MIRA INFORM REPORT

Report No. :	315624
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	RICETEC MACHINERY PRIVATE LIMITED
Registered Office :	Plot No.57/P, Phase -I, IDA Jeedimetla, Hyderabad – 500055, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.2004
Com. Reg. No.:	01-042979
Capital Investment / Paid-up Capital :	Rs.1.300 Million
CIN No.: [Company Identification No.]	U29299AP2004PTC042979
TAN No.: [Tax Deduction & Collection Account No.]	HYDR04166B
PAN No.: [Permanent Account No.]	AADCR1195D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Food Processing Machinery.
No. of Employees :	115 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The rating takes into consideration fair profit margin and favorable gap between receivable and payables. Trade relations reported to be fair. Business is active. Payments 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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. Rajesh
Designation :	Marketing Department
Contact No.:	91-9440624437
Date :	02.04.2015

LOCATIONS

Registered Office :	Plot No.57/P, Phase -I, IDA Jeedimetla, Hyderabad – 500055, Telangana, India
Tel. No.:	91-40-23195938/64535938
Mobile No.:	91-9440624437 (Mr. Rajesh)
Fax No.:	91-40-64535938
E-Mail :	mohanraoyakkali@gmail.com rice_tec@yahoo.co.in info@ricetecmachinery.com
Website :	http://www.ricetecmachinery.com
Factory :	Survey No.- 177 Part, Laxmi –Nagar Colony, Suraram, Hyderabad – 500055, Telangana, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhanu Prakash Raja Reddy Thimmapuram

Designation :

Director

Address :

Flat 911, Vikranth Residency, Yadi Reddy Nagar Colony, Secunderabad, Hyderabad – 500 011, Telangana, India

Date of Birth/Age :

08.03.1975

Date of Appointment :

31.03.2004

DIN No.:

00776407

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	U29299AP2004PTC042979	RICETEC MACHINERY PRIVATE LIMITED	Director	31-03-04	31-03-04	-	Active	NO
2	U29210TG2012PTC084426	RICETEC DRIERS & EQUIPMENTS PRIVATE LIMITED	Director	26-11-12	26-11-12	-	Active	NO

Name :

Mr. Putalaputtu Purandhar Reddy

Designation :

Director

Address :

Plot – 38, H No. 5-3-395, Sri Krishna Nagar, Kukatpally, Hyderabad – 500 072, Telangana, India

Date of Birth/Age :

09.06.1974

Date of Appointment :

31.03.2004

DIN No.:

01779360

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	U29299AP2004PTC042979	RICETEC MACHINERY PRIVATE LIMITED	Director	31-03-04	31-03-04	-	Active	NO
2	U29210TG2012PTC084426	RICETEC DRIERS & EQUIPMENTS PRIVATE LIMITED	Director	26-11-12	26-11-12	-	Active	NO

Name :

Mrs. Puthalapattu Chandrakala

Designation :

Director

Address :

5-3-388, Srikrishna Nagar, Kukatpally, Hyderabad – 500072, Telangana, India

Date of Birth/Age :

31.03.1978

Date of Appointment :

01.04.2010

DIN No.:

03184077

Name :

Mrs. Veena Kumari Thimmapuram

Designation :

Director

Address :

7 and 1/ Part, Pragati Colony, Manovikas Nagar, Bowenpally, Secunderabad, Hyderabad – 500011, Telangana, India

Date of Birth/Age :

26.10.1980

Date of Appointment :

01.04.2010

DIN No.:

03273996

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
T. R. Bhanu Prakash	104000	80.00
P. N. Purandhar	26000	20.00
Total	130000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Food Processing Machinery.
Products :	Rice Mill Machinery · Bran Purifier · Whitener Polisher · Pre-Cleaner · Destoner · Vibro Rubber Sheller · Husk Aspirator · Paddy Separator Daal Mill Machinery Polisher Air lock System Super Silley Polisher Silky Polisher Shifter Multi Shifter Grader Grains Processing Machinery Indent Grader Elevator Rice Sieve  Blower Cyclone Paddy Sieve
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished goods
Countries :	· Bangladesh · Nepal · Sri Lanka · Myanmar
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Geeta Steels, Hyderabad, Telangana, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers, Manufacturer

Reference :	Nalini Rice Industries, Orissa, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

115 (Approximately)

Bankers :

· ING Vysya Bank Limited, 3-3-798, I Floor, Vysya Bank Building, General Bazar, Secunderabad, Hyderabad – 500 003, Telangana, India

· HDFC Bank, HDFC House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

· State Bank of India, Jeedimatla Branch, Hyderabad, Telangana, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	0.000	2.088
Short-term borrowings
from banks - SBI TOD	0.000	0.292
ICICI OD	(0.006)	0.389
HDFC CC	1.332	0.000
other loans (car)	1.339	0.000
Advances from Customers	6.934	10.547
Total	9.599	13.316

Banking Relations :	--
Auditors :
Name :	GN and Associates Chartered Accountants
Address :	Flat No. 1103, 11^th Floor, Babukhan Estate, Basheerbagh, Hyderabad – 500 001, Andhra Pradesh, India
Tel. No.:	91-40-66825447 / 66365447
Fax No.:	91-40-66635447
E-Mail :	gnacas@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFG2114K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
880000	Equity Shares	Rs.10/- each	Rs. 8.800 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
130000	Equity Shares	Rs.10/- each	Rs. 1.300 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.300	1.300	1.300
(b) Reserves & Surplus	22.299	16.941	11.388
(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)	23.599	18.241	12.688
(3) Non-Current Liabilities
(a) long-term borrowings	1.500	6.209	11.488
(b) Deferred tax liabilities (Net)	0.135	0.124	0.055
(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)	1.635	6.333	11.543
(4) Current Liabilities
(a) Short term borrowings	9.599	11.228	8.533
(b) Trade payables	23.914	17.481	13.001
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	4.443	4.628	3.768
Total Current Liabilities (4)	37.956	33.337	25.302
TOTAL	63.190	57.911	49.533
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.621	12.706	14.416
(ii) Intangible Assets	0.494	0.805	0.011
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.115	13.511	14.427
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.458	24.763	21.988
(c) Trade receivables	31.875	11.877	5.856
(d) Cash and cash equivalents	1.939	2.164	2.752
(e) Short-term loans and advances	3.728	1.610	1.401
(f) Other current assets	4.075	3.986	3.109
Total Current Assets	50.075	44.400	35.106
TOTAL	63.190	57.911	49.533

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	145.363	133.759	107.743
	Other Income	0.502	0.330	0.304
	TOTAL (A)	145.865	134.089	108.047
Less	EXPENSES
	Cost of Materials Consumed	91.662	78.586	63.916
	Employees benefits expense	22.620	22.419	15.262
	Other expenses	20.446	21.086	18.698
	TOTAL (B)	134.728	122.091	97.876
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	11.137	11.998	10.171
Less	FINANCIAL EXPENSES (D)	0.697	1.086	1.887
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	10.440	10.912	8.284
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.648	2.630	2.117
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.792	8.282	6.167
Less	TAX (I)	2.433	2.729	2.047
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	5.359	5.553	4.120
	Earnings / (Loss) Per Share (Rs.)	41.22	42.71	31.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.69	4.15	3.82
Operating Profit Margin (PBIDT/Sales)	(%)	7.66	8.97	9.44
Return on Total Assets (PBT/Total Assets}	(%)	12.33	14.30	12.45
Return on Investment (ROI) (PBT/Networth)		0.33	0.45	0.49
Debt Equity Ratio (Total Debt /Networth)		0.47	0.96	1.58
Current Ratio (Current Asset/Current Liability)		1.32	1.33	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.300	1.300	1.300
Reserves & Surplus	11.388	16.941	22.299
Net worth	12.688	18.241	23.599
long-term borrowings	11.488	6.209	1.500
Short term borrowings	8.533	11.228	9.599
Total borrowings	20.021	17.437	11.099
Debt/Equity ratio	1.578	0.956	0.470

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	107.743	133.759	145.363
		24.146	8.675

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	107.743	133.759	145.363
Profit	4.120	5.553	5.359
	3.82%	4.15%	3.69%

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	No
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]	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 PERFORMANCE AND BUSINESS PROSPECTS:

The Company’s sales for the period is Rs. 145.363 Million and other income of 0.502 Million- with the net profit before tax of Rs. 7.792 Million after providing for depreciation of Rs. 2.648 Million-. The major part of the revenue is contributed through the sale of Rice Milling Machinery and spares to various customers In this year the company earned profits, the management expects that the demand for the company product exists and are hopeful of getting good business in the ensuing year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
from banks	0.000	1.948
from financial institutions and other parties	1.500	2.173
Total	1.500	4.121

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10485231	22/03/2014	10,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C00613786

FIXED ASSETS

Tangible Assets

· Land

· Computers

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Electrical equipment

· Others (specify nature)

Intangible Assets

· Computer software

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	KVT

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
--PROFITABILITY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.