MIRA INFORM REPORT

Report No. :	319441
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	HI-MAK PRIVATE LIMITED (w.e.f. 16.03.2012)
Formerly Known as :	HI-MAK PROCESS CONTROLS PRIVATE LIMITED
Registered Office :	308, Blue Diamond Complex, Fathegunj, Vadodara – 390002, Gujarat
Tel. No.:	91-265-2795413
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.2011
Com. Reg. No.:	04-067842
Capital Investment / Paid-up Capital :	Rs. 32.111 Million
CIN No.: [Company Identification No.]	U29100GJ2011PTC067842
IEC No.:	3413002694
TAN No.: [Tax Deduction & Collection Account No.]	BRDH01472C
PAN No.: [Permanent Account No.]	AACCH8291H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of MCC, PCC and Power Panels and also Trader of Siemens Electronic Industrial Components.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established during the year 1993 as a proprietary concern with the name “Himak Process Control” and later during the year 2011 it got converted into private limited. It is having a satisfactory track record. Even though the concern got converted into Private Limited in the year 2011 the subject was working with the concern till 31^st March 2013 and all the business activity of the concern has been taken over by Private Limited from 01.04.2013. The company has performed well during FY 2014. It has achieved sound profitability. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. Note: Rating is based on available concern financial as well as Private Limited Financials.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

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. Ashok Shah
Designation :	Finance Controller
Contact No.:	91-265-2795413
Date :	27.04.2015

LOCATIONS

Registered Office :	308, Blue Diamond Complex, Fathegunj, Vadodara – 390002, Gujarat, India
Tel. No. :	91-265-2791543
Fax No. :	91-265-2795583
E-Mail :	keyur.vyas@himak.in
Website :	www.himak.in
Area :	13500 Sq. Ft.
Location :	Rented
Corporate Office :	201-209, Blue Diamond Complex, Fatehgunj Cross Road, Vadodara – 390002, Gujarat, India
Tel. No. :	91-265-2795413/ 2795348
Fax No. :	91-265-2795583
E-Mail :	sales@himak.in
Factory :	884/8, Makarpura G.I.D.C,Vadodara – 390010, Gujarat, India
Tel. No. :	91-265-2633107
E-Mail :	gidc@himak.in
Area :	5000 Sq. Ft.
Location :	Rented
Branch Office 1:	Ground Floor, Kirti Sagar Complex, Usmanpura, Ahmedabad, Gujarat, India
Tel. No.:	91-79-27561387
Branch Office 2:	Flat No.2, 1^st Floor, Beesetti Tower, Srinagar, Vishakhapatnam – 530016, Andhra Pradesh, India
Tel. No.:	91-891-2533556
Area :	500 Sq. Ft.
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :	Keyurkumar Parshuram Vyas
Designation :	Director
Address :	6, Kalakunj Society No. 1, Opposite Water Tank, Karelibaug, Vadodara – 390018, Gujarat, India
Date of Birth/Age :	03.01.1969
Qualification :	M. Tech.
Experience :	22 Years
Date of Appointment :	16.11.2011
DIN No. :	03558239
Name :	Himaliben Keyurkumar Vyas
Designation :	Director
Address :	6/D, Kalakunj Society 1, Opposite Avkar Hall, Vadodara – 390018, Gujarat, India
Date of Birth/Age :	19.11.1970
Qualification :	Be. Civil
Experience :	12 Years
Date of Appointment :	16.11.2011
DIN No. :	03558328

KEY EXECUTIVES

Name :	Mr. Ashok Shah
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Keyurkumar Parshuram Vyas	2779000	86.54
Himaliben Keyurkumar Vyas	432100	13.46
Total	3211100	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 MCC, PCC and Power Panels and also Trader of Siemens Electronic Industrial Components.
Products :	· MCC · PCC · Power Panels
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Siemens Product and Control Panels
Countries :	· Srilanka · Nepal
Imports :
Products :	Electronic Components
Countries :	· Germany · UK
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Manufacturing of Control Panels	Nos.	250 Panels Per Annum

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

OEM’s and End Users

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

· Indian Oil

· BHEL

· Panasonic

· TATA

· Siemens

· LT

· Jyoti Limited

· Amul

· NTPC

· Kemrock

No. of Employees :

55 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmark, Race Course Circle, Vadodara - 390007, Gujarat, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Fund and Non Fund Based Limits
Account Operation:	Not Divulged
Remarks: Not Divulged

Banking Relations :	--
Auditors :
Name :	Katwala Associates Chartered Accountants
Address :	301-A, Navrang Complex, Hotel Utsav Compound, Raopura, Vadodara – 390001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ADBPK9288N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,211,100	Equity Shares	Rs.10/- each	Rs. 32.111 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	32.111
(b) Reserves & Surplus	13.978
(c) Money received against Share Warrants	0.000
(2) Share Application Money Pending Allotment	0.000
Total Shareholders’ Funds (1) + (2)	46.089
(3) Non-Current Liabilities
(a) Long-term Borrowings	0.000
(b) Deferred Tax Liabilities (Net)	0.000
(c) Other Long Term Liabilities	0.000
(d) Long-Term Provisions	0.000
Total Non-Current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term Borrowings	28.546
(b) Trade Payables	23.112
(c) Other Current Liabilities	5.585
(d) Short-Term Provisions	3.986
Total Current Liabilities (4)	61.229
TOTAL	107.318
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	15.368
(ii) Intangible Assets	0.057
(iii) Capital Work-in-progress	0.000
(iv) Intangible Assets under Development	0.000
(b) Non-Current Investments	0.000
(c) Deferred Tax Assets (net)	0.171
(d) Long-Term Loan and Advances	0.179
(e) Other Non-Current Assets	0.000
Total Non-Current Assets	15.775
(2) Current Assets
(a) Current Investments	0.000
(b) Inventories	23.931
(c) Trade Receivables	56.833
(d) Cash and Cash Equivalents	3.809
(e) Short-Term Loans and Advances	6.970
(f) Other Current Assets	0.000
Total Current Assets	91.543
TOTAL	107.318

HI-MAK PROCESS CONTROLS (PROPRIETORSHIP FIRM)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietors Capital		55.053	53.353
2] Share Application Money		0.000	0.000
3] Profit and Loss Account		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		55.053	53.353
LOAN FUNDS
1] Secured Loans		20.429	12.204
2] Unsecured Loans		20.316	1.200
TOTAL BORROWING		40.745	13.404
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		95.798	66.757
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.935	10.118
Capital Work-in-progress		0.000	0.000
INVESTMENT		4.217	1.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.993	14.964
	Sundry Debtors	33.055	13.693
	Cash & Bank Balances	5.355	0.219
	Other Current Assets	0.111	0.000
	Loans & Advances	28.785	29.502
Total Current Assets		84.299	58.378
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.412	2.044
	Other Current Liabilities	0.197	(0.888)
	Provisions	2.044	1.583
Total Current Liabilities		16.653	2.739
Net Current Assets		67.646	55.639
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		95.798	66.757

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	192.172
		Other Income	0.108
		TOTAL (A)	192.280
Less	EXPENSES
		Cost of Material Consumed	131.696
		Change in Inventories of Work-in-Progress	1.890
		Direct Expenses	6.804
		Employee Benefit Expenses	16.007
		Other Expenses	10.644
		TOTAL (B)	167.041
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.239
Less	FINANCIAL EXPENSES (D)		2.984
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.255
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.325
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		20.930
Less	TAX (H)		6.693
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		14.237
	EARNINGS IN FOREIGN CURRENCY		3.206
	IMPORTS
		Raw Material and Components	0.308
	TOTAL IMPORTS		0.308
	Earnings / (Loss) Per Share (Rs.)		4.43

HI-MAK PROCESS CONTROLS (PROPRIETORSHIP FIRM)

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	168.762	169.875
		Other Income	11.061	6.250
		TOTAL	179.823	176.125
Less	EXPENSES
		Cost of Goods Sold	121.514	128.351
		Remuneration and Allowances to Technical Staff	9.550	6.151
		Carting Expense	0.001	0.000
		Insurance on Stock	0.007	0.056
		Loading and Unloading Charges	0.037	0.010
		Project Management Consultancy	0.720	0.000
		Repairs and Maintenance Expense	0.162	0.282
		Repairs and Maintenance Expense - Computer	0.072	0.104
		Service Tax for Goods Transport Agency	0.003	0.000
		Software Expense	0.052	0.144
		Technical Consultancy Charges	3.475	1.400
		Tender Fee Expense	0.002	0.000
		Training Expense	0.105	0.160
		Workman Compensation	0.011	0.000
		Financial Charges	3.560	1.338
		Salary and Allowances to Admin. Staff	2.732	2.272
		Advertisement Expense	0.143	0.043
		Audit Fee	0.045	0.025
		Books and Periodical Expense	0.002	0.169
		Computer Expense	0.042	0.149
		Conveyance Expense	0.210	0.151
		Diwani Boni	0.026	0.000
		Donation Expense	0.025	0.077
		Electricity Expense	0.377	0.260
		Foreign Travelling	0.472	0.343
		Insurance Charges	0.341	0.025
		Legal Expense	0.031	0.056
		Marketing Development Consultancy Fees	0.786	0.000
		Membership Subscription Fee Expense	0.002	0.003
		Municipal Tax	0.106	0.170
		Office Expense	0.529	0.436
		Packing Expense	0.007	0.022
		Postage and Courier Expense	0.035	0.032
		Printing and Stationery Expense	0.128	0.083
		Professional Fees A/c	1.080	1.653
		Professional Tax (C)	0.002	0.002
		Rent	0.836	0.646
		Repairs to Building	0.250	0.061
		Repairs to Furniture	0.028	0.009
		Repairs to others	0.030	0.023
		Sales Promotion Expense A/c	0.051	0.096
		Security Charges	0.142	0.112
		Seminar Expense	0.190	0.000
		Telephone Expense	0.444	0.281
		Toll Tax Expense	0.007	0.001
		Travelling Expense	0.736	0.426
		Vehicle Expense	0.424	0.410
		Sundry Balance W/off	(0.427)	0.508
		Other Expenses	0.000	1.409
		TOTAL	149.103	147.949
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.720	28.176
Less/ Add	DEPRECIATION/ AMORTISATION		3.460	1.939
	NET PROFIT/ (LOSS)		27.260	26.237

Expected Sales (2014-2015): Rs. 210.000 Millions

The above information has been parted by Mr. Ashok Shah (Finance Controller).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013 (Proprietorship Firm)	31.03.2012 (Proprietorship Firm)
Net Profit Margin (PAT/Sales)	(%)	7.41	16.15	15.44
Operating Profit Margin (PBDIT/Sales)	(%)	13.13	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	19.53	25.19	38.30
Return on Investment (ROI) (PBT/Networth)		0.45	0.50	0.49
Debt Equity Ratio (Total Debt/Networth)		0.62	0.74	0.25
Current Ratio (Current Asset/Current Liability)		1.50	5.06	21.31

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	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

CURRENT MATURITIES OF LONG TERM DEBTS: NOT AVAILABLE

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10432952	30/07/2014 *	39,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C13827894

* Date of charge modification

CHANGE OF ADDRESS

The registered office of the company has been shifted from 205, Blue Diamond Complex, Fatehgunj, Vadodara – 390002, Gujarat, India to the present address w.e.f. 29.12.2012.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)
Bank Guarantee	0.857

FIXED ASSETS

Tangible Assets

· Building

· Office Equipment’s

· Electric Installation

· Furniture and Fixtures

· Vehicles

· Computer

· Tools and Equipment’s

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 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. 63.61
UK Pound	1	Rs. 96.56
Euro	1	Rs. 69.18

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	MRI

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	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.