1. Summary Information

		Country	India
Company Name	PHENIX CONSTRUCTION TECHNOLOGIES (DIVISION OF 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.phenixvp.com	Product Name 1	Proflex Roofing Systems
# of employees	600 [Approximately]	Product Name 2	Phenix Pre Engineered Metal Building
Paid up capital	Rs.200,000,000/-	Product Name 3	--
Shareholders	Directors or Relatives of Directors-100%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	31 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Control Exists	India	M B Enterprise	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,529,405,000	Current Liabilities	1,004,135,000
Inventories	422,569,000	Long-term Liabilities	930,414,000
Fixed Assets	731,434,000	Other Liabilities	246,961,000
Deferred Assets	0,000	Total Liabilities	2,181,510,000
Invest& other Assets	585,000	Retained Earnings	302,483,000
		Net Worth	502,483,000
Total Assets	2,683,993,000	Total Liab. & Equity	2,683,993,000
Total Assets (Previous Year)	1,943,241,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,611,906,000	Net Profit	200,375,000
Sales(Previous yr)	2,070,745,000	Net Profit(Prev.yr)	69,997,000

MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	M AND B ENGINEERING LIMITED (w.e.f.30.03.2011) PHENIX CONSTRUCTION TECHNOLOGIES (DIVISION OF M AND B ENGINEERING LIMITED)
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) :	31.03.2011
Date of Incorporation :	16.06.1981
Com. Reg. No.:	04-004437
Capital Investment / Paid-up Capital :	Rs. 200.000 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 2000000
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)
India	A1	A1

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
Pan No.:	AEVPP5751L

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 Shares Break Up	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

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pre Engineered Metal Buildings	MT	60000	31468.44

GENERAL INFORMATION

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 Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	319.303	391.532
Working capital loans secured
Working capital loans banks secured	139.520	178.259
Loans taken for fixed assets secured
Loans taken for vehicles secured	10.905	4.696
Total	469.728	574.487
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Public deposits unsecured	187.347	370.326
Other debt unsecured	273.339	204.610
Total	460.686	574.936

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
Control Exists :	· Phenix Building Solutions Private Limited · M B Enterprise · Highten Steels · Manibhai Brothers · Manibhai Brothers PCC Sarkhej · Maxim Finance Private Limited · Manibhai Brothers Finance Corporation · Usha Prestressed Sleeper Udhyog Piplod

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 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		200.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		302.483	202.108	132.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		502.483	282.108	212.111
LOAN FUNDS
1] Secured Loans		469.728	574.487	654.393
2] Unsecured Loans		460.686	574.936	356.266
TOTAL BORROWING		930.414	1149.423	1010.659
DEFERRED TAX LIABILITIES		54.717	50.787	37.407
TOTAL		1487.614	1482.318	1260.177
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		731.434	729.756	721.307
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.585	0.455	0.455
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	422.569	253.634	405.792
	Sundry Debtors	902.578	612.202	282.507
	Cash & Bank Balances	299.624	150.124	82.686
	Other Current Assets	0.000	59.854	33.376
	Loans & Advances	327.203	137.216	172.592
Total Current Assets		1951.974	1213.030	976.953
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	533.580	201.351	219.366
	Other Current Liabilities	470.555	222.667	200.547
	Provisions	192.244	36.905	18.625
Total Current Liabilities		1196.379	460.923	438.538
Net Current Assets		755.595	752.107	538.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1487.614	1482.318	1260.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3611.906	2070.745	1874.185
		Other Income	25.799	8.172	15.102
		TOTAL (A)	3637.705	2078.917	1889.287
Less	EXPENSES
		Direct Expenses	0.000	1544.463	1415.679
		Consumption material changes inventories	2527.556	0.000	0.000
		Manufacturing service costs	160.791	0.000	0.000
		Employee related expenses	219.777	0.000	0.000
		Administrative and Other Expenses	227.145	257.649	225.066
		Selling and distribution Expenses	0.000	43.073	28.859
		Increase/(Decrease) in Finished Goods	0.000	(37.253)	(8.497)
		TOTAL (B)	3135.269	1807.932	1661.107
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		502.436	270.985	228.180
Less	FINANCIAL EXPENSES (D)		124.367	114.120	120.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		378.069	156.865	108.176
Less/ Add	DEPRECIATION/ AMORTISATION (F)		71.765	54.488	44.601
	PROFIT BEFORE TAX (E-F) (G)		306.304	102.377	63.575
Less	TAX (H)		105.929	32.380	27.067
	PROFIT AFTER TAX (G-H) (I)		200.375	69.997	36.508
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		175.694	105.697	NA
Less	APPROPRIATIONS		100.000	0.000	NA
	BALANCE CARRIED TO THE B/S		276.069	175.694	NA
	EARNINGS IN FOREIGN CURRENCY		81.254	69.011	0.000
	IMPORTS
		Raw Materials	914.330	326.930	171.799
		Stores & Spares	3.435	8.064	4.226
		Capital Goods	24.194	23.945	96.429
	TOTAL IMPORTS		941.959	358.939	272.454
	Earnings Per Share (Rs.)		11.01	87.50	45.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.51	3.37	1.93
Net Profit Margin (PBT/Sales)	(%)	8.48	4.94	3.39
Return on Total Assets (PBT/Total Assets}	(%)	11.41	5.27	3.74
Return on Investment (ROI) (PBT/Networth)		0.61	0.36	0.29
Debt Equity Ratio (Total Liability/Networth)		4.34	5.71	6.80
Current Ratio (Current Asset/Current Liability)		1.63	2.63	2.23

LOCAL AGENCY FURTHER INFORMATION

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

REVIEW OF PERFORMANCE

The company performed excellent during the year crossing Rs.3500.000 Millions mark in gross revenue terms. Both the division of the company registered a phenomenal growth and maintained their profitability despite of sustained period of lower margins. Handsome industrial and commercial demand contributed to the robust volume growth in both the divisions of the company.

The profit before depreciation and interest for the year 2010-11 Rs.502.400 Millions was up by 85% over the previous year and the Profit before tax for the year 2010-11 was Rs.306.200 Millions, a growth of 199%.

The PEB division has crossed gross turnover of Rs. 2000.000 Millions with volume surpassing 30000MT of PEB, a growth of 80% and 50% respectively.

The year marked history for “Proflex” division which crossed gross turnover of Rs. 1000.000 Millions and execution crossing one million Sq. Meters with growth of 62% and 48% respectively.

FORM 8

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
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Bank of Baroda, Bhadra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India
Nature of instrument creating charge	1. Supplemental Memorandum of Entry 2. Instrument of Extension relating to Deposit of Title Deeds and 3. Third Supplemental Joint Deed of Hypothecation
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs. 2244.650 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Other As Per Sanction Letter of Respective Banks
Charge identification number of the charge to be modified	10073163
Date of instrument modifying the charge	01.11.2010
Particulars of the present modification	The Financial Assistance from Bank of Baroda has increased by Rs.553.800 Millions (Now stands at Rs.1379.800 Millions), from Standard Chartered Bank has increased by Rs.43.750 Millions (Now stands at Rs.362.750 Millions), from Axis Bank has reduced by Rs.12.900 Millions (Now stands at 237.100 Millions) and the new financial assistance of Rs.265.000 Millions received from IDBI Bank Limited aggregating to total new financial assistance of Rs.849.650 Millions. The present Charge Stands at Rs.2244.650 Millions

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicles

· Motor Buses

· License Fees

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. 51.04
UK Pound	1	Rs. 81.08
Euro	1	Rs. 67.39

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.