MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	SSV ENGINEERS PRIVATE LIMITED
Registered Office :	E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.03.2008
Com. Reg. No.:	11-131611
Capital Investment / Paid-up Capital :	Rs. 24.900 Millions
CIN No.: [Company Identification No.]	U29299PN2008PTC131611
TAN No.: [Tax Deduction & Collection Account No.]	PNES22787C
PAN No.: [Permanent Account No.]	AALCS7339E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Heavy Fabrication.
No. of Employees :	250 (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 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears a significant dip in the net profitability of the company during 2012. The rating downgrade reflects deterioration in subject’s liquidity on account of huge and increasing external borrowings over previous years. However, trade relations are fair. Business is active. Payment terms are slow but correct. In view of promoter’s experience, the subject 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : B+
Rating Explanation	High risk of default
Date	January 21, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and high credit risk.
Date	January 21, 2013

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. Pragati Sardal
Designation :	Accounts Department
Contact No.:	91-20-66353900
Date :	31.07.2013

LOCATIONS

Registered/ Corporate Office/ Factory 1 :	E 110, General Block, MIDC, Lande Wadi, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-66353901/ 27121435/ 66353900
Mobile No.:	91-9960673381 (Mr. Venkat Manirao Shinde)
Fax No.:	91-20-66353900/ 27127018/ 66353934
E-Mail :	vbshinde@ssvpune.com ssv_ip@vsnl.net vmshinde@ssvpune.com gkb@ssvpune.com jbshinde@ssvpune.com pragati.sardal@ssvpune.com
Website :	www.ssvengineers.com
Location :	Owned
Factory 2 :	Plot No. C-9, Indapur Five Star Industrial Area, Loni Devkar, Taluka Indapur, District Pune, Maharashtra, India
Factory 3 :	Gat No. 214, 220, 221, Nanekawadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-674600/ 278021
Fax No.:	91-2135-674607/ 286166
Email :	shivajimshinde@ssvpune.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Venkat Manikrao Shinde

Designation :

Director

Address :

Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India

Date of Birth/Age :

01.02.1961

Date of Appointment :

14.03.2008

PAN No.:

ABZPS0744D

DIN No.:

01962160

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	U29299PN2008PTC131611	SSV ENGINEERS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	Active	NO
2	U29300PN2009PTC133780	SSV POWERTECH ( INDIA ) PRIVATE LIMITED	Director	13/04/2009	13/04/2009	Under Process of Striking off	NO

Name :

Mrs. Vanmala Venkat Shinde

Designation :

Director

Address :

Plot No. 38, Section 2, Sr. No. 44, Indrayani Nagar, Bhosari, Pune – 411026, Maharashtra, India

Date of Birth/Age :

07.08.1969

Date of Appointment :

14.03.2008

DIN No.:

01962179

Name :

Mr. Gurushant Kashiram Bahirgonde

Designation :

Director

Address :

Plot No 21 /A, Flat 5, Masulkar Colony, Pune – 411018, Maharashtra, India

Date of Birth/Age :

17.05.1968

Date of Appointment :

20.03.2008

DIN No.:

02047803

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	U29299PN2008PTC131611	SSV ENGINEERS PRIVATE LIMITED	Director	20/03/2008	20/03/2008	Active	NO
2	U29300PN2009PTC133780	SSV POWERTECH ( INDIA ) PRIVATE LIMITED	Director	13/04/2009	13/04/2009	Under Process of Striking off	NO

Name :

Mr. Shivaji Manikrao Shinde

Designation :

Director

Address :

Yashwant Nagar, Anna Saheb Pimpri, Pune – 411018, Maharashtra, India

Date of Birth/Age :

12.02.1970

Date of Appointment :

20.03.2008

DIN No.:

02080791

KEY EXECUTIVES

Name :	Ms. Pragati Sardal
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Venkat Manikrao Shinde	2485000
Vanmala Venkat Shinde	5000
Total	2490000

AS ON 30.01.2013

Names of Allottee	No. of Shares
Venkat Manikrao Shinde	2510000
Total	2510000

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 and Exporter of Heavy Fabrication.
Exports :
Products :	Finished Goods
Countries :	UAE Zambia
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

End Users

ACC Limited, Mumbai

Ansaldocaldaie Boilers India Private Limited

Bharat Heavy Electricals Limited, Trichy

Cethar Limited, Tiruchirapali

Doosan Power Systems India Private Limited, Chennai

Elina Soulations Private Limited Pune

Freudenberg Filiration technologies India Private Limited Pune

GEA Process Engineering (India) Private Limited Thane

Global Wind Power Limited, Mumbai

ISGEC John Thompson

Heavy Equipments, Ahmednagar

Kirby Building Systems (India) Limited, Hyderabad

Larsen and Toubro Limited, Mumbai

L&T-MHI Boilers Private Limited Faridabad

Nupower Technologies Limited, Mumbai

POSCO Engineering and Construction Company Limited Thane

Premier Limited, Pune

Suzlon Energy Limited, Pune, Udpi, Pondicherry

Tiger Steel Engineering LLC, Sharjah (UAE)

Transparent Energy Systems Private Limited, Satara

Thermax Limited, Pune

VA Tech Wabag Limited, Pune, Chennai

Walchandnagar Industries Limited, Mumbai, Indapur

Welspun Maxsteel Limited, Raigad

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, Commercial Branch, 1548/A, Sadashiv Peth, Tilak Road, Pune - 411030, Maharashtra, India

IDBI Bank Limited, Fergusson College Road, Shivaji Nagar, Pune - 411004, Maharashtra, India

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	172.773	0.000
Term loans from others	2.999	56.697
Loans and advances from directors	22.307	11.621
Loans and advances from others	32.221	42.045
SHORT-TERM BORROWINGS
Loans repayable on demand	230.794	155.360
Total	461.094	265.723

Banking Relations :	--
Auditors :
Name :	R.M. Khadilkar and Company Chartered Accountants
Address :	Plot No. J/SEI 12/10 MIDC, Indrayani Nagar Corner Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-27124501/ 64105424
E-Mail :	acspl@vsnl.com acspl_in@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACEPK2699B

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,490,000	Equity Shares	Rs. 10/- each	Rs. 24.900 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	24.900	19.900
(b) Reserves & Surplus	107.745	89.106
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	7.500	5.000
Total Shareholders’ Funds (1) + (2)	140.145	114.006
(3) Non-Current Liabilities
(a) long-term borrowings	230.300	110.363
(b) Deferred tax liabilities (Net)	10.459	4.589
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	240.759	114.952
(4) Current Liabilities
(a) Short term borrowings	230.794	155.360
(b) Trade payables	284.544	142.263
(c) Other current liabilities	9.328	9.784
(d) Short-term provisions	19.159	20.654
Total Current Liabilities (4)	543.825	328.061
TOTAL	924.729	557.019
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	314.342	176.110
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	35.661	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11.238	12.500
(e) Other Non-current assets	3.127	3.113
Total Non-Current Assets	364.368	191.723
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	99.476	86.450
(c) Trade receivables	406.015	257.952
(d) Cash and cash equivalents	17.459	7.761
(e) Short-term loans and advances	35.565	12.310
(f) Other current assets	1.846	0.823
Total Current Assets	560.361	365.296
TOTAL	924.729	557.019

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.900
2] Share Application Money		0.000
3] Reserves & Surplus		56.901
4] (Accumulated Losses)		0.000
NETWORTH		76.801
LOAN FUNDS
1] Secured Loans		55.871
2] Unsecured Loans		54.182
TOTAL BORROWING		110.053
DEFERRED TAX LIABILITIES		2.254
TOTAL		189.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.697
Capital work-in-progress		0.000
INVESTMENT		0.074
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.846
	Sundry Debtors	141.505
	Cash & Bank Balances	7.359
	Other Current Assets	25.719
	Loans & Advances	55.466
Total Current Assets		301.895
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	126.947
	Other Current Liabilities	8.148
	Provisions	15.500
Total Current Liabilities		150.595
Net Current Assets		151.300
MISCELLANEOUS EXPENSES		0.037
TOTAL		189.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales (Including Labour Charge)	1060.000 [Approximately]	646.500	431.400
		Other Income	NA	2.200	2.400
		TOTAL	NA	648.700	433.800
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	593.800	375.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			54.900	58.000
Less/ Add	DEPRECIATION/ AMORTISATION			6.100	3.400
	PROFIT BEFORE TAX		NA	48.800	54.600
Less	TAX		NA	14.500	18.000
	PROFIT AFTER TAX		NA	34.300	36.600
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		2.378	15.500
		Discount received		0.000	0.012
	TOTAL EARNINGS		NA	2.378	15.512
	Earnings Per Share (Rs.)		NA	17.24	18.39

Particulars	31.03.2013
Sales Turnover (Approximately)	775.900
	Due to Recession

The above information has been parted by Ms. Pragati Sardal [Accounts Department]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.29	8.44
Net Profit Margin (PBT/Sales)	(%)	NA	7.55	12.66
Return on Total Assets (PBT/Total Assets}	(%)	NA	8.76	16.08
Return on Investment (ROI) (PBT/Networth)		NA	0.43	0.71
Debt Equity Ratio (Total Debt/Networth)		3.29	2.33	1.43
Current Ratio (Current Asset/Current Liability)		1.03	1.11	2.00

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 two 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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10262791	29/05/2013 *	580,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1548/A, SADASHIV PETH, TILAK ROAD, PUNE - 411030, MAHARASHTRA, INDIA	B78060860

* Date of charge modification

FIXED ASSETS:

Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

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. 59.83
UK Pound	1	Rs. 91.76
Euro	1	Rs. 79.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	YES
--AFFILIATION	YES/NO	NO
--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.