MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	K R EQUIPMENTS PRIVATE LIMITED
Registered Office :	C-15I F S Apartments, Mayur Vihar Phase-I, New Delhi – 110092, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.04.1986
Com. Reg. No.:	55- 023954
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC023954
TAN No.: [Tax Deduction & Collection Account No.]	DELK08330A
PAN No.: [Permanent Account No.]	AAACK2411N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automatic Car Washing machine, Bus Washing Machines (Garage Equipments).
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 47000
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. Kamal Agarwal
Designation :	Director
Contact No.:	91-9810000543
Date :	05.05.2012

LOCATIONS

Registered Office :	C-15I F S Apartments, Mayur Vihar Phase-I, New Delhi – 110092, India
Tel. No.:	Not Available
Mobile No.:	91-9810000543 (Mr. Kamal Agarwal)
Fax No.:	Not Available
E-Mail :	pdmindia@rediffmail.com krepl1@gmail.com
Website :	www.krepl.com
Area :	1500 Sq. Ft.
Location :	Owned
Factory :	42/33, Site IV, Industrial Area, Sahibabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-2896284
Fax No.:	91-120-4562432
Area :	700 Sq. Mt
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Kamal Agarwal
Designation :	Director
Address :	F-11, Sector 39, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	01.10.1961
Date of Appointment :	17.04.1986
DIN No.:	00951279
Name :	Mr. Kailash Chandra Agarwal
Designation :	Director
Address :	F-11, Sector 39, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	21.10.1932
Date of Appointment :	17.04.1986
DIN No.:	00951443
Name :	Mrs. Meenakshi Agarwal
Designation :	Additional Director
Address :	F-11, Sector 39, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	04.12.1964
Date of Appointment :	01.04.2010
DIN No.:	03068945

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kailash Chandra Agarwal	85495
Kamal Agarwal	118095
Rajat Agarwal	26410
Arun Kumar Goel	10000
Meenakshi Agarwal	10000
Total	250000

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 Automatic Car Washing machine, Bus Washing Machines (Garage Equipments).

Products :

Product Description	Item Code No.:
Engineering Goods	0107

Exports :

Products :

Garage Equipments

Countries :

Africa

Imports :

Products :

Raw Material

Countries :

· Europe

· USA

· UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Max Engineering and Marketing Com

· Grand Polychem Private Limited

Customers :

End Users and OEM’s

· Maruti Udyog Service Department

No. of Employees :

50 (Approximately)

Bankers :

Oriental Bank of Commerce, Panchsheel Park, New Delhi - 110049, India

Facilities :

Cash Credit : Rs.5.000 Millions (Oriental Bank of Commerce)

LC and BC: Rs.5.000 Millions (From Oriental Bank of Commerce)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC Bank (Car Loan)	0.129	0.279
OBC (Car Loan)	0.325	0.000
Bank OCC A/c	1.090	1.505
Total	1.544	1.784
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Kamal Agarwal	0.643	0.643
K. C. Agarwal	0.234	0.234
Meenakshi Agarwal	1.190	1.190
Total	2.067	2.067

Banking Relations :	--
Auditors :
Name :	Pandey Dua and Mathur Chartered Accountants
Address :	A-105, II Floor, Safdarjung Enclave, New Delhi – 110029, India
PAN.:	AAAFP4206H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.209	8.245	6.983
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.709	10.745	9.483
LOAN FUNDS
1] Secured Loans		1.544	1.784	1.870
2] Unsecured Loans		2.067	2.067	2.314
TOTAL BORROWING		3.611	3.851	4.184
DEFERRED TAX LIABILITIES		1.044	1.054	1.619
TOTAL		16.364	15.650	15.286
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.106	5.995	5.983
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.059	0.096	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.276	3.176	5.192
	Sundry Debtors	6.681	7.931	11.070
	Cash & Bank Balances	9.229	6.173	4.132
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.666	3.734	5.383
Total Current Assets		22.852	21.014	25.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.103	1.716	1.238
	Other Current Liabilities	10.382	8.862	12.580
	Provisions	1.170	0.879	2.658
Total Current Liabilities		12.655	11.457	16.476
Net Current Assets		10.197	9.557	9.301
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.364	15.650	15.286

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	27.851	28.689	25.088
		TOTAL (A)	27.851	28.689	25.088
Less	EXPENSES
		Manufacturing and Commission	18.523	19.583	14.741
		Employee Remuneration and Benefits	2.402	2.227	2.342
		Administrative and Others	4.999	5.385	4.236
		TOTAL (B)	25.924	27.195	21.319
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.927	1.494	3.769
Less	FINANCIAL EXPENSES (D)		0.144	0.097	0.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.783	1.397	3.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.430	0.439	0.442
	PROFIT BEFORE TAX (E-F) (G)		1.353	0.958	3.176
Less	TAX (H)		0.389	(0.369)	1.984
	PROFIT AFTER TAX (G-H) (I)		0.964	1.327	1.192
Less	ADVANCE TAX, FBT AND T.D.S. WRITTEN OFF		0.000	0.066	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.181	6.920	5.728
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		4.145	8.181	6.920
	TOTAL IMPORTS		1.326	1.908	NA
	Earnings Per Share (Rs.)		3.86	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	32.000

Expected Sales (2012-2013): Rs.37.000 Millions

The above information has been parted by Mr. Kamal Agarwal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.46	4.63	4.75
Net Profit Margin (PBT/Sales)	(%)	4.86	3.34	12.66
Return on Total Assets (PBT/Total Assets}	(%)	4.67	3.55	10.00
Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.33
Debt Equity Ratio (Total Liability/Networth)		1.39	1.42	2.18
Current Ratio (Current Asset/Current Liability)		1.81	1.83	1.56

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	Yes
30) Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1986PTC023954
Name of the company	K R EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-15I F S Apartments, Mayur Vihar Phase-I, New Delhi – 110092, India E-mail : pdmindia@rediffmail.com
This form is for	Creation of Charge
Type of charge	Others (Vehicle finance by the bank)
Particular of charge holder	Oriental Bank of Commerce, Panchsheel Park, New Delhi - 110049, India E-mail : sanjuprofessional@gmail.com
Nature of instrument creating charge	Agreement of Term Loan
Date of instrument Creating the charge	14.07.2010
Amount secured by the charge	Rs.0.400 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction Terms of Repayment Repayable in 36 EMI of Rs.0.013 Million each w.e.f. 31.08.2010 Margin As per sanction Extent and Operation of the charge 100% exclusive first charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge over vehicle financed by the bank (Hyundai I-20 Meghna) with all accessories etc.

FIXED ASSETS:

· Land

· Building

· Furniture

· Vehicle

· Office Equipments

· Computer

TRADE REFERENCES:

· Maruti Udyog Service Department

· Capital Hyndai, Noida

· Max Engineering and Marketing Com

· Grand Polychem Private Limited

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.54.39
UK Pound	1	Rs.86.56
Euro	1	Rs.69.30

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.