MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	FENIX PROCESS TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Malini, K6/1, Erandawana Co-Op Housing Society, Nr. Mangeshkar Hospital, Erandawana, Pune-411004, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.2006
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
Com. Reg. No.:	11-128923
CIN No.: [Company Identification No.]	U28999PN2006PTC128923
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00937G
PAN No.: [Permanent Account No.]	AABCF0088M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Products (Like Chemical)
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 80810
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred .some losses in current year. Trade relations are reported a fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Shankar Ghosh
Designation :	Manager
Date :	03.04.2012

LOCATIONS

Registered Office :	Malini, K6/1, Erandawana Co-Op Housing Society, Nr. Mangeshkar Hospital, Erandawana, Pune-411004, Maharashtra, India
Tel. No.:	91-20-65008772/3
Fax No.:	91-20-25458454
E-Mail :	info@fenix.in amd_cs@rediffmail.com raomv@fenix.in csadeshpande@gmail.com
Website :	http://www.fenixprojects.in
Area :	2000 sq. ft
Location :	Owned
Factory :	Plot No.144-A, Survey No. 7, PCNTDA, MIDC, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30620371/66304437/38
Fax No.:	91-20-3062073066304439
Area :	10000 sq. ft
Location :	Leased

DIRECTORS

As On : 30.09.2011

Name :	Mr. Venkateshwara Pitchhla Mothukuri Rao
Designation :	Director
Address :	3 MIT Gardens Opposite Nagarwal School, Kalyani Nagar, Pune – 411006, Maharashtra, India
Date of Birth/Age :	15.03.1965
Date of Appointment :	29.12.2006
DIN No :	00373812

Directorship in Other Companies :

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	U29299PN2006PTC128850	KATALYST PROCESS TECHNOLOGIES PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Strike off	NO
2	U28999PN2006PTC128923	FENIX PROCESS TECHNOLOGIES PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO

Name :	Mr. Naganjaneyulu Kotaiah Donta
Designation :	Director
Address :	1-105, Opposite Driving School Gudavalli, VJ Rural Mandal, Krishana-521104, Andhra Pradesh, India.
Date of Birth/Age :	04.01.1964
Date of Appointment :	31.01.2009
DIN No :	02496657

Directorship in Other Companies :

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	U28999PN2006PTC128923	FENIX PROCESS TECHNOLOGIES PRIVATE LIMITED	Director	31/01/2009	31/01/2009	-	Active	NO
2	U29299PN2006PTC128850	KATALYST PROCESS TECHNOLOGIES PRIVATE LIMITED	Director	03/04/2009	03/04/2009	-	Strike off	NO

KEY EXECUTIVE

Name :	Mr. Shankar Ghosh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Venkateshwara Pitchhla Mothukuri Rao	979800
Naganjaneyulu Kotaiah Donta	20200
Total	1000000

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.97
Other top fifty shareholders		0.03
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Engineering Products (Like Chemical)
Exports :
Products :	Engineering Products
Countries :	Italy, Dubai
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Advance
Purchasing :	Advance

PRODUCTION STATUS (As On : 31.03.2011)

Particulars	Actual Production
Structured Packing	5587
Random Packing	216 Cu. Mtr
Static Mixer	45
Pusher Centrifuge	8
Heat Exchanger	4
Mist Eliminator	45

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

30 (Approximately)

Bankers :

• Central Bank of India, Pune Camp Branch, 317, Mahatma Gandhi Road, Pune-411001, Maharashtra, India
• HDFC Bank Limited

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Central Bank of India
Term Loan	9.011	1.357
Working Capital Loans	29.771	20.124
(Term loans secured by charge on block of assets purchased from loan and working capital loans secured by stock of raw material, WIP, finished goods and book debts. All borrowings further secured by mortgage of personal property and personal guarantee of Managing Director and his spouse)
From HDFC Bank Limited
Term Loans	2.056	1.537
(Secured by charge on assets purchased from loan and personal guarantee of managing director)
From Reliance Capital Limited
Term Loans	2.594	3.615
(Secured by personal guarantee of Managing Director)
Total	43.432	26.633
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans from Directors :
M. V. Rao	0.859	1.623
Naganjanvulu Donta	1.757	1.500
Loan From Others:
Guntaka C Reddy	0.532	0.000
Total	3.148	3.123

Banking Relations :	--
Financial Institute :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhrubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai-400710, Maharashtra, India
Auditors :
Name :	Risbud and Apte Chartered Accountant
Address :	5 Ankur, 802-B, Bhandarkar Road, Pune - 411004, Maharashtra, India
Tel. No.:	91-22-25661180
Associates/ Subsidiaries :	NIL

CAPITAL STRUCTURE

.

As On : 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 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		10.000	3.900	3.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.162	15.598	13.492
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.162	19.498	17.392
LOAN FUNDS
1] Secured Loans		43.432	26.633	14.653
2] Unsecured Loans		3.147	3.123	0.000
TOTAL BORROWING		46.579	29.756	14.653
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		62.741	49.254	32.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.657	25.239	16.055
Capital work-in-progress		0.000	0.856	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.770	0.462	0.379
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.883	23.690	21.118
	Sundry Debtors	15.871	13.784	13.522
	Cash & Bank Balances	2.163	5.331	0.680
	Other Current Assets	0.000	2.383	1.811
	Loans & Advances	7.681	8.797	12.395
Total Current Assets		56.598	49.526	53.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.089	18.497	24.067
	Other Current Liabilities	5.354	11.220	6.620
	Provisions	1.875	1.648	3.348
Total Current Liabilities		32.318	34.035	31.365
Net Current Assets		24.280	15.491	22.620
MISCELLANEOUS EXPENSES		0.034	0.077	0.120
TOTAL		62.741	49.254	32.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	102.159	96.765	123.245
		Other Income	1.467	0.236	0.623
		TOTAL	103.626	97.001	123.868
Less	EXPENSES
		Cost of Sales	58.019	51.055	78.171
		Expenses	54.831	42.831	35.854
		Prior Period Items	0.000	0.000	0.000
		TOTAL	112.850	93.886	114.025
	PROFIT BEFORE TAX		(9.224)	3.115	9.843
Less	TAX		0.212	1.011	3.768
	PROFIT AFTER TAX		(9.436)	2.104	6.075
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	16.909	20.522	0.460
		Service Income	0.255	0.486	0.011
	TOTAL EARNINGS		17.164	21.008	0.471
	Earnings Per Share (Rs.)		--	5.40	15.57

Expected Sales (2011-2012) : Rs.150.000 Millions

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(9.10)	2.17	4.90
Net Profit Margin (PBT/Sales)	(%)	(9.02)	3.22	7.99
Return on Total Assets (PBT/Total Assets}	(%)	(9.78)	3.91	14.92
Return on Investment (ROI) (PBT/Networth)		(0.57)	0.16	0.57
Debt Equity Ratio (Total Liability/Networth)		4.88	3.13	2.80
Current Ratio (Current Asset/Current Liability)		1.75	1.72	1.45

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) Constitutions 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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

OPERATIONS:

The unit has received very good response and the Directors are hopeful for better working for next years.

The company is planning for some expansion in the forth-coming years, which will be implemented from the current year itself. The Director are hopeful for good business in upcoming years.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	U28999PN2006PTC128923
Corporate identity number of the company	10063239
Name of the company	FENIX PROCESS TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K 6/1, “Malini”, Erandwane Co-Operative Housing Society, Near Deenanath Mangeshkar Hospital, Opposite Seva Sadan School, Pune-411004, Maharashtra, India.
Type of charge	Book Debts Movable Property Floating Charge All Tangible Moveable Property
Particular of charge holder	Central Bank of India, 317 Mahatma Gandhi Road Camp, Pune-411001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Third Supplementary Agreement Of Hypothecation To Secure Demand Cash Credit Against Goods Dated 26th February 2011.
Date of instrument Creating the charge	26.02.2011
Amount secured by the charge	Rs.26.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate Of Interest At Br + 4% P. A.(At Present Is 13.50% P. A.) With Monthly Rests Or At Such Rates As May Be Prescribed By The Bank From Time To Time. Terms Of Repayment Available On Demand Margin 1) 25% P. A. Of Cash Credit, 2) 10% P. A. Of Pc-Cum-Ebp Extent And Operation Of The Charge Type Of Facility :- Cash Credit Limit Of Rs.26.000 Millions With A Sub Limit Of Pc-Cum-Ebp Of Rs.10.000 Millions. Others All Other Terms And Conditions As Per Agreement. Total Cash Credit Limit Enhanced To Rs. .26.000 Millions With A Sub Limit Of Pc-Cum-Ebp Rs. 10.000 millions Making Total Cash Credit Limit Of Rs. .26.000 Millions Only
Short particulars of the property charged	The Borrowers Doth Do Hereby Hypothecate To And In Favour Of The Bank All The Tangible Movable Property Such As Products, Stock In Trade Movable Plant, Machinery, Present And Future Books Debts Outstanding, Moneys, Receivable, Claims, Contracts, Securities, Equipments, Furnitures, Flxtures, Fittings, Vechicles, And Moveable Assets Belonging To The Borroweris Place Of Business At Factory At Polt No 144-A, Sector No 7,Pcndta. Midc Bhosari Pune - 411026. All Tangible Movable Property Such As Products, Stock-In-Trade And Goods And All Moveable Plant, Machinery, Spares, Stores, Vehicles, Furnitures, Fixtures, Office Equipments, and Book Debts, Outstandings, Monies Receivables, Bills and Claims Receivable, Contracts, (Both Present and Future) Lying At The Place Of Business Of The Borrowers At Pune.
Date of latest modification prior to the present modification	20.01.2010

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Computers and Software
• Furniture and Fixture
• Leasehold Improvement
• Vehicle

TRADE REFERENCE:

· SRS Limited

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.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.