MIRA INFORM REPORT

Report Date :

13.04.2012

IDENTIFICATION DETAILS

Name :	FIELDMAN ENGINEERS PRIVATE LIMITED
Registered Office :	3 – Bhakti Nagar – Station Plot, Rajkot – 360003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.03.1988
Com. Reg. No.:	04-010459
Capital Investment/ Paid-up Capital:	Rs.1.000 Million
CIN No.: [Company Identification No.]	U29219GJ1988PTC010459
TAN No.: [Tax Deduction & Collection Account No.]	RKTF00025E
PAN No.: [Permanent Account No.]	AAACF3197N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Water Pumps
No. of Employees:	Not Available

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 80000
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 DENIED BY

Name :	Mr. Pratikbhai
Designation :	Director
Contact No.:	91-9825211001
Date :	11.04.2012

LOCATIONS

Registered Office :	3 – Bhakti Nagar – Station Plot, Rajok – 360003, Gujarat, India
Tel. No.:	91-281-461952/ 822
Fax No.:	91-281-399646
E-Mail :	pghanshyam.roc@gmail.com
Factory 1 :	Aji Ind. Area, 171GIDC, Phase-II, Main Road, Rajkot – 360002, Gujarat, India
Tel. No.:	91-2387074/ 2387075
Fax No.:	91-281-2389646

DIRECTORS

As on: 30.09.2011

Name :	Mr. Parsottambhai Veljibhai Patel
Designation :	Managing Director
Address :	3-Sadhana Society, Near Anand Nagar, Rajkot – 360003, Gujarat, India
DIN No :	00170071
Name :	Mr. Pratikbhai Parshottambhai Kamani
Designation :	Director
Address :	3-Sadhana Society, Near Anand Nagar, Rajkot – 360003, Gujarat, India
Date of Appointment :	27.04.2003
DIN No :	00316254

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Parsottambhai Veljibhai Kamani	240
Mansukhbhai Veljibhai Kamani	180
Labhuben Parsottambhai Kamani	60
Nirmalaban Mansukhbhai Kamani	60
Ajaykumar Shivlal Vadalia	60
Pratik Parsottambhai Kamani	240
Priyankaben Pratikbhai Kamani	60
Vivek Mansukhbha Kamani	60
Total	960

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Water Pumps

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Co-operative Bank of Rajkot Limited, Sahakar Sarita, Panchnath Road, Rajkot – 360001, Gujarat, India
• HDFC Bank Limited

Facilities :

Secured Loans Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
The Co-operative Bank of Rajkot Limited	3.999	1.161
Motor Car Loan from HDFC Bank Limited -1	0.120	0.226
Motor Car Loan from HDFC Bank Limited -2	0.000	0.098
Motor Car Loan from HDFC Bank Limited - Genio	0.400	0.000
Motor Car Loan from HDFC Bank Limited - I20	0.398	0.000
Motor Car Loan from HDFC Bank Limited - Honda Accord	0.527	0.844
Motor Car Loan from HDFC Bank Limited - Wagonr	0.113	0.193
Total	5.557	2.522
Unsecured Loans Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
From Directors and shareholders	2.281	2.714
From Relatives of Directors	0.916	1.147
Total	3.197	3.861

Banking Relations :	--
Auditors :
Name :	P. Ghanshyam and company Chartered Accountant
Address :	605, Shilp Tower, Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2482965
PAN No :	ACSPK7621D

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.1000/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960	Equity Share	Rs.1000/- each	Rs.0.960 Million

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.1000/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.1000/- each	Rs.1.000 Million

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		0.960	0.960	0.960
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.702	13.774	7.938
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.662	14.734	8.898
LOAN FUNDS
1] Secured Loans		5.557	2.523	0.568
2] Unsecured Loans		3.197	3.861	3.748
TOTAL BORROWING		8.754	6.384	4.316
DEFERRED TAX LIABILITIES		0.458	0.401	0.120
TOTAL		30.874	21.519	13.334
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.537	8.067	4.720
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.300	0.475	0.475
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.465	8.949	7.640
	Sundry Debtors	11.336	14.678	5.810
	Cash & Bank Balances	2.621	3.535	3.161
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.367	4.867	1.659
Total Current Assets		46.789	32.029	18.270
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	21.432	13.803	7.632
	Other Current Liabilities	2.320	2.449	1.386
	Provisions	4.000	2.800	1.113
Total Current Liabilities		27.752	19.052	10.131
Net Current Assets		19.037	12.977	8.139
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.874	21.519	13.334

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	185.026	132.282	80.215
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	174.054	123.149	77.084
	PROFIT BEFORE TAX (E-F) (G)		10.972	9.133	3.131
Less	TAX (H)		4.056	3.082	1.094
	PROFIT AFTER TAX (G-H) (I)		6.916	6.051	2.037
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.943	7.896	5.860
Less	I.T./ FBT of previous year		0.013	0.009	(0.001)
Less	APPROPRIATIONS
		Interium Dividend	0.000	0.192	0.000
		Dividend Tax	0.000	0.033	0.000
		Transfer to General Reserve	0.000	0.790	0.000
	BALANCE CARRIED TO THE B/S		19.871	12.943	7.896
	Earnings Per Share (Rs.)		7204.17	6303.12	2121.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.74	4.57	2.54
Return on Total Assets (PBT/Total Assets}	(%)	18.81	22.78	0.14
Return on Investment (ROI) (PBT/Networth)		0.51	0.62	0.35
Debt Equity Ratio (Total Liability/Networth)		1.68	1.73	1.62
Current Ratio (Current Asset/Current Liability)		1.68	1.68	1.80

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters 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	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29219GJ1988PTC010459
Name of the company	FIELDMAN ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3 - Bhakti Nagar - Station Plot, Rajkot- 360003, Gujarat, India E-Mail: pghanshyam.roc@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90102717
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Co-operative Bank, Sahakar Sarita, Panchnath Road, Rajkot – 360001, Gujarat, India E-Mail: rajbank@yahoo.com
Nature of instrument creating charge	Hypothecation Of Material - Property for cash Credit And Overdraft LDOC – 5
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12.00% per annum, Subject to change from time to time Terms of repayment As prescribed by the Bank Margin As prescribed by the Bank Extent and operation of the change Charge will operate as first and exclusive charge in favor of Bank till the due repayment of Loan, Interest and other charges due on it. Others Present Limit Cash Credit : Rs.20.000 Millions Total Limit : Rs.20.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Raw Material, Semi Finished goods, Finished goods, Stock, Book Debts, Furniture Fixture, Machinery Plant, Tools and all other Instruments and more particularly prescribed in the Hypothecation of Material-Property for Cash Credit and Overdraft LDOC- 5 executed with the Bank
Date of instrument modifying the charge	19.01.2012
Particulars of the present modification	There is no change in total amount of charge i.e. Rs.20.000 Millions However charge has been Modified by extending the Charge over Movable Assets of the Company to secure the total amount of charge of Rs.20.000 Millions along with all past modifications.

Fixed Assets:

• GIDC Plot – 171
• GIDC Plot – 172
• Copper Industrial Plot No. 1
• Satyam Park Resident Plot No.86
• Satyam Park Resident Plot No.87
• Factory Shed – 171
• Factory Shed - 172
• Plant and Machinery
• RO System Model RO250
• Generator
• Electric Fittings
• Furniture and Fixture
• Tea Coffee Machine
• Mobile Phone
• Refrigerator
• Air- conditioner
• Computer
• Vehicle

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.51.44
UK Pound	1	Rs.81.96
Euro	1	Rs.67.61

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	No
--AFFILIATION	YES/NO	No
--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.