MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	DELITE SYSTEMS ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	34, Guru Gobind Singh India Premises, Jay Coach, Goregaon (East), Mumbai-400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.01.2003
Com. Reg. No.:	11-138837
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31909MH2003PTC138837
TAN No.: [Tax Deduction & Collection Account No.]	MUMD11242A
PAN No.: [Permanent Account No.]	AABCD8897Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Material Handling Baggage Handling Systems, Belt Conveyors, Salt Conveyors, Pallet Conveyor, etc.
No. of Employees :	400 [Approximately]

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 93000
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. 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.

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

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Sanjay
Designation :	Office Executive
Contact No.:	91-22-26856404
Date :	08.11.2012

LOCATIONS

Registered / Head Office / Factory :	34, Guru Gobind Singh India Premises, Jay Coach, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-26856404/ 32520702/ 26858533
Fax No.:	91-22- 26866000
E-Mail :	manish@deliteengineers.com in1957@rediffmail.com info@delite.in sales@deliteengineers.com
Website :	http://www.delite.in
Location :	Owned
Factory 2 :	No. 1, Dias Industrial Estate, # 02 Sativali Naka, Vasai (East), District Thane-401208, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Manish Dolatrai Sanghvi
Designation :	Director
Address :	B / 52, 5^th Road, Gladsurst Building, Firoshw Mehta Road, Santacruz (West), Mumbai- 400054, Maharashtra, India
Date of Birth/Age :	26.10.1970
Qualification :	Graduate
Date of Appointment :	24.10.2003
Din No.:	00289382
Name :	Mrs. Purvi Manish Sanghvi
Designation :	Director
Address :	B / 52, 5^th Road, Gladsurst Building, Firoshw Mehta Road, Santacruz (West), Mumbai- 400054, Maharashtra, India
Date of Birth/Age :	16.07.1972
Qualification :	Graduate
Date of Appointment :	24.04.2003
Din No.:	01648478

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Manish Dolatrai Sanghvi	5000
Purvi Manish Sanghvi	5000
TOTAL	10000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Material Handling Baggage Handling Systems, Belt Conveyors, Salt Conveyors, Pallet Conveyor, etc.
Exports :
Products :	Material Handling Baggage Handling Systems, Belt Conveyors, Salt Conveyors, Pallet Conveyor, etc.
Countries :	· USA · Australia · Japan · UAE
Terms :
Selling :	Cash and Credit [30 Days]
Purchasing :	Cash and Credit [30 Days]

GENERAL INFORMATION

Suppliers :

· Amit Steel Corporation

· Arham Agencies

· BMT Infra and Laboratories

· B.R. Engineering Company

· Diya Engineering

· Ferro Steels

· Galaxy Coating India

· Gupta Steels

· Maulik Traders

· Meekey Garments

· M.R. Corporation

· Oriental Machinery Stores

· Nasu Systems

· Ruby Coats

· Premier Engineering Tech Private Limited

· Gas Security Systems India Private Limited

Customers :

· Air India Limited

· Bangalore International Airport Private Limited

· Jurong Engineering Limited

· Premier Technics

· Siemens Limited

· Alitalia Airlines

· Mumbai International Airport Private Limited

· Indian Railways

· AFCONS

· ONIDA

· EICL

· ECIL

· Tarmat Infrastructural and Engineering Private Limited

· Johnson and Johnson Limited

· Cargo Service Centre India Private Limited

· Larsen and Toubro Limited

No. of Employees :

400 [Approximately]

Bankers :

• Bank of Maharashtra
• ABN Amro Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Bank of Maharashtra [Innova Car Loan]	0.194	0.434
Bank of Maharashtra CC A/C	0.000	5.273
TOTAL	0.194	5.707
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Directors [Max Outstanding Rs.6.444 Millions]	6.445	7.570
TOTAL	6.445	7.570

Banking Relations :	--
Auditors :
Name :	N. P. Patwa and Company Chartered Accountants
Address :	102, Sudaive Plot No.97, Hindu Colony road No.3, Dadar, Mumbai- 400014, Maharashtra, India
Tel. No.:	91-22-24118145 / 24115870 / 24114590
E-Mail :	nppatwa@rediffmail.com
PAN No:	AAGFN2813E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.150	16.984	10.631
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.250	17.084	10.731
LOAN FUNDS
1] Secured Loans		0.194	5.707	3.465
2] Unsecured Loans		6.445	7.570	5.080
TOTAL BORROWING		6.639	13.277	8.545
DEFERRED TAX LIABILITIES		0.221	0.000	0.000
TOTAL		30.110	30.361	19.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.152	5.664	5.451
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.301	3.043	0.000
DEFERREX TAX ASSETS		0.000	0.095	0.090
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.992	4.989	15.383
	Sundry Debtors	53.520	46.652	31.955
	Cash & Bank Balances	6.137	5.570	4.659
	Other Current Assets	2.637	3.741	0.000
	Loans & Advances	3.676	4.375	2.003
Total Current Assets		67.962	65.327	54.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.477	33.879	37.198
	Other Current Liabilities	0.000	0.000	3.072
	Provisions	4.828	9.889	0.000
Total Current Liabilities		47.305	43.768	40.270
Net Current Assets		20.657	21.559	13.730
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		30.110	30.361	19.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	147.732	139.235
		Other Income	0.478	0.187
		TOTAL	148.210	139.422	73.910
Less	EXPENSES
		TOTAL	138.781	129.933	66.446
	PROFIT / (LOSS) BEFORE TAX		9.429	9.489	7.464
Less	TAX		3.262	3.137	2.842
	PROFIT / (LOSS) AFTER TAX		6.167	6.352	4.622
	Earnings / (Loss) Per Share (Rs.)		616.70	635.20	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.16	4.55	6.25
Net Profit Margin (PBT/Sales)	(%)	6.38	6.82	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.72	13.37	12.55
Return on Investment (ROI) (PBT/Networth)		0.41	0.55	0.70
Debt Equity Ratio (Total Liability/Networth)		2.32	3.34	4.55
Current Ratio (Current Asset/Current Liability)		1.44	1.49	1.34

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	42.477	33.879	37.198

PARTIAL DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Abdul R Bakshi	0.439	0.439
Bhaiyalal Jaiswar	0.284	0.284
Bohra Singh, Delhi	0.166	0.166
Chenadrasekar Telgure	0.197	0.197
Devji Hiralal Kamble	0.168	0.168	NA
D. Manickhavelu	0.346	0.346
Gas Security Systems India Private Limited	0.458	0.458
Govind Shah	0.369	0.369
Jagdish Zhakhad-CRS	0.223	0.223
Jawaharlal Mistry	0.283	0.283

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	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	No
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 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	No

OPERATION AND OUTLOOK:

During the year the company earned an income of Rs.147.732 Millions as against Rs.139.235 Millions achieved during the corresponding period of previous year. The company also earned during the year Rs.0.478 Million during the year as against Rs.0.187 Million earned during the corresponding period of previous year by way of other income. After offsetting the expenses the company made an profit of Rs.9.429 Millions before taxation as against Rs.9.489 Millions earned during the corresponding period of previous year. The directors are optimistic about the future of the company.

FIXED ASSETS:

· Lathe Machines

· Plant and Machinery

· Air Conditioner

· Camera

· Computer

· Furniture and Fixtures

· Motor Car

· Mobile Phone

· Office Cabin

· Hand Press Machine

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 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.54.44
UK Pound	1	Rs.87.00
Euro	1	Rs.69.47

INFORMATION DETAILS

Information Gathered by :	JML
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	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	NO
--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		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.