MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	SHAVO TECHNOLOGIES PRIVATE LIMITED
Formerly Known As :	AWARD TRADING PRIVATE LIMITED
Registered Office :	KA Building, Shrikant Hadkar Marg, Zakaria Bunder Road, Opposite Cotton Green Station (West), Mumbai – 400033, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1995
Com. Reg. No.:	11-090823
Capital Investment / Paid-up Capital :	Rs. 0.600 Million
CIN No.: [Company Identification No.]	U51900MH1995PTC090823
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Components.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 12000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial for the year 2012 with the Government Department. As per the previous year’s, the profitability seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with great 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 :	Ms. Reena
Designation :	Accountant
Contact No.:	91-22-22153870
Date :	28.05.2013

LOCATIONS

Registered Office :	KA Building, Shrikant Hadkar Marg, Zakaria Bunder Road, Opposite Cotton Green Station (West), Mumbai – 400033, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shavogroup@vsnl.com
Website :	http://www.shavogroup.com
Corporate/ Sales Head Office :	Shavo House, S No.21, A/10-B, Plot No.394, South Main Road, Hotel Cozy-Inn Chowk, Koregaon Park, Pune – 411001, Maharashtra India
Tel No.:	91-20-26059641/ 26059642/ 27036021/ 27030732/ 26069641/ 42/ 43/ 44
Fax No.:	91-20-26059644
Factory/ Sales Office :	A-173, 4^th Cross, 1^st Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28394004/ 28393843
Fax No.:	91-80-28395963
Area :	3000 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rushil Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

11.01.1971

Qualification :

B.E.

Date of Appointment :

04.08.1995

DIN No.:

00031182

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	U74140MH1989PTC052854	TECHINFO SERVICES PRIVATE LIMITED	Director	03/08/1989	03/08/1989	Active	NO
2	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	04/08/1995	04/08/1995	Active	NO
3	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	03/06/1997	03/06/1997	Active	NO
4	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Whole-time director	01/01/2001	01/01/2001	Active	NO
5	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07/08/2007	07/08/2007	Active	NO
6	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Director	25/08/2008	25/08/2008	Active	NO

Name :

Mr. Shatul Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

21.11.1996

Qualification :

B. Com

Date of Appointment :

04.08.1995

DIN No.:

00031120

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	U74140MH1989PTC052854	TECHINFO SERVICES PRIVATE LIMITED	Director	03/08/1989	03/08/1989	Active	NO
2	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Whole-time director	27/04/1991	27/04/1991	Active	NO
3	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Director	17/11/1994	17/11/1994	Active	NO
4	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	04/08/1995	04/08/1995	Active	NO
5	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	03/06/1997	03/06/1997	Active	NO
6	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07/08/2007	07/08/2007	Active	NO

Name :

Mr. Keshavji Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra

Date of Birth/Age :

28.01.1926

Qualification :

B.E.

Date of Appointment :

02.04.1996

DIN No.:

00031235

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	U74899DL1983PTC016853	ELMECH PNEUMETIC INDUSTRIES PRIVATE LIMITED	Director	28/10/1983	28/10/1983	-	Active	NO
2	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Director	30/11/1984	30/11/1984	-	Active	NO
3	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Whole-time director	17/11/1994	17/11/1994	-	Active	NO
4	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	02/04/1996	02/04/1996	-	Active	NO
5	U17120MH1954PTC009271	TULSIDAS KHIMJI PRIVATE LIMITED	Director	12/02/1997	12/02/1997	-	Active	NO
6	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	19/12/1997	19/12/1997	-	Active	NO
7	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29/09/2005	29/09/2005	26/09/2008	Active	NO
8	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Reena
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Shatul Harkishan Shah	7084
Rushil Harkishan Shah	10834
Rani Harkishan	7083
Harkishan Shah	7083
Maneesha Shah	7083
Foram Trading and Investment Private Limited	17500
Shahreen Rushil Shah	3333
Total	60000

(AS ON 30.09.2011)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.17
Directors or relatives of directors	70.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Components.
Imports :
Products :	Raw Materials
Countries :	· USA · UK
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Suppliers :

· United Brothers Instruments

Customers :

End Users

· Patvin Engineering Private Limited

No. of Employees :

50 (Approximately)

Bankers :

Citi Bank, Citi Tower, 61 Dr. S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India [91-22-24188930]

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	12.250	10.150
Total	12.250	10.150

Banking Relations :
Auditors :
Name :	N. M. Dhani and Company Chartered Accountants
Address :	402, Rajshila Building, Building, 597, J.S.S Road, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-65250239
Income-tax PAN of auditor or auditor's firm :	AACPD2484P
Group Company :	Centraline Lubro-Tech Engineers Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.10/- each	Rs.0.600 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.600	0.600	0.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.417	2.257	2.087
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.017	2.857	2.687
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		12.250	10.150	7.800
TOTAL BORROWING		12.250	10.150	7.800
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.267	13.007	10.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.492	1.281	1.329
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.085	0.085	0.051
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.754	7.441	6.502
	Sundry Debtors	21.411	13.976	11.239
	Cash & Bank Balances	0.717	3.156	2.324
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.609	3.291	2.802
Total Current Assets		34.491	27.864	22.867
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.561	15.322	12.834
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.310	1.385	1.365
Total Current Liabilities		25.871	16.707	14.199
Net Current Assets		8.620	11.157	8.668
MISCELLANEOUS EXPENSES		4.070	0.484	0.439
TOTAL		15.267	13.007	10.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	97.174	NA	NA
Less	EXPENSES
		TOTAL	96.575	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.599	0.504	0.984
Less/ Add	DEPRECIATION/ AMORTISATION		0.351	0.278	0.231
	PROFIT BEFORE TAX		0.248	0.226	0.753
Less	TAX		0.056	0.056	0.348
	PROFIT AFTER TAX		0.192	0.170	0.405
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.769	0.762	0.502
Less	APPROPRIATIONS
		Transfer to General Reserve	0.312	0.163	0.075
		Proposed Dividend	--	--	0.060
		Tax on Dividend	--	--	0.010
	BALANCE CARRIED TO THE B/S		0.649	0.769	0.762
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.239	1.983	2.250
		Commission Earnings	2.682	2.196	11.016
	TOTAL EARNINGS		5.921	4.179	13.266
	IMPORTS
		Components	62.398	43.676	25.242
	Earnings Per Share (Rs.)		3.20	2.83	6.75

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	140.000	110.000

Expected Sales (2013-2014): Rs. 150.000 Millions

The above information has been parted by Ms. Reena [Accountant]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.20	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.67	0.78	3.11
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.28
Debt Equity Ratio (Total Debt/Networth)		4.06	3.55	2.90
Current Ratio (Current Asset/Current Liability)		1.33	1.67	1.61

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	Yes
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 five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	No
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

NOTE:

The Registered Office of the company has been shifted from, Tower 5, 1^st Floor, Office No.1, World Trade Centre Arcade, Cuffe Parade, Mumbai – 400005, Maharashtra, India, to the present address w.e.f.01.09.2012

CONTINGENT LIABILITIES (AS ON 31.03.2011)

Bank Guarantee given to customer toward goods to customer amounting to Rs.1.875 Millions (Net of deposits) Previous year Rs.1.875 Millions.

TRADE REFERENCES:

· Patvin Engineering Private Limited

· United Brothers Instruments

FIXED ASSETS:

· Computer

· Fax

· Motor Car

· Office Equipment

· Furniture and Fixture

· Air Conditioner

· Tools

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. 76.24

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	NO
--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		27

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.