MIRA INFORM REPORT

Report No. :	316697
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :

MECGALE PNEUMATICS PRIVATE LIMITED

Registered Office :

N-65, MIDC Industrial Area, Hingna, Nagpur – 440016, Maharashtra

Tel. No.:

91-7104-236873

Country :

India

Financials (as on) :

31.03.2014

Date of Incorporation :

18.02.2003

Com. Reg. No.:

11-139205

Capital Investment / Paid-up Capital :

Rs. 1.777 Million

CIN No.:

[Company Identification No.]

U74999MH2003PTC139205

IEC No.:

Not Available

TAN No.:

[Tax Deduction & Collection Account No.]

NGPM04080G

PAN No.:

[Permanent Account No.]

AADCM7418C

Legal Form :

Private Limited Liability Company

Line of Business :

Manufacturer and exporter of Pneumatic Conveying System.

No. of Employees :

60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 record. There seems some dip in the turnover and profit of the company during FY 2014 however, reserves of the company are decent. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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

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	CRISIL
Rating	Long Term Rating (BBB)
Rating Explanation	Moderate degree of safety It carry moderate credit risk.
Date	June 16, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating (A3)
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	June 16, 2014

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 (GENERAL DETAILS)

Name :	Mr. Harshal Chawdhary
Designation :	Accounts Manager
Contact No.:	91-9225342135
Date :	09.04.2015

LOCATIONS

Registered Office / Factory :	N-65, MIDC Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India
Tel. No.:	91-7104-236873 / 235271 / 645125 / 645916
Mobile No.:	91-9225342135 (Mr. Harshal Chawdhary)
Fax No.:	91-7104-235496
E-Mail :	info@mecgale.com
Website :	http://www.mecgale.com
Area :	1800 Sq. Ft.
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Tapas Umapada Sarkar

Designation :

Managing director

Address :

Flat No. 7, Sameer Apartment, Byramji Town, Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

31.12.1954

Qualification :

Date of Appointment :

18.02.2003

DIN No. :

00250348

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	U74999MH2003PTC139205	MECGALE PNEUMATICS PRIVATE LIMITED	Managing director	18/02/2003	18/02/2003	-	Active	NO
2	U28112MH2008PTC180527	ACE CONVEYORS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
3	U15400MH2014PTC255845	MECGALE AGRO PRODUCTS PRIVATE LIMITED	Director	04/07/2014	04/07/2014	-	Active	NO

Name :

Mr. Taritkumar Umapada Sarkar

Designation :

Director

Address :

Flat No.: 7, Sameer Apartment, Byramji Town, Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

09.01.1961

Qualification :

Master Marine

Date of Appointment :

18.02.2003

DIN No. :

00250402

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	U74999MH2003PTC139205	MECGALE PNEUMATICS PRIVATE LIMITED	Director	18/02/2003	18/02/2003	-	Active	NO
2	U29248MH2012PTC237007	MECGALE AUTOMATION PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
3	U15400MH2014PTC255845	MECGALE AGRO PRODUCTS PRIVATE LIMITED	Director	04/07/2014	04/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harshal Chawdhary
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sarkar Umapada Tapas	82612	46.48
Sarkar Umapada Taritkumar	86191	48.49
Sarkar Baishnabcharan Arunkumar	4887	2.75
Sarkar Baishnabcharan Alakkumar	4050	2.28
Total	177740	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 and exporter of Pneumatic Conveying System.

Products :	Pneumatic Conveying System

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Not Divulged
Countries :	Indonesia

Imports :	Not Divulged

Terms :
Selling :	Cheque

Purchasing :	Cheque

PRODUCTION STATUS: Not Available

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 :

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

No. of Employees :

60 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Hingna Industrial Estate (Nagpur) Branch, M.I.D.C. Area, Plot No. X-43, Nagpur – 440016, Maharashtra, Dina
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 Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan
From Bank (Loans are taken from SBI, ICICI, TATA Capital Limited and HDFC Bank	5.033	4.076

SHORT TERM BORROWINGS
Cash Credit
SBI Cash Credit	16.727	19.894
Total	21.760	23.970


Auditors :
Name :	Mahesh Rathi and Company Chartered Accountants
Address :	101/102/105/111 A Wing, Lokmat Bhawan, Wardha Road, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-2437395
E-Mail :	maheshrathi.co@gmail.com

Memberships :	Not Available

Collaborators :	Not Available

Company in which KMP / Relatives of KMP can exercise significant influence :	Ace Conveyors Private Limited Mecoale Automation Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

177740	Equity Shares	Rs.10/- each	Rs. 1.777 Million

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	1.777	1.777	1.753
(b) Reserves & Surplus	337.995	280.842	184.319
(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)	339.772	282.619	186.072

(3) Non-Current Liabilities
(a) long-term borrowings	18.016	12.487	21.727
(b) Deferred tax liabilities (Net)	0.000	0.106	0.182
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.691	3.049	2.044
Total Non-current Liabilities (3)	21.707	15.642	23.953

(4) Current Liabilities
(a) Short term borrowings	16.727	19.894	5.299
(b) Trade payables	112.531	171.428	109.437
(c) Other current liabilities	76.313	88.888	91.597
(d) Short-term provisions	21.489	28.303	21.056
Total Current Liabilities (4)	227.060	308.513	227.389

TOTAL	588.539	606.774	437.414

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.399	75.872	66.628
(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	3.941	3.299	2.294
(c) Deferred tax assets (net)	0.075	0.000	0.000
(d) Long-term Loan and Advances	2.379	1.353	1.559
(e) Other Non-current assets	2.500	2.500	2.500
Total Non-Current Assets	85.294	83.024	72.981

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.569	18.357	23.714
(c) Trade receivables	392.413	430.966	297.097
(d) Cash and cash equivalents	53.983	50.746	30.382
(e) Short-term loans and advances	8.059	6.906	7.123
(f) Other current assets	21.221	16.775	6.117
Total Current Assets	503.245	523.750	364.433

TOTAL	588.539	606.774	437.414

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	893.849	1165.595	782.623

Less	TOTAL EXPENSES	799.422	1016.960	785.670

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	94.427	148.635	97.607

Less	FINANCIAL EXPENSES	0.924	2.121	3.047

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	93.503	146.514	94.560

Less/ Add	DEPRECIATION/ AMORTISATION	7.132	6.639	6.056

	PROFIT/ (LOSS) BEFORE TAX	86.371	139.875	88.504

Less	TAX	29.218	45.882	29.062

	PROFIT/ (LOSS) AFTER TAX	57.153	93.993	59.442

	EARNINGS IN FOREIGN CURRENCY	913619 USD	393162 USD	6469 USD

	Earnings / (Loss) Per Share (Rs.)	321.55	528.82	334.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	6.39	8.06	7.60

Operating Profit Margin (PBDIT/ Total Income)	(%)	10.56	12.75	12.47

Return on Total Assets (PBT/Total Assets}	(%)	14.78	23.18	20.34

Return on Investment (ROI) (PBT/Networth)		0.25	0.49	0.48

Debt Equity Ratio (Total Debt/Networth)		0.10	0.11	0.15

Current Ratio (Current Asset/Current Liability)		2.22	1.70	1.60

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	1.753	1.777	1.777
Reserves & Surplus	184.319	280.842	337.995
Net worth	186.072	282.619	339.772

long-term borrowings	21.727	12.487	18.016
Short term borrowings	5.299	19.894	16.727
Total borrowings	27.026	32.381	34.743
Debt/Equity ratio	0.145	0.115	0.102

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)
Total Income	782.623	1165.595	893.849
		48.934	(23.314)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	782.623	1165.595	893.849
Profit	59.442	93.993	57.153
	7.60%	8.06%	6.39%

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	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)	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loan from Director/Related Party	12.983	8.411
Total	12.983	8.411

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421467	12/04/2013	1,098,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B73678245
2	90345818	16/12/2013 *	413,000,000.00	STATE BANK OF INDIA	HINGNA INDUSTRIAL ESTATE (NAGPUR) BRANCH, M.I.D.C . AREA, PLOT NO. X-43, NAGPUR, Maharashtra - 440016, INDIA	B93919256
3	90347047	07/03/2006 *	4,800,000.00	STATE BANK OF INDIA	HINGNA INDUSTRIAL ESTATE BRANCH, NAGPUR, NAGPUR, Maharashtra - 440016, INDIA	-

* Date of charge modification

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. 62.37
UK Pound	1	Rs. 91.60
Euro	1	Rs. 66.49

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	DIV

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		46

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.

MIRA INFORM REPORT

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