Metoda, Near Rajendra Cold Storage, Kishan Gate, Lodhika, Rajkot – 360021, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.05.2009
Com. Reg. No.:	04-056963
Capital Investment/ Paid-up Capital:	Rs. 3.300 Millions
CIN No.: [Company Identification No.]	U29190GJ2009PTC056963
TAN No.: [Tax Deduction & Collection Account No.]	RKTD02030A
PAN No.: [Permanent Account No.]	AADCD1727D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hydraulics Cylinder and Accessories.
No. of Employees:	37 (6 In Office and 32 In Factory)

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 10000
Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a new company and yet to establish itself gradually. 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. Vivek Hadwani
Designation :	Director
Contact No.:	91-9428158908
Date :	11.10.2011

LOCATIONS

Registered Office/ Factory :	Plot No. G -538, GIDC, Metoda, Near Rajendra Cold Storage, Kishan Gate, Lodhika, Rajkot – 360021, Gujarat, India
Tel. No.:	91-2827-295215
Mobile No.:	91-9428158908 (Mr. Vivek Hadwani)
E-Mail :	divinehydraulics@gmail.com SCSHINGALA@GMAIL.COM
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Hasmukhlal Gokalbhai Hadvani
Designation :	Director
Address :	Chandra Park, Block No. 96, 150 Feet Ring Rod Kalawad Road, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	14.07.1959
Date of Appointment :	15.05.2009
DIN No:	02622319
Name :	Mr. Subhaschandra Gokalbhai Hadvani
Designation :	Director
Address :	Indralok Apartment, Block No. 203, Opposite Aalap Heritage, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	04.04.1964
Date of Appointment :	15.05.2009
DIN No:	02622507
Name :	Mr. Bhavesh Shantilal Hadvani
Designation :	Director
Address :	Baradiya ,Chitravad, Jamkandorna, Rajkot – 360405, Gujarat, India
Date of Birth/Age :	27.10.1985
Date of Appointment :	26.04.2010
DIN No:	02946974

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Hasmukhlal Gokalbhai Hadvani	130950
Subhaschandra Gokalbhai Hadvani	48925
Bhavesh Shantilal Hadvani	51125
Ramniklal Gokalbhai Hadvani	55500
Ratilal Gokalbhai Hadvani	43500
Total	330000

Equity Share Break up (Percentage of Total Equity)

AS ON 15.11.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Hydraulics Cylinder and Accessories.
Products :	Hydraulic Jack Hydraulic Cylinder Hydraulic Hose Pipe Nylon Female Coupling Benjo Bolt Benjo T Joint Nipple Dust and Plug Set
Exports :
Products :	Hydraulic Cylinders
Countries :	Srilanka
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Hydraulic Cylinders	Nos	1616

GENERAL INFORMATION

Suppliers :

Hari Om Plastic Industries

Customers :

End Users

No. of Employees :

37 (6 In Office and 32 In Factory)

Bankers :

• Central Bank of India, Jagnath Plot Branch, At Rajkot, Dr. Yagnik Road, Opposite Ram Krishna Diary Farm, Rajkot – 360001, Gujarat, India
• Bank of Baroda, Rajkot, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions
Bank OCC SA/C C.B.I A/C No. 3053491880	2.336
Secured Loans C.B.I Loan No. 3053487386	5.640
Total	7.976
Unsecured Loans	31.03.2010 Rs. in Millions
Unsecured Loan	0.457
From Directors, Shareholders and Relatives	0.113
Total	0.570

Banking Relations :	--
Auditor 1:	C. D Singhad and Company Chartered Accountants
Auditor 2 :
Name :	Sumit C. Shingala Proprietor of S.C. Shingala and Associates Chartered Accountants
Address :	Sumit Shri Ram Park, Main Road, Kalawad Road, Rajkot – 360005, Gujarat, India
PAN No.:	ANDPS2603M

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
330000	Equity Shares	Rs. 10/- each	Rs. 3.300 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
SHAREHOLDERS FUNDS
1] Share Capital		3.300
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.269)
NETWORTH		3.031
LOAN FUNDS
1] Secured Loans		7.976
2] Unsecured Loans		0.570
TOTAL BORROWING		8.546
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.163
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.114
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.451
	Sundry Debtors	2.014
	Cash & Bank Balances	0.138
	Other Current Assets	0.559
	Loans & Advances	0.000
Total Current Assets		5.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.669
	Other Current Liabilities	2.152
	Provisions	0.043
Total Current Liabilities		3.864
Net Current Assets		1.298
MISCELLANEOUS EXPENSES		0.002
TOTAL		11.577

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	4.579
		Other Income	0.000
		TOTAL (A)	4.579
Less	EXPENSES
		Indirect Expenses	0.226
		Direct Expenses	0.582
		Directors Remuneration	0.144
		Auditors Remuneration	0.010
		Cost of Goods Sold	2.839
		TOTAL (B)	3.801
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.778
Less	FINANCIAL EXPENSES (D)		0.477
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.301
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.685
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.384)
Less	TAX (H)		0.115
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.269)
	Earnings/ (Loss) Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	(5.87)
Net Profit Margin (PBT/Sales)	(%)	(8.38)
Return on Total Assets (PBT/Total Assets}	(%)	(2.50)
Return on Investment (ROI) (PBT/Networth)		(0.12)
Debt Equity Ratio (Total Liability/Networth)		4.09
Current Ratio (Current Asset/Current Liability)		1.33

LOCAL AGENCY FURTHER INFORMATION

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	------------------
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	No
12)Profitability for last three years	No
13)Reason for variation <> 20%	No
14)Estimated for coming financial year	No
15)Capital in the Business	No
16)Details of Sister Concern	No
17)Major Suppliers	Yes
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	-------------------

Bankers Charges Report as per Registry

Corporate identity number of the company	U29190GJ2009PTC056963
Name of the company	DIVINE HYDRAULICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. G -538, GIDC, Metoda, Near Rajendra Cold Storage, Kishan Gate, Lodhika, Rajkot – 360021, Gujarat, India Email: SCSHINGALA@GMAIL.COM
This form is for	Creation of charge
Type of charge	Immovable property Book Debts Movable Property (not being pledge) Floating charge
Particular of charge holder	Central Bank of India, Jagnath Plot Branch, At Rajkot, Dr. Yagnik Road, Opposite Ram Krishna Diary Farm, Rajkot – 360001, Gujarat, India Email: bmrajk0570@centralbank.co.in
Nature of instrument creating charge	1. Letter of Hypothecation date 16.09.2009 2. Articles of Agreement [Document for Tern loan Against Fixed Assets] dated 16.09.2009 3. Agreement of Hypothecation to Secure Demand Cash Credit Against Goods dated 16.09.2009 4. Memorandum of Entry date 16.09.2009
Date of instrument Creating the charge	16.09.2009
Amount secured by the charge	Rs. 9.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan: BPLR - 2.5% per annum ( Subject to Change as per Bank and RBI Guidelines ) Cash Credit Loan: BPLR - 2.5% per annum ( Sub. to Change as per Bank and RBI Guidelines) Terms of Repayment TERM LOAN : Repayable in 78 Monthly installments of Rs.0.110 Millions each, starting first on 15.04.2010 CASH CREDIT: Repayable on Demand. Margin TERM LOAN : 25% CASH CREDIT : 25% Extent and Operation of the charge [1] First Charge by way of Hypothecation of All tangible movable property to Agreement of Hypothecation to secure demand Cash Credit against Goods dated 16.09.2009. [2] Equitable Mortgage of Factory Land and Building.
Short particulars of the property charged	1) All tangible movable property as described in the Schedule to Agreement of Hypothecation to secure demand Cash Credit against Goods dated 16.09.2009. 2) Industrial Shed Situated on land adm. Sq. Mtrs. 1900-00 of Plot No. G-538 in the Lodhika Industrial Estate, Rev. Survey No. 95/P and 96/P within village limit of Metoda, Taluka Lodhika, District Rajkot 3) Lease hold Land adm. Sq. Mtrs. 1900-00 of Plot No. G-538 in the Lodhika Industrial Estate, Rev. Survey No. 95/P and 96/P within village limit of Metoda, Taluka Lodhika, District Rajkot

Trade Reference:

Hari Om Plastic Industries

Fixed Assets:

• Factory Building
• Plant and Machinery
• Electric Fittings
• Car – Fiesta
• Furniture

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 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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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.