MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	CHANDERPUR WORKS PRIVATE LIMITED
Registered Office :	Village Jorian, Yamuna Nagar-135001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.03.2009
Com. Reg. No.:	05-038843
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U29220HR2009PTC038843
TAN No.: [Tax Deduction & Collection Account No.]	RTKC02600D
PAN No.: [Permanent Account No.]	AADCC6080A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Fabrication of Machinery and Equipments For Cement, Lime, Materials Handling, Gasifier, Sugar, Paper, Fertilizer and Other Allied Industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. It has achieved good growth in its sales turnover during 2011. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SME 2
Rating Explanation	High Credit Quality
Date	31.10.2011

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	Village Jorian, Yamuna Nagar-135001, Haryana, India
Tel. No.:	91-1732-203460 / 203461 / 203462
Fax No.:	91-1732-203463
E-Mail :	mgco31@yahoo.com cpwindia@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sumesh Kailash Chandra

Designation :

Director

Address :

Chandra Niwas, Behind Eye Hospital, Jorian, Yamuna Nagar-135001, Haryana, India

Date of Birth/Age :

19.03.1933

Date of Appointment :

02.03.2009

Din No.:

02184694

Name :

Mr. Nirmal Banarasi Dass Gupta

Designation :

Director

Address :

Chandra Niwas, Behind Eye Hospital, Jorian, Yamuna Nagar-135001, Haryana, India

Date of Birth/Age :

01.01.1938

Date of Appointment :

02.03.2009

Din No.:

02538984

Name :

Mr. Nikhil Chandra

Designation :

Director

Address :

Chandra Niwas, Behind Eye Hospital, Jorian, Yamuna Nagar-135001, Haryana, India

Date of Birth/Age :

29.01.1986

Date of Appointment :

02.03.2009

Din No.:

02184698

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U29191HR1998PTC034015	CHANDERPUR RENEWAL POWER COMPANY PRIVATE LIMITED	Director	30/09/2009	10/10/2008	Active	NO
2	U29220HR2009PTC038843	CHANDERPUR WORKS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	Active	NO
3	U29200HR2012PTC045740	CHRISTIAN PFEIFFER INDIA PRIVATE LIMITED	Director	27/04/2012	27/04/2012	Active	NO

Name :

Mr. Sudhir Sumesh Chandra

Designation :

Additional Director

Address :

Chandra Niwas, Behind Eye Hospital, Jorian, Yamuna Nagar-135001, Haryana, India

Date of Birth/Age :

21.07.1962

Date of Appointment :

01.12.2011

Din No.:

01236481

Other Directorship:

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	U27109HR1948PTC001042	KAY IRON WORKS PRIVATE LIMITED	Director	21/12/1989	21/12/1989	31/03/2002	Active	NO
2	U29191HR1998PTC034015	CHANDERPUR RENEWAL POWER COMPANY PRIVATE LIMITED	Director	28/08/1998	28/08/1998	-	Active	NO
3	U29220HR2009PTC038843	CHANDERPUR WORKS PRIVATE LIMITED	Additional director	01/12/2011	01/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Chandra
Designation :	Manager
Date of Appointment :	01.11.2009
Pan No.:	AANPC8847J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sumesh Kailash Chandra	161213
Nirmal Banarasi Dass Gupta	161213
Alka Bal Kishan Dass Chandra	124434
Kavita Chandra	81516
Nikhil Chandra	48965
Chaitanya Chandra	89739
Shitij Chandra	82920
TOTAL	750000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Fabrication of Machinery and Equipments For Cement, Lime, Materials Handling, Gasifier, Sugar, Paper, Fertilizer and Other Allied Industries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, SCO-145-146, Post Box No. 92, Sector 17 C, Chandigarh-160017, Chandigarh, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Oriental Bank of Commerce, Gobindpuri Branch, Jagdhri Road, Yamuna Nagar-135001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	8.503	8.729
Rupee term loans financial institutions	9.653	12.109
Working capital loans	14.196	45.616
Loans taken for vehicles	9.067	5.950
Other debt	20.000	20.000
TOTAL	61.419	92.404
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other Debts	18.216	20.078
TOTAL	18.216	20.078

Banking Relations :	--
Auditors :
Name :	Vijay and Satish Bhatia Chartered Accountant
Address :	Civil Lines, Jagadhri-135001, Haryana, India
PAN No:	ABXPB5935F

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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		7.500	7.500	4.862
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.285	11.956	26.640
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.785	19.456	31.502
LOAN FUNDS
1] Secured Loans		61.419	92.404	8.549
2] Unsecured Loans		18.216	20.078	17.690
TOTAL BORROWING		79.635	112.482	26.239
DEFERRED TAX LIABILITIES		3.312	1.298	0.000
TOTAL		144.732	133.236	57.741
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.046	63.290	72.656
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.392	56.486	11.215
	Sundry Debtors	13.850	43.897	12.523
	Cash & Bank Balances	40.218	41.499	72.415
	Other Current Assets	0.000	0.000	36.066
	Loans & Advances	344.376	278.748	50.673
Total Current Assets		455.836	420.630	182.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.886	42.831	30.231
	Other Current Liabilities	220.558	302.743	163.306
	Provisions	104.706	5.110	4.275
Total Current Liabilities		393.150	350.684	197.812
Net Current Assets		62.686	69.946	(14.920)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.732	133.236	57.741

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1123.318	573.625	57.446
	EXPENSES
		TOTAL	1043.415	538.591	56.441
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		79.903	35.034	1.005
Less/ Add	DEPRECIATION/ AMORTISATION		15.147	16.888	0.787
	PROFIT / (LOSS) BEFORE TAX		64.756	18.146	0.218
Less	TAX		22.427	NA	NA
	PROFIT / (LOSS) AFTER TAX		42.329	NA	NA
	Earnings / (Loss) Per Share (Rs.)		5.64	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.77	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.04	3.75	0.09
Return on Investment (ROI) (PBT/Networth)		1.05	0.93	0.01
Debt Equity Ratio (Total Liability/Networth)		7.65	23.80	7.11
Current Ratio (Current Asset/Current Liability)		1.15	1.20	0.92

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	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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

The company has achieved sales and other receipts of 1123.318 Millions during the year against the sales and other receipts of 573.625 Millions during the last year. The company earned net profit of 64.755 Millions after charging Deprecation of 15.147 Millions. The company hopes much more better results in the coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29220HR2009PTC038843
Name of the company	CHANDERPUR WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Jorian, Yamuna Nagar-135001, Haryana, India
Type of charge	Immovable Property Movable Property [not being pledge]
Particular of charge holder	Small Industries Development Bank of India, SCO-145-146, Post Box No. 92, Sector 17 C, Chandigarh-160017, Chandigarh, India Email: msinha@sidbi.in
Nature of description of the instrument creating or modifying the charge	1 Loan agreement dated 24.02.2012 2 Hypothecation deed dated 24.02.2012 3 Letter of intent dated 24.02.2012
Date of instrument Creating the charge	24.02.2012
Amount secured by the charge	Rs.26.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be payable at the rate of 600 bps p.a. over six month USD LIBOR with monthly rests, on the principal amount of the Loan outstanding from time to time Terms of Repayment The Loan shall be repayable in 60 monthly installments after a moratorium of six month from the date of first disbursement of Loan Extent and Operation of the charge 100% as indicated at 15.
Short particulars of the property charged	Primary security: 1) First charge by way hypothecation of plant, machinery, equipment, tools, spares , accessories and all other assets which have been or proposed to be acquired under project Collateral Security: Extension of first charge by way of hypothecation of all movable properties(save and except book debts)including the movables plant, machinery, machinery spares, tools and accessories Office equipments, computers, furniture and fixtures, both present and future already charged to the SIDBI for the term loan of Rs 9.000 Millions and Rs. 8.000 Millions sanctioned to CWPL located at Village: Jorian, Yamuna Nagar, Haryana by SIDBI and hypothecated to SIDBI vide deed of Hypothecation dated Nov, 7, 2007 and December, 28, 2009 Second charge on all immovable properties of the firm located at Jorian, Yamuna Nagar-135001(Haryana)

FIXED ASSETS:

· Land Improvements

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

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 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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.