1. Summary Information

		Country	India
Company Name	BHAKTI INDUSTRIES LIMITED	Principal Name 1	Mr. Dharmesh Arvindbhai Doshi
Status	Moderate	Principal Name 2	Mr. Arunaben Arvindkumar Doshi
		Registration #	04-050450
Street Address	G. F. 18, Blue Chip Complex , Behind Manubhai Tower, Near Fortune Tower, Sayajigunj, Vadodara, Sayaji Ganj, Vadodara – 390005, Gujarat, India
Established Date	03.04.2007	SIC Code	--
Telephone#	91-265-2225464 / 2225018	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Press Parting
Homepage	www.bhaktigroup.com	Product Name 1	Auto Compones
# of employees	Not Available	Product Name 2	Sheet Metals and Tools
Paid up capital	Rs. 1,201,000 /-	Product Name 3	Press dies
Shareholders	Directors or relatives of Directors = 100.00%	Banking	Allahabad Bank
Public Limited Corp.	No	Business Period	6 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ca (13)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	26,452,000	Current Liabilities	637,000
Inventories	13,000	Long-term Liabilities	0,000
Fixed Assets	14,000	Other Liabilities	13,000
Deferred Assets	0,000	Total Liabilities	650,000
Invest& other Assets	0,000	Retained Earnings	0,000
		Net Worth	25,829,000
Total Assets	26,479,000	Total Liab. & Equity	26,479,000
Total Assets (Previous Year)	8,639,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	975,000	Net Profit	(224,000)
Sales(Previous yr)	3,372,000	Net Profit(Prev.yr)	(69,000)

MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	BHAKTI INDUSTRIES LIMITED
Registered Office :	G. F. 18, Blue Chip Complex , Behind Manubhai Tower, Near Fortune Tower, Sayajigunj, Vadodara, Sayaji Ganj, Vadodara – 390005, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.2007
Com. Reg. No.:	04-050450
Capital Investment / Paid-up Capital :	Rs. 1.201 Millions
CIN No.: [Company Identification No.]	U26933GJ2007PLC050450
PAN No.: [Permanent Account No.]	AADCBl84lL
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Press Parting, Auto Compones, Sheet Metals and Tools and Press dies
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively very small company having moderate track record. There appears sharp dip in the turnover during current year. The company has also recorded some accumulated losses. 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 great 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.

LOCATIONS

Registered Office :	G. F. 18, Blue Chip Complex , Behind Manubhai Tower, Near Fortune Tower, Sayajigunj, Vadodara, Sayaji Ganj, Vadodara – 390005, Gujarat, India
Tel. No.:	91-265-2225464 / 2225018
Fax No.:	Not Available
E-Mail :	doshi_da@yahoo.co.in bhakti_ltd@yahoo.co.in
Website :	www.bhaktigroup.com
Factory 1 :	Sector -10, Plot No-198, P.C.N.T.D.A. M.I.D.C. Bhosari  Pune, Maharashtra, India
Factory 2 :	Located At Gurgaon Vadodara Delhi Chennai

DIRECTORS

As on 29.09.2012

Name :

Mr. Dharmesh Arvindbhai Doshi

Designation :

Director

Address :

B-43, Dipika Society, Near Water Tank, Karelibaug, Vadodara – 390018, Gujarat, India

Date of Birth/Age :

30.06.1969

Date of Appointment :

03.04.2007

DIN No.:

00960276

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	U26933GJ2007PLC050450	BHAKTI INDUSTRIES LIMITED	Director	03-04-07	03-04-07	-	Active	NO
2	U26941GJ2009PTC056229	LABDHI INDUSTRIES PRIVATE LIMITED	Director	07-07-09	07-07-09	10-03-11	Active	NO
3	U29190GJ2009PTC056896	HD SQUARE TECHNOENGINEERS PRIVATE LIMITED	Director	29-09-12	07-09-12	-	Active	NO

Name :

Mr. Arunaben Arvindkumar Doshi

Designation :

Director

Address :

B-43, Dipika Society, Near Water Tank, Karelibaug, Vadodara – 390018, Gujarat, India

Date of Birth/Age :

20.01.1948

Date of Appointment :

03.04.2007

DIN No.:

01229538

Name :

Mr. Krishnaben Dharmesh Doshi

Designation :

Director

Address :

B-43, Dipika Society, Near Water Tank, Karelibaug, Vadodara – 390018, Gujarat, India

Date of Appointment :

03.04.2007

DIN No.:

01394779

Name :

Mr. Nileshbhai Ishwarbhai Patel

Designation :

Additional Director

Address :

3-105, Baliyadev Faliya, Vadu 02, Vadutal, Padara, Vadodara – 391460, Gujarat, India

Date of Birth/Age :

06.12.1972

Date of Appointment :

06.02.2012

DIN No.:

05191322

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dharmesh Arvindbhai Doshi	70000
Krishnaben Dharmesh Doshi	10000
Arunaben Arvindkumar Doshi	10000
Arvindbhai Jamnadas Doshi	10000
Alpa Bhrat Doshi	10000
Sanjay Dhirubhai Mathukiya	10000
Murli S. Nair	100
Total	120100

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Press Parting, Auto Compones, Sheet Metals and Tools and Press dies

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Allahabad Bank Vijaya Bank

Banking Relations :	--
Auditors :
Name :	R N Shah Associates Chartered Accountants
Address :	204-205, Capri House Ii, Above J and K Bank, Jetalpur Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2344690 / 2325160
Mobile No.:	91-9825041142
E-Mail :	Mshah_ca91@yahoo.in
PAN.:	AAOFR5232K

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120100	Equity Shares	Rs.10/- each	Rs.1.201 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		1.201	0.601	0.601
2] Share Application Money		24.970	7.981	4.458
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.342)	(0.118)	(0.048)
NETWORTH		25.829	8.464	5.010
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.008	0.004	0.003
TOTAL		25.837	8.468	5.014
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.014	0.023	0.022
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	0.013	0.014	0.000
	Sundry Debtors	0.934	1.005	0.683
	Cash & Bank Balances	1.200	0.656	0.360
	Other Current Assets	0.394	0.191	0.006
	Loans & Advances	23.924	6.749	3.770
Total Current Assets		26.465	8.615	4.819
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.037	0.141	0.037
	Other Current Liabilities	0.600	0.000	0.000
	Provisions	0.005	0.029	0.008
Total Current Liabilities		0.642	0.170	0.045
Net Current Assets		25.823	8.445	4.774
MISCELLANEOUS EXPENSES		0.000	0.000	0.218
TOTAL		25.837	8.469	5.014

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.975	3.372	0.289
		Other Income	0.000	0.000	0.525
		TOTAL (A)	0.975	3.372	0.814
Less	EXPENSES
		Cost of Production	0.976	3.332
		Other Expenses	0.179	0.065
		TOTAL (B)	1.155	3.397	0.802 (Including Financial Expenses)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.180)	(0.025)
Less	FINANCIAL EXPENSES (D)		0.002	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.182)	(0.026)	0.012
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.037	0.042	0.002
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.219)	(0.068)	0.010
Less	TAX (H)		0.005	0.001	0.002
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.224)	(0.069)	0.008
	Earnings / (Loss) Per Share (Rs.)		(3.73)	(1.16)	0.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(22.97)	(2.05)	0.98
Net Profit Margin (PBT/Sales)	(%)	(22.46)	(2.02)	3.46
Return on Total Assets (PBT/Total Assets}	(%)	(0.83)	(0.79)	0.21
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		41.22	50.68	107.09

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	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	Yes
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

OVERALL PERFORMANCE

During the year, the Company has made sales of Rs.0.975 Million as on 31.03.2012. Company is expecting better sales during the year. The company has achieved profit after depreciation of Rs. (0.224) Million and Director are confident of doing good business in future.

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.54.39
UK Pound	1	Rs.82.05
Euro	1	Rs.69.59

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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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