MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	MUEZ – HEST INDIA PRIVATE LIMITED (w.e.f. 19.09.2008)
Formerly Known as :	MUEZ HEST PROCESS TECHNOLOGIES PRIVATE LIMITED
Registered Office :	231, Blue Rose Industrial Estate, Near Cable Corporation, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.02.1998
Com. Reg. No.:	11-113354
Capital Investment / Paid-up Capital :	Rs.5.826 Millions
CIN No.: [Company Identification No.]	U45201MH1998PTC113354
TAN No.: [Tax Deduction & Collection Account No.]	MUMM24623E
PAN No.: [Permanent Account No.]	AABM4586D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Refinery Equipments, Control Panels and Heat Exchangers.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 40000
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.

INFORMATION PARTED BY

Name :	Mr. Raheja
Designation :	Accountant
Contact No.:	91-22-28701752
Date :	17.01.2012

LOCATIONS

Registered Office :	231, Blue Rose Industrial Estate, Near Cable Corporation, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28701752/28541758
Fax No.:	91-22-28541758
E-Mail :	accounts@muezhest.com muezhest@vsnl.com smjh7663@yahoo.co.in
Website :	www.muezhest.com
Location :	Owned
Factory :	Genesis Industrial Estate, Palghar, Thane, Maharashtra, India
Location :	Owned

DIRECTORS

As on 23.09.2011

Name :

Mr. Syed Mohammad Javed Husain

Designation :

Managing director

Address :

231, Blue Rose Industrial Estate, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

07.06.1963

Qualification :

B. Tech

Date of Appointment :

03.02.1998

DIN No.:

00905274

Other Directorship :

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
U45201MH1998PTC113354	Muez - Hest India Private Limited	Managing director	3/02/1998	3/02/1998	-	Active	YES
U74900MH2011PTC221782	Sitel Technologies Private Limited	Director	10/09/2011	10/09/2011	-	Active	NO

Name :

Mrs. Hena Kauser

Designation :

Director

Address :

604-D, Rakhi Vasant Utsav, Thakur Complex, Samta Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

10.01.1973

Qualification :

B. Com

Date of Appointment :

01.10.2005

DIN No.:

00905243

Name :

Mr. Syed Mohammed Shahab Husain Husain

Designation :

Director

Address :

502, 5th Floor, Silver Sarita Apartment, Ghodbunder Road, Near Kashigaon, Mira Road, Thane – 401107, Maharashtra, India

Date of Birth/Age :

06.10.1967

Qualification :

B. Tech

Date of Appointment :

02.04.2007

DIN No.:

01352765

Other Directorship :

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
U45201MH1998PTC113354	Muez - Hest India Private Limited	Director	2/04/2007	2/04/2007	-	Active	YES
U74900MH2011PTC221782	Sitel Technologies Private Limited	Director	10/09/2011	10/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raheja
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Syed Mohammad Javed Husain	444610
Hena Kauser	138000
Total	582610

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Refinery Equipments, Control Panels and Heat Exchangers.
Exports :
Products :	· Refinery Equipments · Control Panels · Heat Exchangers
Countries :	Nigeria
Terms :
Selling :	L/C/ Cheque
Purchasing :	L/C/ Cheque

GENERAL INFORMATION

Suppliers :

· New Tech Metals

· Regal Sales

· Rajputana Metals

Customers :

Manufacturer

· NCML

· Agarwal Industries

· Suma Refinery

· Adani Wilmar Limited

No. of Employees :

125 (Approximately)

Bankers :

· Andhra Bank, Near Ambaji Temple, 3^rd Carter Road, Borivali (East), Mumbai – 400066, Maharashtra, India

· Standard Chartered Bank, Mumbai, Maharashtra, India

· Oriental Bank of Commerce

· ICICI Bank

· HDFC Bank, Borivali (West), Mumbai, Maharashtra, India

Facilities :

Overdraft – Rs.15.000 Millions (Andhra Bank)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Standard Chartered Bank	2.402	0.778
Oriental Bank of Commerce Overdraft A/C (Secured against Mortgage of Office and Personal Guarantee of the Directors)	0.000	3.603
Car Loan from Tata Capital Limited	0.525	0.000
Car Loan from ICICI Bank (Against Hypothecation of Car)	0.000	0.058
Total	2.927	4.439
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	0.736	4.755
From Others	0.000	0.000
Total	0.736	4.755

Banking Relations :	--
Auditors :
Name :	Vijay Fulkar and Company Chartered Accountants
Address :	408, Hingkee Building, 4^th Floor, 155/157, Samuel Street, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23454896
Mobile No.:	91-9821135245
Res. No.:	91-22-26496052
E-Mail :	vfulkar@yahoo.com
PAN.:	AAAPF0198C
Sister Concerns :	Serotec Venture

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
582610	Equity Shares	Rs.10/- each	Rs.5.826 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		5.826	2.876	2.876
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.564	4.645	2.937
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.390	7.521	5.813
LOAN FUNDS
1] Secured Loans		2.927	4.439	5.976
2] Unsecured Loans		0.736	4.755	2.145
TOTAL BORROWING		3.663	9.194	8.121
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.053	16.715	13.934
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.562	17.088	15.209
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.404	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.552	3.201	5.075
	Sundry Debtors	28.045	25.912	15.246
	Cash & Bank Balances	11.740	4.858	0.671
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.366	2.811	1.328
Total Current Assets		85.703	36.782	22.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.555	32.643	20.795
	Other Current Liabilities	0.000	2.829	2.000
	Provisions	3.061	1.683	0.800
Total Current Liabilities		95.616	37.155	23.595
Net Current Assets		(9.913)	(0.373)	(1.275)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.053	16.715	13.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	128.002	117.977	57.738
		Other Income
		TOTAL	128.002	117.977	57.738
Less	EXPENSES
		Office Expenses
		Administrative Expenses	124.147	114.561	56.020
		Advertising Expenses
		Financial Expenses
		TOTAL	124.147	114.561	56.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.855	3.416	1.718
Less/ Add	DEPRECIATION/ AMORTISATION		1.090	0.930	0.890
	PROFIT BEFORE TAX		2.765	2.486	0.828
Less	TAX		0.846	0.778	0.426
	PROFIT AFTER TAX		1.919	1.708	0.402
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.645	2.937	2.535
	BALANCE CARRIED TO THE B/S		6.564	4.645	2.937
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.462	3.011	9.630
	TOTAL EARNINGS		55.462	3.011	9.630
	Earnings Per Share (Rs.)		3.29	5.94	1.40

Expected Sales (2011-12) : Rs.300.000 Millions (Due to received big order)

The above information has been parted by Mr. Raheja.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.50	1.45	0.69
Return on Total Assets (PBT/Total Assets}	(%)	2.65	4.61	2.21
Return on Investment (ROI) (PBT/Networth)		0.22	0.33	0.14
Debt Equity Ratio (Total Liability/Networth)		8.01	6.16	5.46
Current Ratio (Current Asset/Current Liability)		0.89	0.98	0.94

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	92.555	32.643	20.795
Total	92.555	32.643	20.795

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

REVIEW OF OPERATIONS

The company has enlarge its Trading Activity in the area of Export. Beside its Good hold over the Domestic Market. The total Turnover of the Company has increased by 8.50% during the year as compared to last year. Accordingly the Net profit before Tax of the company has also increased by 11.260% as compared to last year due to increase in sales Turnover which can be said good achievement for the Management of the Company.

FORM 8

Corporate identity number of the company	U45201MH1998PTC113354
Name of the company	MUEZ - HEST INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	231, Blue Rose Industrial Estate, Near Cable Corporation, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India Email Id : muezhest@vsnl.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Andhra Bank, Near Ambaji Temple, 3^rd Carter Road, Borivali (East), Mumbai – 400066, Maharashtra, India Email Id : cmlegal0672@gmail.com
Nature of instrument creating charge	Composite Agreement of Hypothecation of Vehicles, Movable Machinery, Book debts and Hypothecation / Pledge of Stocks
Date of instrument Creating the charge	30.05.2011
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 BR + 4 % Presently 10.00+ 4 = 14.00% Terms of repayment On Demand or as stipulated by the Bank from time to time Margin Stock 25% Book Debts 50% or as stipulated by the Bank from time to time Extent and operation of the charge Limit of Rs. 20.000 Millions only) (SOD 15.000 Millions, BG – 5.000 Millions) First Charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge on entire current assets of the company consisting of inventory, receivable and other movable assets. Exclusive charge on the entire immovable assets of the Company

FIXED ASSETS

· Air Conditioner

· Bicycle

· Factory Premises

· Machines

· Furniture and Fixtures

· Vehicles

· Computer

· Equipments

TRADE REFERENCES

· New Tech Metals

· Regal Sales

· Rajputana Metals

· NCML

· Agarwal Industries

· Suma Refinery

· Adani Wilmar Limited

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.