MIRA INFORM REPORT

Report No. :	319762
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :		KRANTI INDUSTRIES PRIVATE LIMITED
Formerly Known As :		KRANTI PRECISION TOOLS PRIVATE LIMITED
Registered Office :		Unit No. III, Gat No.267/B/1, At Post Pirangut, Tal. Mulshi, Pune – 412115, Maharashtra
Tel. No.:	91-20-66755676
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		05.12.1995
Com. Reg. No.:		11-095016
Capital Investment / Paid-up Capital :		Rs. 40.000 Million
CIN No.: [Company Identification No.]		U29299PN1995PTC095016
IEC No.:		3101010870
TAN No.: [Tax Deduction & Collection Account No.]		PNEK01036A
PAN No.: [Permanent Account No.]		AAACK8713H
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer of Automobile Components.
No. of Employees :		Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 307000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The Company can be considered normal for business dealings at usual trade terms and conditions.

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

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.

LOCATIONS

Registered Office/ Factory :	Unit No. III, Gat No.267/B/1, At Post Pirangut, Tal. Mulshi, Pune – 412115, Maharashtra, India
Tel. No.:	91-20-66755676
Fax No.:	Not Available
E-Mail :	info@krantiindustries.com hrd@krantiindustries.com
Website :	http://www.krantiindustries.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sachin Subhash Vora

Designation :

Managing director

Address :

392/7, 1601, Kumar Santosh Height, Shankar Seth Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

23.11.1980

Date of Appointment :

29.06.2011

DIN No.:

02002468

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PTC095016	KRANTI INDUSTRIES PRIVATE LIMITED	Managing director	29-06-2011	28-01-2008	Active	NO
2	U27109PN1986PTC039913	WONDER PRECISION PRIVATE LIMITED	Director	01-01-2013	01-01-2013	Active	NO

Name :

Basanti Kundanmal Vora

Designation :

Director

Address :

392/7, 1601, Kumar Santosh Height, Shankar Seth Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

31.07.1937

Date of Appointment :

05.12.1995

DIN No.:

00064489

Name :

Mr. Sumit Subhash Vora

Designation :

Director

Address :

392/7, 1601, Kumar Santosh Height, Shankar Seth Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

13.01.1984

Date of Appointment :

29.09.2008

DIN No.:

02002416

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PTC095016	KRANTI INDUSTRIES PRIVATE LIMITED	Director	29-09-2008	28-01-2008	Active	NO
2	U27109PN1986PTC039913	WONDER PRECISION PRIVATE LIMITED	Director	01-01-2013	01-01-2013	Active	NO

Name :

Mrs. Indubala Subhash Vora

Designation :

Director

Address :

392/7, 1601, Kumar Santosh Height, Shankar Seth Road, Pune – 411037, Maharashtra, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

29.06.2011

DIN No.:

02018226

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PTC095016	KRANTI INDUSTRIES PRIVATE LIMITED	Director	29-06-2011	05-12-1995	Active	NO
2	U27109PN1986PTC039913	WONDER PRECISION PRIVATE LIMITED	Director	31-03-2014	31-03-2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Components.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· The Cosmos Co-Operative Bank Limited

269/270, Shaniwar Peth, Pune - 411030, Maharashtra, India

· The Cosmos Co-Operative Bank Limited

Panmala, Sinhagad Road, Vitthalwadi Brach, Pune - 411030, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan from Bank Cosmos A/c No. 5751801076	9.053	0.000
Cosmos A/c No. 5751801021	24.139	20.783
Cosmos A/c No. 575180921	21.493	13.000
Cosmos A/c No. 575180949	24.153	31.000
Cosmos A/c No. 575180958	19.683	25.000
Vehicle Loan Cosmos A/c No. 575190310	0.000	0.607
SHORT TERM BORROWINGS
Working Capital loan from Bank	31.315	50.484
Cosmos Co-Operative Bank Limited	27.111	54.166
Total	156.947	195.040
SHORT TERM BORROWINGS Working capital loan is secured by hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, outstanding monies, receivables, claims, bills, materials in transit etc.

Banking Relations :	--
Auditors :
Name :	Rajasatyen and Associates Chartered Accountants
Address :	5, Rajanigandha Apartments, Behind Congree House, Shivaji Nagar, Pune – 411005, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABQPP0506K
Subsidiary Company :	Wonder Precision Private Limited [U27109PN1986PTC039913]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs. 100/- each	Rs. 40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	67.587	63.449	59.757
(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)	107.587	103.449	99.757
(3) Non-Current Liabilities
(a) Long-term borrowings	180.753	162.618	160.987
(b) Deferred tax liabilities (Net)	13.399	14.820	15.311
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.234	1.090	0.883
Total Non-current Liabilities (3)	195.386	178.528	177.181
(4) Current Liabilities
(a) Short term borrowings	58.426	104.650	102.335
(b) Trade payables	4.856	2.098	4.413
(c) Other current liabilities	30.839	15.260	30.748
(d) Short-term provisions	8.963	9.876	5.303
Total Current Liabilities (4)	103.084	131.884	142.799
TOTAL	406.057	413.861	419.737
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	287.132	290.846	324.293
(ii) Intangible Assets	0.005	0.001	0.001
(iii) Capital work-in-progress	0.627	0.000	0.337
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.514	28.514	0.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.578	23.218	7.515
(e) Other Non-current assets	1.221	0.913	18.079
Total Non-Current Assets	325.077	343.492	351.025
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.678	6.175	9.800
(c) Trade receivables	40.320	29.715	38.854
(d) Cash and cash equivalents	11.009	31.558	5.737
(e) Short-term loans and advances	13.166	2.073	13.416
(f) Other current assets	0.807	0.848	0.905
Total Current Assets	80.980	70.369	68.712
TOTAL	406.057	413.861	419.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	340.854	306.160	415.617
Less	EXPENSES
		TOTAL	335.989	298.916	381.173
	PROFIT BEFORE TAX		4.865	7.244	34.444
Less	TAX		0.727	3.551	11.268
	PROFIT AFTER TAX		4.138	3.693	23.176
	IMPORTS
		Capital Goods	13.226	0.000	72.177
		Others	0.953	0.181	4.101
	TOTAL IMPORTS		14.179	0.181	76.278
	Earnings Per Share (Rs.)		10.35	9.23	57.94

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.29	1.88	8.23
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.35
Debt Equity Ratio (Total Debt/Networth)		2.22	2.58	2.64
Current Ratio (Current Asset/Current Liability)		0.79	0.53	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.000	40.000	40.000
Reserves & Surplus	59.757	63.449	67.587
Net worth	99.757	103.449	107.587
Long-term borrowings	160.987	162.618	180.753
Short term borrowings	102.335	104.650	58.426
Total borrowings	263.322	267.268	239.179
Debt/Equity ratio	2.640	2.584	2.223

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	415.617	306.160	340.854
		-26.336	11.332

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	415.617	306.160	340.854
Profit	23.176	3.693	4.138
	5.58%	1.21%	1.21%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10538999	11/11/2014	191,588,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C38277125
2	90088803	31/07/2004	400,000.00	SUNDARAM FINANCE LIMITED	NO. 21; PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	82.232	72.228
Total	82.232	72.228

CORPORATE INFORMATION

Subject is a premier engineering company established in the year 1995. It is a closely held Private Limited Company engaged in the field of Engineering products and cater to the needs of the Automobile manufacturing companies like John Deere Equipments, Carraro, New Holland Fiat, Mahindra, etc.

PERFORMANCE

During the financial year, the Company has achieved the turnover range of Rs. 340.800 Million [approx.], [Previous year turnover of Rs. 306.100 Million approx.]. On the other hand, the Company has made a net profit of Rs. 4.138 Million [approx.], whereas it was Rs. 3.692 Million [approx.] in the previous year. This positive change in the business was possible only due to the brilliant efforts of the Board of Directors of the Company.

In addition to above, the management and its dedicated team of employees and workers are showing their optimistic vision towards the future growth and development of the Company which shall always be in the better interest of the Company and its stakeholders and the management will also continue to keep its eyes towards strict cost controls, improvement in better and quality products. This is expected to ensure improved profitability in the future years.

FIXED ASSETS:

· Freehold Land

· Buildings

· Plant and Machinery

· Electric Installation

· Furniture and Fittings

· Vehicles

· Office equipment

· Computers

· Trademark

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. 63.33
UK Pound	1	Rs. 96.52
Euro	1	Rs. 68.93

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.