MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	CHANDRA HELICON PUMPS PRIVATE LIMITED
Registered Office :	113/172, Swaroop Nagar, Kanpur-208001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.01.1986
Com. Reg. No.:	20-007631
Capital Investment / Paid-up Capital :	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U27202UP1986PTC007631
TAN No.: [Tax Deduction & Collection Account No.]	KNPC01168G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Pumps.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 13000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. It is scale of activities are limited. It is an established company having moderate track. The company has shown an increase in its sales turnover and has improved its net profitability as compared to previous year. However, the profit margin appears to be low. Trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for small 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 PARTED BY

Name :	Mr. Rajiv Gupta
Designation :	Director
Contact No.:	91-9336104811
Date :	06.09.2013

LOCATIONS

Registered Office :	113/172, Swaroop Nagar, Kanpur-208001, Uttar Pradesh, India
Tel. No.:	91-512-2691554 / 2692142
Mobile No.:	91-9336104811 (Mr. Rajiv Gupta)
Fax No.:	91-512-2691235
E-Mail :	info@heliconpumps.co.in caalokknp@gmail.com
Website :	www.heliconpumps.co.om
Area :	800 sq. ft.
Location :	Owned
Factory :	H-68, Panki Industrial Area, Site No. 1, Kanpur-208022, Uttar Pradesh, India.
Area :	8000 sq. ft
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Suresh Chandra Gupta

Designation :

Director

Address :

113/172, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

29.12.1936

Qualification :

M.Com

Experience:

44 Years

Date of Appointment :

15.01.1986

DIN No :

00115100

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	U27202UP1986PTC007631	CHANDRA HELICON PUMPS PRIVATE LIMITED	Director	15/01/1986	15/01/1986	Active	NO
2	U67120UP1992PTC014502	SRA MARKETING AND CONSULTANTS PRIVATE LIMITED	Director	25/06/1992	25/06/1992	Active	NO

Name :

Mr. Rajiv Gupta

Designation :

Director

Address :

113/172, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

05.12.1962

Qualification :

B.Sc (LLB)

Date of Appointment :

02.08.2005

Experience:

28 Years

DIN No :

00121457

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	U67120UP1992PTC014502	SRA MARKETING AND CONSULTANTS PRIVATE LIMITED	Director	25/06/1992	25/06/1992	Active	NO
2	U27202UP1986PTC007631	CHANDRA HELICON PUMPS PRIVATE LIMITED	Director	02/08/2005	02/08/2005	Active	NO

Name :

Mrs. Neeta Gupta

Designation :

Director

Address :

113/172, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

24.04.1963

Qualification :

BA

Date of Appointment :

02.08.2005

DIN No :

00125982

Name :

Mr. Avinash Chandra Gupta

Designation :

Director

Address :

113/172, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

08.10.1950

Date of Appointment :

15.01.1986

DIN No :

00288171

Name :

Mr. Santosh Chandra Gupta

Designation :

Director

Address :

113/172, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

20.03.1954

Qualification :

Graduate

Date of Appointment :

16.07.2001

DIN No :

00205543

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Suresh Chandra Gupta	1700
Ramesh Chandra Gupta	1100
Satish Chandra Gupta	1000
Avinash Chandra Gupta	1500
Anuradha Gupta	700
Uma Gupta	1200
Rajlaxmi Gupta	500
Pramila Gupta	1500
Rama Gupta	1500
Geeta Gupta	500
Santosh Chandra Gupta	1500
Akhilesh Chandra Gupta	1500
Sarvesh Chandra Gupta	500
Ramkali Gupta	400
Sudhir Gupta	1200
Rajesh Gupta	200
Alok Gupta	1200
Alpana Gupta	1200
Neeta Gupta	1200
Rajiv Gupta	1200
Surabhi Gupta	1200
Amarnath Gupta	1000
Amit Gupta	500
Anjana Gupta	1000
Ashok Kumar Shukla	1000
Prateek Omar	1000
Ram Kumar Gupta	1000
Sachin Gupta	1000
Shiv Gopal Gupta	1000
TOTAL	30000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	96.67
Other top fifty shareholders	3.33
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Pumps.
Exports :
Products :	Finished Goods
Countries :	· Saudi Arabia · Africa
Terms :
Selling :	LC and Credit [30 Days]
Purchasing :	LC and Credit [30 Days]

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Pumps	NOS	222

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

40 (Approximately)

Bankers :

Bank of Baroda, SSI Branch, Sarvodaya Nagar, Kanpur-208005, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Bank of Baroda Car Loan	0.000	0.166
Directors in Current A/C	0.376	0.367
TOTAL	0.376	0.533

Banking Relations :	--
Auditors :
Name :	A N Singh and Associates Chartered Accountants
Address :	119/64-A, Naseema Road, Kanpur-208012, Uttar Pradesh, India
PAN No:	ABTPS6201P
Other Related Parties : [As on 31.03.2011]	· SRA Marketing and Consultants Private Limited · SRA Helicon Hitech Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 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	0.300	0.300
(b) Reserves & Surplus	2.957	2.820
(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)	3.257	3.120
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(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)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	5.637	4.984
(b) Trade payables	1.536	0.715
(c) Other current liabilities	1.071	0.925
(d) Short-term provisions	1.914	2.823
Total Current Liabilities (4)	10.158	9.447
TOTAL	13.415	12.567
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.575	2.325
(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)	0.300	0.260
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.875	2.585
(2) Current assets
(a) Current investments	0.100	0.100
(b) Inventories	6.109	5.237
(c) Trade receivables	1.093	1.012
(d) Cash and cash equivalents	2.028	1.165
(e) Short-term loans and advances	0.160	0.235
(f) Other current assets	1.050	2.233
Total Current Assets	10.540	9.982
TOTAL	13.415	12.567

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.300
2] Share Application Money		0.000
3] Reserves & Surplus		2.862
4] (Accumulated Losses)		0.000
NETWORTH		3.162
LOAN FUNDS
1] Secured Loans		0.213
2] Unsecured Loans		4.286
TOTAL BORROWING		4.499
DEFERRED TAX LIABILITIES		0.000
TOTAL		7.661
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.644
Capital work-in-progress		0.000
INVESTMENT		0.100
DEFERREX TAX ASSETS		0.146
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.728
	Sundry Debtors	1.258
	Cash & Bank Balances	0.596
	Other Current Assets	0.000
	Loans & Advances	3.002
Total Current Assets		9.584
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.107
	Other Current Liabilities	1.123
	Provisions	2.583
Total Current Liabilities		4.813
Net Current Assets		4.771
MISCELLANEOUS EXPENSES		0.000
TOTAL		7.661

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	20.206	15.551	15.142
		Other Income	0.192	0.148	0.065
		TOTAL (A)	20.398	15.699	15.207
Less	EXPENSES
		Purchase for Trading		0.277	0.413
		Raw material consumed	NA	2.713	2.313
		Manufacturing, administrative and selling overhead		12.024	11.798
		Increase or decrease in stock		(0.387)	(0.325)
		TOTAL (B)	NA	14.627	14.199
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1.072	1.008
Less	FINANCIAL EXPENSES (D)			0.710	0.575
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			0.362	0.433
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.394	0.466
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)			(0.032)	(0.033)
Less	TAX (H)			0.010	(0.010)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.182	(0.042)	(0.023)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2.859	2.882
	BALANCE CARRIED TO THE B/S		NA	2.817	2.859
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods	2.422	0.594	NA
	Earnings / (Loss) Per Share (Rs.)		6.07	(1.39)	(0.78)

Particulars	31.03.2013
Sales Turnover [Approximately]	25.000

The above information has been parted by Mr. Rajiv Gupta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.89	(0.27)	(0.15)
Net Profit Margin (PBT/Sales)	(%)	NA	(0.21)	(0.22)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(0.26)	(0.27)
Return on Investment (ROI) (PBT/Networth)		NA	(0.01)	(0.01)
Debt Equity Ratio (Total Debt/Networth)		1.73	1.60	1.42
Current Ratio (Current Asset/Current Liability)		1.04	3.20	1.99

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10159325	06/04/2009	250,000.00	BANK OF BARODA	SSI BRANCH, SARVODAYA NAGAR, KANPUR - 208005, UTTAR PRADESH, INDIA	A62965322

FINANCIAL RESULTS:

During the year, the company achieved the turnover of Rs. 20.206 Millions as compared to Rs.15.551 Millions in previous year. During the year the company earned a profit after tax of Rs.0.182 Million as compared to loss of Rs. 0.041 Million in previous year.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
From Shareholders and Relatives	5.261	4.451
TOTAL	5.261	4.451

FIXED ASSETS:

· Land

· Building

· Car

· Computer

· Furniture

· Generator

· Machines

· Office Equipments

· Tools and Implements

· Tubewell

· 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 records 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.63.37
UK Pound	1	Rs.100.85
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.