MIRA INFORM REPORT

Report No. :	346715
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	MEEKA MACHINERY PRIVATE LIMITED
Registered Office :	3822/B, Phase-IV ,GIDC, Vatva, Ahmedabad – 382445, Gujarat
Tel. No.:	91-79-25840951
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.11.1992
Com. Reg. No.:	04-018515
Capital Investment / Paid-up Capital :	Rs.4.953 Million
CIN No.: [Company Identification No.]	U29199GJ1992PTC018515
IEC No.:	0898005060
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCM0595J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Material handling equipment such as Overhead cranes, Flame proof cranes, Hoists.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Private Limited company incorporated on 2^nd November, 1992. It is an established company having a satisfactory track record. The rating is constrained on company’s sharp decline sales turnover and profit for the FY14 as compared from its previous FY13. However, rating takes consideration on company established track record along with satisfactory financial risk profile with comfortable capital structure and debt protection metrics. Trade relations are fair. Business is active. Payment terms are slow but correct. In view of experienced promoter and strong cliental base, the company can be considered 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

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 DENIED

Management non-cooperative (91-79-25840951)

LOCATIONS

Registered Office/ Factory :	3822/B, Phase-IV ,GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25840951
Fax No.:	91-79-25840951
E-Mail :	dvshah_associates@yahoo.in

DIRECTORS

As on 30.09.2014

Name :	Mrs. Meenaben Dineshbhai Garg
Designation :	Director
Address :	285, Satyagruh Chhavni, Opposite ISRO , Jodhupur, Ahmedabad- 380015, Gujarat, India
Date of Birth/Age :	03.07.1949
Date of Appointment :	02.11.1992
DIN No.:	01551161
Name :	Mr. Bhavin Dineshkumar Garg
Designation :	Director
Address :	285, Satyagruh Chhavni, Opposite ISRO , Jodhupur, Ahmedabad- 380015, Gujarat, India
Date of Birth/Age :	02.11.1981
Date of Appointment :	03.08.2010
DIN No.:	02423497

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Meenaben Dineshbhai Garg	103700
Dhiraben Bhavinbahi Garg	13500
Goral C. Parikh	90000
Bipinbahi Kotadia	5000
Mahendra Tekchand Garg	2000
Daminiben Bankimbahi Bhatt	200
Sharad Kumudchandra Trvedi	200
Nilesh Narenra Garg	5200
Sanjay Kumudchandra Trivedi	14000
Yatinbahi Chandrashankar Vyas	2500
Dinesh T. Garg (HUF)	25000
Bhavin D. Garg	221000
Chintan Subhashbhai Parikh	13000
Total	495300

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Material handling equipment such as Overhead cranes, Flame proof cranes, Hoists.
Products :	Single Grider Cranes Double Girder Cranes Gantry Cranes Jib Cranes Wire Rope Hoists Cage Hoists Overhead cranes Flame proof cranes
Brand Names :	Not Available
Agencies Held :	Not Available
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	Bank of Baroda
Branch	Vatva Industrial Estate Branch Ahmedabad - 382445, Gujarat, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from banks	2.321	1.587
Short-term borrowings
Loans repayable on demand
Working capital loans banks	27.573	17.921
Total	29.894	19.508

Auditors :
Name :	D.V.Shah and Associates Chartered Accountants
Address :	81/1, Government “H” Colony, Near Nehrunagar Circle, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26309291/92
E-Mail :	dvshah_associates@yahoo.in
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD3775G
Memberships :	--
Collaborators :	--
Other Related Parties :	Shreetj trade link Apex Industries Apex Lubricants Private Limited M.D. Enterprise Aarnav Engineering

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 4.953 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
495,300	Equity Shares	Rs.10/- each	Rs. 4.953 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	4.953	4.953	4.953
(b) Reserves & Surplus	27.896	26.770	22.805
(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)	32.849	31.723	27.758
(3) Non-Current Liabilities
(a) long-term borrowings	14.685	27.417	25.075
(b) Deferred tax liabilities (Net)	0.602	0.620	0.606
(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)	15.287	28.037	25.681
(4) Current Liabilities
(a) Short term borrowings	27.573	17.921	15.168
(b) Trade payables	9.054	9.983	22.989
(c) Other current liabilities	27.725	6.963	6.563
(d) Short-term provisions	0.685	0.456	0.331
Total Current Liabilities (4)	65.037	35.323	45.051
TOTAL	113.173	95.083	98.490
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.198	14.717	12.760
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.957	1.482	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	0.109	0.109	0.063
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.264	16.308	12.823
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	36.238	29.980	44.713
(c) Trade receivables	43.964	44.974	36.580
(d) Cash and cash equivalents	3.549	2.519	2.463
(e) Short-term loans and advances	3.158	1.302	1.599
(f) Other current assets	0.000	0.000	0.312
Total Current Assets	86.909	78.775	85.667
TOTAL	113.173	95.083	98.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	68.706	132.997
		Other Income	0.214	0.413
		TOTAL (A)	68.920	133.410	87.624
Less	EXPENSES
		TOTAL (B)	60.497	121.449	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.423	11.961
Less	FINANCIAL EXPENSES (D)		5.771	5.265
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.652	6.696	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.068	0.908
	PROFIT BEFORE TAX (E-F) (G)		1.584	5.788
Less	TAX (H)		0.457	1.822
	PROFIT AFTER TAX (G-H) (I)		1.127	3.966	3.057
	Earnings Per Share (Rs.)		2.27	8.01	6.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	17.886	2.609	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.64	2.98	NA
Operating Profit Margin (PBIDT/Sales)	(%)	12.26	8.99	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.56	6.18	NA
Return on Investment (ROI) (PBT/Networth)		0.05	0.18	NA
Debt Equity Ratio (Total Debt /Networth)		1.83	1.51	1.45
Current Ratio (Current Asset/Current Liability)		1.34	2.23	1.90

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	4.953	4.953	4.953
Reserves & Surplus	22.805	26.770	27.896
Net worth	27.758	31.723	32.849
long-term borrowings	25.075	27.417	14.685
Short term borrowings	15.168	17.921	27.573
Current maturities of long-term debts	0.000	2.609	17.886
Total borrowings	40.243	47.947	60.144
Debt/Equity ratio	1.450	1.511	1.831

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	87.624	133.410	68.920
		52.253	(48.340)

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	87.624	133.410	68.920
Profit	3.057	3.966	1.127
	3.49%	2.97%	1.64%

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	No
8]	Designation of contact person	No
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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	9.369	6.549
Other loans and advances	20.881	21.890
Less : Current Maturities of Long term debt	(17.886)	(2.609)
Total	12.364	25.830

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90099574	16/10/2002	2,500,000.00	BANK OF BARODA	VATVA I. E. BRANCH, VATVA, AHMEDABAD, Gujarat, INDIA	-
2	90096589	24/07/2005 *	5,140,000.00	BANK OF BARODA	VATVA I. E., VATVA, AHMEDABAD, Gujarat, INDIA	-
3	90098790	24/03/2015 *	74,523,000.00	Bank Of Baroda	Vatva Industrial Estate Branch, Vatva, Ahmedabad,  Gujarat - 382445, INDIA	C47723903

FIXED ASSETS

• Land
• Vehicle
• Furniture and fixture
• Plant and machinery
• 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.63.38
UK Pound	1	Rs.99.13
Euro	1	Rs.69.68

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	JYTK

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	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		42

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.