MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	DECCAN FARM EQUIPMENT PRIVATE LIMITED
Registered Office :	F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.02.1991
Com. Reg. No.:	060480
Paid-up Capital :	Rs. 1.086 Million
CIN No.: [Company Identification No.]	U29211MH1991PTC060480
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Agricultural Equipment.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 110000
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 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. Bharat D. Patil
Designation :	Managing Director
Contact No.:	91-9923147700
Date :	22.06.2012

LOCATIONS

Registered Office :	F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra, India
Tel. No.:	91-231-2468904
Mobile No.:	91-9923147700 (Mr. Bharat D. Patil)
Fax No.:	91-231-2468905
E-Mail :	bharat@deccanequipments.com
Area :	25000 Sq. ft
Location :	Owned
Factory :	C-35, MIDC, Shiroli, Kolhapur – 416112, Maharashtra, India
Area :	25000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Devgonda S. Patil

Designation :

Whole time director

Address :

Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India

Date of Birth/Age :

86 years

Date of Appointment :

25.03.1991

DIN No.:

00531752

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	U29211MH1991PTC060480	DECCAN FARM EQUIPMENT PRIVATE LIMITED	Whole-time director	25/03/1991	25/03/1991	-	Active	NO
2	U29299PN1999PTC013342	ANNAPURNA MACHINENFABRIK PRIVATE LIMITED	Whole-time director	18/02/1999	18/02/1999	-	Active	NO
3	U27310PN2006PTC128856	KUSUM CASTING PRIVATE LIMITED	Director	07/08/2006	07/08/2006	29/12/2010	Active	NO

Name :

Mr. Bharat D. Patil

Designation :

Managing Director

Address :

Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India

Date of Birth/Age :

16.08.1964

Date of Appointment :

25.03.1991

DIN No.:

00458372

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	U29211MH1991PTC060480	DECCAN FARM EQUIPMENT PRIVATE LIMITED	Managing director	25/03/1991	25/03/1991	-	Active	NO
2	U27310MH1997PTC108749	SUYASH CASTINGS PRIVATE LIMITED	Director	13/06/1997	13/06/1997	26/03/2008	Active	NO
3	U29299PN1999PTC013342	ANNAPURNA MACHINENFABRIK PRIVATE LIMITED	Managing director	18/02/1999	18/02/1999	15/02/2008	Active	NO
4	U27310PN2006PTC128856	KUSUM CASTING PRIVATE LIMITED	Managing director	07/08/2006	07/08/2006	29/12/2010	Active	NO

Name :

Ms. Kavita B. Patil

Designation :

Whole time director

Address :

Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India

Date of Birth/Age :

44 years

Date of Appointment :

30.09.1997

DIN No.:

00844209

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	U29211MH1991PTC060480	DECCAN FARM EQUIPMENT PRIVATE LIMITED	Whole-time director	30/09/1997	30/09/1997	-	Active	NO
2	U29299PN1999PTC013342	ANNAPURNA MACHINENFABRIK PRIVATE LIMITED	Director	29/09/2008	15/02/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mr. Devgonda S. Patil	4525
Mr. Bharat D. Patil	5343
Ms. Kavita B. Patil	1000
Total	10868

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agricultural Equipment.
Products :	· Heavy Duty Rotavator · P.T.O. Joint · Regular Duty Rotavator · Palakutti Machine · Tractor Mounted Plough · Ratoon Manager · Plough · Imported P.T.O · Stubble Remover
Imports :
Products :	Raw Materials
Countries :	· Europe · Italy
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Laxmi Casting

Customers :

Wholesaler, End Users and OEM’s

· Mahindra Tractors

No. of Employees :

110 (Approximately)

Bankers :

· Saraswat Co-Operative Bank, C.T.S. No. 1716, E Ward, Rajarampuri, 7th Lane,, Kolhapur - 416008, Maharashtra, India

· State Bank of India, Kolhapur Branch, Maharashtra, India

Facilities :

Rs.20.000 Millions form Saraswat Co-Operative Bank

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Saraswat Bank Term Loan A/c (Secured by hypothecation of Land and Building and Hypothecation of Plant and Machinery of the company)	1.709	2.400
Saraswat Bank Cash Credit A/c (Secured by hypothecation of Stock and Book Debts)	5.458	4.511
Saraswat Bank Car Loan A/c (Secured by hypothecation of Skoda Car)	0.662	0.841
Total	7.829	7.752

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Deposits from Directors	0.234	0.715
Security Deposits	0.232	0.223
Total	0.466	0.938

Banking Relations :	---
Auditors :
Name :	Deepak Gokhale and Company Chartered Accountant
Address :	Flat No. 106, Building No. HR-2, Royal Retreat, Near Ruikar Colony Ground, Kolhapur – 416005, Maharashtra, India
PAN.:	ABGPG2423G

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs. 100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,868	Equity Shares	Rs. 100/- each	Rs. 1.086 Million

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		1.087	1.087	1.087
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.830	8.928	7.413
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.917	10.015	8.500
LOAN FUNDS
1] Secured Loans		7.829	7.752	5.011
2] Unsecured Loans		0.466	0.938	0.462
TOTAL BORROWING		8.295	8.690	5.473
DEFERRED TAX LIABILITIES		0.330	0.372	0.301
TOTAL		37.542	19.075	14.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.339	8.515	6.054
Capital work-in-progress		5.106	0.342	0.000
INVESTMENT		2.002	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.721	10.269	4.767
	Sundry Debtors	4.485	5.241	4.335
	Cash & Bank Balances	7.743	1.040	0.481
	Other Current Assets	0.104	0.045	0.017
	Loans & Advances	25.319	3.583	5.019
Total Current Assets		49.372	20.178	14.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.796	8.484	5.085
	Other Current Liabilities	1.281	0.880	0.452
	Provisions	10.200	0.597	0.863
Total Current Liabilities		27.277	9.961	6.400
Net Current Assets		22.095	10.217	8.219
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.542	19.075	14.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	51.753	40.545	27.138
		Other Income	28.601	0.328
		TOTAL (A)	80.354	40.873	27.138
Less	EXPENSES
		Operating Expenses	48.805	36.950	24.557
		TOTAL (B)	48.805	36.950	24.557
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.549	3.923	NA
Less	FINANCIAL EXPENSES (D)		0.964	0.645	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.585	3.278	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.499	1.353	NA
	PROFIT BEFORE TAX (E-F) (G)		29.086	1.925	2.580
Less	TAX (I)		10.184	0.692	0.869
	PROFIT AFTER TAX (G-I) (J)		18.902	1.233	1.711

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	87.500	85.000

Expected Sales (2012-13) : Rs.120.000 Millions

The above information has been parted by Bharat D. Patil

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	23.52	3.01	6.30
Net Profit Margin (PBT/Sales)	(%)	56.20	4.74	9.50
Return on Total Assets (PBT/Total Assets}	(%)	50.39	6.70	12.48
Return on Investment (ROI) (PBT/Networth)		1.00	0.19	0.30
Debt Equity Ratio (Total Liability/Networth)		1.23	1.86	1.39
Current Ratio (Current Asset/Current Liability)		1.81	2.02	2.28

LOCAL AGENCY FURTHER INFORMATION

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
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	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes

Trade References

· Laxmi Casting

· Mahindra Tractors

Bankers Charges Report as per Registry

Corporate identity number of the company

U29211MH1991PTC060480

Name of the company

DECCAN FARM EQUIPMENT PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra, India

This form is for

Creation of charge

Type of charge

Movable property

Particular of charge holder

Name :	Saraswant Co-Operative Bank,
Address :	C.T.S. No. 1716, E Ward, Rajarampuri, 7th Lane,, Kolhapur - 416008, Maharashtra, India
Email :	rd_dhuri@saraswatbank.com

Nature of instrument creating charge

Agreement for Hypothecation of Vehicle.

Date of instrument Creating the charge

30.03.2011

Amount secured by the charge

Rs. 4.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

@10.50% p.a. with monthly rest for the initial period of 3 years and to be reset thereafter at the then prevailing fixed rate.

Terms of Repayment

Period:60 Months

Repayment: EMI of Rs.0.086 Million

Margin

10%

Extent and Operation of the charge

Charge to Secure Vehicle of Rs.4.000 millions

Others

Guarantee of Mr. Bharat D, Patil and all other Directors.

Particulars of the property charged

Charge to Secure Vehicle of Rs.4.000 millions

Fixed Assets

· Land

· Building

· Plant and machinery

· Vehicles

· Furniture and Fitting

· Office Equipments

· Electrical Installations

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.55.03
UK Pound	1	Rs.85.93
Euro	1	Rs.68.97

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.