MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	HLM INDIA PRIVATE LIMITED
Registered Office :	Sr. No.170, Plot No.D-1, Chakan - Talegoan Hwy, MIDC, Chakan, Khalumbre, Pune – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.11.2010
Com. Reg. No.:	11-137860
Capital Investment/ Paid-up Capital:	Rs.31.939 Millions
CIN No.: [Company Identification No.]	U36900PN2010PTC137860
TAN No.: [Tax Deduction & Collection Account No.]	PNEH06864E
PAN No.: [Permanent Account No.]	AACCH5449K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Refrigerator Boxes.
No. of Employees:	25 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 155000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B – [Long Term]
Rating Explanation	Risk prone credit quality and high risk of default.
Date	18.11.2013

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. Devendra Pandit
Designation :	Manager
Contact No.:	91-9922437790

LOCATIONS

Registered Office :	Sr. No.170, Plot No.D-1, Chakan - Talegoan Hwy, MIDC, Chakan, Khalumbre, Pune – 410 501, Maharashtra, India
Tel. No.:	91-2135-666800
Mobile No.:	91-9922437790 [Mr. Devendra Pandit]
Fax No.:	91-2135-666866
E-Mail :	samitgupta@tsindia.co.in anand@stokota.in contact@tsindia.co.in nileshohol@tsindia.co.in sachinshinde@tsindia.co.in
Location :	Rented
Factory :	Gate No. 147, Opposite Amrutval Hotel, Dehuphata Chakan, Talegaon Highway, Dehuphata Chakan, MIDC, Pune-410501, Maharashtra, India
Tel No.:	91-20-60503332

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vijaikumar Rajnarain Singh

Designation :

Director

Address :

44, Telco Senior Officer's Co-Operative Housing Society Pimpri Pune - 411 018, Maharashtra, India

Date of Birth/Age :

17.03.1975

Date of Appointment :

26.11.2010

Din No.:

00251966

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	U34201PN2006PTC021794	TRANSPORT SOLUTIONS INDIA PRIVATE LIMITED	Managing Director	01/02/2006	06/01/2006	Active	NO
2	U34202PN2007PTC131196	MAMMUT INDIA PRIVATE LIMITED	Director	28/12/2007	28/12/2007	Active	NO
3	U34202PN2008PTC132243	LOHR INDIA AUTOMOTIVE PRIVATE LIMITED	Director	14/06/2008	14/06/2008	Active	NO
4	U36900PN2010PTC137860	HLM INDIA PRIVATE LIMITED	Director	26/11/2010	26/11/2010	Active	NO
5	U34100TN1980PLC008389	AUTOMOTIVE COACHES AND COMPONENTS LIMITED	Director	30/09/2013	24/05/2013	Active	NO
6	U63040PN2010FTC135587	MOSOLF INDIA LOGISTICS PRIVATE LIMITED	Director	19/08/2013	19/08/2013	Active	NO

Name :

Mr. Anand Vijaikumar Singh

Designation :

Director

Address :

44, Telco Senior Officer's Co-Operative Housing Society Pimpri Pune - 411 018, Maharashtra, India

Date of Birth/Age :

17.07.1944

Date of Appointment :

26.11.2010

Din No.:

00251982

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	U34201PN2006PTC021794	TRANSPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
2	U34202PN2007PTC131196	MAMMUT INDIA PRIVATE LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
3	U34202PN2008PTC132243	LOHR INDIA AUTOMOTIVE PRIVATE LIMITED	Director	13/06/2008	13/06/2008	-	Active	NO
4	U74999PN2009PTC135137	GROENEVELD INDIA PRIVATE LIMITED	Director	10/12/2009	10/12/2009	-	Active	NO
5	U36900PN2010PTC137860	HLM INDIA PRIVATE LIMITED	Director	26/11/2010	26/11/2010	-	Active	NO
6	U74999MH2010PTC204754	NEST CHILDCARE SERVICES PRIVATE LIMITED	Director	06/04/2011	06/04/2011	-	Active	NO
7	U63090PN2013PTC147254	SOFRAME DEFENCE SOLUTIONS INDIA PRIVATE LIMITED	Director	06/05/2013	06/05/2013	05/12/2013	Active	NO
8	U34100TN1980PLC008389	AUTOMOTIVE COACHES AND COMPONENTS LIMITED	Managing director	30/09/2013	24/05/2013	-	Active	NO
9	U63040PN2010FTC135587	MOSOLF INDIA LOGISTICS PRIVATE LIMITED	Director	19/08/2013	19/08/2013	-	Active	NO

Name :

Mr. Siddharth Bipin Mishra

Designation :

Director

Address :

Building No. A-6, SN 209, HN2, Flat 103, Ganga Hamlet, Cahe Coffeday , Viman Nagar, Pune-411014, Maharashtra, India

Date of Birth/Age :

03.05.1974

Date of Appointment :

10.08.2013

Din No.:

03125254

KEY EXECUTIVES

Name :	Mr. Devendra Pandit
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% Age
Transport Solutions India Private Limited, India	1596954	45.00
Vehold B.V., Zotermeer, Holland	1596954	45.00
Siddharth Bipin Mishra	354879	10.00
TOTAL	3548787	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.00
Bodies corporate	45.00
Directors or relatives of directors	10.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Refrigerator Boxes.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

25 [Approximately]

Bankers :

• Corporation Bank, Pune, Maharashtra, India
• Bank of Maharashtra, Pune, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Working capital loan payable on demand from bank	51.520	0.000
TOTAL	51.520	0.000

Banking Relations :	--
Auditors :
Name :	V.C. Venkatraman and Company Chartered Accountants
Address :	11, Alka Classic, 2011, Somwar Peth, Pune-411011, Maharashtra, India
Tel. No.:	91-20-26129485
Mobile No.:	91-9881498041
E-Mail :	venkatraman.vc@gmail.com
PAN No:	AAKFV8172C
Sister Concern :	Transport Solutions India Private Limited, India Vehold B.V., Zotermeer, Holland

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3548787	Equity Shares	Rs.10/- each	Rs.35.487 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs.32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3193908	Equity Shares	Rs.10/- each	Rs.31.939 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED.

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	30.276	31.939
Reserves & Surplus	-3.911	(3.704)	(3.114)
Net worth	-3.811	26.572	28.825
long-term borrowings	0.000	28.366	44.516
Short term borrowings	0.000	0.000	51.520
Total borrowings	0.000	28.366	96.036
Debt/Equity ratio	0.000	1.068	3.332

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1.615	18.861	99.393
		1,067.864	426.976

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1.615	18.861	99.393
Profit	-3.911	0.207	0.590
	-242.17%	1.10%	0.59%

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	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)	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]	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	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414086	25/03/2013	51,500,000.00	BANK OF MAHARASHTRA	DECCAN GYMKHANA BRANCH, JM ROAD, DECCAN GYMKHANA, PUNE - 411004, MAHARASHTRA, INDIA	B71542021

OPERATIONS:

This is the Third Year of operations of the Company. The turnover of the Company during the year was Rs.99.393 Millions against Rs. 18.861 Millions during the previous year. And Profit after tax is Rs.0.590 Million against the previous year of Rs. 0.207 Million. The directors are taking efforts to improve the turnover and profit of the business.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Other loans and advances	44.516	28.366
TOTAL	44.516	28.366

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Furniture and Fixtures

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.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	HTL
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	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		26

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.