MIRA INFORM REPORT

Report No. :	301961
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	HILLSON MECHANICAL WORKSHOP
Registered Office :	222, Pushkar Estate Opposite Macons, Near Feromatic Milacron, opposite – Mecone, GIDC, Phase – 1, Vatva, Ahmedabad - 380023, Gujarat
Country :	India
Financials (as on) :	31.03.2014 (Projected)
Year of Establishment:	1968
Capital Investment / Paid-up Capital :	Rs.1.280 Millions
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Plastic Machinery
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small Concern
Payment Behaviour :	Slow but Correct
Litigation :	Clear

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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Amlesh Mistry
Designation :	Proprietor
Contact No.:	91-9998081073
Date :	07.01.2015

LOCATIONS

Registered / Factory Office :	222 Pushkar Estate Opposite Macons, Near Feromatic Milacron, opposite – Mecone, GIDC Phase – 1, Vatva, Ahmedabad - 380023, Gujarat, India
Tel. No.:	91-79-65530134
Mobile No.:	91-9998081073 (Mr. Amlesh Mistry)
Fax No.:	Not Available
E-Mail :	hillson_machinery@yahoo.in
Website :	http://www.hillsonmachinery.com

SOLE PROPRIETOR

Name :	Mr. Amlesh Mistry
Designation :	Proprietor
Date of Birth/Age :	47 Years
Qualification :	Graduate

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Machinery
Products :	· Raffia Scrap Grinder · Plastic Processing Machinery · Scrap Grinder · Air Blower · Plastic Extruder Machines · Industrial Plastic Extruder · Single Screw Plastic Extruder Machine · Plastic Crusher Machine · Plastic Shredder Machine
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Advance payment, Cheque and 50% Advance payment
Purchasing :	Advance payment, Cheque and 50% Advance payment

GENERAL INFORMATION

Suppliers :

Reference :

JDS Motions

Name of the Person :

Mr. Dinesh Suthar (Key Executive)

Contact No.:

91-9824303400

Since How Long Known :

10 Years

Maximum Limit Dealt :

Rs.0.200 Million (Yearly)

Experience :

Product Quality	Delivery Behaviour	Overall
---	Excellent	---
Good	---	Good

Remark:

They are satisfied with subject company.

Customers :

• End Users

Reference :

Nagder Plastics (Baroda)

Name of the Person :

Mr. Om Prakesh (Partner)

Contact No.:

91-9825541516

Since How Long Known :

1980

Maximum Limit Dealt :

Rs.0.300 Million

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	---	Good
---	Average	---

Remark:

They are satisfied with subject company.

No. of Employees :

4 (Approximately)

Bankers :

Bank Name	Axis Bank
Branch	Isanpur Branch, Ahmedabad.
Person Name (With Designation)	Ms. Shilpa Rathod
Contact Number	91-9687658011
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)	Banker Refused to give any information

Auditors :
Name :	Dilip Gandhi Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.1.280 Millions
Borrowed :	---
Total :	Rs.1.280 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Projected Balance Sheet)	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		1.280	1.175	0.377
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.280	1.175	0.377
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.045	0.287	0.477
TOTAL BORROWING		0.045	0.287	0.477
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.325	1.462	0.854
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.628	0.633	0.101
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.736	1.310	0.715
	Cash & Bank Balances	0.070	0.175	0.080
	Other Current Assets	0.000	0.000	0.000
	Deposits (Assets)	0.002	0.051	0.003
	Closing Stock	0.426	0.802	0.381
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		2.338	1.234	1.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.375	0.411	0.411
	Other Current Liabilities	0.000	1.200	0.000
	Provisions	0.030	0.030	0.015
Total Current Liabilities		1.641	0.406	0.426
Net Current Assets		0.697	0.829	0.753
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.325	1.462	0.854

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (Projected Profit and Loss)	31.03.2013	31.03.2012
	SALES
	Income	5.730	3.792	3.478
	Other Income	0.171	0.154	0.141
	TOTAL (A)	5.901	3.946	3.619
Less	EXPENSES
	Cost Of Goods Sold	3.390	2.204	1.997
	Freight A/C	0.020	0.003	0.003
	Freight Expenses	0.080	0.002	0.003
	Labour Expenses	0.558	0.507	0.461
	Round Off	0.000	0.000	0.000
	Vat Tax Expenses	0.095	0.068	0.002
	Wages	0.280	0.211	0.256
	Account Fees	0.018	0.012	0.012
	Advertisement Expenses	0.200	0.150	0.171
	Bank Charges	0.010	0.004	0.005
	Electric Expenses	0.047	0.042	0.035
	Factory Expenses	0.111	0.082	0.071
	Interest Expenses	0.203	0.075	0.096
	Internet Expenses	0.012	0.012	0.012
	Maintainance And Repair Expenses	0.046	0.037	0.016
	Mobile Expenses	0.020	0.015	0.012
	Municipal Tax	0.002	0.002	0.002
	Packing Met Expenses	0.016	0.013	0.012
	Petrol Expenses	0.035	0.030	0.025
	Telephone Expenses	0.006	0.006	0.007
	Salary	0.240	0.108	0.096
	Travelling Expenses	0.031	0.014	0.009
	Vatav Kasar Expenses	0.036	0.018	0.013
	Vehicle Repair Expenses	0.016	0.012	0.017
	TOTAL	5.472	3.627	3.333
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.429	0.319	0.286
Less/ Add	DEPRECIATION/ AMORTISATION	0.026	0.018	0.027
	NET PROFIT/ (LOSS)	0.403	0.301	0.259

The above information has been parted by Mr. Amlesh Mistry (Proprietor).

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.61	7.94	7.48
Return on Total Assets (PBT/Total Assets}	(%)	13.59	16.12	20.23
Return on Investment (ROI) (PBT/Networth)		0.31	0.26	0.69
Debt Equity Ratio (Total Debt /Networth)		0.04	0.24	1.27
Current Ratio (Current Asset/Current Liability)		1.42	3.04	2.77

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	0.377	1.175	1.280
Reserves & Surplus	0.000	0.000	0.000
Net worth	0.377	1.175	1.280
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.477	0.287	0.045
Total borrowings	0.477	0.287	0.045
Debt/Equity ratio	1.265	0.244	0.035

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	3.478	3.792	5.730
		9.028	51.108

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	3.478	3.792	5.730
Profit	0.260	0.301	0.436
	7.48%	7.94%	7.61%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

(PROJECTED BALANCE SHEET)

SOURCES OF FUNDS		31.03.2015
SHAREHOLDERS FUNDS
1] Share Capital		1.428
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.428
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans		0.025
TOTAL BORROWING		0.025
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.453
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.638
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1.625
	Cash & Bank Balances	0.150
	Other Current Assets	0.000
	Deposits (Assets)	0.051
	Closing Stock	1.134
	Loans & Advances	0.000
Total Current Assets		2.960
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.600
	Other Current Liabilities	1.500
	Provisions	0.045
Total Current Liabilities		2.145
Net Current Assets		0.815
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.453

(PROJECTED PROFIT AND LOSS)

	PARTICULARS	31.03.2015
	SALES
	Income	7.043
	Other Income	0.187
	TOTAL	7.230
Less	EXPENSES
	Cost Of Goods Sold	4.463
	Freight A/C	0.031
	Freight Expenses	0.091
	Labour Expenses	0.618
	Round Off	0.000
	Vat Tax Expenses	0.111
	Wages	0.290
	Account Fees	0.018
	Advertisement Expenses	0.196
	Bank Charges	0.014
	Electric Expenses	0.056
	Factory Expenses	0.125
	Interest Expenses	0.203
	Internet Expenses	0.013
	Maintainance And Repair Expenses	0.060
	Mobile Expenses	0.021
	Municipal Tax	0.002
	Packing Met Expenses	0.025
	Petrol Expenses	0.045
	Telephone Expenses	0.010
	Salary	0.240
	Travelling Expenses	0.035
	Vatav Kasar Expenses	0.040
	Vehicle Repair Expenses	0.008
	TOTAL	6.715
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.515
Less/ Add	DEPRECIATION/ AMORTISATION	0.020
	NET PROFIT/ (LOSS)	0.495

KEY RATIOS (PROJECTED)

PARTICULARS		31.03.2015
Net Profit Margin (PAT / Sales)	(%)	7.03
Return on Total Assets (PBT/Total Assets}	(%)	13.76
Return on Investment (ROI) (PBT/Networth)		0.35
Debt Equity Ratio (Total Debt /Networth)		0.02
Current Ratio (Current Asset/Current Liability)		1.38

OBSERVATION POINTS

Reference No. :

Location visit only

Name of Company :	Hillson Mechanical Workshop
Address :	222, Pushkar Estate Opposite Macons, Near Feromatic Milacron, opposite – Mecone, GIDC, Phase – 1, Vatva, Ahmedabad - 380023, Gujarat, India
Tel No.:	91-9924206316
Fax Nos.:	--
Name Board :	Not Sighted
Visibility of Name Board :	---
Landmark (if any) :	Macons
Locality :	Factory
Approx. Market Value of Premises :	---
Area :	Neutral
Visibility of Items :	Telephone and Office Equipment
No. Of Employees seen at Business Premises :	---
Furniture Items Sighted :	Table 1 Chair 1 Batch
Office Appearance :	---
Sister Concerns (Other Names on Name Board)	---
Visiting Card Provision as Proof of Board) :	Yes

FIXED ASSETS

• Building
• Computer
• Cycle
• Furniture
• Geep
• Machinery
• Mobile
• Scooter

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.62.40
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	JML
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		30

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.