MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	M. M. FABRICATORS PRIVATE LIMITED
Registered Office :	Plot No. – 370, Sector – 24, Faridabad – 121 005, Haryana
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	16.11.1987
Com. Reg. No.:	05-29786
Capital Investment / Paid-up Capital :	Rs.1.103 Millions
CIN No.: [Company Identification No.]	U28112HR1987PTC029786
TAN No.: [Tax Deduction & Collection Account No.]	RTKM02530D
PAN No.: [Permanent Account No.]	AABCM1068Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Air Blaster systems
No. of Employees :	55 (Approximately) (In Office 10 + In Factory 45 )

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its financials with the government department after the year 2008. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	M. Pravin Kumar
Designation :	Director
Contact No.:	91-9811608437
Date :	21.10.2011

LOCATIONS

Registered Office / factory :	Plot No. – 370, Sector – 24, Faridabad – 121 005, Haryana, India
Tel. No.:	91-129-4024185 / 4024186 / 2231974
Mobile No.:	91-9811608437 (M. Pravin Kumar)
Fax No.:	91-129-4024184 / 2233943
E-Mail :	rrafbd12@gmail.com consult@taxindia.net mmfpl@airtelmail.in
Website :	www.mmfabricators.com

DIRECTORS

As on 29.09.2008

Name :	Mr. Pravin Kumar
Designation :	Director
Address :	Sector No. 2631, Sector -1 6, Faridabad – 121 002, Haryana
Date of Birth/Age :	16.12.1953
Date of Appointment :	01.09.1988
Name :	Mr. Kawaljeet Singh
Designation :	Director
Address :	432, Sector -22, Faridabad – 121 005, Haryana
Date of Birth/Age :	09.08.1951
Date of Appointment :	16.11.1987
Name :	Mr. Bharat Bhushan
Designation :	Director
Address :	1221, Sector – 15, Faridabad – 121 007, Haryana
Date of Birth/Age :	20.12.1959
Date of Appointment :	16.11.1987

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2008

Names of Shareholders	No. of Shares
Mr. Bharat Bhushan Bhalla	26700
Mr. Kawaljit Singh	56600
Mr. Pravin Kumar	26700
Mr. Bharat Bhushan Bhalla (HUF)	100
Mr. Kawaljit Singh (HUF)	100
Mr. Pravin Kumar (HUF)	100
Total	110300

AS ON : 29.09.2008

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Air Blaster systems
Exports :
Countries :	Kenya Malaysia Indonesia
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Supplier :

R. R. Electronics, Faridabad, Haryana, India

Customers :

End Users

• Sunrise Metal Corporation

No. of Employees :

55 (approximately) ( In Office 10 + In Factory 45)

Bankers :

· Indian Bank, Branch : AB 20 DDA Shopping Complex, Safdarjung Enclave, New Delhi – 110 029, India

Facilities :

Secured Loans	31.03.2008 (Rs. In Millions)
Cash Credit Account (Secured against hypothecation of stocks)	1.893
Loans against deposit of fDR’s Overdraft (Secured) Against hypothecation of FDR’s	4.316
Car Loans (Secured against hypothecation of stocks)
Standard Chartered Banks	0.042
Icici Bank Limited (GETS)	0.162
Total	6.413

Unsecured Loans	31.03.2008 (Rs. In Millions)
From directors and shareholders	5.771
Unsecured loans from banks (Against personnel guarantee of directors )	1.809
Total	7.580

Banking Relations :

--

Auditors :

Name :

Rakesh Raj and Associates

Chartered Accountants

Address :

565, Sector -7B, Faridabad – 121 006, Haryana, India

Membership :

Dun and Bradstreet Global Database

Associates/Subsidiaries :

Ambica Alloys Casting

Address: Plot – 368, Sector – 24, Faridabad – 121 005, Haryana, India

CAPITAL STRUCTURE

As on: 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110300	Equity Shares	Rs.10/- each	Rs.1.103 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.103	1.103	1.103
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.203	2.431	2.123
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.306	3.534	3.226
LOAN FUNDS
1] Secured Loans		6.413	5.942	5.639
2] Unsecured Loans		7.580	8.400	6.906
TOTAL BORROWING		13.993	14.342	12.545
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.299	17.876	15.771
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.195	2.580	2.473
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	2.067	1.634	2.175
	Sundry Debtors	14.607	11.417	6.781
	Cash & Bank Balances	6.240	5.775	5.193
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.008	3.515	4.384
Total Current Assets		24.922	22.341	18.533
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	8.292	6.644	4.944
	Provisions	0.526	0.401	0.291
Total Current Liabilities		8.818	7.045	5.235
Net Current Assets		16.104	15.296	13.298
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.299	17.876	15.771

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Sales Turnover	45.741	35.787	26.572
		Other Income	0.000	0.000	0.000
		TOTAL	45.741	35.787	26.572
Less	EXPENSES
		Office Expenses	43.975	34.559	25.506
		Administrative Expenses
		Advertising Expenses
		TOTAL	43.975	34.559	25.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.766	1.228	1.066
Less/ Add	DEPRECIATION/ AMORTISATION		0.422	0.509	0.469
	PROFIT BEFORE TAX		1.344	0.719	0.597
Less	TAX		0.572	0.408	0.223
	PROFIT AFTER TAX		0.772	0.311	0.374
	Earnings Per Share (Rs.)		7.00	2.82	3.39

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	50.000	50.000

Expected Sales (2011-2012) : Rs.60.000 Millions

The above information has been parted by Mr. Pravin Kumar.

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	1.69	0.87	1.41
Net Profit Margin (PBT/Sales)	(%)	2.94	2.00	2.25
Return on Total Assets (PBT/Total Assets}	(%)	4.96	2.89	2.84
Return on Investment (ROI) (PBT/Networth)		0.31	0.20	0.19
Debt Equity Ratio (Total Liability/Networth)		5.29	6.05	5.51
Current Ratio (Current Asset/Current Liability)		2.83	3.17	3.54

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	YES
2) Locality of the firm	YES
3) Constitutions of the firm	YES
4) Premises details	YES
5) Type of Business	YES
6) Line of Business•	YES
7) Promoter’s background	--
8) No. of employees	YES
9) Name of person contacted	YES
10) Designation of contact person	YES
11) Turnover of firm for last three years	YES
12) Profitability for last three years	NO
13) Reasons for variation <> 20%	NO
14) Estimation for coming financial year	YES
15) Capital in the business	NO
16) Details of sister concerns	YES
17) Major suppliers	NO
18) Major customers	YES
19) Payments terms	YES
20) Export / Import details (if applicable)	YES
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	YES
24) Banking facility details	NO
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	NO
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

trade references:-

· R.R. Electronics, Faridabad, Haryana

· Sunrise Metal Corporation, Mumbai, Maharashtra

form 8:-

Corporate identity number of the company	U28112HR1987PTC029786
Name of the company	M. M. FABRICATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. – 370, Sector – 24, Faridabad – 121 005, Haryana
This form is for	Creation of Charge
Type of charge	Others (Counter Guarantee)
Particular of charge holder	Indian Bank, AB 20, DDA Shopping Complex, Safdarjung Enclave, New Delhi – 110 029 E-mail: sdenclave@indiabank.co.in
Nature of instrument creating charge	Counter guarantee in form F-44, Dated 07.06.2007
Date of instrument Creating the charge	07.06.2007
Amount secured by the charge	Rs. 0.500 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: Interest a minimum of 18.5% Commission at 3% per annum Term of Repayment: Payable on demand Margin: 25% on performance guarantee 25% on money guarantee Extent and Operation of the charge Counter Guarantee of Rs. 0.500 million
Short particulars of the property charged (Including location of the property)	Counter guarantee of the company Goods produce, merchandise, stock and book debts and stored from time to time in premises at 370, sector 24, Faridabad , Haryana

Fixed Assets:-

· Plant and Machinery

· Dies and Tools

· Vehicles

· Land

· Tubewel

· Bicycle

· Computer

· Generator Set

· Office Equipments

· Electric Installation

-

website details:-

Company Profile

Subject was incorporated in 1987. With the phenomenal growth of the Thermal Power Plants, Cement, Metallurgical, Fertilizer, Chemical Pharmaceutical, Paper and Sugar and various other industries the demand for material build-up solution providers has also increased rapidly. To provide a quality and reliable Air Blaster Systems also known as Air Cannons for these industries with it's constant endeavor, has attained the distinction of being one of the largest Air Blaster Systems manufacturing company. It is one of the leading suppliers to well-known companies in India and Abroad.

Subject is now part of the Dun and Bradstreet Global Database.

Presently it has a very efficient team of professionals involved in the design, manufacturing, installation and after sales service of the equipment, in order to improve the productivity of the various user industries.

With Quality as its prime objective, company is marching steadily ahead since one and half decade

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	Rs49.087
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		26

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.