MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	PRAGYA EQUIPMENTS PRIVATE LIMITED
Formerly Known As :	PRAGYA PRECISION HYDRAULICS PRIVATE LIMITED
Registered Office :	110, Modi Tower, M. T. H. Compound, Indore-452004, Madhya Pradesh.
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	24.11.1997
Com. Reg. No.:	10-012469
Capital Investment / Paid-up Capital :	Rs.2.295 Millions
CIN No.: [Company Identification No.]	U34102MP1997PTC012469
IEC No.:	1101003677
PAN No.: [Permanent Account No.]	AABCP0492P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Steel Plant Machinery.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 52000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. Latest financials of the company are not made available. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength
Date	July 2010

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

Name :	Mr. Mehmood Ahmed
Designation :	AGM Commercial
Date :	18.08.2012

LOCATIONS

Registered Office :	110, Modi Tower, M. T. H. Compound, Indore-452004, Madhya Pradesh, India
Tel. No.:	91-731-2430399/ 3071779
Fax No.:	91-731-2430402
E-Mail :	mehmood@pragyaindia.com
Website :	http://www.pragyaindia.com
Factory 1 :	Plot No. 178-A. Sector. 1. Pithampur, District – Dhar-454775, Madhya Pradesh, India
Tel. No.:	91-7292-253768
Fax No.:	91-7292-253769
E-Mail :	info@pragyequipments.net.in
Location :	Owned
Factory 2 :	Plot No. 147. Sector -1. Pithampur, District – Dhar-454775, Madhya Pradesh, India
Tel. No.:	91-7292-243181
Fax No.:	91-7292-253769
E-Mail :	info@pragyequipments.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Laxmichand Tolani

Designation :

Managing Director and CEO

Address :

62, Usha Nagar Exten. Indore-452009, Madhya Pradesh. India

Date of Birth/Age :

01.07.1956

Qualification :

BE – Mech., FIE

Date of Appointment :

24.11.1997

DIN No.:

00034797

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	U34102MP1997PTC012469	PRAGYA EQUIPMENTS PRIVATE LIMITED	Director	24/11/1997	24/11/1997	-	Active	NO
2	U34300MP1995PTC009065	PRAGYA ENGINEERING PRIVATE LIMITED	Additional director	15/07/2011	08/06/2007	-	Active	NO
3	U29299MP2008PTC020682	G.S. SOLUTIONS PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
4	U27203MP2004PTC017157	MAATESHWARI ALUMINIUM PRIVATE LIMITED	Managing director	01/01/2009	19/09/2008	20/04/2011	Active	NO
5	U28112MP2006PTC018935	SANYA STEEL FABRICATORS PRIVATE LIMITED	Director	01/12/2010	01/01/2009	15/04/2011	Active	NO
6	U28113MP2006PTC018434	PRAGYA ALUMINIUM PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
7	U29220MP2012PTC027858	PRAGYA HEAVY EQUIPMENT AND ALUMINIUM PRIVATE LIMITED	Director	01/03/2012	01/03/2012	-	Active	NO

Name :

Mr. Sewak Ram Asrani

Designation :

Director

Address :

15, Madhav Nagar, Katni, Indore-483507, Madhya Pradesh, India

Date of Birth/Age :

01.05.1957

Date of Appointment :

08.11.2012

DIN No.:

03297235

Name :

Mr. Roshan Asrani

Designation :

Director

Address :

Hospital Line, Katni, Indore-483507, Madhya Pradesh, India

Date of Birth/Age :

04.01.1990

Date of Appointment :

08.11.2012

DIN No.:

03297225

KEY EXECUTIVES

Name :	Mr. Mehmood Ahmed
Designation :	AGM Commercial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
L.C. Tolani	158300
D.K. Jethani	7200
P.K. Pastria	7200
Vijay Jethani	6200
Meena Tolani	300
S. P. Mordia	1800
Gangadevi Talrej	1000
Jamuna Asrani	1000
Sanjay Gureja	1000
Saraswati Tolani	1000
Arjundas Tolani	1000
Nitin Tikalkar	1160
Shehzad Khan	100
Sneha Shah	100
Rajan Mishra	4100
Mehmood Ahmed	1260
Sevakram Asrani	3000
Prem Kumar Verm	1160
Hiranand Tolani	3000
R. Kumar	1460
Ram Sharma	2600
GSR Sarma	3000
Manish Choudhary	90
Sangita Choudha	10
Kriti Gureja	13000
Hitesh Tolani	9500
Total	229540

As on 30.05.2012

Names of Allottees	No. of Shares
L.C. Tolani	175000
L.C. Tolani Prop	537300
Shehzad Khan	143500
Sanjay Gureja	41300
Mehmood Ahmed	25300
Saraswati Tolani	70600
Kriti Gureja	172500
Sanya Steel Fabricators Private Limited, India	5800
Firon Khan	123000
Ubedur Rehman	5800
Kishanlal Pardesi	11700
Anwar Hussain	1200
Rehana Ahmed	1100
Mehendra Singh Thakur	1100
Masood Ahmed	1200
Deepak Chhabra	1100
Sattar Khan	1000
Reshma Khan	1100
Shaji Shankaran	1200
Total	1320800

As on 26.03.2011

Names of Allottees	No. of Shares
L.C Tolani	210100
Meena Tolani	25000
Shehzad Khan	30000
Meena Gureja	30000
Mehmood Ahmed	10000
Sevakram Asrani	55000
GSR Sharma	100
Total	360200

As on 31.03.2012

Names of Allottees	No. of Shares
Saraswati Tolani	199000
Shehzad Khan	62000
Kriti Gureja	495000
Total	756000

As on 31.03.2012

Names of Allottees	No. of Shares
Lakhmichand Tolani	235000
Total	235000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	83.69
Other top fifty shareholders	16.31
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Steel Plant Machinery.
Exports :
Products :	Steel Plant Machinery
Countries :	· Germany · Canada · Iran
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	L/C and Advance
Purchasing :	L/C and Advance

GENERAL INFORMATION

Customers :

Consumers

No. of Employees :

250 (Approximately)

Bankers :

• Canara Bank. Branch SME, 5 Y. N. Road, Indore-452001, Madhya Pradesh, India
• State Bank of Indore, Industrial Estate, Branch, Indore, Madhya Pradesh, India
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
• HDFC Bank Limited
• Citi Bank Limited
• ICICI Bank Limited
• Standard Chartered Bank
• Export – Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
Canara Bank (Term Loan) (Secured against hypothecation of building, plant and machinery)	2.332	3.766
Canara Bank (C.C. Loan) (Secured against hypothecation of stock)	32.503	15.281
ICICI Limited (Secured against hypothecation of cars)	0.988	1.867
Total	35.823	20.914
Unsecured Loan
From Directors, Share Holders and their Relatives	5.688	5.175
From Others
HDFC Bank Limited	0.927	1.783
Citi Bank Limited	0.127	0.202
ICICI Bank Limited, CCL	2.614	2.536
Cholamandlam DBS Finance	0.351	0.488
Indiabulls Financial Services	2.344	2.915
Standard Chartered Bank	0.383	0.616
Total	12.434	13.715

Banking Relations :	--
Auditors :
Name :	Arora Banthia and Tulsiyan Chartered Accountants
Address :	6^th Floor, Silver Arc Plaza, 20/1, New Palasia, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2534318-19
PAN.:	AACFA7743C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs.42.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2901540	Equity Shares	Rs.10/- each	Rs.29.015 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
229540	Equity Shares	Rs.10/- each	Rs.2.295 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		2.295	2.295	2.295
2] Share Application Money		4.102	4.102	1.102
3] Reserves & Surplus		6.498	5.564	4.516
4] (Accumulated Losses)		0.320	0.341	0.362
NETWORTH		13.215	12.302	8.275
LOAN FUNDS
1] Secured Loans		35.823	20.914	19.166
2] Unsecured Loans		12.434	13.715	15.724
TOTAL BORROWING		48.257	34.628	34.889
DEFERRED TAX LIABILITIES		1.563	1.450	1.503
TOTAL		63.035	48.380	44.667
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.875	11.793	10.984
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.520	56.091	36.652
	Sundry Debtors	15.925	17.995	9.718
	Cash & Bank Balances	1.554	1.013	6.140
	Other Current Assets	2.019	2.793	1.105
	Loans & Advances	5.144	14.752	5.281
Total Current Assets		85.162	92.644	58.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.743	35.366	13.844
	Other Current Liabilities	18.679	20.221	10.897
	Provisions	0.630	0.520	0.522
Total Current Liabilities		33.052	56.107	25.263
Net Current Assets		52.110	36.537	33.633
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.035	48.380	44.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	70.363	55.089	63.719
		Other Income	0.743	1.204	0.323
		TOTAL (A)	71.106	56.293	64.042
Less	EXPENSES
		Cost of Materials	56.166	41.815	51.890
		Manufacturing Expenses	2.076	3.392	2.503
		Administrative Expenses & other expenses	6.220	5.357	5.057
		TOTAL (B)	64.462	50.564	59.450
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.644	5.729	4.592
Less	FINANCIAL EXPENSES (D)		3.903	3.326	2.325
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.741	2.403	2.267
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.932	0.889	0.763
	PROFIT BEFORE TAX (E-F) (G)		1.809	1.514	1.504
Less	TAX (H)		0.875	0.465	0.506
	PROFIT AFTER TAX (G-H) (I)		0.934	1.049	0.998
	EARNINGS IN FOREIGN CURRENCY		2.788	6.373	NA
	Earnings Per Share (Rs.)		4.07	4.57	NA

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	180.000	140.000

Expected Sales (2012-2013): Rs.200.000 Millions

The above information has been parted by Mr. Mehmood Ahmed

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.31	1.86	1.55
Net Profit Margin (PBT/Sales)	(%)	2.57	2.74	2.36
Return on Total Assets (PBT/Total Assets}	(%)	1.88	1.44	2.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.18
Debt Equity Ratio (Total Liability/Networth)		6.15	7.37	7.27
Current Ratio (Current Asset/Current Liability)		2.57	1.65	2.33

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	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	No
18]	Major customers	No
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	No
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

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Mobile and Telephone
• Office Equipment
• Computer
• Electrical Installation
• Motor Cycle
• Car

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.55.70
UK Pound	1	Rs.87.54
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.