MIRA INFORM REPORT

Report No. :	313035
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	RAGHAV AEROSPACE MANUFACTURING TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No.132/2, Lane No.8, Sector-I, Phase-II, IDA Cherlapally, Hyderabad – 500051, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.04.2004
Com. Reg. No.:	01-043164
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U29112TG2004PTC043164
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 :	Manufacturing of High Precision Aero Space Components.
No. of Employees :	(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
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, the company has incurred some accumulated losses. However, trade relations are reported as fair. Business is active. Payments terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DECLINED BY

Name :	Mr. Raghav Sai Venkata Krishnamsetty
Designation :	Managing Director
Contact No.:	91-9848032067
Date :	19.03.2015

LOCATIONS

Registered Office :	Plot No.132/2, Lane No.8, Sector-I, Phase-II, IDA Cherlapally, Hyderabad – 500051, Telangana, India
Tel. No. :	91-40-27260615
Mobile No. :	91-9848032067 (Mr. Raghav Sai Venkata Krishnamsetty)
Fax No. :	91-40-27260614
E-Mail :	info@raghavaerospace.com
Website :	www.raghavaerospace.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Raghav Sai Venkata Krishnamsetty

Designation :

Managing Director

Address :

Plot No. 306, Phase-II, Saket Vorla Enclave, Saket Colony, ECIL PO, Kapra, Hyderabad – 500062, Andhra Pradesh, India

Date of Birth/Age :

15.11.1970

Date of Appointment :

28.04.2004

DIN No. :

00768231

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	U28932TG1986PTC006419	KOBASHI MACHINE TOOLS PRIVATE LIMITED	Director	01-04-2001	01-04-2001	12-07-2007	Active	NO
2	U29112TG2004PTC043164	RAGHAV AEROSPACE MANUFACTURING TECHNOLOGIES PRIVATE LIMITED	Managing director	28-04-2004	28-04-2004	-	Active	NO

Name :

Suseela Krishnamsetty

Designation :

Director

Address :

Plot No. 306, Phase-II, Saket Vorla Enclave, Saket Colony, ECIL PO, Kapra, Hyderabad – 500062, Andhra Pradesh, India

Date of Birth/Age :

09.01.1946

Date of Appointment :

29.09.2012

DIN No. :

06504072

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	Company/ LLP Status	Defaulting status
1	U29112TG2004PTC043164	RAGHAV AEROSPACE MANUFACTURING TECHNOLOGIES PRIVATE LIMITED	Director	29-09-2012	16-08-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Suseela Krishnamsetty	60000	60.00
Raghav Sai Venkata Krishnamsetty	40000	40.00
Total	100000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of High Precision Aero Space Components.
Products :	High Precision Aero Space Components
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Indian Space Research Organisation (ISRO)

Defence Research and Development Organisation (DRDO)

Hindustan Aeronautics Limited (HAL)

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Name of the Person (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):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· State Bank of India, SIB Saifabad Branch, HACA Bhavan, Opposite Assembly, Hyderabad - 500004, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Secured Term Loans - From Banks	5.804	7.422
SHORT TERM BORROWINGS
Loans from Repayable on Demand	4.883	5.000
Total	10.687	12.422

NOTE

LONG TERM BORROWINGS

The Term Loan is secured by hypothecation of plant and machinery and also EM of Land of the director and also Lien on FD Rs. 0.250 Million belonging to directors.

SHORT TERM BORROWINGS

The Cash Credit is secured by EM of factory Land and Building of the Company.

Banking Relations :	--
Auditors :
Name :	C Venkata Krishna and Company Chartered Accountants
Address :	42, 4th Floor, Owners Pride, Plot No.1717, Road No.12, Banhara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No. :	91-40-23382339/ 23382345
Fax No. :	91-40-23382339/ 23382345
E-Mail :	hyd1_auditor@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AABFC2051L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

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	10.000	10.000	10.000
(b) Reserves & Surplus	(0.783)	(0.893)	(1.041)
(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)	9.217	9.107	8.959
(3) Non-Current Liabilities
(a) long-term borrowings	5.804	7.422	8.250
(b) Deferred tax liabilities (Net)	0.694	0.694	0.694
(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)	6.498	8.116	8.944
(4) Current Liabilities
(a) Short term borrowings	4.883	5.000	5.000
(b) Trade payables	0.677	0.807	0.608
(c) Other current liabilities	17.204	16.520	13.344
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	22.764	22.327	18.952
TOTAL	38.479	39.550	36.855
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.812	24.251	24.825
(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	0.239	0.189	1.038
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.051	24.440	25.863
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.021	9.434	8.010
(c) Trade receivables	1.718	4.194	1.580
(d) Cash and cash equivalents	0.907	0.878	0.824
(e) Short-term loans and advances	0.782	0.604	0.578
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	15.428	15.110	10.992
TOTAL	38.479	39.550	36.855

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4.716	7.214	5.715
		Other Income	0.076	0.061	0.088
		TOTAL (A)	4.792	7.275	5.803
Less	EXPENSES
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.586)	(1.424)	(4.413)
		Employees benefits expense	1.915	2.323	2.441
		Other expenses	1.406	1.659	3.422
		TOTAL (B)	0.735	2.558	1.450
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.057	4.717	4.353
Less	FINANCIAL EXPENSES (D)		2.483	3.095	2.785
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.574	1.622	1.568
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.439	1.439	1.393
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.135	0.183	0.175
Less	TAX (H)		0.026	0.035	0.032
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.109	0.148	0.143
	Earnings / (Loss) Per Share (Rs.)		1.35	1.83	1.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	2.31	2.05	2.50
Operating Profit Margin (PBDIT/Sales)	(%)	86.03	65.39	76.17
Return on Total Assets (PBT/Total Assets}	(%)	0.35	0.46	0.47
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		1.16	1.36	1.48
Current Ratio (Current Asset/Current Liability)		0.68	0.68	0.58

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	10.000	10.000	10.000
Reserves & Surplus	(1.041)	(0.893)	(0.783)
Net worth	8.959	9.107	9.217
long-term borrowings	8.250	7.422	5.804
Short term borrowings	5.000	5.000	4.883
Total borrowings	13.250	12.422	10.687
Debt/Equity ratio	1.479	1.364	1.159

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	5.715	7.214	4.716
		26.229	(34.627)

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	5.715	7.214	4.716
Profit	0.143	0.148	0.109
	2.50%	2.05%	2.31%

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	No
17]	Major suppliers	No
18]	Major customers	No
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CORPORATE INFORMATION

Subject was incorporated on 28.04.2004 under the provisions of Companies Act, 1956 for manufacturing High Precision Aero Space Components.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantee	3.682	5.738

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

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.62.67
UK Pound	1	Rs.92.46
Euro	1	Rs.66.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	2
--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	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.