1. Summary Information

		Country	India
Company Name	M AND B ENGINEERING LIMITED	Principal Name 1	Mr. Manibhai Shivabhai Patel
Status	Good	Principal Name 2	Mr. Hasmukhbhai Shivabhai Patel
		Registration #	04-004437
Street Address	Mb House, 51, Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat
Established Date	16.06.1981	SIC Code	--
Telephone#	91-79-26405563	Business Style 1	Manufacturer
Fax #	91-79-26400828	Business Style 2	--
Homepage	www.mbproflex.com www.phenixvp.com	Product Name 1	Proflex Roofing Systems
# of employees	600 [Approximately]	Product Name 2	Phenix Pre Engineered Metal Building
Paid up capital	Rs.80,000,000/-	Product Name 3	--
Shareholders	Directors or Relatives of Directors-100%	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	30 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Related Concern	India	M B Enterprise	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	959,396,000	Current Liabilities	424,018,000
Inventories	253,634,000	Long-term Liabilities	1,149,423,000
Fixed Assets	729,756,000	Other Liabilities	87,692,000
Deferred Assets	0,000	Total Liabilities	1,661,133,000
Invest& other Assets	455,000	Retained Earnings	202,108,000
		Net Worth	282,108,000
Total Assets	1,943,241,000	Total Liab. & Equity	1,943,241,000
Total Assets (Previous Year)	1698,715,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	2,070,745,000	Net Profit	69,997,000
Sales(Previous yr)	1,874,185,000	Net Profit(Prev.yr)	36,508,000

MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	M AND B ENGINEERING LIMITED (w.e.f.30.03.2011)
Formerly Known As :	M AND B ENGINEERING PRIVATE LIMITED
Registered Office :	MB House, 51, Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.06.1981
Com. Reg. No.:	04-004437
Capital Investment / Paid-up Capital :	Rs.80.000 Millions
CIN No.: [Company Identification No.]	U45200GJ1981PLC004437
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00926C
PAN No.: [Permanent Account No.]	AAACM7430Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.
No. of Employees :	600 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1120000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered/ Corporate Office :	MB House, 51 Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-26405563/ 26405572/ 26461314
Fax No.:	91-79-26400828/ 26400826/ 26568433/ 26561588
E-Mail :	gmfin@mbproflex.com pmsystem@sancharnet.in keyus@mbproflex.com info@mbproflex.com
Website :	http://www.mbproflex.com http://www.phenixvp.com
Area :	15000 sq. ft.
Location :	Owned
Factory :	Plot No.30 P, Naranpura Sanand, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-273051-52-53-54-55-56
Fax No.:	91-2717-273052
Area :	20 Acers
Location :	Owned
Marketing Office :	Located at: Mumbai Ahmedabad Chennai Pune  Hyderabad Delhi Bangalore Kolkata

DIRECTORS

As on 30.09.2011

Name :

Mr. Manibhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

03.08.1924

PAN No. :

AATPP0123E

Date of Appointment:

16.06.1981

DIN :

00261802

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	1/9/2007	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Hasmukhbhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

24.09.1935

Qualification :

B.E. Civil and Electrical

PAN No. :

ACVPP7829P

Date of Appointment:

16.06.1981

DIN :

00260955

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	16/06/1981	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Girishbhai Manibhai Patel

Designation :

Whole-time Director

Address :

7, Friends Colony, Naranpura, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

31.08.1947

Qualification :

Diploma in Hydraulic Engineering

PAN No. :

AAWPP1120E

Date of Appointment:

31.12.1984

DIN :

00261624

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Whole-time director	1/4/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
3	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Vipinbhai Kantilal Patel

Designation :

Whole-time Director

Address :

2, nandanvan, Near Shyam Vihar Bunglow, Thaltej – Shilaj Road, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

17.03.1948

Qualification :

B. Com. Inter CA

PAN No. :

AEQPP4916C

Date of Appointment:

31.12.1984

DIN :

00260734

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Whole-time director	1/4/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
3	U65910GJ1994PTC023499	LV FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	2/11/2007	2/11/2007	Active	NO
5	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
6	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Chirag Hasmukhbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

26.03.1971

Qualification :

B.E. Civil

PAN No. :

AEHPP8762P

Date of Appointment:

01.05.1993

DIN :

 00260514

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Managing director	1/4/2011	1/5/1993	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/3/2007	Active	NO
5	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	2/11/2007	2/11/2007	Active	NO

Name :

Mr. Malav Girishbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

20.10.1976

Date of Appointment:

01.03.2001

DIN :

00260602

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Managing director	1/4/2011	1/3/2001	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/6/2001	1/6/2001	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Rangarajan Krishnan Vijaya Raghavan

Designation :

Managing Director

Address :

Plot No. 35, 8-2-120/86/9/A/35, Rao And Raju Colony, Road No. 14, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

07.08.1948

Date of Appointment:

01.09.2007

DIN :

01839422

Name :

Mr. Sanjay Shailesh Majmudar

Designation :

Director

Address :

24, Sumadhur Cooperative Housing Society Limited, behind Ocean Park, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.03.1963

Date of Appointment:

01.04.2011

DIN :

00091305

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	L17110GJ1988PLC010504	AARVEE DENIMS AND EXPORTS LIMITED	Director	14/11/2003	14/11/2003	Active	NO
2	L24230GJ1983PLC006329	DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED	Director	14/02/2004	14/02/2004	Active	NO
3	L29259GJ1991PLC015182	AIA ENGINEERING LIMITED	Director	31/08/2007	7/5/2007	Active	NO
4	L27104KA1972PLC002163	WELCAST STEELS LIMITED	Director	20/09/2007	23/05/2007	Active	NO
5	U74900GJ2007PLC051338	CARBOGEN AMCIS (INDIA) LIMITED	Director	17/07/2007	17/07/2007	Active	NO
6	U67120GJ1994PTC023549	KEYUR FINANCIAL SERVICES PRIVATE LIMITED	Director	22/09/2008	18/02/2008	Active	NO
7	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	30/04/2011	1/4/2011	Active	NO

Name :

Mr. Venkatasubramanian Natarajan Kuthoore

Designation :

Director

Address :

Da/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

14.04.1938

Date of Appointment:

01.04.2011

DIN :

00007392

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23201MH1994PTC078824	GULF CAROSSERIS INDIA LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	27/11/1997	27/11/1997	-	Active	NO
3	L63090GJ1998PLC034182	MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO
4	U67190MH1991PTC061315	IMPERIAL CORPORATE FINANCE AND SERVICES PRIVATE LIMITED	Director	22/10/1999	22/10/1999	-	Active	NO
5	U23209AP1994PTC017623	EAST INDIA PETROLEUM Private LIMITED	Director	1/4/2000	1/4/2000	30/09/2007	Active	NO
6	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Director	14/12/2000	14/12/2000	-	Active	NO
8	U30000GJ2000PLC038530	E CUBE INDIA SOLUTIONS LIMITED	Director	29/01/2001	29/01/2001	27/09/2008	Active	NO
9	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Additional director	11/8/2006	11/8/2006	26/05/2009	Active	NO
10	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	4/8/2009	4/8/2009	9/6/2010	Active	NO
11	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Additional director	29/03/2011	29/03/2011	-	Active	NO
12	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	30/04/2011	1/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Briva Chiragbhai Patel
Designation :	Secretary
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	02.06.1973
Date of Appointment:	01.11.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Manibhai S Patel	2800000
Hasmukhbhai S Patel	2800000
Girishbhai M Patel	2600000
Umaben G Patel	800000
Malav G Patel	2800000
Chirag H Patel	4200000
Vipinbhai K Patel	1000000
Leenaben V Patel	400000
Aditya V Patel	600000
Birvaben C Patel	2000000
Total	20000000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.
Products :	Pre Engineered Metal Building
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (0 to 180 Days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Pre Engineered Metal Buildings	MT	60000	20108.386

GENERAL INFORMATION

Customers :

End Users, Corporate and Others.

No. of Employees :

600 [Approximately]

Bankers :

· Bank of Baroda, Bhadra Branch, Opposite Dinbai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India

· Standard Chartered Bank, Ground Floor, Abhijeet II, Near Mithakhali Six Roads, Ahmedabad-380006, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan (Secured by Mortgage on Land and Building, hypothecation of Plant and Machinery, hypothecation of current assets of the company and guaranteed by directors and corporate guarantee of associates)	391.532	471.358
Cash Credit From Bank (Secured by hypothecation of current assets of the company and second charge on land and building and plant and machinery and guaranteed by directors and corporate guarantee of associates)	178.259	177.930
Car Loans	4.696	5.105
Total	574.487	654.393
Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan From Shareholders	370.327	334.744
Buyers Credit	204.609	21.522
Total	574.936	356.266

Banking Relations :

-

Auditors :

Name :

Talati and Talati

Chartered Accountants

Address :

Ambika Chambers, Near Old High Court, Navarangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-30084523

PAN :

AAAFT4520A

Related Party: (Control Exist):

Name of the Company :	M B Enterprise
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Trading of Steel Coil
Bankers :	Bank of Baroda
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad
Name of the Company :	Manibhai and Brothers
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Construction
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad
Name of the Company :	Usha Prestressed Sleeper Udyog
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Manufacturing of Railway Sleepers
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Auditor :	Talati and Talati Chartered Accountants, Ahmedabad
Name of the Company :	Manibhai and Brothers Finance Corporation
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Group Financing
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad
Name of the Company :	Phenix Building Solutions Private Limited
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Supply and erection of pre Engineered Building
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad
Name of the Company :	Highten Steels
Name of the Company :	Manibhai Brothers PCC Sarkhej

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs.10/- each	Rs.80.000 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		80.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		202.108	132.111	95.604
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		282.108	212.111	175.604
LOAN FUNDS
1] Secured Loans		574.487	654.393	478.889
2] Unsecured Loans		574.936	356.266	207.256
TOTAL BORROWING		1149.423	1010.659	686.145
DEFERRED TAX LIABILITIES		50.787	37.407	19.560
TOTAL		1482.318	1260.177	881.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		729.756	721.307	510.658
Capital work-in-progress		0.000	0.000	0.170
INVESTMENT		0.455	0.455	0.455
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	253.634	405.792	212.798
	Sundry Debtors	612.202	282.507	205.596
	Cash & Bank Balances	150.124	82.686	134.562
	Other Current Assets	59.854	33.376	7.457
	Loans & Advances	137.216	172.592	144.580
Total Current Assets		1213.030	976.953	704.993
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.351	219.366	192.933
	Other Current Liabilities	222.667	200.547	132.520
	Provisions	36.905	18.625	9.514
Total Current Liabilities		460.923	438.538	334.967
Net Current Assets		752.107	538.415	370.026
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1482.318	1260.177	881.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2070.745	1874.185	453.170
		Other Income	8.172	15.102	1.758
		TOTAL (A)	2078.917	1889.287	454.928
Less	EXPENSES
		Direct Expenses	1544.463	1415.679	335.479
		Administrative and Other Expenses	257.649	225.066	69.129
		Selling and distribution Expenses	43.073	28.859	8.191
		Increase/(Decrease) in Finished Goods	(37.253)	(8.497)	(56.729)
		TOTAL (B)	1807.932	1661.107	356.070
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		270.985	228.180	98.858
Less	FINANCIAL EXPENSES (D)		114.120	120.004	20.273
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		156.865	108.176	78.585
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.488	44.601	14.344
	PROFIT BEFORE TAX (E-F) (G)		102.377	63.575	64.241
Less	TAX (H)		32.380	27.067	25.951
	PROFIT AFTER TAX (G-H) (I)		69.997	36.508	38.290
	EARNINGS IN FOREIGN CURRENCY		65.612	0.000	0.000
	IMPORTS
		Raw Materials	326.930	171.799	41.795
		Stores & Spares	8.064	4.226	0.000
		Capital Goods	23.945	96.429	98.513
	TOTAL IMPORTS		358.939	272.454	140.308
	Earnings Per Share (Rs.)		87.50	45.63	533.44

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.37	1.93	8.42
Net Profit Margin (PBT/Sales)	(%)	4.94	3.39	14.18
Return on Total Assets (PBT/Total Assets}	(%)	5.27	3.74	5.28
Return on Investment (ROI) (PBT/Networth)		0.36	0.29	0.37
Debt Equity Ratio (Total Liability/Networth)		5.71	6.80	5.81
Current Ratio (Current Asset/Current Liability)		2.63	2.23	2.10

LOCAL AGENCY FURTHER INFORMATION

THE YEAR UNDER RETROSPECT

As envisaged in their report for the year 2008-09, sluggish market condition, higher steel price and stiff condition has adversely affected profitability.

PEE and vision has achieved production of about 20000 MT during the year, which is 33% increase over previous year. However these orders were procured and executed at a very low price. Even though, because of the weak market sentiment, order position remained under pressure. Thus low production at lower margin has significantly affected financial performance during the year under report.

However the year 2010-12 has started with good recovery in terms of volume and pricing and they expect good results for the year 2010-11. They are also targeting export markets in African countries.

Proflex division has fared better this year. Company still enjoys the 80% share in Indian market. Turnover has increased by 23%. They have added one more machine and its related fleet of equipment this year. They have also placed order for one more machine fox 2010-11 keeping in mind infrastructure deveIoprne11t-s in the country.

They have ambitious plans for 2010-11 which to their opinion shall be one more good year for Proflex Division.

FUTURE GROWTH

There is tremendous scope for Infrastructure and Industrial growth for coming two decades in India. Capital expenditure of the companies as well as government spending on infrastructure is increasing.

They, as a growing Company, can not just sit idle or contended. They are planning to add new line of product, viz. highrise building structures. There is a wide scope for such kind of commercial and residential projects in the county. This will add more value in their product mix and will enable them-to grab more market share. They also have plants to manufacture heavy structures

Bankers Charges Report as per Registry

Corporate identity number of the company	U45200GJ1981PTC004437
Name of the company	M AND B ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	MB House, 51, Chandoday Society, Opposite Golden Triangle Stadium Road, Ahmedabad – 380014, Gujarat
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Bank of Baroda, Bhadra Branch, Opposite Dinbai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Composite Instrument of Hypothecation of Goods, Book debts, Movable Machinery & Vehicles dated 1st April, 2010 for creating charge on plant and machinery of (Proflex Roofing system) by way of hypothecation.
Date of instrument Creating the charge	01.04.2010
Amount secured by the charge	Rs.320.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Inland / Foreign L/C (DP/DA usance - 180 days) with Buyer's credit up to 360 days As per Bank's FEDAI guidelines Terms of Repayment - 12 months subject to review every year Margin - 15% in Cash/FDR Extent and operation of the charge – Extension of charge on existing Plant & Machinery of Proflex Roofing System such as -5- MIC 240 Machine and -2- MIC 120 Machine for securing the credit facilities of Rs. 320.000 millions granted to M B Enterprise, Partnership Firm. Others - Personal Guarantee of 1. Manibhai S. Patel 2. Umaben G. Patel 3. Leenaben V. Patel 4. Malav G. Patel 5. Chirag H. Patel 6. Birva C. Patel 7. Vipin K. Patel 8. Girish M. Patel 9. Hasmukhbhai S. Patel 10. Aparna M. Patel Corporate Guarantee of M and B Engineer Limited (earlier known as M and B Engineering Private Limited) and Manibhai and Brothers and its common.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable machinery, plant of Proflex Roofing System of Company situated at Sanand which are now lying stored in or about at Company's premises and godowns or wherever else.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45200GJ1981PTC004437
Name of the company	M AND B ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	MB House, 51 Chandoday Society, Opposite Golden Triangle Stadium Road, Ahmedabad – 380014, Gujarat
This form is for	Modification of charge
Charge identification number of the modified	10073163
Type of charge	Book Debts Movable Property Others Stock of raw materials, semi fin. and fin. Goods
Particular of charge holder	Bank of Baroda, Bhadra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Second supplemenal joint deed of hypothecation
Date of instrument Creating the charge	20.10.2010
Amount secured by the charge	Rs.1395.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment Bank of Baroda: 1. Term loan: Rs.230 Millions: 24 quarterly installments commencing 12 months after completion or 18 months after completion or 18 months after 1st disbursement which ever is earlier. 2. Term loan: Rs.106.500 millions: 24 quarterly installments commencing 12 months after completion or 18 months after 1st disbursement which ever is earlier 3. W/c, loc and bk. Guarantee: 12 months Standard chartered bank: repayment remain same Axis bank ltd.: repayment remain same Margin Bank of Baroda 1. Term loan iii: building 35% and machinery 25% 2. Cash credit: stock 30% and book debts 50% 3. Working capital and bank guarantee: 15% cash margin Standard chartered bank 1. Term loan: fixed deposit receipt of Rs.6.300 millions keep during the moratorium 2. Import l/c: 10% in the form of fixed deposit to be furni. At the time of opening of l/c. Axis bank 1. Term loan: 29.54%, 2. Cash credit: inventory 25% and book debts 50%, 3. L/c. 10% cash margin, 4. Bank guarantee: 10% Others Personal guarantee of 1. Mr. Manibhai s. Patel 2. Mr. Hasmukhbhai S. Patel 3. Mr. Girishbhai M. Patel 4. Mr. Chirag H. Patel 5. Mr. Vipinbhai K. Patel 6. Mr. Malav G. Patel
Date of latest modification prior to the present modification	12.09.2008
Particulars of the present modification	Additional amount sanctioned by bank of Baroda: Working capital and overdraft Rs.35.000 millions Letter of credit Rs.30 Millions Bank guarantee Rs.130 millions Thus total: Rs.195.000 millions The bifurcation of financial assistance granted through the said modification

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.50.27
UK Pound	1	Rs.80.07
Euro	1	Rs.68.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.