MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	SHREE KRISHNA FABRICATORS PRIVATE LIMITED
Registered Office :	A - 403, Raj Cresent Royal Complex, Eksar Road, Borivali [West], Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.12.1992
Com. Reg. No.:	11-069657
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29297MH1992PTC069657
TAN No.: [Tax Deduction & Collection Account No.]	MUMS05967D
PAN No.: [Permanent Account No.]	AAACS6164N
Legal Form :	Private Limited Liability Company
Line of Business :	Exporting, manufacturing and supplying of high pressure air blowers, pressure vessels, compressed pressure vessels, industrial compressed pressure vessels, volumetric compressed pressure vessels along.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba [46]

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

Maximum Credit Limit :	USD 39000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	A - 403, Raj Cresent Royal Complex, Eksar Road, Borivali [West], Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28621533
Fax No.:	Not Available
E-Mail :	ashardeepak@hotmail.com
Website :	http://www.sk-fab.com
Head Office / Factory :	Building No.2, Factory No.11, Agrawal Udyog Nagar, Sativali Road, Vasai Road (East), W. R. District, Thane – 401208, Maharashtra, India
Tel. No.:	91-250-2455726
Fax No.:	91-250-2455737
E-Mail :	sales@sk-fab.com skfabindia@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Kishor Vrajlal Ganatra

Designation :

Director

Address :

A - 403, Raj Cresent Royal Complex, Eksar Road, Borivali [West], Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

20.03.1956

Date of Appointment :

20.11.1992

DIN :

00384827

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	U29297MH1992PTC069657	SHREE KRISHNA FABRICATORS PRIVATE LIMITED	Director	20/11/1992	20/11/1992	Active	NO
2	U29110MH1995PTC090133	KAVERI PLANT AND MACHINERY PRIVATE LIMITED	Director	30/06/1995	30/06/1995	Active	NO

Name :

Mr. Ravi Kishor Ganatra

Designation :

Director

Address :

A - 403, Raj Cresent Royal Complex, Eksar Road, Borivali [West], Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

05.01.1986

Date of Appointment :

01.04.2009

DIN :

02611733

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	U29297MH1992PTC069657	SHREE KRISHNA FABRICATORS PRIVATE LIMITED	Director	1/4/2009	1/4/2009	-	Active	NO
2	U74900MH2010PTC207206	VODKA AMUSEMENT RIDES PRIVATE LIMITED	Director	28/08/2010	28/08/2010	17/09/2011	Active	NO
3	U40100CT2010PTC022162	Y3K VENTURES PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO

Name :

Mrs. Deepika Kishor Ganatra

Designation :

Director

Address :

A - 403, Raj Cresent Royal Complex, Eksar Road, Borivali [West], Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

11.06.1958

Date of Appointment :

01.04.2004

DIN :

00384833

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	U29110MH1995PTC090133	KAVERI PLANT AND MACHINERY PRIVATE LIMITED	Director	30/06/1995	30/06/1995	Active	NO
2	U29297MH1992PTC069657	SHREE KRISHNA FABRICATORS PRIVATE LIMITED	Director	1/4/2004	1/4/2004	Active	NO

Name :

Mr. Mangaldas Gokuldas Mashru

Designation :

Director

Address :

7, Industrial Apartments, Mandpeshwar Village, Dahisar – 400097, Maharashtra, India

Date of Birth/Age :

19.12.1926

Date of Appointment :

01.04.2007

DIN :

00384840

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kishor Vrajlal Ganatra	32280
Deepika Kishor Ganatra	9700
Ravi Kishor Ganatra	8020
Total	50000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporting, manufacturing and supplying of high pressure air blowers, pressure vessels, compressed pressure vessels, industrial compressed pressure vessels, volumetric compressed pressure vessels along.
Products :	Reactors Mixers Enzyme Reactors Pressure Vessels Gas induction Reactors Crystallisers / Evaporators Reboilers Distillation Units Distillation Columns Heat exchangers/ Condensers Separators / Receivers Storage Tanks Industrial Filters Plantery mixers / Sigma Mixers Ribbon Blenders Agitators Vacuum Tray Dryers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Bank

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks	1.315	0.944
From Others	4.014	21.219
From Directors / Managers	20.657	10.225
Total	25.986	32.388

Banking Relations :	--
Auditors :
Name :	Deepak Ashar and Associates Chartered Accountants
Address :	C – 8, Shivram Apartments, Ramchandra Lane, Malad West, Mumbai – 400064, Maharashtra, India
PAN :	AAAPA5229P

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs.0.500 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.344	7.208	3.783
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.844	7.708	4.283
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.321
2] Unsecured Loans		25.986	32.388	8.934
TOTAL BORROWING		25.986	32.388	9.255
DEFERRED TAX LIABILITIES		0.300	0.178	1.273
TOTAL		36.130	40.274	14.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.050	29.811	23.956
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.962	23.731	4.535
	Sundry Debtors	16.488	3.737	1.656
	Cash & Bank Balances	1.067	0.320	1.679
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.429	11.837	10.782
Total Current Assets		54.946	39.625	18.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.336	12.110	21.267
	Other Current Liabilities	22.138	15.714	5.697
	Provisions	1.392	1.338	0.833
Total Current Liabilities		47.866	29.162	27.797
Net Current Assets		7.080	10.463	[9.145]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.130	40.274	14.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	126.210	94.841	124.406
		Other Income	0.304	0.540	0.214
		TOTAL	126.514	95.381	124.620
Less	EXPENSES
		Office Expenses
		Administrative Expenses	122.350	91.235	121.649
		Advertising Expenses
		TOTAL	122.350	91.235	121.649
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		4.164	4.146	2.971
Less/ Add	DEPRECIATION/ AMORTISATION		1.166	1.204	1.029
	PROFIT / [LOSS] BEFORE TAX		2.998	2.942	1.942
Less	TAX		0.860	0.485	0.591
	PROFIT / [LOSS] AFTER TAX		2.138	3.427	1.351
Less	Short Provision for tax		0.002	0.002	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.208	3.783	2.432
	BALANCE CARRIED TO THE B/S		9.344	7.208	3.783
	EARNINGS IN FOREIGN CURRENCY		9.258	NA	NA
	Earnings/[Loss] Per Share (Rs.)		45.21	-	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.69	3.59	1.08
Net Profit Margin (PBT/Sales)	(%)	2.37	3.10	1.56
Return on Total Assets (PBT/Total Assets}	(%)	3.57	4.24	4.56
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.45
Debt Equity Ratio (Total Liability/Networth)		7.50	7.98	8.65
Current Ratio (Current Asset/Current Liability)		1.15	1.36	0.67

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS :

§ Building

§ Plant and Machinery

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Electrical Installations

§ Vehicles

§ Air Conditioner

§ Ownership Flat

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] 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.53.26
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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
TOTAL		46

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.