MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	DUDHANE MACHINERIES (INDIA) PRIVATE LIMITED
Registered Office :	S. No. 31/8, Narhegaon, Taluka Haveli Pune – 411041, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.09.2008
Com. Reg. No.:	11-132810
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29268PN2008PTC132810
Legal Form :	Private Limited Liability Company
Line of Business :	Importers, Traders, Suppliers, Dealers and Stockiest of Grinding Machines, Surface Grinding Machines, Borers, Conventional Lathes, VMC Lathes, Drill Machines, Milling Machines, etc.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 8000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has modest scale of operation. The profit appears to be low. There appear huge borrowings recorded by the company as compared to its net worth. However, trade relations are fair. Business is active. Payment terms are 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

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. Rishikesh Dudhane
Designation :	Director
Contact No.:	91-9822211089
Date :	08.06.2013

LOCATIONS

Registered Office :	S. No. 31/8, Narhegaon, Taluka Haveli Pune – 411041, Maharashtra, India
Tel. No.:	91-20-24353988
Mobile No.:	91-9822211089 (Mr. Rishikesh Dudhane)
Fax No.:	Not Available
E-Mail :	info@dudhanemachineries.com csgaurav2009@gmail.com
Website :	http://www.dudhanemachineries.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Rushikesh Gopal Dudhane
Designation :	Director
Address :	S. NO. 29/2A, Ruplaxmi Society, Anand Nagar, Sinhgad Road, Pune – 411051, Maharashtra, India
Date of Birth/Age :	07.07.1982
Date of Appointment :	24.09.2008
DIN No.:	02164836
Name :	Mr. Rahul Gopalrao Dudhane
Designation :	Director
Address :	S. NO. 29/2A, Ruplaxmi Society, Anand Nagar, Sinhgad Road, Pune – 411051, Maharashtra, India
Date of Birth/Age :	05.11.1977
Date of Appointment :	24.09.2008
DIN No.:	02164842

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rushikesh Gopal Dudhane	4750
Rahul Gopalrao Dudhane	4750
Gopalrao Dudhane	500
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importers, Traders, Suppliers, Dealers and Stockiest of Grinding Machines, Surface Grinding Machines, Borers, Conventional Lathes, VMC Lathes, Drill Machines, Milling Machines, etc.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

No. of Employees :

15 (Approximately)

Bankers :

• The Vishweshwar Sahakari Bank Limited, 471/472 Market Yard, Gultekadi, Sinhagad Road Branch, Pune - 411037, Maharashtra, India
• IDBI Bank Limited, F C Road, IDBI House, Dnyaneshwar Paduka Chowk, Pune - 411004, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash credit from IDBI bank limited	7.084	7.139
Total	7.084	7.139

Banking Relations :	--
Auditors :
Name :	Rushab R. Jain and Company Chartered Accountants
Address :	Shop. No. 1, Vasturatna Building, Mahesh Society, Near Datta Mandir, Bibwewadi, Pune – 411037, Maharashtra, India
PAN No.:	ABDPM2583R

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.180	0.704	0.437
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.180	1.704	1.437
LOAN FUNDS
1] Secured Loans		7.084	7.139	9.141
2] Unsecured Loans		1.310	1.341	0.847
TOTAL BORROWING		8.394	8.480	9.988
DEFERRED TAX LIABILITIES		0.027	0.019	0.006
TOTAL		10.601	10.203	11.431
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.592	0.622	0.567
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	6.949	4.830	5.015
	Trade receivable	1.868	1.869	1.578
	Cash & Bank Balances	3.961	1.188	1.285
	Other Current Assets	0.019	0.000	0.649
	Loans & Advances	11.946	11.134	7.291
Total Current Assets		24.743	19.021	15.818
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.438	0.376
	Other Current Liabilities	11.721	7.125	4.971
	Provisions	2.575	1.939
Total Current Liabilities		14.734	9.440	4.971
Net Current Assets		10.009	9.581	10.847
MISCELLANEOUS EXPENSES		0.000	0.000	0.017
TOTAL		10.601	10.203	11.431

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	29.247	23.071
		Other Income	0.496	0.000
		TOTAL (A)	29.743	23.071	17.568
Less	EXPENSES
		Purchase of stock-in-trade	15.675	13.879
		Changes in stock in trade	(2.118)	0.185
		Employees benefit expenses	2.602	1.508
		Other expenses	11.420	5.630
		Prior period expenses	0.010	0.000
		TOTAL (B)	27.589	21.202	17.137
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.154	1.869	Including financial expenses and depreciation
Less	FINANCIAL EXPENSES (D)		1.420	1.438
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.734	0.431
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.038	0.037
	PROFIT BEFORE TAX (E-F) (G)		0.696	0.394	0.431
Less	TAX (H)		0.220	0.127	0.135
	PROFIT AFTER TAX (G-H) (I)		0.476	0.267	0.296
	Earnings Per Share (Rs.)		47.57	26.70	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.60	1.16	1.68
Net Profit Margin (PBT/Sales)	(%)	2.38	1.71	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.74	2.01	2.63
Return on Investment (ROI) (PBT/Networth)		0.31	0.23	0.30
Debt Equity Ratio (Total Debt/Networth)		3.85	4.98	6.95
Current Ratio (Current Asset/Current Liability)		1.68	2.01	3.18

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Cash from Banks and financial institution	1.218	1.249
Cash from sister concern	0.092	0.092
Total	1.310	1.341

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29268PN2008PTC132810
Name of the company	DUDHANE MACHINERIES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 31/8, Naregaon, Taluka Haveli, Pune – 411041, Maharashtra, India Email-id - csgaurav2009@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10385932
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (Stock)
Particular of charge holder	The Vishweshwar Sahakari Bank Limited Pune, 471/ 472 Market Yard, Gultekadi, Sinhagad Road Branch, Pune – 411037, Maharashtra, India Email-id - jsbho@pn3.vsnl.net.in
Nature of instrument creating charge	1) Deed Of Hypothecation 2) Book Debts Agreement (Both The Above Agreements Executed To Constitute a Single Charge)
Date of instrument Creating the charge	28.09.2012
Amount secured by the charge	Rs. 8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15% P.A. With Monthly Rests Terms of Repayment To Be Repaid On Demand Or Before Fifteen Months Margin 25% Extent and Operation of the charge Type Of Credit Facility : Cash Credit
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Primary Security: Present And Future Stock And Book Debts As Per Information Given To The Bank And Maintained At The Registered Office Of The Company. ii) Collateral Security: Immovable Property As Specifically Described In The Schedule To The Deed Of Mortgage.
Particulars of the present modification	By This Modification, Present And Future Stock And Book Debts Are Provided As Primary Security To The Cash Credit Facility Of Rs. 800.000 Millions (Rupees Eighty millions Only). Immovable Property Continues To Be The Collateral Security To The Same Cash Credit Limit.

OPERATIONS

The company‘s financial performance has been satisfactory in the year. The Board foresees growth in business process in the forthcoming year.

FIXED ASSETS:

· Computer

· Invertor

· Printer

· Shed

· Furniture and Fixture

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 records 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. 57.78
UK Pound	1	Rs. 89.71
Euro	1	Rs. 76.23

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		28

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.