MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	VOLMAC ENGINEERING PRIVATE LIMITED
Registered Office :	C-6, DSIDC Engineering Complex, Phase-I, Mangolpuri Industrial Area, Delhi - 110083
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.04.2000
Com. Reg. No.:	55-105294
Capital Investment / Paid-up Capital :	Rs. 0.410 Million
CIN No.: [Company Identification No.]	U13209DL2000PTC105294
TAN No.: [Tax Deduction & Collection Account No.]	DELV05248F
PAN No.: [Permanent Account No.]	AABCV3774C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Distributor and Supplier of Forklift Spares, Tyres and Attachments, Diesel Engine AMC, Automatic Transmission Overhauling etc.
No. of Employees :	20 (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 6800
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 financials with the government department since 2011. The financial of 2011 are also not available. Mr. K.N. Pande, Accountant has provided all information but the financials are not verified. As per the old of 2010, we found that the financial position of the company is below-average due to low profits and huge external borrowings. However, trade relations are fair. Business is active. Payment terms are unknown. 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. K.N. Pande
Designation :	Accountant
Contact No.:	91-11-27915026
Date :	12.06.2013

LOCATIONS

Registered Office/ Factory :	C-6, DSIDC Engineering Complex, Phase-I, Mangolpuri Industrial Area, Delhi – 110083, India
Tel. No.:	91-11-27915026/ 27915028
Mobile No.:	91-9811068393 [Mr. Sunil]
Fax No.:	91-11-27915028
E-Mail :	akgc01@yahoo.co.in
Area :	108 Sq. Mtr.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sunil Sharma

Designation :

Director

Address :

A-2/ 121, Sector – 3, Rohini, Delhi – 110085, India

Date of Birth/Age :

29.07.1974

Date of Appointment :

18.04.2000

DIN No.:

00433073

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	U13209DL2000PTC105294	VOLMAC ENGINEERING PRIVATE LIMITED	Director	18/04/2000	18/04/2000	Active	NO
2	U29248DL2006PTC154251	SHAMBROS ENGINEERING PRIVATE LIMITED	Director	23/09/2006	23/09/2006	Active	NO

Name :

Mrs. Uma Sharma

Designation :

Director

Address :

A-2/ 121, Sector – 3, Rohini, Delhi – 110085, India

Date of Birth/Age :

01.01.1977

Date of Appointment :

23.09.2011

DIN No.:

03082956

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	U13209DL2000PTC105294	VOLMAC ENGINEERING PRIVATE LIMITED	Director	23/09/2011	10/02/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. K.N. Pande
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sunil Sharma	5100
Uma Sharma	79900
Total	85000

AS ON 12.12.2011

Names of Allottees	No. of Shares
Sunil Sharma	10000
Total	10000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Distributor and Supplier of Forklift Spares, Tyres and Attachments, Diesel Engine AMC, Automatic Transmission Overhauling etc.
Products/ Services :	¯ Electric/ Diesel Forklifts/ Stackers, Tow Trucks, Reach Trucks, etc. ¯ Electrical Vehicles ¯ Golf Cars ¯ DC/AC Motor Controllers ¯ Forklift and Electric Vehicles Spare Parts ¯ Traction Battery Chargers ¯ Hour Meters and Battery Condition Indicators ¯ DC Contactors ¯ Foot Pedals/Accelerators
Imports :
Products :	Spares
Countries :	¯ China ¯ USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

¯ Adarsh Automobiles

¯ Arrow Electricals

¯ Cozy Industries

¯ Curtis Instruments India Private Limited

¯ Emrald Resilient Tyre Mfrs Private Limited

¯ First Flight Couriers Limited

¯ HJN Industries

¯ Maan Rubber Industries

¯ Mahindra and Mahindra Limited

¯ Mitsubishi Catterpiller Forklift Asia Pte. Limited

¯ N K Enterprises

¯ Rattan Hose and Engineering Works Private Limited

¯ Sirius Controls Private Limited

¯ Sahil Enterprises

¯ S.S. Engineering

Customers :

OEM’s

¯ Ajmer Vidyut Vitran Nigam Limited

¯ Allied Nippon Limited

¯ Asahi India Glass Limited (Roorkee)

¯ Asian Paints Limited

¯ Asia Resorts Limited

¯ Auto Ignition Limited

¯ Bansal Spinning Mills Limited

¯ Bosch Limited

¯ Brindavan Bottlers Limited

¯ Central Ordnance Depot

¯ DHL Express India Limited (IGIA)

¯ Elin Electronics Limited

¯ Federal Mogul Goetze (India) Limited

¯ Frigoglass India Private Limited

¯ Hindustan Glass Works Limited

¯ Hindustan Coca Cola Beverages Private Limited, PATNA

¯ Hindustan Coca Cola Beverages Private Limited, Jammu

¯ Hindustan Unilever Limited, Rajpura

¯ Hindustan Unilever Limited, Solan

¯ IPCA Laboratries Limited

No. of Employees :

20 (Approximately)

Bankers :

¯ Canara Bank, Rani Bagh, New Delhi – 110034, India

¯ ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Canara Bank Shed (Loan)	0.400
ICICI Bank Limited (G8563006)	0.146
ICICI Bank Limited (58742243)	0.046
ICICI Bank Limited (Hyundai Verna)	0.212
Reliance Capital Limited	0.580
Kotak Mahindra Prime Bank (ALTO)	0.162
Kotak Mahindra Prime Bank (DZIRE)	0.430
Canara Bank	1.866
ICICI Bank Limited	1.218
Total	5.060	6.058

Banking Relations :	--
Auditors :
Name :	P.S. Kohli and Company Chartered Accountants
Address :	5/70, W.E.A., Ajmal Khan Road, Karol Bagh, Delhi – 110005, India
Tel. No.:	91-11-25812261/ 41451250
Fax No.:	91-11-25812262
E-Mail :	pskohlica@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAFPK6259G

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95,000	Equity Shares	Rs. 10/- each	Rs. 0.950 Million

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41,000	Equity Shares	Rs. 10/- each	Rs. 0.410 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.410	0.410	0.410
2] Share Application Money		0.440	0.440	0.440
3] Reserves & Surplus		0.866	0.841	0.611
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.716	1.691	1.461
LOAN FUNDS
1] Secured Loans		5.060	6.058	6.887
2] Unsecured Loans		0.149	0.200	0.000
TOTAL BORROWING		5.209	6.258	6.887
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.925	7.949	8.348
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.913	3.299	6.548
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.538	1.890	2.145
	Sundry Debtors	2.107	2.668	1.385
	Cash & Bank Balances	0.299	1.473	0.082
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.372	0.805	0.566
Total Current Assets		5.316	6.836	4.178
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.341	0.861	1.409
	Other Current Liabilities	0.657	0.803	0.611
	Provisions	0.306	0.522	0.358
Total Current Liabilities		2.304	2.186	2.378
Net Current Assets		3.012	4.650	1.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.925	7.949	8.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	NA	14.222	13.223
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	13.828	12.890
	PROFIT BEFORE TAX		NA	0.394	0.333
Less	TAX		NA	0.164	0.159
	PROFIT AFTER TAX		NA	0.230	0.174
	CIF VALUE OF IMPORTS		0.000	1.548	0.000
	Earnings Per Share (Rs.)		NA	5.61	4.24

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	31.700	28.800	23.000

Expected Sales (2013-2014): Rs. 39.000 Millions

The above information has been parted by Mr. K.N. Pande [Accountant]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	1.62	1.32
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.89	3.10
Return on Investment (ROI) (PBT/Networth)		NA	0.23	0.23
Debt Equity Ratio (Total Debt/Networth)		3.04	3.70	4.71
Current Ratio (Current Asset/Current Liability)		2.31	3.13	1.76

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Sunil Sharma	0.149	0.200
Total	0.149	0.200

Note:

The registered office of the company has been shifted from A 2/121, Sector 3, Rohini, Delhi – 110085, India to the present w.e.f.18.04.2006.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U13209DL2000PTC105294
Name of the company	VOLMAC ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-6, DSIDC Engineering Complex, Phase-I, Mangolpuri Industrial Area, Delhi – 110083, India Email: akgc01@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	90368475
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, Rani Bagh, New Delhi – 110034, India Email: akandco@hotmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement dated 19.01.2012
Date of instrument Creating the charge	19.01.2012
Amount secured by the charge	Rs. 3.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6.75% above Base Rate with a minimum of 17.50% p.a. Terms of Repayment Payable on Demand Margin As per Agreement Extent and Operation of the charge 100% Others The above is to secure OCC Limit of Rs. 3.500 Millions granted to the company together with interest, costs, expenses and other charges etc.
Short particulars of the property charged	Hypothecation of the whole of borrower's present and future stock of Raw Materials, goods in process of manufacture and all finished and manufactured goods and articles such as machines manufacturing parts together with all stores and components, spares now lying or hereafter stored at company's factory/godown, premises A-5, DSIDC Engineering Complex, Phase-1, Mangolpuri Industrial Area, New Delhi or any other places including those in transit and all borrower's present and future book debts, outstanding, money receivables, claims, bills, rights to or in movable properties and movable assets.
Particulars of the present modification	The Charge over Stock and Book Debts of the Company stand enhanced from Rs. 2.000 Millions to Rs. 3.500 Millions to secure enhanced OCC Limit of Rs. 3.500 Millions granted to/enjoyed by the company together with interest, costs, expenses and other charges etc. ROI: 6.75% above Base Rate with a minimum of 17.50% p.a. Other Terms and Conditions remain the same.

FIXED ASSETS:

¯ Office Equipment

¯ Air Conditioner

¯ Vehicles

¯ Cellular Phones

¯ Fire Fittings Equipments

¯ Tools

¯ Computers

¯ Furniture and Fixture

¯ Buildings

¯ Land

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. 58.41
UK Pound	1	Rs. 91.62
Euro	1	Rs. 78.12

INFORMATION DETAILS

Information Gathered by :	PLV
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	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
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	-

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.