MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	ADEPT FLUIDYNE PRIVATE LIMITED
Registered Office :	Plot No. 4, S No. 17/1-B, Kothrud Industrial Estate, Kothrud, Pune – 411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	10.08.1983
Com. Reg. No.:	11-030609
Capital Investment / Paid-up Capital :	Rs. 2.368 Millions
CIN No.: [Company Identification No.]	U99999MH1983PTC030609
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical Products.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 22000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management have not filed financial details with government since 2007. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 (30.09.2011)	Current Rating (31.12.2011)
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

Name :	Mr. Vinayak Shrinivas Gadre
Designation :	Director
Contact No.:	91-9881478230
Date :	29.06.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 4, S No. 17/1-B, Kothrud Industrial Estate, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25431474/ 25441124
Mobile No.:	91-9881478230 (Mr. Vinayak Gadre)
Fax No.:	91-20-25440480
E-Mail :	adept@vsnl.com
Website :	http://www.adeptfluidyne.com
Area :	11000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2007

Name :	Mr. Shrinivas Krishnaji Gadre
Designation :	Director
Address :	Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India
Date of Birth/Age :	10.10.1956
Date of Appointment :	10.08.1983
DIN No.:	00966757
Name :	Mrs. Padmaja Shrinivas Gadre
Designation :	Director
Address :	Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India
Date of Birth/Age :	25.04.1958
Date of Appointment :	26.10.1984
Name :	Mr. Vinayak Shrinivas Gadre
Designation :	Director
Address :	Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India
Date of Birth/Age :	31.08.1984
Date of Appointment :	07.05.2008
DIN No.:	02176448

KEY EXECUTIVES

Name :	Mr. Shyamprasad D. Limaye
Designation :	Company Secretary
Address :	5, Parag Apartment, 126, Dahanukar Colony, Lane No. 4, Pune – 411038, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2007

Names of Shareholders	No. of Shares
Gadre Krishnaji Shrinivas	12320
Gadre Krishnaji Shrinivas (HUF)	2644
Gadre Shrinivas Padmaja	8700
Gadre Shrinivas Vinayak	5
Gadre Shrinivas Chinmay	6
Total	23675

AS ON 29.09.2007

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical Products.
Exports :
Products :	Electrical Products
Countries :	Sri Lanka
Imports :
Products :	Raw Material
Countries :	· Europe · Singapore · China · Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

DPK Electro Sales India Private Limited

Customers :

Wholesalers, Retailers and End Users

· Minilec India Private Limited

No. of Employees :

45 (Approximately)

Bankers :

Bank of Maharashtra, SSI Branch

Facilities :

CC – Rs. 4.000 Millions

Secured Loan	As on 31.03.2007 (Rs. in Millions)	As on 31.03.2006 (Rs. in Millions)
Bank of Maharashtra, SSI Branch-CC A/c (Secured against hypothecation of book debts and goods and mortgage of factory building)	3.469	1.984
Total	3.469	1.984
Unsecured Loan	As on 31.03.2007 (Rs. in Millions)	As on 31.03.2006 (Rs. in Millions)
Unsecured Loan - Others	2.580	2.220
Unsecured Loan - Directors	1.300	0.900
Car (Ford) Loan A/c-ICICI Bank	0.199	0.321
Car (Santro) Loan A/c-ICICI Bank	0.059	0.155
Total	4.138	3.596

Banking Relations :	--
Auditors :
Name :	S.S. Gore and Company Chartered Accountants
Address :	3, Shatdeep Society, 1032 B Model Colony, Pune – 411016, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACSPG3167P

CAPITAL STRUCTURE

AS ON 31.03.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
24900	Equity Shares	Rs. 100/- each	Rs. 2.490 Millions
100	Preference Shares	Rs. 100/- each	Rs. 0.010 Million
	Total		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23675	Equity Shares	Rs. 100/- each	Rs. 2.368 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		2.368	2.368	2.368
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.276	2.302	1.524
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.644	4.670	3.892
LOAN FUNDS
1] Secured Loans		3.469	1.984	1.224
2] Unsecured Loans		4.138	3.596	3.801
TOTAL BORROWING		7.607	5.580	5.025
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		13.251	10.250	8.917
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.929	6.677	6.910
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	3.164	2.106	2.570
	Sundry Debtors	7.400	3.981	2.265
	Cash & Bank Balances	0.183	0.202	0.067
	Other Current Assets	0.036	0.045	0.028
	Loans & Advances	1.012	1.293	0.766
Total Current Assets		11.795	7.627	5.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.502	1.220	1.253
	Other Current Liabilities	2.098	1.568	1.604
	Provisions	0.873	1.266	0.832
Total Current Liabilities		5.473	4.054	3.689
Net Current Assets		6.322	3.573	2.007
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13.251	10.250	8.917

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2007	31.03.2006	31.03.2005
	SALES
		Income	19.639	14.667	15.638
		Other Income	1.458	0.000	0.680
		TOTAL	21.097	14.667	16.318
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	19.132	13.026	14.553
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.965	1.641	1.765
Less/ Add	DEPRECIATION/ AMORTISATION		0.480	0.469	0.430
	PROFIT BEFORE TAX		1.485	1.172	1.335
Less	TAX		0.511	0.395	0.605
	PROFIT AFTER TAX		0.974	0.777	0.730
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.599	1.057	0.527
Less	APPROPRIATIONS
		Transfer to General Reserve	0.315	0.235	0.200
	BALANCE CARRIED TO THE B/S		2.258	1.599	1.057
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.176	N.A.
	TOTAL EARNINGS		0.000	0.176	N.A.
	IMPORTS
		Raw Materials	0.243	0.262	N.A.
	TOTAL IMPORTS		0.243	0.262	N.A.
	Earnings Per Share (Rs.)		41.14	32.82	30.83

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	31.000	30.000

Expected Sales (2012-2013) : Rs. 45.000 Millions

The above information has been parted by Mr. Vinayak (Director)

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	4.62	5.30	4.47
Net Profit Margin (PBT/Sales)	(%)	7.56	7.99	8.54
Return on Total Assets (PBT/Total Assets}	(%)	7.93	8.19	10.59
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.34
Debt Equity Ratio (Total Liability/Networth)		2.32	2.06	2.24
Current Ratio (Current Asset/Current Liability)		2.16	1.88	1.54

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. Constructions 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	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
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	No
30. Major Shareholders, if available	Yes

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Moulds and Dies

· Laboratory Equipment

· Vehicles

· Building

· Factory Land

· Electrification-M/Shop

· Electrification-Office

· Flow Lab

· Car

· Computer

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. 54.55
UK Pound	1	Rs. 85.48
Euro	1	Rs. 68.70

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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		27

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

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.