MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	RAVIRA EVERGREEN ULTRASONIC SYSTEMS PRIVATE LIMITED
Registered Office :	214, P.N. Kothari Industrial Estate, L.B.S. Road, Bhandup (West), Mumbai – 400 078, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.12.2005
Com. Reg. No.:	11-159163
Capital Investment / Paid-up Capital :	Rs.6.200 millions
CIN No.: [Company Identification No.]	U29116MH2005PTC159163
TAN No.: [Tax Deduction & Collection Account No.]	MUMR20249F
PAN No.: [Permanent Account No.]	AADCR1919B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Hot Plate Welders, Vibration Welders Electrodes, Ultrasonic Lace Machine, Sewing Machines etc.
No. of Employees :	50 (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 41000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial position of the company is below average. However, 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 – 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 :	Mr. Manoj
Designation :	Accounts Department
Contact No.:	91-22-25663948
Date :	07.08.2013

LOCATIONS

Registered Office/ Head Office :	214, P.N. Kothari Industrial Estate, L.B.S. Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25663948/ 25683948/ 25683938
Fax No.:	91-22-25656350/ 25666350
E-Mail :	raviraultraweld@rediffmail.com ultrasonic@raviragroup.com
Website :	http://www.raviraevergreen.net
Location :	Owned
Factory 1 :	Plot No.H38, M.I.D.C. Additional Murbad, Taluka Murbad, District Thane, Maharashtra, India
E-Mail :	mahendra@raviragroup.com
Factory 2 :	Also located at: · Kalyan
Branch Office :	Located at: · Delhi · Kolkata · Surat · Chennai · Bangalore · Coimbatore · Pune

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Rajendra Laxman Patil

Designation :

Director

Address :

102, Mamta Apartments, Plot No.13, Wimco, Workeri Co-Operative Housing Society, Vadvali Section, Ambernath – 421 501, Maharashtra, India

Date of Appointment :

23.01.2007

DIN No.:

00223949

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	U31909MH2000PTC128380	RAVIRA TECHNOLOGY SERVICES PRIVATE LIMITED	Director	23/08/2000	23/08/2000	-	Active	NO
2	U29116MH2005PTC159163	RAVIRA EVERGREEN ULTRASONIC SYSTEMS PRIVATE LIMITED	Director	23/01/2007	23/01/2007	-	Active	NO
3	U74999PN2011PTC141311	SILENIUM SYSTEMS AND TECHNOLOGY PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
4	U45209MH2012PTC235759	RAVIRA HOMES PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mr. Dilip Gopal Bhangale

Designation :

Director

Address :

C-5/303, Vindhyachal, Lokdhara, Kalyan (East), Kalyan – 421 306, Maharashtra, India

Date of Appointment :

23.01.2006

DIN No.:

01414816

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	U31909MH2000PTC128380	RAVIRA TECHNOLOGY SERVICES PRIVATE LIMITED	Director	23/08/2000	23/08/2000	-	Active	NO
2	U29116MH2005PTC159163	RAVIRA EVERGREEN ULTRASONIC SYSTEMS PRIVATE LIMITED	Director	23/01/2006	23/01/2006	-	Active	NO
3	U45209MH2012PTC235759	RAVIRA HOMES PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mr. Mahendra Laxman Patil

Designation :

Whole-Time Director

Address :

B-408, Sai Heritage, Behind Shivsena Office, Vadvali Section, Ambernath – 421 501, Maharashtra, India

Date of Birth/ Age :

16.06.1971

Date of Appointment :

30.09.2006

PAN No.:

AKRPP5539J

DIN No.:

01355623

Name :

Mrs. Shubhangi Rajendra Patil

Designation :

Director

Address :

B-102, Silver Birch, Swapna Nagari, Lbs Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/ Age :

23.06.1972

Date of Appointment :

30.09.2006

PAN No.:

AQBPP3912H

DIN No.:

01355677

Name :

Mr. Ko Chin Ta

Designation :

Director

Address :

5F No.98, Wu Chiuan, 1^st Road, Wu Ku Industrial Park, Taipei Hsien, Taipei, 24892, Taiwan, Province of China

Date of Appointment :

30.09.2006

DIN No.:

01387308

KEY EXECUTIVES

Name :	Mr. Abhijeet
Designation :	Accounts Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Rajendra Laxman Patil	13000
Dilip Gopal Bhangale	3000
Ko Chin Ta	25000
Mahendra Laxman Patil	5500
Manish Patil	3500
Suman Patil	3000
Deepak Bhangale	1000
Sreedhara Krishnamurthy	1000
Mahesh Zope	1000
Ravira Technology Services Private Limited	6000
Total	62000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	9.68
Directors or relatives of directors	90.32
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Hot Plate Welders, Vibration Welders Electrodes, Ultrasonic Lace Machine, Sewing Machines etc.
Products :	· Ultrasonic Plastic Welding Machines o Computerized Welder o High Power Ultrasonic Welder o Ultrasonic Spot Welder · Hot Plate Plastic Welders · Evergreen Plawel Vibration Welders · Continuous Ultrasonic Sealing System · Surgical Gown Making Machine · Bag Making Machines · Laser Cutting Machines · Welding Machine · Ultrasonic Lace Sewing Machine · Ultrasonic Machines o Fabric Edge Finishing Machine o Ultrasonic Quilting Machine · Ultrasonic Industrial Cleaning Systems o Industrial Cleaner o Jewelry Cleaner
Imports :
Products :	Raw Materials
Countries :	Taiwan China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

The Thane Janata Sahakari Bank Limited, Maruti Ashish, Opposite Apna Bazar, J.N. Road, Mumbai – 400 605, Maharashtra, India (Contact No.: 91-22-25690019)

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans	3.842	3.911
Total	3.842	3.911

Banking Relations :	--
Auditors :
Name :	Parag S. Prabhudesai and Company Chartered Accountants
Address :	202, Matru Alankar CHS, Fateh Ali Road, Opposite K.B. Vira High School, Above Anand Hospital, Dombivli – 421 201, Maharashtra, India
Tel. No.:	91-251-2436166
Mobile No.:	91-9833434166/ 9820375552
E-Mail :	paragsp@gmail.com parag@prabhudesai.in
Income-tax PAN of auditor or auditor's firm :	AHGPP7811B
Associate Company :	Ravira Technology Services Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62000	Equity Shares	Rs.100/- each	Rs.6.200 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	6.200	6.200
(b) Reserves & Surplus	2.868	1.774
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	1.300	1.300
Total Shareholders’ Funds (1) + (2)	10.368	9.274
(3) Non-Current Liabilities
(a) Long-term borrowings	4.442	4.511
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.442	4.511
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	5.938	0.920
(c) Other current liabilities	4.364	6.297
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	10.302	7.217
TOTAL	25.112	21.002
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.907	6.580
(ii) Intangible Assets	0.975	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.105	0.105
(c) Deferred tax assets (net)	0.021	0.021
(d) Long-term Loan and Advances	0.354	0.436
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.362	7.142
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.484	4.671
(c) Trade receivables	4.272	3.874
(d) Cash and cash equivalents	3.794	5.167
(e) Short-term loans and advances	0.200	0.148
(f) Other current assets	0.000	0.000
Total Current Assets	10.750	13.860
TOTAL	25.112	21.002

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.200
2] Share Application Money		1.300
3] Reserves & Surplus		0.754
4] (Accumulated Losses)		0.000
NETWORTH		8.254
LOAN FUNDS
1] Secured Loans		4.438
2] Unsecured Loans		0.000
TOTAL BORROWING		4.438
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.964
Capital work-in-progress		0.000
INVESTMENT		3.755
DEFERRED TAX ASSETS		0.021
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.571
	Sundry Debtors	3.360
	Cash & Bank Balances	1.242
	Other Current Assets	0.282
	Loans & Advances	1.287
Total Current Assets		9.742
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.490
	Other Current Liabilities	3.236
	Provisions	2.064
Total Current Liabilities		7.790
Net Current Assets		1.952
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	31.612	21.447	18.454
		Income from Operating Activities			0.762
		Other Income			0.373
		TOTAL	31.612	21.447	19.589
Less	EXPENSES
		Office Expenses	29.969	20.435	18.849
		Administrative Expenses
		Advertising Expenses
		TOTAL	29.969	20.435	18.849
	PROFIT BEFORE TAX		1.643	1.012	0.740
Less	TAX		0.550	0.314	0.235
	PROFIT AFTER TAX		1.093	0.698	0.505
	Earnings Per Share (Rs.)		17.63	11.26	8.15

Particulars	31.03.2013
Sales Turnover (Approximately)	65.000

The above information has been parted by Mr. Manoj (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.46	3.25	2.58
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.01
Return on Total Assets (PBT/Total Assets}	(%)	6.58	4.85	4.43
Return on Investment (ROI) (PBT/Networth)		0.16	0.11	0.09
Debt Equity Ratio (Total Debt/Networth)		0.43	0.49	0.54
Current Ratio (Current Asset/Current Liability)		1.04	1.92	1.25

LOCAL AGENCY FURTHER INFORMATION

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 four 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	Yes
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits	0.600	0.600
Total	0.600	0.600

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10131183	01/10/2008	4,200,000.00	The Thane Janata Sahakari Bank Limited	Maruti Ashish, Opposite Apna Bazar, J N Road, Mumbai, Maharashtra - 400605, India	A51226199

FIXED ASSETS:

Tangible Assets:

· Building

· Land

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer

Intangible Assets:

· Technical Knowhow

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.61.12
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.