MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	CANDOUR MACHINERY PRIVATE LIMITED
Registered Office :	21, Mayurpankh Society, Behind. Umiya Vijay Bus Stop, Satellite, Ahmedabad - 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.04.2009
Com. Reg. No.:	04-056525
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29100GJ2009PTC056525
TAN No.: [Tax Deduction & Collection Account No.]	AHMC02977C
PAN No.: [Permanent Account No.]	AADCC6196M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Processing Machinery and Printing Machine
No. of Employees:	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be slow. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – 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. Shardul
Designation :	Director
Contact No.:	91-9426082129
Date :	06.06.2012

LOCATIONS

Registered Office :	21, Mayurpankh Society, Behind. Umiya Vijay Bus Stop, Satellite, Ahmedabad - 380015, Gujarat
Tel. No.:	Not Available
Mobile No.:	91-9426082129/ 9825494079 (Mr. Shardul)
Fax No.:	Not Available
E-Mail :	shardul63@gmail.com candourmachinery@gmail.com
Website :	http://www.plasticauxiliary.com
Factory :	Plot No. 2812, Phase No. 4, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat India
Tel. No.:	91-79-25840232

DIRECTORS

As on: 16.09.2001

Name :

Mr. Shardul Gopalbhai Patel

Designation :

Director

Address :

21, Mayurpankh Society, Behind Umiya Vijay Bus Stop, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

07.08.1963

Date of Appointment :

02.04.2009

DIN No.:

00393888

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	U29119GJ1995PTC024274	MORTEK MACHINERY PRIVATE LIMITED	Managing director	01-02-95	01-02-95	10-06-09	Active	NO
2	U29100GJ2009PTC056525	CANDOUR MACHINERY PRIVATE LIMITED	Director	02-04-09	02-04-09	-	Active	NO

Name :

Mr. Rajnikant Harilal Patel

Designation :

Director

Address :

6, Sakar Bunglow, Opposite Expressway, C.T.M., Ahmedabad - 380026, Gujarat, India

Date of Birth/Age :

11.11.1966

Date of Appointment :

02.04.2009

DIN No.:

00394715

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	U29119GJ1995PTC024274	MORTEK MACHINERY PRIVATE LIMITED	Director	01-02-95	01-02-95	10-06-09	Active	NO
2	U29100GJ2009PTC056525	CANDOUR MACHINERY PRIVATE LIMITED	Director	02-04-09	02-04-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.09.2001

Names of Shareholders	No. of Shares
Shardul Gopaldas Patel	500
Rajnikant Harilal Patel	2500
Dipika Shardul Patel	2000
Sharmistha Rajnikant Patel	2000
Parshad Shardul Patel	1000
Nita Jagdishbhai Patel	1000
Adrish Shardul Patel	1000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 16.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Processing Machinery and Printing Machine
Products :	· Single Colour Economy Machine · Single Colour Pad Printing Machine · Two Colour Pad Printing Machine · Jumbo Pad Printing Machine · Four Colour Pad Printing Machine · Tampon Pad Printing Machines · Automation Equipments · Printing Pads · Steel Cliches · Pad Printing Accessories · Pad Printing Machine Accessories
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

V. M. Traders

Customers :

Wholesalers and Retailers

· Windsor Machine

No. of Employees :

25 (Approximately)

Bankers :

· Axis Bank, Vatva Branch, Ahmedabad, Gujarat India

· Kotak Mahindra Bank

· Ahmedabad Mercantile Co-operative Bank

· Co-operative Bank Limited

· State Bank of India, Vatva Branch, Ahmedabad, Gujarat India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Adrish S. Patel	0.750	0.000
Dipikaben S. Patel	2.050	2.050
Parshad S. Patel	0.750	1.500
Rajnikant H. Patel	1.950	1.950
Shardul G. Patel	0.781	0.781
Sharmistha R. Patel	1.700	1.700
Total	7.981	7.981

Banking Relations :	--
Auditors :
Name :	J. P. Patel and Company Chartered Accountants
Address :	B/35, Third Floor, Ajanta Commercial Center, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27544689
PAN No.:	ABDPP5182C

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.966	0.004
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.066	0.104
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		7.981	7.981
TOTAL BORROWING		7.981	7.981
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		9.047	8.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.842	5.295
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.235	3.187
	Sundry Debtors	5.843	5.865
	Cash & Bank Balances	1.116	0.294
	Other Current Assets	0.000	0.000
	Loans & Advances	0.370	0.120
Total Current Assets		8.564	9.466
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.757	6.481
	Other Current Liabilities	0.162	0.202
	Provisions	0.450	0.004
Total Current Liabilities		5.369	6.687
Net Current Assets		3.195	2.779
MISCELLANEOUS EXPENSES		0.010	0.011
TOTAL		9.047	8.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	34.086	24.592
		Other Income	0.003	0.100
		TOTAL	34.089	24.692
Less	EXPENSES
		Cost of Goods Sold		19.218
		Excise Duty		1.117
		Director Remuneration		0.800
		Office Staff Salary Expenses		0.303
		Sharafi Interest		0.768
		Other Expenses		2.145
		TOTAL	32.678 (Including Depreciation)	24.351
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			0.341
Less/ Add	DEPRECIATION/ AMORTISATION			0.333
	PROFIT BEFORE TAX		1.411	0.008
Less	TAX		0.450	0.004
	PROFIT AFTER TAX		0.961	0.004
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.004	0.000
	BALANCE CARRIED TO THE B/S		0.965	0.004
	Earnings Per Share (Rs.)		96.13	0.44

Particulars	31.03.2012
Sales Turnover (Approximately)	39.000

Expected Sales (2012-2013): Rs.40.000 Millions

The above information has been parted by Mr. Shardul

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	2.82	0.02
Net Profit Margin (PBT/Sales)	(%)	4.14	0.03
Return on Total Assets (PBT/Total Assets}	(%)	9.79	0.05
Return on Investment (ROI) (PBT/Networth)		1.32	0.08
Debt Equity Ratio (Total Liability/Networth)		12.52	141.04
Current Ratio (Current Asset/Current Liability)		1.60	1.42

LOCAL AGENCY FURTHER INFORMATION

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	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
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 two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major S0hareholders, if applicable	Yes

OPERATIONS:

The sales of the company during the year was Rs.34.086 Millions as against previous year’s sales of Rs.24.592 Millions. Profit before taxation was Rs.1.411 Millions and provision for taxation made for the year 2010-2011 was Rs.0.450 Million and Profit after tax was Rs.0.961 Million.

FIXED ASSETS:

· Air Conditioner

· Bajaj-Pulsar

· Computer

· Cycle

· Dies and Tools

· Electric Fitting

· Factory Building

· Motor Car

· Office Furniture

· Plant and Machinery

· Factory Land Purchase

TRADE REFERENCE:

· V. M. Traders

· Windsor Machine

AS PER WEBSITE DETAILS:

PROFILE

With rich technical expertise and the zeal to be a leader in the realm of printing technology, Subject has emerged as a force to be reckoned with. Ever since there inception in the year 2009, they have grown exponentially and are heralded as a well known manufacturer and exporter of pad printing systems and allied products. There product bouquet encompasses Single Colour Economy Machine, Single Colour Pad Printing Machine, Two Colour Pad Printing Machine, Jumbo Pad Printing Machine, Four Colour Pad Printing Machine, Tampon Pad Printing Machines, Automation Equipments, Printing Pads, Steel Cliches, Pad Printing Accessories, Pad Printing Machine Accessories, etc.

A rich culmination of latest technology and precision engineering, there products are widely used in electronics, plastics, automobiles, engineering, and several other industrial applications. There products are available in automatic, semi-automatic and standard systems that aid in the printing of objects in any surface. With a never dying commitment to excellence and perfection as the cornerstones of there successful existence, they will continue there winning streak in the future as well. There user friendly and cost effective solutions to the entire Pad Printing needs have earned accolades for them in many overseas regions across the globe.

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.57.22
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

INFORMATION DETAILS

Information Gathered by :	PJA
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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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.