MIRA INFORM REPORT

Report No. :	317111
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	BHARTIYA VEHICLES AND ENGINEERING COMPANY LIMITED
Registered Office :	41 – A, Friends Colony, East Mathura Road, New Delhi – 110065
Tel No :	91-11-26926581
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1982
Com. Reg. No.:	55-013041
Capital Investment / Paid-up Capital :	Rs. 6.577 Million
CIN No.: [Company Identification No.]	U29999DL1982PLC013041
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Re-furbishing and sale of CFT/DFT and its Spares. Manufacture and Sale of Oxygen/Nitrogen/Acetylene Plant and its Spares.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 190000
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 sound and healthy. Profitability of the company is fair. Trade relations are 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 DENIED BY

MANAGEMENT NON CO-OPERATIVE (91-120-2895295)

LOCATIONS

Registered Office :	41 – A, Friends Colony, East Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-26926581
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	rkmittal@bhartiyavehicles.com
Factory :	A – 29, Industrial Area, Site – IV, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-2895295/2895733/2896063/26926478
Fax No.:	91-120-2895457
E-Mail :	bhartiyavehicles@bhartiyavehicles.com

DIRECTORS

As on : 08.09.2014

Name :

Mr. Nirmal Kishor Bhartiya

Designation :

Managing Director

Address :

41 – A, Friends Colony East, New Delhi – 110065, India

Date of Birth/Age :

08.04.1956

Date of Appointment :

01.06.2013

DIN No.:

00686981

Voter ID No.:

ARE0056028

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	U29999DL1982PLC013041	BHARTIYA VEHICLE AND ENGINEERING CO. LIMITED	Managing director	01/06/2013	26/04/1983	-	Active	NO
2	U74920DL2004PLC128642	GHIBELLINES SECURITY SOLUTIONS LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

Name :

Mr. Gaurav Kishor Bhartiya

Designation :

Managing Director

Address :

41 – A, Friends Colony East, New Delhi – 110065, India

Date of Birth/Age :

15.03.1978

Date of Appointment :

01.06.2013

DIN No.:

00687041

Voter ID No.:

ARE0051045

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	U29999DL1982PLC013041	BHARTIYA VEHICLE AND ENGINEERING CO.LTD.	Managing director	01/06/2013	01/03/1999	-	Active	NO
2	U74920DL2004PLC128642	GHIBELLINES SECURITY SOLUTIONS LIMITED	Managing Director	27/08/2004	27/08/2004	-	Active	NO
3	U74140DL2005PTC137790	SABA CORPORATE SERVICES PRIVATE LIMITED	Director	30/09/2010	05/03/2010	01/08/2013	Active	NO
4	U63040DL2007PTC161204	MOON LIGHT HOSPITALITY PRIVATE LIMITED	Director	30/09/2010	05/03/2010	01/08/2013	Active	NO
5	U17214DL2005PLC142548	TAURUS HOME FURNISHINGS LIMITED	Additional director	03/09/2012	03/09/2012	28/09/2012	Active	NO
6	U52321DL2013PTC258404	GK HOME PRODUCTS PRIVATE LIMITED	Director	25/09/2013	25/09/2013	-	Active	NO

Name :

Ms. Anita Bhartiya

Designation :

Director

Address :

41 – A, Friends Colony East, New Delhi – 110065, India

Date of Birth/Age :

23.02.1956

Date of Appointment :

28.03.1988

DIN No.:

00689144

Voter ID No.:

ARE0056036

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	U29999DL1982PLC013041	BHARTIYA VEHICLE AND ENGINEERING CO. LIMITED	Director	28/03/1988	28/03/1988	-	Active	NO
2	U74920DL2004PLC128642	GHIBELLINES SECURITY SOLUTIONS LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mittal Rakesh Kumar
Designation :	Secretary
Address :	A2/507, Milan Vihar Appartment no. 72, Ipextension, Delhi – 110092, India
Date of Birth/Age :	20.10.1957
Date of Appointment :	01.04.2001
Voter ID No.:	DCV1602523

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 08.09.2014

Names of Shareholders	No. of Shares	%age
Anita Bhartiya	265575	41.57
Kiran Bhartiya	76575	11.99
N.K. Bhartiya	148150	23.19
Gaurav Bhartiya	93100	14.57
Gayatri Bhartiya	2500	0.39
Divya Gupta	2500	0.39
Anand K. Bhartiya	300	0.05
Nandini Bhartiya	50100	7.84
Total	638800	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Re-furbishing and sale of CFT/DFT and its Spares. Manufacture and Sale of Oxygen/Nitrogen/Acetylene Plant and its Spares.
Products :	CFT/DFT and its Spares Oxygen/Nitrogen/Acetylene Spares
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

Banker Name	Bank Of India
Branch Address	Ghaziabad Main Branch, 59-60, G. T. Road, Ghaziabad – 201001, Uttar Pradesh, 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

• HDFC Bank
• State Bank of India
• ICICI Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC Bank [secured against hypothecation Vehicles (Mercedes Benz)]	4.796	0.000
State Bank of India [secured against hypothecation Vehicles (Audi 05)]	0.000	0.913
ICICI Bank Limited [secured against hypothecation Vehicles (Mercedes Benz)]	0.000	2.356
SHORT TERM BORROWING
Cash Credit Bank of India	14.756	9.888
Export Packaging Credit – Bank of India (Secured against equitable mortgage of factory and H.O land and building and also hypothecation of plant and machinery stock, book debts and personal guarantee of Mr. N. K. Bhartiya and Mr. G.K. Bhartiya )	0.000	3.600
Total	19.552	16.757

Auditors :
Name :	PDMAG and Company Chartered Accountants
Address :	A – 1/106, 2^nd Floor, Safdergunj Enclave, New Delhi – 110029, India
PAN No.:	AAAFP4206H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary :	Ghibellines Security Solutions Limited U74920DL2004PLC128642

CAPITAL STRUCTURE

As on 08.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
638800	Equity Shares	Rs.10/- each	Rs. 6.388 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	6.577	6.577	6.577
(b) Reserves & Surplus	60.199	53.932	54.000
(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)	66.776	60.509	60.577
(3) Non-Current Liabilities
(a) long-term borrowings	5.796	4.269	1.000
(b) Deferred tax liabilities (Net)	0.000	0.055	0.315
(c) Other long term liabilities	0.000	0.000	0.004
(d) long-term provisions	10.323	7.155	6.212
Total Non-current Liabilities (3)	16.119	11.479	7.531
(4) Current Liabilities
(a) Short term borrowings	14.756	13.488	0.015
(b) Trade payables	9.698	12.263	6.033
(c) Other current liabilities	85.869	79.746	75.834
(d) Short-term provisions	0.138	0.072	0.091
Total Current Liabilities (4)	110.461	105.569	81.973
TOTAL	193.356	177.557	150.081
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.027	43.816	38.120
(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	2.151	1.751	1.751
(c) Deferred tax assets (net)	1.731	1.392	1.467
(d) Long-term Loan and Advances	9.042	8.979	9.795
(e) Other Non-current assets	10.083	6.808	15.561
Total Non-Current Assets	74.034	62.746	66.694
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.595	67.271	45.420
(c) Trade receivables	62.648	19.391	14.521
(d) Cash and cash equivalents	25.630	10.861	13.625
(e) Short-term loans and advances	8.394	17.201	9.821
(f) Other current assets	0.055	0.087	0.000
Total Current Assets	119.322	114.811	83.387
TOTAL	193.356	177.557	150.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	248.062	142.959	186.810
		Other Income	2.389	2.599	1.565
		TOTAL	250.451	145.558	188.375
Less	EXPENSES
		Cost of Materials Consumed	162.558	68.884	100.317
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
		Other Manufacturing Expenses	10.126	6.895	9.056
		Employees benefits expense	22.684	21.311	20.372
		Other expenses	31.228	28.851	36.971
		Custom Duty	1.003	6.406	3.692
		CFT/DFT Maintenance Expenses	1.754	1.613	2.008
		Exceptional Items	(0.110)	(0.198)	(0.002)
		TOTAL	229.243	133.762	172.414
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.208	11.796	15.961
Less	FINANCIAL EXPENSES		5.184	4.139	3.725
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		16.024	7.657	12.236
Less/ Add	DEPRECIATION/ AMORTISATION		6.499	6.077	5.552
	PROFIT/(LOSS) BEFORE TAX		9.525	1.580	6.684
Less	TAX		3.281	0.786	2.342
	PROFIT/(LOSS) AFTER TAX		6.244	0.794	4.342
	Earnings Per Share (Rs.)		10.00	1.00	7.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.52	0.56	2.32
Operating Profit Margin (PBDIT / Sales)	(%)	8.55	8.25	8.54
Return on Total Assets (PBT/Total Assets}	(%)	5.03	0.91	4.55
Return on Investment (ROI) (PBT/Networth)		0.14	0.03	0.11
Debt Equity Ratio (Total Debt /Networth)		0.31	0.29	0.02
Current Ratio (Current Asset/Current Liability)		1.08	1.09	1.02

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	6.577	6.577	6.577
Reserves & Surplus	54.000	53.932	60.199
Net worth	60.577	60.509	66.776
long-term borrowings	1.000	4.269	5.796
Short term borrowings	0.015	13.488	14.756
Total borrowings	1.015	17.757	20.552
Debt/Equity ratio	0.017	0.293	0.308

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	186.810	142.959	248.062
		(23.474)	73.520

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	186.810	142.959	248.062
Profit	4.342	0.794	6.244
	2.32%	0.56%	2.52%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from Director and Relatives	1.000	1.000
Total	1.000	1.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90043461	30/08/2013	212,654,000.00	Bank Of India	Ghaziabad Main Branch, 59-60, G.T. Road, Ghaziabad, Uttar Pradesh - 201001, INDIA	B83919738

* Date of charge modification

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixture
• Motor Vehicles
• Office Equipments
• Computer
• Livestock

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.62.36
UK Pound	1	Rs.91.40
Euro	1	Rs.66.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	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		47

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.