MIRA INFORM REPORT

Report Date :

05.06.2012

IDENTIFICATION DETAILS

Name :	ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED
Registered Office :	Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon East, Mumbai - 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.1994
Com. Reg. No.:	11-079177
Capital Investment/ Paid-up Capital:	Rs. 0.275 million
CIN No.: [Company Identification No.]	U74999MH1994PTC079177
TAN No.: [Tax Deduction & Collection Account No.]	MUME05122F
PAN No.: [Permanent Account No.]	AAACE8616R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters, and Traders of all types of Plasma Cutting Machines, CNC Plasma Cutting Systems, Plasma Welding Machines, Portable Welding Inverters, Air Plasma Cutting Machines, and Allied Products.
No. of Employees:	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 8000
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 business dealings with some cautions. Profit and Loss account for the current year is not available.

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

Name :	Ms. Surekha
Designation :	Accountant
Contact No.:	91-22-40203456
Date :	25.06.2012

LOCATIONS

Registered Office/ Factory :	Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon East, Mumbai - 400063, Maharashtra, India
Tel. No.:	91-22-40203456/ 26865065/ 26862843/ 93/ 26862893
Mobile No.:	91-9820157828 (Mr. Mangesh S Karnik)
Fax No.:	91-22-28741485/ 6862893/ 26862843
E-Mail :	accounts@airplasma.com sales@airplasma.com vlgandhics@gmail.com
Website :	www.airplasma.com
Location :	Owned

DIRECTORS

As on: 29.09.2011

Name :

Mr. Mukund Madhav Pradhan

Designation :

Director

Address :

Shantikunj, B 17 Radhakrishna Cross Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Birth/Age :

09.10.1958

Date of Appointment :

24.06.1994

DIN No.:

01536635

Name :

Mr. Mangesh Sacchidanand Karnik

Designation :

Director

Address :

301, Madhuban, Pandurang Wadi, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

18.02.1965

Date of Appointment :

24.06.1994

DIN No.:

01536576

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC079177	ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED	Director	24-06-94	24-06-94	-	Active	YES
2	U74900MH2008PTC177809	ELECTRO DIAGNO SYSTEMS PRIVATE LIMITED	Director	16-01-08	16-01-08	-	Active	NO

Name :

Mr. Sandeep Shashikant Nagale

Designation :

Director

Address :

59,Shrinivas,Charkop, Sector-7, Kandivali (West), Mumbai - 400067,Maharashtra, India

Date of Birth/Age :

20.06.1966

Date of Appointment :

24.06.1994

DIN No.:

01198839

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC079177	ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED	Director	24-06-94	24-06-94	-	Active	YES
2	U74900MH2008PTC177809	ELECTRO DIAGNO SYSTEMS PRIVATE LIMITED	Director	16-01-08	16-01-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Mr. Mukund Madhav Pradhan	6875
Mr. Mangesh Sacchidanand Karnik	6875
Mr. Sandeep Shashikant Nagle	6875
Mrs. Madhavi S Karnik	4810
Mr. Ramesh N Kulkarni	2065
Total	27500

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporters, and Traders of all types of Plasma Cutting Machines, CNC Plasma Cutting Systems, Plasma Welding Machines, Portable Welding Inverters, Air Plasma Cutting Machines, and Allied Products.
Exports :
Products :	· Plasma Cutting Machines · CNC Plasma Cutting Systems · Plasma Welding Machines · Portable Welding Inverters · Air Plasma Cutting Machines
Countries :	· Africa · USA
Imports :
Products :	Raw Material
Countries :	Galf
Terms :
Selling :	Against Performance
Purchasing :	Against Performance

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Maharashtra, Sarthak Co-Operative Housing Society Limited, Mungenkar Apartment, Main Aarey Road, Goregaon (East), Mumbai - 400062, Maharashtra, India

· Janakalayan Shakari Bank Limited, 140, Vivek Darshan Sindhi Society, Opposite Bhakti Bhavcan, Chembur, Bombay, Maharashtra, India

· HDFC Bank

Facilities :

Cash Credit Rs.3.500 Millions (From Bank of Maharashtra)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Maharashtra (Secured against Book debts, Stock and Personal Guarantee of Directors)	2.908	1.676
HDFC Car Loan	0.443	0.647
Secured Loan	1.675	0.000
Total	5.026	2.323
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	2.074	0.825
Total	2.074	0.825

Banking Relations :	--
Auditors :
Name :	V G Kamat and Associates Chartered Accountants
Address :	Commercial Block 1, Shree Sai Samarth Apartment, Gogate Wadi, Goregaon (East), Mumbai - 400063, Maharashtra, India
PAN No.:	AADPK3175D
Memberships :	Bombay Chamber of Commerce

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27500	Equity Shares	Rs.10/- each	Rs.0.275 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		0.275	0.275	0.275
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.876	1.469	1.157
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.151	1.744	1.432
LOAN FUNDS
1] Secured Loans		5.026	2.323	2.942
2] Unsecured Loans		2.074	0.825	0.878
TOTAL BORROWING		7.100	3.148	3.820
DEFERRED TAX LIABILITIES		0.087	0.101	0.116
TOTAL		9.338	4.993	5.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.996	2.330	2.637
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.029	0.029	0.029
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.619	4.396	2.319
	Sundry Debtors	1.851	1.633	2.503
	Cash & Bank Balances	0.045	0.306	0.088
	Other Current Assets	1.068	0.321	0.474
	Loans & Advances	1.427	1.482	1.451
Total Current Assets		12.010	8.138	6.835
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.261	4.069	3.145
	Other Current Liabilities	0.417	0.614	0.320
	Provisions	1.019	0.821	0.668
Total Current Liabilities		4.697	5.504	4.133
Net Current Assets		7.313	2.634	2.702
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.338	4.993	5.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	14.574	15.914
		Other Income	0.196	0.062
		TOTAL	14.770	15.976
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.268	1.015
Less/ Add	DEPRECIATION/ AMORTISATION		21.819	0.494
	PROFIT BEFORE TAX		0.449	0.521
Less	TAX		0.153	0.211
	PROFIT AFTER TAX		0.296	0.310
	BALANCE CARRIED TO THE B/S		1.465	1.153
	Earnings Per Share (Rs.)		NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	24.500

Expected Sales (2012-2013): Rs.30.000 Millions

The above information has been parted by Ms. Surekha .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.00	1.94
Net Profit Margin (PBT/Sales)	(%)	NA	3.08	3.27
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.29	5.50
Return on Investment (ROI) (PBT/Networth)		NA	0.25	0.36
Debt Equity Ratio (Total Liability/Networth)		5.48	4.96	5.55
Current Ratio (Current Asset/Current Liability)		2.56	1.48	1.65

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	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	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	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74999MH1994PTC079177
Name of the company	ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon East, Mumbai - 400063, Maharashtra, India E-mail: vlgandhics@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90355707
Type of charge	Movable property
Particular of charge holder	Bank of Maharashtra, Sarthak Co Op Housing Society Limited, 14 A 2 Peru Baug, Main Aarey Road, Goregaon (East), Mumbai - 400063, Maharashtra, India Email : bmgr636@mahabank.co.in
Nature of instrument creating charge	By present memorandum of records of additional equitable mortgage dated 26.03.2011 the charge is modified from Rs. 6.000 Millions to Rs. 5.000 Millions since m/s. Plasma tech the firm under the same management to whom banking limit of term loan of Rs. 1.000 Million was granted has fully repaid the said loan of Rs. 1.000 Million. Therefore, charge stands modified from Rs. 6.000 Millions to Rs. 5.000 Millions
Date of instrument Creating the charge	26.03.2011
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed between the borrower company and the bank from time to time Terms of Repayment As agreed between the borrower company and the bank from time to time Margin As agreed between the borrower company and the bank from time to time Extent and Operation of the charge At the request of the borrower company, the bank has granted total banking limits of Rs. 6.000 Millions including sister concerns of the company as per last modification of charge dated 26.09.2008. This banking limits of Rs.6.000 Millions is now revised to Rs. 5.000 Millions since Plasma tech. One of the sister concerns has repaid fully term loan of Rs. 1.000 Million. Therefore. The charge stands modified from Rs. 6.000 Millions to Rs. 5.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Borrower's Immovable Property at Cts 92, Gala No. 104, First Floor, Acme Industrial Park Premises Co-Operative Housing Society Limited Village Pahadi Adm. 445 Sq. Feet
Date of instrument modifying the charge	26.09.2008
Particulars of the present modification	At the request of the borrower company, the bank has sanctioned total banking limits of Rs. 6.000 Millions to the comppany including plasma tech and electro diagno systems (the name changed to Electro Diagno Systems Private Limited) Firms under the same management since, plasma tech has fully paid term loan of Rs. 1.000 Million sanctioned to them, the charge stands modified from Rs. 6.000 Millions to Rs. 5.000 Millions.

Fixed Assets:

· Plant and Machinery

· Furniture and Fixture

· Air Conditioner

· Computer

· Premises

· Office Equipments

· Motor Car

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 :	SBA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.