MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	ADAM FABRIWERK PRIVATE LIMITED
Formerly Known As :	MARVALD FABRIWERK PRIVATE LIMITED
Registered Office :	702, Tanishka Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.06.1982
Com. Reg. No.:	11-27517
Capital Investment / Paid-up Capital :	Rs.5.400 millions
CIN No.: [Company Identification No.]	U24231MH1982PTC027517
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21308A
PAN No.: [Permanent Account No.]	AAACA5697C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.
No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. 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 good for normal 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 PARTED BY

Name :	Mr. G. K. Kudalkar
Designation :	Accountant
Contact No.:	91-9820703095
Date :	09.06.2011

LOCATIONS

Registered Office :	702, Tanishka Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-61776700
Mobile No.:	91-9820703095 (Mr. Kudalkar)
Fax No.:	91-22-61776799
E-Mail :	adamfab@vsnl.com info@adamfabriwerk.com
Website :	http://www.adamfabriwerk.com
Area :	1500 Sq. Ft.
Location :	Owned
Factory :	D 6, MIDC, Ambad, Nashik, Maharashtra, India
Tel. No.:	91-253-6601021
Area :	2000 Sq. Meter
Location :	Leased

DIRECTORS

(AS ON 21.09.2010)

Name :	Mr. Waman Madhav Wagh
Designation :	Managing Director
Address :	B -307/ 308, Sierra Towers, Lokhandwala Township, Kandivali (East), Mumbai- 400101, Maharashtra, India
Date of Birth/Age :	26.09.1946
Date of Appointment :	24.06.1982
DIN No.:	00398753
Name :	Mr. Devidas Ramback Shirude
Designation :	Director
Address :	901/ B, Gardenia, Building No.2, Vasant Valley, Behind Dindoshi Depot, Malad (East), Mumbai – 400097, Maharashtra, India.
Date of Birth/Age :	05.06.1950
Date of Appointment :	24.06.1982
DIN No.:	00398588
Name :	Mr. Sanjay Ramback Shirude
Designation :	Director
Address :	Flat No.3, Shivthirth Park, New Pandit Colony, Sharanpur Road, Nashik – 422002, Maharashtra, India.
Date of Birth/Age :	11.01.1965
Date of Appointment :	30.04.1992
DIN No.:	00399000
Name :	Mr. Vishal Waman Wagh
Designation :	Whole Time Director
Address :	E – 1801/25, Whisper Ing Palms, Xxclusive, Lokhandwala Township, Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	19.11.1973
Date of Appointment :	01.07.2000
DIN No.:	00398886

KEY EXECUTIVES

Name :	Mr. G. K. Kudalkar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 22.09.2010)

Names of Shareholders	No. of Shares
W. M. Wagh	150000
A. W. Wagh	60000
V. W. Wagh	45000
M. W. Wagh	12000
Ameeta V. Wagh	2900
D. T. Shirude	150000
M. D. Shirude	60000
S. T. Shirude	27000
Pallavi P. Kapale	15000
Priti A. Naik	15000
Parag D. Shirude	2800
B. D. Desai	100
N. B. Desai	100
A. B. Desai	100
Total	540000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	99.70
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production
SS Tanks, Vessel Reactors, Receivers jacketed Vessel	119
Doublecone Blender Planetary / Mass Mixer	3
Liquid Mfg. Plant	Nil
Ointment Mfg. Plant	7
Custom Built Equipments CIP/ SIP Unit	21
Spares	48

GENERAL INFORMATION

Customers :

· Astra Zeneca

· Biological E

· Cipla

· Glaxo Smithkline

· Johnson and Johnson

· Novartis

· Pfizer

· Ranbaxy

· Serum Institute of India

· Wockhardt

No. of Employees :

115 (Approximately)

Bankers :

· Bank of Baroda

Pimpalgaon Bhaula Branch, Udyog Bhavan, 1^st Floor, MIDC, Satpur, Nashik – 422007, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010	31.03.2009
	(Rs. In millions)
From Bank of Baroda, Pimpalgoan, Bahula Br. Nashik (Maharashtra)
Cash Credit against Hypothecation of Stock (Facility given by Bank at Santacruz Branch, Mumbai)	11.097	7.725
Cash Credit against Hypothecation of Stock – In Trade, Stores and Spares parts (including Interest accrued and due)	11.479	7.494
Term Loan Against Mortgage Office	12.107	0.000
Term Loan II Against Mortgaged of New Factory Building at Nashik	30.254	0.000
Loan against Motor Car from ICICI Bank Limited	0.336	1.395
Temporary Loan from Bank of Baroda (Against FDR)	1.100	0.000
TOTAL	66.373	16.614

NOTE:

For the above Secured loans all the Directors of the company have given personal guarantee

UNSCURED LOAN	31.03.2010	31.03.2009
	(Rs. in millions)
From Shareholders	7.475	1.470
Balance in current account of Directors	6.770	0.045
TOTAL	14.245	1.515

Banking Relations :	--
Auditors :
Name :	Kothwade and Company Chartered Accountant
Address :	Jayanti Smruti, B-6 Aarti CHS, Amrutnagar, Ghatkopar (West), Mumbai- 400086, Maharashtra, India
Pan No.:	AABPK8500G
Associates/Subsidiaries (As on 31.03.2009):	· Vamp Engineering Private Limited Address : MMIDC Nashik Activities: Manufacturer of Machinery used for Pharmaceutical and Chemical industry.

CAPITAL STRUCTURE

(AS ON 21.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- Each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540000	Equity Shares	Rs.10/- Each	Rs.5.400 millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- Each	Rs.8.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540000	Equity Shares	Rs.10/- Each	Rs.5.400 millions
	(Previous year out of 5,40,000 Equity shares 3,60,000 Equity Shares are issued as Bonus shares)

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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.616	46.723	30.152
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.016	52.123	35.552
LOAN FUNDS
1] Secured Loans		66.373	16.614	15.956
2] Unsecured Loans		14.245	1.515	5.140
TOTAL BORROWING		80.618	18.129	21.096
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		158.634	70.252	56.648
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.104	41.383	26.529
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.821	0.105	0.125
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.586	21.904	20.371
	Sundry Debtors	66.036	55.212	44.472
	Cash & Bank Balances	12.757	11.649	10.685
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.434	23.274	15.785
Total Current Assets		164.813	112.039	91.313
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	48.880	33.141	33.279
	Other Current Liabilities	33.671	20.809	10.262
	Provisions	32.818	29.325	17.778
Total Current Liabilities		115.369	83.275	61.319
Net Current Assets		49.444	28.764	29.994
MISCELLANEOUS EXPENSES		0.265	0.000	0.000
TOTAL		158.634	70.252	56.648

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales, Labour Charges and Other Income	270.101	256.872	220.971
		Closing Stock	35.972	17.695	15.165
		TOTAL (A)	306.073	274.567	236.136
Less	EXPENSES
		Opening Stock	17.696	15.166	31.373
		Material Consumed	179.637	169.759	131.529
		Employees Remuneration and Benefits	13.789	12.064	10.213
		Manufacturing and Operating Expenses	12.603	12.046	10.318
		Administrative Expenses	16.243	12.539	13.808
		Loss on Investment	0.000	0.020	0.000
		TOTAL (B)	239.968	221.594	197.241
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.105	52.973	38.895
Less	FINANCIAL EXPENSES (D)		3.554	3.542	2.959
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		62.551	49.431	35.936
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.156	3.175	3.390
	PROFIT BEFORE TAX (E-F) (G)		59.395	46.256	32.546
Less	TAX (H)		17.410	16.662	11.460
	PROFIT AFTER TAX (G-H) (I)		41.985	29.594	21.086
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.210	1.101	0.332
Less	APPROPRIATIONS
		Transfer to General Reserve	24.000	17.500	14.000
		Dividend	13.500	10.800	5.400
		Tax on Dividend	2.294	1.835	0.917
		Loss in Transaction	0.000	0.350	0.000
	BALANCE CARRIED TO THE B/S		2.401	0.210	1.101
	Import Value		55.029	57.089	NA
	Export Value		33.271	45.858	NA
	Earnings Per Share (Rs.)		77.75	54.15	--

Particulars	31.03.2011
Sales Turnover (Approximately)	290.000

Expected Sales (2011-12): Rs.350.000 Millions

The above information has been parted by Mr. G. K. Kudalkar.

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.72	10.77	8.93
Return on Total Assets (PBT/Total Assets}	(%)	22.76	30.14	27.62
Return on Investment (ROI) (PBT/Networth)		0.76	0.88	0.92
Debt Equity Ratio (Total Liability/Networth)		2.51	1.94	1.72
Current Ratio (Current Asset/Current Liability)		1.43	1.34	1.49

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS - (RS. IN MILLIONS)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	45.793	30.932	30.522
Sundry Creditors for Expenses	2.072	2.042	1.480
Sundry Creditors for Others	1.015	0.167	1.277
Total	48.880	33.141	33.279

NOTE:

The Registered office of the company has been shifted from 103, Rajguru Apartments, New Nagardas Road, Andheri East, Mumbai- 400069, Maharashtra, India to the present address w.e.f. 08.02.02010

OPERATION AND PERFORMANCE

SALES:

During the year the Company’s Order Booking is to the tune of Rs.357.400 millions as against the previous year of Rs.341.100 millions. The net sales including other income are Rs.268.900 millions as against the previous year sales of Rs.256.900 millions. The Company performed satisfactorily compared to previous year.

PRODUCTION:

During the year under consideration the production is Rs.276.900 millions as against the previous year’s production of Rs.258.100 millions which is a marginal increase by 7% as compared to previous year.

PROFITABILITY:

During the year the net pre-tax profit is Rs.59.395 Millions (Includes profit on sale of fixed assets to the tune of Rs.8.761 Millions) as against the previous year of Rs.46.256 Millions which is higher by around 28%. During the year 2010-11 the company estimated to increase the turnover by 30% considering the market conditions and response received to company’s products.

EXPANSION

The company has shifted its registered office from 103 Rajguru, New Nagardas Road, Andheri (East), Mumbai- 400069, to 702, Tanishka, Akruti Road, Kandivali (East), Mumbai – 400101. The old office is sold along with Furniture and Fixtures, Air Conditioning and Electrical Fittings for Rs.11.500 Millions. For the new office the total investment till 31^st March 2010 is Rs.22.800 Millions includes cost of Office premises, furniture and Fixtures, Air Conditioning, Electrical Fittings up to 31^st March 2010.

The company’s second factory unit has already commenced production activity form 1^st April 2010. The total investment in the second unit is Rs.47.000 Millions includes Land and Land Development, Factory building, Plant and Machinery and Electrical Fittings up to 31" March 2010.

The company has also invested Rs.12.717 Millions and Purchased property at 701, Tanishka, Akruli Road, Kandivali (East), Mumbai – 400101. The investment is fruitful which is giving rs.0.175 Millions income per month.

The company has spent Rs.2.900 Millions for reroofing of Factory and fixing Roof Extractors.

FORM 8

Bankers Charges Report as per Registry

Name of the company	ADAM FABRIWERK PRIVATE LIMITED
Presented By	Mr. Devidas Shirude Director
1) Date and description of instrument creating the change	30.10.2002 deed of legal mortgage i. e. loan agreement executed by company in favour of Citi Bank N.A Mumbai
2) Amount secured by the charge/amount owing on the securities of charge	Rs.2.500 millions + interest and other charges thereon.
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	14,11,02, Flat No.102 and 103 situated at Rajguru Apartment, Co-Op Housing society Limited New Nagardas Road, Andheri (East), Mumbai- 400069, Maharashtra, India
4) Gist of the terms and conditions and extent and operation of the charge.	Tenure 96 months, Interest 11%, EMI –Rs.0.039 million first charge operate as security interalia. Repayment and payment of loan interest, fees commitments charge cost and expenses and all other money, payable by the company to the Citibank N.A Mumbai
5) Name and Address and description of the person entitled to the charge.	Citi Bank N.A Global Consumer Bank, 61, Dr. S. S Rao Road, Parel, Mumbai-400012, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
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.	NA

Corporate identity number of the company	U24231MH1982PTC027517
Name of the company	Adam Fabriwerk Private Limited
Address of the registered office or of the principal place of business in India of the company	702, Tanishka, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India info@adamfabriwerk.com
This form is for	Modification of charge
Charge identification number of the modified	10175743
Type of charge	Book Debts Others: Stocks
Particular of charge holder	Bank of Baroda Pimpalgaon Bhaula Branch, Satpur, Nashik- 422007, Maharashtra, India cpc.sme.nashik@bankofbaroda.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book-debts, Moveable Machinery and vehicles.
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25 % above base Rate i.e:. at Present 12.25% P.a with Monthly Rest. Terms of Repayment 12 Months (Repayable on Demand) Margin 25% (Stock and Book-Debts) Extent and Operation of the charge Charge is secured by borrower by way of hypothecation of all borrowers Raw Materials, Stock in Process, Finished Goods, Consumable spares and packing materials and all Book Debts , Movable Plant and Machinery/ Vehicles/ Crafts, Consumable Stores and Spares, Both Present and Future Book Debts, Outstanding Moneys, Receivable, Claims, Bills, Contracts, Engagements and Securities of The Borrower Others: Together with interest, compounded interest, additional interest in case of default, liquidated damages, commitment charges, premia on redemption, cost, charges, expenses and other monies payable by the company.
Short particulars of the property charged	Hypothecation of all borrowers Raw materials, stock in process, finished goods, consumable spares and packing materials and all book debts, movable plant and machinery/ vehicles.
Particulars of the present modification	Cash credit limit of Rs.22.000 Millions enhanced to Rs.40.000 Millions.

FIXED ASSETS

· Leasehold Land

· Factory building

· Factory Office Building

· Plant and machinery

· Electric Installations

· Furniture and fixture

· Vehicles

· Computer and Peripherals

· Air Conditioner

· Office Equipment

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.44.61
UK Pound	1	Rs.73.28
Euro	1	Rs.65.47

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.