MIRA INFORM REPORT

Report Date :

27.04.2012

IDENTIFICATION DETAILS

Name :	UMASONS STEELFAB PRIVATE LIMITED
Formerly Known as :	UMASONS X-RAY EQUIPMENTS PRIVATE LIMITED
Registered Office :	A-15, Industrial Area, Near Railway Station, Aurangabad-131005, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.03.1974
Com. Reg. No.:	11-017277
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U29290MH1974PTC017277
TAN No.: [Tax Deduction & Collection Account No.]	PNEU05463D
PAN No.: [Permanent Account No.]	AAACO588Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Stainless Steel Equipment
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, 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. Ravindra K. Padhye
Designation :	Director
Contact No.:	91-9325212661
Date :	16.04.2012

LOCATIONS

Registered Office :	A-15, Industrial Area, Near Railway Station, Aurangabad-131005, Maharashtra, India
Tel. No.:	91-240-2320979/2335361
Fax No.:	91-240-2337444
E-Mail :	devendraring@gmail.com response@umasonssteelfab.com csprasadtakalkar@gmail.com umasons@rediffmail.com
Website :	www.umasonssteelfab.com

DIRECTORS

Name :

Mr. Ramchandra Nilkanth Bhogale

Designation :

Director

Address :

20, Mitramandal Housing Society, Osmanpura, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

02.08.1955

Date of Appointment :

28.02.1982

DIN No.:

00292417

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	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Director	28-02-82	28-02-82	-	Active	NO
2	U24110MH1990PTC055621	AMULET COATINGS PRIVATE LIMITED	Director	01-03-90	01-03-90	-	Active	NO
3	U29130MH1988PTC046951	MARATHWADA AUTO COMPO PRIVATE LIMITED	Whole-time director	23-08-97	23-08-97	-	Active	NO
4	U34100MH2000PTC125510	UMASONS AUTO COMPO PRIVATE LIMITED	Director	31-03-00	31-03-00	-	Active	NO
5	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	06-12-01	06-12-01	-	Active	NO
6	U67110MH1996PTC161974	FULKRUM FINANCIAL SERVICES PRIVATE LIMITED	Director	15-08-06	15-08-06	-	Active	NO
7	U27200MH1979PLC021470	NIRLEP APPLIANCES LIMITED	Director	17-12-06	17-12-06	-	Active	NO
8	U36900PN2011PLC139372	AARNAVA PRECISION TECHNOLOGIES LIMITED	Director	29-04-11	29-04-11	-	Active	NO
9	U91120MH2005NPL158483	MARATHWADA AUTO CLUSTER	Additional director	18-10-11	18-10-11	-	Active	NO

Name :

MR. Ravindra Keshav Padhye

Designation :

Managing director

Address :

5-A, Anupam Housing Society, Shreyanagar, Aurangabad, Maharashtra, India

Date of Birth/Age :

19.10.1961

Date of Appointment :

27.01.2000

DIN No.:

00058354

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	U28920MH1996PTC103895	NIMBUS EQUIPMENTS AND COATINGS PRIVATE LIMITED	Director	11-11-96	11-11-96	-	Active	NO
2	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Managing director	27-01-00	27-01-00	-	Active	NO

Name :

Mr. Mukund Nilkanth Bhogale

Designation :

Director

Address :

20, Mitramandal Housing Society, Osmanpura, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

15.05.1958

Date of Appointment :

26.06.1997

DIN No.:

00072564

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	U27200MH1979PLC021470	NIRLEP APPLIANCES LIMITED	Managing director	01-08-80	01-08-80	-	Active	NO
2	U24110MH1990PTC055621	AMULET COATINGS PRIVATE LIMITED	Director	01-03-90	01-03-90	-	Active	NO
3	U67110MH1996PTC161974	FULKRUM FINANCIAL SERVICES PRIVATE LIMITED	Director	15-08-96	15-08-96	-	Active	NO
4	U27200MH1995PLC092804	AMULET INDUSTRIES LIMITED	Director	21-12-96	21-12-96	-	Active	NO
5	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Director	26-06-97	26-06-97	-	Active	NO
6	U29130MH1988PTC046951	MARATHWADA AUTO COMPO PRIVATE LIMITED	Director	23-08-97	23-08-97	-	Active	NO
7	U34100MH2000PTC125510	UMASONS AUTO COMPO PRIVATE LIMITED	Director	31-03-00	31-03-00	-	Active	NO
8	U91120MH2005NPL158483	MARATHWADA AUTO CLUSTER	Director	30-12-05	30-12-05	-	Active	NO
9	U27203MH2006PTC162910	BHOGALES NOVAC ENGINEERING PRIVATE LIMITED	Director	29-06-06	29-06-06	-	Active	NO
10	U28910MH2010PTC203315	NOVAITALIA FOODSERVICE PRODUCTS PRIVATE LIMITED	Director	17-05-10	17-05-10	-	Active	NO

Name :

Mr. Madhav Y. Bhogale

Designation :

Director

Address :

Yogeshwar, Plot no. 100, Nagar, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

31.07.1960

Date of Appointment :

27.07.1997

DIN No.:

00084992

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.07.2011

Names of Shareholders	No. of Shares
Sharayu M. Joglekar	100
Ganesh D. Mahajan	1
Anant M. Kale	50
Ujjwal R. Ranade	2
Madhavi A. Apte	50
Asawari S. Kulkarni	50
Mukta M. Panase	50
Ramchandra Neelkanth Bhogale	676
Mukund Neelkanth Bhogale	487
Madhav Y. Bhogale	100
Silverlight Nirlepware Ind. Private Limited, India	300
Duraware Private Limited, India	350
Suhas N. Bhogale	101
Rajani M. Bhogale	150
Shyamal R. Bhogale	150
Jayant Gopal Bhogale	100
Smita V. Joshi	150
Ravindra K. Padhye	710
Prabhavati Shrikant Bhogale and Swati Ravindra Padhye	5423
TOTAL	9000

Equity Share Break up (Percentage of Total Equity)

As On 13.07.2011

Category	Percentage
Bodies corporate	7.22
Directors or relatives of Directors	87.75
Other top fifty shareholders	5.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Stainless Steel Equipment
Products :	Chemical Equipment and Process Equipment Pharmaceutical Equipment Pharmaceutical Furniture Biotech Furniture Clean Room Furniture
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

End users

No. of Employees :

20 (Approximately)

Bankers :

• The Saraswat Co-Operative Bank Limited, Station Road Branch, Station Road, Aurangabad-431005, Maharashtra, India
• Bank of Maharashtra

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Lancer LXI Car Loan EMI Saraswat	0.314	0.439
Saraswat Co-Operative Bank Limited	0.867	1.186
Term Loan (Saraswat SLPUB3007)	0.215	0.481
Total	1.396	2.106
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured Loan	0.416	0.416
Total	0.416	0.416

Banking Relations :	--
Auditors :
Name :	Joshi Kulkarni and Associates Chartered Accountants
Address :	282, Bharat Apartments, Samarth Nagar, Aurangabad-431001, Maharashtra, India
Tel. No.:	91-240-2362516 / 2343132
PAN.:	AAKPJ4694F

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs.0.900 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		0.900	0.900	0.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.799	2.503	2.835
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.699	3.403	3.735
LOAN FUNDS
1] Secured Loans		1.396	2.106	2.576
2] Unsecured Loans		0.416	0.416	0.591
TOTAL BORROWING		1.812	2.522	3.167
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.511	5.925	6.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.130	3.198	3.580
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.251	0.071	0.071
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.711	5.296	3.903
	Sundry Debtors	4.327	13.682	14.249
	Cash & Bank Balances	0.701	0.298	0.363
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.613	0.646	1.365
Total Current Assets		11.352	19.922	19.880
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.920	16.265	15.711
	Other Current Liabilities	0.609	0.361	0.501
	Provisions	0.693	0.640	0.417
Total Current Liabilities		9.222	17.266	16.629
Net Current Assets		2.130	2.656	3.251
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.511	5.925	6.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	56.646	35.285	43.743
		Other Income
		TOTAL	56.646	35.285	43.743
Less	EXPENSES
		Office Expenses	55.556	34.471	42.971
		Administrative Expenses
		Advertising Expenses
		TOTAL	55.556	34.471	42.971
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.090	0.814	0.772
Less/ Add	DEPRECIATION/ AMORTISATION		0.525	0.538	0.530
	PROFIT BEFORE TAX		0.565	0.276	0.242
Less	TAX		0.379	0.202	0.224
	PROFIT AFTER TAX		0.186	0.074	0.018
	Earning Per Share		20.66	8.22	2.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.33	0.20	0.04
Return on Total Assets (PBT/Total Assets}	(%)	3.90	1.19	1.03
Return on Investment (ROI) (PBT/Networth)		0.15	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		2.98	5.81	5.30
Current Ratio (Current Asset/Current Liability)		1.23	1.15	1.20

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	No
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	No
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	--
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

OPERATIONAL AND FUTURE PROSPECTS

During the year the company has reported tremendous growth in its business and has achieved a remarkable turnover of Rs.56.646 millions. The board of directors and management of the company are hopeful to maintain the present rate of growth.

Looking at the present rate of growth and the potential of the market the management assures that the company will be able to achieve its goal and implement various strategies to future expand the business

FIXED ASSETS

• Factory Building
• Plant and Machinery
• Dies and Punches
• Fixture
• Vehicles
• Electrification
• Office Equipment
• Computer

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.52.49
UK Pound	1	Rs.84.66
Euro	1	Rs.69.25

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	MYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.