1. Summary Information

		Country	India
Company Name	FINE EQUIPMENTS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr.Neeraj Swadhinchandra Gaur
Status	Satisfactory	Principal Name 2	Mrs. Purva Neeraj Gaur
		Registration #	11-18756
Street Address	19, Someshwar Apartments, Pashan-Sus Road, Pashan Pune – 411 019, Maharashtra, India
Established Date	08.01.2004	SIC Code	--
Telephone#	91-20-65242352 / 32543008	Business Style 1	Trader and
Fax #	Not Available	Business Style 2	Importer
Homepage	www.finebreakers.com	Product Name 1	Crusher
# of employees	20 (Approximately) (In Office + In Branch)	Product Name 2	Compactor
Paid up capital	Rs.100,000/-	Product Name 3	Rock Breaker
Shareholders	Directors or relatives of directors 100%	Banking	Citibank N. A.
Public Limited Corp.	NO	Business Period	7 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	73,558,000	Current Liabilities	65,410,000
Inventories	23,792,000	Long-term Liabilities	2,174,000
Fixed Assets	8,194,000	Other Liabilities	5,502,000
Deferred Assets	0,000	Total Liabilities	73,086,000
Invest& other Assets	86,273,000	Retained Earnings	118,631,000
		Net Worth	118,731,000
Total Assets	191,817,000	Total Liab. & Equity	191,817,000
Total Assets (Previous Year)	118,074,000
P/L Statement as of	31.03.2010		Unit: Indian Rs.)
Sales	256,013,000	Net Profit	35,342,000
Sales(Previous yr)	181,080,000	Net Profit(Prev.yr)	20,874,000

MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	FINE EQUIPMENTS (INDIA) PRIVATE LIMITED
Registered Office :	19, Someshwar Apartments, Pashan-Sus Road, Pashan, Pune – 411 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.01.2004
Com. Reg. No.:	11-18756
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29248PN2004PTC018756
Legal Form :	Private Limited Liability company
Line of Business :	Trader and Importer of Construction Equipments.
No. of Employees :	20 (Approximately) (In Office + In Branch)

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 470000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

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

Name :	Mr. Prashant Sarode
Designation :	Account Manager
Contact No.:	91-9372842934

LOCATIONS

Registered Office :	19, Someshwar Apartments, Pashan-Sus Road, Pashan, Pune – 411 019, Maharashtra, India
Tel. No.:	91-20-65242352 / 32543008
Fax No.:	Not Available
E-Mail :	gaur_neeraj@hotmail.com info@finebreakers.com prashant.sarode@fineequipment.net
Website :	www.finebreakers.com
Area :	1000 Sq. Fts.
Location :	Owned
Corporate Office:	Fine Centre, Behind Grand Honda, Near Balewadi Sports Stadium, Off Mumbai – Bangalore Highway, Mhalunge, Pune – 411 045, Maharashtra, India
Tel No.:	91-20-65242352 / 32543008
Area :	10000 Sq. Fts
Location :	Owned
Branch Office :	Located at: Bangalore, Karnataka, India

DIRECTORS

As on 15.09.2010

Name :

Mr. Neeraj Swadhinchandra Gaur

Designation :

Director

Address :

19, Someshwar Apartments Pashan-Sus Road, Pashan Pune – 411 021, Maharashtra, India

Date of Birth/Age :

15.09.1971

Qualification :

Graduate

Date of Appointment :

08.01.2004

DIN No.:

00306046

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	U29248PN2004PTC018756	Fine Equipments (India) Private Limited	Director	08-01-04	08-01-04	Active	NO
2	U29248PN2011PTC139778	FYN Technologies Private Limited	Director	07-06-11	07-06-11	Active	NO

Name :

Mrs. Purva Neeraj Gaur

Designation :

Director

Address :

19, Someshwar Apartments Pashan-Sus Road, Pashan Pune – 411 021, Maharashtra, India

Date of Birth/Age :

26.05.1972

Qualification :

Graduate

Date of Appointment :

08.01.2004

DIN No.:

00306066

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	U29248PN2004PTC018756	Fine Equipments (India) Private Limited	Director	08-01-04	08-01-04	Active	NO
2	U29248PN2011PTC139778	FYN Technologies Private Limited	Director	07-06-11	07-06-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant Sarode
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

Names of Shareholders	No. of Shares
Neeraj Swadhinchandra Gaur	5000
Purva Neeraj Gaur	5000
Total	10000

As on 15.09.2010

Equity share breakup
Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Construction Equipments
Products :	· Crusher · Compactor · Rock Breaker · Quick Coupler · Pulveriser · Rotary Cutter

GENERAL INFORMATION

No. of Employees :	20 (Approximately) (In Office + In Branch)
Bankers :	· Citibank N. A. First Floor, Onyx Tower, Near Westin Hotel, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India · Centurion Bank of Punjab Limited Pimpri, Pune – 411 018, Maharashtra, India · IDBI Bank Limited F C Road Branch, Shivaji Nagar, IDBI House, Dnyaneshwar Paduka Chowk, F C Road, Pune, Maharashtra, India.

Banking Relations :	--
Auditors :
Name :	Garge Jangam and Kulkarni Chartered Accountants
Address :	44/703 Lokmanya Nagar, Navi Peth, Pune – 411 030, Maharashtra, India
PAN No.:	AAEFG2188B

CAPITAL STRUCTURE

As on 15.09.2010

Authorised Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		118.631	83.289	62.416
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		118.731	83.389	62.516
LOAN FUNDS
1] Secured Loans		2.174	0.494	0.781
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.174	0.494	0.781
DEFERRED TAX LIABILITIES		0.422	0.408	0.189
TOTAL		121.327	84.291	63.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.194	5.892	7.429
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		86.273	6.784	15.260
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.792	53.475	58.780
	Sundry Debtors	51.135	35.040	49.871
	Cash & Bank Balances	20.757	13.359	27.373
	Other Current Assets	0.332	0.301	0.070
	Loans & Advances	1.334	3.223	0.158
Total Current Assets		97.350	105.398	136.252
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.410	31.671	90.020
	Other Current Liabilities
	Provisions	5.080	2.112	5.435
Total Current Liabilities		70.490	33.783	95.455
Net Current Assets		26.860	71.615	40.797
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		121.327	84.291	63.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	256.013	181.080
		Other Income	8.009	14.983
		TOTAL (A)	264.022	196.063
Less	EXPENSES
		Office Expenses	208.490	160.357
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	208.490	160.357
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		55.532	35.706
Less	INTEREST (D)		1.402	1.980
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.130	33.726
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.224	1.374
	PROFIT/LOSS BEFORE TAX (E-F) (G)		52.906	32.352
Less	TAX (H)		17.564	11.478
	PROFIT/LOSS AFTER TAX (G-H) (I)		35.342	20.874
	Earnings Per Share (Rs.)		3534.00	2087.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.39	10.65	NA
Net Profit Margin (PBT/Sales)	(%)	20.67	17.87	NA
Return on Total Assets (PBT/Total Assets}	(%)	50.13	29.07	NA
Return on Investment (ROI) (PBT/Networth)		0.45	0.39	NA
Debt Equity Ratio (Total Liability/Networth)		0.61	0.41	1.52
Current Ratio (Current Asset/Current Liability)		1.38	3.12	1.43

LOCAL AGENCY FURTHER INFORMATION

FORM 8

This form is for	Modification of charge
Corporate identity number of the company	U29248PN2004PTC018756
Name of the company	FINE EQUIPMENTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	19, Someshwar Apartments, Pashan-Sus Road, Pashan Pune – 411 019, Maharashtra, India
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citibank N. A. First Floor, Onyx Tower, Near Westin Hotel, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Deed of Modification
Date of instrument Creating the charge	04.07.2011
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of repayment On demand Margin As may be stipulated by the Bank from time to time Extent and operation of the charge The charge secured by way of first exclusive charge on Current Assets, both present and future hypothecated to the Bank as security for the repayment of Rs.100.000 millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to Citibank N.A. Others Nil
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current Assets of the Borrower, both present and future.
Particulars of the present modification	The charge shall now stands increased from Rs.70.000 millions to Rs.100.000 millions, in favour of the Bank.

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		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.