MIRA INFORM REPORT

Report No. :	314318
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	DEVATECH ENGINEERING PRIVATE LIMITED
Registered Office :	Flat No. 3, Ground Floor, Mahatma Joytiba Phule Sadan, S.B. Pawar Road, Currey Road, Mumbai-400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.2009
Com. Reg. No.:	11-197502
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29268MH2009PTC197502
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMD18234G
PAN No.: [Permanent Account No.]	AAFPL0325G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Evaporative cooling Pad, Ventilation Fan etc.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2220
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, the company seems to be a small company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be 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 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. Dheeraj
Designation :	Online Marketing Executive
Contact No.:	91-8879330524
Date :	30.03.2015

LOCATIONS

Registered Office :	Flat No. 3, Ground Floor, Mahatma Joytiba Phule Sadan, S.B. Pawar Road, Currey Road, Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-23061957/ 25968099/ 23002157
Mobile No.:	91-8879330524 (Mr. Dheeraj)
Fax No.:	91-22-2300157
E-Mail :	Spgupta24@hotmail.com info@devatech.co.in
Website :	www.devatech.tradeindia.com
Area :	5000 Sq.Ft
Location :	Owned
Locality:	Industrial
Factory :	Panchsheel Industrial Estate, Village Kharsundi, Near Khalapur, District- Raigarh, Maharashtra, India
Location :	Owned
Corporate Office :	Haware’s Centurion, S07-70/71, 2^nd Floor, Plot No.88-91, Sector-19A, Nerul (East), Navi Mumbsi-400706, Maharashtra, India.
Tel. No.:	91-22-27711915

DIRECTORS

As on: 25.09.2013

Name :	Mr. Shashi Prakash Guru Prasad Gupta
Designation :	Director
Address :	Room No. C-130, Azad Nagar, Matunga, Mumbai-400019, Maharashtra, India.
Date of Birth/Age :	11.01.1969
Date of Appointment :	01.12.2009
DIN No.:	02780120
Name :	Mr. Shyamji Mithailal Gupta
Designation :	Director
Address :	Room No. C-130, Azad Nagar, Matunga, Mumbai-400019, Maharashtra, India.
Date of Birth/Age :	01.02.1966
Date of Appointment :	01.12.2009
DIN No.:	02780121

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2013

Names of Shareholders	No. of Shares	%age
Shashi Prakash Guru Prasad Gupta	9900	99.00
Shyamji Mithailal Gupta	100	1.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 25.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Evaporative cooling Pad, Ventilation Fan etc.
Products :	· Evaporative Cooling Pad · Ventilation Fan · Desiccant Rotor/Dehumidifier Rotor · Heat Recovery Wheels · Mould Dehumidifier · Resin Dryer · Plastic Dryer · Plant Heat Exchange, etc.
Exports :
Products :	· Evaporative Cooling Pad · Ventilation Fan · Desiccant Rotor/Dehumidifier Rotor · Heat Recovery Wheels · Mould Dehumidifier · Resin Dryer · Plastic Dryer · Plant Heat Exchange · Air Handling, etc.
Countries :	· Middle East · Dubai · Saudi Arabia
Imports :
Products :	Raw Material
Countries :	· Hong Kong · Japan · Taiwan · Korea · Malaysia · Chine
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

End Users and Manufacturer

Reference :	Dry Star Desiccant Rotor
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reference :	Satguru Electricals and General Suppliers
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 :

12 (Approximately)

Bankers :

· ICICI Bank Limited, Lower Parel, Mumbai, Maharashtra, India.

· Oriental Bank of Commerce, Nariman Point, Mumbai, Maharashtra, India.

· IDBI Bank

Auditors :

Name :

Kushalsingh Tejmal Lodha and Company,

Chartered Accountant

Address :

C/O Hira Motor Transport, Near H P Petrol Pump, Section 17, Ulhasnagar – 421003,Mahararashtra, India

Tel. No.:

91-251-2710588

Fax No.:

91-8308088788/9320246788

Email:

Muki_krishnani@yahoo.co.in

PAN No.:

AKQPK1899P

Memberships :

--

Collaborators :

--

Associates/Subsidiaries :

-

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.676	0.579	(0.145)
(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)	0.776	0.679	(0.045)
(3) Non-Current Liabilities
(a) long-term borrowings	1.897	1.964	1.859
(b) Deferred tax liabilities (Net)	0.018	0.008	0.000
(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)	1.915	1.972	1.859
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.798	5.142	0.646
(c) Other current liabilities	0.202	0.743	1.129
(d) Short-term provisions	0.121	0.407	2.478
Total Current Liabilities (4)	6.121	6.292	4.253
TOTAL	8.814	8.943	6.067
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.554	0.444	0.288
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.080	0.080	0.000
Total Non-Current Assets	0.634	0.524	0.288
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.555	0.745	1.747
(c) Trade receivables	6.098	7.176	1.414
(d) Cash and cash equivalents	0.412	0.053	1.540
(e) Short-term loans and advances	1.115	0.445	1.078
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	8.180	8.419	5.779
TOTAL	8.814	8.943	6.067

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales Turnover	14.385	18.426	10.000 (Approximately)
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA		NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.285	1.016	(0.060)
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.285	1.016	(0.060)
Less/ Add	DEPRECIATION/ AMORTISATION		0.086	0.036	0.016
	PROFIT BEFORE TAX		0.199	0.980	(0.076)
Less	TAX		0.065	0.257	0.000
	PROFIT AFTER TAX		0.134	0.723	(0.076)
	Earnings Per Share (Rs.)		13.40	72.30	(7.60)

Particulars	31.03.2014
Sales Turnover (Approximately)	25.000

Expected Sales (2014-2015 ) : Rs.39.000 Million

The above information has been parted by Mr. Dheeraj

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.93	3.92	NA
Operating Profit Margin (PBDIT / Sales)	(%)	1.38	5.32	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.26	10.96	(1.25)
Return on Investment (ROI) (PBT/Networth)		0.26	1.44	1.69
Debt Equity Ratio (Total Debt /Networth)		2.44	2.89	(41.31)
Current Ratio (Current Asset/Current Liability)		1.34	1.34	1.36

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	0.100	0.100
Reserves & Surplus	(0.145)	0.579	0.676
Net worth	(0.045)	0.679	0.776
long-term borrowings	1.859	1.964	1.897
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.859	1.964	1.897
Debt/Equity ratio	(41.311)	2.892	2.445

YEAR-ON-YEAR GROWTH:

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	18.426	14.385
		(21.931)

NET PROFIT MARGIN:

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	18.426	14.385
Profit	0.723	0.134
	3.92%	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	Yes
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	No
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	No
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

OPERATION:

During the year company achieved turnover of Rs. 14.385 Million and earned net profit before provision of tax Rs.0.200 Million against last year turnover Rs. 18.426 Million and Net Profit of Rs. 0.724 Million. The company has made the provision for taxation amounting to R.s 0.065 Million. The performance of the company for the year was not satisfactory as compared to last year.

UNSECURED LOAN:

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Other Loans and Advances	1.897	1.964

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10522055	31/05/2014	1,500,000.00	BANK OF BARODA	C.P. TANK BRANCH, HALAI LOHANA MAHAJAN BLDG.,6/10  ,DR.B.J.MARG., MUMBAI, MAHARASHTRA - 400002, INDIA	C21278478

FIXED ASSETS:

· Laptop

· Air Conditioner

· Printer

· Plot

· Computer

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 :	SNG
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		28

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.