MIRA INFORM REPORT

Report No. :	305333
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	BHAVANI INDUSTRIES PRIVATE LIMTIED
Registered Office :	Aji Industrial Area, GIDC, Shed No C 1, B 236, Rajkot – 360003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.05.1999
Com. Reg. No.:	04-035905
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29199GJ1999PTC035905
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CMBJ03004B
PAN No.: [Permanent Account No.]	AAACJ5553C
Legal Form :	Private Limited Liability Company
Line of Business :	The Main business of the company is manufacturing and job work of auto parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge aacumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured 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

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 :	Aji Industrial Area, GIDC, Shed No C 1, B 236, Rajkot – 360003, Gujarat
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vjsaca@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Suresh Dolatram Nandwana

Designation :

Director

Address :

Plot No. 61B, Street No.4, Panchwati Society, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

15.09.1951

Date of Appointment :

03.05.1999

DIN No.:

00765197

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	U27100GJ1991PTC015640	BHAVANI FORGE PRIVATE LIMITED	Director	14/05/1991	14/05/1991	01/04/2010	Active	NO
2	U45200GJ1998PTC033591	BHAVANI INFRASTRUCTURE PRIVATE LIMITED	Director	21/01/1998	21/01/1998	-	Active	NO
3	U29199GJ1999PTC035905	BHAVANI INDUSTRIES PRIVATE LIMITED	Director	03/05/1999	03/05/1999	-	Active	NO
4	U50100GJ2013PTC073769	BHAVANI SYNCHRO SYSTEMS PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO
5	U65993GJ2013PTC073978	BHAVANI HOLDINGS(INDIA) PRIVATE LIMITED	Director	14/03/2013	14/03/2013	-	Active	NO

Name :

Mr. Himanshu Dolatram Nandwana

Designation :

Director

Address :

Plot No.18, Paras Society, Opposite Nirmala Convenent School, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

12.04.1954

Date of Appointment :

03.05.1999

DIN No.:

00765679

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	U27100GJ1991PTC015640	BHAVANI FORGE PRIVATE LIMITED	Director	14/05/1991	14/05/1991	01/04/2010	Active	NO
2	U45200GJ1998PTC033591	BHAVANI INFRASTRUCTURE PRIVATE LIMITED	Director	21/01/1998	21/01/1998	-	Active	NO
3	U29199GJ1999PTC035905	BHAVANI INDUSTRIES PRIVATE LIMITED	Director	03/05/1999	03/05/1999	-	Active	NO
4	U50100GJ2013PTC073769	BHAVANI SYNCHRO SYSTEMS PRIVATE LIMITED	Director	27/02/2013	27/02/2013	-	Active	NO
5	U65993GJ2013PTC073978	BHAVANI HOLDINGS(INDIA) PRIVATE LIMITED	Director	14/03/2013	14/03/2013	-	Active	NO

Name :

Mr. Dharam Himanshubhai Nandwana

Designation :

Director

Address :

Plot No.18, Paras Society, Opposite Nirmala Convenent School, Rajkot – 360001, Gujarat, India

Date of Appointment :

09.01.2010

DIN No.:

02901084

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Suresh Dolatram Nandwana	1610	16.02
Himanshu Dolatram Nandwana	2310	22.99
Rameshbhai Dolatram Nandwana	1210	12.04
Rajeshbhai Dolatram Nandwana	2610	25.97
Pankaj D Nandwana	2310	22.99
Total	10050	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 :	The Main business of the company is manufacturing and job work of auto parts.
Products :	Steering Column Parts Propeller Shaft Parts Braking System Parts Transmission Parts Axie Shaft Parts Engine Parts Front Wheel Drive Shaft Parts
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	Not Available

Auditors :
Name :	Vipul J Shah and Associates Chartered Accountants
Address :	206-208, Shilp Tower, Godown Road, Opposite K.J. Bhalodia School Near Tagore Road, Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2468251
PAN No.:	AEXPS2526J
E-Mail :	vipulshahca@gmail.com vipulshah_ca@yahoo.co.uk
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/-each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10050	Equity Shares	Rs.10/-each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.100	0.100	0.100
(b) Reserves & Surplus	(31.456)	(24.187)	(7.741)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.100
Total Shareholders’ Funds (1) + (2)	(31.356)	(24.087)	(7.541)
(3) Non-Current Liabilities
(a) long-term borrowings	174.726	136.246	112.047
(b) Deferred tax liabilities (Net)	1.815	1.687	1.537
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	176.541	137.933	113.584
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	18.744	41.943	13.033
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	18.744	41.943	13.033
TOTAL	163.929	155.789	119.076
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.165	125.181	106.303
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.228	0.551	0.500
(e) Other Non-current assets	0.000	0.000	0.884
Total Non-Current Assets	132.393	125.732	107.687
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.449	12.501	2.244
(c) Trade receivables	7.647	6.860	2.243
(d) Cash and cash equivalents	0.462	3.178	0.615
(e) Short-term loans and advances	5.978	7.518	6.287
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	31.536	30.057	11.389
TOTAL	163.929	155.789	119.076

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	63.432	45.103	6.003
	Other Income	0.093	0.321	0.367
	TOTAL	63.525	45.424	6.370
Less	EXPENSES	56.480	48.529	8.626
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.045	(3.105)	(2.256)
Less/ Add	DEPRECIATION/ AMORTISATION	14.185	13.192	3.948
	PROFIT/ (LOSS) BEFORE TAX	(7.140)	(16.297)	(6.204)
Less	TAX	0.128	0.150	1.537
	PROFIT/ (LOSS) AFTER TAX	(7.268)	(16.447)	(7.741)
	Earnings / (Loss) Per Share (Rs.)	(723.18)	(1636.52)	(770.25)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(11.45)	(36.46)	(128.95)
Return on Total Assets (PBT/Total Assets}	(%)	(4.36)	(10.46)	(5.21)
Return on Investment (ROI) (PBT/Networth)		0.23	0.68	0.82
Debt Equity Ratio (Total Debts/Networth)		(5.57)	(5.66)	(14.86)
Current Ratio (Current Asset/Current Liability)		1.68	0.72	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(7.741)	(24.187)	(31.456)
Net worth	(7.641)	(24.087)	(31.356)
long-term borrowings	112.047	136.246	174.726
Short term borrowings	0.000	0.000	0.000
Total borrowings	112.047	136.246	174.726
Debt/Equity ratio	(14.664)	(5.656)	(5.572)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6.003	45.103	63.432
		651.341	40.638

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6.003	45.103	63.432
Profit	(7.741)	(16.447)	(7.268)
	(128.95%)	(36.47%)	(11.46%)

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	No
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	No
24]	Banking facility details	No
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

NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Related Parties
Himansu Nandwana	87.895	67.395
Pankaj Nandwana	0.000	0.011
Rajesh Nandwana	0.000	0.010
Suresh Nandwana	86.831	68.830
Total	174.726	136.246

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fittings
• Office Equipment
• Vehicle

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.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.74

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	---
--CREDIT LINES	1~10	---
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.