MIRA INFORM REPORT

Report No. :	321985
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	EMPEE EQUIPMENTS PRIVATE LIMITED

Registered Office :	14, Sidhpura Industrial Estate, Gaiwadi, Opposite Mahesh Nagar, S.V.Road, Goregaon West, Mumbai – 400062, Maharashtra
Tel. No.:	91-2135-678300

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	22.12.2011

Com. Reg. No.:	11-225320

Capital Investment / Paid-up Capital :	Rs. 12.000 Million

CIN No.: [Company Identification No.]	U29253MH2011PTC225320

TAN No.: [Tax Deduction & Collection Account No.]	MUME09360B

PAN No.: [Permanent Account No.]	AACCE9090K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Agricultural Equipment.

No. of Employees :	30 (Approximately)

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

Maximum Credit Limit :	USD 4000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has accumulated losses which have eroded the reserves of the company. Liquidity of the company is weak during FY 2014. Moreover, it has taken huge external borrowings which may further deteriorate liquidity profile of the company. However, business is active. Payment terms are slow. In the view of aforesaid, subject 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 PARTED BY

Name :	Mr. Sagar
Designation :	Finance Manager
Contact No.:	91-9552501621
Date :	12.05.2015

LOCATIONS

Registered Office :	14, Sidhpura Industrial Estate, Gaiwadi, Opposite Mahesh Nagar, S.V.Road, Goregaon West, Mumbai – 400062, Maharashtra, India
Tel. No.:	91-2135-678300
Mobile No.:	91-9552501621 (Mr. Sagar)
Fax No.:	Not Available
E-Mail :	accounts@empee.co.in

Factory :	Plot No. E-6/5, Chakan Industrial Area, Phase III, Nanekarwadi, Pune – 410501, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Frederic Philippe Marie Martin
Designation :	Director
Address :	4, Rue Fellonneau, Nantes – 44000, France
Date of Birth/Age :	20.06.1960
Date of Appointment :	05.12.2012
DIN No.:	06389145

Name :	Mr. Laurent Pierre Alain Diaz
Designation :	Director
Address :	18, Allee Des Bisquines, Betton – 35830, France
Date of Birth/Age :	23.12.1972
Date of Appointment :	05.12.2012
DIN No.:	06389236

Name :	Mr. Tanguy Berges Alain
Designation :	Director
Address :	1/B, Dr Coyaji Road, Pune Camp, Pune – 411001, Maharashtra, India
Date of Birth/Age :	24.05.1986
Date of Appointment :	29.07.2014
DIN No.:	06931241

Name :	Mr. Delphine Carole Gieux
Designation :	Director
Address :	4, Rue Fellonneau, Nantes – 44000, France
Date of Birth/Age :	02.04.1974
Date of Appointment :	01.08.2012
DIN No.:	03145755

KEY EXECUTIVES

Name :	Mr. Sagar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
M Extend, France	3034500	99.84
Mailleux SAS, France	5000	0.16
Total	3039500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Agricultural Equipment.

Products :	Agricultural Equipment

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Finished Goods
Countries :	France

Imports :
Products :	Raw Material
Countries :	France

Terms :
Selling :	L/C, Cash and Credit

Purchasing :	L/C, Cash and Credit

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 :

30 (Approximately)

Bankers :

Bank Name	HDFC Bank
Branch	S V Road, Goregaon (West), Mumbai, Maharashtra, 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 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

Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E

Memberships :	--

Collaborators :	--

Holding Company (From 38 March 2014, earlier joint venture investor):	M - Extend S.A.S

Enterprises over which co-ventures parties exercising significant influence (to the extent transactions were entered into)	Pravin Techno Tex Bagg Private Limited Pravin Wipers and Ancillaries Private Limited Pravin Auto Engineering Private Limited Swapnil Auto Engineering Private Limited MX

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3039500	Equity Shares	Rs.10/- each	Rs. 30.395 Million

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 12.000 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	12.000	12.000	0.100
(b) Reserves & Surplus	(10.494)	7.491	(0.015)
(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)	1.506	19.491	0.085

(3) Non-Current Liabilities
(a) long-term borrowings	19.483	10.440	0.000
(b) Deferred tax liabilities (Net)	0.000	0.738	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)	19.483	11.178	0.000

(4) Current Liabilities
(a) Short term borrowings	10.000	0.000	0.000
(b) Trade payables	12.176	10.700	0.030
(c) Other current liabilities	5.531	2.465	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	27.707	13.165	0.030

TOTAL	48.696	43.834	0.115

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.605	23.295	0.000
(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	14.444	9.773	0.015
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	38.049	33.068	0.015

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.446	9.177	0.000
(c) Trade receivables	3.185	0.368	0.000
(d) Cash and cash equivalents	0.975	1.149	0.100
(e) Short-term loans and advances	0.041	0.072	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.647	10.766	0.100

TOTAL	48.696	43.834	0.115

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	38.538	NA	0.000
	Other Income		NA
	TOTAL	38.538	NA	0.000

Less	EXPENSES	53.609	NA	0.015

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(15.071)	NA	-0.015

Less/ Add	DEPRECIATION/ AMORTISATION	3.651	NA

	PROFIT/ (LOSS) BEFORE TAX	(18.722)	NA	(0.015)

Less	TAX	(0.737)	NA	0.000

	PROFIT/ (LOSS) AFTER TAX	(17.985)	(6.494)	(0.015)

	Earnings / (Loss) Per Share (Rs.)	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(38.45)	NA	(13.04)

Return on Investment (ROI) (PBT/Networth)		(12.43)	NA	(0.18)

Debt Equity Ratio (Total Debt /Networth)		19.58	0.54	0.00

Current Ratio (Current Asset/Current Liability)		0.38	0.82	3.33

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	0.100	12.000	12.000
Reserves & Surplus	(0.015)	7.491	(10.494)
Net worth	0.085	19.491	1.506

long-term borrowings	0.000	10.440	19.483
Short term borrowings	0.000	0.000	10.000
Total borrowings	0.000	10.440	29.483
Debt/Equity ratio	0.000	0.536	19.577

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last TWO 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	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Plant and Machinery
Furniture and Fixtures
Vehicles
Computers
Leasehold Improvement

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.63.84
UK Pound	1	Rs.100.65
Euro	1	Rs.72.88

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUM

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unit