MIRA INFORM REPORT

Report No. :	324205
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	SYSTEM ENGITECH PRIVATE LIMITED
Registered Office :	Plot No. 4311/C, Road No 4, Near Sagar Hotel, GIDC, Sachin, Surat - 394230, Gujarat
Tel. No.:	91-261-2399796
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.11.2012
Com. Reg. No.:	04-072661
Capital Investment / Paid-up Capital :	Rs. 5.000 Million
CIN No.: [Company Identification No.]	U29300GJ2012PTC072661
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTS13329B
PAN No.: [Permanent Account No.]	AASCS2682M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemical and Pharmaceutical Plant Equipments like Agitated Nustche Filters Dryers, Rotary Vacuum Paddle Dryers, Rotary Conical Vacuum Dryers, Reactor, etc.
No. of Employees :	100 (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 31800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Samir Desai
Designation :	Director
Contact No.:	91-9727841929
Date :	06.06.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 4311/C, Road No 4, Near Sagar Hotel, GIDC, Sachin, Surat - 394230, Gujarat, India
Tel. No.:	91-261-2399796
Mobile No.:	91-9825141929/ 9727841929 [Mr. Samir Desai]
Fax No.:	91-261-2399050
E-Mail :	systemengineers2000@yahoo.co.in info@systemengitech.com sales@systemengitech.com
Website :	http://www.systemengitech.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Jaimin Chandrakant Desai
Designation :	Director
Address :	18/A, B, Swami Gunatit Nagar - 2, Bhatar Road, Surat – 395001, Gujarat, India
Date of Birth/Age :	09.11.1967
Date of Appointment :	09.11.2012
DIN No.:	05336913
Name :	Mr. Samir Jamnadas Desai
Designation :	Director
Address :	A-103, Classic Point, Anand Mahal Road, Adajan, Surat – 395009, Gujarat, India
Date of Birth/Age :	14.07.1968
Date of Appointment :	09.11.2012
DIN No.:	05336918

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares
Samir Jamnadas Desai	237478
Jaimin Chandrakant Desai	192479
Chetnaben Jaiminbhai Desai	50000
Rupal Samir Desai	5000
Paresh Mistry	5000
Kantibhai Patel	5000
Bhavnesh Patel	5000
Bharat M Thakkar (Bharat Corporation)	1
Sangita Shailesh Thakkar	1
Nehal Sureshbhai Thakkar	1
Payal Enterprise	1
Ramila Ramesh Thakkar	1
Ramesh Gopalji Thakkar	1
Babulal K Patel	1

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	96.99
Other top fifty shareholders	3.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemical and Pharmaceutical Plant Equipments like Agitated Nustche Filters Dryers, Rotary Vacuum Paddle Dryers, Rotary Conical Vacuum Dryers, Reactor, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit [30 Days, 60 Days and 90 Days]
Purchasing :	Cash and Credit [30 Days, 60 Days and 90 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Plot No. 330 Road No. 3, Janki Shopping Centre, Rajkamal Area, Sachin, Surat - 394230, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 20.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working Capital Loans	19.196	13.805
GIDC – Loan	0.821	2.458
HDFC – Car Loan	0.000	0.317
Total	20.017	16.580

Banking Relations :	--
Auditors :
Name :	N M Singapuri and Company Chartered Accountants
Address :	O/18, Kanaknidhi, Opposite Gandhi Smruti Bhavan, Nanpura, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2476263
E-Mail :	nasa904@gmail.com dipakdesai99@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AACFN0833E
Memberships :	--
Collaborators :	--
Enterprises owned or significantly influenced by Key management personal or their relatives :	Steel Mech Fabricators

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	6.136	1.288
(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)	11.136	6.288
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.409	0.270
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.409	0.270
(4) Current Liabilities
(a) Short term borrowings	88.153	66.361
(b) Trade payables	36.910	65.422
(c) Other current liabilities	11.048	2.741
(d) Short-term provisions	3.635	0.578
Total Current Liabilities (4)	139.746	135.102
TOTAL	151.291	141.660
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.299	18.492
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	18.476	9.037
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.008	0.005
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.362	0.513
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	37.145	28.047
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	30.604	32.803
(c) Trade receivables	73.086	76.678
(d) Cash and cash equivalents	4.086	2.317
(e) Short-term loans and advances	6.370	1.815
(f) Other current assets	0.000	0.000
Total Current Assets	114.146	113.613
TOTAL	151.291	141.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
	PROFIT BEFORE TAX		NA	NA
Less	TAX		NA	NA
	PROFIT AFTER TAX		4.862	1.288
	IMPORTS
		Raw Materials	0.086	0.000
	Earnings Per Share (Rs.)		15.04	2.58

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash Generated from operations	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013
Debt Equity Ratio (Total Liability/Networth)	7.92	10.55
Current Ratio (Current Asset/Current Liability)	0.82	0.84

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	5.000
Reserves & Surplus	1.288	6.136
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	6.288	11.136
Long-term borrowings	0.000	0.000
Short term borrowings	66.361	88.153
Total borrowings	66.361	88.153
Debt/Equity ratio	10.554	7.916

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10450363	17/08/2013	20,000,000.00	BANK OF BARODA	PLOT NO. 330 ROAD NO. 3, JANKI SHOPPING CENTRE, RAJKAMAL AREA, SACHIN, SURAT, GUJARAT - 394230, INDIA	B85495273
2	10437533	03/07/2013	20,000,000.00	BANK OF BARODA	PLOT NO. 330 ROAD NO. 3, JANKI SHOPPING CENTRE, RAJKAMAL AREA, SACHIN, SURAT, GUJARAT - 394230, INDIA	B79913851

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans from Related Parties	35.398	27.271
Loans from Others	32.738	22.510
Total	68.136	49.781

RESULTS

The company has earned a net profit of Rs. 4.860 Million for above year and Directors do not recommend any dividend and transfer to reserve in view of conserving resources for future. There are no material changes from the year end to the date of which affects the financial position of the company.

FIXED ASSETS:

· Land

· Buildings

· Furniture and Fixture

· Office Equipment

· Computer and peripherals

· Plant and Machinery

· Vehicles

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. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--RESERVES	1~10	3
--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.