MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	PRASAD CRILEC AUTOMATION PRIVATE LIMITED
Registered Office :	Plot No.14 and 16, Phase I, G.I.D.C. Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.10.2008
Com. Reg. No.:	04-055275
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U29100GJ2008PTC055275
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06480F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of plastic crizaf conveyor belts, horizontal conveyer belt with robots, plastic conveyer belt, sprue separator and conveying.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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 DENIED

Management Non-Co-operative (Tel No.: 91-79-25890687/25830112)

LOCATIONS

Registered Office :	Plot No.14 and 16, Phase I, G.I.D.C. Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25890687/25830112
Fax No.:	Not Available
E-Mail :	mehul@prasadgroup.com
Website :	www.crizaf.com

DIRECTORS

As on 13.09.2012

Name :

Mr. Prakash Hemendrabhai Shah

Designation :

Director

Address :

22, Sweet Home Society, Ambawadi, Ahmedabad, Gujarat, India

Date of Birth/Age :

13.11.1944

Date of Appointment :

21.10.2008

DIN No.:

00170967

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	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	19/11/1986	19/11/1986	-	Active	NO
2	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Director	18/11/1987	18/11/1987	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PRIVATE LIMITED	Director	26/05/1988	26/05/1988	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29100GJ2009PTC058018	PRASHANT FERBER LOGISTICS AUTOMATION PRIVATE LIMITED	Director	05/09/2009	05/09/2009	-	Active	NO
12	U29269GJ2010PTC059567	PRASHANT BROMAS TEXTILE MACHINERY PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
13	U29262GJ2011PTC065641	PRASHANT ROSTONI MACHINERY PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
14	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO

Name :

Mr. Bhavinbhai Hemendrabhai Shah

Designation :

Director

Address :

36, Sujan Bunglows, Nr. Shreyas School, Ahmedabad, Gujarat, India

Date of Birth/Age :

09.09.1963

Date of Appointment :

21.10.2008

DIN No.:

00171205

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	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Managing director	18/11/1987	18/11/1987	-	Active	NO
2	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PRIVATE LIMITED	Director	30/04/1993	30/04/1993	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Dhruvbhai Prakashbhai Shah

Designation :

Director

Address :

22, Sweet Home Society, Ambawadi, Ahmedabad, Gujarat, India

Date of Appointment :

21.10.2008

DIN No.:

00171257

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	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	09/12/1997	09/12/1997	-	Active	NO
2	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	15/02/2005	15/02/2005	-	Active	NO
3	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
4	U24259GJ1988PTC010755	PRASHANT GAMATEX PRIVATE LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
5	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO

Name :

Claudia Oreste Cribiu

Designation :

Director

Address :

Via Tagliamento, 308 Cislago VA 21040

Date of Birth/Age :

07.11.1972

Date of Appointment :

01.03.2011

DIN No.:

03291066

Name :

Elena Oreste Cribiu

Designation :

Director

Address :

Via Giacomo Leopardi, 29 Turate Co 22078

Date of Birth/Age :

07.08.1967

Date of Appointment :

01.03.2011

DIN No.:

03291051

Name :

Luca Leaonard Cribiu

Designation :

Director

Address :

Via Varese, 59 Saronno VA 21047

Date of Birth/Age :

27.06.1975

Date of Appointment :

01.03.2011

DIN No.:

03291023

MAJOR SHAREHOLDERS

As on 13.09.2012

Names of Shareholders	No. of Shares
Prakash Hemendrabhai Shah	25000
Surekhaben Prakashbhai Shah	25000
Druvabhai Prakashbhai Shah	50000
Roshaniben Dhruvbhai Shah	25000
Chavinbhai Hemendrabhai Shah	50000
Pritiben Bhavinbhai Shah	25000
Pujan Bhavinbhai Shah	50000
Crifin SRL, Italy	250000
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 13.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of plastic crizaf conveyor belts, horizontal conveyer belt with robots, plastic conveyer belt, sprue separator and conveying.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· State Bank of India · HDFC Bank

Banking Relations :	--
Auditors :
Name :	Denish R Shah and Comapny Chartered Accountants
Address :	51,Madhuban Bunglow, 5th Floor, Near Madalpur Underbridge, Ahmedabad – 380006, Gujarat, India
PAN No.:	AAFFD0959G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

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	5.000	5.000
(b) Reserves & Surplus	2.328	0.881
(c) Money received against share warrants	0.000	0.000
	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.328	5.881
(3) Non-Current Liabilities
(a) long-term borrowings	3.758	3.311
(b) Deferred tax liabilities (Net)	0.003	0.001
(c) Other long term liabilities	0.002	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.763	3.312
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1.661	2.889
(c) Other current liabilities	0.242	0.066
(d) Short-term provisions	5.387	1.624
Total Current Liabilities (4)	7.290	4.579
TOTAL	18.381	13.772
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.137	0.098
(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)	0.000	0.000
(d) Long-term Loan and Advances	1.722	0.448
(e) Other Non-current assets	0.217	0.000
Total Non-Current Assets	2.076	0.546
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.210	4.272
(c) Trade receivables	2.802	4.014
(d) Cash and cash equivalents	8.690	4.235
(e) Short-term loans and advances	0.513	0.579
(f) Other current assets	0.090	0.126
Total Current Assets	16.305	13.226
TOTAL	18.381	13.772

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.120
2] Share Application Money		0.000
3] Reserves & Surplus		2.426
4] (Accumulated Losses)		0.000
NETWORTH		2.546
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.045
TOTAL BORROWING		0.045
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.013
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	2.433
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		2.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.006
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.006
Net Current Assets		2.427
MISCELLANEOUS EXPENSES		0.151
TOTAL		2.591

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
TURNOVER		19.419	8.802	0.000
PROFIT/(LOSS) AFTER TAX		3.772	1.464	0.000
EARNINGS IN FOREIGN CURRENCY		0.000	1.738	0.000
IMPORTS
	CIF Value of Imports	NA	1.067	0.000
TOTAL IMPORTS		NA	1.067	0.000
Earnings Per Share (Rs.)		7.54	NA	NA

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	0.51	0.56	0.02
Current Ratio (Current Asset/Current Liability)	2.24	7.26	405.50

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	No
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	No
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 Directors	3.758	3.311
Total	3.758	3.311

NOTE: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Computer

· Electric Installation

· Plant and Machinery

· 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 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. 61.69
UK Pound	1	Rs. 98.59
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.