MIRA INFORM REPORT

Report No. :	302850
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	ENDEAVOUR INSTRUMENT PRIVATE LIMITED (ENDEAVOUR FIN)
Formerly Known As :	ENDEAVOUR FINANCE PRIVATE LIMITED
Registered Office :	401, Mohini – II, Opposite Gandhigram Railway Station, Near Sakar - I, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.06.1994
Com. Reg. No.:	04-022270
Capital Investment / Paid-up Capital :	Rs. 5.220 millions
CIN No.: [Company Identification No.]	U51909GJ1994PTC022270
IEC No.:	0801008921
TAN No.: [Tax Deduction & Collection Account No.]	AHME00429C
PAN No.: [Permanent Account No.]	AAACE4190N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Weighing and Material Handling Equipments.
No. of Employees :	500 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track record. External borrowings of the company seems to be huge during 2014. 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.

LOCATIONS

Registered Office/ Head office :	401, Mohini – II, Opposite Gandhigram Railway Station, Near Sakar - I, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26582694
Mobile No.:	91-9737045338 (Mr. Rajhans Shukla)
Fax No.:	Not Available
E-Mail :	account3@endeavourweigh.com info@endelweighing.com
Website :	www.endeavourweigh.com
Factory :	45/3, Changoder Industrial Estate, Ahmedabad District Co-operative Bank Road, Opposite S.T. Bus Stand, Sarkhej-Bavla Highway, Changoder, Ahmedabad – 382231, Gujarat, India
Tel. No.:	91-2717-250691 / 250475
Fax No.:	91-2717-250475
Website :	www.endeavourweigh.com

DIRECTORS

As on 31.03.2014

Name :

Mr. Parag Rameshbhai Shah

Designation :

Director

Address :

2, Sangemermer Complex, Opposite Supreme Tower, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.03.1969

Date of Appointment :

15.06.1994

DIN No.:

00512469

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	U51909GJ1994PTC022270	ENDEAVOUR INSTRUMENT PRIVATE LIMITED (ENDEAVOUR FIN )	Director	15/06/1994	15/06/1994	-	Active	NO
2	U51909GJ2002PTC040752	ENDEL RETAIL AND CUSTOMER CARE PRIVATE LIMITED	Director	17/05/2002	17/05/2002	-	Active	NO
3	U51909GJ2002PTC040873	ENDEL WEIGH SYSTEM PRIVATE LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
4	U67120GJ1984PTC054214	KUNVARJI FINCORP PRIVATE LIMITED	Director	31/08/2007	15/12/2006	23/08/2008	Active	NO
5	U65999GJ2003PTC042812	KUNVARJI COMMODITIES BROKERS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	06/10/2007	Active	NO
6	L67120MP1992PLC007182	ARIHANT CAPITAL MARKETS LIMITED	Director	09/09/2010	30/01/2010	-	Active	NO

Name :

Mr. Kamlesh Maheshbhai Upadhyaya

Designation :

Director

Address :

6, Abhikram Apartment, 27, Inklab Society, Opposite Sears Towers, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

29.01.1969

Date of Appointment :

15.06.1994

DIN No.:

00512483

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	U51909GJ1994PTC022270	ENDEAVOUR INSTRUMENT PRIVATE LIMITED (ENDEAVOUR FIN )	Director	15/06/1994	15/06/1994	-	Active	NO
2	U67120GJ1996PTC028902	ENDEAVOUR SECURITIES PRIVATE LIMITED	Director	23/02/1996	23/02/1996	30/04/2011	Active	NO
3	U51909GJ2002PTC040873	ENDEL WEIGH SYSTEM PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Parag Rameshbhai Shah	218100	41.78
Upasi Parag Shah	22500	4.31
Prafulla Rameshbhai Shah	20000	3.83
Suhina L Parikh	100	0.02
Samir L Parikh	100	0.02
Upen L Parikh	100	0.02
Vandita U Parikh	100	0.02
Kamlesh Maheshbhai Upadhyay	250000	47.89
Minaxi Kamlesh Upadhyay	11000	2.11
Total	522000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Weighing and Material Handling Equipments.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Wholesalers and Manufacturer

• Larsen and Turbo Limited, India
• Bharat Heavy Electricals Limited, India
• Reliance Infrastructure Limited, India

No. of Employees :

500 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch Address :	Laghu Udhyog Branch, Opposite Gandhgram Railway Station, Ahmedabad - 380009, Gujarat, INDIA
Facilities :	Not Available
Person Name :	Not Available
Contact No.:	Not Available
Report :	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Banks
HDFC Bank Limited - Term Loan	6.274	11.380
HDFC Bank Limited - Vehicle Loan	0.000	0.031
Vehicle Loans from NBFC
Kotak Mahindra Prime Limited	0.000	0.134
Short Term Borrowing
Loan repayable on demand From Bank (Secured)
HDFC Bank Limited - Cash Credit	40.876	40.005
Total	47.150	51.550

Notes:

1. Term loan is secured by equitable mortagage of its immovable properties situtate at Changodar, sub-plot no.12,13 and 11/B of Block No.388, Hypothecation of Stocks, Book Debts, Plant & Machineries, Vehicles, and other Fixed Assets of the company and personal guarantee of directors. Further collateral security of Office premises situated at office no.401 & 402, Mohini, owned by the company and relative of director. The rate of Interest is 12.75%. Term Loan is repayble in 60 monthly installments commencing from July 2011.

2. Cash Credit Facility is secured by equitable mortagage of its immovable properties situtate at Changodar, sub-plot no.12,13 & 11/B of Block No.388, Hypothecation of Stocks, Book Debts, Plant & Machineries, Vehicles, and other Fixed Assets of the company and personal guarantee of directors. Further collateral security of Office premises situated at office no.401 & 402, Mohini, owned by the company and relative of director. The rate of Interest is 12.25%.

Auditors :
Name :	M. R. Pandhi and Associates Chartered Accountants
Address :	101, Panchdeep Complex, Mayur Colony, Near Mithakhali Six Road, Navarangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565949/ 26420994
E-Mail :	mrpandhi@gmail.com
PAN No.:	AABFM1229N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Endel Weigh Systems Private Limited Endeavour Securities Private Limited Endeavour Wealth Management Private Limited Parag Distributors Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
522000	Equity Shares	Rs.10/- each	Rs.5.220 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	5.220	3.000	3.000
(b) Reserves & Surplus	7.574	(1.064)	9.818
(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)	12.794	1.936	12.818
(3) Non-Current Liabilities
(a) long-term borrowings	6.273	11.545	16.770
(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	0.847	1.005	0.948
Total Non-current Liabilities (3)	7.120	12.550	17.718
(4) Current Liabilities
(a) Short term borrowings	83.929	94.494	89.397
(b) Trade payables	14.992	22.179	25.030
(c) Other current liabilities	16.834	18.828	21.763
(d) Short-term provisions	0.404	0.459	0.522
Total Current Liabilities (4)	116.159	135.960	136.712
TOTAL	136.073	150.446	167.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.263	38.605	11.209
(ii) Intangible Assets	0.197	0.082	0.078
(iii) Capital work-in-progress	0.000	0.000	28.069
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	1.842
(c) Deferred tax assets (net)	1.214	1.476	0.000
(d) Long-term Loan and Advances	0.000	0.000	1.012
(e) Other Non-current assets	6.555	5.517	0.000
Total Non-Current Assets	40.229	45.680	42.210
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.122	36.305	34.004
(c) Trade receivables	48.525	58.509	63.063
(d) Cash and cash equivalents	2.935	2.163	2.453
(e) Short-term loans and advances	3.299	2.799	7.798
(f) Other current assets	3.963	4.990	17.720
Total Current Assets	95.844	104.766	125.038
TOTAL	136.073	150.446	167.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
		TOTAL INCOME	152.121	167.364	181.577
Less	EXPENSES
		TOTAL	146.312	172.962	194.869
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.809	(5.598)	(13.292)
Less/ Add	DEPRECIATION/ AMORTISATION		4.940	5.284	2.546
	PROFIT/LOSS BEFORE TAX		0.869	(10.882)	(15.838)
Less	TAX		0.000	0.000	0.001
	PROFIT/LOSS AFTER TAX (G-H)		0.869	(10.882)	(15.839)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(8.104)	2.778	18.617
	BALANCE CARRIED TO THE B/S		(7.235)	(8.104)	2.778
	Earnings Per Share (Rs.)		1.66	--	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.57	(6.50)	(8.72)
Return on Total Assets (PBT/Total Assets}	(%)	0.64	(7.30)	(11.53)
Return on Investment (ROI) (PBT/Networth)		0.07	(5.62)	(1.24)
Debt Equity Ratio (Total Debt /Networth)		7.05	54.77	8.28
Current Ratio (Current Asset/Current Liability)		0.83	0.77	0.91

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	3.000	3.000	5.220
Reserves & Surplus	9.818	(1.064)	7.574
Net worth	12.818	1.936	12.794
long-term borrowings	16.770	11.545	6.273
Short term borrowings	89.397	94.494	83.929
Total borrowings	106.167	106.039	90.202
Debt/Equity ratio	8.283	54.772	7.050

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	181.577	167.364	152.121
		(7.828)	(9.108)

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	181.577	167.364	152.121
Profit	(15.839)	(10.882)	0.869
	(8.72%)	(6.50%)	0.57%

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered office of the company has been shifted from 307 Anand Chambers, Near Gujarat high Court, Railway Crossing, Ahmedabad – 380009, Gujarat India to the present address w.e.f.26.05.2012

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
From Directors & Related Parties	37.835	46.411
From Member	3.730	3.352
Inter Corporate Deposit	1.487	4.726
Total	43.052	54.489

OPERATIONS:

The sales turnover of the company amounted to Rs.147.700 millions in the current year as compared to Rs.165.200 millions in previous year which shows an decrease of about 10.70 %. The company has made a net profit of Rs.0.869 millions during the year as against net loss of Rs.10.883 millions in last year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10272894	13/05/2011 *	90,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B12841532

* Date of charge modification

FIXED ASSETS

• Land –Freehold
• Buildings
• Plant and Equipments
• Furniture and Fixtures
• Vehicles
• Computer Software

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--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		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.