MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	BHARAJ MACHINERIES PRIVATE LIMITED
Registered Office :	Plot No. 12 and 13, Survey No 66, Hissa No. 1/1, Naik Pada, Village- Waliv, Taluka: Vasai (East)- 401208, Thane, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.05.1997
Com. Reg. No.:	11-108300
Capital Investment / Paid-up Capital :	6.300 Millions
CIN No.: [Company Identification No.]	U51500MH1997PTC108300
TAN No.: [Tax Deduction & Collection Account No.]	MUMB16348D
PAN No.: [Permanent Account No.]	AAACB138P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Processing Machinery
No. of Employees :	45(Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(28)

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

Maximum Credit Limit :	USD 43000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred some losses in the current year i.e. 2009-10. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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 – 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. Shatrughna Vaity
Designation :	Chief Accountant
Contact No.:	91-9860968513
Date :	17.09.2011

LOCATIONS

Registered Office/Factory:	Plot No. 12 and 13, Survey No 66, Hissa No. 1/1, Naik Pada, Village- Waliv, Taluka: Vasai (East)- 401208, Thane, Maharashtra.
Tel. No.:	91-250-2452115
Mobile No.:	91-9860968513 (Mr. Shatrughna)
Fax No.:	91-250-2451332
E-Mail :	info@bharajmachineries.com ca.sudhirkedia@gmail.com
Website :	http://www.bharajmachineries.com
Area :	3400 Sq.ft
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :

Mr.Balraj Singh Bharaj

Designation :

Director

Address :

2A-11-12, Manali Complex, Evershine Nagar, Malad (West)- 400064, Mumbai, Maharashtra

Date of Birth/Age :

08.02.1957

Date of Appointment :

28.05.1997

DIN No.:

00873143

Other Directorship:

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
U51500MH1997PTC108300	BHARAJ MACHINERIES PRIVATE LIMITED	Director	28-05-97	28-05-97	-	Active	NO

Name :

Manjit Kaur Balraj Singh Bharaj

Designation :

Director

Address :

2A-11-12, Manali Complex, Evershine Nagar, Malad(West)- 400064, Mumbai, Maharashtra

Date of Birth/Age :

01.04.1957

Date of Appointment :

28.05.1997

DIN No.:

03287326

Other Directorship:

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
U51500MH1997PTC108300	BHARAJ MACHINERIES PRIVATE LIMITED	Director	28-05-97	28-05-97	-	Active	NO

Name :

Mr. Jaspal Singh Bharaj

Designation :

Director

Address :

2A-11-12 Manali Complex, Evershine Nagar, Malad(West)- 400064, Mumbai, Maharashtra.

Date of Birth/Age :

19.11.1982

Date of Appointment :

01.07.2005

DIN No.:

00873184

Other Directorship:

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
U51500MH1997PTC108300	BHARAJ MACHINERIES PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO

Name :

Mr.Amardeep Singh Bharaj

Designation :

Director

Address :

2A-11-12, Manali Complex, Evershine Nagar, Malad(West)-, Mum400064bai, Maharashtra.

Date of Birth/Age :

19.01.1985

Date of Appointment :

01.07.2005

DIN No.:

00873092

Other Directorship:

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
U51500MH1997PTC108300	BHARAJ MACHINERIES PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shatrughna Vaity
Designation :	Chief Accountant
Contact No. :	91-9860968513 (Mr. Shatrughna)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Balraj Singh Bharaj	21500
Manjit Kaur Balraj Singh Bharaj	18250
Jaspal Singh Bharaj	13250
Amardeep Singh Bharaj	10000
Total	63000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Rubber Processing Machinery
Products :	· Vacuum Compression Moulding Machine · Compression Moulding Machine · Rubber Mixing Mills · Hot and Cold Feed Extruder · Bale Cutters · Calenders · 3 Roll Calender · 4 Roll Calender “L” · Vulcanizers · Hydraulic Press · Cold Feed Rubber Extruder · Hot Feed Rubber Extruder
Exports :
Products :	· Rubber Processing Machinery
Countries :	· Dubai · UK · Sharjah
Imports :
Products :	· Raw Material
Countries :	· Taiwan · China
Terms :
Selling :	Credit (TT)
Purchasing :	Credit (TT)

GENERAL INFORMATION

Customers :

· Manufacturer

No. of Employees :

45(Approximately)

Bankers :

· The Shamrao Vitthal Co-operative Bank Limited, Shop no.31 to 34, Heeramani Ratan CHS Limited, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India.

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
A .Term Loan:
SVC – Term loan – BL -2(Against Building)	9.087	10.855
SVC – Term loan – BL -3(Against Building)	2.044	2.442
B .From Others
Citi Bank	0.589	0.817
C .Cash Credit
From SVC Bank (secured by hypothecation of stocks, debtors and personal guarantee of Directors)	8.160	6.911
Total	19.880	21.025
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors, Relatives and Shareholders	4.221	4.058
Other Body Corporates	0.107	0.616
Total	4.328	4.674

Banking Relations :	---
Auditors :
Name :	Sudhir Kedia and Company Chartered Accountant
Address :	104, Minal Tower, Parsi Panchayat Bus Stop, Old Nagardas Road, Andheri (East), Mumba-400069, India
PAN No.:	AAHPK4405E

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
65000	Equity Shares	Rs.100/- each	Rs.6.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63000	Equity Shares	Rs.100/- each	Rs.6.300 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		6.300	6.300	6.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.353	4.523	3.857
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.653	10.823	10.157
LOAN FUNDS
1] Secured Loans		19.880	21.025	15.868
2] Unsecured Loans		4.329	4.674	5.821
TOTAL BORROWING		24.209	25.699	21.689
DEFERRED TAX LIABILITIES		0.854	0.448	0.000
TOTAL		35.716	36.970	31.846
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.728	27.138	25.468
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.790	16.044	17.677
	Sundry Debtors	10.340	2.808	3.122
	Cash & Bank Balances	0.501	0.927	2.108
	Other Current Assets	0.000	0.000	1.953
	Loans & Advances	3.408	2.058	0.100
Total Current Assets		32.039	21.837	24.960
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.094	9.193	13.598
	Other Current Liabilities	8.686	2.547	3.000
	Provisions	0.771	0.765	1.990
Total Current Liabilities		23.551	12.505	18.588
Net Current Assets		8.488	9.332	6.372
MISCELLANEOUS EXPENSES		0.000	0.000	0.006
TOTAL		35.716	36.970	31.846

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	62.988	55.475	NA
		Other Income
		TOTAL	62.988	55.475
Less	EXPENSES
	Office Expenses
	Administrative Expenses		62.755 (including depreciation and Financial charges)	54.165 (including depreciation and Financial charges)	NA
	Advertising Expenses
		TOTAL	62.755	54.165	NA
	PROFIT BEFORE TAX		0.233	1.310	NA
Less	TAX		0.402	0.619	NA
	PROFIT AFTER TAX		(0.169)	0.691	NA
	Earnings Per Share (Rs.)		(0.002)	0.010	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	73.100

Expected Sales (2011-12) : Rs.190.000 Millions

The above information has been parted by Mr. Shatrughna Vaity

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.27)	1.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.39	2.67	NA
Return on Investment (ROI) (PBT/Networth)		0.02	0.12	NA
Debt Equity Ratio (Total Liability/Networth)		4.48	3.53	3.97
Current Ratio (Current Asset/Current Liability)		1.36	1.75	1.34

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The Company has earned a net profit before taxes of Rs. 0.232 Millions during the year.

Note: The Registered office of the company has been shifted from Manicpur Police Station, Near Manikpur Cricket Ground, Vasai (west), Dist-Thane – 401202, Maharashtra to present address w.e.f. 10.12.2009

TRADE REFERENCES

· High Energy Material Research Lab – Pune

· Kan Allceys Private Limited – Ahmedabad

FORM 8

Corporate identity number of the company	U51500MH199PTC108300
Name of the company	BHARAJ MLACHINERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 12 and 13, S.No. 66, Hissa No. 1/1, Naik Pada, Village Valiv, Vasai (East) - 401208, Thane, Maharashtra, India. Email Id: ca.sudhirkedia@gmail.com
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited, Shop no. 31 to 34, Heeramani Ratan CHS Limited, Bangur Nagar, Goregaon(West) , Mumbai – 400090, India Email Id: nawghareuu@svcbank.com
Nature of instrument creating charge	Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	02.04.2011
Amount secured by the charge	Rs.45.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest OLR (-3.00)% p.a. Terms of repayment As may be decided by the bank from time to time Margin As may be decided by the bank from time to time Extent and operation of the charge To secure due repayment of credit facilities, aggregating to Rs. 45.500 Millions, together with interest, costs, charges and expenses thereon, granted by the Bank to the Company. Other Facility OD - Rs 30.000 Millions TL1- Rs. 11.000 Millions TL2- Rs. 2.500 Millions BG - Rs. 2.000 Millions Total- Rs. 45.500 Millions
Short particulars of the property charged (Including location of the property)	· All that piece and parcel of the land being Plot no.12. adm. 1020 sq. meters, situated at Naik Pada, Vasai, Thane alongwith the building structure adm, 1391.96 sq. metres and P and M (more fulllly described in Sch II) · All that piece and parcel of the land being Plot. No. 13.adm.1391.96 sq. metres and P and M(more fully described in Sch II)
Charge identification number of the charge to be modified	10119331
Date of instrument modifying the charge	10.08.2010
Particulars of the present modification	By the present modification the charge shall hold good to secure due repayment of credit facilities of Rs.45.500 Millions(being OD enhaced from Rs. 15.000 Millions to Rs. 30.000 Millions, existing Term Loan of Rs. 11.000 Millions and Rs. 2.500 Millions and Bank Guarantee of Rs. 2.000 Millions). Therefore, the overall charge stands modified to Rs. 45.500 Millions.

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
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		28

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.