MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	D C ENGINEERS PRIVATE LIMITED
Registered Office :	12, Siddharth Industrial Estate, Shailesh Udyog Nagar, Sativali Road, Vasai (East), District Thane – 401 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.02.1999
Com. Reg. No.:	11-118382
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U74210MH1999PTC118382
TAN No.: [Tax Deduction & Collection Account No.]	MUMD08239A
PAN No.: [Permanent Account No.]	AABCD1670R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sheet Metal Components and Fabricators.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Dhiren Kanakrai Shah
Designation :	Director
Contact No.:	91-9225400191
Date :	01.10.2013

LOCATIONS

Registered Office/ Factory :	12, Siddharth Industrial Estate, Shailesh Udyog Nagar, Sativali Road, Vasai (East), District Thane – 401 208, Maharashtra
Tel. No.:	95250-6455091/ 98/ 6452308
Mobile No.:	91-9225400191 (Mr. Dhiren Shah)
Fax No.:	95250-2454808
E-Mail :	shilpakyal@gmail.com dhirenkshah@rediffmail.com dhirenshah@dcengineersmail.com hitesh@dcengineersmail.com
Location :	Owned
Administration Office :	49, Akshay Industrial Estate, Navghar, Vasai Road, Vasai (East), District Thane – 401 210, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Dhiren Kanakrai Shah

Designation :

Director

Address :

A/203, Meera Apartment, Juhu Versova Link Road, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

26.10.1960

Date of Appointment :

30.09.2004

DIN No.:

01229065

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	U74210MH1999PTC118382	D C ENGINEERS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
2	U26920MH1983PTC030441	MEHTA CERAMICS PRIVATE LIMITED	Director	11/01/2010	11/01/2010	31/12/2011	Active	NO
3	U74999MH2012PTC227941	EXPERT ENAMEL COATINGS PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO

Name :

Mr. Vinodkumar Satyadev Raizada

Designation :

Director

Address :

Ashish, 21 Vallabh Nagar Society, N.S. Road No.4, J.V.P.D. Scheme, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

24.01.1956

Date of Appointment :

01.10.2012

DIN No.:

06392817

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dhiren Shah jointly with Shibani Shah	33336
Shibani Shah jointly with Dhiren Shah	16664
Dhiren Shah (HUF)	76200
Shibani Dhiren Shah	34500
Dhiren Kanakrai Shah	89300
Total	250000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sheet Metal Components and Fabricators.
Exports :
Products :	Finished Goods
Countries :	Middle East UK Australia
Terms :
Selling :	Cash, Credit and Depend
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Customers :

End Users and Others

· Raychem RPG Group

· BodyTone Systems

· Brass Copper and Alloy (India) Limited

· Canbara Industries Private Limited

· Dharmraj Metal Corporation

· Dorman Smith Switchgear LLC

· Heatshrink Technologies Limited

· KEC International Limited

· Manek Plastics Private Limited

· Pack Well

· Premium Plast Private Limited

· RLC Engineers Private Limited

· STI Industries

· Berry Plastic Private Limited

No. of Employees :

30 (Approximately)

Bankers :

· Bank of Maharashtra, Guru Krupa Building, North South Road 6, J.V.P.D. Scheme, Juhu Vile Parle (West), Mumbai – 400 056, Maharashtra, India

· Bank of India, D.N. Road (Branch), Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Bank of Maharashtra A/C No. 60067322898	0.362	0.671
Bank of Maharashtra A/C No. 60067322898	1.701	2.100
Bank of Maharashtra Loan A/c.60051151088	2.677	3.261
Bank of Maharashtra Machinery Loan A/c	0.667	0.967
Total	5.407	6.999

Banking Relations :	--
Auditors :
Name :	Parendra M. Shah and Company Chartered Accountants
Address :	Corner Building, Ground Floor, St. Braz Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Tel. No.:	91-22-26143223
PAN No.:	AORTS6187H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

(a) Issued/rights attached to equity shares The company has only one class of equity shares having per value of per share. Each holder of equity shares is entitled to one vote per share In the event of liquidity of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Details of shareholders holding more than 5% shares in the company

Particulars	As at 31^st March, 2012
	No. of Shares	% holding in the class
Dhiren K. Shah	122636	49.05
Shibani D. Shah	51164	20.47
Dhiren Shah (HUF)	76200	30.48

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	2.500	2.500
(b) Reserves & Surplus	4.999	3.604
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.499	6.104
(3) Non-Current Liabilities
(a) Long-term borrowings	23.430	22.366
(b) Deferred tax liabilities (Net)	0.005	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	23.435	22.366
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	14.498	21.666
(c) Other current liabilities	0.963	1.231
(d) Short-term provisions	15.986	13.570
Total Current Liabilities (4)	31.447	36.467
TOTAL	62.381	64.937
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.451	15.871
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.170
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.501	16.091
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	17.865	17.446
(c) Trade receivables	23.636	22.825
(d) Cash and cash equivalents	0.326	0.940
(e) Short-term loans and advances	2.423	4.566
(f) Other current assets	3.630	3.069
Total Current Assets	47.880	48.846
TOTAL	62.381	64.937

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		2.113
4] (Accumulated Losses)		0.000
NETWORTH		2.613
LOAN FUNDS
1] Secured Loans		10.329
2] Unsecured Loans		4.342
TOTAL BORROWING		14.671
DEFERRED TAX LIABILITIES		0.000
TOTAL		17.284
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.088
Capital work-in-progress		0.000
INVESTMENT		0.320
DEFERRED TAX ASSETS		0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.981
	Sundry Debtors	10.105
	Cash & Bank Balances	0.883
	Other Current Assets	2.252
	Loans, Advances & Deposits	0.657
Total Current Assets		21.878
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.604
	Other Current Liabilities	0.048
	Provisions	0.394
Total Current Liabilities		12.046
Net Current Assets		9.832
MISCELLANEOUS EXPENSES		0.000
TOTAL		17.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	74.012	89.891	53.066
		Other Income
		TOTAL	74.012	89.891	53.066
Less	EXPENSES
		Office Expenses	69.602	86.312	50.883
		Administrative Expenses
		Advertising Expenses
		TOTAL	69.602	86.312	50.883
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.410	3.579	2.183
Less/ Add	DEPRECIATION/ AMORTISATION		2.302	1.668	0.908
	PROFIT / (LOSS) BEFORE TAX		2.108	1.911	1.275
Less	TAX		0.713	0.420	0.351
	PROFIT / (LOSS) AFTER TAX		1.395	1.491	0.924
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.604	2.113	1.189
	BALANCE CARRIED TO THE B/S		4.999	3.604	2.113
	Earnings / (Loss) Per Share (Rs.)		5.58	5.96	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	70.800

The above information has been parted by Mr. Dhiren Kanakrai Shah (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.88	1.66	1.74
Return on Total Assets (PBT/Total Assets}	(%)	3.38	2.95	4.40
Return on Investment (ROI) (PBT/Networth)		0.28	0.31	0.49
Debt Equity Ratio (Total Debt/Networth)		3.12	3.66	5.61
Current Ratio (Current Asset/Current Liability)		1.52	1.34	1.82

LOCAL AGENCY FURTHER INFORMATION

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 four 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	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	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 74-P, Kherani Lane, Off Saki Vihar, Saki Naka, Mumbai – 400 072, Maharashtra to the present address w.e.f. 02.04.2009.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10223319	23/04/2010	2,000,000.00	BANK OF MAHARASHTRA	GURU KRUPA BUILDING, NORTH SOUTH ROAD 6, J.V.P.D. SCHEME, JUHU VILE PARLE (WEST), MUMBAI, MAHARASHTRA - 400056, INDIA	A86886827
2	10106802	17/07/2010 *	17,258,000.00	BANK OF MAHARASHTRA	GURU KRUPA BUILDING, NORTH SOUTH ROAD 6, J.V.P.D. SCHEME, JUHU VILE PARLE (WEST), MUMBAI, MAHARASHTRA - 400056, INDIA	A92067560
3	10064174	23/03/2011 *	22,058,000.00	BANK OF MAHARASHTRA	GURU KRUPA BUILDING, NORTH SOUTH ROAD 6, J.V.P.D. SCHEME, JUHU VILE PARLE (WEST), MUMBAI, MAHARASHTRA - 400056, INDIA	B10741296

* Date of charge modification

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors	3.559	4.781
From Shareholders	3.836	3.282
From Others	10.628	7.304
Total	18.023	15.367

OPERATIONS:

The Company has shown satisfactory performance during the year and achieved Profit of Rs.2.108 millions compared to previous year’s profit of Rs.1.911 millions.

FIXED ASSETS:

· Land and Building

· Machinery

· EPBX System

· Furniture and Fixture

· Computer and Printer

· Electric Installation

· Dies and Moulds

· Generator

· Office Equipment

· Gala at Manish Industrial Estate

· Motor Car

· Scooter

· Weighting Machine

· Plastic Crates

· Factory Renovation

· Fire Extinguisher

· Bicycle

· Air Condition

· Mobile Hand Set

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 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.61.94
UK Pound	1	Rs.100.44
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		35

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.