MIRA INFORM REPORT

Report No. :	321835
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	ASIA CRANES PRIVATE LIMITED
Registered Office :	Opposite Arora Palace Cinema, Gill Road, Ludhiana – 141003, Punjab
Tel No.:	91-161-2501144
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.1986
Com. Reg. No.:	16-007098
Capital Investment / Paid-up Capital :	Rs.0.428 Million
CIN No.: [Company Identification No.]	U99999PB1986PTC007098
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 :	Subject is engaged in the manufacturing of material handling equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

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.

INFORMATION PARTED BY

Name :	Mr. Suresh Kumar
Designation :	Accountant
Contact No.:	91-161-2501144
Date :	08.05.2015

LOCATIONS

Registered Office :	Opposite Arora Palace Cinema, Gill Road, Ludhiana – 141003, Punjab, India
Tel. No.:	0161-5055111/2501144
Fax No.:	161-2491055/2814059-58
Email:	sales@asiancranes.com info@asiancranes.com
Website:	www.asiancranes.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhupinder Singh

Designation :

Director

Address :

325/1, Street No. 3, New Janta Nagar, Gill Road, Ludhiana, Punjab, India

Date of Birth/Age :

15.09.1956

Date of Appointment :

28.10.1986

DIN No.:

00603376

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	U99999PB1986PTC007098	ASIA CRANES PRIVATE LIMITED	Director	28-10-86	28-10-86	-	Active	NO
2	U31904PB2006PTC030635	ASIAN ELEVATORS PRIVATE LIMITED	Director	28-09-06	28-09-06	31-03-07	Active	NO

Name :

Mr. Mani Singh

Designation :

Director

Address :

325/1, Street No. 3, New Janta Nagar, Gill Road, Ludhiana, Punjab, India

Date of Birth/Age :

16.02.1940

Date of Appointment :

28.10.1986

DIN No.:

00603420

Name :

Mr. Harvinder Singh

Designation :

Director

Address :

325/1, Street No. 3, New Janta Nagar, Gill Road, Ludhiana, Punjab, India

Date of Birth/Age :

04.04.1966

Date of Appointment :

28.10.1986

DIN No.:

00603457

Name :

Mr. Paramjit Kaur

Designation :

Director

Address :

325/1, Street No. 3, New Janta Nagar, Gill Road, Ludhiana, Punjab, India

Date of Birth/Age :

01.12.1966

Date of Appointment :

22.02.2012

DIN No.:

01676892

INFORMATION PARTED BY

Name :	Mr. Suresh Kumar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Bhupinder Singh	4200	9.81
Harvinder Singh	2500	5.84
Mani Singh	2500	5.84
Kamaljit Kaur	33300	77.80
Mandeep Kaur	100	0.23
Varinder Pal Singh	100	0.23
Rattandeep Singh	100	0.23
Total	42800	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 :	Subject is engaged in the manufacturing of material handling equipments.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Not Divulged

Bankers :

Bank Name	Not Divulged
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 :

--

Banking Relations :
Auditors :
Name :	Dass Khanna and Company Chartered Accountants
Address :	B-XX-2815, Ist Floor, Gurdev Nagar, Pakhowal Road, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2403029/2401230
Fax No.:	91-161-2409672
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD5151G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	-

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42800	Equity Shares	Rs.10/- each	Rs. 0.428 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	0.428	0.428	0.428
(b) Reserves & Surplus	19.484	18.037	16.914
(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)	19.912	18.465	17.342
(3) Non-Current Liabilities
(a) long-term borrowings	6.132	7.437	8.001
(b) Deferred tax liabilities (Net)	0.000	0.000	0.011
(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)	6.132	7.437	8.012
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	35.907	32.097	9.219
(c) Other current liabilities	20.224	24.214	10.716
(d) Short-term provisions	0.686	0.560	0.714
Total Current Liabilities (4)	56.817	56.871	20.649
TOTAL	82.861	82.773	46.003
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.992	7.971	7.818
(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)	0.002	0.005	0.000
(d) Long-term Loan and Advances	0.292	0.292	0.297
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.286	8.268	8.115
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.294	58.589	28.754
(c) Trade receivables	3.830	4.450	3.950
(d) Cash and cash equivalents	1.695	1.409	1.816
(e) Short-term loans and advances	5.756	10.057	3.368
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	75.575	74.505	37.888
TOTAL	82.861	82.773	46.003

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	97.389	93.955	89.938
Other Income
TOTAL	97.389	93.955	89.938
EXPENSES	94.076	91.123	86.673
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.313	2.832	3.265
DEPRECIATION/ AMORTISATION	1.176	1.160	1.323
PROFIT/ (LOSS) BEFORE TAX	2.137	1.671	1.942
CURRENT TAX	0.686	0.561	0.713
DEFERRED TAX	(0.004)	(0.016)	(0.113)
INCOME TAX RELATING TO EARLIER YEAR.	0.000	0.005	0.000
PROFIT/ (LOSS) AFTER TAX	1.447	1.123	1.341
Earnings / (Loss) Per Share (Rs.)	33.81	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.58	2.02	4.22
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.11
Debt Equity Ratio (Total Debt /Networth)		0.31	0.40	0.46
Current Ratio (Current Asset/Current Liability)		1.33	1.31	1.83

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	0.428	0.428	0.428
Reserves & Surplus	16.914	18.037	19.484
Net worth	17.342	18.465	19.912
long-term borrowings	8.001	7.437	6.132
Short term borrowings	0.000	0.000	0.000
Total borrowings	8.001	7.437	6.132
Debt/Equity ratio	0.461	0.403	0.308

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	89.938	93.955	97.389
		4.466	3.655

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	89.938	93.955	97.389
Profit	1.341	1.123	1.447
	1.49%	1.20%	1.49%

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	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	No
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	Yes

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

PREFORMANCE REVIEW

The sale and other income of the company has increased from Rs. 93.955 Million to Rs. 97.389 Million in the current year. Profit after tax is Rs. 1.447 Million as compared to Rs. 1.123 Million in the earlier year. The directors are hopeful to achieve better results next year.

CORPORATE INFORMATION

Subject is a private company incorporated in India under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing of material handling equipments.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from Related Parties
From Directors	6.132	3.432
From Director's Relatives & Associates	0.000	4.005
Total	6.132	7.437

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer
• Transformer

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.