MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	ENPROCON ENTERPRISE LIMITED (w.e.f.16.04.2011)
Formerly Known As :	SABRE MACHINERY PRIVATE LIMITED
Registered Office :	A-1002, Rushin, Jodhpur, Charrasta, Satellite, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.1997
Com. Reg. No.:	04-031713
Capital Investment / Paid-up Capital :	Rs.3.900 Millions
CIN No.: [Company Identification No.]	U26914GJ1997PLC031713
TAN No.: [Tax Deduction & Collection Account No.]	AHMS17175E
PAN No.: [Permanent Account No.]	AAABCT6986A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Providing Road Construction, Pipeline Construction etc.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 42000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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.

INFORMATION PARTED BY

Name :	Mr. Trilok C
Designation :	GMF
Contact No.:	91-79-40075508
Date :	27.01.2012

LOCATIONS

Registered Office :	A-1002, Rushin, Jodhpur, Charrasta, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@enprocon.com info@maheshwarimajithiya.com jigar@sabremach.com
Website :
Location :	Owned
Corporate Office :	A804, Sakal Profit Air, Corporate Road, Prahlad Nagar, Ahmedabad - 380015 Gujarat, India
Tel. No.:	91-79-40075507 / 08 / 09

DIRECTORS

As on 30.09.2011

Name :

Mr. Dinesh Lalchand Hinduja

Designation :

Director

Address :

A 1002 Rushin, Jodhpur Charrasta, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

17.05.1973

Date of Appointment :

12.02.2010

DIN No.:

01606315

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	L45201GJ1985PLC008338	Jaihind Projects Limited	Director	01-08-94	01-08-94	30-01-10	Active	NO
2	U72200GJ2000PLC037595	Dcom Systems Limited	Director	03-10-09	21-03-00	05-04-10	Active	NO
3	U26914GJ1997PLC031713	Enprocon Enterprise Limited	Director	12-02-10	23-06-08	-	Active	NO

Name :

Mrs. Charusheela Dattatraya Afuwale

Designation :

Director

Address :

958, Shiv Shakti High, Sector-27, Gandhinagar-380021, Gujarat, India

Date of Birth/Age :

23.07.1973

Date of Appointment :

11.08.2010

DIN No.:

03023543

Name :

Mrs. Reema Dinesh Hinduja

Designation :

Director

Address :

263, Clintan Parkk Appt G. San Francisco Ca,94103, USA

Date of Birth/Age :

23.05.1975

Date of Appointment :

11.08.2010

DIN No.:

03023572

Name :

Mr. Devang Madhusudan Anglay

Designation :

Director

Address :

16, Surise Park Vastrapur, Thaltej Road, Ahmedabad-380052, Gujarat, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

11.08.2010

DIN No.:

03023603

KEY EXECUTIVES

Name :	Mr. Trilok C
Designation :	GMF

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dinesh Lalchand Hinduja	1089990
Reema Dinesh Hinduja	10
Total	1090000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Providing Road Construction, Pipeline Construction etc.
Imports :
Products :	Pipeline Machinery
Countries :	· Europe · USA · Canada · Singapore · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2010

Licensed Capacity: Not Applicable

Installed Capacity: Not Applicable

Particulars	Unit	Actual Production
Pipeline Machines and Equipments	No.	387
Other Misc Tools and Taggers	No.	150895

GENERAL INFORMATION

Customers :

Ohters

No. of Employees :

10 (Approximately)

Bankers :

· Canara Bank, Sabarmati Branch, Sabarmati, Ahmedabad - 380005 Gujarat, India

· Dhanlakshmi Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from banks
Dhanlakshmi Bank (Secured by hypothecation of vehicle Vento car)	0.641	0.000
Term Loan from Others
Kotak Mahindra Prime Limited (Secured by hypothecation of vehicle BMW and Honda city car)	2.271	0.000
Long term maturities of finance lease obligations
RIICO Finance Lease (Secured by the transfer rights of land at Abu Road Industrial Area)	2.314	0.000
Total	5.226	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Director and Shareholders	46.311	7.845
Total	46.311	7.845

Banking Relations :	--
Financial Firms :	Kotak Mahindra Prime Limited
Auditors :
Name :	Maheshwari and Majithiya Chartered Accountants
Address :	313, Shanti Arcade, 132" Ring Road, Naranpura, Ahmedabad – 380013, Gujarat, India
PAN.:	AARFM7406M

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1090000	Equity Shares	Rs.10/- each	Rs.10.900 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs.4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
390000	Equity Shares	Rs.10/- each	Rs.3.900 Millions

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		3.900	1.900	1.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.719	0.719	0.719
4] (Accumulated Losses)		(2.046)	(6.249)	(7.610)
NETWORTH		10.573	(3.630)	(4.991)
LOAN FUNDS
1] Secured Loans		5.226	0.000	0.000
2] Unsecured Loans		46.311	7.845	7.845
TOTAL BORROWING		51.537	7.845	7.845
DEFERRED TAX LIABILITIES		0.566	0.310	0.171
TOTAL		62.676	4.525	3.025
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.305	5.204	4.571
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	0.417	2.354	0.375
	Sundry Debtors	36.153	2.264	5.091
	Cash & Bank Balances	9.173	2.689	0.713
	Other Current Assets	2.462	0.362	0.000
	Loans & Advances	0.018	0.000	0.160
Total Current Assets		48.223	7.669	6.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.017	6.088	7.313
	Other Current Liabilities	11.418	1.317	0.000
	Provisions	1.417	0.943	0.572
Total Current Liabilities		19.852	8.348	7.885
Net Current Assets		28.371	(0.679)	(1.546)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		62.676	4.525	3.025

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	100.512	58.869	12.015
		Other Income	0.840	0.106
		TOTAL (A)	101.352	58.975	12.015
Less	EXPENSES
		Cost of Material Consumed	8.221	38.842
		Manufacturing & Sub Contracting Expenses	79.052	12.513
		Employee Benefit Expenses	4.520	4.501
		Administrative & Other Expenses	2.833	1.218
		TOTAL (B)	94.626	57.074	10.800 (Including Depreciation and Financial Expenses)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.726	1.901
Less	FINANCIAL EXPENSES (D)		0.547	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.179	1.901
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.480	0.282
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.699	1.619	1.215
Less	TAX (I)		1.497	0.258	5.697
	PROFIT / (LOSS) AFTER TAX (G-I) (J)		4.202	1.361	(4.482)
	TOTAL EARNINGS		NA	2.091	0.000
	TOTAL IMPORTS		NA	0.978	0.000
	Earnings / (Loss) Per Share (Rs.)		10.78	7.16	(23.59)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.15	2.31	(37.30)
Net Profit Margin (PBT/Sales)	(%)	5.67	2.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.91	12.58	11.14
Return on Investment (ROI) (PBT/Networth)		0.54	(0.45)	(0.24)
Debt Equity Ratio (Total Liability/Networth)		6.75	(4.46)	(3.15)
Current Ratio (Current Asset/Current Liability)		2.43	0.92	0.80

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Trade Creditors	7.017	6.066	6.562
For Expanses and Others		0.022	0.751
Total	7.017	6.088	7.313

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Form 8:

Corporate identity number of the company	U26914GJ1997PLC031713
Name of the company	ENPROCON ENTERPRISE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1002, Rushin, Jodhpur, Charrasta, Satellite, Ahmedabad – 380015, Gujarat, India E-mail : info@maheshwarimajithiya.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata – 700046, West Bengal, India E-Mail : sanjay_chaurasia@srei.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	15.08.2011
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 16.75% per annum. Terms of repayment Amount repayable in 35 monthly installments of Rs.1.271 Millions each Margin NIL Extent and operation of the charge As per Deed of Hypothecation.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1 no. Vermeer D500*500 Maxi Rig (Within India).

Trade References:

· ONGC

Fixed Assets:

· Land

· Building

· Plant and Machineries

· Vehicle

· Computer

· Electrification

· Office Equipments

· Furniture and Fixture

· Software

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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	4
--CREDIT LINES	1~10	3
--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		29

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.