MIRA INFORM REPORT

Report Date :

14.09.2013

IDENTIFICATION DETAILS

Name :	DYNAPRO MOTION CONTROLS PRIVATE LIMITED
Registered Office :	W-64, MIDC Industrial Area, Hingna Road, Nagpur – 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.08.1999
Com. Reg. No.:	11-146447
Capital Investment / Paid-up Capital :	Rs. 23.778 Millions
CIN No.: [Company Identification No.]	U29240MH1999PTC146447
PAN No.: [Permanent Account No.]	AAACD8615P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Hydraulic Pumps and Metals.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track record. The company is improving its performance marked by on increase in the sales turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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.

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 (GENERAL DETAILS)

Name :	Mr. Prabodh Singh
Designation :	Account Department
Contact No.:	91-9423686542
Date :	11.09.2013

LOCATIONS

Registered Office / Factory :	W-64, MIDC Industrial Area, Hingna Road, Nagpur – 440016, Maharashtra
Tel. No.:	91-712-2225069 91-7104-235785 / 395361
Mobile No.:	91-9423686542 (Mr. Prabodh Singh)
Fax No.:	91-7104-234886
E-Mail :	vinit@dynapro.in prabodh@dynapro.in
Website :	www.dynapro.in
Location :	Owned

DIRECTORS

As on 13.08.2012

Name :	Mr. Vineet Goyal
Designation :	Director
Address :	4, Thakur Aparment, Ravi Nagar, Squarem Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	01.12.1970
Date of Appointment :	20.03.2010
DIN No.:	00073545
Name :	Mr. Atul Ramsharan Gupta
Designation :	Director
Address :	173, Nit Layout Ring Road, TRI Murti Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	15.04.1966
Date of Appointment :	21.03.2001
DIN No.:	00209395
Name :	Mr. Rishish Chandra Goyal
Designation :	Director
Address :	21, ADA Colony Church Road, Civil Lines, Agra – 282002, Uttar Pradesh, India
Date of Birth/Age :	18.10.1940
Date of Appointment :	08.03.2012
DIN No.:	00723265

KEY EXECUTIVES

Name :	Mr. Prabodh Singh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.08.2012

Names of Shareholders (Equity Shares)	No. of Shares
Atul Gupta	19737
Ashok Mrig	19812
Anita Gupta	19838
Vipul Gupta	19737
Vineet Goyal	36625
Ramsharan Gupta (HUF)	100
Agies India Private Limited, India	3000
Fulchand Tikamchand, India	100
GMG Technotrades Private Limited, India	40000
Madhu Mirg	19813
Shallini Gupta	19738
Total	198500

Names of Shareholders (Preference Shares)	No. of Shares
Net Value Mining and Engineering Products Private Limited, India	642100
GMG techno Trade Private Limited, India	826300
High-Tech Mining Products and Engg Private Limited, India	60900
Excel Controllnkage Private Limited, India	650000
Total	2179300

As on 20.08.2012

Names of Allottees (Equity Shares)	No. of Shares Allotted
Vineet Goyal	200000
Total	200000

As on 13.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	21.66
Directors or relatives of Directors	58.27
Other top fifty shareholders	20.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Hydraulic Pumps and Metals.
Imports :
Products :	Raw Materials
Countries :	South Africa Canada UK USA China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

• South Eastern Coal Fields Limited
• Western Coalfield Limited
• Northern Coalfields Limited
• Eastern Coalfields Limited
• Bharat Coking Coal Limited
• Mahanadi Coalfields Limited
• Singareni Collieries Company Limited
• Hindustan Zinc Limited

No. of Employees :

30 (Approximately)

Bankers :

• Axis Bank Limited
• State Bank of India
• The Shamrao Vithal Co-Operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai - 400055, Maharashtra, India

Tel. No.: 91-22-66999999

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loans From Banks
The Shamrao Vithai Co-operative Bank Limited (Secured Against Mortgage of Land, Building, Hypothecation of Machinery) (Repayble within one year Rs.8.361 Millions)	8.473	21.745
Car Loan from ICICI Bank Limited (Secured by hypothecation of Vehicle) (Repayble within one year Rs.0.738 Million)	1.626	0.446
Loan from LIC (Secured by keyman insurance policy of	0.411	0.410
SHORT TERM BORROWINGS
The Shamrao Vithal Co-operative Bank Limited (Secured Against Stock, Receivables an All Other Movable Assets. Loans are also Personally Guaranteed by Directors	19.847	18.662
Ax\s Bank Limited, Nagpur (Secured Against Stock, Receivables and At Other Movable Assets. Loans are also Personally Guaranteed by Directors.)	13.364	12.902
Total	43.721	54.165

Banking Relations :	---
Auditors :
Name :	A.G. Pimperkhede and Company Chartered Accountants
Address :	M-2, "Sanket" Appartment, Khare Town, Dharampeth, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-6502868
Fax No.:	91-712-2553229
PAN No.:	AACFM0308D
Subsidiaries :	Vidarbha Plastics Private Limited CIN No.: U99999MH1977PTC019839

CAPITAL STRUCTURE

After 13.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
2300000	Preference Shares	Rs.10/- each	Rs.23.000 Millions
	Total		Rs.27.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
398500	Equity Shares	Rs.10/- each	Rs.3.985 Millions
2179300	Preference Shares	Rs.10/- each	Rs.21.793 Millions
	Total		Rs.25.778 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
2300000	Preference Shares	Rs.10/- each	Rs.23.000 Millions
	Total		Rs.27.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
198500	Equity Shares	Rs.10/- each	Rs.1.985 Millions
2179300	Preference Shares	Rs.10/- each	Rs.21.793 Millions
	Total		Rs.23.778 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011	31.03.2010
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.778	23.778	23.778
(b) Reserves & Surplus	64.425	57.716	53.302
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	5.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	93.203	81.494	77.080
(3) Non-Current Liabilities
(a) long-term borrowings	10.510	22.601	34.514
(b) Deferred tax liabilities (Net)	14.507	13.948	13.137
(c) Other long term liabilities	58.778	45.591	33.489
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	83.795	82.140	81.140
(4) Current Liabilities
(a) Short term borrowings	33.211	31.564	32.481
(b) Trade payables	12.560	8.729	4.490
(c) Other current liabilities	0.933	0.851	0.437
(d) Short-term provisions	14.009	12.775	10.015
Total Current Liabilities (4)	60.713	53.919	47.423
TOTAL	237.711	217.553	205.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.310	81.137	82.808
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.075	4.104	0.770
(iv) Intangible assets under development	9.038	9.560	10.082
(b) Non-current Investments	2.838	2.838	2.788
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	105.261	97.639	96.448
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	66.278	52.912	38.023
(c) Trade receivables	36.650	45.690	47.799
(d) Cash and cash equivalents	1.268	1.175	2.018
(e) Short-term loans and advances	6.234	2.388	19.012
(f) Other current assets	22.020	17.749	2.343
Total Current Assets	132.450	119.914	109.195
TOTAL	237.711	217.553	205.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	142.497	137.682	141.985
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.937	30.839	27.365
Less	FINANCIAL EXPENSES (D)		12.778	17.110	9.952
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.159	13.729	17.413
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.057	6.706	6.725
	PROFIT BEFORE TAX (E-F) (G)		10.102	7.023	10.688
Less	TAX (H)		2.943	2.168	3.193
	PROFIT AFTER TAX (G-H) (I)		7.159	4.855	7.495
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.884	39.470	32.512
Less	APPROPRIATIONS
		Provision for Premium Payable of Redemption	0.449	0.441	0.537
	BALANCE CARRIED TO THE B/S		50.594	43.884	39.470
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.441	NA	NA
	TOTAL EARNINGS		0.441	NA	NA
	IMPORTS
		Trading Goods	NA	8.771	12.282
	TOTAL IMPORTS		NA	8.771	12.282
	Earnings Per Share (Rs.)		3.01	2.04	3.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	7.09	5.10	7.53
Return on Total Assets (PBT/Total Assets}	(%)	4.64	3.49	5.57
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.14
Debt Equity Ratio (Total Debt /Networth)		0.47	0.66	0.87
Current Ratio (Current Asset/Current Liability)		2.18	2.22	2.30

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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)	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]	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

BUSINESS PERFORMANCE AND OUTLOOK

The year has been another consecutive year of significance and successful operations. The turnover / Net receipts for the year was higher at Rs.142.497 Millions as against Rs.137.681 Millions in the previous years with better operating profit.

OPERATIONS

The Company represents many Brands in Pneumatic Brakes, Clutches, Hydraulic products including Pumps, Motors, Valves and Transmissions Systems under recon repair programme.

We have begun the confined space communications and this activity will provide better returns in the near and long terms future.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10138917	06/12/2008	88,300,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400055, INDIA	A55222624
2	90387825	10/11/2006	64,950,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SANTACRUZ EAST, MUMBAI, MAHARASHTRA, INDIA	-
3	10052530	28/08/2006	93,600,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD, OPP. VAKOLA MARKET, SANTA  CRUZ (EAST), MUMBAI, MAHARASHTRA - 400055, INDIA	A05877923
4	10019925	08/08/2006	21,000,000.00	UTI BANK LIMITED	1ST FLOOR, 'SANSKRUTIK SANKUL', RANI JHANSI SQUARE, SITABULDI, NAGPUR, MAHARASHTRA - 440012, INDIA	A03912037
5	90387690	13/05/2007 *	2,500,000.00	STATE BANK OF INDIA	NAGPUR, NAGPUR, MAHARASHTRA, INDIA	-
6	90376131	27/10/1998 *	1,300,000.00	CAN BANK FACTORS LIMITED	BASHEERBAGH, HYDERABAD, ANDHRA PRADESH, INDIA	-
7	90377131	17/05/1984	1,000,000.00	ANDHRA BANK	R.P. ROAD, SECUNDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Machinery
• Air Conditioner
• Cooler
• Electrical Installations
• Furniture and Fixture
• Modules and Dies
• Office Equipments
• Tools and Equipment
• Water Fittings
• Computer
• Vehicles

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.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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.