MIRA INFORM REPORT

Report No. :	350134
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	M.K.ENGIMECH PRIVATE LIMITED
Registered Office :	Plot No. 465, Road No. 12, G.I.D.C., Kathwada, Ahmedabad – 382430, Gujarat
Tel. No.:	91-79-26562357
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.04.2008
Com. Reg. No.:	04-053608
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U31900GJ2008PTC053608
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMM08899C
PAN No.: [Permanent Account No.]	AAFCM5212L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of engineering goods, all graded plate cutting, machining, heavy fabrication, hydraulic press and bending works.
No. of Employees :	Information declined by the management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	M. K. Engimech Private Limited was incorporated in the year 2008. It is engaged into manufacturing of engineering goods and hydraulic press. The rating on company’s reflects its small scale of business operation, decline in its total revenue from its previous FY-13 along with low profitability levels, small networth base and below average debt coverage indicators of the company during FY-2014. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered small 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Hitesh Kumar Patel
Designation :	Director
Contact No.:	91-79-26562357
Date :	20.11.2015

LOCATIONS

Registered Office :	Plot No. 465, Road No. 12, G.I.D.C., Kathwada, Ahmedabad – 382430, Gujarat, India
Tel. No.:	91-79-26562357
Fax No.:	Not Available
E-Mail :	mkengimech@yahoo.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Vasantiben Babubhai Patel

Designation :

Director

Address :

A/59, Harbholenath Park, Saraswati Vidhyavihar, National Highway -8 Odhav, Ahmedabad - 382415, Gujarat, India

Date of Appointment :

30.09.2015

DIN No.:

07175221

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	U31900GJ2008PTC053608	M.K.ENGIMECH PRIVATE LIMITED	Director	30/09/2015	05/05/2015	Active	NO

Name :

Mrs. Pushpaben Amratlal Patel

Designation :

Director

Address :

A/71, Harbholenath Park, Near Vijayadashmi Society, N.H. Road, Amraiwadi, Ahmedabad - 382415, Gujarat, India

Date of Appointment :

30.09.2015

DIN No.:

07175222

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	U31900GJ2008PTC053608	M.K.ENGIMECH PRIVATE LIMITED	Director	30/09/2015	05/05/2015	Active	NO

Name :

Mrs. Bhagwatiben Ramanlal Patel

Designation :

Director

Address :

A/34, Harbholenath Park, Near Hariom Society, Nathonal Highway Road, Amraiwadi, Ahmedabad - 382415, Gujarat, India

Date of Appointment :

30.09.2015

DIN No.:

07175220

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	U31900GJ2008PTC053608	M.K.ENGIMECH PRIVATE LIMITED	Director	30/09/2015	05/05/2015	Active	NO

Name :

Mr. Hiteshkumar Amrutlal Patel

Designation :

Director

Address :

A-71,Harbholanath Park, Amraiwadi, Ahmedabad - 380026, Gujarat, India

Date of Birth/Age :

05.04.1981

Date of Appointment :

16.04.2008

DIN No.:

02080813

Name :

Mr. Tushar Ramanbhai Patel

Designation :

Director

Address :

A-34,Harbholenath Park Society, National Highway No-8,Odhav, Ahmedabad - 382415, Gujarat, India

Date of Birth/Age :

30.11.1986

Date of Appointment :

16.04.2008

DIN No.:

02080824

Name :

Mr. Babubhai Karshanbhai Patel

Designation :

Director

Address :

A/59, Harbholenath Park Society, N.H.No.8, Odhav, Ahmedabad - 382415, Gujarat, India

Date of Birth/Age :

05.04.1948

Date of Appointment :

16.04.2008

DIN No.:

02080797

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Hiteshkumar Amrutlal Patel	17800	35.60
Babubhai Karshanbhai Patel	13500	27.00
Tushar Ramanbhai Patel	15000	30.00
Bhagwatiben Ramanlal Patel	3700	7.40
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of engineering goods, all graded plate cutting, machining, heavy fabrication, hydraulic press and bending works.
Products :	Engineering Goods All Graded Plate Cutting Machining Heavy Fabrication Hydraulic Press Bending Works
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 the management

Bankers :

Banker Name :	Saraspur Nagarik Co-Operative Bank Limited
Branch :	1, Darshan Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand
Loan from bank
Saraspur Nagarik Co-Operative Bank Limited (Collaterally secured by way of equitable mortgage of properties belonging to directors)	10.119	7.497
Total	10.119	7.497

Auditors :
Name :	Soni and Thakkar Chartered Accountants
Address :	325-326 Third Floor, Binali Complex, Opposite Torrent, Power Zonal Office, Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-29299651 / 29299652
Mobile No.:	91-9824314391 (Mr. Bhadresh Soni) 91-9824603126 (Mr. Vishal Soni) 91-9925243839 (Mr. Sunil Thakkar)
E-Mail :	soniandthakkar@yahoo.in vbsonica@hotmail.com
PAN No.:	ABHFS3565N
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Party :	Jayveer Industries

CAPITAL STRUCTURE

AS ON 30.09.2014

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
50000	Equity Shares	Rs.10/- each	Rs.0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	1.886	1.759	1.218
(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)	2.386	2.259	1.718
(3) Non-Current Liabilities
(a) long-term borrowings	27.407	24.490	18.308
(b) Deferred tax liabilities (Net)	0.000	0.054	0.044
(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)	27.407	24.544	18.352
(4) Current Liabilities
(a) Short term borrowings	10.119	7.497	8.058
(b) Trade payables	9.848	21.181	5.645
(c) Other current liabilities	0.611	0.613	0.290
(d) Short-term provisions	0.043	0.134	0.036
Total Current Liabilities (4)	20.621	29.425	14.029
TOTAL	50.414	56.228	34.099
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.288	4.006	2.605
(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	0.500	0.250	0.250
(c) Deferred tax assets (net)	0.023	0.000	0.000
(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	3.811	4.256	2.855
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.096	3.905	4.422
(c) Trade receivables	37.920	47.289	25.372
(d) Cash and cash equivalents	3.387	0.430	1.038
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.200	0.348	0.412
Total Current Assets	46.603	51.972	31.244
TOTAL	50.414	56.228	34.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	75.135	91.265	79.398
		Other Income	0.040	0.034	0.022
		TOTAL (A)	75.175	91.299	79.420
Less	EXPENSES
		Consumption of Raw Material	66.892	82.526	72.605
		Employee Benefits Expenses	1.853	1.826	1.756
		Other Expenses	2.234	2.855	1.837
		TOTAL (B)	70.979	87.207	76.198
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.196	4.092	3.222
Less	FINANCIAL EXPENSES (D)		3.237	2.742	2.535
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.959	1.350	0.687
Less	DEPRECIATION/ AMORTISATION (F)		0.769	0.567	0.303
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.190	0.783	0.384
Less	TAX (H)		0.063	0.242	0.127
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.127	0.541	0.257
	Earnings Per Share (Rs.)		2.54	10.82	5.15

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.17	0.59	0.32
Operating Profit Margin (PBDIT/Sales)	(%)	5.58	4.48	4.06
Return on Total Assets (PBT/Total Assets)	(%)	0.38	1.40	1.13
Return on Investment (ROI) (PBT/Networth)		0.08	0.35	0.22
Debt Equity Ratio (Total Debt /Networth)		15.73	14.16	15.35
Current Ratio (Current Asset/Current Liability)		2.26	1.77	2.23

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	0.500	0.500	0.500
Reserves & Surplus	1.218	1.759	1.886
Net worth	1.718	2.259	2.386
long-term borrowings	18.308	24.490	27.407
Short term borrowings	8.058	7.497	10.119
Total borrowings	26.366	31.987	37.526
Debt/Equity ratio	15.347	14.160	15.728

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	79.398	91.265	75.135
		14.946	(17.674)

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	79.398	91.265	75.135
Profit	0.257	0.541	0.127
	0.32%	0.59%	0.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

Operations of the company has increased as compared with the last year. Total revenue of the company decreased from Rs.91.265 million to Rs.75.135 million. Net profit of the company also decreased to Rs.0.127 million as compared with previous year of Rs.0.541 million.

The directors are providing their constant efforts for the development and growth of the company. They are very much hopeful for the better performance in upcoming financial year.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans from directors	6.887	6.028
Loans from others	20.520	18.462
[Above loans is for long term and repayable over a period of three to five years from the date of balance sheet]
Total	27.407	24.490

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10293429	06/06/2013 *	20,000,000.00	Saraspur Nagarik Co-Operative Bank Limited	1, Darshan Society, Navrangpura, Ahmedabad, Gujarat - 380009, India	B78733151

*Date of modification Charges

FIXED ASSETS:

· Shed Construction

· Office Building

· Furniture and Fixture

· Air Conditioner

· Electrification

· Machinery

· Crane

· Vehicle

· R.O. System

· Mobile

· Welding Machine

· Television

· Water Cooler

· Office Equipment

· Computer

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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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	YES
--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.