MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	MANOJ KR. ANIL KR. ENGINEERING PRIVATE LIMITED
Registered Office :	20 Maharshi Devendra Road, 3^rd Floor, Room No. 78, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.02.2008
Com. Reg. No.:	21-123316
Capital Investment / Paid-up Capital :	Rs.6.450 Millions
CIN No.: [Company Identification No.]	U51909WB2008PTC123316
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and supplying of railway wagon components, tools, coaches forged components, railway coaches fabricated components, railway wagon forged, etc
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 710000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profit margin seems to be low. However, overall financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealings at usual trade terms and conditions.

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 DECLINED BY

Name :	Mr. Sandeep Agarwal
Designation :	Account Department
Contact No.:	91-9830129006
Date :	13.08.2013

LOCATIONS

Registered Office :	20 Maharshi Devendra Road, 3^rd Floor, Room No. 78, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22597823/ 26556305
Mobile No.:	91-9830129006 (Mr. Sandeep Agarwal)
Fax No.:	91-33-22741605
E-Mail :	jjainassociates@gmail.com
Factory:	Howrah, West Bengal, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Manoj Kumar Kedia

Designation :

Director

Address :

268 GT Road, Liluah, Howrah – 711204, West Bengal, India

Date of Birth/Age :

14.06.1970

Date of Appointment :

29.02.2008

PAN No.:

AFOPK2703F

DIN No.:

00421292

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	U27104WB1997PTC083985	MKAK ISPAT PRIVATE LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
2	U27106WB1995PTC074634	S.K.SUPPLY COMPANY PRIVATE LIMITED.	Director	01/08/2002	01/08/2002	08/12/2008	Active	NO
3	U27109WB2005PTC103704	SREE MAA SARADA ORES AND FORGINGS INDIA PRIVATE LIMITED	Director	10/06/2005	10/06/2005	17/02/2007	Active	NO
4	U29120WB2007PTC112967	N. S. ENGINEERING PROJECTS PRIVATE LIMITED	Director	02/02/2007	02/02/2007	-	Active	NO
5	U51909WB2008PTC123316	MANOJ Kr. ANIL Kr. ENGINEERING PRIVATE LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO
6	U27100WB2010PTC143503	BALAJI ROLL FORMING PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
7	U45400WB2009PTC132314	WONDER IMAGE BUILDERS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
8	U51109WB2007PTC117960	VENUS VYAPAAR PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. Purushottam Dass Goel

Designation :

Director

Address :

20 M D Road, 3^rd Floor, Room No. 78, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

21.07.1949

Date of Appointment :

29.02.2008

PAN No.:

ACVPG6434B

DIN No.:

01948563

KEY EXECUTIVES

Name :	Mr. Sandeep Agarwal
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

SHAREHOLDING DETAIL FILE ATTACHED

As on 18.02.2013

Names of Allottess	No. of Shares
Balaji Roll Forming Private Limited, India	107500
Total	107500

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	29.84
Directors or relatives of Directors	64.73
Other top fifty shareholders	5.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and supplying of railway wagon components, tools, coaches forged components, railway coaches fabricated components, railway wagon forged, etc

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Andhra Bank, Burrabazar Branch, 23/1 Maharshi Devendra Road, Kolkata – 700007, West Bengal, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans from banks (Secured by way of first charge on Fixed Assets acquired out of the said Term Loan. Also guaranteed by the directors of the Company)	2.236	4.984
Other loans and advances (Secured by hypothecation of Machined financed out of proceeds of loan)	0.330	1.114
Short-term borrowings
Term loans from others	42.878	17.963
Working capital loans from banks	243.686	200.927
Total	289.130	224.988

Banking Relations :
Auditors :
Name :	J. Jain and Company Chartered Accountants
Address :	23A N. S. Road 11^th Floor, Room No. 44, Kolkata-700001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFJ8069K

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2752500	Equity Shares	Rs.10/- each	Rs. 27.525 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
752500	Equity Shares	Rs.10/- each	Rs. 7.525 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
752500	Equity Shares	Rs.10/- each	Rs. 7.525 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
645000	Equity Shares	Rs.10/- each	Rs. 6.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.450	6.450
(b) Reserves & Surplus	173.340	167.653
(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)	179.790	174.103
(3) Non-Current Liabilities
(a) long-term borrowings	11.591	12.188
(b) Deferred tax liabilities (Net)	1.654	1.151
(c) Other long term liabilities	0.020	0.391
(d) long-term provisions	0.020	0.020
Total Non-current Liabilities (3)	13.285	13.750
(4) Current Liabilities
(a) Short term borrowings	286.565	218.890
(b) Trade payables	461.602	716.411
(c) Other current liabilities	370.486	133.389
(d) Short-term provisions	6.549	4.361
Total Current Liabilities (4)	1125.202	1073.051
TOTAL	1318.277	1260.904
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.240	61.235
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	6.274	3.162
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	92.514	64.397
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	299.961	294.192
(c) Trade receivables	566.913	772.982
(d) Cash and cash equivalents	18.259	8.347
(e) Short-term loans and advances	332.161	107.970
(f) Other current assets	8.469	13.016
Total Current Assets	1225.763	1196.507
TOTAL	1318.277	1260.904

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.125
2] Share Application Money		0.000
3] Reserves & Surplus		130.270
4] (Accumulated Losses)		0.000
NETWORTH		136.395
LOAN FUNDS
1] Secured Loans		162.842
2] Unsecured Loans		6.331
TOTAL BORROWING		169.173
DEFERRED TAX LIABILITIES		0.843
TOTAL		306.411
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.835
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	149.640
	Sundry Debtors	237.736
	Cash & Bank Balances	5.160
	Other Current Assets	0.000
	Loans & Advances	90.935
Total Current Assets		483.471
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	187.369
	Other Current Liabilities	50.671
	Provisions	1.855
Total Current Liabilities		239.895
Net Current Assets		243.576
MISCELLANEOUS EXPENSES		0.000
TOTAL		306.411

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	2271.737	1950.531	1181.630
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2213.419	1904.605	1152.464
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.318	45.926	29.166
Less	FINANCIAL EXPENSES (D)		42.911	29.787	16.307
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.407	16.139	12.859
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.030	7.846	7.860
	PROFIT BEFORE TAX (E-F) (G)		8.377	8.293	4.999
Less	TAX (H)		2.690	3.087	1.984
	PROFIT AFTER TAX (G-H) (I)		5.687	5.206	3.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.751	4.545	1.530
	BALANCE CARRIED TO THE B/S		15.438	9.751	4.545
	Earnings Per Share (Rs.)		8.81	8.07	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.26	0.27	0.26
Return on Total Assets (PBT/Total Assets}	(%)	0.63	0.66	0.91
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.03
Debt Equity Ratio (Total Debt/Networth)		1.66	1.32	1.25
Current Ratio (Current Asset/Current Liability)		1.09	1.11	2.01

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	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)	No
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 LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	6.948	6.090
Other loans and advances	2.078	0.000
Total	9.026	6.090

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10427224	17/05/2013	4,900,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI NOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B75652941
2	10373458	16/08/2012	2,162,000.00	RELAINCE CAPITAL LIMITED	1, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	B56786486
3	10363176	12/06/2012	15,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 M.D ROAD, KOLKATA, WEST BENGAL - 700007, INDIA	B42699363
4	10163775	05/05/2009	1,250,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A64579378
5	10128790	19/09/2008	60,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 MAHARSHI DEVENDRA ROAD, KOLKATA, WEST BENGAL - 700007, INDIA	A50101302
6	10097312	16/03/2013 *	418,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 MAHARSHI DEVENDRA ROAD, KOLKATA, WEST BENGAL 700007, INDIA	B71310593

Note: * Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Office building
• Plant and equipment
• Factory building
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipments
• Other equipments

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.61.43
UK Pound	1	Rs.95.08
Euro	1	Rs.81.78

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT / DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		42

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.