MIRA INFORM REPORT

Report No. :	306788
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	BLACK DIAMOND MOTORS PRIVATE LIMITED
Registered Office :	Plot No. 119, Sector B, Industrial Area Sirgitti, Bilaspur-495001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.09.2005
Com. Reg. No.:	10-017971
Capital Investment / Paid-up Capital :	Rs.153.650 Millions
CIN No.: [Company Identification No.]	U34202CT2005PTC017971
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB7322H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mining Machinery spares and service provider to mining industry
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss form its operations during 2014. However, trade relation is fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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.

INFORMATION PARTED BY

Name :	Mr. Raminder Singh Bhatia
Designation :	General Manager
Contact No.:	91-982664043
Date :	05.01.2015

LOCATIONS

Registered Office :	Plot No. 119, Sector B, Industrial Area Sirgitti, Bilaspur-495001, Chhattisgarh, India
Tel. No.:	91-7752-261513/261059
Mobile No.:	91-982664043 (Mr. Raminder Singh Bhatia)
Fax No.:	91-7752-261053
E-Mail :	blackbits@yahoo.com enquire@blackdiamondmotors.com
Website :	http://www.blackdiamondmotors.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Pushpinder Singh Bhatia

Designation :

Director

Address :

C 41 Minocha Colony, Bilaspur-495001, Chhattisgarh, India

Date of Birth/Age :

23.09.1968

Date of Appointment :

21.09.2005

DIN No.:

01221058

PAN No.:

AEXPB4372F

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	U27106CT1991PTC006242	BLACK DIAMOND TRACK PARTS PVT LTD	Director	28/01/1991	28/01/1991	31/03/2014	Active	NO
2	U34202CT2005PTC017971	BLACK DIAMOND MOTORS PRIVATE LIMITED	Director	21/09/2005	21/09/2005	-	Active	NO
3	U70101WB2004PTC100695	KANUPRIYA ENCLAVE MAKER PRIVATE LIMITED	Director	05/09/2008	05/09/2008	19/12/2014	Active	NO
4	U29130CT2009PTC021134	BLACK DIAMOND EQUIPMENTS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	31/03/2014	Active	NO
5	U51109WB2007PTC112893	MARITIME COMMERCIAL PRIVATE LIMITED	Director	24/02/2010	24/02/2010	22/12/2014	Active	NO
6	U74900WB2008PTC124679	RIDHISIDHI STOCK MANAGEMENT PRIVATE LIMITED	Director	15/03/2011	15/03/2011	19/12/2014	Active	NO

Name :

Mr. Pawandeep Singh Bhatia

Designation :

Director

Address :

H. No. 3-968, New Shanti Nagar, Bilaspur-495001, Chhattisgarh, India

Date of Birth/Age :

08.12.1978

Date of Appointment :

01.09.2010

DIN No.:

03250044

PAN No.:

AAVPB9166D

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	U34202CT2005PTC017971	BLACK DIAMOND MOTORS PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
2	U51109WB2007PTC112893	MARITIME COMMERCIAL PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
3	U74900WB2008PTC124679	RIDHISIDHI STOCK MANAGEMENT PRIVATE LIMITED	Director	15/03/2011	15/03/2011	19/12/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Raminder Singh Bhatia
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Names of Shareholders	No. of Shares
Mr. Pushpinder Singh Bhatia	67500
Mr. Parvinder Singh Bhatia	67500
Mr. Pushpinder Singh Bhatia HUF	10000
Mr. Pawandeep Singh Bhatia	20000
Mr. Pawandeep Singh Bhatia HUF	3000
Mr. Raminder Singh Bhatia	33000
Mrs. Harpreet Kaur Bhatia	10000
Mrs. Harpreet Kaur Bhatia	10000
Dhanvinder Kaur Bhatia	10000
Kanupriya Enclave Maker Private Limited	285000
Maritime Commerciala Private Limited	450000
Rididishi Stock Private Limited	570000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	84.97
Directors or relatives of Directors	15.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Mining Machinery spares and service provider to mining industry

Products :

Item Code No. (ITC Code)	Product Description
87042319	Tripper and Trailer

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

· Raw Materials

· Spares Components

Countries :

China

Terms :

Selling :

Cash and Credit (30-90 Days)

Purchasing :

Cash and Credit (30-90 Days)

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 :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Race Innovations Private Limited
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 :

50 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch Address :	Rama Trade Centre, Bilaspur
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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)	Cash Credit Rs.115.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	0.000	0.090
Loans repayable on demand from banks	0.000	2.523
Short Term Borrowing
Loans repayable on demand	120.961	113.945
Total	120.961	116.558

Auditors :
Name :	M/s G.L. Jain and Associates Chartered Accountants
Address :	OA-11, Bajrang Complex, Telipara, Bilaspur -495001, Chattisgarh
PAN No.:	ABFPJ6715R
Memberships :	Not Available
Collaborators :	Not Available
Key Management Personnel :	· Kanupriya Enclave Maker Private Limited U70101WB2004PTC100695 · Maritime Commercial Private Limited U51109WB2007PTC112893 · Ridhisidhi Stock Management Private Limited U74900WB2008PTC124679

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1536500	Equity Shares	Rs.10/- each	Rs.153.650 Millions

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	153.650	79.600	73.100
(b) Reserves & Surplus	(34.335)	1.857	(0.831)
(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)	119.315	81.457	72.269
(3) Non-Current Liabilities
(a) long-term borrowings	79.428	129.882	127.098
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	79.428	129.882	127.098
(4) Current Liabilities
(a) Short term borrowings	120.961	113.945	51.283
(b) Trade payables	26.911	26.174	21.797
(c) Other current liabilities	31.088	22.860	53.280
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	178.960	162.979	126.360
TOTAL	377.703	374.318	325.727
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	109.967	84.957	86.657
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	33.933	18.486
(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	1.630	1.876	2.027
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	111.597	120.766	107.170
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	227.948	216.488	170.752
(c) Trade receivables	13.613	17.140	13.532
(d) Cash and cash equivalents	1.826	1.497	1.375
(e) Short-term loans and advances	22.719	18.427	32.898
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	266.106	253.552	218.557
TOTAL	377.703	374.318	325.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	439.070	706.033	764.143
Less	EXPENSES
		TOTAL (B)	435.950	669.416	722.623
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.120	36.617	41.520
Less	FINANCIAL EXPENSES (D)		27.296	22.407	17.045
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(24.176)	14.210	24.475
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.016	11.521	11.825
	PROFIT BEFORE TAX (E-F) (G)		(36.192)	2.689	12.650
Less	TAX (H)		0.000	0.000	2.530
	PROFIT AFTER TAX (G-H) (I)		(36.192)	2.689	10.120
	Earnings Per Share (Rs.)		(23.55)	--	--

Expected Sales (2014-15) : Rs.600.000 Millions

The above information has been parted by Mr. Raminder Singh Bhatia (General Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(8.24)	0.38	1.32
Operating Profit Margin (PBDIT/Sales)	(%)	0.71	5.19	5.43
Return on Total Assets (PBT/Total Assets}	(%)	(9.58)	0.79	4.12
Return on Investment (ROI) (PBT/Networth)		(0.30)	0.03	0.18
Debt Equity Ratio (Total Debt /Networth)		1.68	2.99	2.47
Current Ratio (Current Asset/Current Liability)		1.49	1.56	1.73

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	73.100	79.600	153.650
Reserves & Surplus	(0.831)	1.857	(34.335)
Net worth	72.269	81.457	119.315
long-term borrowings	127.098	129.882	79.428
Short term borrowings	51.283	113.945	120.961
Total borrowings	178.381	243.827	200.389
Debt/Equity ratio	2.468	2.993	1.679

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	764.143	706.033	439.070
		(7.605)	(37.812)

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	764.143	706.033	439.070
Profit	10.120	2.689	(36.192)
	1.32%	0.38%	(8.24%)

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from others	79.428	127.269
Total	79.428	127.269

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10040620	26/12/2012 *	152,500,000.00	AXIS BANK	RAMA TRADE CENTRE, OPP.RAJIV PLAZA, BUS STAND ROA  D, BILASPUR, Chhattisgarh - 495001, INDIA	B65558801

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.61.73
UK Pound	1	Rs.94.65
Euro	1	Rs.70.78

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.