MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	PRECIOUS MINERAL PROCESSING SYSTEMS PRIVATE LIMITED [w.e.f. 08.03.2011]
Formerly Known As :	PRECIOUS FAB CAST PRIVATE LIMITED
Registered Office :	4809, Phase – 4, GIDC, Near Water Tank, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.12.1988
Com. Reg. No.:	04-011611
Capital Investment / Paid-up Capital :	Rs.3.050 Millions
CIN No.: [Company Identification No.]	U28939GJ1988PTC011611
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporter and Importer of Minerals and Chemical Processing Machines and Material Handling Systems.
No. of Employees :	45 in Office [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B [28]

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

Maximum Credit Limit :	USD 24000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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

Name :	Mr. Nishesh Agrawal
Designation :	Director
Contact No.:	91-9998365202
Date :	13.03.2012

LOCATIONS

Registered Office/ Factory :	4809, Phase – 4, GIDC, Near Water Tank, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25840315 / 25842237
Mobile No.:	91-9998365202 [Mr. Nishesh Agrawal]
Fax No.:	91-79-25840026
E-Mail :	nishesh@preciousmachines.com precifab@yahoo.com
Website :	http://www.preciousfabcast.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Nishesh Pravinbhai Agrawal

Designation :

Director

Address :

E/4, Alaknanda Society, Behind Civil Hospital, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

20.08.1983

Date of Appointment :

15.10.2009

DIN No.:

02804317

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	U28939GJ1988PTC011611	PRECIOUS MINERAL PROCESSING SYSTEMS PRIVATE LIMITED	Director	15/10/2009	15/10/2009	Active	NO
2	U29190GJ2010PTC062452	CHITRA PRECIOUS MECHTECH PRIVATE LIMITED	Director	27/09/2010	27/09/2010	Active	NO

Name :

Mr. Pravinbhai Agrawal

Designation :

Director

Address :

E/4, Alaknanda Society, Behind Civil Hospital, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

09.12.1988

DIN No.:

00313701

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	U65910GJ1984ULT006873	ADROIT TRADING AND INVESTMENT COMPANY	Director	25/08/1987	25/08/1987	30/04/2011	Active	NO
2	U28939GJ1988PTC011611	PRECIOUS MINERAL PROCESSING SYSTEMS PRIVATE LIMITED	Director	9/12/1988	9/12/1988	-	Active	NO
3	U24232GJ2007PTC050233	GREEN HIMALAYA BIOSCIENCES PRIVATE LIMITED	Director	15/03/2007	15/03/2007	20/12/2010	Active	NO

Name :

Mr. Chitra Pravin Agrawal

Designation :

Director

Address :

E/4, Alaknanda Society, Behind Civil Hospital, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

22.09.1956

Date of Appointment :

24.05.2004

DIN No.:

00313731

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	U28939GJ1988PTC011611	PRECIOUS MINERAL PROCESSING SYSTEMS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	Active	NO
2	U29190GJ2010PTC062452	CHITRA PRECIOUS MECHTECH PRIVATE LIMITED	Director	27/09/2010	27/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Pravinbhai Agrawal	81970
Chitra Pravin Agrawal	87980
Nishesh Pravinbhai Agrawal	109500
Rameshwar Sahai Babulalji Govil	5650
Priyanka Pravin Agrawal	5000
Pravin Rameshwar Agrawal HUF	14900
Total	305000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporter and Importer of Minerals and Chemical Processing Machines and Material Handling Systems.
Products :	· Ball Mill · Continuous Ball Mill · Maruti Impact Pulverizer · Micro Pulverizer · Spice Pulverizer · Ultra Fine Turbo Mill · Jaw Crusher · Pre Crusher · Roll Crusher · Super Hammer Mill · Disintegrator · Vibrating Screen · Gyratory Siever (Sifter) · U-Mixer cum Blender · Sigma Mixer · Spice Plant · Plaster of Paris Plant · Mobile stone Unit · Stone Crushing and Screening Plant · Steel Slag Crushing Plant · Mineral Processing Plant · Belt Conveyors · Hammer Crusher · Cattle Feed Plant · Pin Mill / Disc Pulverizer · Bucket Elevator
Exports :
Products :	Machinery
Countries :	· Africa · Middle East · US
Imports :
Products :	Raw Materials
Countries :	· Germany · Italy
Terms :
Selling :	L/C and Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

30 (Approximately)

Bankers :

· Bank of India,

Vatva Industrial Estate Branch, Plot No.91/21, Phase- 1, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India

· HDFC Bank

· State Bank of India,

Vatva Branch, Ahmedabad – 382445, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit Accounts	9.521	0.000
HDFC Bank Car Loan	0.433	0.380
Total	9.954	0.380
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposit from Directors and relatives	3.992	0.265
Security deposit against order	3.479	14.890
Total	7.471	15.155

Banking Relations :	--
Auditors :
Name :	K. P. Sompura and Company Chartered Accountant
Address :	2, Shivam Shayona Prasad Bunglow, Shayona City, R C Technical Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India
PAN No.:	ACMPS6223R
Associates/Subsidiaries :	· Chitra Precious Mechtech Private Limited Address : 4809, Phase – 4, GIDC, Near Water Tank, Vatva, Ahmedabad – 382445, Gujarat, India Activity: Manufacturer of machinery [Used in industry like cement, ceramic, minerals etc.]

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/-each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
305000	Equity Shares	Rs.10/-each	Rs.3.050 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.050	3.050	1.978
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.955	2.289	1.759
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.005	5.339	3.737
LOAN FUNDS
1] Secured Loans		9.954	0.380	3.229
2] Unsecured Loans		7.471	15.155	0.165
TOTAL BORROWING		17.425	15.535	3.394
DEFERRED TAX LIABILITIES		0.060	0.190	0.143
TOTAL		23.490	21.064	7.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.568	3.878	2.912
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	8.999	15.068	12.618
	Sundry Debtors	10.211	6.894	6.163
	Cash & Bank Balances	0.197	1.277	0.207
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.068	6.542	3.088
Total Current Assets		24.475	29.781	22.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.312	11.836	9.919
	Other Current Liabilities	0.740	0.532	6.791
	Provisions	0.501	0.227	1.004
Total Current Liabilities		8.553	12.595	17.714
Net Current Assets		15.922	17.186	4.362
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.490	21.064	7.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		54.257	34.044
		Other Income		0.224	0.249
		TOTAL (A)		54.481	34.293
Less	EXPENSES
		Purchase		48.271	29.582
		Direct Expenses		1.270	1.497
		Indirect Expenses		7.292	5.472
		Increase decrease in stock		[3.419]	[3.119]
		TOTAL (B)		53.414	33.432
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Not Available	1.067	0.861
Less	FINANCIAL EXPENSES (D)			0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.067	0.861
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.491	0.348
	PROFIT BEFORE TAX (E-F) (G)			0.576	0.513
Less	TAX (H)			0.046	0.154
	PROFIT AFTER TAX (G-H) (I)		0.665	0.530	0.359
	EARNINGS IN FOREIGN CURRENCY		7.091	5.430	5.589
	Earnings Per Share (Rs.)		2.18	1.74	--

Expected Sales (2011-12): Rs.120.000 Millions

The above information has been parted by Mr. Nishesh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.97	1.05
Net Profit Margin (PBT/Sales)	(%)	NA	1.06	1.51
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.71	2.05
Return on Investment (ROI) (PBT/Networth)		NA	0.11	0.14
Debt Equity Ratio (Total Liability/Networth)		4.33	5.27	5.65
Current Ratio (Current Asset/Current Liability)		2.86	2.36	1.25

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FORM 8:

Corporate identity number of the company	U28939GJ1988PTC011611
Name of the company	PRECIOUS MINERAL PROCESSING SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4809, Phase – 4, GIDC, Near Water Tank, Vatva, Ahmedabad – 382445, Gujarat, India precifab@yahoo.com
This form is for	Modification of charge
Charge identification number of the modified	90110449
Type of charge	Immovable Property Any Interests in immovable property Book Debts Movable Property Floating Charge
Particular of charge holder	· Bank of India, Vatva Industrial Estate Branch, Plot No.91/21, Phase- 1, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India vessi.ahmedabad@bankofindia.com
Nature of description of the instrument creating or modifying the charge	Third supplemental deed of hypo executed by comp to secure modified, revised and increased fund based and non fund based aggregate limits of Rs.11.500 Millions supplemental memorandum of dep of title deeds executed for extension of eq mort charge for modified, revised and increased fund based and non fund based aggregate limits of Rs.11.500 Millions registered with joint sub Registrar SRO - Ahmedabad - 5 (NAROL) on 18-03-2011 at Sr No 3819 in Book No 1 Containing 14 Pages
Date of instrument Creating the charge	18.03.2011
Amount secured by the charge	Rs.11.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC STK/ BK DT - 3.50% above BR PRES 13.00% p. a. monthly rest basis or such other rate as may be prescribed by Bank from time to time, GUA - As per bank's norms Terms of Repayment CC Stock - On Demand / Annual Review CC Book Debts - On Demand / Annual Review Bank GUA - On Demand / Annual Review Margin CC Stocks - 25% CC Book Debts - 40% Bank GUA - 25% Extent and Operation of the charge First and exclusive hypo Ch on all tangible movable prop like plant and mach, STK of mat and book debts and all other movable assets of the comp and first and excl eq mort Ch on immovable prop being land, bldg, sheds, structures and const to secure modified, revised and increased fund based and non fund based tot aggregate limits of Rs.11.500 Millions along with Int, penal int, addl int, liquidated damages, cost, charges and commission and all other charges due to the bank from time to time of what so ever nature Others Revised Limits Amt Rs in Millions CC STK 10.000 CC BK DTS 4.000 TOT MAX CC 10.000 BK GUA 1.500 TOT MAX NFB – 1.500 TOT AGG Limit 11.500
Short particulars of the property charged	All that movable plant and mach, equipments and other mov assets whether installed or not and whether lying loose or in cases at Plot No 4809 Ph IV GIDC Vatva Ahd or else All stocks of raw material such as ms shet, plate, angles, chnls etc. sfg, fg like roll crusher etc, spares etc both present and future lying or stored at Plot No 4809 Ph IV GIDC Vatva Ahd or else. All the book debts, outstanding, money receivables, claims bills both present and future All that pieces and parcels of lh land Plot No 4809 adm 1465 sq mtrs with Building sheds, structures etc at Gidc Vatva Industrial Estate, Ph IV Rs No 334 Mouje Ramol Ta Dascroi Dist Ahd
Date of latest modification prior to the present modification	02/07/2009
Particulars of the present modification	Bk Granted Addl CC STK Rs.2.500 Millions, CC BK dts S/L Rs.2.500 Millions, with max CC LIM Rev from Rs.7.500 Millions to Rs.10.000 Millions, thereby modified revised and increased new FB & NFB Aggr Limt from Rs.9.000 Millions to Rs.11.500 Millions thus first and excl hypo ch on plant and mach, stks, bk dts and othr mov prop and eq mort ch on imov prop land, bldg sheds, const etc is extended and will operate for Rs.11.500 Millions w. e. f. 18.03.2011

FIXED ASSETS:

· Land

· Building

· Camera

· Plant and Machinery

· Furniture and Fixtures

· Computer and Printer

· Office Equipments

· Electrical Installations and Fittings

· Car

· Scooter

· Pager

· Fax Machine

· Air Conditioner

· Air Cooler

· Type Writer

· Mobile Phones

· Weight Scale

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	4
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.