MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	EMINENCE EQUIPMENTS PRIVATE LIMITED
Registered Office :	Gat No. 343, Plot No. 27 to 32, Near Hindustan Petroleum Limited, Village Mahalunge, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.05.2005
Com. Reg. No.:	11-020672
Capital Investment / Paid-up Capital :	Rs. 23.349 Millions
CIN No.: [Company Identification No.]	U29299PN2005PTC020672
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Food Grain Equipments.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 738000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Ms. Ketaki
Designation :	Finance Head
Contact No.:	91-2135-677100
Date :	03.08.2013

LOCATIONS

Registered/ Head Office/ Factory :	Gat No. 343, Plot No. 27 to 32, Near Hindustan Petroleum Limited, Village Mahalunge, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-677100
Fax No.:	91-2135-677114
E-Mail :	emience@eth.net info@eminenceequipments.com
Website :	http://www.eminenceequipments.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mrs. Geeta Mukund Kabade

Designation :

Director

Address :

Flat No. 203, G Building, Nirupam Akurdi, Pune – 411035, Maharashtra, India

Date of Birth/Age :

17.12.1972

Date of Appointment :

03.05.2005

DIN No.:

00406512

Name :

Mr. Siddharth Navinchandra Kokate

Designation :

Director

Address :

Rohan Nilay, F Building, Flat No. 803, Anudh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.08.1979

Date of Appointment :

03.05.2005

DIN No.:

00406679

Name :

Mrs. Leena Makarand Savagaonkar

Designation :

Director

Address :

Flat 601, Deshpande Durg, S. No. 132, B6 CTS, 2715/17 S Nagar, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.08.1968

Date of Appointment :

03.05.2005

DIN No.:

00773569

Name :

Mr. Makarand Sajjan Savagaonkar

Designation :

Director

Address :

Flat 601, Deshpande Durg, ICS Colony, Bhosale Nagar, Pune – 411007, Maharashtra, India

Date of Birth/Age :

28.08.1968

Date of Appointment :

22.02.2006

DIN No.:

00773753

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	Company/ LLP Status	Defaulting status
1	U29299PN2005PTC020672	EMINENCE EQUIPMENTS PRIVATE LIMITED	Director	22/02/2006	22/02/2006	Active	NO
2	U45209PN2012PTC142533	SHRI VENKATESHWARA UNICON PRIVATE LIMITED	Director	13/03/2012	13/03/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Ketaki
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Leena Makarand Savagaonkar	99140
Siddharth Navinchandra Kokate	48570
Geeta Mukund Kabade	50248
Makarand Sajjan Savagaonkar	33528
Gaurav Makarand Savagaonkar	1000
Ameya Pranay Shah	1000
Total	233486

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Food Grain Equipments.
Exports :
Products :	Finished Goods
Countries :	· Bangladesh
Imports :
Products :	Raw Material
Countries :	· China
Terms :
Selling :	Cash
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

55 (Approximately)

Bankers :

¯ Small Industries Development Bank of India, Jeevan Shree Building, Ground Floor, S. No. 1109, Plot No. 488, Ganeshkhind Road, Pune - 411005, Maharashtra, India

¯ IDBI Bank Limited, IDBI House, 4th Floor, Dnyaneshwar Paduka Chowk, F C Road, Shivaji Nagar, Pune - 411004, Maharashtra, India

¯ Small Industries Development Bank of India, Suryakiran Hotel Building 1st Floor, C-8 Mumbai Pune Road, Chinchwad - 411019, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Term loan of SIDBI is secured by first charge by way of hypothecation on the movable properties financed by the bank and further secured by way of equitable mortgage on the immovable properties present and future at Gat No. 343, Plot No. 27 to 32, Village Mahalunge, Pune and personal guarantee given by four Directors of the company.	22.209	36.705
Vehicle loan from bank Vehicle loan is secured by charge by way of hypothecation on the vehicles purchased.	0.203	0.528
SHORT TERM BORROWINGS
Term Loan from Bank	4.200	3.600
Auto Loan from Bank	0.325	0.297
Total	26.937	41.130

Banking Relations :	--
Auditors :
Name :	Asmeet Shah and Company Chartered Accountants
Address :	Punyai, Sector 28, Plot No.128, Opposite CMS English Medium School, Nigdi, Pune – 411044, Maharashtra, India
Tel. No.:	91-20-27653283
Mobile No.:	91-9370275430
E-Mail :	asmeetshah@gmail.com
Income-tax PAN of auditor or auditor's firm :	APXPS3963C

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
475,000	Equity Shares	Rs. 100/- each	Rs. 47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
233,486	Equity Shares	Rs. 100/- each	Rs. 23.349 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.349	23.349
(b) Reserves & Surplus	161.241	113.161
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	184.590	136.510
(3) Non-Current Liabilities
(a) long-term borrowings	22.412	37.233
(b) Deferred tax liabilities (Net)	6.796	8.415
(c) Other long term liabilities	11.412	1.056
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	40.620	46.704
(4) Current Liabilities
(a) Short term borrowings	4.525	3.897
(b) Trade payables	19.192	5.054
(c) Other current liabilities	16.769	15.020
(d) Short-term provisions	28.951	21.283
Total Current Liabilities (4)	69.437	45.254
TOTAL	294.647	228.468
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.702	66.373
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	47.555	29.809
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	37.634	56.314
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	62.840	43.704
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	203.731	196.200
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	36.999	18.015
(c) Trade receivables	33.086	2.338
(d) Cash and cash equivalents	18.850	6.190
(e) Short-term loans and advances	0.952	4.346
(f) Other current assets	1.029	1.379
Total Current Assets	90.916	32.268
TOTAL	294.647	228.468

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.149
2] Share Application Money		0.000
3] Reserves & Surplus		75.986
4] (Accumulated Losses)		0.000
NETWORTH		99.135
LOAN FUNDS
1] Secured Loans		40.699
2] Unsecured Loans		0.000
TOTAL BORROWING		40.699
DEFERRED TAX LIABILITIES		4.828
TOTAL		144.662
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.436
Capital work-in-progress		0.000
INVESTMENT		44.964
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.743
	Sundry Debtors	18.456
	Cash & Bank Balances	8.173
	Other Current Assets	0.055
	Loans & Advances	24.396
Total Current Assets		61.823
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.555
	Other Current Liabilities	21.437
	Provisions	16.250
Total Current Liabilities		45.242
Net Current Assets		16.581
MISCELLANEOUS EXPENSES		1.681
TOTAL		144.662

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	375.965	352.496	278.036
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	300.722	290.302	225.910
	PROFIT BEFORE TAX		75.243	62.194	52.126
Less	TAX		23.093	20.633	17.749
	PROFIT AFTER TAX		52.150	41.561	34.377
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	28.315	51.872	14.064
	Earnings Per Share (Rs.)		223.35	179.54	149.28

Particulars	31.03.2013
Sales Turnover (Approximately)	346.800

The above information has been parted by Ms. Ketaki [Finance Head]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.87	11.79	12.36
Return on Total Assets (PBT/Total Assets}	(%)	35.92	43.69	36.39
Return on Investment (ROI) (PBT/Networth)		0.41	0.46	0.53
Debt Equity Ratio (Total Debt/Networth)		0.15	0.30	0.41
Current Ratio (Current Asset/Current Liability)		1.31	0.71	1.37

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	No
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10314252	05/09/2011	10,000,000.00	IDBI BANK LIMITED	IDBI HOUSE, 4TH FLOOR, DNYANESHWAR PADUKA CHOWK, F C ROAD, SHIVAJINAGAR, PUNE - 411004, MAHARASHTRA, INDIA	B23962905
2	10314241	05/09/2011	25,000,000.00	IDBI BANK LIMITED	IDBI HOUSE, 4TH FLOOR, DNYANESHWAR PADUKA CHOWK, F C ROAD, SHIVAJINAGAR, PUNE - 411004, MAHARASHTRA, INDIA	B23960313
3	10204228	23/11/2010 *	30,000,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	JEEVAN SHREE BUILDING, GROUND FLOOR, S. NO. 1109, PLOT NO. 488, GANESHKHIND ROAD, SHIVAJI NAGAR, PUNE - 411004, MAHARASHTRA, INDIA	B00191585
4	10060695	21/06/2011 *	18,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	JEEVAN SHREE BUILDING, GROUND FLOOR, S. NO. 1109, PLOT NO. 488, GANESHKHIND ROAD, SHIVAJI NAGAR, PUNE - 411004, MAHARASHTRA, INDIA	B16295180

* Date of charge modification

FIXED ASSETS:

¯ Leasehold Land

¯ Tools and Equipments

¯ Plant and Machinery

¯ Vehicles

¯ Electrical Installation

¯ Furniture and Fixture

¯ Office Building

¯ Factory Building

¯ Computer

¯ Windmill

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. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.37

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.