MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	ATHULYA BELLOWS AND ENGINEERING PRIVATE LIMITED
Registered Office :	B/3, Sahajanand Apartment, Near Ward Office No.06, B M C Limited F, Old Padra Road, Baroda – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.12.1999
Com. Reg. No.:	04-36967
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29120GJ1999PTC036967
TAN No.: [Tax Deduction & Collection Account No.]	BRDA00956E
PAN No.: [Permanent Account No.]	AACCA4007C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Universal Bellows and Axial Bellows.
No. of Employees :	75 (Approximately)

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 31100
Status :	Satisfactory
Payment Behaviour :	Usually 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 usually correct and as per commitments. The company can be considered normal for small to mediocre 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

INFORMATION PARTED BY

Name :	Mr. Jaydeep
Designation :	Office Incharge
Contact No.:	91-265-2960185
Date :	03.07.2012

LOCATIONS

Registered Office :	B/3, Sahajanand Apartment, Near Ward Office No.06, B M C Limited F, Old Padra Road, Baroda – 390020, Gujarat, India
Tel. No.:	91-265-2960185/ 6544238/ 2344238
Fax No.:	91-265-2352805
E-Mail :	sales@athulyabellows.com response@athulyabellow.com athulyabello@satyam.net.in finance@athulyabellow.com
Website :	http://www.athulyabellow.com
Area :	2500 sq. fts
Location :	Owned
Factory :	B – 14 / 81, Saraswati, Industrial Estate, Opposite Chhani Octroi Naka, Baroda – 390002, Gujarat, India
Tel. No.:	91-265-6557028
Area :	10000 sq. fts
Location :	Owned
Facory.1 :	336 / 41, GIDC Estate, Makarpura, Baroda, India
Tel. No.:	91-265-6595938
Area :	35000 sq. fts
Location :	Owned
Branches :	Located at: · Delhi · Mumbai · Pune · Bangalore · Kanpur · Hyderabad · Bhillai · Calcutta · Satna (Madhya Pradesh) · Udaipur · Bokaro · Indore

DIRECTORS

As on 30.09.2011

Name :

Mr. Alpesh Vastupal Shah

Designation :

Director

Address:

B-3, Sahajanand Apartment, Near Office No.06, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

15.07.1971

Qualification :

Mechanical Engineering

Date of Appointment :

06.12.1999

DIN No.:

02074652

Name :

Mr. Dharmesh Vastupal Shah

Designation :

Finance Director

Address:

B-3, Sahajanand Apartment, Near Office No.06, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

09.10.1967

Qualification :

Graduate in Commerce

Date of Appointment :

06.12.1999

DIN No.:

01010324

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29120GJ1999PTC036967	ATHULYA BELLOWS AND EGG PRIVATE LIMITED	Director	06/12/1999	06/12/1999	-	Active	NO
2	U33130GJ2005PTC045549	SHREEKALA AEROMATIC PRIVATE LIMITED	Director	24/02/2005	24/02/2005	-	Active	NO

Name :

Ms. Sandipaben Vastupal Shah

Designation :

Director

Address:

B-3, Sahajanand Apartment, Near Office No.06, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

07.10.1973

Qualification :

Graduate

Date of Appointment :

25.08.2005

DIN No.:

02074660

KEY EXECUTIVES

Name :	Mr. Jaydeep
Designation :	Office Incharge
Contact No.:	91-265-2960185

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dharmesh Shah	17500
Alpesh Shah	17500
Sandipaben Shah	10000
Tejas Shah	5000
Total	50000

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 :	Manufacturer and Exporter of Universal Bellows and Axial Bellows.
Exports :
Products :	· Universal Bellows · Axial Bellows
Countries :	· UK · Italy · Germany · Middle east
Terms :
Selling :	Credit (30 Days)
Purchasing :	L/C

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	75 (Approximately)
Bankers :	· Indusind Bank Limited, Ground Floor and 1^st Floor, Gold Croft Vishwas Colony, Jetapur Road, Baroda, Vadodara - 390005, Gujarat, India · ABN Amro Bank, Old Padra Road, Vadodara, India · Bank of Baroda, Vadodara, India · The Cosmos Co-operative Bank Limited, Vadodara, India

Banking Relations :	--
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountants
Address:	Samarpan 26, Haribhakti Colony, Race Course Circle, Vadodara – 390015, Gujarat, India
Tel No.:	91-265-2337064
Fax No.:	91-265-2354386
Email :	shahsanghvi@gmail.com

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/-each	Rs.0.500 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		0.500	0.500	0.500
2] Share Application Money		0.313	0.313	0.373
3] Reserves & Surplus		6.966	5.484	4.507
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.779	6.297	5.379
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.050
TOTAL BORROWING		0.000	0.000	0.050
DEFERRED TAX LIABILITIES		0.354	0.271	0.000
TOTAL		8.133	6.568	5.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.965	2.971	2.882
Capital work-in-progress		5.086	2.087	0.050
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.111	1.606	1.860
	Sundry Debtors	30.574	24.866	30.983
	Cash & Bank Balances	1.991	2.347	1.932
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.122	7.662	7.255
Total Current Assets		43.798	36.481	42.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.156	33.763	37.800
	Other Current Liabilities	1.305	0.480	0.636
	Provisions	1.255	0.728	1.116
Total Current Liabilities		44.716	34.971	39.552
Net Current Assets		(0.918)	1.510	2.478
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.133	6.568	5.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	69.352	48.940	64.091
		TOTAL	69.352	48.940	64.091
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	67.132	47.358	61.975
	PROFIT BEFORE TAX		2.220	1.582	2.116
Less	TAX		0.738	0.605	0.705
	PROFIT AFTER TAX		1.482	0.977	1.411
	BALANCE CARRIED TO THE B/S		7.036	5.554	4.577
	Earnings Per Share (Rs.)		29.64	NA	28.22

Particulars	31.03.2012
Sales Turnover (Approximately)	80.000

Expected Sales (2012-2013): Rs.100.000 millions

The above information has been parted by Mr. Jaydeep.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.14	1.99	3.30
Return on Total Assets (PBT/Total Assets}	(%)	4.65	4.01	4.71
Return on Investment (ROI) (PBT/Networth)		0.28	0.25	0.39
Debt Equity Ratio (Total Liability/Networth)		5.75	5.55	7.36
Current Ratio (Current Asset/Current Liability)		0.98	1.04	1.06

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U29120GJ1999PTC036967
Name of the company	ATHULYA BELLOWS AND EGG PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B/3, Sahajanand Apartment, Near Ward Office No.06, B M C Limited F, Old Padra Road, Baroda – 390020, Gujarat finance@athulyabellow.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Indusind Bank Limited, Ground Floor and 1^st Floor, Gold Croft Vishwas Colony, Jetapur Road, Baroda, Vadodara - 390005, Gujarat, India vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Hypothecation by Borrower.
Date of instrument Creating the charge	31.05.2012
Amount secured by the charge	Rs.16.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by the bank from time to time. Terms of Repayment Working Capital facility shall be repayable On demand. Term Loan shall be repayable in suitable installments. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge Hypothecation charge on Plant and Machinery and other movable, Book Debts and Stocks of the Company as described under Item No.15 as security for repayment of total facility/ies of Rs.16.500 millions together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the bank to the Company. Others NIL
Short particulars of the property charged	All present and future of the movable properties of the Borrower including without limitation its movable plant and machinery, furniture and fitting, equipment All present and future book debts, outstandings moneys receivable, claims and bills which are now due and owing or which may at any time during the continuance All present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other

FIXED ASSETS:

· Office Equipments

· Plant and Machinery

· Computer

· Furniture and Fixture

· Shed

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.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	NO
--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		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.