MIRA INFORM REPORT

Report No. :	321048
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	UMIYA ENGINEERING PRIVATE LIMITED

Registered Office :	156, Mahavir Industrial Estate, Bhestan Station Road, Bhestan, Surat – 394210, Gujarat
Tel. No.:	91-261-2753823 / 2753834

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.05.2005

Com. Reg. No.:	04-046064

Capital Investment / Paid-up Capital :	Rs. 0.250 Million

CIN No.: [Company Identification No.]	U28910GJ2005PTC046064

TAN No.: [Tax Deduction & Collection Account No.]	SRTU00386B

PAN No.: [Permanent Account No.]	AAACU7506Q

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the manufacturing and trading of Industrial Automation.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 :	Clear

Comments :	Subject is an established company having moderate track. The company is continuously incurring heavy losses from its operational activities. Borrowings recorded by the company has also increased during FY 2014. However, trade relations are reported as fair. Business is active. Payment 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

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 DENIED BY

Name :	Mr. Sunny Kamlesh Waghel
Designation :	Whole-time director
Contact No.:	91-261-2753823
Date :	04.05.2015

LOCATIONS

Registered Office / Factory:	156, Mahavir Industrial Estate, Bhestan Station Road, Bhestan, Surat – 394210, Gujarat, India
Tel. No.:	91-261-2753823 / 2753834 / 2224111
Mobile No.:	91-9825113421 / 9879613421 (Mr. Sunny Kamlesh Waghel)
Fax No.:	Not Available
E-Mail :	info@umiyaengg.com sunny@umiyaengg.com csjariwala@gmail.com
Website :	www.waghelmotors.com http://www.umiyaengg.com

Surat Office :	110, 1st floor Waghel Chambers, Above Bank of Baroda, Zanpa Bazar, Surat, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Smita Kamleshkumar Waghel
Designation :	Director
Address :	156, Mahavir Industrial Estate, Bhestan Station Road, Bhestan, Surat – 394210, Gujarat, India
Date of Birth/Age :	12.04.1968
Date of Appointment :	22.05.2013
DIN No.:	00518798

Name :	Sunny Kamlesh Waghel
Designation :	Whole-time director
Address :	156, Mahavir Industrial Estate, Bhestan Station Road, Bhestan, Surat – 394210, Gujarat, India
Date of Birth/Age :	30.01.1987
Date of Appointment :	01.07.2010
DIN No.:	00518819

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Sunny Kamlesh Waghel	5,080	20.32
Smita Kamleshkumar Waghel	9,900	39.60
Kamlesh Ishvarlal Waghel	9900	39.60
Hetal Kamlesh Waghel	100	0.40
Sunny Kamlesh Waghel - HUF	10	0.04
Shilpa Sunny Waghel	10	0.04

Total	25,000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the manufacturing and trading of Industrial Automation.

Products :	Spare Parts Job Work Technical Tips Mobile Service Van All Kind of Motors and Electrical goods

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by management.

Bankers :

Bank Name	ABN AMRO Bank Axis Bank Surat National Co. Operative Bank
Branch	Not Divulged
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan - From ICICI Bank (Secured by way of Hypothecation of Car Purchased out of Loan)	0.000	0.341
Term Loan - From ICICI Bank (Secured by way of Hypothecation of Car Purchased out of Loan)	6.754	0.000
Less: Current Portion of Long Term Debts	(1.140)	(0.341)
Short-term borrowings
Working Capital Loans
From HDFC Bank - Cash Credit (Secured by way of first mortgage/charge on immovable properties & hypothecation of current and other plant and machinery both present and future & Guaranteed by Personal Guarantee of)	7.186	0.000

Total	12.800	0.000

Auditors :
Name :	C S Jariwala and Company Chartered Accountants
Address :	6th Floor, President Plaza – C Block, Next to Mahavir Cardiac Hospital, Athwagate, Ring Road, Surat – 395001, Gujarat, India
Tel. No.:	91-261-3017171-72-73
PAN N Income-tax PAN of auditor or auditor's firm :	AACFC2500R

Memberships :	--

Collaborators :	--

Related Parties:	Sunny Kamlesh Waghel – HUF Kamlesh I. Waghel (HUF)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25000	Equity Shares	Rs.10/- each	Rs.0.250 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	0.250	0.250	0.250
(b) Reserves & Surplus	(0.126)	0.322	0.453
(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)	0.124	0.572	0.703

(3) Non-Current Liabilities
(a) long-term borrowings	9.697	9.573	0.716
(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)	9.697	9.573	0.716

(4) Current Liabilities
(a) Short term borrowings	7.186	0.000	5.009
(b) Trade payables	25.828	7.968	36.710
(c) Other current liabilities	1.407	0.386	0.180
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	34.421	8.354	41.899

TOTAL	44.242	18.499	43.318

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.220	1.142	1.070
(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)	0.445	0.209	0.146
(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	14.665	1.351	1.216

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.462	11.299	22.645
(c) Trade receivables	16.800	1.807	13.834
(d) Cash and cash equivalents	6.911	3.963	4.558
(e) Short-term loans and advances	1.403	0.079	1.065
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	29.576	17.148	42.102

TOTAL	44.241	18.499	43.318

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	154.917	115.322	195.733
	Other Income	0.000	0.000	0.000
	TOTAL (A)	154.917	115.322	195.733

Less	EXPENSES
	Cost of Materials Consumed	149.956	111.862	189.136
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Manufacturing Expenses	1.005	1.051	2.121
	Employees benefits expense	0.600	0.400	1.424
	Sales and Administration Expenses	2.075	1.293	2.211
	TOTAL (B)	153.636	114.606	194.892

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1.281	0.716	0.841

Less	FINANCIAL EXPENSES (D)	1.095	0.634	0.508

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.186	0.082	0.333

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.971	0.275	0.361

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(0.785)	(0.193)	(0.028)

Less	TAX (H)	(0.337)	(0.062)	(0.004)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(0.448)	(0.131)	(0.024)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(1.028)	(0.897)	(0.873)

	Balance Carried to the B/S	(1.476)	(1.028)	(0.897)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	0.000	0.000
	TOTAL EARNINGS	0.000	0.000	0.000

	IMPORTS
	Raw Materials	0.000	0.000	0.000
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS	0.000	0.000	0.000

	Earnings / (Loss) Per Share (Rs.)	(17.93)	(5.23)	(0.98)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.29)	(0.11)	(0.01)

Operating Profit Margin (PBIDT/Sales)	(%)	0.83	0.62	0.43

Return on Total Assets (PBT/Total Assets}	(%)	(1.79)	(1.06)	(0.06)

Return on Investment (ROI) (PBT/Networth)		(6.33)	(0.34)	(0.04)

Debt Equity Ratio (Total Debt /Networth)		136.15	16.74	8.14

Current Ratio (Current Asset/Current Liability)		0.86	2.05	1.00

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	0.250	0.250	0.250
Reserves & Surplus	0.453	0.322	(0.126)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.703	0.572	0.124

long-term borrowings	0.716	9.573	9.697
Short term borrowings	5.009	0.000	7.186
Total borrowings	5.725	9.573	16.883
Debt/Equity ratio	8.144	16.736	136.153

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)
Sales	195.733	115.322	154.917
		(41.082)	34.334

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	195.733	115.322	154.917
Profit/Loss	(0.024)	(0.131)	(0.448)
	(0.01%)	(0.11%)	(0.29%)

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	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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan From Directors/Members	4.083	9.573

Total	4.083	9.573

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

SEGMENT INFORMATION

The company is engaged in the Manufacturing and Trading of Industrial Automation and it is the primary segment.

FIXED ASSETS

Computer
Hero Honda Karizma
Machinery
Air Condition
Ele. Equipment
Motor Car( Cruze)
C.C. T V Camera
Fan
Telephone
TATA ACE Tempo
Mercedes-Benz Car
Weighing Plat Form

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.63.52
UK Pound	1	Rs.95.96
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.

MIRA INFORM REPORT

Unit