MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	KAMAL ENGINEERING INDUSTRIES PRIVATE LIMITED
Registered Office :	1/25, Asaf Ali Road, Delhi - 110002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.09.1971
Com. Reg. No.:	55-005783
Capital Investment / Paid-up Capital :	Rs. 2.592 Millions
CIN No.: [Company Identification No.]	U74899DL1971PTC005783
TAN No.: [Tax Deduction & Collection Account No.]	DELK05732G
PAN No.: [Permanent Account No.]	AAACK3989R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Oil Refining Equipments.
No. of Employees :	Not Available

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 119800
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are slow but 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.

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.

LOCATIONS

Registered Office :	1/25, Asaf Ali Road, Delhi – 110002, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	khosla_rk1972@yahoo.co.in
Branch Office :	616, Antriksh Bhawan, 22 Kasturba Gandhi Marg, New Delhi - 110001, India
Tel. No.:	91-11-23351365/ 23723158
Fax No.:	91-11-23721656

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Girish Devdas Prabhu

Designation :

Director

Address :

E-9, Bane Compound, Arthur Road, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

14.06.1971

Date of Appointment :

15.12.1995

DIN No.:

00234896

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	U31101MH1984PLC031791	ASIAN POWER CONTROLS LIMITED	Director	20/01/1992	20/01/1992	30/11/2007	Under liquidation	NO
2	U74899DL1971PTC005783	KAMAL ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
3	U74899DL1978PTC009295	KOHINOOR IMPEX PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO

Name :

Mr. Shiv Mohan Mukkar

Designation :

Director

Address :

M-16, Kailash Colony, New Delhi – 110048, India

Date of Birth/Age :

05.06.1943

Date of Appointment :

15.03.2004

DIN No.:

00235078

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	U74899DL1984PTC019488	KOHINOOR MAGNETIC MEDIA PRIVATE LIMITED	Director	05/12/1984	05/12/1984	-	Active	NO
2	U31101MH1984PLC031791	ASIAN POWER CONTROLS LIMITED	Director	14/07/2003	14/07/2003	30/04/2008	Under liquidation	NO
3	U74899DL1971PTC005783	KAMAL ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	15/03/2004	15/03/2004	-	Active	NO
4	U74899DL1982PTC013373	PERFECT POWER SYSTEMS PRIVATE LIMITED	Director	15/04/2004	15/04/2004	14/04/2010	Active	NO

Name :

Kiran Mohan Shiv

Designation :

Director

Address :

M-16, Kailash Colony, New Delhi – 110048, India

Date of Birth/Age :

31.10.1943

Date of Appointment :

09.03.1993

DIN No.:

01014600

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	U74899DL1982PTC013373	PERFECT POWER SYSTEMS PRIVATE LIMITED	Director	15/04/2010	27/03/1982	Active	NO
2	U74899DL1978PTC009295	KOHINOOR IMPEX PRIVATE LIMITED	Director	18/07/1984	18/07/1984	Active	NO
3	U74899DL1983PTC016608	STAMFORD (INDIA) PRIVATE LIMITED	Director	10/09/1990	10/09/1990	Active	NO
4	U74899DL1971PTC005783	KAMAL ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	09/03/1993	09/03/1993	Active	NO
5	U74899DL1984PTC019488	KOHINOOR MAGNETIC MEDIA PRIVATE LIMITED	Director	13/03/1993	13/03/1993	Active	NO

Name :

Mr. Shantnu Mohan

Designation :

Director

Address :

M-16, Kailash Colony, New Delhi – 110048, India

Date of Birth/Age :

16.12.1972

Date of Appointment :

15.03.2004

DIN No.:

00947387

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Shiv Mohan Mukkar	3650
Shiv Mohan Mukkar (HUF)	430
Vimla Devi	1000
Kiran Mohan	6010
Mohnish Mohan	2850
Shantanu Mohan	5474
Sunaina Mohan Baby	4450
Bankay	1
Kewal	1
Kamal	1
Kohinoor Magnetic Media Private Limited, India	7
Sunaina Mohan	1250

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Oil Refining Equipments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra

Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan Vehicle Loans from Bank	0.000	0.245
Other Loan Business loan from Bank	3.673	0.000
SHORT TERM BORROWINGS
Business loan from bank*	3.327	0.000
Total	7.000	0.245
Note: LONG-TERM BORROWINGS a. Vehicle loan was taken from Axis Bank on 01/01/2010 for purchase of car. The loan is repayable in 36 monthly instalments of Rs.0.032 Million each along with interest, from the date of loan, viz., 01/01/2010. The loan is secured by hypothecation of car. b. The company has taken loan against fixed deposit receipts of Rs. 4.084 Millions (previous year-nil) from Bank of Maharashtra on rate of interest of 10.30 %. The loan is repayable on or before maturity of the fixed deposit receipts. SHORT TERM BORROWINGS *The company has taken loan against fixed deposit receipts of Rs.3.997 Millions previous year-nil) from Bank of Maharashtra on rate of interest ranging from 7.5% to 8% . The loan is repayable on or before maturity of the fixed deposit receipts. ** Loans from related parties are interest free.

Banking Relations :	--
Auditors :
Name :	Ajay Wadhwa and Associates Chartered Accountants
Address :	A 445, Defence Colony, New Delhi – 110024, India
Tel. No.:	91-11-41554222/ 41554243/ 41554440
E-Mail :	priti_wadhwa@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AABPW2123R
Other enterprises over which key management personnel are able to exercise significant influence :	· Perfect Power System Private Limited Kohinoor Impex Private Limited Stamford India Private Limited Kohinoor Magnetic Media Private Limited Asian Power Control Limited Perfect Power Systems Enigma Art Halcyon Asia Group

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,924	Equity Shares	Rs. 100/- each	Rs. 2.592 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	2.592	2.592
(b) Reserves & Surplus	27.352	24.165
(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)	29.944	26.755
(3) Non-Current Liabilities
(a) long-term borrowings	3.673	0.245
(b) Deferred tax liabilities (Net)	0.055	0.058
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.115	4.070
Total Non-current Liabilities (3)	7.843	4.373
(4) Current Liabilities
(a) Short term borrowings	3.971	0.561
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.527	0.564
(d) Short-term provisions	0.181	0.426
Total Current Liabilities (4)	4.679	1.551
TOTAL	42.466	32.681
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.549	3.339
(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	4.295	4.462
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.725	2.609
(e) Other Non-current assets	3.474	11.740
Total Non-Current Assets	21.043	22.150
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.184	1.190
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	16.431	8.763
(e) Short-term loans and advances	2.466	0.531
(f) Other current assets	1.342	0.047
Total Current Assets	21.423	10.531
TOTAL	42.466	32.681

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			2.592
2] Share Application Money			0.000
3] Reserves & Surplus			20.886
4] (Accumulated Losses)			0.000
NETWORTH			23.478
LOAN FUNDS
1] Secured Loans			0.895
2] Unsecured Loans			0.118
TOTAL BORROWING			1.013
DEFERRED TAX LIABILITIES			0.121
TOTAL			24.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			6.749
Capital work-in-progress			0.000
INVESTMENT			1.281
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		1.198
	Sundry Debtors		0.000
	Cash & Bank Balances		16.465
	Other Current Assets		0.378
	Loans & Advances		4.721
Total Current Assets			22.762
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities		4.380
	Provisions		1.800
Total Current Liabilities			6.180
Net Current Assets			16.582
MISCELLANEOUS EXPENSES			0.000
TOTAL			24.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	9.357	NA
Less	EXPENSES
		TOTAL	NA	4.162	NA
	PROFIT BEFORE TAX		NA	5.195	NA
Less	TAX		NA	1.893	NA
	PROFIT AFTER TAX		3.188	3.302	3.710
	Earnings Per Share (Rs.)		122.96	127.39	143.12

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	35.29	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	18.41	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.19	NA
Debt Equity Ratio (Total Debt/Networth)		0.26	0.03	0.04
Current Ratio (Current Asset/Current Liability)		4.58	6.79	3.68

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 one year	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	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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
From related parties**	0.644	0.561
Total	0.644	0.561

CONTINGENT LIABILITIES [AS ON 31.03.2012]:

A demand of Rs.0.338 Million (previous year Rs. 0.338 Million) was raised on the company in an earlier year by the sales tax department. The company has deposited Rs.0.068 Million (previous year- Rs.0.068 Million) under protest. The demand has not been finalized till date and no provision for the same has been made by the company in the accounts

FIXED ASSETS:

· Machinery and equipments

Electricity equipment

Telephone instrument

Mobile

Fax machine

Water purifier

Refrigerator

Microwave

Air conditioner

Furniture and fixture

Vehicles

Computer equipment

Computers

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. 63.38
UK Pound	1	Rs. 100.86
Euro	1	Rs. 84.60

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	6
--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
DEFAULTERS
--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
-	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.