MIRA INFORM REPORT

Report Date :

27.01.2012

IDENTIFICATION DETAILS

Name :	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED
Formerly Known As :	TECHNO PROCESS EQUIPMENTS (INDIA) PVT LTD
Registered Office :	215-219, Ashok Industrial Premises, L.B.S Marg, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.1994
Com. Reg. No.:	11-77141
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U99999MH1994PLC077141
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13282D
PAN No.: [Permanent Account No.]	AABCT2398C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Engineering Products used in Chemical Industry.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 345000
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. Prakas
Designation :	Finance department
Contact No.:	91-22-25922708
Date :	25.01.2012

LOCATIONS

Registered Office :	215-219, Ashok Industrial Premises, L.B.S Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25964793 / 25922708
Fax No.:	91-22-25962713
E-Mail :	tpeho@vsnl.com tpeho@vsnl.com
Website :	www.technoprocess.com
Location :	Owned
Factory :	R 261, MIDC, Rabale, Thane – 400701, Maharashtra, India
Area :	800 Sq Mtrs
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Ajit Hari Singh

Designation :

Chairman Cum Managing Director

Address :

A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

10.10.1939

Qualification :

Engineer

Date of Appointment :

17.03.1994

DIN No.:

00079373

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1994PLC077141	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED	Managing director	01-10-09	17-03-94	Active	NO
2	U15311MH1992PTC070203	EFFORTS PROCESS EQUIPMENTS PRIVATE LIMITED	Director	28-03-00	28-03-00	Active	NO

Name :

Mr. Ajaypal Ajit Singh

Designation :

Director

Address :

A / 404, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

14.12.1970

Qualification :

Engineer

Date of Appointment :

17.03.1994

DIN No.:

00530455

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1994PLC077141	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED	Whole-time director	01-10-09	17-03-94	Active	NO
2	U15311MH1992PTC070203	EFFORTS PROCESS EQUIPMENTS PRIVATE LIMITED	Director	18-09-95	18-09-95	Active	NO
3	U29197MH2005PTC152165	MEMBRAN FILTRATIONS TECHNIK (INDIA) PRIVATE LIMITED	Director	23-03-05	23-03-05	Strike off	NO
4	U26999MH2009PTC191061	TRIPANKH ENTERPRISES PRIVATE LIMITED	Director	29-09-10	15-06-10	Active	NO

Name :

Harjeet Ajitsingh Kaur

Designation :

Director

Address :

A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

30.01.1950

Qualification :

Engineer

Date of Appointment :

01.04.1994

DIN No.:

00079515

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1994PLC077141	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED	Whole-time director	01-10-09	01-04-94	Active	NO
2	U15311MH1992PTC070203	EFFORTS PROCESS EQUIPMENTS PRIVATE LIMITED	Director	18-09-95	18-09-95	Active	NO

Name :

Mr. Amandeep Ajitsingh Singh

Designation :

Director

Address :

A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

24.09.1974

Qualification :

Engineer

Date of Appointment :

01.04.1998

DIN No.:

00148943

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15311MH1992PTC070203	EFFORTS PROCESS EQUIPMENTS PRIVATE LIMITED	Director	18-09-95	18-09-95	Active	NO
2	U99999MH1994PLC077141	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED	Whole-time director	01-10-09	01-04-98	Active	NO
3	U29197MH2005PTC152165	MEMBRAN FILTRATIONS TECHNIK (INDIA) PRIVATE LIMITED	Director	23-03-05	23-03-05	Strike off	NO
4	U26999MH2009PTC191061	TRIPANKH ENTERPRISES PRIVATE LIMITED	Director	29-09-10	15-06-10	Active	NO

Name :

Mr. Shrirang Jaganath Deokar

Designation :

Director

Address :

Shree Sandesh, Building No. 22, Room No.725, Vartak Nagar, Pokharan, Road No. 1, Thane – 400606, Maharashtra, India

Date of Birth/Age :

26.06.1944

Date of Appointment :

01.04.2008

DIN No.:

KEY EXECUTIVES

Name :	Mr. Prakas
Designation :	Finance department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ajit Hari Singh	330000
Ajaypal Ajit Singh	83980
Harjeet Ajitsingh Kaur	6000
Amandeep Ajitsingh Singh	80005
Gina Ajaypal Singh	5
Tara Sadhram Singh	5
Ranjeet Tara Singh	5
TOTAL	500000

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 Importer of Engineering Products used in Chemical Industry.

Products :

ITC Code No.	Product Description
841950	Heat Exchanger
84198910	Pressure Vessels
84198990	Other Engineering Goods

Imports :

Products :

Raw Material

Countries :

• European Countries
• China

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Pressure Vessels	Nos.	36
Heat Exchangers	Nos.	13
Other Engineering Good	Nos.	NA

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

150 (Approximately)

Bankers :

• Punjab National Bank, Shilpyan, Shivaji Path Lane, Thane (W), Thane – 400603, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit A/c PNB (A/C – 8756)	57.122	38.404
Total	57.122	38.404
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Ajit Singh (Director)	10.000	5.300
Harjeet Kaur (Director)	0.000	4.600
Ajaypal Singh (Director)	5.000	5.000
Amandeep Singh (Director)	5.000	4.700
Total	20.000	19.600

Banking Relations :	--
Auditors :
Name :	R.V Doshi and Company Chartered Accountants
Address :	3/13/22 Navjivan Society, Lamington Road, Mumbai – 400068, Maharashtra, India
PAN.:	AABPD2753Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10 /- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10 /- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.179	59.948	42.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		86.179	64.948	47.094
LOAN FUNDS
1] Secured Loans		57.122	38.404	58.193
2] Unsecured Loans		20.000	19.600	19.600
TOTAL BORROWING		77.122	58.004	77.793
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		163.301	122.952	124.887
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.171	40.622	24.452
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.273	52.053	60.517
	Sundry Debtors	67.795	64.040	87.705
	Cash & Bank Balances	1.390	1.093	15.368
	Other Current Assets	46.260	45.606	44.613
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		200.718	162.792	208.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.476	61.049	89.601
	Other Current Liabilities	0000	0.000	0.000
	Provisions	30.250	19.600	18.400
Total Current Liabilities		96.726	80.649	108.001
Net Current Assets		103.992	82.143	100.202
MISCELLANEOUS EXPENSES		0.138	0.184	0.230
TOTAL		163.301	122.952	124.887

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	602.066	811.593	676.021
		Other Income	5.582	6.846	3.339
		TOTAL	607.648	818.439	679.360
Less	EXPENSES
		Cost of Good Sold	327.737	502.996	395.258
		Tools Consumables Spares Parts	24.025	21.213	23.943
		Labour Charge Paid	47.768	76.670	74.244
		Octroi Charges Paid	0.004	0.031	0.010
		Tours and Traveling	2.960	2.206	1.838
		Clearing and Forwarding Charges	1.988	0.194	0.895
		Security Charge	1.002	0.689	0.694
		Printing & Stationery	0.374	0.590	0.501
		Wages & Salaries	26.419	22.072	16.137
		Site Expenses	1.761	3.491	2.486
		Bonus Paid	1.580	0.659	0.627
		Bank charges, Commission and Interest	7.281	7.180	9.451
		Director Remuneration	1.860	1.860	1.620
		Electricity Expenses	4.406	3.435	2.906
		Advertisement Expenses	0.015	0.057	0.040
		Postage and Telegram	0.187	0.192	0.142
		General Expense	0.228	0.150	0.171
		Conveyance Expenses	0.151	1.441	1.967
		Water Charge	0.281	0.257	0.231
		Transportation Expenses	5.073	23.474	41.832
		Staff Amenities & Welfare Expenses	1.845	4.378	3.704
		Machinery and Equipment Hiring Charges	2.834	0.494	0.934
		Telephone Expenses	0.784	0.771	0.831
		Insurance Premium Paid	0.477	0.415	0.331
		Auditors Remuneration	0.060	0.123	0.127
		Office and Other Factory Expenses	0.140	0.503	0.070
		Employers Contribution to Labour Welfare Fund	0.009	0.007	0.008
		Book and Periodicals	0.300	0.054	0.000
		Service Tax Paid	9.463	9.527	4.748
		Subscription Membership	0.095	0.077	0.056
		Distribution, Bad Debts, Allowed etc.	0.000	2.746	0.000
		Tender Fees Paid	0.105	0.064	0.028
		Commission & Brokerage	3.840	4.931	3.484
		Consultancy Charges	1.632	1.757	2.723
		Inspection Fees	2.885	6.459	5.660
		Workman Accommodation Hire Charges	0.434	0.365	0.404
		Car, Scooter and Jeep expenses	2.313	1.547	1.631
		Contribution to ESIC etc	0.726	0.472	0.422
		Interest on Advances & Other charges	6.281	6.252	6.247
		Rent, Rates & Taxes	5.446	2.944	1.912
		Employer Contribution To Provident Fund	1.875	1.566	1.127
		Value Added Tax, CST, Cess Tax. W.C.T Tax paid	10.447	4.382	7.691
		Exchanged Difference paid	1.198	0.000	0.000
		Excise Duty	0.300	15.007	1.765
		Deferred Revenue Expanses Written of	0.046	0.046	0.046
		Government Fees and Stamp duty paid	0.118	0.111	0.232
		Liquidates damages and other charges	40.796	50.565	24.052
		Custom duty paid (on imports)	22.433	1.026	16.446
		TOTAL	571.982	785.446	659.672
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35.666	32.993	19.688
Less/ Add	DEPRECIATION/ AMORTISATION		3.785	3.323	3.271
	PROFIT BEFORE TAX		31.881	29.670	16.417
Less	TAX		10.650	11.816	6.700
	PROFIT AFTER TAX		21.231	17.854	9.717
Less	APPROPRIATIONS
		Transfer to General Reserve	8.000	7.500	4.550
	BALANCE CARRIED TO THE B/S		13.231	10.354	5.167
	EARNINGS IN FOREIGN CURRENCY		0.000	3.799	0.000
	Earnings Per Share (Rs.)		42.46	35.71	19.43

Expected Sales (2011-2012): Rs.800.000 Millions

The above information has been parted by Mr. Prakas (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.49	2.18	1.43
Net Profit Margin (PBT/Sales)	(%)	5.25	3.63	2.43
Return on Total Assets (PBT/Total Assets}	(%)	12.27	14.59	7.06
Return on Investment (ROI) (PBT/Networth)		0.37	0.46	0.35
Debt Equity Ratio (Total Liability/Networth)		2.02	2.13	3.95
Current Ratio (Current Asset/Current Liability)		2.08	2.02	1.93

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	Rs. in Millions
Sundry Creditors for Goods and Services	44.179	27.406	23.603
Sundry Creditors for Expenses	2.123	3.010	1.512
Sundry Creditors For Advance Received	20.174	30.633	64.486
TOTAL	66.476	61.049	89.601

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions 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 fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

OPERATION

During the year, the company achieved sales and other income of Rs.607.648 Millions as against Rs.818.439 Millions and decrease of 25.75% (approximately). Profit before tax and profit after tax increased by 7.43% and 19.10% respectively. The management is hopeful of showing better performance in the coming years, with expected increase in work orders and enhanced efficiency in utilization of resources.

CONTINGENT LIABILITY

Rs. in Millions

PARTICULARS	31.03.2009
Claims Against Company not Acknowledge as debts	0.000
Bill Discounted	0.000
Guarantee Given by Bank	226.345
TOTAL	226.345

FIXED ASSETS

• Goodwill
• MIDC Land
• MIDC Plot
• Factory Building
• Factory Shed
• Electrical Fittings
• Electrical Transformers
• Machineries
• Office Equipments
• Computers and Printers
• Computer Software
• Furniture and Fixtures
• Crane – I and II
• EOT Crane
• OH Crane
• Vehicles

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.50.02
UK Pound	1	Rs.78.05
Euro	1	Rs.65.13

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.