MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	ANKUR TRADERS AND ENGINEERS PRIVATE LIMITED
Registered Office :	R-29, Back Side Model Town, 3^rd Stop, New Delhi – 110 009
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.09.2000
Com. Reg. No.:	55-107583
Capital Investment / Paid-up Capital :	Rs.0.830 Million
CIN No.: [Company Identification No.]	U23209DL2000PTC107583
TAN No.: [Tax Deduction & Collection Account No.]	DELA11243B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of A.C Generators and Generating Sets.
No. of Employees :	30 (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 5000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company appears to be huge. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealing 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

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. Ankur
Designation :	Director
Contact No.:	91-9811444318
Date :	28.09.2013

LOCATIONS

Registered Office :	R-29, Back Side Model Town, 3^rd Stop, New Delhi – 110 009, India
Tel. No.:	Not Available
Mobile No.:	91-9811444318 (Mr. Ankur)
Fax No.:	91-120-2705441
E-Mail :	Ca.rkmaheshwari@gmail.com dgsetankur@yahoo.co.in rkm.co@yahoo.com
Location :	Owned
Factory :	D-130, B. S. Road, Industrial Area, Site-1, Ghaziabad – 201 009, Uttar Pradesh, India
Tel. No.:	91-120-2705440/ 2705441/ 2851840/ 2853582/ 4156669
Fax No.:	91-120-2705441

DIRECTORS

AS ON 29.03.2012

Name :	Mr. Ashok Mahendru
Designation :	Director
Address :	A-16, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	54 Years
Date of Appointment :	15.07.2002
DIN No.:	01929146
Name :	Mrs. Suman Mahendru
Designation :	Director
Address :	A-16, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	50
Date of Appointment :	17.09.2000
DIN No.:	01078663
Name :	Mr. Arun Mahendru
Designation :	Director
Address :	A-16, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	52 Years
Date of Appointment :	17.09.2000
DIN No.:	01050780

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Arun Mahendru	25000
Suman Mahendru	14900
Sangita Mahendru	2510
Ashok Mahendru	33910
Sanjay Gupta	100
Ashok Mahendru HUF	2500
Arun Mahendru HUF	4000
Subrat Tirkha	100
Total	83020

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.70
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of A.C Generators and Generating Sets.
Products :	· AC Generator, AC Generator Sets · Cel Silent Generators · Water Pumping Sets · Silent Generators · Tata and Leyland Generators · Diesel Engine and Alternators · Eicher Engines Powered Silent Gensets · Cel Continantol Generators
Exports
Products :	A.C Generators and Generating Sets
Countries :	· Nepal · Asian Countries
Terms :
Selling :	Cash and Credit, Depend
Purchasing :	Cash and Credit, Depend

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity *	Actual Production
Generator, Alternator, Pump set, Engine etc.	Nos.	N.A.	1000	790

Note: * Installed capacity has been certified by the management and not verified by the auditors being mechanical matter.

GENERAL INFORMATION

Customers :

Others

No. of Employees :

30 (Approximately)

Bankers :

· State Bank of India, RASMECCC Industrial Estate, B.S. Road, Ghaziabad – 201 009, Uttar Pradesh, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
a) From State Bank of India (Secured Against Hypothecation of stocks)	2.119	1.890
b) From State Bank of India (Secured Against Hypothecation of Car)	0.316	0.386
Less: Amount Repayable within 12 months	(0.075)	(0.070)
Total	2.360	2.206

Banking Relations :	--
Auditors :
Name :	Ramakant Maheshwari and Company Chartered Accountants
Address :	125 A, Chanderpuri, Vyapar Bhavan, Ghaziabad – 201 001, Uttar Pradesh, India
Tel. No.:	91-120-2859229/ 28033780
Fax No.:	91-120-2856229
PAN No.:	ACHPM0584C
Associates/Subsidiaries :	Shahor Machinery Stores

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs.1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83020	Equity Shares	Rs. 10/- each	Rs.0.830 Million

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	0.830	0.830
(b) Reserves & Surplus	0.488	0.356
(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)	1.318	1.186
(3) Non-Current Liabilities
(a) long-term borrowings	7.461	6.588
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.461	6.588
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.500	1.161
(c) Other current liabilities	0.866	0.138
(d) Short-term provisions	0.142	0.094
Total Current Liabilities (4)	1.508	1.393
TOTAL	10.287	9.167
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.578	2.635
(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	0.000	0.000
(c) Deferred tax assets (net)	0.101	0.101
(d) Long-term Loan and Advances	0.076	0.076
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.755	2.812
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.452	4.540
(c) Trade receivables	1.119	1.469
(d) Cash and cash equivalents	0.236	0.108
(e) Short-term loans and advances	0.594	0.128
(f) Other current assets	0.131	0.110
Total Current Assets	7.532	6.355
TOTAL	10.287	9.167

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.830
2] Share Application Money		0.000
3] Reserves & Surplus		0.272
4] (Accumulated Losses)		0.000
NETWORTH		1.102
LOAN FUNDS
1] Secured Loans		1.820
2] Unsecured Loans		4.031
TOTAL BORROWING		5.851
DEFERRED TAX LIABILITIES		0.000
TOTAL		6.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.407
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.089
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.965
	Sundry Debtors	1.201
	Cash & Bank Balances	0.080
	Other Current Assets	0.000
	Loans & Advances	0.274
Total Current Assets		5.520
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.975
	Other Current Liabilities	0.044
	Provisions	0.044
Total Current Liabilities		1.063
Net Current Assets		4.457
MISCELLANEOUS EXPENSES		0.000
TOTAL		6.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	14.007	13.579	10.848
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	13.494	13.081	10.439
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.513	0.498	0.409
Less	DEPRECIATION/ AMORTISATION		0.320	0.375	0.295
	PROFIT/(LOSS) BEFORE TAX		0.193	0.123	0.114
Less	TAX		0.061	0.039	0.036
	PROFIT/(LOSS) AFTER TAX		0.132	0.084	0.078
	Earnings Per Share (Rs.)		1.58	1.02	0.94

Particulars	31.03.2013
Sales Turnover (Approximately)	16.000

The above information has been parted by Mr. Ankur (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.94	0.62	0.72
Return on Total Assets (PBT/Total Assets}	(%)	1.91	1.39	1.44
Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.10
Debt Equity Ratio (Total Debt /Networth)		5.66	5.55	5.31
Current Ratio (Current Asset/Current Liability)		4.99	4.56	5.19

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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From related Parties	5.001	4.045
From Others:	0.000	0.000
Sanjay Gupta	0.100	0.100
Suvrat Trikha	0.000	0.237
Total	5.101	4.382

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10218716	27/04/2010	450,000.00	STATE BANK OF INDIA	RASMECCC, INDUSTRIAL ESTATE,B.S.ROAD, GHAZIABAD – 201 009, UTTAR PRADESH, INDIA	A84977487
2	80059055	02/11/2007 *	2,000,000.00	STATE BANK OF INDIA	RASMECCC, INDUSTRIAL ESTATE, BS ROAD, GHAZIABAD – 201 009, UTTAR PRADESH, INDIA	A83938118

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Tools and Testing Equipments

· Car

· Scooter and Motor Cycle

· Computer

· Delivery van

· Air Conditioner

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.61.46
UK Pound	1	Rs.99.29
Euro	1	Rs.83.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.