MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	MICRO PNEUMATICS PRIVATE LIMITED
Registered Office :	3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.2001
Com. Reg. No.:	11-131472
Capital Investment / Paid-up Capital :	Rs.0.519 Million
CIN No.: [Company Identification No.]	U32109MH2001PTC131472
TAN No.: [Tax Deduction & Collection Account No.]	MUMM25143G/ MUMM18361A/ MUMM18360G
PAN No.: [Permanent Account No.]	AACCM6130A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Valves, Ball Valve etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120000
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 (General details)

Name :	Mr. Sunder
Designation :	Accounts Manager
Contact No.:	91-250-2320458
Date :	09.02.2012

LOCATIONS

Registered Office :	3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rsp.vasai@gmail.com
Website :	http://www.micropneumatics.in
Factory/ Marketing Office :	Plot No. 133-134, Vasai Municipal Industrial Area, Umela Phata, Papdy, Vasai Road (West), District Thane - 401207, Maharashtra, India
Tel. No.:	91-250-2320458/ 2320462/ 2324731/ 41/ 73
Fax No.:	91-250-2324731/ 2323420/ 2320458/ 2320462/ 41/ 73
Email :	micropneumatics@vsnl.net
Overseas Marketing Office :	29, Araman DR Scarborough, ONT.  MIT 2P5  Toronto, Canada
Email :	benmenezes@hotmail.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Robert Hilary Menezes
Designation :	Director
Address :	3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	11.03.1954
Date of Appointment :	03.04.2001
DIN No.:	00235071
Name :	Mr. Jossie Hilary Menezes
Designation :	Director
Address :	3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	13.12.1963
Date of Appointment :	03.04.2001
DIN No.:	00234954

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Robert Hilary Menezes	45868
Jossie Hilary Menezes	6052
Total	51920

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Valves, Ball Valve etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· ABCO International

· Aegis Steel Cast

· All Star Shipping Private Limited

· All Steel Traders

· Angel Engineers

· Asmeena Enterprises

· B B Investment Casting

· Bhavani Industry

· Bhavin Sales Corporation

· Brijesh Engineering Works

· Chinchu Industries

· Crystal Exports

· Dhanlaxmi Enterprises

· Dharpat Casting Private Limited

· Mumbai Textile Waste

· Niche Precision Technologies

· Olympia Engineering

· Omkar Valves Private Limited

· Perfect Coats

· Persist Tools

· Phenk Anodizing

· Prachi Petro Chem

· Pratham Engineering

· Prevail Castings Private Limited

· Priyanka Engineering Works

· Rajdeep Impex

· Raj Sons Engineering Works

Customers :

· Aurobindo Pharma Limited

· Atul Limited

· Alembic Limited

· Asian Paints Limited

· Britannia Industries Limited

· Bhabha Atomic Research Centre

· Balmer and Lawrie Company Limited

· Biocon Limited

· BASF Limited

· Cipla Limited

· Colgate - Palmolive (India) Limited

· Cadila Pharmaceuticals Private Limited

· Cadbury India Limited

· Cybernetik Technologies Private Limited

· Dr. Reddy's Laboratories Limited

· DCW Limited

· Essar Steel Limited

· Emcure Pharmaceuticals Limited

· Flamingo Pharmaceuticals Limited

· Godrej - Ge Appliances Limited

· Grasim Industries Limited

· Glenmark Pharmaceuticals Limited

· Hindustan Lever Limited

· Hikal Limited

· Heubech Colour Private Limited

· IPCA Laboratories Limited

· J. B. Chemical and Pharmaceuticals Limited

· JBF Industries Limited

· Lupin Limited

· Larsen and Toubro Limited

· Nestle India Limited

· Nuclear Power Corporation Limited

· Orchid Chemicals and Pharmaceuticals Limited

· Otsuka Chemicals (India) Limited

· Plethico Pharmaceuticals Limited

· Parle Biscuits Private Limited

· Pfizer Limited

No. of Employees :

50 (Approximately)

Bankers :

· Indian Bank

Santacruz (West) Branch, Mumbai, Maharashtra, India

· Axis Bank

· ICICI Bank Limited

· B.C.C. Bank Limited

· IDBI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Axis Bank Limited, CC A/c	0.000	4.989
Axis Bank Limited, OD A/c	0.000	4.919
BCC Bank Term Loan	5.220	4.299
Axis Bank Term Loan A/c	0.000	4.140
ICICI Bank Limited (SX4)	0.000	0.106
Indian Bank OD A/c	9.956	0.000
Indian Bank Term Loan	2.965	0.000
Total	18.141	18.453
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Charles D’souza	0.000	0.500
Tulsi Engineers	0.000	0.700
Total	0.000	1.200

Banking Relations :	--
Auditors :
Name :	R. S. Prabhu and Associates Chartered Accountant
Address :	Swagat Bhavan, Near Indian Oil, Opposite MSEB Colony, Station Road, Vasai Road – East, Thane – 401202, Maharashtra, India
PAN No.:	AAIFR9554L

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51920	Equity Share	Rs.10/- each	Rs.0.519 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		0.519	0.519	0.519
2] Share Application Money		2.105	2.105	2.105
3] Reserves & Surplus		27.410	20.871	14.158
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.034	23.495	16.782
LOAN FUNDS
1] Secured Loans		18.141	18.453	15.306
2] Unsecured Loans		0.000	1.200	0.000
TOTAL BORROWING		18.141	19.653	15.306
DEFERRED TAX LIABILITIES		0.181	0.000	0.000
TOTAL		48.356	43.148	32.088
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.759	21.321	22.286
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.511	0.819	1.873
DEFERREX TAX ASSETS		0.116	0.116	0.049
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.199	7.355	4.208
	Sundry Debtors	36.362	30.406	19.973
	Cash & Bank Balances	1.136	0.967	0.358
	Other Current Assets	14.782	15.327	7.862
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		62.479	54.055	32.401
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	27.805	23.386	17.814
	Provisions	12.707	9.782	6.713
Total Current Liabilities		40.512	33.168	24.527
Net Current Assets		21.967	20.887	7.874
MISCELLANEOUS EXPENSES		0.003	0.005	0.006
TOTAL		48.356	43.148	32.088

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		TOTAL	142.797
Less	EXPENSES
		TOTAL	129.203
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.594
Less/ Add	DEPRECIATION/ AMORTISATION		3.949
	PROFIT BEFORE TAX		9.645

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.93	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.32	NA	NA
Debt Equity Ratio (Total Liability/Networth)		1.95	2.25	2.37
Current Ratio (Current Asset/Current Liability)		1.54	1.63	1.32

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	-----
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

OPERATIONS

The company has performance well during the year and they hope to expand business during the current year. The directors are optimistic about the future and hope to do better business in the year to come.

FORM 8:

Corporate identity number of the company	U32109MH2001PTC131472
Name of the company	MICRO PNEUMATICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India rsp.vasai@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10274482
Type of charge	Book Debts Movable Property Others: Current and Fixed Assets
Particular of charge holder	Indian Bank Mangal Ashirwad, S.V. Road, Santacruz-West, Mumbai – 400054, Maharashtra, India info@ca-adlalwani.com
Nature of description of the instrument creating or modifying the charge	1. Medium Term Loan Agreement (D-36) 2. Agreement of hypothecating of movables (All the above agreement constitute a single charge)
Date of instrument Creating the charge	09.08.2011
Amount secured by the charge	Rs.19.740 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin Secured Loan 25 % Margin and Term Loan I- 25 % and Guarantee 10 % for PERF. Guarantee and 25 % for financial guarantee and term loan -II 25 % and /or as stipulated by bank from time to time Extent and Operation of the charge First Charge (Present and Future)= Total Limit Rs.19.740 Millions (Secured O.D.= Rs.9.800 Millions, Term Loan - I Rs.2.765 Millions, guarantee= Rs.5.000 Millions, Term Loan -II Rs.2.175 Millions) and/or as stipulated by bank from time to time Others as stipulated by bank from time to time
Short particulars of the property charged	First Charge (Present and Future on following assets) (1) Hypothecation of all stock/ goods /inventory/ products/ stores/ tools kept at borrower place/ premises/ factories/ godowns etc or in transit or whereeverelse including brought under B.G./ Bank Finance. (2) Hypothecation of all book debts and receivables (3) Hypothecation of all assets purchased out of bank finance/ term loans (4) Hypothecation of all current, movable and fixed assets, machines, spares and stores and all other assessors of the company (5) Hypothecation of all plant and machinery at unit situated at Plot No 133-134,Vasai Municipal Industrial Area, Umela Phata, Papdy, Vasai Road (West)-401207 District Thane (6) Hypothecation of New Machinery to be purchased out of Bank Finance (7) EMG of Lease Hold Reights of Land and Building of Plot No 133-134,Vasai Municipal Industrial Area, Survey No 104, Umela Phata, Papdy, Vasai Road-West-401207, District Thane
Particulars of the present modification	By this Modification New Term Loan of Rs.2.175 Millions has been given ,with this total limit will be Rs. 19.740 Millions (Secured O.D.=Rs.9.800 Millions, Term Loan -I Rs.2.765 Millions, guarantee= Rs.5.000 Millions, Term Loan -II Rs.2.175 Millions), Securities are continued as given by original charge as well as by modifications and as per sanction letter of the bank

FIXED ASSETS:

· Furniture and Fixture

· Tools and Equipment

· Office Equipment

· Air Conditioner

· Type Writer

· Machineries

· Dyes

· Vehicles

· Computer

· Electrical Fittings

· Factory Building

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.