MIRA INFORM REPORT

Report No. :	336618
Report Date :	12.08.2015

IDENTIFICATION DETAILS

Name :	DAWN ENGINEERING ENTERPRISES
Registered Office :	16-D/279, St. No.2, New Moti Nagar, Ludhiana-141009, Punjab
Tel. No.:	91-161-6546111 / 6547111 /6456222
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1976
Capital Investment / Paid-up Capital :	Rs. 11.848 Million
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and importer of auto parts, tractor parts, motor parts.
No. of Employees :	200 (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 Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is a partnership concern established in the year 1976 having satisfactory track record. For the financial year 2014, the concern has healthy operational activity marked by decent sales turnover along with profitability margin of 3.6%. The concern has comfortable capital structure and reported heavy debt, however, it has long business track record. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. The concern can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vijay Atwal
Designation :	Account Manager
Contact No.:	91-9646124851
Date :	12.08.2015

LOCATIONS

Registered Office / Factory :	16-D/279, St. No.2, New Moti Nagar, Ludhiana-141009, Punjab, India
Tel. No.:	91-161-6546111 / 6547111 / 6456222 / 4546722 / 2531722
Mobile No.:	91-9646124851 (Mr. Vijay)
Fax No.:	Not Available
E-Mail :	dawn1@dawnengg.com
Website :	http://www.dawnengg.com

PARTNER

Name :	Mr. Bishandass Sharma
Designation :	Partner
Name :	Mr. Munish Sharma
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Vijay Atwal
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and importer of auto parts, tractor parts, motor parts
Products :	Gear shifted forks C.N.C turned components joints and flanges propeller shaft gear shifter bushes
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Machines
Countries :	France Japan
Terms :
Selling :	Cash, L\C and Credit
Purchasing :	Cash, L\C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Dawn Motors Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Others

Reference :	VE, Commercial Vehicles Limited, Indore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Kalsi Nagar, Ludhiana, Punjab, 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

Auditors :
Name :	M. P. Goyal and Company Chartered Accountants
Address :	Overlook Road, Gill Chowk, Miller Ganj, Ludhiana - 141003, Punjab, India
Tel No:	91-161-2531722 / 4546722
Memberships :	-----
Collaborators :	-----
Sister Concerns :	Dawn Motors Private Limited Dawn Engineers

CAPITAL STRUCTURE

AS ON 31.03.2014

Particulars	Amount
Sh. Ganesh Ji Maharaj	0.000
Capital of Partners	11.848
Total	11.848

FINANCIAL DATA

[All figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover	180.000

The above information has been parted by Mr. Vijay Atwal

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
1] Capital Account		11.848	11.049
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11.848	11.049
LOAN FUNDS
1] Secured Loans		39.837	33.045
2] Unsecured Loans		16.776	6.410
TOTAL BORROWING		56.613	39.455
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		68.461	50.504
APPLICATION OF FUNDS		0.000	0.000
FIXED ASSETS [Net Block]		18.903	20.932
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.819	24.868
	Sundry Debtors	40.194	30.602
	Cash & Bank Balances	1.565	2.779
	Other Current Assets	0.000	0.000
	Loans & Advances	7.349	4.470
Total Current Assets		69.927	62.719
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	20.369	33.147
	Provisions	0.000	0.000
Total Current Liabilities		20.369	33.147
Net Current Assets		49.558	29.572
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		68.461	50.504

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Turnover	149.482	160.029
	Other Income	0.310	0.079
	TOTAL	149.792	160.108
Less	EXPENSES
	Cost of Materials Consumed	92.973	105.189
	Manufacturing Expanses	26.475	26.684
	Personal Expenses	10.398	9.329
	Administrative and Office Expenses	2.204	5.430
	Changes in Inventories of Finished Goods, Work-In-Progress and Stock-in-Trade	4.050	(0.413)
	Selling and Distribution Expenses	2.006	1.911
	TOTAL	138.106	148.130
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	11.686	11.978
Less	FINANCIAL EXPENSES / INTEREST	6.227	6.427
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5.459	5.551
Less/ Add	DEPRECIATION/ AMORTISATION	2.473	2.785
	NET PROFIT/ (LOSS)	2.986	2.766

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.00	1.73
Operating Profit Margin (PBIDT/Sales)	(%)	7.82	7.48
Return on Total Assets (PBT/Total Assets}	(%)	3.36	3.31
Return on Investment (ROI) (PBT/Networth)		0.25	0.25
Debt Equity Ratio (Total Debt /Networth)		4.78	3.57
Current Ratio (Current Asset/Current Liability)		3.43	1.89

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Capital accounts	11.049	11.848
Reserves & Surplus	0.000	0.000
Net worth	11.049	11.848
Secured Loan	33.045	39.837
Unsecured Loan	6.410	16.776
Total borrowings	39.455	56.613
Debt/Equity ratio	3.571	4.778

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Turnover	160.029	149.482
		(6.591)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Turnover	160.029	149.482
Profit	2.766	2.986
	1.73%	2.00%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	No
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	No
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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. 64.17
UK Pound	1	Rs. 99.85
Euro	1	Rs. 70.36

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRI
Report Prepared by :	SANS

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	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	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		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 unfavorable 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.