MIRA INFORM REPORT

Report No. :	301935
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	SHREE BHAGWATI MACHTECH (INDIA) PRIVATE LIMITED
Registered Office :	Plot No 2802, Phase Iv, Gidc Estate, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.03.2010
Com. Reg. No.:	04-059813
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29100GJ2010PTC059813
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of all types of Labeling Machines ,sticker Labeling Labeling Machine, Self Adhesive Labeling Machines, Labeller, Wrap Round Labelling Machine, Washing And Air Jet Cleaning Machine, Rotary Washing Machine, injectable Powder Filling Machines, Dry Syrup Powder Filling Machines, Cream Filling Machine, Liquid Filling Machines, etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is a small company in its field. Its scale of activities are limited. Management of the company has failed to file its financial for the year 2014 with the government department. As per available financial of 2013, profitability of the company seems to be low. However, trade relations are 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Arjun Barot
Designation :	Director
Contact No.:	91-9898070495
Date :	05.01.2015

LOCATIONS

Registered Office/Factory :	Plot No 2802, Phase Iv, Gidc Estate, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91 - 79 – 22770475 / 22730075
Mobile No.:	91-9898070495 (Mr. Arjun Barot)
Fax No.:	91 - 79 - 22770475
E-Mail :	shreebhagwatipharma@yahoo.co.in bhagwatimachine@hotmail.com info@labelingmachine.in
Website :	http://www.bhagwatipharma.com
Factory 1 :	Plot No. 5/22, Phase –I, Near Hiran Industries G.I.D.C, Vatva, Ahmedabad – 380445, Gujarat, India
Factory 2 :	18/A, Pushpak Industries area, Gujrat Bottling Compound, Rakhial , Ahmedabad – 380023, Gujarat, India
Office Address :	9 Bhagyoday Estate, Ajod Dairy Road, Rakhial, Industrial Area Ahmedabad 380023 Gujarat, India
Tel. No.:	91-79-22770475
Fax No.:	91-79-22770475
Branch Office:	Located at: Mumbai, Delhi, Bangalore, Chennai, Coimbatore, Hyderabad, Kerala, Kolkata

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Arjunji Bheraji Barot

Designation :

Director

Address :

28, Shakti Nagar, Dudheshwar Road, O/s Shahpur Gate, Ahmedabad – 380004, Gujarat, India

Date of Appointment :

10.03.2010

DIN No.:

02895200

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	U29100GJ2010PTC059813	SHREE BHAGWATI MACHTECH (INDIA) PRIVATE LIMITED	Director	10/03/2010	10/03/2010	-	Active	NO
2	U29100GJ2013PTC077917	MAHARSHI PACKAGING MACHINES PRIVATE LIMITED	Director	16/12/2013	16/12/2013	-	Active	NO

Name :

Mr Jalamkumar Bheraji Barot

Designation :

Director

Address :

28, Shakti Nagar, Dudheshwar Road, O/s Shahpur Gate, Ahmedabad – 380004, Gujarat, India

Date of Appointment :

14.07.2011

DIN No.:

03578638

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	U29100GJ2010PTC059813	SHREE BHAGWATI MACHTECH (INDIA) PRIVATE LIMITED	Director	14/07/2011	14/07/2011	-	Active	NO
2	U27100GJ2013PTC075924	I SHREE KHODIYAR METALS PRIVATE LIMITED	Director	08/07/2013	08/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arjun Rao
Designation :	Chief Executive officer

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Arjunji Bheraji Barot	25000	50.00
Bharatkumar Bheraji Barot	25000	50.00
Total	50000	100.00

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of all types of Labeling Machines ,sticker Labeling Labeling Machine, Self Adhesive Labeling Machines, Labeller, Wrap Round Labelling Machine, Washing And Air Jet Cleaning Machine, Rotary Washing Machine, injectable Powder Filling Machines, Dry Syrup Powder Filling Machines, Cream Filling Machine, Liquid Filling Machines, etc.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Spare Parts
Countries :	USA Germany
Terms :
Selling :	Cash and L/C
Purchasing :	Cash and L/C

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 :

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

No. of Employees :

70 (Approximately)

Bankers :

Banker Name	Dena Bank
Branch Address	Vatva Branch, Ahmedabad, Gujarat, 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 :	Trupal J Patel and Company Chartered Accountant
Address :	402 Narnarayan Palace, Nr Kothawala Flats, Wllisbridge, Ahmedabad – 380007, Gujarar, India
Memberships :	Not Divulged
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	0.463	0.283	0.178
(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)	0.963	0.783	0.678
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.178	0.198	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)	0.178	0.198	0.000
(4) Current Liabilities
(a) Short term borrowings	22.108	7.094	0.461
(b) Trade payables	10.738	5.023	6.643
(c) Other current liabilities	2.186	1.662	9.761
(d) Short-term provisions	0.238	0.496	0.110
Total Current Liabilities (4)	35.270	14.275	16.975
TOTAL	36.411	15.256	17.653
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.099	2.453	0.000
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.099	2.453	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.051	6.217	8.434
(c) Trade receivables	6.382	2.079	1.297
(d) Cash and cash equivalents	3.480	1.170	1.615
(e) Short-term loans and advances	3.750	1.654	3.479
(f) Other current assets	2.649	1.683	2.828
Total Current Assets	34.312	12.803	17.653
TOTAL	36.411	15.256	17.653

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TURNOVER	25.823	29.564	15.988
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.620	0.658	0.179
Less/ Add	DEPRECIATION/ AMORTISATION & FINANCIAL EXPENSES		0.359	0.281	0.000
	PROFIT BEFORE TAX		0.261	0.377	0.179
Less	TAX		0.081	0.272	0.050
	PROFIT AFTER TAX		0.180	0.105	0.129
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.283	0.178	0.050
	BALANCE CARRIED TO THE B/S		0.463	0.283	0.179

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.70	0.36	0.81
Return on Total Assets (PBT/Total Assets}	(%)	0.72	2.47	1.01
Return on Investment (ROI) (PBT/Networth)		0.27	0.48	0.26
Debt Equity Ratio (Total Debt/Networth)		22.96	9.06	0.67
Current Ratio (Current Asset/Current Liability)		0.97	0.89	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.178	0.283	0.463
Net worth	0.678	0.783	0.963
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.461	7.094	22.108
Total borrowings	0.461	7.094	22.108
Debt/Equity ratio	0.680	9.060	22.957

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15.988	29.564	25.823
		84.914	(12.654)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15.988	29.564	25.823
Profit	0.129	0.105	0.180
	0.81%	0.36%	0.70%

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	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	----------------------
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOAN

Particulars	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Loan and Advances from Directors / Relatives
Apple Pack Equipements	0.900	3.200
Arjun B. Barot- Director	0.436	0.461
Jalamkumar B Barot	0.550	0.000
Multipack Machinery Company	4.227	1.900
Shree Bhagwati Pharma Machinery Company	15.995	1.534
Total	22.108	7.094

VIEW INDEX OF CHARGES No Charges Exist for Company

FIXED ASSETS:

• CCTV Camera
• Computer
• EPABX Systems
• Machinery
• Weight Scale
• Software Purchase

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. 62.96
UK Pound	1	Rs. 94.97
Euro	1	Rs. 74.42

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		27

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.