MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	MAINI CONSTRUCTION EQUIPMENTS PRIVATE LIMITED
Registered Office :	3-4 Mile Stone, Village Gonchhi, Sohna Road, Ballabhgarh, Faridabad-121004, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.1997
Com. Reg. No.:	05-033642
Capital Investment / Paid-up Capital :	Rs.13.262 Millions
CIN No.: [Company Identification No.]	U29246HR1997PTC033642
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Access Stage Bracket, Accessories, Adjustable Base Jack, Adjustable U-Head Jack, etc.
No. of Employees :	Not Available

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 200000
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 :	3-4 Mile Stone, Village Gonchhi, Sohna Road, Ballabhgarh, Faridabad-121004, Haryana, India
Tel. No.:	91-129-2440965/2440966/2471001
Fax No.:	91-129-2440909/2470710
E-Mail :	info@kumarsanjay.com amaini@del3.vsnl.net.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Ajay Maini

Designation :

Director

Address :

H. No. 23, Sector 29, Faridabad-121008, Haryana, India

Date of Birth/Age :

02.05.1963

Date of Appointment :

26.06.1997

Din No.:

00264324

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29246HR1997PTC033642	MAINI CONSTRUCTION EQUIPMENTS PRIVATE LIMITED	Director	26-06-97	26-06-97	Active	NO
2	U29246HR2004PTC035394	APM SCAFFOLD RENTAL PRIVATE LIMITED	Director	27-05-04	27-05-04	Active	NO

Name :

Mr. Parmod Maini

Designation :

Director

Address :

H. No. 23, Sector 29, Faridabad-121008, Haryana, India

Date of Birth/Age :

18.01.1967

Date of Appointment :

27.05.2004

Din No.:

00264342

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29246HR1997PTC033642	MAINI CONSTRUCTION EQUIPMENTS PRIVATE LIMITED	Director	27-05-04	27-05-04	Active	NO
2	U29246HR2004PTC035394	APM SCAFFOLD RENTAL PRIVATE LIMITED	Director	27-05-04	27-05-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ajay Maini	824735
Parmod Maini	501500
Total	1326235

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Access Stage Bracket, Accessories, Adjustable Base Jack, Adjustable U-Head Jack, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur, 26, Neelam Bata Road, Faridabad-121001, Haryana, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
SBBJ A/C CC A/C	36.614	33.618
SBBJ A/C LC Limit A/C	5.312	0.000
Kotak Mahindra Prime Limited Car Loan	0.000	0.159
ICICI Bank Car Loan (Mercedes)	3.957	0.000
SBBJ Car Loan (Scoda)	1.193	0.000
Total	47.076	33.777

Banking Relations :	--
Auditors :
Name :	Kumar Sanjay and Associates Chartered Accountants
Address :	SCF 32, Sector 16A, Faridabad-121002, Haryana, India
Pan No.:	ACUPK0608E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1326235	Equity Shares	Rs.10/- each	Rs.13.262 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		13.262	13.262	13.262
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.530	29.234	15.332
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.792	42.496	28.594
LOAN FUNDS
1] Secured Loans		47.076	33.777	19.915
2] Unsecured Loans		0.000	0.000	0.281
TOTAL BORROWING		47.076	33.777	20.196
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		97.868	76.273	48.790
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.413	9.439	11.502
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.177	0.235	0.177
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.179	45.193	24.813
	Sundry Debtors	89.160	26.352	11.735
	Cash & Bank Balances	0.500	2.769	1.872
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.222	12.296	14.187
Total Current Assets		147.061	86.610	52.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	66.248	12.776	15.119
	Provisions	0.535	7.235	0.377
Total Current Liabilities		66.783	20.011	15.496
Net Current Assets		80.278	66.599	37.111
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		97.868	76.273	48.790

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	316.890	85.626	163.018
		Other Income	NA	0.932	0.067
		TOTAL	NA	86.558	163.085
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	63.467	157.288
		Advertising Expenses
		Financial Expenses
		TOTAL	NA	63.467	157.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.722	23.091	5.797
Less/ Add	DEPRECIATION/ AMORTISATION		2.355	2.007	2.359
	PROFIT / (LOSS) BEFORE TAX		9.367	21.084	3.438
Less	TAX		0.593	7.177	0.304
	PROFIT / (LOSS) AFTER TAX		8.774	13.907	3.134
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	7.817	NA
	Earnings / (Loss) Per Share (Rs.)		6.62	9.86	2.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	16.07	1.92
Net Profit Margin (PBT/Sales)	(%)	2.95	24.62	2.11
Return on Total Assets (PBT/Total Assets}	(%)	5.70	21.95	5.36
Return on Investment (ROI) (PBT/Networth)		0.18	0.50	0.12
Debt Equity Ratio (Total Liability/Networth)		2.24	1.27	1.25
Current Ratio (Current Asset/Current Liability)		2.20	4.33	3.39

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	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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90036261
Corporate identity number of the company	U29246HR1997PTC033642
Name of the company	MAINI CONSTRUCTION EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3-4 Mile Stone, Village Gonchhi, Sohna Road, Ballabhgarh, Faridabad-121004, Haryana, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, 26, Neelam Bata Road, Faridabad-121001, Haryana, India
Email	delhiroc@jksco.in
Nature of description of the instrument creating or modifying the charge	Agreement of Loan cum Hypothecation Letter of Arrangement
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs.69.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - @ 5.25% p.a. margin above base rate. Present effective Rate 15.75% p.a. calculated on daily products at monthly rests. On SLC - @ 1% over the regular working capital Terms of Repayment Working Capital : Repayable on Demand Margin 25% on Raw Materials : Imported 25% on Raw Materials : Indigenous 25% on Semi-Finished Goods 25% on Finished Goods 50% on Domestic Receivables Extent and Operation of the charge The company's movable assets as mentioned hereunder (as per column no. 15) are hereby hypothecated to secure the following credit facilities aggregating to Rs. 69.000 Millions granted by the bank to the Borrower Sl. Particulars Amt(Rs in Millions) 1.Cash Credit 60.000 (Sub Limit- CC(Book Debts) – 30.000) 2. SLC 9.000 -------------- Total 69.000
Short particulars of the property charged	Hypothecation of entire Current Assets and fixed assets of the borrower
Date of latest modification prior to the present modification	12.09.2007
Particulars of the present modification	On renewal, the overall limit has been reduced from Rs. 80.000 Millions to Rs. 69.000 Millions. Therefore the total amount of charge secured against Hypothecation of Stocks and Book Debts as mentioned in column no.15 above has now been reduced to Rs. 69.000 Millions

FIXED ASSETS:

· Air Conditioner

· Car

· Cell Phone

· Computer

· Cooler

· Cycle

· Dies and Fixture

· Electric Installation

· Fan

· Fax

· Furniture

· Generator

· Motor Cycle

· Office Equipments

· Refrigerator

· Scooter

· Television

· Tanks

· Tools and Equipments

WEBSITE DETAILS:

PROFILE:

With a proven track record of manufacturing and supplying quality products in time subject has established itself as a organization in the fields of Construction Formwork, Construction Scaffoldings in India and has started to extend its wings throughout the world. By keeping pace with time, subject has complete INHOUSE range of modern machinery, tools and tackles for manufacturing both conventional and modern system of construction formwork, construction scaffoldings.

Backed up with its highly competent technical personnel, through its R and D activities subject has successfully completed many prestigious assignments by giving due importance to customer demand, functional requirement and site conditions on job to job basis.

By its extensive manufacturing infrastructure and competent technical personnel’s subject proudly mentions here that it can develop suitable systems of staging and Formwork. For any type of structure with full client satisfaction at a competitive and optimum cost with due importance to safety. With time and quality as its essence subject has earned itself a reputation and through complete customer satisfaction its valued client list is on a steady increasing trend.

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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.87

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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.