MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	PATVIN ENGINEERING PRIVATE LIMITED
Registered Office :	1055, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla, Mumbai-400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.01.2000
Com. Reg. No.:	11-123573
Capital Investment / Paid-up Capital :	Rs.19.904 Millions
CIN No.: [Company Identification No.]	U28920MH2000PTC123573
TAN No.: [Tax Deduction & Collection Account No.]	MUMP17812E/ MUMP16057G
PAN No.: [Permanent Account No.]	AACCP1737G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Paint Finishing and Fluid Handling Systems.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

INFORMATION DECLINED BY

Name :	Ms. Latha Nair
Designation :	Head of Accounts
Date :	01.12.2011

LOCATIONS

Registered Office :	1055, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-23061367
Fax No.:	91-22-27780311
E-Mail :	latha_nair@patvin.co.in gavin_dcosta@pavin.co.in sales@patvin.co.in patvin@patvin.co.in service@patvin.co.in logistics@patvin.co.in
Website :	http://www.patvin.co.in http://www.patuin.co.in
Area :	1800 sq. ft.
Location :	Owned
Head Office :	106, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla (West), Mumbai – 400011, Maharashtra, India
	91-22-23061367/ 1544/ 23095466/ 5475
	91-22-23060250
Factory 1 :	W-193, TTC Industrial Area, Khairane, Navi Mumbai – 400709, Maharashtra, India
Tel. No.:	91-22-27780310
Fax No.:	91-22-27780311
Area :	24000 sq. ft.
Location :	Owned
Factory 2 :	Located at: · Chennai Branch
Area :	400 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Ivan D’Costa

Designation :

Whole Time Director

Address :

301, Anchorage, Central Avenue Roadl, Near Ambedkar Garden, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

07.01.1946

Qualification :

B.E

Date of Appointment :

10.01.2000

Date of Ceasing :

12.7.2011

DIN No.:

02982050

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28920MH2000PTC123573	PATVIN ENGINEERING PRIVATE LIMITED	Director	10/1/2000	10/1/2000	12/7/2011	Active	NO
2	U28129MH1985PTC035406	SIDMA ENGINEERING PRIVATE LIMITED	Additional director	9/5/2011	9/5/2011	12/7/2011	Active	NO

Name :

Mr. Gavin D’Costa

Designation :

Whole Time Director

Address :

302, Cadell Plazal, Cadell Roadl, Near Kirti College Junction, Prabhadevi, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

05.04.1975

Qualification :

B.E

Date of Appointment :

01.01.2000

DIN No.:

00182024

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28920MH2000PTC123573	PATVIN ENGINEERING PRIVATE LIMITED	Whole-time director	10/1/2000	10/1/2000	Active	NO
2	U28129MH1985PTC035406	SIDMA ENGINEERING PRIVATE LIMITED	Director	30/09/2011	9/5/2011	Active	NO

Name :

Mr. Patrica D’Costa

Designation :

Whole Time Director

Address :

301, Anchorage, Central Avenue Roadl, Near Ambedkar Garden, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

09.10.1951

Qualification :

B.A

Date of Appointment :

10.01.2000

DIN No.:

02982053

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28920MH2000PTC123573	PATVIN ENGINEERING PRIVATE LIMITED	Director	10/1/2000	10/1/2000	Active	NO
2	U28129MH1985PTC035406	SIDMA ENGINEERING PRIVATE LIMITED	Director	30/09/2011	9/5/2011	Active	NO

Name :

Ms. Gina I D’Costa

Designation :

Director

Address :

301, Anchorage, Central Avenue Roadl, Near Ambedkar Garden, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

09.04.1981

Date of Appointment :

10.01.2000

Date of Ceasing :

02.09.2011

DIN No.:

00182066

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28920MH2000PTC123573	PATVIN ENGINEERING PRIVATE LIMITED	Director	10/1/2000	10/1/2000	2/9/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Latha Nair
Designation :	Head of Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Ivan D’costa	665100
Patrica D’Costa	660100
Gina D’Costa	100
Gavin D’Costa	665100
Total	1990400

(AS ON 30.09.2010)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Importer of Paint Finishing and Fluid Handling Systems.

GENERAL INFORMATION

No. of Employees :

90 (Approximately)

Bankers :

· Citizen Credit Co-Operative Bank Limited,

Byculla Branch, St. Mary’s Extension, Nesbit Road, Mazgaon, Mumbai-400010, Maharashtra, India

· HDFC Bank

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Citizen Credit Co-Operative Bank Limited	0.037	--
HDFC Bank – Car Loan	--	0.107
Total	0.037	0.107
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Loan from Directors	3.438	--
Patvin Corporation	--	10.447
Total	3.438	10.447

Banking Relations :	--
Auditors :
Name :	S.P. Desai and Company Chartered Accountant
Address :	Flat No. 110, 2^nd Floor, Building No. 3, Sion Koliwada, Mumbai-400022, Maharashtra, India
PAN No.:	AAAPD4259L

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1990400	Equity Shares	Rs.10/- each	Rs.19.904 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.904	19.904	19.904
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.808	7.751	5.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.712	27.655	25.314
LOAN FUNDS
1] Secured Loans		0.037	0.107	19.428
2] Unsecured Loans		3.438	10.447	15.180
TOTAL BORROWING		3.475	10.554	34.608
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.187	38.209	59.922
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.279	43.048	24.527
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.497	11.131	10.771
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.468	27.902	13.752
	Sundry Debtors	141.145	138.259	49.775
	Cash & Bank Balances	15.672	11.322	35.721
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.108	8.351	7.177
Total Current Assets		216.393	185.834	106.425
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	198.457	150.570	59.188
	Other Current Liabilities	2.120	0.949	(0.823)
	Provisions	32.405	50.285	23.436
Total Current Liabilities		232.982	201.804	81.801
Net Current Assets		(16.589)	(15.970)	24.624
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.187	38.209	59.922

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	TURNOVER	466.609	464.219	247.088
	PROFIT BEFORE TAX	12.971	5.568	8.751
Less	TAX	2.915	3.227	3.283
	PROFIT AFTER TAX	10.056	2.341	5.468
	Earnings Per Share (Rs.)	5.05	1.18	2.75

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	4.96	2.43	6.68
Return on Investment (ROI) (PBT/Networth)		0.34	0.20	0.35
Debt Equity Ratio (Total Liability/Networth)		6.27	7.68	4.60
Current Ratio (Current Asset/Current Liability)		0.93	0.92	1.30

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	195.411	148.376	58.022
Sundry Creditors for Expenses	3.046	2.194	1.166
Total	198.457	150.570	59.188

OPERATIONS

The turnover for the year is Rs.466.609 Millions as compared to Rs.464.219 Millions in propose any dividend.

Bankers Charges Report as per Registry

Name of the company	PATVIN ENGINEERING PRIVATE LIMITED
Presented By	Mr. Ivan D’Costa
1) Date and description of instrument creating the change	Memorandum of Entry for Equitable Mortgage dated 11^th November 2004
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan Rs. 15.000 Millions Overdraft Rs. 5.000 Millions Total Rs. 20.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	W-193 (D), Trans Thane Creek Industrial Area, Village-Khairane, District Thane, office premises, comprising of two floors admeasuring 1089.89 sq. mtrs. To be built on the said premises.
4) Gist of the terms and conditions and extent and operation of the charge.	Term Loan Rs. 15.000 Millions repayable in 60 equal monthly installments to begin one month from the date of first disbursement Interest @ 11% p.a. (payable monthly) (At Bank’s P.L.R, subject to changes as per Bank’s Discreation.) Repayment of overdraft of Rs. 5.000 Millions on Demand, Facility to be made available for a period of 12 months subject to review thereafter Interest @ 11% p.a. (Payable monthly) (At Bank’s P.L.R. Subject to changes as per bank’s direction)
5) Name and Address and description of the person entitled to the charge.	Citizen Credit Co-Operative Bank Limited, Byculla Branch, St. Mary’s Extension, Nesbit Road, Mazgaon, Mumbai-400010, Maharashtra, India
6) Date and brief description of instrument modifying the charge	N.A
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A

Corporate identity number of the company	U28920MH2000PTC123573
Name of the company	PATVIN ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1055, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla, Mumbai-400011, Maharashtra, India gavin_dcosta@patvin.co.in
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	28.06.2011
Amount secured by the charge	Rs.45.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.45.000 Millions granted by bank including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Immovable Property being situated at Patvin House , W - 193 (D) , TTC Industrial Area , MIDC Khaime, Thane Belapur Road, Navi Mumbai - 400 079

FIXED ASSETS:

· Car

· Attendance Machine

· Computer

· Fax and Telephone Instruments

· Labelling Machine

· Land

· Tea and Coffee Maker

· Degital Systems

· Elevator

· Furniture and Fixtures

· Mobile Phone

· Plant and Machinery

· Telecommunication System

· Air Condition

· Building

· Fire Fighting System

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 records 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.51.65
UK Pound	1	Rs.81.06
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.