MIRA INFORM REPORT

Report No. :	303164
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	DEVI TECHNOCRAFT PRIVATE LIMITED
Registered Office :	D/29, Adarsh – II, Industrial Estate, Behind Ashish, Manglam Cinema, Near Odhav Samshan Gruh, Odhav, Ahmedabad – 382415, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.12.2010
Com. Reg. No.:	04-063099
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U29191GJ2010PTC063099
IEC No.:	0812014375
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECD0118P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of various Softy Ice-Cream Process Machines, Ice Cream Vending Machines, Soft Serve Ice Cream Machines and Softy Ice Cream Machines etc.
No. of Employees :	12 (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

Maximum Credit Limit :	USD 1200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject seems to be a small business having moderate track. Its scale of activities are limited. The Company possesses an acceptable financial profile marked by minimal capital base as well as cash balance along with muted debt protection metrics during the year under consideration. Management has reported a modest albeit sufficient revenue and profitability during FY14. The ratings also take into consideration, the financial support extended by promotes and affiliates which may further support the liquidity. Moreover, the managements success in forward integrating the operations with regard to their air conditioning engineering business shows the dedication and the qualities of the staff to diversify and extent their products offerings. Trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of vast experience of the promoters, albeit the company being in an embryonic stage it can be considered for business dealings with caution.

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 (GENERAL DETAILS)

Name :	Mr. Jignesh V. Shah
Designation :	Director
Contact No.:	91-9377740253
Date :	21.01.2015

LOCATIONS

Registered Office :	D/29, Adarsh – II, Industrial Estate, Behind Ashish, Manglam Cinema, Near Odhav Samshan Gruh, Odhav, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22870029
Mobile No.:	91-9377740253 (Mr. Jignesh V. Shah)
Fax No.:	Not Available
E-Mail :	info@dtplsoftservemachine.com ankitgajjar09@gmail.com sales@dtplsoftservemachine.com chirag_shah1973@yahoo.co.in
Website :	http://www.dtplsoftservemachine.com
Location :	Owned
Factory : Proposed (Under Construction)	Block No.225/P, Plot No.26 and 27 Prayosha Industrial Park, At Village Vamali, Taluka: Mahemdavad, Kheda, Gujarat, India
Location :	Owned

DIRECTORS

(AS ON 27.09.2013)

Name :	Mr. Jignesh Vinodchandra Shah
Designation :	Director
Address :	359/20, Jasvant Colony, Opposite Vahelal society, Naroda, Ahmedabad – 382330, Gujarat, India
Date of Birth/Age :	21.07.1978
Qualification :	IIT From Ahmedabad
Experience :	13 Years
Date of Appointment :	01.12.2010
DIN No.:	03296111
Name :	Mr. Milendra Ambalal Patel
Designation :	Director
Address :	66, Jaymangal Park Society, Opposite Surajbag Society, Hatkeshwar Bhaipura Road, Maninagar, Ahmedabad, India
Date of Birth/Age :	15.03.1976
Qualification :	Diploma Mechanical Engineering
Experience :	15 Years
Date of Appointment :	01.12.2010
DIN No.:	03271964
Name :	Mr. Bhavesh Himmatlal Gajjar
Designation :	Director
Address :	B-23, Shri Hari Twin Bungalows, Near Shrinand Tenament, Vastral Road, Ahmedabad, Gujarat, India
Date of Birth/Age :	13.09.1975
Qualification :	B. Com
Experience :	5 Years
Date of Appointment :	01.12.2010
PAN No.:	AIHPG4148A
Mobile No.:	91-8511021552
DIN No.:	03271944

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2013)

Name of Shareholders	No of Shares	Percentage
Jignesh Vinodchandra Shah	3300	33.00
Milendra Ambalal Patel	3400	34.00
Bhavesh Himmatlal Gajjar	3300	33.00
Total	10000	100.00

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of various Softy Ice-Cream Process Machines, Ice Cream Vending Machines, Soft Serve Ice Cream Machines and Softy Ice Cream Machines etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Good
Countries :	Polland Australia
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	· Air Express Services · Bharat Sanchar Nigam Limited · India Trade Promotion Organisation · Mod Interiors Private Limited · Nilesh H. Gajjar · Shree Sainath Consultancy · Torrent Powder Limited · Aditya Glass · Arihant Trading Company · Arya Tech Solutions Private Limited · Bhavina Cooling Systems · Gayatri Engineering Company Private Limited · Mangalbhai and Brothers · Mukesh Trading Company · Shree Rang Engineering Company · International Equipment Company · J. Khushaldas and Company · L. N. Engineering Works Private Limited · Rexnord Electronics and Controls Limited · Vishwakarma Engineers · Compressor Pints, Ahmedabad, Gujarat, india
Customers :	Wholesalers and Retailers · Choice Fast Food · Loovinar restaurant, Shimla · Shree Additives (Pharma and Foods) Limited · Usha Breco Limited (Ambaji) · Bhimboys Cold Foods · Gurukrupa Foods · Honey Enterprises · MOI Retail Private Limited · Sai Cymps Associates · Sonal Foods · SSS Traders · Swathi Hospitality Services Private Limited · Unnati Foods and Beverages
No. of Employees :	12 (Approximately)
Bankers :	· Bank of Baroda Gita Mandir Branch, Bhulabhai Park, Char Rasta, Gita Mandir, Ahmedabad – 380022, Gujarat, India Email: gitama@bankofbaroda.com
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Ankit Gajjar and Associates Chartered Accountants
Address :	19, Ramvihar Society, Near Corner Flats, Narayannagar Road, Paladi, Ahmedabad – 380007, Gujarat, India
Mobile No.:	91-9998494429
Email:	ankitgajjar09@gmail.com
Membership No.:	126467
Firm Registration No.:	130627Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	· Devi Air Conditioning Engineering A/52, Adarsh Industrial Estate – II, Near Odhav Samshan Gruh, Odhav, Ahmedabad – 382415, Gujarat, India Line of Business: Manufacturing and Trading of Ice-Cream Softy Machines and Its Allied Spare Parts.

CAPITAL STRUCTURE

(AFTER 27.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

(AS ON 27.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	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
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.344
4] (Accumulated Losses)		0.000
NETWORTH		0.444
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.196
TOTAL BORROWING		1.196
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.753
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.913
	Sundry Debtors	0.168
	Cash & Bank Balances	1.276
	Other Current Assets	0.047
	Loans & Advances	0.081
Total Current Assets		4.485
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.692
	Other Current Liabilities	(0.081)
	Provisions	0.003
Total Current Liabilities		3.614
Net Current Assets		0.871
MISCELLANEOUS EXPENSES		0.016
TOTAL		1.640

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	0.129	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	0.229	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.121	0.000
(b) Deferred tax liabilities (Net)	0.003	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.124	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2.375	0.000
(c) Other current liabilities	1.211	0.005
(d) Short-term provisions	0.054	0.00
Total Current Liabilities (4)	3.640	0.005
TOTAL	3.993	0.105
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.056	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.050	0.000
(e) Other Non-current assets	0.012	0.016
Total Non-Current Assets	0.118	0.016
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.950	0.000
(c) Trade receivables	0.757	0.000
(d) Cash and cash equivalents	0.990	0.075
(e) Short-term loans and advances	0.173	0.000
(f) Other current assets	0.005	0.014
Total Current Assets	3.875	0.089
TOTAL	3.993	0.105

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	15.397
		Other Income	0.028
		TOTAL	15.425
Less	EXPENSES
		Cost of Goods Sold	12.694
		Direct Expenses	0.961
		Advertisement Expenses	0.117
		Bank Charges	0.003
		Bonus to Workers	0.053
		Computer Expenses	0.003
		Director Remuneration	0.675
		Employee Compensation Insurance Expenses	0.032
		Hotel Expenses	0.006
		Insurance Premium Payable	0.030
		Petrol and Fuel Expenses	0.009
		Postage and Courier Charges	0.029
		Professional Fee Paid	0.029
		Telephone Expenses	0.002
		Travelling Expenses	0.246
		Other Expenses	0.321
		TOTAL	15.210
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.215
Less/ Add	DEPRECIATION/ AMORTISATION		0.000
	PROFIT/(LOSS) BEFORE TAX		0.215
Less	TAX		0.000
	PROFIT/(LOSS) AFTER TAX		0.215
	Earnings Per Share (Rs.)		21.50

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue form Operations	7.262	0.000
		Other Income	0.113	0.000
		TOTAL (A)	7.375	0.000
Less	EXPENSES
		Cost of Raw Materials and Components Consumed	5.224	0.000
		(Increase)/ Decrease in Inventories of Finished Goods, Work in Progress and Traded Goods	(0.736)	0.000
		Employees benefits expense	0.645	0.000
		Other Expenses	2.055	0.000
		TOTAL (B)	7.188	0.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.187	0.000
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.187	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.001	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.186	0.000
Less	TAX (H)		0.057	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.129	0.000
	EARNING IN FOREIGN CURRENCY		0.372	0.000
	Earnings Per Share (Rs.)		12.88	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.39	1.75	0.00
Net Profit Margin (PBT/Sales)	(%)	1.40	2.56	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.10	4.66	0.00
Return on Investment (ROI) (PBT/Networth)		0.48	0.81	0.00
Debt Equity Ratio (Total Debt/Networth)		2.69	0.53	0.00
Current Ratio (Current Asset/Current Liability)		1.24	1.06	17.80

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.000	0.129	0.344
Net worth	0.100	0.229	0.444
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.121	1.196
Total borrowings	0.000	0.121	1.196
Debt/Equity ratio	0.000	0.528	2.694

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	0.000	7.262	15.397
			112.021

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	0.000	7.262	15.397
Profit	0.000	0.129	0.215
		1.78%	1.40%

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	Yes
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	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

UNSECURED LOANS

PARTICULARS	31.03.2014	31.03.2013
	(Rs. In Millions)
Long Term Borrowings
From Directors and Shareholders and Relatives thereof	1.196	0.121
Total	1.196	0.121

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

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	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	YES
--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.