MIRA INFORM REPORT

Report No. :	342873
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	SNOWDROP ENGINEERING PRIVATE LIMITED
Registered Office :	15/72, Ashray MHG Complex, Bandra Reclamation Bandra – West, Mumbai – 400050, Maharashtra
Tel. No.:	91-22-64527953
Country :	India
Financials (as on) :	30.03.2011
Date of Incorporation :	06.06.1996
Com. Reg. No.:	11-100053
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U51900MH1996PTC100053
IEC No.:	0398016810
TAN No.: [Tax Deduction & Collection Account No.]	MUMS47054A
PAN No.: [Permanent Account No.]	AACCS1605C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Forged Steel Flanges.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1996 having moderate track. Management of the company has not filed its financial with the government department after the year 2011. Mr. Krishan Lal Dhingra (Director) provided information and also provided financials for the year 2014 as Rs. 60.000 Million, 2015 as Rs. 100.000 Million and expected 2016 as Rs. 150.000 Million. However financials could not be verified. Payments are unknown. The company can be considered for business dealings on safe and secured trade terms and conditions in view non-availability of latest financials.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Krishan Dhingra
Designation :	Director
Contact No.:	91-22-64527953
Date :	30.09.2015

LOCATIONS

Registered Office :	15/72, Ashray MHG Complex, Bandra Reclamation Bandra – West, Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-64527953
Mobile No.:	91-9820060323 (Mr. Krishan Dhingra)
Fax No.:	91-22-26556955
E-Mail :	info@snowdropipl.com
Website :	http://www.snowdropipl.com
Location :	Owned
Locality :	Residential
Factory :	Plot No. 15, Atgaon, Taluka Shahpur, Dist. Thane – 421601, Maharashtra, India
Tel. No.:	91-2527-240237
Fax No.:	91-2527-240236
Administrative Office :	Office No. 82, Elco Arcade, 1^st Floor, 46 Hill Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Locality:	Commerical

DIRECTORS

AS ON 30.09.2011

Name :

Gaurav Krishan Lal Dhingra

Designation :

Director

Address :

15/71 MHB Complex, Bandra West Reclamation, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

16.12.1978

Date of Appointment :

28.09.1999

DIN No.:

00514046

Name :

Krishan Lal Dhingra

Designation :

Director

Address :

15/71 MHB Complex, Bandra West Reclamation, Mumbai – 400050, Maharashtra, India

Date of Appointment :

06.12.1996

DIN No.:

00514157

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	U51900MH1996PTC100053	SNOWDROP ENGINEERING PRIVATE LIMITED	Director	06/12/1996	06/12/1996	-	Active	NO
2	U65990MH1995PTC093769	ACQUITOR FINANCIAL SERVICES PRIVATE LIMITED	Director	16/01/2004	16/01/2004	23/03/2009	Active	NO
3	U51900WB1955NPL022644	EEPC INDIA	Director	27/09/2013	27/09/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Gaurav Krishan Lal Dhingra	10000
Krishan Lal Dhingra	30000
Total	40000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Forged Steel Flanges.
Products :	Forged Steel Flanges
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Dubai South Africa Latin America Saudi Arabia European Countries UAE Mexico
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Rajputana Steel Private Limited
Name of the Person :	Mr. Shankar
Contact No.:	91-937446800
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	C R A Trading Company – Dubai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Elco Arcade Hill Road, Bandra (West), Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Deshpande
Contact Number	91-22-26451989
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 :	Sekhri Kanodia and Associates Chartered Accountants
Address :	B-202, Shakti Sadan, Khernagar, Bandra (East), Mumbai – 400051, Maharashtra, India
PAN No.:	AANFS8529B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	G. R. Engineers

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs. 0.900 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs. 0.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.400	0.400	0.400
2] Share Application Money		0.500	0.500	0.000
3] Reserves & Surplus		23.329	22.948	22.487
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.229	23.848	22.887
LOAN FUNDS
1] Secured Loans		5.257	13.250	0.721
2] Unsecured Loans		0.373	0.185	2.458
TOTAL BORROWING		5.630	13.435	3.179
DEFERRED TAX LIABILITIES		0.364	0.505	0.501
TOTAL		30.223	37.788	26.567
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.779	3.504	3.475
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		22.025	22.777	22.687
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2.832	21.619	0.703
	Cash & Bank Balances	3.489	4.496	8.711
	Other Current Assets	0.048	0.460	0.000
	Loans & Advances	4.335	4.379	4.066
Total Current Assets		10.704	30.954	13.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	4.460	16.524	10.171
	Provisions	1.825	2.923	2.904
Total Current Liabilities		6.285	19.447	13.075
Net Current Assets		4.419	11.507	0.405
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.223	37.788	26.567

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	TOTAL	NA	NA
Less	EXPENSES	NA	NA
	PROFIT BEFORE TAX	0.726	0.652
Less	TAX	0.265	0.283
	PROFIT AFTER TAX	0.461	0.369
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	22.487	22.118
	BALANCE CARRIED TO THE B/S	22.948	22.487
	Earnings Per Share (Rs.)	11.53	0.56

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	100.000	60.000

Expected Sales (2015-16): Rs. 150.000 Million

The above information has been parted by Mr. Krishan Dhingra (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2011	31.03.2010	31.03.2009
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.31	160.98
Return on Investment (ROI) (PBT/Networth)		NA	0.03	0.03
Debt Equity Ratio (Total Debt /Networth)		0.23	0.56	0.14
Current Ratio (Current Asset/Current Liability)		1.70	2.69	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.400	0.400	0.400
Reserves & Surplus	22.487	22.948	23.329
Share Application money pending allotment	0.000	0.500	0.500
Net worth	22.887	23.848	24.229
long-term borrowings	0.721	13.250	5.257
Short term borrowings	2.458	0.185	0.373
Total borrowings	3.179	13.435	5.630
Debt/Equity ratio	0.139	0.563	0.232

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 15/71, Ashray MHG Complex, Bandra Reclamation, Bandra West, Mumbai – 400050, Maharashtra, India to the present address w.e.f. 25.04.2011.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10257304	11/10/2010	21,000,000.00	BANK OF INDIA	R.N. Marg, (Bandra Branch), Geetaneel Arcade,, 1s  t Floor, 85-Hill Road, Bandra (West), Mumbai, Maha  rashtra - 400050, INDIA	B00276360
2	90141321	14/07/2006 *	15,000,000.00	BANK OF INDIA	HILL ROAD BR., MUMBAI, Maharashtra - 400050, INDIA	-
3	90141314	30/06/2004	15,000,000.00	BANK OF INDIA	HILL ROAD BRNACH, BANDRA, MUMBAI, Maharashtra, IN  DIA	-
4	90141041	28/08/2002	12,500,000.00	BANK OF INDIA	HILL ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-
5	90242367	03/06/2002	15,000,000.00	BANK OF INDIA	HILL ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-
6	90140966	28/11/2003 *	5,000,000.00	BANK OF INDIA	HILL ROAD BRNACH, BANDRA, MUMBAI, Maharashtra, IN  DIA	-
7	90240828	14/07/2006 *	5,000,000.00	BANK OF INDIA	HILL ROAD BR., MUMBAI, Maharashtra - 400050, INDIA	-
8	90140936	23/08/2002 *	5,000,000.00	BANK OF INDIA	HILL ROAD BRNACH, MUMBAI, Maharashtra, INDIA	-
9	90240811	23/08/2002 *	5,000,000.00	BANK OF INDIA	HILL ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

• Fax Machine
• Mobile
• Furniture and Fittings
• Computer and Peripherals
• Factory at Atgoan
• Television
• Office Equipment
• Cycle

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. 66.18
UK Pound	1	Rs. 100.46
Euro	1	Rs. 74.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.