MIRA INFORM REPORT

Report No. :	344459
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	PROFIVE ENGINEERING PRIVATE LIMITED
Registered Office :	FL No- 3D/9, Garden City, Phase I/A, S. No 109/110, Warje, Pune – 411052, Maharashtra
Tel. No.:	91-20-25218019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.2010
Com. Reg. No.:	11-136452
Capital Investment / Paid-up Capital :	Rs.4.000 Million
CIN No.: [Company Identification No.]	U29100PN2010PTC136452
IEC No.:	3110010411
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCP5087J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of ferrous and non-ferrous metals, alloys and tools.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 69000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2010 having satisfactory track. It is engaged in the business as manufacturer of ferrous and non-ferrous metals, alloys and tools. Turnover and profit of the company has declined during FY 2014. However, networth position of the company is satisfactory. Liquidity of the company is fair. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported slow but correct. The company can be considered normal for business dealings 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 – 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 PARTED BY

Name :	Mr. Manik Daware
Designation :	Director
Contact No.:	91-9822651325
Date :	09.10.2015

LOCATIONS

Registered Office :	FL No- 3D/9, Garden City, Phase I/A, S. No 109/110, Warje, Pune – 411052, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9822651325 (Mr. Manik) 91-9881201823 (Mr. Deepak)
Fax No.:	Not Available
E-Mail :	manik_daware@yahoo.co.in
Location :	Owned
Locality :	Industrial
Factory :	Gat No 171/1/2, Chimbali Phata, Opposite Pune Nashik Highway, Pune – 410501, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Deepak Kisan Targe
Designation :	Director
Address :	G-12,Vishal Gardens, Shikrapur Road, A/P-Chakan, Tal-Khed, Pune - 410501, Maharashtra, India
Date of Birth/Age :	07.09.1976
Date of Appointment :	01.06.2010
DIN No.:	03033253
Name :	Mr. Manik Balchand Daware
Designation :	Director
Address :	FL No-3D/9, Garden City Phase I/A S No 109/110, Warje, Pune - 411052, Maharashtra, India
Date of Birth/Age :	20.06.1975
Date of Appointment :	01.06.2010
DIN No.:	03033736
Name :	Mrs. Yogita Manik Daware
Designation :	Director
Address :	12A, Geetanjali Society, Near Rajyog Society, Warje, Pune - 411052, Maharashtra, India
Date of Birth/Age :	19.01.1976
Date of Appointment :	01.06.2010
DIN No.:	03037269

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Manik Balchand Daware	265700	66.43
Deepak Kisan Targe	46300	11.58
Yogita Manik Daware	88000	22.00
Total	400000	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 :	Manufacturer of ferrous and non-ferrous metals, alloys and tools.
Products :	Ferrous and Non-Ferrous Metals Alloys and Tools
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Cash, Credit (30 / 60 / 90 Days)
Purchasing :	Cash, Credit (30 / 60 / 90 Days)

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 :

50 (Approximately)

Bankers :

Banker Name :	Punjab National Bank
Branch :	Kothrud Branch, Anantkrupa Society, Paud Road, Kothrud,, Pune - 411038, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term Loans -From Banks
Punjab National Bank T/L-1	3.010	5.384
Punjab National Bank T/L-2	1.141	1.940
Electronica Finance Limited	3.475	0.000
Short Term Borrowings
Loans repayable on demand
Working Capital
Cash credit from the Panjab National Bank	13.863	5.368
Total	21.489	12.692

Auditors :
Name :	C A H and Associates Chartered Accountants
Address :	5 Gokulesh Apartment 1263/2 M Road Pune, Deccan Gymkhana, Pune – 411004, Maharashtra, India
PAN No.:	AAGFC3658N
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 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	4.000	4.000	2.000
(b) Reserves & Surplus	19.999	14.603	5.329
(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)	23.999	18.603	7.329
(3) Non-Current Liabilities
(a) long-term borrowings	10.546	7.928	12.641
(b) Deferred tax liabilities (Net)	2.257	1.567	1.191
(c) Other long term liabilities	2.156	2.392	0.770
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.959	11.887	14.602
(4) Current Liabilities
(a) Short term borrowings	13.863	5.368	5.962
(b) Trade payables	25.354	21.687	11.456
(c) Other current liabilities	2.757	1.811	1.733
(d) Short-term provisions	5.856	5.326	1.696
Total Current Liabilities (4)	47.830	34.192	20.847
TOTAL	86.788	64.682	42.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.329	18.123	15.795
(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	2.522	1.299	0.624
(e) Other Non-current assets	0.031	0.062	0.093
Total Non-Current Assets	31.882	19.484	16.512
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.955	8.805	8.146
(c) Trade receivables	22.772	29.362	16.051
(d) Cash and cash equivalents	2.056	1.539	0.636
(e) Short-term loans and advances	10.123	5.492	1.433
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	54.906	45.198	26.266
TOTAL	86.788	64.682	42.778

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	92.839	122.938	60.624
		[Due to market down]
Less	TOTAL EXPENSES	86.222	109.212	53.653
	PROFIT/(LOSS) BEFORE TAX	6.617	13.726	6.971
Less	TAX	1.221	4.451	2.421
	PROFIT/(LOSS) AFTER TAX	5.396	9.275	4.550
	Earnings Per Share (Rs.)	13.49	--	--

Particulars	31.03.2015
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Manik

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
Return on Total Assets (PBT/Total Assets)	(%)	7.62	21.22	16.30
Return on Investment (ROI) (PBT/Networth)		0.28	0.74	0.95
Debt Equity Ratio (Total Debt /Networth)		1.02	0.71	2.54
Current Ratio (Current Asset/Current Liability)		1.15	1.32	1.26

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	2.000	4.000	4.000
Reserves & Surplus	5.329	14.603	19.999
Net worth	7.329	18.603	23.999
long-term borrowings	12.641	7.928	10.546
Short term borrowings	5.962	5.368	13.863
Total borrowings	18.603	13.296	24.409
Debt/Equity ratio	2.538	0.715	1.017

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	60.624	122.938	92.839
		102.788	(24.483)

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	60.624	122.938	92.839
Profit	4.550	9.275	5.396
	7.51%	7.54%	5.81%

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	No
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%	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF BUSINESS OPERATIONS:

Financials and Profitability

The operating income of the company was Rs. 89.668 million as against Rs. 120.805 million in the previous year and the profit after tax was Rs. 5.396 million as against Rs. 9.275 million in the previous year.

The profitability was driven by the following factors:

‐ Positioning the Company with a well‐drafted sales strategy thereby leveraging its core competencies. This led to an improved order book and expansion of sales outline;

‐ Undertaking various cost cutting and improvement initiatives;

‐ Hiring of fresh talent to drive the productivity and sales.

Business Outlook

The Company is witnessing a positive momentum in the business and sees huge market opportunities in the segments it operates.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from
Related parties	2.920	0.604
Total	2.920	0.604

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10594965	19/08/2015	7,500,000.00	PUNJAB NATIONAL BANK	KOTHRUD BR. 11/12, NAV SWARAJ CHS LTD., IDEAL COLONY, PAUD ROAD,, PUNE, MAHARASHTRA - 411038, INDIA	C66198060
2	10504214	05/03/2014	19,000,000.00	PUNJAB NATIONAL BANK	KOTHRUD BR. 11/12, NAV SWARAJ CHS LTD., IDEAL COLONY,PAUD ROAD, KOTHRUD,, PUNE, MAHARASHTRA - 411038, INDIA	C07338833
3	10439241	29/07/2013	3,943,512.00	ELECTRONICA FINANCE LIMITED	128/A, PLOT NO.3,KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	B80519358
4	10250259	21/07/2014 *	39,000,000.00	PUNJAB NATIONAL BANK	KOTHRUD BR. 11/12, NAV SWARAJ CHS LTD., IDEAL COLONY, PAUD ROAD,, PUNE, MAHARASHTRA - 411038, INDIA	C23074909

*Date of modification Charges

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Computer and Printer

· Furniture and Fixture

· Vehicles

· Land

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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.