MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	MACONS EQUIPMENTS PRIVATE LIMITED
Registered Office :	Plot No. 37/C, Phase -I, Near National Riffel Factory, GIDC, VATVA, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.2007
Com. Reg. No.:	04-051592
Capital Investment / Paid-up Capital :	Rs. 7.000 Millions
CIN No.: [Company Identification No.]	U29100GJ2007PTC051592
TAN No.: [Tax Deduction & Collection Account No.]	AHMM09339B
PAN No.: [Permanent Account No.]	AAFCM1961N
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in manufacturing of machinery and machinery parts.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 169000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in net profit of the company in 2012. However, trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing on at usual trade terms and condition.

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 BY

Name :	Mr. Keval Patel
Designation :	Manager
Contact No.:	91-9909003759
Date :	19.09.2013

LOCATIONS

Registered Office :	Plot No. 37/C, Phase -I, Near National Riffel Factory, GIDC, VATVA, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-079-66611442/65438746/65450945
Mobile No.:	91-9909003759 (Mr. Keval Patel)
Fax No.:	91-79-66611442
E-Mail :	d_shahca@yahoo.com info@macons.co.in
Website :	http://www.macons.co.in
Corporate Office :	304/305, 3rd Floor, Sarthik Square,Near GNFC Tower, Bodakdev, S.G. Highway, Ahmedabad - 380054 Gujarat, India
Works - I (Matoda Plant) :	Survey Block No.: 212, 216, Mahalaxmi Estate, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-25842851/25840930
Fax No.:	91-79-66611442/25840053
Works -II (Changodar Plant)	# 07, Mahagujarat Industrial Estate, Moraiya Patia, Moraiya, Taluka Sanand, District Ahmedabad – 382210, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Dharmesh Ramniklal Surelia
Designation :	Director
Address :	4/B Sarvoday Society, Jawahar Chowk, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	26.04.1970
Date of Appointment :	24.08.2007
DIN No.:	01673453
Name :	Mr. Hitesh Ramniklal Surelia
Designation :	Director
Address :	4/B Sarvoday Society, Jawahar Chowk, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	30.10.1972
Date of Appointment :	24.08.2007
DIN No.:	01673460
Name :	Mr. Ramniklal Narandas Surelia
Designation :	Director
Address :	4/B Sarvoday Society, Jawahar Chowk, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	21.01.1945
Date of Appointment :	24.08.2007
DIN No.:	01676015

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares	% of Holding
Ramniklal Narandas Surelia	113300	16.19
Dharmesh Ramniklal Surelia	418700	59.81
Mr. Hitesh Ramniklal Surelia	168000	24.00
Total	700000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Customers :	· PMS Buildtech Private Limited · Simplex Infrastructure (India) Limited · ACC Concrete Limited · Soma Enterprises. · Sew Infrastructure limited · ARSS Infrastructure Projets Limited · Gannon Dankerly and Company Limited · Gammon India Limited · Reliance Industries Limited · Afcons Infrastructure Limited · Ashoka Buildcon (India) Limited · Jai Prakash Industries Limited · Punj Lloyd Limited · ITD-ITD Cem J.V. · Som Dutt Builders Limited · IRCON International Limited · Valecha Engineering Company Limited · Era Constructions (India) Limited · Leighton Contractors (India) Private Limited · Ministry of Defence (Border Road Organization) · D.S. Construction Limited · Nagarjuna Construction Company Limited · Ramky Infrastructure Limited · IVRCL Infra Projects Limited · JMC Projects (India) Limited · Harishchandra(India) Private Limited · Bridge and Roof Company (India) Limited · Coastal Projects Private Limited · Ahluwalia Contracts (India) Limited · Parshwanath Developers Limited · Patel Infrastructure Private Limited · Kalthia Engineering and Construction Limited · Brahmaputra Consortium Limited · Backbone Enterprises Limited · Kalyani Developers · Progressive Constructions Limited · Subhash Projects and Marketing Limited · Maytas Infra Private. Limited · Reliance Petroleum Limited · S.P. Singla Constructon (P) Limited · B. L. Kashyap and Sons. · continental Construction Limited · Modern Road makers (P) Limited · Sobha Developers · R. V. Infrastructure Private Limited · Sadbhav Projects Limited · Gayatri Projects Limited · UE Development (India) Private Limited · B. L. Gupta Construction (P) Limited · Vijay Nirman Company Private Limited · PBA Infrastructure Limited · CCI Prestress Ties Private Limited · K.K. Spun Pipe Private Limited. · Adani Power Limited Meenakshi Infrastructure Limited
Line of Business :	The company is engaged in manufacturing of machinery and machinery parts.
Products :	Concrete Batching Mixing Plant Horizontal Concrete Batching Mixing Plant Compact Concrete Batching Mixing Plant Compact Series Concrete Batching Mixing Plant Mobile Concrete Batching Mixing Plant Semi Mobile Concrete Batching Mixing Plant Truck Mounted Concrete Batching Mixing Plant Self Loading Transit Mixer Wet-Mix Macadam Plant Concrete Kerbing Machine Transit Mixer Dumper Vertical Silo Horizontal Silo Plant Paver Concrete Paver

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Axis Bank Limited, RAC Ahmedabad, CV/CE Department, 4^th Floor, Shivalik Ishan, Near C.N. Vidhyalaya, Ambewadi, Ahmedabad, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan From Bank
Union Bank of India (35318)	7.838	21.745
Total	7.838	21.745

Banking Relations :	--
Auditors :
Name :	Aniket B Shah and Company Chartered Accountants
Address :	410 Spectrum Community Centre, 4^th Floor, Near Relief Cinema, Salapose Road, Ahmedabad - 380001, Gujarat, India
PAN No.:	ABIPS0616B
Memberships :	VIA

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs. 10/- each	Rs. 7.000 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	7.000	7.000
(b) Reserves & Surplus	35.185	22.715
(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)	42.185	29.715
(3) Non-Current Liabilities
(a) long-term borrowings	23.760	21.755
(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)	23.760	21.755
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	69.382	41.029
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	6.960	0.502
Total Current Liabilities (4)	76.342	41.531
TOTAL	142.287	93.001
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.350	13.026
(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	13.058	12.133
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	32.408	25.159
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	94.361	56.191
(c) Trade receivables	5.947	9.632
(d) Cash and cash equivalents	1.796	0.048
(e) Short-term loans and advances	6.696	0.513
(f) Other current assets	1.079	1.458
Total Current Assets	109.879	67.842
TOTAL	142.287	93.001

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			7.000
2] Share Application Money			0.000
3] Reserves & Surplus			6.232
4] (Accumulated Losses)			0.000
NETWORTH			13.232
LOAN FUNDS
1] Secured Loans			0.962
2] Unsecured Loans			0.010
TOTAL BORROWING			0.972
DEFERRED TAX LIABILITIES			0.000
TOTAL			14.204
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			9.576
Capital work-in-progress			0.000
INVESTMENT			6.232
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets			23.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities			24.991
Net Current Assets			(1.723)
MISCELLANEOUS EXPENSES			0.119
TOTAL			14.204

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	TURNOVER	249.757	231.727	26.263
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	18.624	24.709	8.359
Less	TAX	5.999	8.200	0.000
	PROFIT/(LOSS) AFTER TAX	12.625	16.509	8.359
	Earnings Per Share (Rs.)	18.03	23.58	11.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	16.95	36.42	25.45
Return on Investment (ROI) (PBT/Networth)		0.44	0.83	0.63
Debt Equity Ratio (Total Debt /Networth)		0.56	0.73	0.07
Current Ratio (Current Asset/Current Liability)		1.44	1.63	0.93

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	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	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	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
Loans and advances from related parties
Dharmesh Ramniklal	5.314	0.010
Hitesh Ramniklal	5.304	0.000
Ramniklal Narandas	5.304	0.000
Total	15.922	0.010

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423908	18/09/2012	300,000.00	Axis Bank Limited	RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near C. N. Vidhyalaya, Ambawadi, AHMEDABAD, Gujarat - 380006, INDIA	B61981924

OPERATIONS:

The company has decided to diversify in manufacturing activity from trading activity. The company has shown good results by achieving turnover of Rs. 249.757 Millions and net profit (before provision for tax) of Rs. 18.624 Millions.

FIXED ASSETS:

• Air Condition
• Air Ventilators
• Computer
• EPBEAXE
• Furniture and Fixtures
• Generator
• Honda Activa (Vehicle)
• Motor Car (BMW)
• Office Camera
• Office Electric and Fixture
• Punching Machine
• Plant and Machinery
• Printer
• Refrigerator
• RO Plant
• Software Purchase
• Stabiliser (Voltage Regulator)
• Staff Bus
• UPS for Computer
• Weight Scale
• Water Cooler

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. 62.66
UK Pound	1	Rs. 100.46
Euro	1	Rs. 84.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.