MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	BABY ENGINEERING PRIVATE LIMITED
Formerly Known As :	BHARANI FABRICS (INDIA) PRIVATE LIMITED
Registered Office :	E-37, Developed Plot Estate, Thuvakudi , Thiruchirapalli – 620015, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.1993
Com. Reg. No.:	18-026376
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U17124TN1993PTC026376
TAN No.: [Tax Deduction & Collection Account No.]	CHEB05670a
PAN No.: [Permanent Account No.]	AACCB0703C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of components for power plant equipment namely boiler, heat exchanger, auxiliaries, hrsg, whb, low and high pressure piping, structures etc..,
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 203000
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

LOCATIONS

Registered Office/ Factory :	E-37, Developed Plot Estate, Thuvakudi , Thiruchirapalli – 620015, Tamilnadu, India
Tel. No.:	91-431-2500800/ 2501474/ 2500334/ 3041300
Fax No.:	91-431-2500012
E-Mail :	kasi.b@babyengg.com info@babyengg.com babyengg@gmail.com harish@babyengg.com
Website :	www.babyengg.com

DIRECTORS

As on 25.09.2010

Name :

Mr. Amirthakasi Balasubramanian

Designation :

Managing director

Address :

2/67, 3^rd Cross, First Main Road, Raja Colony, Trichy – 620001,

Date of Appointment :

12.04.2001

DIN No.:

01252491

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	U17124TN1993PTC026376	BABY ENGINEERING PRIVATE LIMITED	Managing director	12-04-01	12-04-01	-	Active	NO
2	U74140TN2009PTC072385	BHELSIA DESIGN CLUSTER PRIVATE LIMITED	Director	27-07-09	27-07-09	-	Active	NO

Name :

Mr. Parthasarathy Amirthakasi

Designation :

Director

Address :

2/67, 3^rd Cross, First Main Road, Raja Colony, Trichy – 620001,

Date of Appointment :

12.04.2001

DIN No.:

01252547

Name :

Mr. Harish Amirthakasi

Designation :

Director

Address :

2/67, 3^rd Cross, First Main Road, Raja Colony, Trichy – 620001,

Date of Appointment :

21.01.2001

DIN No.:

01252588

Name :

Mrs. Radhika Kolingiwadi Swaminathan

Designation :

Director

Address :

2/67, 3^rd Cross, First Main Road, Raja Colony, Trichy – 620001,

Date of Appointment :

12.04.2001

DIN No.:

01291578

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders	No. of Shares
Amirthakasi Balasubramanian	140000
Parthasarathy Amirthakasi	20000
Harish Amirthakasi	20000
Radhika Kolingiwadi Swaminathan	20000
TOTAL	200000

As on 01.03.2011

Names of Allottee	No. of Shares Allotted
Amirthakasi Balasubramanian	70000
Parthasarathy Amirthakasi	10000
Harish Amirthakasi	10000
Radhika Kolingiwadi Swaminathan	10000
TOTAL	100000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of components for power plant equipment namely boiler, heat exchanger, auxiliaries, hrsg, whb, low and high pressure piping, structures etc..,

Products :

Product Description	Item Code No.
Fabrication Shop	72015001

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity
Actual Production	MT	3196.274

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Branch, Thuvakudi, Tiruchirapalli – 620015, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan from SBI- Building Loan	1.882	4.048
Open Term Loan from SBI	3.625	5.256
SME Care from SBI	0.000	9.122
Stand by Line of Credit from SBI	9.999	6.507
Cash Credit from SBI (The above loans from SBI are secured by factory land and building, debtors, stock in trade and guarantee of directors)	72.675	45.910
Vehicle loan from SBI (Against hypothecations of Mahindra Tourist)	0.503	0.000
Vehicle loan form HDFC Bank Limited (Against hypothecation of Swaraj Mazda Bus)	0.574	0.000
NSIC (Against Bank Guarantee)	17.346	14.894
Sundaram Finance ( Hypothecation Of Vehicle)	0.000	0.298
The TIIC Limited (:Secured by personal guarantee of directors)	33.097	8.560
Total	139.701	94.595
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	2.657	4.932
From Others	6.421	(3.776)
Total	9.078	1.156

Banking Relations :	--
Auditors :
Name :	S. Hariharan Chartered Accountant
Address :	11, Second Street, Race View Colony, Guindy, Chennai – 600032, Tamilnadu, India
PAN.:	AAAPH9889C

CAPITAL STRUCTURE

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

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		20.000	16.000	16.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.798	25.421	19.129
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.798	41.421	35.129
LOAN FUNDS
1] Secured Loans		139.701	94.595	78.163
2] Unsecured Loans		9.078	1.156	6.280
TOTAL BORROWING		148.779	95.751	84.443
DEFERRED TAX LIABILITIES		0.250	0.000	0.510
TOTAL		199.827	137.172	120.082
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.969	47.902	39.675
Capital work-in-progress		74.939	1.248	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.215	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.235	78.630	43.569
	Sundry Debtors	42.219	16.653	33.265
	Cash & Bank Balances	23.918	20.216	17.805
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.303	24.839	20.889
Total Current Assets		184.675	140.338	115.528
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.820	13.836	11.605
	Other Current Liabilities	38.060	23.520	13.415
	Provisions	19.876	15.175	10.101
Total Current Liabilities		107.756	52.531	35.121
Net Current Assets		76.919	87.807	80.407
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.827	137.172	120.082

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	220.812	128.663	116.085
		Other Income
		TOTAL (A)	220.812	128.663	116.085
Less	EXPENSES
		Office Expenses	187.189	94.968	91.678
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	187.189	94.968	91.678
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.623	33.695	24.407
Less	FINANCIAL EXPENSES (D)		16.407	16.651	8.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.216	17.044	16.295
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.574	6.403	4.996
	PROFIT BEFORE TAX (E-F) (G)		10.642	10.640	11.299
Less	TAX (H)		5.265	4.348	4.426
	PROFIT AFTER TAX (G-H) (I)		5.377	6.292	6.873
Add	Opening Balance in Profit and Loss Account		0.040	0.047	0.024
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	6.300	6.850
	BALANCE CARRIED TO THE P/L		0.417	0.040	0.047
	Earnings Per Share (Rs.)		26.88	34.79	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.44	4.89	5.92
Return on Total Assets (PBT/Total Assets}	(%)	4.57	5.65	7.28
Return on Investment (ROI) (PBT/Networth)		0.21	0.26	0.32
Debt Equity Ratio (Total Liability/Networth)		5.65	3.58	3.40
Current Ratio (Current Asset/Current Liability)		1.71	2.67	3.29

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL RESULT

Even though the recision of the economy existed till quarter 1 of year the company has got increase on turnover from Rs.124.565 millions to Rs.220.812 millions and thus resulting in percentage increase of 77.27%

FORM 8

Corporate identity number of the company	U17124TN1993PTC026376
Name of the company	BABY ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-37, Developed Plot Estate, Thuvakudi , Thiruchirapalli – 620015, Tamilnadu, India Email: info@babyengg.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80029556
Type of charge	Book Debts Movable Property Floating Charge Immovable Property
Particular of charge holder	State Bank of India, SME Branch, Thuvakudi, Tiruchirapalli – 620015, Tamilnadu, India Email : srinivasan.sharma@sbi.co.in
Nature of instrument creating charge	supplemental agreement of loan cum hypothecation [sme-4] Letter of confirmation for extension of mortgage by deposit of title deeds covering enhanced limits [sme-8] Letter of arrangement [sme-1]
Date of instrument Creating the charge	08.11.2011
Amount secured by the charge	Rs.266.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.75% for working capital [ base rate -10% + 6.75%] no change in respect of existing term loan facilities Terms of Repayment Adhoc working capital is repayable on demand. It is available for 3 months No change in respect of existing term loans and other limits Margin 15% for bank guarantee and 25% in respect of fund based limits Extent and Operation of the charge The securities cover the revised total financial facility of Rs.266.700 millions together with costs and charges thereon.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of entire current assets viz raw materials, stocks in process and finished goods, semi-finished goods, stores, spares and receivables. . Extension of e m over lease hold immovable properties viz. land measuring 0.50 acres with building measuring 7077 sq.ft. Located at no.E-37, Developed Plot Estate, Thuvakudi, Trichy under SF. 394[p]. Land measuring 1.2753 acres with building measuring 20036 sq.ft Located at E.75 to E.78, Developed Plot Estate, Thuvakudi, Trichy under Sf No.714[p] Land measuring 1.03 acres with building measuring 6394 sq.ft. Located at D-23, Developed Plot Estate, Thuvakudi, Trichy. Under Sf No.400(p) with buildings constructed thereon measuring 6394 sq.ft
Date of instrument modifying the charge	08.09.2011
Particulars of the present modification	Total limits enhanced from Rs.249.500 millions to Rs.266.700 millions. The break-up details are:- Limits Existing Revised (Rs in Millions) CC 10.000 100.000 CC (ADHOC) NIL 20.000 SLC 10.000 10.000 TL-SME CAR 2.800 2.700 TL & OTL 1.700 1.200 LC & BG 100.000 100.000 T.L(II)& ELA 35.000 32.800 TOTAL 249.500 266.700

Fixed Assets

• Land and Properties
• Building
• Plant and Machinery
• Office Equipment
• Furniture and Fixture
• Vehicles
• Motor Bus
• House Account
• Tools Account
• Air Conditioner
• Computers
• Goodwill Account

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.52.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		45

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.