MIRA INFORM REPORT

Report Date :

22.09.2012

1. Summary Information

		Country	India
Company Name	KIMBERLEY ENGINEERS PRIVATE LIMITED	Principal Name 1	Mr. Soli Dhabhar
Status	Moderate	Principal Name 2	Mr. Lila Dhar Sharma
		Registration #	079302
Street Address	402 Konark Shramm M Malaviya Road, Tardeo, Mumbai 400034, Maharashtra
Established Date	29.06.1994	SIC Code	--
Telephone#	91-22-23510599	Business Style 1	Manufacturer
Fax #	91-22-23514240	Business Style 2	--
Homepage	kimberleyengrs@rediffmail.com	Product Name 1	Diamond Impregnated Tools
# of employees	--	Product Name 2	--
Paid up capital	Rs. 1,800,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Bank of India Limited
Public Limited Corp.	No	Business Period	18 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	24,505,000	Current Liabilities	4,520,000
Inventories	15,184,000	Long-term Liabilities	0,000
Fixed Assets	25,129,000	Other Liabilities	(6,186,000)
Deferred Assets	0,000	Total Liabilities	(1,666,000)
Invest& other Assets	0,000	Retained Earnings	64,684,000
		Net Worth	66,484,000
Total Assets	64,818,000	Total Liab. & Equity	64,818,000
Total Assets (Previous Year)	76,540,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	35,793,000	Net Loss	(275,000)
Sales(Previous yr)	30,800,000	Net Loss (Prev.yr)	(1000,000)

IDENTIFICATION DETAILS

Name :	KIMBERLEY ENGINEERS PRIVATE LIMITED
Registered Office :	402 Konark Shramm M Malaviya Road, Tardeo, Mumbai 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.06.1994
Com. Reg. No.:	11-079302
Capital Investment/ Paid-up Capital:	Rs.1.800 millions
CIN No.: [Company Identification No.]	U28920MH1994PTC079302
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11523B
PAN No.: [Permanent Account No.]	AABCK2908F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Diamond Impregnated Tools
No. of Employees:	Not Available

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 266000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

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 :	402 Konark Shramm M Malaviya Road, Tardeo, Mumbai 400034, Maharashtra, India
Tel. No.:	91-22-23510599
Fax No.:	91-22-23514240
E-Mail :	kimberleyengrs@rediffmail.com
Factory 1:	5 Kusum Industrial Estate Hamrapur, Taluka Wada District Thane 421303, Mahatashtra, India
Factory 2 :	95, N Bahrucha Marg, Mumbai 400007, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Manoj Katira

Designation :

Managing Director

Address :

23 Bhaveshwar Shirkar -2, R B Mehta Road, Ghatkpar, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

24.11.1959

Date of Appointment :

13.12.2011

Din No.:

00003746

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	U28920MH1994PTC079302	KIMBERLEY ENGINEERS P LTD	Managing director	13/12/2011	29/06/1994	-	Active	NO
2	U28930RJ1996PTC027215	KIMBERLEY TOOLS PRIVATE LIMITED	Director	16/10/1996	16/10/1996	-	Active	NO
3	U72900MH2006PTC166010	SUVIDHAA INFOWAY PRIVATE LIMITED	Director	05/12/2006	05/12/2006	20/07/2007	Active	NO

Name :

Mr. Soli Dhabhar

Designation :

Director

Address :

New Petit Mansion, 4^th Floor, 95 N Bharucha Marg, Grant Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

14.11.1935

Date of Appointment :

13.12.2011

Din No.:

00003739

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	U28920MH1994PTC079302	KIMBERLEY ENGINEERS P LTD	Director	13/12/2011	29/06/1994	-	Active	NO
2	U28930RJ1996PTC027215	KIMBERLEY TOOLS PRIVATE LIMITED	Director	16/10/1996	16/10/1996	-	Active	NO

Name :

Mr. Lila Dhar Sharma

Designation :

Director

Address :

11, Modern Complex, Udaipur -313004, Rajasthan, India

Date of Birth/Age :

03.03.1949

Date of Appointment :

29.06.1994

Din No.:

00003750

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Soli Dhabhar	6000
Mr. Lila Dhar Sharma	6000
Mr. Manoj Katira	6000
Total	18000

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Diamond Impregnated Tools

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Installed Capacity
Diamond Impregnated Tools	Pieces P.A	1050000 Double Shift Basis

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India Limited, Tardeo Road, Branch, Hotel Rosewood Building, Tulsiwadi Road, Tardeo, Mumbai 400034, Maharashtra, India

Financial Institution:

Maharashtra States Financial Corporation, New Excelssior Building, Amrit Keshav Nayak Marg, Bombay 400001, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Cash Credit Account with Bank of India (against hypothecation of stock, book debts, plant and machinery and personal guarantees of directors)	0.000	2.152
HDFC Car Loan (Secured against hypothecation of Vehicle)	0.000	0.092
Total	0.000	2.244
UNSECURED LOAN
From Directors / Members	0.000	2.400
Total	0.000	2.400

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountant
Address :	Kamanwala Chambers, 1^st Floor, Office Nos. 6 and 7, Sir P M Road, Fort, Mumbai 400001, Maharashtra, India
Pan No.:	AAAFD1548C
Enterprises over which any persons described in (i) and (ii) are able to exercise significant influence :	Kimberley Tools Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs. 100 each	Rs. 3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000	Equity Shares	Rs. 100 each	Rs.1.800 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		1.800	1.800	1.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.684	64.958	65.922
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.484	66.758	67.722
LOAN FUNDS
1] Secured Loans		0.000	2.244	1.522
2] Unsecured Loans		0.000	2.400	10.950
TOTAL BORROWING		0.000	4.644	12.472
DEFERRED TAX LIABILITIES		(6.186)	1.911	3.103
TOTAL		60.298	73.313	83.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.129	29.578	32.775
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.184	15.167	17.511
	Sundry Debtors	16.583	28.861	36.899
	Cash & Bank Balances	5.907	1.006	0.988
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.015	1.928	1.851
Total Current Assets		39.689	46.962	57.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.986	1.376	3.340
	Other Current Liabilities	2.534	1.851	3.387
	Provisions	0.000	0.000	0.000
Total Current Liabilities		4.520	3.227	6.727
Net Current Assets		35.169	43.735	50.522
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		60.298	73.313	83.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	35.793	30.800	38.200
		Other Income	1.041	0.000	0.000
		TOTAL (A)	36.834	30.800	38.200
Less	EXPENSES
		Raw Material consumed	11.808	-	-
		Manufacturing Administration and Selling Expense	28.762	-	-
		Increase/ (Decrease) in stock	0.350	-	-
		Office Expenses	-
		Administrative Expenses	-
		Advertising Expenses	-
		TOTAL (B)	40.920	27.500	39.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(4.086)	3.300	(1.500)
Less	FINANCIAL EXPENSES (D)		0.182	1.100	1.800
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4.268)	2.200	(3.300)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.104	4.400	4.700
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(8.372)	(2.200)	(8.000)
Less	TAX (H)		8.097	(1.200)	(0.800)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.275)	(1.000)	(7.200)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.677	-	-
	BALANCE CARRIED TO THE B/S		53.402	(1.000)	(7.200)
	EARNINGS IN FOREIGN CURRENCY		2.763	1.259	NA
	IMPORTS
		Raw Materials	11.591	9.983	NA
	TOTAL IMPORTS		11.591	21.574	NA
	Earnings Per Share (Rs.)		(15)	(54.00)	(402.00)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.75)	(3.24)	(18.84)
Net Profit Margin (PBT/Sales)	(%)	(23.39)	(7.14)	(20.94)
Return on Total Assets (PBT/Total Assets}	(%)	(12.92)	(2.87)	(8.88)
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.03)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		0.07	0.12	0.28
Current Ratio (Current Asset/Current Liability)		8.78	14.55	8.51

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

OPERATIONS:

The Total Income during the year was higher at Rs.36.500 millions as against Rs.30.800 millions of the previous year

The management restructuring process initiated in the earlier year continued during the current year. As result sales and recovery under the new set up showed encouraging results. The emphasis has now been on full recovery of current sales as also maximum recovery of the earlier sales receivables. The market has responded positively for the changed management as there was renewed focus on customer servicing and meeting their technical requirements. However the company still carried substantial amounts of receivables of sales made during the earlier year period. Provisions have made against receivable in order to reflect fair picture.

FIXED ASSETS:

• Land
• Factory Building
• Office Premises
• Plant and Machinery
• Moulds
• Furniture and Fixtures
• Office Equipments
• Computers
• 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 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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

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