MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	DEL PD PUMPS AND GEARS PRIVATE LIMITED
Registered Office :	Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.10.1986
Capital Investment / Paid-up Capital :	Rs.38.505 Millions
Com. Reg. No.:	04-9027
CIN No.: [Company Identification No.]	U29120GJ1986PTC009027
TAN No.: [Tax Deduction & Collection Account No.]	AHMD02714F
PAN No.: [Permanent Account No.]	AABCD1803E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Gear Pumps and Allied Products.
No. of Employees :	175 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 470900
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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 – 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 :	Mrs. Darshani Deliwala
Designation :	Key Executive
Contact No.:	91-9998817576
Date :	03.04.2012

LOCATIONS

Registered Office / Factory :	Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035, Gujarat, India
Tel. No.:	91-2752-243047
Mobile No. :	91-9998817576 (Mrs. Rashmi)
Fax No.:	91-2752-243744
E-Mail :	dd@delpump.com rotodel_ad1@sancharnet.in
Website :	www.delpump.com
Area :	20000 Sq. Ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Niranjan Himatlal Deliwala
Designation :	Director
Address :	72, Priyadarshan, Housing Plot, GIDC. Wadhwan City – 363035, Gujarat, India
Date of Birth/Age :	11.08.1951
Qualification :	B.M.E.
Date of Appointment :	14.03.1987
DIN No. :	02064195

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	14/03/1987	14/03/1987	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

Name :	Mrs .Varsha Niranjan Deliwala
Designation :	Director
Address :	72, Priyadarshan, Housing Plot, GIDC. Wadhwan City – 363035, Gujarat, India
Date of Birth/Age :	30.03.1952
Qualification :	B.Com.
Date of Appointment :	14.03.1987
DIN No. :	02066402

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	14/03/1987	14/03/1987	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

Name :	Mr. Hemant Niranjan Deliwala
Designation :	Director
Address :	72, Priyadarshan, Housing Plot, GIDC. Wadhwan City – 363035, Gujarat, India
Date of Birth/Age :	30.03.1977
Qualification :	B.M.E.
Date of Appointment :	01.04.1998
DIN No. :	00898162

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

KEY EXECUTIVE

Name :	Mrs. Darshani Deliwala
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Varsha Niranjan Deliwala	90100
Niranjan Himatlal Deliwala	2192800
Niranjan Himatlal Deliwala HUF	1347500
Hemant Niranjan Deliwala	140100
Radhika Niranjan Deliwala	80000
Total	3850500

Equity Share Break up as on 30.09.2011

S. No.	Category	Percentage
1	Directors or relatives of Directors	100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Gear Pumps and Allied Products.
Exports :
Products :	Oil Pump
Countries :	Europe, Asia, Middle East
Terms
Selling :	T.T.
Purchasing :	T.T.

GENERAL INFORMATION

Suppliers :

As on 2009

• Axay Trading Company
• Atul Steel Industries
• Anil Traders
• Art View Offset
• Arihant Enterprises
• Ami Stationery
• Bharat Bijlee Limited
• Chimanlal and Company
• Classic Powder Coat
• Deven Trading and Company
• Eagle Auto and Machinery
• Famous Plastics
• Industrial Spares
• Jay Tools
• Jay Gopal Traders

Customers :

• Manufacturer
• Classic Interior
• Del Machine Tools (P) Limited
• Parshva Agencies
• Ambuja Cement Limited
• Amrut Polymers
• Anil Gears
• Steel Authority of India Limited
• Bokaro Steel Plant
• Century Rayon
• Cenlub System
• Deccan Cements Limited
• Del Engineers
• Diesel Locomotive Works
• Electro Sales
• Flow Technics

No. of Employees :

175 (Approximately)

Bankers :

• State Bank of India, Wadhwan Branch
• HDFC Bank

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
State Bank of India CC A/c	4.115	0.997
Sundaram Finance Limited	0.000	0.053
HDFC Car Loan	0.103	0.203
State Bank of India CC A/C – Del Eng	0.042	0.000
Total	4.260	1.253
Unsecured Loans
From Relatives and Others	0.552	0.120
Total	0.552	0.120

Banking Relations :	--
Auditors :
Name :	Pritesh A. Shah and Associates Chartered Accountant
Address :	33/385, Adarsh Nagar, Near Nava Vadaj, Ankur, Naranpura, Ahmedabad – 380013, Gujarat, India
Associates/Subsidiaries :	Del Engineers Del Machine Tools Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5400000	Equity Shares	Rs.10/- each	Rs.54.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3850500	Equity Shares	Rs.10/- each	Rs.38.505 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		38.505	25.005	25.005
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.220	56.141	41.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		117.725	81.146	66.354
LOAN FUNDS
1] Secured Loans		4.260	1.253	1.650
2] Unsecured Loans		0.552	0.120	0.120
TOTAL BORROWING		4.812	1.373	1.770
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		122.537	82.519	68.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.947	30.220	33.321
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.132	9.783	5.040
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.668	12.351	13.258
	Sundry Debtors	51.381	36.375	22.822
	Cash & Bank Balances	0.065	0.008	0.009
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.657	21.429	9.825
Total Current Assets		98.771	70.163	45.914
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.910	10.924	7.643
	Other Current Liabilities	2.262	2.699	1.901
	Provisions	24.429	14.024	6.607
Total Current Liabilities		41.601	27.647	16.151
Net Current Assets		57.170	42.516	29.763
MISCELLANEOUS EXPENSES		0.288	0.000	0.000
TOTAL		122.537	82.519	68.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	116.362	90.889
		Other Income	10.105	7.367
		TOTAL (A)	126.467	98.256	89.292
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	85.188	82.081	70.407
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.279	16.175	18.885
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.862	6.035	6.549
	PROFIT BEFORE TAX (E-F) (G)		33.417	22.210	12.336
Less	TAX (I)		10.405	7.418	6.500
	PROFIT AFTER TAX (G-I) (J)		23.012	14.792	5.836
	Earnings Per Share (Rs.)		8.13	5.92	--

Expected Sales (2011-12): Rs. 180.000 Millions

The above information has been parted by Mr. Darshani (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.19	15.05	6.53
Net Profit Margin (PBT/Sales)	(%)	28.71	24.44	--
Return on Total Assets (PBT/Total Assets}	(%)	20.79	22.12	15.57
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.18
Debt Equity Ratio (Total Liability/Networth)		0.39	0.36	0.27
Current Ratio (Current Asset/Current Liability)		2.37	2.54	2.84

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	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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

Fixed Assets:

• Land and Estate
• New Construction Plot
• Fright Foundation and Insurance
• Jig Fixtures
• Patterns and Pattern
• Cutting Tools and Equipment
• Testing Equipment and Measurement
• Electric Fitting and Fixtures
• Furniture and Fixture
• New Motor Car
• Plant and Machinery
• Computer Accessories

Form 8:

Name of the company	DEL PD PUMPS AND GEARS PRIVATE LIMITED
Presented By	Mr. Niranjan Himatlal Deliwala
1) Date and description of instrument creating the change	General Agreement for working capital finance to SSI together with pledge of goods and other assets agreement, agreement for advance against receivable and till in course of collection and agreement for letter of credit guarantee. All dated 05.10.1999
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 3.200 Millions Secured CC against stock – Rs. 1.300 Millions HP CC for Book Debts – Rs. 0.900 Million DD Purchase Limit – Rs. 0.200 Million LC and Guarantee – Rs. 0.800 Million Total – Rs. 3.200 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	Mortgage of all movable properties including stock, book debts belonging to borrowers situated at Flat No. 277, GIDC ,Wadhwan City.
4) Gist of the terms and conditions and extent and operation of the charge.	1. Interest @ 2.75% above SBAR 2. Raw Materal Margin – 25%, Stock – 40%, Finish Goods – 40%, Book Debts – 50% with 90 days covers and Guarantee – 25%. 3. The security described in Column No. 3 above all given security for various finance upto Rs. 3.200 Millions
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Wadhvan Branch
6) Date and brief description of instrument modifying the charge	General Agreement for working capital finance to SS. together with pledge of goods advance against receivables and bills in course of collection and Agreement for letter of credit, guarantee all dated 23.12.2000. General Agreement for the grant of medium term advance to SSI and Hypothecation of ancillary book debts and other assets along with ancillary agreement for medium term loan against of movable machinery dated 23.12.2000.
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.	The Working Capital Loan Amount Of Rs. 3.200 Millions Has Been Increased To Rs. 5.000 Millions As Under Secured CC Has Been Increased From Rs. 1.300 Millions To Rs. 3.000 Millions. HPCC For Book Debts Increases From Rs. 0.900 To Rs. 1.000 Million. DD Purchased Limit Of Rs. 0.200 And LC And Guarantee Of Rs. 0.800 Million Has Been Combined To LC and Guarantee Limit Of Rs. 1.000 Million. The Term Loan Of Rs. 3.129 Millions Has Been Kept As Rs. 2.129 Millions. With Changes In Securities As All Machineries Are Mortgage As Overall Charge For All Loans Mentioned Above. Interest Rate Has Been Changed From 2.75 to 2.25% above SBAR with minimum rate of 14.25%. The original charge was created on 05.10.1999 and was registered on 10.12.1999.

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.51.54
UK Pound	1	Rs.81.94
Euro	1	Rs.67.56

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	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		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.