MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	LUBI SUBMERSIBLES LIMITED
Formerly Known As :	ANMIL TRADING AND MANUFACTURING PRIVATE LIMITED
Registered Office :	Near Kalyan Mills, Naroda Road, Ahmedabad- 380025, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.05.1979
Com. Reg. No.:	04-003389
Capital Investment / Paid-up Capital :	Rs.5.400 Millions
CIN No.: [Company Identification No.]	U29199GJ1979PLC003389
TAN No.: [Tax Deduction & Collection Account No.]	AHML00090G
PAN No.: [Permanent Account No.]	AAACL2565N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pumps and Motors
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Sameer Kacholo
Designation :	Manager – International Business
Contact No.:	91-79-22204711
Date :	14.09.2011

LOCATIONS

Registered Office/ Factory 1:	Near Kalyan Mills, Naroda Road, Ahmedabad- 380025, Gujarat, India.
Tel. No.:	91-79-22204711 upto 22204718/ 30610100
Fax No.:	91-79-22200660/ 30610300
E-Mail :	mktsales@lubipumps.com jhaverishah@yahoo.com expsales@lubipumps.com
Website :	http://www.lubipumps.com
Area :	1000
Location :	Owned
Factory 2 :	B-1, Lubi Industrial Park, Khatraj Road, Vadsar.
Location :	Owned
Branches :	Located at Ahmednagar, Bangalore and Indore.
Distributor Network:	Located at: · Andhra Pradesh · Haryana · Punjab · Bihar · Karnataka · Rajasthan · Chattisgarh · Kerala · Uttar Pradesh · Delhi · Madhya Pradesh · Gujarat · Maharashtra · Uttaranchal · Orissa · West Bengal

DIRECTORS

(AS ON 15.09.2010)

Name :

Mr. Jagdishchandra Rambhai Amin

Designation :

Director

Address :

Ram Home, Gulbai Tekra, Ellisbridge, Ahmedabad- 380006, Gujarat, India.

Date of Birth/Age :

28.12.1933

Date of Appointment :

31.08.1989

DIN No.:

00221250

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	U99999GJ1984PLC006707	LUBI ELECTRICALS LIMITED	Director	30-07-85	30-07-85	Active	NO
2	U29199GJ1979PLC003389	LUBI SUBMERSIBLE LIMITED	Director	31-08-89	31-08-89	Active	NO
3	U65923GJ1998PTC035160	MIRA FINSTOCK PRIVATE LIMITED	Director	21-12-98	21-12-98	Active	NO

Name :

Mr. Subhashchandra Rambhai Amin

Designation :

Director

Address :

Ram Home, Gulbai Tekra, Ellisbridge, Ahmedabad- 380006, Gujarat, India

Date of Birth/Age :

06.02.1947

Date of Appointment :

01.07.1981

DIN No.:

00221530

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	U29199GJ1979PLC003389	LUBI SUBMERSIBLE LIMITED	Director	01-07-81	01-07-81	Active	NO
2	U65910GJ1984PTC006697	NAVALRAM FINANCIAL INVESTMENT PRIVATE LIMITED	Director	25-01-84	25-01-84	Dormant	NO
3	U99999GJ1984PLC006707	LUBI ELECTRICALS LIMITED	Director	28-01-84	28-01-84	Active	NO
4	U29120GJ1985PTC007681	LUBI PUMPS PRIVATE LIMITED	Director	31-08-89	31-08-89	Active	NO
5	U65910GJ1975PTC002674	PARAS TEXTILE MILLS Private Limited	Director	30-12-94	30-12-94	Active	NO
6	U65923GJ1998PTC035160	MIRA FINSTOCK PRIVATE LIMITED	Director	21-12-98	21-12-98	Active	NO
7	U27101GJ1996PTC030121	WHINSTONE CASTING PRIVATE LIMITED	Director	23-03-01	23-03-01	Converted to LLP and dissolved	NO
8	U29308GJ1986PTC008641	LUBI PROJECTS PRIVATE LIMITED	Director	01-05-01	01-05-01	Active	NO
9	U27310GJ2005PTC045942	ARVIND IRON PRIVATE LIMITED	Director	27-04-05	27-04-05	Active	NO

Name :

Mr. Jayamalbhai Jagdishchandra Amin

Designation :

Director

Address :

Ram Home, Gulbai Tekra, Ellisbridge, Ahmedabad- 380006, Gujarat, India

Date of Birth/Age :

27.04.1962

Date of Appointment :

03.04.1995

DIN No.:

00221356

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	U29199GJ1979PLC003389	LUBI SUBMERSIBLE LIMITED	Director	03-04-95	03-04-95	Active	NO
2	U27101GJ1996PTC030121	WHINSTONE CASTING PRIVATE LIMITED	Director	23-03-01	23-03-01	Converted to LLP and dissolved	NO
3	U29308GJ1986PTC008641	LUBI PROJECTS PRIVATE LIMITED	Director	01-05-01	01-05-01	Active	NO
4	U99999GJ1984PLC006707	LUBI ELECTRICALS LIMITED	Director	01-09-04	01-09-04	Active	NO
5	U29120GJ1985PTC007681	LUBI PUMPS PRIVATE LIMITED	Director	01-09-08	01-09-08	Active	NO

Name :

Mr. Shailesh Dollarrai Porecha

Designation :

Director

Address :

Navdeep, Udyan Marg, Ellisbridge, Ahmedabad- 380006, Gujarat, India.

Date of Birth/Age :

27.04.1956

Date of Appointment :

24.06.1994

DIN No.:

00221569

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	U29120GJ1985PTC007681	LUBI PUMPS Private Limited	Director	01-04-86	01-04-86	-	Active	NO
2	U99999GJ1984PLC006707	LUBI ELECTRICALS LIMITED	Director	01-12-86	01-12-86	-	Active	NO
3	U99999GJ1990PLC014627	JUMBO CHEMICALS LIMITED	Director	10-05-93	10-05-93	01-03-07	Strike off	NO
4	U29199GJ1979PLC003389	LUBI SUBMERSIBLE LIMITED	Director	24-06-94	24-06-94	-	Active	NO
5	U65910GJ1975PTC002674	PARAS TEXTILE MILLS PRIVATE LIMITED	Director	04-01-95	04-01-95	-	Active	NO
6	U27101GJ1996PTC030121	WHINSTONE CASTING PRIVATE LIMITED	Director	23-03-01	23-03-01	-	Converted to LLP and dissolved	NO
7	U29308GJ1986PTC008641	LUBI PROJECTS PRIVATE LIMITED	Director	01-05-01	01-05-01	-	Active	NO

Name :

Mr. Rajan Nalinkant Porecha

Designation :

Director

Address :

238, Urmikung Society, Navrangpura, Ellisbridge, Ahmedabad- 380006, Gujarat, India.

Date of Birth/Age :

13.09.1961

Date of Appointment :

01.07.1993

DIN No.:

00221498

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	U29199GJ1979PLC003389	LUBI SUBMERSIBLE LIMITED	Director	01-07-93	01-07-93	Active	NO
2	U27101GJ1996PTC030121	WHINSTONE CASTING PRIVATE LIMITED	Director	23-03-01	23-03-01	Converted to LLP and dissolved	NO
3	U29120GJ1985PTC007681	LUBI PUMPS PRIVATE LIMITED	Director	04-08-04	04-08-04	Active	NO
4	U27310GJ2005PTC045942	ARVIND IRON PRIVATE LIMITED	Director	27-04-05	27-04-05	Active	NO
5	U99999GJ1984PLC006707	LUBI ELECTRICALS LIMITED	Director	02-07-07	02-07-07	Active	NO
6	U29308GJ1986PTC008641	LUBI PROJECTS PRIVATE LIMITED	Director	14-12-09	14-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer Kacholo
Designation :	Manager – International Business

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.09.2010)

Names of Shareholders	No. of Shares
Bakulaben Jagdishchandra Amin	2699
Jaymal Jagdishchandra Amin	2701
Tejalben Tusharbhai Patel	2701
Master Rohan Jaymalbhai Amin	897
Mira Finstock Private Limited, Ahmedabad, Gujarat, India	2726
Rameshchandra Rambhal Amin	874
Shetal Samir Patel	2701
Shrujal Sachin Patel	2699
Subhashchandra Rambhal Amin	2674
Achalaben Subhashchandra Amin	930
Nirali Subhashchandra Amin	2699
Vishal Subhashchandra Amin	2699
Ushaben Dollarrai Porecha	2428
Aartiben Shailendrabhai Porecha	7023
Geetaben Narendrabhai Parekh	2701
Eelaben Mehulbhai Sheth	2699
Indumatiben Nalinkant Porecha	2699
Rajan Nalinkant Porecha	4923
Shailee Rajan Porecha	300
Atul Shantilal Adalia	26
Manjari Rajan Porecha	3900
Ronak Rajan Porecha	301
Total	54000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	5.05
Directors or relatives of Directors	94.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pumps and Motors
Products :	v Submersible Borewell Pumps and Motors from 4” to 10” upto 250 HP. v Monoblock for Industrial and Agricultural Applications v Pumps for Household/ Domestic Pumps v Waste Water/ Drainage Pumps v Pimps and Motors as per Specifications v Casting as per Drawings. v Foundry: 1. Haunter Automated Molding Line 2. Statomat Automated Motor Winding 3. CNC Machining 4. ITW- Singnode Automated Conveyerized Packaging 5. Buhler Aluminium Die- casting 6. Automated Product Testing
Brand Names :	Lubi
Exports :
Products :	Pumps and Motors
Countries :	· Middle East · South America
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Pumps and Motors	Nos.	78000	60696

Particulars	Unit	Actual Production
Pump Sets	Nos.	51401
Pump Only	Nos.	4297
Sub Motor only	Nos.	4996

GENERAL INFORMATION

Customers :

(As on 31.03.2009)

Wholesalers and Retailers

v Leading Government Water Supply Boards

v Cooperative Farming Societies

v Leading Industrial Corporations

v Global Distributors and Dealers

v Nirma

v IFFCO

v Reliance

v Indian Oil

v Western Railways

v Jindal

v Lupin Agrochemicals

v Ranbaxy

v Zydus Cadila

v Indian Rayon

No. of Employees :

2000 (Approximately)

Bankers :

· Bank of Baroda-

Gandhi Road Branch, Gandhi Road, Ahmedabad- 380001, Gujarat, India.

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Working Capital from Banks In
Cash Credit Account	20.199	0.000
Loan from HDFC Bank Limited	0.000	0.003
Hire Purchase Loan
From HDFC Bank Limited	0.254	0.533
Total	20.453	0.536
Note: 1. Loan from Bank a) Cash Credit from Bank is secured by way of – i) Hypothecation of stock and book debts, both present and future. ii) Hypothecation of movable and immovable machineries both present and future. iii) Equitable mortgage of immovable property being freehold land and building thereon situated at naroda and iv) Personal Guarantee of at the directors of the company b) Loan from Bank is secured by way of pledge of Fixed Deposit of Bank. c) Hire Purchase loan is secured against hypothecation of vehicles.
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Company	2.055	1.600
From Share holders	69.394	66.541
Total	71.449	68.141

Banking Relations :	--
Auditors :
Name :	Jhaveri Shah and Company Chartered Accountant
Address :	503, Aniket Building, C G Road, Navrangpura, Ahmedabad- 380009, Gujarat, India.
Tel. No.:	91-79-26422767/ 30022776
Fax No.:	91-79-30022677
E-Mail :	jhaverishah@yahoo.com
Associates:	v Lubi Electricals Limited v Star Enterprises v Lubi Electricals v Lubi Pumps Limited v Mira Industries v Mira Fionstock Private Limited v Arvind Electropumps v Lubi Pumps FZE
Wholly Owned Subsidiaries :	v Paras Textile Mills Private Limited U65910GJ1975PTC002674

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- Each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54000	Equity Shares	Rs.100/- Each	Rs.5.400 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		5.400	6.750	6.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		401.332	297.030	231.328
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		406.732	303.780	238.078
LOAN FUNDS
1] Secured Loans		20.453	0.536	49.538
2] Unsecured Loans		71.449	68.141	54.498
TOTAL BORROWING		91.902	68.677	104.036
DEFERRED TAX LIABILITIES		0.000	1.694	0.000
TOTAL		498.634	374.151	342.114
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		155.757	141.662	116.778
Capital work-in-progress		3.759	0.592	0.000
INVESTMENT		6.200	6.200	6.200
DEFERREX TAX ASSETS		1.504	0.000	1.255
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	300.548	172.748	183.346
	Sundry Debtors	172.328	93.658	72.924
	Cash & Bank Balances	103.472	73.335	81.132
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	217.909	134.346	192.385
Total Current Assets		794.257	474.087	529.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	317.399	162.965	216.518
	Other Current Liabilities	25.096	20.253	16.933
	Provisions	120.348	65.172	78.456
Total Current Liabilities		462.843	248.390	311.907
Net Current Assets		331.414	225.697	217.880
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		498.634	374.151	342.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1521.095	972.233	691.587
		Other Income	35.524	31.946	22.767
		TOTAL (A)	1556.619	1004.179	714.354
Less	EXPENSES
		Consumption of Raw Material and stores and spares parts	1035.776	699.859	534.883
		Manufacturing Expenses	44.392	21.450	18.649
		Purchases made for re-sale	88.246	36.952	14.425
		Payment to and Provision for Employees	60.704	45.938	38.731
		Administrative, Selling and General Expenses	95.810	60.677	38.084
		Loss on Sale of Assets	0.000	0.030	0.009
		Increase/ Decrease in Stock	[39.330]	0.274	(23.599)
		TOTAL (B)	1285.598	865.18	621.182
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		271.021	138.999	93.172
Less	FINANCIAL EXPENSES (D)		14.052	11.877	9.823
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		256.969	127.122	83.349
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.528	22.278	11.968
	PROFIT BEFORE TAX (E-F) (G)		228.441	104.844	71.381
Less	TAX (H)		77.052	38.605	33.315
	PROFIT AFTER TAX (G-H) (I)		151.389	66.239	38.066
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		276.359	212.657	176.366
	Excess Provision fro Bonus		0.075	0.063	--
	Excess Provision for Income Tax and FBT		0.214	0.187	--
	Excess provision fro Wealth Tax		0.000	0.003	--
Less	Prior period Adjustment		0.103	--	0.005
Less	APPROPRIATIONS
		Transfer to General Reserve	15.500	2.000	1.000
		Proposed Dividend	1.350	0.675	0.675
		Tax on Dividend	0.229	0.115	0.096
		Transfer to Capital Redemption Reserve	1.350	0.000	0.000
		Premium on Buy Back	45.900	0.000	0.000
	BALANCE CARRIED TO THE B/S		363.811	276.359	212.656
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	264.403	186.508	65.288
	TOTAL EARNINGS		264.403	186.508	65.288
	IMPORTS
		Raw Materials	66.637	22.948	0.000
		Stores & Spares	1.690	0.562	0.988
	TOTAL IMPORTS		68.327	23.510	0.988
	Earnings Per Share (Rs.)		2803.50	981.323	563.94

Particulars	31.03.2011
Sales Turnover (Approximately)	200.000

The above information has been parted by Mr. Sameer Kacholo.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.73	6.60	5.16
Net Profit Margin (PBT/Sales)	(%)	15.02	10.78	10.32
Return on Total Assets (PBT/Total Assets}	(%)	24.05	17.03	21.33
Return on Investment (ROI) (PBT/Networth)		0.56	0.35	0.30
Debt Equity Ratio (Total Liability/Networth)		1.36	1.04	1.75
Current Ratio (Current Asset/Current Liability)		1.72	1.91	1.70

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The company has earned profit after tax of Rs.151.389 Millions and the same have been carried to the Balance Sheet after declaring dividend of 25% and transferring profit to General Reserve.

PUBLIC DEPOSIT:

The company has not accepted any deposit from the Public within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

i) Disputed liabilities towards Income Tax demand of Rs.0.075 Million (Previous year Rs.0.075 Million) for various assessment year with assessing officer/ appellate authorities.

ii) Custom duty liabilities which may arise, if obligations for export is not fulfilled on import of raw materials and capital goods against Advance Licensed Rs.4.243 Millions

TRADE REFERENCE:

· Indian Railways

Bankers Charges Report as per Registry

Corporate identity number of the company	U29199GJ1979PLC003389
Name of the company	LUBI SUBMERSIBLES LIMITED
Address of the registered office or of the principal place of business in India of the company	Near Kalyan Mills, Naroda Road, Ahmedabad- 380025, Gujarat, India.
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90102734
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda- Gandhi Road Branch, Gandhi Road, Ahmedabad- 380001, Gujarat, India.
Nature of instrument creating charge	Instrument of Extension relating to deposit of Title Deeds
Date of instrument Creating the charge	18.08.2009
Amount secured by the charge	Rs.60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 0.50% above BPLR i.e., 12.50% p.a. at present payable with monthly rests Terms of Repayment 12 Months subject to yearly review Margin 25% on Stock 35% on Work in Progress 30% on Finished Goods 50% on Book Debts 10% in the form of Fixed Deposit under Ban’s lien 100% for disputed financial guarantee Extent and Operation of the charge To cover due repayment, discharge and redemption of secured facility agreegating to Rs. 60.000 Millions together with interest under loan agreement on terms and conditions amended from Time to time.
Short particulars of the property charged	v Mortgage of Immovable Properties by way of Deposit of Title Deeds of the Company situated at Near Kalyan Mills, Naroda Road bearing survey No. 312/B, (FP. 68), 311+2 v Situated at Village Asarwa, taluka city of registration district Ahmedabad and sub district Ahmedabad.
Date of instrument modifying the charge	15.06.2007
Particulars of the present modification	Total Additional credit facility of Rs.30.000 Millions making aggregate enhanced credit facility of Rs.60.000 Millions comprising of cash credit- stock cum book debt cum inland bill purchase cum inland/ foreign letter of credit DP/ DA (Usance 90 Days) of Rs.45.000 Millions and inland/ foreign guarantee of Rs.15.000 Millions.

Name of the company	LUBI SUBMERSIBLES LIMITED
Presented By	Director
1) Date and description of instrument creating the change	A mortgage by Deposit of Title deeds dated 31.03.1992
2) Amount secured by the charge/amount owing on the securities of charge	Rs.7.231 Millions
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	All the piece and parcel of Freehold Land bearing survey No. 312/B of Mouje, Asarwa, Ahmedabad. Part of final Plot No. 68 of TPS No .XXX adm 5478 Sq. meters.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest: As may be determined by the Bank.
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda- Gandhi Road Branch, Gandhi Road, Ahmedabad- 380001, Gujarat, India.
6) Date and brief description of instrument modifying the charge	Supple. Memorandum of Entry dated 05.03.2001
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.	Mortgage raised to Rs.15.221 Millions

Fixed Assets:

v Land and Building

o Land- Vadsar

o Factory Building

o Factory Building – Vadsar

o Boring

o Water Tank

o Boundary Wall

o Road

v Plant and Machineries

o Machineries

o Electrical Generator

o Testing Equipments

o Tools and Equipments

o Electrical Installation

o Office Machine and Equipments

o Trolly and Carriers

o Dies and Pattern

o Air Conditioners

o Vehicles

o Computer Machine

o Computer Software

o Mobile Telephone

o Telecom Machine

o Wireless Tower

o Electrical Fittings

o Electric Transformer

v Furniture and Dead Stock

WEBSITE DETAILS:

MILESTONES

1966

A small foundry to manufacture Cast iron castings was established.

1967

Introduced range of engine driven pumps under the brand name of Rainbow.

1972

Exports of castings and builders hardware to UK and USA.

1976

Introduced range of close-coupled electric pumps and electric motors under the brand name of Lubi.

1984

Introduced a range of submersible pumps for 6" and 8" Borewell.

1990

Introduced a complete range of small household single-phase peripheral centrifugal pumps.

1990

Introduced a complete range of submersible monoset pumps.

1992

First company in India to introduce a complete range of indigenously developed submersible pumps for 4" Borewell.

1992

Introduced a range of submersible pumps for 10" borewell.

1998

Introduced a complete range of Dewatering (Polder) pumps.

1998

Lubi Submersibles Limited. was awarded ISO 9002 certification by TUV, Germany.

2000

Lubi Electricals Limited., Mira Industries and Lubi Foundry were awarded ISO 9002 certification and Lubi Submersibles was awarded ISO 9001 certification by TUV, Germany.

2002

Lubi Submersibles Limited, Lubi Electrical Limited and Mira Industries was awarded by ISO 9001: 2000 by TUV, Germany.

2006

Introduced 4", 6" Stainless steel fabricated pumps.

2008

Introduce a complete range of Horizontal split case pumps

2009

Introduced a complete range of Drainage and sewage pumps

2010

Introduced a complete range of vertical Multistage Pumps

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.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

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	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	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		46

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.