MIRA INFORM REPORT

Report No. :	319896
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	BEDA FLOW SYSTEMS PRIVATE LIMITED
Registered Office :	C-695, New Friends Colony, New Delhi – 110065
Tel No :	91-120-43299
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.06.2005
Com. Reg. No.:	55-137951
Capital Investment / Paid-up Capital :	Rs. 2.400 Million
CIN No.: [Company Identification No.]	U29120DL2005PTC137951
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELB08524F
PAN No.: [Permanent Account No.]	AACCB6400G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Pump
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 61000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small and mediocre 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 – 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

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.

LOCATIONS

Registered Office :	C-695, New Friends Colony, New Delhi – 110065, India
Tel. No.:	91-120-43299-90
Fax No.:	91-120-40800-22
E-Mail :	info@bedaflow.com
Website :	www.vse-flow.com
Postal + Visiting Address:	W-7, Sector XI, Noida – 201301, Uttar Pradesh, India

DIRECTORS

AS ON ; 30.09.2014

Name :

Mr. Pradeep Ranjan Das

Designation :

Director

Address :

C-695, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

10.12.1953

Date of Appointment :

23.06.2005

DIN No.:

00174159

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	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Managing director	30/06/2014	28/08/1984	-	Active	NO
2	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	28/06/1991	28/06/1991	-	Amalgamated	NO
3	U29120DL2005PTC137951	BEDA FLOW SYSTEMS PRIVATE LIMITED	Director	23/06/2005	23/06/2005	-	Active	NO

Name :

Mr. Harneet Singh Kochar

Designation :

Director

Address :

C-18, Sector – 34, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

07.06.1964

Date of Appointment :

23.06.2005

DIN No.:

00219708

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	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	28/06/1991	28/06/1991	-	Amalgamated	NO
2	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Managing director	30/06/2014	11/03/1994	-	Active	NO
3	U29120DL2005PTC137951	BEDA FLOW SYSTEMS PRIVATE LIMITED	Director	23/06/2005	23/06/2005	-	Active	NO

Name :

Mr. Juergen Echterhage

Designation :

Director

Address :

Kampster 32, Neuenrade – 58809NA, Germany

Date of Birth/Age :

07.07.1956

Date of Appointment :

05.08.2005

DIN No.:

01757393

Name :

Mr. Axel Vedder

Designation :

Director

Address :

Winkelstrasse – 5, Neuerrade – 58809NA, Germany

Date of Birth/Age :

23.09.1961

Date of Appointment :

05.08.2005

DIN No.:

01757360

Name :

Mr. Raghav Ranjan Das

Designation :

Director

Address :

C-695, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

19.04.1981

Date of Appointment :

01.04.2010

DIN No.:

03048186

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares	%age
Pradeep Ranjan Das	60000	25.00
Harneet Singh Kochar	60000	25.00
Vse Volumentechnik GmbH, Germany	120000	50.00
Total	240000	100.00

AS ON : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Pump
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	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 :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loan from Bank	0.864	0.000
Total	0.864	0.000

Auditors :
Name :	Manchanda and Manchanda Chartered Accountant
Address :	C-286, Defence Colony, New Delhi – 110024, India
PAN No.:	ABFPM1906G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in respect of which the company is an associates by virtue of the enterprise substantial interest in the voting power of the company:	VSE Volumentechnik Gmbh DST Dsuermagnet, Gmbh Beinlich aPumpen Gmbh HSE, GmbH Hydraulik Komponenten
Enterprises over which the key Management Personnel exercise significant influence:	Pfeda Synthetics Private Limited

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.400	2.400	2.400
(b) Reserves & Surplus	19.105	16.592	14.221
(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)	21.505	18.992	16.621
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.864	0.000	0.000
(b) Trade payables	1.758	2.062	0.781
(c) Other current liabilities	0.745	0.266	0.262
(d) Short-term provisions	5.147	4.028	5.462
Total Current Liabilities (4)	8.514	6.356	6.505
TOTAL	30.019	25.348	23.126
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.682	0.916	0.859
(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)	0.263	0.124	0.156
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.945	1.040	1.015
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.498	4.402	4.149
(c) Trade receivables	1.445	3.454	1.749
(d) Cash and cash equivalents	1.183	2.107	3.854
(e) Short-term loans and advances	19.948	14.345	12.359
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	28.074	24.308	22.111
TOTAL	30.019	25.348	23.126

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	Income
	Other Income
	TOTAL	21.777	18.451	27.496
Less	TOTAL EXPENSES	18.284	14.881	18.358
	PROFIT/ (LOSS) BEFORE TAX	3.493	3.570	9.138
Less	TAX	0.981	1.199	2.813
	PROFIT/ (LOSS) AFTER TAX	2.512	2.371	6.325
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.116	0.000
	TOTAL EARNINGS	0.116	0.000
	IMPORTS
	Raw Materials	13.606	10.389
	TOTAL IMPORTS	13.606	10.389	NA
	Earnings / (Loss) Per Share (Rs.)	10.47	9.88	26.35

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	11.74	14.15	39.78
Return on Investment (ROI) (PBT/Networth)		0.16	0.19	0.55
Debt Equity Ratio (Total Debt /Networth)		0.04	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.30	3.82	3.40

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.400	2.400	2.400
Reserves & Surplus	14.221	16.592	19.105
Net worth	16.621	18.992	21.505
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.864
Total borrowings	0.000	0.000	0.864
Debt/Equity ratio	0.000	0.000	0.040

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	27.496	18.451	21.777
		(32.896)	18.026

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	27.496	18.451	21.777
Profit	6.325	2.371	2.512
	23.00%	12.85%	11.54%

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	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	Yes
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	No
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

PERFORMANCE:

There has been an increase in the sales figure for the year from Rs. 18.156 Million during the previous year to Rs. 21.369 Million during the current year. On the other hand, the other Income of the Company has risen from Rs. 0.295 Million in the previous year to Rs. 0.408 Million in the current year. The overall profit of the company for the year ended on 31.03.2014 is Rs. 2.512 Million as compared to Rs. 2.371 Million for the previous year. The profit margins have reduced in spite of increased revenue on account of disproportionate rise in the expenses.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Furniture and Fixture
• Office Equipment
• Computer
• Vehicles
• Plant and Machinery

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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RSM
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	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	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		28

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.