MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	RAJ PROCESS EQUIPMENTS AND SYSTEMS PRIVATE LIMITED
Registered Office :	Plot No.167, Sector -7, PCNTDA, Bhosari, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.02.2003
Com. Reg. No.:	11-17672
Capital Investment / Paid-up Capital :	Rs.42.000 Millions
CIN No.: [Company Identification No.]	U29299PN2003PTC017672
TAN No.: [Tax Deduction & Collection Account No.]	PNER06704F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Engineering Goods and Equipments.
No. of Employees :	275 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 540000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company has recorded a better increase in its sales turnover and profitability during the year 2011. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sagar
Designation :	Marketing Assistant Manager
Contact No.:	91-9860001144

LOCATIONS

Registered office / Factory 1:	Plot No.167, Sector -7, PCNTDA, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27119973 / 24145 / 27124177 / 27124876
Mobile No.:	91-9860001144 (Mr. Sagar)
Fax No.:	91-20-4071009
E-Mail :	sagar@rajprocessequipments.com rajindustries@vsnl.net sales@rajprocessequipment.com anil@rajprocessequipment.com
Website :	www.rajprocessequipments.com
Area:	10000 sq. ft
Location :	Rented
Head Office :	Jai Ganesh Vision, B Wing, 3rd Floor, Akurdi, Pune-411035, Maharashtra, India
Tel. No.:	91-20-40710010/40710005/40710011/27122145/27119973/27124876
Fax No.:	91-20-40710009
E-Mail :	rajindustries@vsnl.net sales@rajprocessequipment.com
Location :	Owned
Factory 2:	Sr. No. 373, Village Kharabwadi, Chakan, Tal. Khed, Dist. Pune, India
Tel. No.:	91-2135-252251/255654
Marketing Representatives:	Secundrabad 3-42-25, Samrat Colony, West Marredapally, Secundrabad-500026, Andhra Pradesh India Malaysia No. 29 A, 1st floor, Jalan Timun 24/C, 40300 Shah Alam, Selangor, Darul, Eshan, Malaysia Chennai No. 17, Anna Commercial Complex, Gowriwakkan, Chennai-601073, Tamilnadu, India New Delhi ED - 55, Tagore Garden, New Delhi-110027, India Tel No.: 91-11-25460255 Mobile No.: 91-9810268495 (Mr. H C Khurana)

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anilraj Vasant Pise

Designation :

Managing Director

Address :

Flat No.4, Murlidhar Apartments, 370, Shaniwar Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

18.06.1974

Date of Appointment :

07.02.2004

DIN No. :

00324870

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN2003PTC017672	RAJ PROCESS EQUIPMENTS AND SYSTEMS PRIVATE LIMITED	Managing director	07/02/2004	07/02/2004	Active	NO
2	U01134PN2004PTC019025	RAJ BEVERAGES AND FOOD PROCESSORS PRIVATE LIMITED	Director	18/03/2004	18/03/2004	Active	NO

Name :

Mr. Vasant Eknath Pise

Designation :

Director

Address :

C/O Eknath Pise, At / post Varkute Malwadi, Man, Satara-415509, Maharashtra, India

Date of Birth/Age :

01.10.1943

Date of Appointment :

07.02.2004

DIN No. :

00349564

Name :

Mr. Vijayraj Vasant Pise

Designation :

Director

Address :

Flat No.4, Murlidhar Apartments, 370, Shaniwar Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

03.06.1972

Date of Appointment :

13.07.2005

DIN No. :

00349645

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U01134PN2004PTC019025	RAJ BEVERAGES AND FOOD PROCESSORS PRIVATE LIMITED	Director	18/03/2004	18/03/2004	Active	NO
2	U29299PN2003PTC017672	RAJ PROCESS EQUIPMENTS AND SYSTEMS PRIVATE LIMITED	Director	13/07/2005	13/07/2005	Active	NO

Name :

Mr. Mohan Govind Choudhari

Designation :

Director

Address :

201, Viola Survey No. 118/C-5, Near Cipla Foundation, Warje, Pune-411051, Maharashtra, India

Date of Birth/Age :

18.11.1973

Date of Appointment :

06.11.2005

DIN No. :

00325003

Name :

Mr. Yogesh Kamre

Designation :

Director

Date of Birth/Age :

29 years

KEY EXECUTIVES

Name :	Mr. Sagar
Designation :	Marketing Assistant Manager
Name :	Mr. Manish Athavale
Designation :	Marketing Sales Engineer
Mobile No :	91-9766441144,9860001144

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anilraj Vasant Pise	2310045
Vasant Eknath Pise	630045
Vijayraj Vasant Pise	1259910
Total	4200000

AS ON 15.03.2012

Names of Allottees	No. of Shares
Anilraj Vasant Pise	3190000
Vasant Eknath Pise	870000
Vijayraj Vasant Pise	1740000
Total	5800000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Engineering Goods and Equipments.
Exports :
Products :	Engineering Goods and Equipments
Countries :	· Finland · Malaysia · Indonesia · Bangladesh · Iran · Ukrain
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

275 [Approximately]

Bankers :

· The Saraswat Co-Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society, Plot No.12, Mula Road, Sangamwadi, Pune-411003, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, 2^nd Floor, Above F C Road Branch, Ganeshwadi, Opposite Hotel Vaishali Shivaji Nagar, Pune-411004, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 [Rs. in millions]	As on 31.03.2010 [Rs. in millions]
Cash credit from bank	126.207	42.915
Terms loan from banks		29.263
Total	126.207	72.178

Unsecured Loans	As on 31.03.2011 [Rs. in millions]	As on 31.03.2010 [Rs. in millions]
Terms loan from banks	9.075	1.931
Loan from directors		3.075
Total	9.075	5.006

Banking Relations :	--
Auditors :
Name :	M M Sancheti and Company Chartered Accountants
Address :	273, Sudarshan Apartment, Shridhar Nagar, Chinchwad, Pune-411033, Maharashtra, India
Pan No.:	ABYPS7415A
Associates/Subsidiaries :	· Raj Industries Address: 166, Sector 7, Bhosari, Pune, Maharashtra, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4200000	Equity Shares	Rs.10/- each	Rs.42.000 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		42.000	15.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		93.886	72.073	57.882
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		135.886	87.073	67.882
LOAN FUNDS
1] Secured Loans		126.207	72.178	50.804
2] Unsecured Loans		9.075	5.006	4.400
TOTAL BORROWING		135.282	77.184	55.204
DEFERRED TAX LIABILITIES		0.856	0.744	0.743
TOTAL		272.024	165.001	123.829
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.028	91.884	93.654
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.828	68.985	53.654
	Sundry Debtors	203.362	115.449	30.906
	Cash & Bank Balances	6.025	8.642	1.813
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.565	13.469	5.921
Total Current Assets		337.780	206.545	92.294
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		95.916	44.383
	Other Current Liabilities	127.375	29.104	12.718
	Provisions	29.434	8.433	5.043
Total Current Liabilities		156.809	133.453	62.144
Net Current Assets		180.971	73.092	30.150
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		272.024	165.001	123.829

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Turnover	448.122	211.998	138.631
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		88.146	29.181	18.320
DEPRECIATION/ AMORTISATION		9.787	6.557	5.545
PROFIT / (LOSS) BEFORE TAX		78.359	22.624	12.775
PROVISION FOR TAX		18.084	8.432	4.687
PROFIT / (LOSS) AFTER TAX		60.275	14.192	8.088
PROFIT CARRIED TO BALANCE SHEET		11.955	1.793	17.602
Earnings / (Loss) Per Share (Rs.)		2.85	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	1000.000

Expected Sales (2012-2013) : Rs.2000.000 Millions.

The above information has been parted by Mr. Sagar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	18.27	7.58	6.87
Return on Investment (ROI) (PBT/Networth)		0.57	0.26	0.19
Debt Equity Ratio (Total Liability/Networth)		2.15	2.42	1.73
Current Ratio (Current Asset/Current Liability)		2.15	1.55	1.49

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	Yes
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Date of Birth of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

NOTE:

The Registered Office of the company has been shifted from 370 Muralidhar Apartments, Shaniwar Peth, Pune-411030, Maharashtra, India to the present address w.e.f.10.08.2007.

FORM 8

Corporate identity number of the company	U29299PN2003PTC017672
Name of the company	RAJ PROCESS EQUIPMENTS AND SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.167, Sector -7, PCNTDA, Bhosari, Pune-411026, Maharashtra, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	The Saraswat Co-Operative Bank Limited, 2^nd Floor, Above F C Road Branch, Ganeshwadi, Opposite Hotel Vaishali Shivaji Nagar, Pune-411004, Maharashtra, India Email: csadeshpande@gmail.com
Nature of instrument creating charge	Agreement Of Hypothecation Of Vehicle Dated 17th May 2012.
Date of instrument Creating the charge	17.05.2012
Amount secured by the charge	Rs. 0.942 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest to be paid at 10.50% p. A. With monthly rests from the date of loan disbursed. Terms of repayment Repayable on Demand But Not Later Than 36 Months With A Monthly Installment of Rs. 0.030 million Each (Emi). If Not Repaid As Stipulated or and Failure To Comply With Any Terms And Conditions of Advance, Repayment Through OD 3283 at SME Pune, Maharashtra, India Margin 11% Extent and operation of the charge Type Of Facility :- Term Loan (Vehicle Loan) Other All Other Terms And Conditions As Per Agreement
Short particulars of the property charged (Including location of the property)	The Borrower/S Doth Do Hereby Hypothecate To And In Favour of The Bank The One (1) Motor Vehicles Viz. Volkswagen Vento , Registered With The RTO Pune, Maharashtra, India

FIXED ASSETS:

· Factory Land

· Office Premises

· Factory Building

· Electrical Installation

· Plant and Machinery

· Computers

· Office Equipments

· Furniture and Fixture

· Vehicle – Starbus

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 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.55.99
UK Pound	1	Rs.87.55
Euro	1	Rs.68.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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		47

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.