MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	KAMALA VALVES AND ENGINEERING PRIVATE LIMITED
Formerly Known As :	KAMALA CASTINGS AND ENGINEERING WORKS
Registered Office :	41/2, Q Road, Belgachia, Howrah – 7000108, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.07.2007
Com. Reg. No.:	21-117292
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U27320WB2007PTC117292
TAN No.: [Tax Deduction & Collection Account No.]	CALK06068G
PAN No.: [Permanent Account No.]	AADEK3028C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Exporter of Gate Valves, Pipes Fitting etc.
No. of Employees :	20 (Approximately) (In Office + in Factory)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 25000
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 reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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. Minty
Designation :	Accountant
Contact No.:	91-33-26512392
Date :	21.01.2012

LOCATIONS

Registered Office / Factory :	41/2, Q Road, Belgachia, Howrah – 700108, West Bengal, India
Tel. No.:	91-33-22311775
Fax No.:	91-33-22311299
E-Mail :	bba_roc@yahoo.in kamala1@vsnl.net
Website :	www.kamalacastings.com
Location :	Owned
City Office :	41, Netaji Subhash Road, Ground Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-26512392
Fax No.:	91-33-26515598

DIRECTORS

As on 27.09.2011

Name :

Mr. Bimal Kumar Mukherjee

Designation :

Director

Address :

Paschim Banerjee Para, Makardah, Domjur, Howrah – 711409, West Bengal, India

Date of Birth/Age :

08.01.1963

Date of Appointment :

18.07.2007

DIN No.:

00712850

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	U31300WB1994PTC061608	CMB Polytech Systems Private Limited	Director	21-12-00	21-12-00	Active	NO
2	U27320WB2007PTC117292	Kamala Valves and Engineering Private Limited	Director	18-07-07	18-07-07	Active	NO

Name :

Mrs. Shampa Mukherjee

Designation :

Director

Address :

Paschim Banerjee Para, Makardah, Domjur, Howrah – 711409, West Bengal, India

Date of Birth/Age :

27.10.1970

Date of Appointment :

18.07.2007

DIN No.:

00712920

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	U31300WB1994PTC061608	CMB Polytech Systems Private Limited	Director	21-12-00	21-12-00	Active	NO
2	U27320WB2007PTC117292	Kamala Valves and Engineering Private Limited	Director	18-07-07	18-07-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Minty
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Bimal Kumar Mukherjee	5000
Shampa Mukherjee	5000
Total	10000

As on 27.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Exporter of Gate Valves, Pipes Fitting etc.

Products :

Product Description	Item Code No. (ITC Code)
Valves and Cocks	848110

· Gate Valves

· Air Release Valves

· Non Return Valves

· Butterfly Valves

· Pipe Fittings

· Dual Plate Check Valves

· Foot Valves

· Pressure Relief Valves

· Float Valves

· Fire Hydrant

· Manhole Covers with Frame

Exports :

Products :

· Gate Valves

· Pipe Fitting

Countries :

· Kenya

· Bhutan

· Australia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Laxmi Steel Centre

Customers :

Wholesalers and Retailers

No. of Employees :

20 (Approximately) (In Office + in Factory)

Bankers :

United Bank of India, Howrah Branch, West Bengal, India

Facilities :

Cash Credit : Rs.4.000 Millions (From United Bank of India)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash credit facility from United Bank of India	2.329	2.390
Total	2.329	2.390
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Standard Chatered Bank (A/c No.47294249)	0.285	0.557
Standard Chatered Bank (A/c No.47616896)	0.422	0.831
CMB Polytech Systems Private Limited	0.083	0.083
Total	0.790	1.471

Banking Relations :	--
Auditors :
Name :	Burman Bohra and Associates Chartered Accountants
Address :	2A, Ganesh Chandra Avenue, Commerce House, Room No. 4, 5th Floor, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-30281070 / 30281072 / 26530329 / 32903913
Fax No.:	91-33-26533207
E-Mail :	burmang@vsnl.net bbassocia@hotmail.com
PAN.:	AACFB3317P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		4.018	4.018	4.018
3] Reserves & Surplus		2.165	1.042	0.340
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.283	5.160	4.458
LOAN FUNDS
1] Secured Loans		2.329	2.390	1.955
2] Unsecured Loans		0.790	1.471	2.046
TOTAL BORROWING		3.119	3.861	4.001
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.402	9.021	8.459
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.033	1.725	1.835
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.087	3.382	6.374
	Sundry Debtors	6.719	11.225	3.764
	Cash & Bank Balances	0.835	0.709	1.262
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.292	0.853	0.760
Total Current Assets		12.933	16.169	12.160
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.220	8.284	5.254
	Other Current Liabilities	0.474	0.134	0.149
	Provisions	0.886	0.478	0.164
Total Current Liabilities		5.580	8.896	5.567
Net Current Assets		7.353	7.273	6.593
MISCELLANEOUS EXPENSES		0.016	0.023	0.031
TOTAL		9.402	9.021	8.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	34.270	36.109	25.123
		Other Income
		TOTAL	34.270	36.109	25.123
Less	EXPENSES
		Office Expenses	32.093	34.810	24.375
		Administrative Expenses
		Advertising Expenses
		TOTAL	32.093	34.810	24.375
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.177	1.299	0.748
Less/ Add	DEPRECIATION/ AMORTISATION		0.325	0.284	0.244
	PROFIT BEFORE TAX		1.852	1.015	0.504
Less	TAX		0.729	0.313	0.164
	PROFIT AFTER TAX		1.123	0.702	0.340
	BALANCE CARRIED TO THE B/S		1.123	0.702	0.340
	Earnings Per Share (Rs.)		112.30	70.20	34.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.28	1.94	1.35
Return on Total Assets (PBT/Total Assets}	(%)	12.37	5.67	3.60
Return on Investment (ROI) (PBT/Networth)		0.29	0.20	0.11
Debt Equity Ratio (Total Liability/Networth)		1.38	2.47	2.15
Current Ratio (Current Asset/Current Liability)		2.32	1.82	2.18

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	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Financial Performance:

During the year, the total income of the company increase to Rs.34.270 Millions against Rs.36.109 millions in the previous year and the company earned profit after tax of Rs.1.126 Millions compared to Rs.0.702 Million in the previous year

Form 8:

Corporate identity number of the company	U27320WB2007PTC117292
Name of the company	KAMALA VALVES AND ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	41 / 2, Q Road, Belgachia, Howrah – 711108, West Bengal, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	United Bank of India, Kadamtala Branch, 33/6/2, L.N. Chakraborty Lane, Kadamtala, Howrah – 711101, West Bengal, India E-Mail : bmkad@unitedbank.co.in
Nature of instrument creating charge	Hypothecation of goods, hypothecator of movable plant and machinery and hypothecation of debts and movable assets.
Date of instrument Creating the charge	04.05.2009
Amount secured by the charge	Rs.2.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash credit interest rate is BPLR + 0.50% p.a. i.e., 13.25% p.a. with monthly rests subject to changes as per RBI/H.O. guidelines from time to time. Terms of repayment Cash credit limit is for 12 months, subject to annual review. Margin 25% on stock of raw materials, work- in- process, finished goods and 40 % on book debts having age not old over 3 months. Extent and operation of the charge Cash credit limit shall be operated against hypothecation of goods, hypothecation of movable plant and machinery and hypothecation of debts and movable assets. Equitable mortgage of land measuring 5 kattas of land at 41/13 (8) & 41/2/1 'q' road, belgachia, howrah under deed no. I-1803. Others Hypothecation of plant and machinery existing and future and lien on rip a/c with us and lici policy as given below. 8 TDRs For Rs. 0.492 Million (Face Value) 4 LIC Policies For Rs.0.200 Million (Sum Assured)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	41/1(8) is fully covered with iron and asbestos shed covered with crane lines 41/2/1 is RCC two storied building

Trade References:

· Laxmi Steel Centre

Fixed Assets :

· Air Conditioner

· Car

· Computer

· Cycle

· Digital Diary

· Digital Weighting Scale

· Electircal Installation

· Factory Shed and Building

· Fan

· Fax

· Fire Extinguisher

· Furniture and Fixtures

· Generators

· Grinding Machine

· Laboratory Equipments

· Land and Buildings

· Laptop

· Mobile Telephone

· Motor Cycle

· Plant and Machinery

· Proof Test Machine

· Scorpio Car

· Telephone

· Television

· Tools and Implement

· Tube Well

· Type Writer

· Water Purifier

· Weighting Machine

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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.