MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	TRANS ENGINEERS INDIA PRIVATE LIMITED
Formerly Known As :	TRANS ENGINEERS PRIVATE LIMITED
Registered Office :	Umed Bhavan, 2^nd Floor, Station Road, Pimpri, Pune – 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.02.2000
Com. Reg. No.:	25-014525
Capital Investment / Paid-up Capital :	Rs.21.500 Millions
CIN No.: [Company Identification No.]	U29299PN2000PTC014525
TAN No.: [Tax Deduction & Collection Account No.]	PNET04392D/ PNET01785A
PAN No.: [Permanent Account No.]	AABCT5507B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Car Paint Shop, Equipments and Piping Systems.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 730000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General Financial position is good Trade relations are reported as fair. Business is active. Payments are reported o be usually correct and as per commitments. The company can be considered normal for 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.

INFORMATION PARTED BY

Name :	Mr. Sujeet
Designation :	Accounts Manager
Contact No.:	91-9225621157
Date :	09.01.2012

LOCATIONS

Registered/ Corporate Office :	Umed Bhavan, 2^nd Floor, Station Road, Pimpri, Pune – 411018, Maharashtra India
Tel. No.:	91-20-32664282
Mobile No.:	91-9371614674 (Mr. Badgujar) 91-9325509885 (Mr. S. K. Ghosh) 91-9225621157 (Mr. Sujeet)
Fax No.:	91-20-27690337
E-Mail :	sales@transengineers.com iut@eth.net
Website :	http://www.transengineers.com
Area :	500 sq. ft.
Location :	Owned
Factory :	Gat No.1552-A and 1326-A, Shelar Vasti, Dehu-Alandi Road, Chikhli, Pune – 412114, Maharashtra, India
Tel No.:	91-20-32664282/ 32929410/ 25131704
Fax No.:	91-20-27690337/ 66309358
Email :	teipl@transengineers.com
Area :	12000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Sithikantha Bipin Sahu

Designation :

Managing Director

Address :

27, Paradise, Phase - II, Baner Road, Pune – 411045, Maharashtra, India

Date of Birth/Age :

30.10.1957

Date of Appointment :

24.02.2000

DIN No.:

01684993

Other Directorship :

.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	U29299PN2000PTC014525	TRANS ENGINEERS INDIA PRIVATE LIMITED	Managing director	24/02/2000	24/02/2000	Active	NO
2	U28113PN2002PTC016818	NEWTECH TRADERS AND ERECTORS INDIA PRIVATE LIMITED	Managing director	14/03/2002	14/03/2002	Active	NO

Name :

Mrs. Rina Sithikantha Sahu

Designation :

Director

Address :

27, Paradise, Phase - II, Baner Road, Pune – 411045, Maharashtra, India

Date of Appointment :

24.02.2000

DIN No.:

01685006

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	U29299PN2000PTC014525	TRANS ENGINEERS INDIA PRIVATE LIMITED	Director	24/02/2000	24/02/2000	Active	NO
2	U28113PN2002PTC016818	NEWTECH TRADERS AND ERECTORS INDIA PRIVATE LIMITED	Director	14/03/2002	14/03/2002	Active	NO

Name :

Mr. Sudeshna Sitikantha Sahu

Designation :

Additional Director

Address :

27, Paradise, Phase - II, Baner Road, Pune – 411045, Maharashtra, India

Date of Birth/Age :

16.12.1989

Date of Appointment :

01.11.2009

DIN No.:

02797968

KEY EXECUTIVES

Name :	Mr. Sujeet
Designation :	Accounts Manager
Name :	Mr. S. K. Ghosh
Designation :	Senior General Manager
Email :	skghosh@transengineers.com
Name :	Mr. S. J. Badgujar
Designation :	General Manager – Operations
Email :	sjbadgujar@transengineers.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Sitikantha Bipin Sahu	123500
Rina Sithikantha Sahu	91500
Total	215000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Car Paint Shop, Equipments and Pipe Systems.

Products :

Products Description	Item Code No
Erection of Mechanical Equipment	0107

Terms :

Selling :

Cash (30 days)

Purchasing :

Cash (30 days)

GENERAL INFORMATION

Suppliers

· Bhalekar Crane Services

· Sandeep Crane Services

· New India Technical Services

· J S Enterprises

· Raj Dished end Works

· Tata Ryerson Limited

· D S Darak and company

· Siddhi Enterprises

· Arya Engineers and Contractors Private Limited

· Sumeet Facilities Private Limited

· Reliance Communication Limited

· Vodafone Essar Cellular Limited

· Rajendra Cargo Movers Private limited

· Ajinkya Electromelt Private Limited

· Jindal Stainless Steelway Limited

· J and M Industrial services

· Steel Authority of India

· Mettler Toledo India Private Limited

· Patil Industrial Equipment Company

· Sudin Travels and Forex Private Limited

· Yash Enterprises

Customers :

Project Job

· Adarash Srainless Private Limited

· Bevcon Wayors Private Limited

· Bridgeston India Private Limited

· Durr India Private Limited

· GeicoMan Force Motor Design/ Drawing

· Geico Paint Shop India Private Limited

· Hindustan Unilever Limited

· Jailami Casting and Alloys Private Limited

· Jalna Siddhivinayak Allyes Private Limited

· Madhuban Steel Private Limited

· Mahalaxmi Enterprises

· Otsuka Chemicals India Limited

· Silkroad Sugar Private Limited

· Syngenta India Limited

· Tharmax Syngenta – Goa

· Wpro Limited – Wct

· Wipro Limited – Baddi

· Reliance Industries Limited

· Mahindra

· Tata

· Force

· Nissan

· Renault

· Suzuki

· Toyota

No. of Employees :

500 (Approximately)

Bankers :

· HDFC Bank

HDFC Bank House Senapti Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· State Bank of Mysore

Gokhale Nagar Branch, Pune – 411016, Maharashtra, India

· IDBI Bank

Pune, Maharashtra, India

· ICICI Bank

· State Bank of India

· Andhra Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
IDBI Bank Pune (CC A/c) (Secured against Hypothecation of Inventory and debtors along with the mortgaged of immovable property of directors)	7.785	8.207
Total	7.785	8.207

Banking Relations :	--
Auditors :
Name :	Shailesh R. Shah and Associates Chartered Accountant
Address :	Umed Bhavan, 2^nd floor, Above Canara Bank, Station Road, Pimpri, Pune – 411018, Maharashtra, India
PAN No.:	ANUPS4287N

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Share	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215000	Equity Share	Rs.100/- each	Rs.21.500 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
215000	Equity Share	Rs.100/- each	Rs.21.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215000	Equity Share	Rs.100/- each	Rs.21.500 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		21.500	18.000	18.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.136	103.307	41.373
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		182.636	121.307	59.373
LOAN FUNDS
1] Secured Loans		7.785	8.207	5.069
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		7.785	8.207	5.069
DEFERRED TAX LIABILITIES		3.397	3.274	0.718
TOTAL		193.818	132.788	65.160
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.195	75.459	24.417
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.300	0.000	0.222
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.678	2.512	33.399
	Sundry Debtors	78.259	65.815	55.155
	Cash & Bank Balances	29.604	56.052	1.013
	Other Current Assets	0.000	0.000	8.837
	Loans & Advances	69.659	33.783	29.262
Total Current Assets		206.200	158.162	127.666
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	26.368	58.136	31.876
	Other Current Liabilities	20.828	17.690	28.719
	Provisions	54.750	25.100	26.666
Total Current Liabilities		101.946	100.926	87.261
Net Current Assets		104.254	57.236	40.405
MISCELLANEOUS EXPENSES		0.069	0.093	0.116
TOTAL		193.818	132.788	65.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL INCOME		303.884	372.573	320.160
Less	EXPENSES
		TOTAL	216.282	290.497	275.616
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		98.508	(Including Depreciation)	44.544
Less/ Add	DEPRECIATION/ AMORTISATION		10.906		2.132
	PROFIT BEFORE TAX		87.602	82.076	42.412
Less	TAX		29.772	28.210	15.525
	PROFIT AFTER TAX		57.830	53.866	26.887
	Earnings Per Share (Rs.)		26.90	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	330.000

Expected Sales (2011-12): more than Rs.500.000 Millions

The above information has been parted by Mr. Sujeet.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	19.03	14.46	8.40
Return on Total Assets (PBT/Total Assets}	(%)	29.86	35.13	27.89
Return on Investment (ROI) (PBT/Networth)		0.48	0.68	0.71
Debt Equity Ratio (Total Liability/Networth)		0.60	0.90	1.56
Current Ratio (Current Asset/Current Liability)		2.02	1.57	1.46

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	26.368	58.136	31.876
Total	26.368	58.136	31.876

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes/
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Contingent Liabilities	31.745	Nil	NA

TRADE REFERENCE:

· Hindustan Unilever

· Durr India Private Limited

· Jindal Sand

· Steel Authority of India

FORM 8:

Corporate identity number of the company	U29299PN2000PTC014525
Name of the company	TRANS ENGINEERS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Umed Bhavan, 2nd Floor, Station Road, Pimpri, Pune – 411018, Maharashtra, India iut@eth.net
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Mortgage Deed.
Date of instrument Creating the charge	29.07.2010
Amount secured by the charge	Rs.90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: The Mortgagor shall be liable to pay interest on the mortgage debt at the prime lending rate plus an additional interest calculated at 3% p.a. plus interest tax (if any). Terms of Repayments: On Demand and/or as may be stipulated by the Bank from time to time. Margin: The Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operations of the charge: The Mortgagor Company created a registered mortgage in respect of its immovable properties as described in Item No.15, as security for repayment of the term loan of Rs.90.000 Millions, with all interest, additional interest, costs, expenses, charges, commissions and all other moneys payable to the Mortgagee Bank. Others: a) Upon repayment of mortgaged debt, the Mortgagee shall release the said mortgaged property; (b) If Mortgagor Company fails to repay the mortgaged debt to the Mortgagee on demand, the Mortgagor shall pay interest on the mortgaged debt @ PLR plus an additional interest @ 3% p.a. and the said mortgaged property shall not be redeemable by the mortgagor or any person in the equity of redemption thereof at any time thereafter;
Particulars of the property charged	All that piece and parcel of land admeasuring 00 H 04 Ares out of land bearing Gat No.1552 A, alongwith entire construction / structure standing thereon - Land bearing Gat No.1553 admeasuring 00 H 08 Ares alongwith entire construction / structure standing thereon, situated at Chikhali, Taluka Haveli District Pune Land admeasuring 00 H 35 Ares out of land bearing Gat No.1326 A alongwith entire construction / structure standing thereon, standing thereon, situated at Chikhali, Taluka Haveli District Pune

FIXED ASSETS:

· Land and Building

· Office Containers

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· Office Premises

· Crane and Lift

· Motor Bike

· Cars

· Books

· Electrical Installation

· Computers

· Truck Commercial Vehicles

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.