MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	VINDI VAK PUMP PRIVATE LIMITED
Registered Office :	Plot No. 1905 / 1906, Phase IV, GIDC Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.1996
Com. Reg. No.:	04-028754
Capital Investment / Paid-up Capital :	Rs.2.490 Millions
CIN No.: [Company Identification No.]	U29120GJ1996PTC28754
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00531G
PAN No.: [Permanent Account No.]	AAACV5009R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Water ring vacuum pump, twin lobe compressors, metering and dosing pumps.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 23000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are fair. Business is active. Payments are reported to be slow but correct The company can be considered 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 :	Mr. Sarang Patel
Designation :	Senior Export Manager
Contact No.:	91-9825023216
Date :	11.04.2012

LOCATIONS

Registered Office/Factory :	Plot No. 1905 / 1906, Phase IV, GIDC Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25893659
Mobile No.:	91-9825023216 (Mr. Sarang Patel) 91-9825065589 (Mr. Dinesh Patel)
Fax No.:	91-79-25892214
E-Mail :	info@vindivak.com vindipump@gmail.com
Website :	www.vindivak.com
Area :	50000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Dineshkumar Tulsibhai Patel
Designation :	Managing director
Address :	“Vaikunth” 34, Saurabh Society, Opposite Samratnagar, Isanpur, Ahmedabad – 382443, Gujarat, India
Date of Birth/Age :	03.01.1959
Date of Appointment :	05.02.1996
DIN No.:	00146784
Name :	Mr. Vinodchandra Haribhai Shah
Designation :	Managing director
Address :	31, Dhananjay Society, Near Anandwadi Char Rasta, Ghodasar, Isanpur Road, Isanpur, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	06.11.1960
Date of Appointment :	05.02.1996
DIN No.:	00152133
Name :	Mr. Chintan Dineshkumar Patel
Designation :	Director
Address :	34, Vaikunth Saurabh Society, Opposite Samratnagar, Isanpur, Ahmedabad, Gujarat, India
Date of Birth/Age :	15.08.1984
Date of Appointment :	15.06.2008
DIN No.:	02192566
Name :	Mr. Shirishbhai Jayantilal Patel
Designation :	Director
Address :	44, Swagat Park Bungalow, Near Asopalav Bungalows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	29.07.1958
Date of Appointment :	05.02.1996
DIN No.:	00150332

KEY EXECUTIVES

Name :	Mr. Sarang Patel
Designation :	Senior Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sarojben Dineshkumar Patel	18900
Lopaben Vinodchandra Shah	3600
Nayanben Shirishkumar Patel	20100
Vinodchandra Haribhai Shah	100
Shirishkumar Jayantilal Patel	100
Tulsibhai Amtaram Patel	100
Dineshbhai Tulsibhai Patel	54000
Shirishkumar Jayantilal Patel	62800
Vinodchandra Haribhai Patel	79300
Dineshbhai Tulsibhai Patel HUF	10000
Total	249000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Water ring vacuum pump, twin lobe compressors, metering and dosing pumps.
Exports :
Products :	· Water Ring Vacuum Pump · Twin Lobe Compressors · Metering · Dosing Pumps
Countries :	· Middle East · Africa · UK · USA · Malaysia
Terms :
Selling :	Advanced
Purchasing :	Credit (30 – 60 days)

GENERAL INFORMATION

Suppliers :

Shipcast Private Limited

Customers :

Wholesalers and End Users

· Gujarat Alklis and Chemical Limited

No. of Employees :

80 (Approximately)

Bankers :

• Axis Bank, Maninagar, Ahmedabad, Gujarat, India
• Bank of Baroda, Vatva, Ahmedabad, Gujarat, India
• Kalupur Commercial Co-operative Bank Limited, Isanpur Branch, Ahmedabad, Gujarat, India
• Small Industries Development Bank of India, Navjivan Amrit Jayanti Bhavan, 1^st Floor, Navjivan, Shmedabad 380014, Gujarat, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
The Kalupur Commercial Corporation Bank ( Cash Credit Secured Against Book Debts)		0.000
Lclcl Bank Safari-Ex ( Secured Against Hypothecation of Vehicle )	5.163	0.000
SLDBL (Secured Against Land, Plant and Machinery)		1.401
HDFC Bank Car Loan ( Secured Against Hypothecation of C I N Honda)		0.295
TOTAL	5.163	1.696
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	1.413	1.396
From Shareholders and Relatives	8.147	8.156
TOTAL	9.560	9.552

Banking Relations :	--
Auditors :
Name :	Bhagat and Associates Chartered Accountants
Address :	103 /104, Panchdeep Complex, Mayur Colony, Mithakali Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India
PAN.:	AAXPB2087K

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10 each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249000	Equity Shares	Rs.10 each	Rs.2.490 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		2.490	2.490	2.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.192	0.513	0.118
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.682	3.003	2.608
LOAN FUNDS
1] Secured Loans		5.163	1.696	2.779
2] Unsecured Loans		9.560	9.552	9.565
TOTAL BORROWING		14.723	11.248	12.344
DEFERRED TAX LIABILITIES		0.902	0.793	0.844
TOTAL		21.307	15.044	15.796
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.142	9.845	10.273
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.078	0.078	0.077
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.978	3.076	4.537
	Sundry Debtors	4.841	10.860	3.428
	Cash & Bank Balances	6.776	2.785	3.493
	Other Current Assets	0.204	0.047	0.042
	Loans & Advances	1.924	1.590	0.484
Total Current Assets		16.723	18.358	11.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		10.049	3.547
	Other Current Liabilities	9.390	1.013	1.377
	Provisions	2.246	2.175	1.614
Total Current Liabilities		11.636	13.237	6.538
Net Current Assets		5.087	5.121	5.446
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.307	15.044	15.796

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	45.127	41.803	30.409
		Other Income	2.508	0.673	0.499
		TOTAL (A)	47.635	42.476	30.908
Less	EXPENSES
		Cost of Materials	30.037	29.441	20.017
		Manufacturing Expenses	0.779	0.613	0.896
		Employees Remuneration	4.775	3.920	3.369
		Selling and Distribution Expenses	3.500	2.375	1.099
		Administrative Expenses	1.935	1.639	1.567
		TOTAL (B)	41.026	37.988	26.948
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.609	4.488	3.960
Less	FINANCIAL EXPENSES (D)		1.219	1.533	1.681
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.390	2.955	2.279
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.493	1.509	1.636
	PROFIT BEFORE TAX (E-F) (G)		3.897	1.446	0.643
Less	TAX (H)		0.636	0.469	0.431
	PROFIT AFTER TAX (G-H) (I)		3.261	0.977	0.212
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.333	0.011	0.388
Less	APPROPRIATIONS
		Transfer to General Reserve	0.245	0.073	0.035
		Dividend	0.498	0.498	0.474
		Tax on Dividend	0.085	0.084	0.080
	BALANCE CARRIED TO THE B/S		2.766	0.333	0.011
	EARNINGS IN FOREIGN CURRENCY		0.017	0.080	0.058
	Earnings Per Share (Rs.)		13.04	--	0.046

Particulars	31.03.2012
Sales Turnover (Approximately)	51.500

Expected Sales (2012-13) : Rs.52.500 Millions

The above information has been parted by Mr. Sarang Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.84	2.30	0.69
Net Profit Margin (PBT/Sales)	(%)	8.63	3.45	2.11
Return on Total Assets (PBT/Total Assets}	(%)	11.86	5.12	2.88
Return on Investment (ROI) (PBT/Networth)		0.68	0.48	0.24
Debt Equity Ratio (Total Liability/Networth)		4.64	8.41	7.56
Current Ratio (Current Asset/Current Liability)		1.44	1.38	1.83

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	Yes
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	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	--
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U29120GJ1996PTC28754
Name of the company	VINDI VAK PUMP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 1905 / 1906 Phase IV, GIDC Vatva, Ahmedabad 382445, Gujarat, India
This form is for	Modification of charge Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Small Industries Development Bank of India, Navjivan Amrit Jayanti Bhavan, 1^st Floor, Navjivan, Shmedabad 380014, Gujarat, India Email: jaykgupta@sidbi.in
Nature of instrument creating charge	Deed of hypothecation and mortgage deed executed by the company in favour of SIDBI to secure the additional term loan of Rs. 4.500 millions
Date of instrument Creating the charge	19.11.2010
Amount secured by the charge	Rs. 7.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term Loan - 9.75% P. A. With Monthly Rest on the amt of the loan outstanding Terms of repayment Term Loan - 60 Monthly Installments of Rs. 0.075 million each commencing after a moratorium of 6 months from the date of first disbursement Margin Term Loan - 25% Extent and operation of the charge A)1st charge by way of hypothecation of all the movable including plant, machinery and equipment acquired / to be acquired under the project / scheme AND Extension of 1st charge on all movable assets, present and future, of the borrower subject to prior charges created / to be created i.f.o of the Borrower's bankers on current assets [B] Extension of 1st charge by way of mortgage of leasehold rights of the Co. immovable properties situate at Plot No.1905 and 1906, Phase IV, Vatva GIDC, Ahmedabad Other Term Loan I - 3.200 Term Loan II – 4.500 Total - 7.700
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation of all the movable including plant, machinery and equipment acquired / to be acquired under the project / scheme. Extension of First charge on all movable assets, present and future, of the borrower, in such form as may be required by SIDBI subject to prior charges created / to be created in favour of the Company's bankers on current assets of the Company as may be agreed to by SIDBI for securing the borrowing for working capital requirements. Extension of First charge by way of mortgage of leasehold rights of the borrowers immovable properties situate at Plot No.1905 & 1906, Phase IV, Vatva GIDC, Ahmedabad
Date of instrument modifying the charge	27.03.2007
Particulars of the present modification	SIDBI has sanctioned new term loan [ii] of Rs.4.500 millions thereby the total limits sanctioned by SIDBI has been modified, revised, and increased to Rs.7.700 millions thus, first charge by way of hypothecation on movable assets [both present and future] and first charge by way of mortgage on immovable property is extended and will now operate for Rs.7.700 millions.

FIXED ASSETS:

• Air Conditioner
• Alluminium Die
• Computer
• Crane
• Dead Stock
• Electric Installation
• Electronic Scale
• Equipment
• Factory Building
• Freexe
• Instruments
• Land
• Luna
• Mobile Phone
• Patterns
• Plant and Machinery
• Sweeping Machine
• Tata Safari EX
• Wagon R
• Magnetic Drill
• Machinery Tools
• Radial Drill Machine

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		32

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.