MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	HYDROKRIMP A C PRIVATE LIMITED
Registered Office :	1/1, Meredith Street, Kolkata-700072, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.12.1980
Com. Reg. No.:	21-33237
Capital Investment / Paid-up Capital :	176800 Euro
CIN No.: [Company Identification No.]	U65191WB1980PTC033237
IEC No.:	0288006348
TAN No.: [Tax Deduction & Collection Account No.]	CALH00227D / AGRH10271C
PAN No.: [Permanent Account No.]	AAACH6296A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hydraulic Hose Assemblies, Tubes Assemblies and Material Handling Equipments.
No. of Employees :	More than 100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	EURO 129000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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.

LOCATIONS

Registered Office :	1/1, Meredith Street, Kolkata – 700 072, West Bengal, India
Tel. No.:	91-33-22373555 / 22256394
Mobile No.:	91-9330807774 (Mr. I C Biswas)
Fax No.:	91-33-22257865
E-Mail :	krimpcal@vsnl.net hydrokrimp@satyam.net.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Prabhash Kumar Saraogi

Designation :

Director

Address :

3, Alipore Road, Flat No. 10-B/2, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.10.1944

Date of Appointment :

02.01.1981

Din No.:

00572201

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	U65191WB1980PTC033237	HYDROKRIMP A C PRIVATE LIMITED	Whole-time director	28/02/2013	02/01/1981	Active	NO
2	U29120WB1988PTC045283	GIRIRAJ HYDRAULICS PRIVATE LIMITED	Director	28/09/1988	28/09/1988	Active	NO
3	U65999WB1992PTC055824	VISION TOWERS AND INVESTMENT PRIVATE LIMITED	Director	20/08/1994	20/08/1994	Active	NO
4	U31900WB2012PTC180863	BRAR HYDROKRIMP ELEKTRO SYSTEMS PRIVATE LIMITED	Director	20/04/2012	20/04/2012	Under Process of Striking off	NO

Name :

Mr. Brijlal Agarwala

Designation :

Managing Director

Address :

3, Alipore Road, Flat No. 10-B/2, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

13.04.1943

Date of Appointment :

02.01.1981

Din No.:

01669748

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	U65191WB1980PTC033237	HYDROKRIMP A C PRIVATE LIMITED	Managing director	30/12/1980	30/12/1980	Active	NO
2	U65999WB1992PTC055824	VISION TOWERS AND INVESTMENT PRIVATE LIMITED	Director	10/09/1994	10/09/1994	Active	NO
3	U31900WB2012PTC180863	BRAR HYDROKRIMP ELEKTRO SYSTEMS PRIVATE LIMITED	Director	20/04/2012	20/04/2012	Under Process of Striking off	NO

KEY EXECUTIVES

Name :	Mr. I C Biswas
Designation :	Senior Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	22.03
Directors or relatives of directors	76.76
Other top fifty shareholders	1.10
Others	0.11
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hydraulic Hose Assemblies, Tubes Assemblies and Material Handling Equipments.

GENERAL INFORMATION

No. of Employees :

More than 100 [Approximately]

Bankers :

Andhra Bank, Tata Nagar Branch, Hindustan Building, Bistupur, Jamshedpur-831001, Jharkhand, India

Facilities :

Secured Loan	As on 31.03.2012 [In Euro]	As on 31.03.2011 [In Euro]
Long Term Borrowings
Term Loan
Andhra Bank	1203	8955
Auto Loan	2668	000
Short Term Borrowings
Loan repayable on demand	500021	468227
From Bank (Term Loan)	65499	7692
TOTAL	569391	484874

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Partners Chartered Accountants
Address :	1/1, Meredith Street, Kolkata-700072, West Bengal, India
PAN No:	AAEFC0158M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	0.13 Euro Each	208000 Euro

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1360000	Equity Shares	0.13 Euro Each	176800 Euro

FINANCIAL DATA

[all figures are in Euro]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	176800	176800
(b) Reserves & Surplus	472599	434161
(c) Money received against share warrants	000	000
(2) Share Application money pending allotment	000	000
(3) Non-current liabilities
(a) long-term borrowings	323644	252654
(b) Deferred tax liabilities (Net)	31654	37972
(c) Other long term liabilities	000	000
(d) long-term provisions	000	000
(4) Current liabilities
(a) Short term borrowings	565520	475919
(b) Trade payables	345621	146117
(c) Other current liabilities	76538	60826
(d) Short-term provisions	21794	21538
TOTAL	2014170	1605987
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	394475	344453
(ii) Intangible Assets	000	000
(iii) Capital work-in-progress	000	000
(iv) Intangible assets under development	000	000
(b) Non-current Investments	000	000
(c) Deferred tax assets (net)	000	000
(d) Long-term Loan and Advances	17780	11245
(e) Other Non-current assets	000	000
(2) Current assets
(a) Current investments	000	000
(b) Inventories	643903	433816
(c) Trade receivables	828243	555898
(d) Cash and cash equivalents	37546	163300
(e) Short-term loans and advances	71934	86071
(f) Other current assets	17850	8763
(g) Others	2439	2441
TOTAL	2014170	1605987

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		176800
2] Share Application Money		000
3] Reserves & Surplus		388310
4] (Accumulated Losses)		000
NETWORTH		565110
LOAN FUNDS
1] Secured Loans		469248
2] Unsecured Loans		266260
TOTAL BORROWING		735508
DEFERRED TAX LIABILITIES		40110
TOTAL		1340728
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		390298
Capital work-in-progress		000
INVESTMENT		000
DEFERREX TAX ASSETS		000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	455317
	Sundry Debtors	452058
	Cash & Bank Balances	142657
	Other Current Assets	1593
	Loans & Advances	65583
Total Current Assets		1117208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	139988
	Other Current Liabilities	000
	Provisions	29743
Total Current Liabilities		169731
Net Current Assets		947477
MISCELLANEOUS EXPENSES		000
OTHERS		2953
TOTAL		1340728

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2091477	1676412	1331290
		Other Income	10458	99446	89212
		TOTAL (A)	2101935	1775858	1420502
Less	EXPENSES
		Raw Materials Consumed	1198010	968655	712311
		Employees, Remuneration and Other Benefits	321173	274889	207735
		Manufacturing, Administrative, Selling and Others Expenses	428537	321278	297520
		Increase/ Decrease in Stocks	(58321)	18340	54617
		TOTAL (B)	1889399	1583162	1272183
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		212536	192696	148319
Less	FINANCIAL EXPENSES (D)		106022	80243	67345
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106514	112453	80974
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52600	47278	46139
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		53914	65175	34835
Less	TAX (H)		38438	19324	8238
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		15476	45851	26597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	163982	137385
	BALANCE CARRIED TO THE B/S		NA	209833	163982
	Earnings / (Loss) Per Share (Rs.)		0.01	0.03	0.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.74	2.58	1.87
Net Profit Margin (PBT/Sales)	(%)	2.57	3.89	2.62
Return on Total Assets (PBT/Total Assets}	(%)	2.67	4.06	2.31
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.06
Debt Equity Ratio (Total Debt/Networth)		1.37	1.19	1.30
Current Ratio (Current Asset/Current Liability)		1.58	1.77	6.58

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	No
10]	Designation of contact person	No
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	As on 31.03.2012 [In Euro]	As on 31.03.2011 [In Euro]
Long Term Borrowings
Loan from related party / directors	163475	116995
Others	156298	126704
TOTAL	319773	243699

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90251441
Corporate identity number of the company	U65191WB1980PTC033237
Name of the company	HYDROKRIMP A C PVT LTD
Address of the registered office or of the principal place of business in India of the company	1/1, Meredith Street, Kolkata – 700 072, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Andhra Bank, Tata Nagar Branch, Hindustan Building, Bistupur, Jamshedpur-831001, Jharkhand, India
Nature of description of the instrument creating or modifying the charge	Letter of sanction dated 29/06/2012 from bank (renewal cum enhancement) Composite agreement dated 04/07/2012 of OCC, BG, TL, LC and hypothecation of fixed assets including land, building and plant and machinery.
Date of instrument Creating the charge	04.07.2012
Amount secured by the charge	Euro 865385
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC 13.75 %( Base Rate+3.25%) TL Same as per existing terms (Base Rate+3.5%) +0.25% LC as per H.O. NORMS BG Commission as per H.O. NORMS Terms of Repayment OCC , BG and LC repayable on demand Existing term loan already being repaid as per the repayment Margin For OCC 25% on RM, FG and SIP and 50% on book debts upto 90 days of age For BG 25% CASH MARGIN For TL As Per Existing Terms (25% On Assets Acquired out of Bank Finance) For LC 25% cash margin Extent and Operation of the charge The bank has primary and absolute charge on the fixed and current assets of the company (as described in the sanction letter and composite agreement) securing the overall credit limit extended to it. Others All primary and collateral securities are to be insured for full value. Other terms and conditions as per banks sanction letter and the composite agreement executed in favour of the bank.
Short particulars of the property charged	Stocks, book debts and fixed assets including land building and plant and machinery located at a5and6 phase vi PO - Gamharia 832108 dist. Saraikela, Kharswan, Jharkhand
Date of latest modification prior to the present modification	29.08.2011
Particulars of the present modification	Enhancement of OCC Limit From Euro 448717 To Euro 512820 Enhancement of BG Limit From Euro 38462 To Euro 76923 Existing Term Loan Balance Euro 42423 Fresh LC Limit Euro 128205

FIXED ASSETS:

· Building and Factory Shed

· Lease Hold Land

· Plant and Machinery

· Motor Cars

· Data Processing equipments

· Electric Installation

· Furniture and Fixture

· Office Equipment

· Scooters and Motor Cycle

· Pollution Control Equipment

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.58.74
UK Pound	1	Rs.91.99
Euro	1	Rs.78.70

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.