MIRA INFORM REPORT

Report Date :

28.07.2011

IDENTIFICATION DETAILS

Name :	FUJI TECHNICAL SERVICES PRIVATE LIMITED
Registered Office :	403 Sai Sangam Sector-15 CBD, Belapur, Navi Mumbai – 400 614, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.05.1989
Com. Reg. No.:	051856
Capital Investment / Paid-up Capital :	Rs. 0.997 Millions
CIN No.: [Company Identification No.]	U74140MH1989PTC051856
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of consultancy services
No. of Employees :	12 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 200308
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION DECLINED BY

Name :	Mr. Bharat Bhushan
Designation :	Director
Date :	27.07.2011

LOCATIONS

Registered Office / Corporate Office :	403 Sai Sangam Sector-15 CBD, Belapur, Navi Mumbai – 400 614, Maharashtra, India
Tel. No.:	91-22-27577828 /29, 27577638
Fax No.:	91-22-27576836
E-Mail :	fuji@vsnl.com
Website :	http://fujitech.net fuji@fujitech.net
Branch Office:	PB 42820, Lob 22-g-08, Hamriyah Free Zone, Sharjah, UAE
Tel. No.:	971-6-5262170
Liaison Office:	Bengaluru 36/13/1-A, Saikripa, 4^th Main Road, BEML Layout, IIPL Road, Brookfield Thumbana Halli, Bengaluru 560066, Karnataka, India Delhi 1^st Floor, S-513, School Block, Vikas Marg, Delhi 110092, India Tel. No.: 91-11-22482726 Email: rsyadav@fujitech.net Varanasi N-9/87D-100, Janki Nagar, PO Bajardiha, Varanasi 221109, Uttar Pradesh, India

DIRECTORS

AS ON 06.09.2010

Name :	Mr. Bharat Bhushan Sharma
Designation :	Director
Address :	8 Shiv Vaibhev Asalpha, Ghatkopar (West), Mumbai – 400 084, Maharashtra, India
Date of Birth/Age :	10.03.1968
Date of Appointment :	04.09.2006
Name :	Mr. Haridasan Mathilakath
Designation :	Director
Address :	A -6, Sree Parvathy aparts, Perumbotta Road, Elamakkara, Kochi – 682 026, Kerala, India
Date of Birth/Age :	30.11.1946
Date of Appointment :	24.05.1989
Name :	Mr. Haridas Kanakam
Designation :	Director
Address :	A -6, Sree Parvathy aparts, Perumbotta Road, Elamakkara, Kochi – 682 026, Kerala, India
Date of Birth/Age :	01.01.1992
Date of Appointment :	01.02.1949
Name :	Mr. Gopalan Nair
Designation :	Director
Address :	B - 404, Ahuja Towers, Sector-19A, Nerul, Navi Mumbai – 400 706, Maharashtra, India
Date of Birth/Age :	18.10.1966
Date of Appointment :	01.11.1993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.09.2010

Names of Shareholders	No. of Shares
Mr. Haridasan Mathilakath	3030
Mr. Haridas Kanakam	3070
Mr. Gopalan Nair	1850
Mrs. Molly Thomas	50
Mrs. Asha Kesavan	50
Mrs. Shanti Ramachandran	470
Mrs. Lakshmi Jayakumar	1300
Mrs. Geetha Ravindranath	50
Mr. Kallarot Govinda Pillai Sreekumar Nair	100
Total	9970

AS ON 06.09.2010

Category	Percentage
Directors or relatives of Directors	79.73
Other top fifty shareholders	20.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of consultancy services

ITC Code No.	Product Description
84099900	Mechanical Spares Parts
87110000	Operation and Maintenance of DG Sets
87110000	Service of DG Sets

GENERAL INFORMATION

Customers :

· Birla Corporation Limited

· Century Rayon and Textile Company Limited

· Cochin Shipyard Limited

· Diesel Locomotive Works, Varanasi

· Flex Industries Limited

· Grasim Industries Limited

· Gujarat Sidhee Cement Limited

· Hindustan Zinc Limited

· Indian Oil Corporation Limited

· Indian Rayon Industries

· Jk Cement Works

· J.K Lakshmi Cement Limited

· Jindal Polyfilms Limited

· Jsw Steels Limited

· Kerala State Electricity Board(Bdpp/Kdpp

· LNJ Group Of Companies

· Mazagaon Dockyard Limited

· MCC PTA India Corp Limited

· Nuclear Power Corporation Of India Limited

· ONGC Limited

· Reliance Industries Limited

· Sanghi Industries Limited

· Tata Motors Limited

· Tebma Shipyard Limited

· The Shipping Corporation Of India Limited

· Uflex Limited

No. of Employees :

12 Approximately

Bankers :

· Syndicate Bank, Kochi

· Indian Bank, Chembur

· ABN Amro Bank

· Kotak Mahindra Bank

· State Bank of India, Belapur

· Corporation Bank, kochi

· HDFC Bank

· Canara bank

· Chembur Main Branch, 70-A, Maharshi Dayanand Saraswati Marg, Chembur Main, Mumbai – 400 071, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Kotak Mahindar Prime Limited (secured by hypothecation of motor car )	0.371	0.000
Total	0.371	0.000

Banking Relations :
Auditors :
Name :	Mr. A R Divakar and Company Chartered Accountants
Address :	Shop No. 5, C Wing, Topiwala Building, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 06.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9970	Equity Shares	Rs.100/- each	Rs. 0.997 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		0.997	0.997	0.997
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.080	43.225	39.937
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.077	44.222	40.934
LOAN FUNDS
1] Secured Loans		0.371	0.000	0.182
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.371	0.000	0.182
DEFERRED TAX LIABILITIES		0.251	0.057	0.371
TOTAL		50.699	44.279	41.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.519	6.880	7.447
Capital work-in-progress		10.172	0.000	0.000
INVESTMENT		0.297	0.298	0.296
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.268	4.424	4.853
	Sundry Debtors	19.730	21.858	26.990
	Cash & Bank Balances	16.636	13.824	5.567
	Other Current Assets	0.000	0.000	13.924
	Loans & Advances	7.153	15.003	3.136
Total Current Assets		48.787	55.109	54.470
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.033	9.105	11.451
	Other Current Liabilities	4.697	2.170	0.000
	Provisions	3.346	6.733	9.275
Total Current Liabilities		16.076	18.008	20.726
Net Current Assets		32.711	37.101	33.744
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.699	44.279	41.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	46.627	25.130
		Services/Agency Fees/etc (Net)	47.079	48.378	94.814
		Other Income	3.946	3.250
		TOTAL (A)	97.652	76.758	94.814
Less	EXPENSES
		Material Consumed	30.643	16.393
		Operating and Other Expenses	56.631	53.405	85.114
		Net of Prior Period Items	0.000	0.015
		TOTAL (B)	87.274	69.813	85.114
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.378	6.945	9.700
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.378	6.945	9.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.971	0.884	NA
	PROFIT BEFORE TAX (E-F) (G)		9.407	6.061	9.700
Less	TAX (I)		3.074	2.483	3.660
	PROFIT AFTER TAX (G-I) (J)		6.333	3.578	6.040
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.293	35.270	29.916
Less	Excess / Short Provision for tax of Earlier years		0.011	0.057	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.632	0.264	0.453
		Dividend	0.398	0.199	0.199
		Tax on Dividend	0.068	0.035	0.034
	BALANCE CARRIED TO THE B/S		43.517	38.293	35.270
	IMPORTS
		Stores & Spares	27.320	9.901	NA
		Others	0.162	0.061	NA
	TOTAL IMPORTS		27.482	9.962	NA
	Earnings Per Share (Rs.)		634.12	353.11	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.48	4.66	31.55
Net Profit Margin (PBT/Sales)	(%)	20.17	24.11	NA
Return on Total Assets (PBT/Total Assets}	(%)	16.70	9.77	15.66
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.23
Debt Equity Ratio (Total Liability/Networth)		0.33	0.40	0.51
Current Ratio (Current Asset/Current Liability)		3.03	3.06	2.62

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	8.033	9.105	11.451

FIXED ASSETS:

· Office Premises

· Plant and Machinery

· Office Equipments

· Motor Car

· Furniture and Fixtures

· 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 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.43.94
UK Pound	1	Rs.72.12
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		52

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.