MIRA INFORM REPORT

Report Date :

09.06.2011

IDENTIFICATION DETAILS

Name :	R.D. ENGINEERS (INDIA) PRIVATE LIMITED

Formerly Known As :	SOM FABRICATORS LIMITED

Registered Office :	Datta Mandir Road, Bhandup West, Mumbai-400078, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	06.05.1992

Com. Reg. No.:	11-066672

Capital Investment / Paid-up Capital :	Rs.10.000 Millions

CIN No.: [Company Identification No.]	U27200MH1992PTC066672

TAN No.: [Tax Deduction & Collection Account No.]	MUMR19655G

PAN No.: [Permanent Account No.]	AAECS6618R

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in design and fabrication of critical process equipment like pressure vessels, heat exchangers, columns and towers, reactors, bullets, reaction vessels etc.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 150000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established 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 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

Management Non Co-Operative.

LOCATIONS

Registered Office :	Datta Mandir Road, Bhandup West, Mumbai-400078, Maharashtra, India
Tel No.:	Marketing Office: 91-22-41568989/41568900 (30 Lines)
Fax No.:	Marketing Office: 91-22-41568901
E-Mail :	sharatjn@yahoo.co.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Devan Somraj Dua
Designation :	Director
Address :	Trilok, 4 Dream Land Society, Mulund Colony, Mulund (West), Mumbai-400082, Maharashtra, India
Date of Birth/Age :	28.06.1978
Date of Appointment :	23.08.2004

Name :	Mr. Rajan Dua
Designation :	Director
Address :	Trilok, 4 Dream Land Society, Mulund Colony, Mulund (West), Mumbai-400082, Maharashtra, India
Date of Birth/Age :	28.06.1978
Date of Appointment :	01.04.1996

Name :	Som Dua Raj
Designation :	Director
Address :	Trilok, 4 Dream Land Society, Mulund Colony, Mulund (West), Mumbai-400082, Maharashtra, India
Date of Birth/Age :	14.08.1943
Date of Appointment :	06.05.1992

Name :	Ms. Veena Dua
Designation :	Director
Address :	Building No. 4, Trilok, Dream Land, Shastri Nagar, Mulund (West), Mumbai-400082, Maharashtra, India
Date of Birth/Age :	21.11.1952
Date of Appointment :	06.05.1992

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Som Dua Raj		89960
Veena Dua		80
Rajan Dua		4980
Devan Somraj Dua		4980

Total		100000

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in design and fabrication of critical process equipment like pressure vessels, heat exchangers, columns and towers, reactors, bullets, reaction vessels etc.

Product:

Product Description	Item Code
Containers of Compressed/ Liquefied Gas	731100

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Union Bank of India, Bhandup (West) Branch, Ground Floor, 110 Bhaichand Textile Mills Compound Building “B”, Mumbai-400078, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Union Bank of India, Bhandup 1005	0.000
Union Bank of India, Bhandup 1006	0.000
Union Bank of India A/C No. 75001	119.587
ICICI Car Loan	0.930	31.344
Kotak Mahindra Prime Limited	0.250
The Karur Vysaya Bank Limited	0.000
KVB/ABC	0.000
Union Bank of India Bhandup New Term Loan	7.455
Union Bank of India	0.293
Total	128.515	31.344


Banking Relations :	--

Auditors :
Name :	M.M. Singhvi and Company Chartered Accountant
Address :	3/405, Navjivan Society, Lamington Road, Lamington Road, Mumbai Central, Mumbai-400008, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 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		10.000	10.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.387	18.203	9.141
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.387	28.203	11.641
LOAN FUNDS
1] Secured Loans		128.515	31.344	106.510
2] Unsecured Loans		16.362	152.476	23.813
TOTAL BORROWING		144.877	183.820	130.323
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		183.264	212.023	141.964

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		37.124	33.417	21.122
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.005	0.005	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.077	98.726	88.640
	Sundry Debtors	114.252	105.660	40.391
	Cash & Bank Balances	34.593	35.664	32.414
	Other Current Assets	0.229	0.545	0.437
	Loans & Advances	17.915	26.021	24.928
Total Current Assets		211.066	266.616	186.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.961	31.911	21.530
	Other Current Liabilities	34.970	56.104	42.091
	Provisions	0.000	0.000	2.397
Total Current Liabilities		64.931	88.015	66.018
Net Current Assets		146.135	178.601	120.792

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		183.264	212.023	141.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Labour Work	4.947	0.047
		Sales	280.241	251.930	189.149
		Income Received	2.735	2.464
		Foreign Exchange Fluctuation	0.221	(1.244)
		TOTAL (A)	288.144	253.197	189.149

Less	EXPENSES
		Cost of Goods Sold	185.960	168.441
		Other Direct Expense	21.058	16.588	180.585
		Administrative Expenses	36.035	26.738
		TOTAL (B)	243.053	211.767	180.585

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.091	41.430	NA

Less	FINANCIAL EXPENSES (D)		23.403	24.140	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.688	17.290	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.278	3.844	NA

	PROFIT BEFORE TAX (E-F) (G)		16.410	13.446	8.564

Less	TAX (H)		6.227	4.384	2.433

	PROFIT AFTER TAX (G-H) (I)		10.183	9.062	6.131

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.203	9.141	NA

	BALANCE CARRIED TO THE B/S		28.386	18.203	NA

	Earnings Per Share (Rs.)		101.83	90.63	245.23

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.53	3.57	3.24

Net Profit Margin (PBT/Sales)	(%)	5.85	5.34	NA

Return on Total Assets (PBT/Total Assets}	(%)	66.12	4.48	4.12

Return on Investment (ROI) (PBT/Networth)		0.43	0.47	0.74

Debt Equity Ratio (Total Liability/Networth)		5.47	9.64	16.87

Current Ratio (Current Asset/Current Liability)		3.25	3.03	2.83

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

29.961

31.911

21.530

Partial Detail of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Aries Systems (Contractor)	0.142	0.390
Azamin Enterprises	3.389	3.692
Bajaj Industrial Alloys Private Limited	1.130	0.266
Continental Transport Org Private Limited	0.530	1.194
CSA Fittings	0.034	0.045
Bansraj Pal	0.081	0.049
Harilal and Company	0.448	0.500
Indo Therm Test House	0.620	0.290
J.J. Industries	0.149	0.738
Kesari Sales and Services	0.177	0.360

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10023117
Corporate identity number of the company	U27200MH1992PTC066672
Name of the company	R.D.ENGINEERS ( INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Datta Mandir Road, Bhandup West, Mumbai-400078, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Union Bank of India, Bhandup (West) Branch, Ground Floor, 110 Bhaichand Textile Mills Compound Building “B”, Mumbai-400078, Maharashtra, India
Email	cbsbhandup@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Supplementary Memorandum of Entry
Date of instrument Creating the charge	25.02.2010
Amount secured by the charge	Rs.291.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Together with Interest ,compound interest, additional interest in case of default, liquidated damages, commitment charges, premia on repayment redemption costs, charges expenses Terms of Repayment Term Loan/Vehicle Loan in installments and Cash Credit (Hypothecation) Cheque Purchase, Packing Credit Letter of Guarantee and ILC/FLC on Demand Margin As per sanction terms Extent and Operation of the charge To additionally secure various facilities aggregating to Rs.291.700 millions granted by the Bank to the company as under:- 1.Cash Credit (Hypothecation) against Stocks and Book-Debts Rs.120.000 millions W/W Packing Credit (Rs.10.000 millions ) 2.Cheque Purchase Rs.10.000 millions 3.Letter of Guarantee Rs.120.000 millions 4.ILC/FLC Rs.30.000 millions 5.Term Loan Rs.11.300 millions 6.Term Loan (Vehicle) Rs.0.400 millions Total Aggregating Rs.291.700 millions Others Karur Yysya Bank Limited had opted out of the Consortium and their share have been taken over by Union Bank of India and thus Union Bank of India has become the exclusive Banker as limits are exclusively with Union Bank of India
Short particulars of the property charged	I) Extension of Equitable Mortgage by Deposit of Title Deeds by oral consent in respect of Company's Immovable Properties Viz.1.All that piece and parcel of Land and Factory Building(including Plant (cont) II) and Machinery installed therein, both present and future) situate at Plot No.A-74, in Sinnar Industrial Area, Within the Village limits of Malegaon and within limits of Sinnar, Municipal Council (Cont) III) Taluka Sinnar District Nashik containing by adm 7152 sq mtrs or thereabouts and bounded as follows: On or towards North by :Plot No.A-73 On or towards South by : MIDC Road Adm 30 mtrs R/W (Cont). IV) On or towards East by: WTP Plant MIDC Area On or towards West by : MIDC Land. including structure thereon and Plant and Machinery embedded to the earth (cont) V) 2.All that piece and parcel of Land and Factory Building (including Plant and Machinery installed therein both present and future) situate at Plot No.A-74/1 in Sinnar Industrial Area, within the (cont) VI) Village Limits of Malegaon and within limits of Sinnar Municipal Council Taluka Sinnar District Nashik containing by adm 7152 sq mtrs or there abouts. including structure thereon and (cont) VII) Plant and Machinery embedded to the earth
Date of latest modification prior to the present modification	31.12.2009
Particulars of the present modification	Vide this modification existing charge of Rs.291.700 millions is additionally secured by Extension of EM by Deposit of Title Deeds by oral consent in respect of Company's Immovable Properties Viz.1.All that piece and parcel of Land and Factory Building (including Plant and machinery installed therein, both present and future) situate at Plot No.A-74, in Sinnar Industrial Area, and 2. All that piece and parcel of Land and Factory Building situate at Plot No.A-74/1 in Sinnar Industrial Area

Fixed Assets:

Air Condition
Computer
Electrical Fittings
Furniture and Fixtures
Office Equipments
Plant and Machinery
Vehicles

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.73.27
Euro	1	Rs.65.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.