MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	GOLDEN ENGINEERING COMPANY PVT LTD
Registered Office :	686, GIDC, Makarpura, Vadodara-390010, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.01.1991
Com. Reg. No.:	04-014866
Capital Investment / Paid-up Capital :	Rs. 0.354 Million
CIN No.: [Company Identification No.]	U29259GJ1991PTC014866
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00583C
PAN No.: [Permanent Account No.]	AABCG4077B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Components and Powerless Turbine Ventilators.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 13000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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

Name :	Mr kalpesh Patel
Designation :	Director
Contact No.:	91-9825134994
Date :	29.03.2013

LOCATIONS

Registered Office/ Factory :	686, GIDC Makarpura Industrial Estate, Vadodara – 390 010, Gujarat, India
Tel. No.:	91-265-2645446/2655065
Mobile No.:	91-9825134994 (Mr. Kalpesh Patel)
Fax No.:	91-265-2655065/2645446
E-Mail :	goldenengineering@gmail.com misa@haribhaktiandco.com
Website :	http://www.goldenengineering.tradeindia.com/
Area :	18000 sq.ft
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :	Mr. Kalpesh Rameshbhai Patel
Designation :	Director (Marketing)
Address :	39, Alka Society, Productivity Road, Baroda – 390 007, Gujarat, India
Date of Birth/Age :	Electrical and Tele Engineering
Date of Appointment :	29.04.2002
DIN No.:	00721108
Name :	Mr. Rameshbhai V Kapuria
Designation :	Director
Address :	39, Alka Society, Productivity Road, Baroda – 390 007, Gujarat, India
Date of Birth/Age :	Mechanical Engineering
Date of Appointment :	04.01.1991
DIN No.:	00742543

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Rameshbhai Kapuria	12710
Bachubhai Patel	3500
Narayanbhai Patel	1500
J R Patel	9010
Naranbhai R Kotadia	1000
Kalpesh Patel	7700
Total	35420

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Engineering Components and Powerless Turbine Ventilators
Products :	· Turbine Ventilator · Ventilator · Ventilation System · Turbo Ventilator · Turbovent · Golden Turbovent · Powerless Ventilator · No Power Ventilator · Attic Ventilator · Roof Ventilator · Roof Extractor · Wind Ventilator · Turbine Air Ventilator · Chimney Cowl · Precision Tube Components · Brass Components. · Machinery Parts
Exports :
Products :	Finished Goods
Countries :	U.A.E, Spain, UK, South Africa
Imports :
Products :	Raw Material
Countries :	Taiwan
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :	End Users and Traders
No. of Employees :	25 (Approximately)
Bankers :	· ICICI Bank, “Landmark” Race Course, Vadodara, Gujarat, India · Central Bank of India · Citi Bank · HDFC Bank
Facilities :	--

Auditors :
Name :	Haribhakti and Company Chartered Accountant
Address :	18, Haribhakti Colony, Varodara-390007, Gujarat, India
Tel. No.:	91-265-2340091
Fax No.:	91-265-2314495
E-Mail :	misa@haribhaktica.com
PAN No.:	AAAFH6258F

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/-each	Rs. 0.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35420	Equity Shares	Rs. 10/-each	Rs. 0.354 Millions

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		0.354	0.354	0.354
2] Share Application Money		0.000	0.000	0.116
3] Reserves & Surplus		2.942	2.492	1.866
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.296	2.846	2.336
LOAN FUNDS
1] Secured Loans		0.000	0.000	1.847
2] Unsecured Loans		2.627	2.224	1.049
TOTAL BORROWING		2.627	2.224	2.896
DEFERRED TAX LIABILITIES		0.032	0.059	0.236
TOTAL		5.955	5.129	5.468
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.565	2.930	3.429
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.065	3.280	1.360
	Sundry Debtors	1.315	1.381	1.189
	Cash & Bank Balances	0.192	0.456	0.620
	Other Current Assets	0.661	0.776	0.000
	Loans & Advances	0.026	0.336	1.121
Total Current Assets		7.259	6.229	4.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.454	2.340	1.675
	Other Current Liabilities	0.087	1.277	0.202
	Provisions	0.328	0.413	0.374
Total Current Liabilities		3.869	4.030	2.251
Net Current Assets		3.390	2.199	2.039
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.955	5.129	5.468

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	13.550	14.348	14.697
		Other Income	0.060	0.072	0.219
		TOTAL (A)	13.610	14.420	14.916
Less	EXPENSES
		Raw material cost	7.339	8.107	9.699
		Changes in Inventories	(0.295)	(0.832)	0.000
		Manufaturing Expenses	0.805	0.630	0.000
		Employees benefits expenses	1.084	1.354	0.000
		Sales, Administration and other expenses	3.150	3.419	3.477
		TOTAL (B)	12.083	12.678	13.176
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.527	1.743	1.740
Less	FINANCIAL EXPENSES (D)		0.327	0.342	0.315
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.200	1.400	1.425
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.533	0.653	0.796
	PROFIT BEFORE TAX (E-F) (G)		0.667	0.747	0.629
Less	TAX (I)		0.218	0.121	0.188
	PROFIT AFTER TAX (G-I) (J)		0.449	0.626	0.441
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.492	1.866	1.425
	BALANCE CARRIED TO THE B/S		2.942	2.492	1.866
	EARNINGS IN FOREIGN CURRENCY		0.665	0.000	0.000
	IMPORTS
		Raw Materials	7.339	8.107	8.623
	Earnings Per Share (Rs.)
	Basic		12.70	17.68	12.50
	Diluted		12.70	17.68	12.50

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.31	4.36	3.00
Net Profit Margin (PBT/Sales)	(%)	4.90	5.18	4.22
Return on Total Assets (PBT/Total Assets}	(%)	6.79	8.15	8.15
Return on Investment (ROI) (PBT/Networth)		0.20	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		0.79	1.28	1.24
Current Ratio (Current Asset/Current Liability)		1.87	1.54	1.91

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

Note:

The Company has been shifted the registered office from 39/D, Alka Society, P C Road, Opp water tank, Akola, Baroda-390010, Gujarat, India to the Address given Above

Unsecured Loans:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loans from Directors	2.000	1.496
Loans From Others	0.627	0.727
Total	2.627	2.224

FIXED ASSETS

· Air Conditioner

· Computer

· Office Equipment

· Office Furniture and Fitting

· Plant and Machinery

· Tools and Office Equipment

· Vehicles

· Refrigerator

· Mobile Phone

PROFILE

They manufacturer and exporter of powerless turbine ventilators in India with a new concept of double energy savings. Their ventilators are indigenously made in India and designed without using any balls and bearings for worst weather conditions. They are marketing their product under brand name golden turbovent with available neck size from 12 to 28 inches. Also designed rotating cowl for chimneys with brand name golden cowl available in stainless steel and aluminium.

Since 1991 the principles of subject lie in realizing the potential market and satiating the customer needs in the most profitable, efficient and thical manner. Their strength and success can be attributed to their efficient management, modern operation systems, uncompromising quality control and dynamic workforce, but above all it is their desire and vision that has accelerated their growth.

They are committed to delivering a high quality product at an optimum price, which meets customers expectations in all respects.

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. 54.33
UK Pound	1	Rs. 82.72
Euro	1	Rs. 69.82

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	Yes
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
TOTAL		36

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.