MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	BHASKARI AQUA PRODUCTS PRIVATE LIMITED
Registered Office :	Shed No.F-2, IDA, Kukatpally, Gandhi Nagar, Hyderabad – 500037, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.2004
Com. Reg. No.:	01-042676
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U29120AP2004PTC042676
TAN No.: [Tax Deduction & Collection Account No.]	HYDB02753C
PAN No.: [Permanent Account No.]	AACCB3485D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Thermostats, Rotary Switches, Water Solenoid Valves etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 87000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Shed No.F-2, IDA, Kukatpally, Gandhi Nagar, Hyderabad – 500037, Andhra Pradesh, India
Tel. No.:	91-40-23073032/ 23720459/ 23096492
Fax No.:	91-40-23720459/ 23096492
E-Mail :	padmaja271@rediffmail.com bhaskari@annapurnabhaskari.com aparnacontrols@vsnl.net

DIRECTORS

As on: 28.09.2011

Name :

Mr. Guda Krishna Prasad

Designation :

Managing Director

Address :

Plot No.19, Jyothi Colony, Picket, Secunderabad – 500015, Andhra Pradesh, India

Date of Birth/Age :

24.10.1950

Date of Appointment :

18.02.2004

DIN No.:

00722523

Other Directorships :

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	U31909AP1985PTC005779	ANNAPURNA ELECTRONICS AND SERVICES PRIVATE LIMITED	Managing director	01/04/2012	09/09/1985	-	Active	NO
2	U40109AP1997PTC026808	APARNA CONTROLS PRIVATE LIMITED	Managing director	01/04/2012	03/04/1997	-	Active	NO
3	U72200AP2000PTC035211	BHASKARI ELECTRICAL SYSTEM PRIVATE LIMITED	Managing director	01/04/2012	08/09/2000	-	Active	NO
4	U29120AP2004PTC042676	BHASKARI AQUA PRODUCTS PRIVATE LIMITED	Managing director	18/02/2004	18/02/2004	-	Active	NO
5	U93000AP2009PTC062481	BHASKARI LAW SOLUTIONS PRIVATE LIMITED	Managing director	01/04/2012	06/01/2009	-	Active	NO

Name :

Mr. Subramanyam Madhira Prabhakar

Designation :

Director

Address :

99 P T Colony, Block 2, R T Nagar, Bangalore – 560032, Andhra Pradesh, India

Date of Birth/Age :

16.05.1957

Date of Appointment :

18.02.2004

DIN No.:

02461134

Other Directorships :

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	U72200AP2000PTC035211	BHASKARI ELECTRICAL SYSTEM PRIVATE LIMITED	Director	08/09/2000	08/09/2000	-	Active	NO
2	U29120AP2004PTC042676	BHASKARI AQUA PRODUCTS PRIVATE LIMITED	Director	18/02/2004	18/02/2004	-	Active	NO

Name :

Pedrazzini Giampietro

Designation :

Director

Address :

Via Monte Santo, No.6, Gallarate – 21013, Italy

Date of Birth/Age :

18.07.1959

Date of Appointment :

18.02.2004

DIN No.:

02435914

KEY EXECUTIVES

Name :	Mr. B. Padmaja
Designation :	Company Secretary
Address :	Flat No.412, Visal Towers, Bagh Ameer Street, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India
Tel. No.:	91- 40-23065179
E-Mail :	padmaja271@rediffmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2011

Names of Shareholders	No. of Shares
G. Krishna Prasad	750
M. Prabhakar	250
Bhaskari Electrical Systems Private Limited, India	134000
T and P	15000
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.00
Bodies corporate	89.33
Directors or relatives of directors	0.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermostats, Rotary Switches, Water Solenoid Valves etc.

PRODUCTION STATUS (As on: 31.03.2011)

Installed Capacity 5000nos. per day

Particulars	Unit	Actual Production
Water Solenoid Values and Parts of Values	Nos.	967677

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Jeedimetla, IDA, Hyderabad - 500055, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
State Bank of India- CC	14.525	13.883
State Bank of India- Car Loan	1.026	1.422
Total	15.551	15.305

Banking Relations :	--
Auditors :
Name :	Mahavishnu and Sarma Chartered Accountants
Address :	Plot No.49, Jawaharnagar Colony, P.G. Road, Secunderabad – 500003, Andhra Pradesh, India
PAN No.:	AACFM8795N
Holding Company :	Bhaskari Electrical System Private Limited CIN No.: U72200AP2000PTC035211

CAPITAL STRUCTURE

As on: 28.09.2011

Authorised Capital : Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.15.000 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.901	6.494	3.793
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.901	21.494	18.793
LOAN FUNDS
1] Secured Loans		15.551	15.305	14.608
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		15.551	15.305	14.608
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.452	36.799	33.401
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.036	14.196	14.372
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	13.794	8.856	12.318
	Sundry Debtors	10.595	9.860	8.943
	Cash & Bank Balances	2.375	7.426	0.539
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.251	2.917	1.633
Total Current Assets		30.015	29.059	23.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.766	5.390	3.939
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.833	1.755	1.842
Total Current Liabilities		6.599	7.145	5.781
Net Current Assets		23.416	21.914	17.652
MISCELLANEOUS EXPENSES		0.000	0. 689	1.377
TOTAL		37.452	36.799	33.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	50.257	66.137	64.949
		Misc income	0.200	0.014	0.000
		Jobwork Receipts	0.465	0.409	2.158
		TOTAL (A)	50.922	66.560	67.107
Less	EXPENSES
		Consumption of Materials	31.452	40.610	40.309
		Employees Remuneration and Benefits	7.926	7.562	5.730
		Excise Duty	1.635	2.198	2.762
		Power and Fuel	0.770	0.759	0.649
		Sales Tax	0.038	0.281	1.144
		Product development expenses Written off 115th	0.689	0.689	0.689
		Other Expenses	6.771	5.956	7.635
		Accretion in Stock	(5.350)	(1.916)	(0.523)
		TOTAL (B)	43.931	56.139	58.395
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.991	10.421	8.712
Less	FINANCIAL EXPENSES (D)		1.613	1.540	1.879
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.378	8.881	6.833
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.264	2.416	2.525
	PROFIT BEFORE TAX (E-F) (G)		3.114	6.465	4.308
Less	TAX (I)		0.964	2.010	1.577
	PROFIT AFTER TAX (G-I) (J)		2.150	4.455	2.731
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.457	2.403	1.945
Less	APPROPRIATIONS
		Transfer to General Reserve	0.311	0.646	0.431
		Dividend	1.743	1.755	1.842
	BALANCE CARRIED TO THE B/S		4.553	4.457	2.403
	IMPORTS
		Raw Materials	8.080	8.030	13.288
	TOTAL IMPORTS		8.080	8.030	13.288
	Earnings Per Share (Rs.)		14.33	29.70	18.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.22	6.69	4.07
Net Profit Margin (PBT/Sales)	(%)	6.20	9.78	6.63
Return on Total Assets (PBT/Total Assets}	(%)	7.07	14.95	11.40
Return on Investment (ROI) (PBT/Networth)		0.14	0.30	0.23
Debt Equity Ratio (Total Liability/Networth)		1.01	1.04	1.08
Current Ratio (Current Asset/Current Liability)		4.55	4.07	4.05

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

FINANCIAL RESULT:

The turnover has come down by Rs.15.880 Millions, Chiefly because of the increased Raw Material Prices, wage revision of contract works.

FIXED ASSETS:

· Plant and Machinery

· Welding Machine

· Value Test Bentch

· Coil Winding Machinery

· Tools and Moulds

· Video Converence

· Furniture and Fixture

· Computer

· Toyota Vehicle

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.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		30

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

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.