MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	CRAFTSMEN PRODUCTS PRIVATE LIMITED
Registered Office :	Flat No.513, B Block, Sri Sai Land Mark, Street No. 8, Habsiguda, Hyderabad – 500007, Andhra Pradesh, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.09.2003
Com. Reg. No.:	01-041709
Capital Investment / Paid-up Capital :	Rs.0.925 Million
CIN No.: [Company Identification No.]	U20219AP2003PTC041709
TAN No.: [Tax Deduction & Collection Account No.]	HYDC02385F
PAN No.: [Permanent Account No.]	AACCC4062H
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in all kinds of Moulded Panel Doors, Flush Doors, Panel Shutters etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 16000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for small 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.

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 :	Flat No.513, B Block, Sri Sai Land Mark, Street No. No. 8, Habsiguda, Hyderabad – 500007, Andhra Pradesh, India
Tel. No.:	91-40-64602933
Fax No.:	Not Available
E-Mail :	craftsmenproducts@yahoo.com

DIRECTORS

(AS ON 29.07.2011)

Name :

Mr. Harilal Patel

Designation :

Director

Address :

4-9-29, HMT Nagar, Street No.3, NAcharam, Hyderabad – 500076, Andhra Pradesh, India

Date of Birth/Age :

02.04.1964

Date of Appointment :

17.09.2003

DIN No.:

00480417

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	U20219AP2003PTC041709	CRAFTSMEN PRODUCTS PRIVATE LIMITED	Director	17/09/2003	17/09/2003	Active	NO
2	U01403AP2008PTC061157	PATIDAR AGRO FORESTRY PRIVATE LIMITED	Director	23/09/2008	23/09/2008	Active	NO

Name :

Mr. Sunil Kumar Jammula

Designation :

Director

Address :

10-3-453/3, Vijayanagar Colony, Hyderabad – 500057, Andhra Pradesh, India

Date of Birth/Age :

01.12.1960

Date of Appointment :

17.09.2003

DIN No.:

00480338

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	U20219AP2003PTC041709	CRAFTSMEN PRODUCTS PRIVATE LIMITED	Director	17/09/2003	17/09/2003	-	Active	NO
2	L27109AP2004PLC042375	BS TRANSCOMM LIMITED	Nominee director	11/4/2008	11/4/2008	11/4/2008	Active	NO

Name :

Mr. Ratilal Patel Pokar

Designation :

Director

Address :

Plot No.89, SBH Venture, SBH Colony – 2, L B Nagar, Hyderabad – 500074, Andhra Pradesh, India

Date of Birth/Age :

02.04.1961

Date of Appointment :

17.09.2003

DIN No.:

00480221

Name :

Mr. Sambasiva Rao Devabhaktuni

Designation :

Director

Address :

9-116, Flat No.105, Street No.2, Indra Towers, H M T Nagar, Nacharam, Hyderabad – 500076, Andhra Pradesh, India

Date of Birth/Age :

10.08.1951

Date of Appointment :

30.01.2004

DIN No.:

00480292

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.07.2011)

Names of Shareholders	No. of Shares
Harilal Patel	35000
Sunil Kumar Jammula	26250
Ratilal Patel Pokar	16250
Sambasiva Rao Devabhaktuni	5000
Manjulaben Patel	10000
Total	92500

(AS ON 29.07.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in all kinds of Moulded Panel Doors, Flush Doors, Panel Shutters etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
			96000
Flush Doors	SMT	Not Applicable		5270.60
Moulded Panel Doors	SMT	Not Applicable		61641.24
Panel Shutters	SMT	Not Applicable		23.25

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

SME CCC Branch, Bank Street, Hyderabad – 500095, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank of India, Nacharam, Hyderabad
Term Loan	2.523	2.996
Cash Credit	3.663	3.982
SME Credit	0.506	0.408
(Secured by way of hypothecation of company’s plant and machinery and other equipments, mortgage of the factory land and building, current assets and personal guarantee of directors.)
HDFC Bank Loan	0.194	0.337
(Secured by Hypothecation of Car)
Total	6.886	7.723
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	2.767	2.160
From Relative of Directors and Shareholder	6.230	5.492
Total	8.997	7.652

Banking Relations :	--
Auditors :
Name :	Bajrangal Jhawar and Company Chartered Accountants
Address :	409, Sherza Estate, 5-3-989, Nimamshahi Road, Hyderabad – 500095, Andhra Pradesh, India
PAN No.:	AANPJ4434E
Tel No.:	91-40-24613469

CAPITAL STRUCTURE

(AS ON 29.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92500	Equity Share	Rs.10/- each	Rs.0.925 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.925	0.925	0.925
2] Share Application Money		0.025	0.025	0.025
3] Reserves & Surplus		3.170	2.466	1.765
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.120	3.416	2.715
LOAN FUNDS
1] Secured Loans		6.886	7.723	8.448
2] Unsecured Loans		8.997	7.652	7.458
TOTAL BORROWING		15.883	15.375	15.906
DEFERRED TAX LIABILITIES		0.130	0.134	0.139
TOTAL		20.133	18.925	18.760
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.322	9.406	10.728
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.267	12.094	6.768
	Sundry Debtors	4.754	2.846	4.700
	Cash & Bank Balances	1.482	1.383	0.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.857	0.215	1.985
Total Current Assets		19.360	16.538	13.467
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.013	4.805	3.321
	Other Current Liabilities	1.895	0.670	0.551
	Provisions	0.641	1.544	1.563
Total Current Liabilities		7.549	7.019	5.435
Net Current Assets		11.811	9.519	8.032
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.133	18.925	18.760

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38.600	37.860	31.752
		Other Income	0.130	0.140	0.108
		TOTAL	38.730	38.000	31.860
Less	EXPENSES
		TOTAL	36.410	35.490	29.716
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.320	2.510	2.144
Less/ Add	DEPRECIATION/ AMORTISATION		1.302	1.493	1.083
	PROFIT BEFORE TAX		1.018	1.017	1.061
Less	TAX		0.315	0.316	0.364
	PROFIT AFTER TAX		0.703	0.701	0.697
	IMPORTS
		Raw Materials	16.689	14.234	12.719
		Others	0.000	0.000	0.000
	TOTAL IMPORTS		16.689	14.234	12.719
	Earnings Per Share (Rs.)		7.60	7.58	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.82	1.84	2.19
Net Profit Margin (PBT/Sales)	(%)	2.64	2.69	3.34
Return on Total Assets (PBT/Total Assets}	(%)	3.68	3.92	4.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.30	0.39
Debt Equity Ratio (Total Liability/Networth)		5.69	6.56	7.86
Current Ratio (Current Asset/Current Liability)		2.56	2.36	2.48

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has achieved a turnover of Rs.38.600 Millions compared to last year turnover of Rs.37.860 Millions and net profit of Rs.0.703 Million compared to last year profit of Rs.0.701 Million. During the year the performance of the company was quite satisfactory.

FORM 8:

Corporate identity number of the company	U20219AP2003PTC041709
Name of the company	CRAFTSMEN PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 513, B Block, Sri Sai Land Mark, Street No. 8, Hubsiguda, Hyderabad – 500007, Andhra Pradesh, India craftsmenproducts@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90130543
Type of charge	Immovable property Any interest in immovable property Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India SME CCC Branch, Bank Street, Hyderabad – 500095, Andhra Pradesh, India sa.05015@sbi.co.in
Nature of instrument creating charge	Letter of Arrangement
Date of instrument Creating the charge	10.01.2011
Amount secured by the charge	Rs.13.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Interest at 6.50% above base rate (present base rate 8%) with effective rate of interest 14.50% p.a at monthly rests. Terms of Repayments: SME credit plus is repayable within 2 months from the date of disbursement. Balance loans as per original sanctioned terms. Margin : Fund Based Limits: Raw Material Indigenous - 25 Semi Finished Goods - 25 Finished Goods - 25 Domestic Receivables – 40 Non fund bases limits: LC - 25 Extent and Operation of the charge: The charge operate as security for repayment to the bank the loan facilities of Rs.13.900 Millions together with interest, additional interest, liqudated damages, premia on prepayment or on redemption, cost, charges, expenses and all other payable by the company to bank in terms of Loan Agreement.
Particulars of the property charged	Nature of The Limit Amount (Rs. in Millions) 1) FBWC - 4.000 2) SME CR+ - 0.800 3) TERM LOAN - 3.600 4) LC - 5.500 TOTAL - 13.900
Particulars of the present modification	Hypothecation of Receivables and Stocks Like Timber Chemicals, etc. Hypothecation of assets purchased out of bank finance. EM of Land and Building situated at S. Y. No - 605, Kond Madugu Village, Bibinagar, Nalgonda District admeasuring 5 acres in the name of M/s Craftsmen Products Private Limited

FIXED ASSETS:

· Land and Machinery

· Plant and Machinery

· Electrical Fittings

· Tools and Spares

· Boiler

· Generator

· Motor Car

· Computer

· Telephone

· Water Softer System

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.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.