MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	BALKRISHNA BOILERS PRIVATE LIMITED
Registered Office :	Plot No. 78/8, G.I.D.C, Estate, Opposite Aabad Bread, Vatva, G.I.D.C., Ahmedabad – 382445, Gujarat,
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.05.2002
Com. Reg. No.:	04-040718
Capital Investment / Paid-up Capital :	Rs. 0.969 Million
CIN No.: [Company Identification No.]	U28133GJ2002PTC040718
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of industrial Boilers, Thermic Fluid heater, Heating systems, Drying systems and Spares
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 24000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pareshbhai Patel
Designation :	Director
Contact No.:	91-9898011090
Date :	20.12.2014

LOCATIONS

Registered Office / Factory :	Plot No. 78/8, G.I.D.C, Estate, Opposite Aabad Bread, Vatva, G.I.D.C., Ahmedabad – 382445, Gujarat,
Tel. No.:	91-91-79-25894701/25894702/22891291/25855986
Mobile No.:	91- 9227260390- (Mr. Manish Patel)
Fax No.:	91-79-25894702
E-Mail :	info@balkrishn.com rjshah_ca@yahoo.com
Website :	http://www.balkrishn.com
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Manish Popatbhai Patel

Designation :

Director

Address :

9, Shraddha Bunglow, Virat Nagar, Odhav Road, Ahmedabad - 382 415, Gujarat, India

Date of Appointment :

10.12.2002

DIN No.:

01860099

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	U28133GJ2002PTC040718	BALKRISHNA BOILERS PRIVATE LIMITED	Director	10/12/2002	10/12/2002	-	Active	NO
2	U29219GJ2009PTC057115	BKR Solar Private Limited	Director	01/06/2009	01/06/2009	-	Active	NO

Name :

MR. Pareshbhai P. Patel

Designation :

Director

Address :

9, Shraddha Bunglow, Virat Nagar, Odhav Road, Ahmedabad - 382 415, Gujarat, India

Date of Appointment :

10.05.2002

DIN No.:

01898662

Name :

Mrs. Lilaben P. Patel

Designation :

Director

Address :

9, Shraddha Bunglow, Virat Nagar, Odhav Road, Ahmedabad - 382 415, Gujarat, India

Date of Appointment :

10.05.2002

DIN No.:

02117819

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Manishbhai Popatbhai Patel	32,200	33.23
Pareshbhai Popatbhai Patel	32,200	33.23
Popatbhai Devjibhai Patel	29,100	30.03
Lilaben Popatbhai Patel	3,400	3.51
Total	96,900	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of industrial Boilers, Thermic Fluid heater, Heating systems, Drying systems and Spares
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Good
Countries :	· Vietnam · Nepal · Malaysia · Bangladesh · Gulf Countries
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, Advance Payment, L\C and Credit
Purchasing :	Cash, Advance Payment, L\C and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	C Nenchand Trade, Ahmedabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Shri Ram Industries, Rajasthan
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Vatva, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Central Bank of India
Branch Address	Gandhi Road Branch, Ahmedabad – 380002, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
HDFC bank Limited – Car Loan ^(1)	0.213	0.000
HDFC bank Limited – Car Loan ^(2)	0.368	0.733
SHORT TERM BORROWINGS
Loans Repayable on Demand
Central Bank of India (cash Credit)	0.000	9.984
Total	0.581	10.717

Auditors :
Name :	Rajesh J Shah and Associates Chartered Accountants
Address :	B-110-111, Gopal Palace, Near Shiromani Complex, Opposite Ocean Park, Nerhu Nagar, Brts, Satellite, Ahmedabad - 380 015, Gujarat, India
PAN No.:	AADFR0856J
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Parties :	· Shree Mahavir Healthcare Private Limited · Balkrishna Sales Corporation

CAPITAL STRUCTURE

As on 30.09.2014

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
96900	Equity Shares	Rs.10/- each	Rs. 0.969 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.969	0.969	0.969
(b) Reserves & Surplus	7.471	6.204	5.491
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.440	7.173	6.460
(3) Non-Current Liabilities
(a) long-term borrowings	2.388	2.743	1.868
(b) Deferred tax liabilities (Net)	0.000	0.009	0.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.388	2.752	1.869
(4) Current Liabilities
(a) Short term borrowings	0.000	9.984	10.382
(b) Trade payables	17.264	17.932	11.986
(c) Other current liabilities	15.111	11.235	11.271
(d) Short-term provisions	1.100	0.463	0.661
Total Current Liabilities (4)	33.475	39.614	34.300
TOTAL	44.303	49.539	42.629
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.885	7.183	5.965
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	9.727	7.483	1.721
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.058	0.000	0.000
(d) Long-term Loan and Advances	1.646	1.646	1.656
(e) Other Non-current assets	0.370	1.871	1.007
Total Non-Current Assets	18.686	18.183	10.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.396	9.551	9.216
(c) Trade receivables	5.774	8.627	7.026
(d) Cash and cash equivalents	6.879	12.188	15.038
(e) Short-term loans and advances	2.815	0.825	0.843
(f) Other current assets	1.753	0.165	0.157
Total Current Assets	25.617	31.356	32.280
TOTAL	44.303	49.539	42.629

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	93.595	86.004	67.421
	Other Income	1.857	0.162	0.059
	TOTAL (A)	95.452	86.166	67.480
Less	EXPENSES
	Cost of Materials Consumed	66.452	64.333
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.557)	0.348
	Employees benefits expense	7.317	5.783
	Other expenses	18.707	13.300
	TOTAL (B)	91.919	83.764	65.891
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3.533	2.402
				(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)	0.690	0.738
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.843	1.664	1.589
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.963	0.580	0.629
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.880	1.084	0.960
Less	TAX (H)	0.613	0.372	0.307
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.267	0.712	0.653
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	26.818	6.240	4.063
	TOTAL EARNINGS	26.818	6.240	4.063
	IMPORTS
	Raw Materials	0.000	1.825	NA
	TOTAL IMPORTS	0.000	1.825	NA
	Earnings / (Loss) Per Share (Rs.)	13.08	7.35	6.74

Expected Sales (2014-2015) : Rs. 150.000 Millions

The above information has been parted by Mr. Pareshbhai Patel (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.35	0.83	0.97
Operating Profit Margin (PBDIT/Sales)	(%)	3.77	2.79	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.45	2.58	2.35
Return on Investment (ROI) (PBT/Networth)		0.22	0.15	0.15
Debt Equity Ratio (Total Debt /Networth)		0.28	1.77	1.90
Current Ratio (Current Asset/Current Liability)		0.77	0.79	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.969	0.969	0.969
Reserves & Surplus	5.491	6.204	7.471
Net worth	6.460	7.173	8.440
long-term borrowings	1.868	2.743	2.388
Short term borrowings	10.382	9.984	0.000
Total borrowings	12.250	12.727	2.388
Debt/Equity ratio	1.896	1.774	0.283

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.421	86.004	93.595
		27.563	8.826

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.421	86.004	93.595
Profit	0.653	0.712	1.267
	0.97%	0.83%	1.35%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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]	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

REVIEW OF OPERATIONS

The Company has achieved sales of Rs. 93.595 Millions during the year with compared to the sales of Rs. 46.004 Millions in the previous year. There has been an Increase in sales worth Rs. 18.926 Millions. However, due to increase in material prices as well as increase in the competition from local market, the margins have been narrowed and hence, the profit has declined. With the increase in market share, the company hopes for the better performance in the coming years.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Loans from Director
Pareshbhai P. Patel	0.556	0.502
Lilaben D. Patel	0.632	0.571
Loans from Related Parties	0.619	0.937
Total	1.807	2.010

VIEW INDEX OF CHARGES: No Charges Exist for company

FIXED ASSETS

· Land

· Plant and Equipment

· Plant and Machinery

· Crane

· Welding Machinery

· Drilling Machinery

· Air Compressor

· Electronic Scale

· Arqoun Torch

· Hydro Pipe Bending

· Amino Printing M/C

· Pure Quare

· Vehicle

· Maruti Swift car

· NEO Elentra

· Car I-10 Grand

· Building

· Factory Building

· Office Equipments

· Telephone

· Furniture and Fixtures

· Air Conditioners

· Computer

· 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. 63.06
UK Pound	1	Rs. 98.73
Euro	1	Rs. 77.45

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	TRU

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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.