MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	CNP PUMPS INDIA PRIVATE LIMITED (w.e.f.08.08.2005)
Formerly Known As :	NANFANG PUMPS INDIA PRIVATE LIMITED
Registered Office :	103 First Floor, Kasturi Tower 238 A, LBS Marg, Opp Red Cross Bhavan, Thane – 400602, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.08.2005
Com. Reg. No.:	11-155177
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U29120MH2005PTC155177
TAN No.: [Tax Deduction & Collection Account No.]	PNEC08768E
PAN No.: [Permanent Account No.]	AACCN1453D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of industrial pumps.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 230000
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.

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 :	Mr. Abhijeet
Designation :	Market Head
Contact No.:	91-9167226980
Date :	07.05.2012

LOCATIONS

Registered / Head Office :	103 First Floor, Kasturi Tower 238 A, LBS Marg, Opp Red Cross Bhavan, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25425540
Mobile No.:	91-9167226980 (Mr. Abhijeet)
Fax No.:	Not Available
E-Mail :	accounts@cnpindia.com sales@nanfangpump.com
Website :	http://www.cnpindia.com
Factory:	Bhiwandi, Maharashtra, India
Warehouse Office	6 - A, Building No. O-2, Sagar complex, Opp. HP Petrol Pump, Thane - Bhiwandi By - Pass Road  Village Ovali, Taluka - Bhiwandi, Dist – Thane - 421302, Maharashtra, India
Branches:	At Located · Bangalore · Chennai · Delhi Hyderabad · Pune · Baroda

DIRECTORS

As on 30.09.2011

Name :

Mr. Sunil Madhusudan Joshi

Designation :

Director

Address :

104 Sharmistha, Tarangaon Complex, Shaheed Mangale Pande, Near Cadburys Compound, Thane – 400602, Maharashtra, India

Date of Birth/Age :

02.07.1963

Date of Appointment :

08.08.2005

DIN No.:

01409711

Other Directorship:

S.No.	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
1	U29120MH2005PTC155177	CNP PUMPS INDIA PRIVATE LIMITED	Managing director	8/08/2005	8/08/2005	-	Active	NO
2	U27100MH2006PLC160765	METALS UNITED ALLOYS AND FUSION PRODUCTS LIMITED	Director	27/03/2006	27/03/2006	-	Active	NO
3	U29253MH2012PTC230190	TOSHIO PRODUCTS INDIA PRIVATE LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO

Name :

Mrs. Bhagyashri Sunil Joshi

Designation :

Director

Address :

104 Sharmistha, Tarangaon Complex, Shaheed Mangale Pande, Near Cadburys Compound, Thane – 400602, Maharashtra, India

Date of Birth/Age :

08.10.1970

Date of Appointment :

08.08.2005

DIN No.:

01749311

Other Directorship:

S.No.	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
1	U29120MH2005PTC155177	CNP PUMPS INDIA PRIVATE LIMITED	Director	8/08/2005	8/08/2005	-	Active	NO
2	U70102MH2008PTC184668	SAMBHAV INFRA-TECH PRIVATE LIMITED	Director	15/07/2008	15/07/2008	10/03/2011	Active	NO
3	U29253MH2012PTC230190	TOSHIO PRODUCTS INDIA PRIVATE LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhijeet
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sunil Madhusudan Joshi	75000
Bhagyashri Sunil Joshi	25000
Total	100000

As on 03.203.2012

Names of Allottees	No. of Shares
Sunil Madhusudan Joshi	75000
Bhagyashri Sunil Joshi	25000
Total	100000

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 of industrial pumps.
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

End Users and OEMs

No. of Employees :

60 (Approximately)

Bankers :

The Thane Janata Sahakari Bank Limited, Rabodi, K Villa, Thane – 400601, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
The Thane Janata Sahakari Bank Limited CC - 260	7.928	4.640
Axis Bank Car Loan A/c No AU0040100143356	0.334	0.409
Axis Bank Car Loan A/c No AU0040100143358	0.334	0.409
Property Terms Loan TJSB – CD – 149	4.247	6.491
Kotak Mahindra – Car Loan A/c No. CF - 6548130	1.583	0.000
Total	14.426	11.949

Banking Relations :	--
Auditors :
Name :	D. A. OAK and Company Chartered Accountant
Address :	Sudha Sadan, Vishnu Nagar, BPD Road, Naupada, Thane – 400602, Maharashtra, India
PAN.:	AAAPO1633A

CAPITAL STRUCTURE

As on 30.09.2011

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
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		57.416	29.300	14.027
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.416	30.300	15.027
LOAN FUNDS
1] Secured Loans		14.426	11.949	7.378
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		14.426	11.949	7.378
DEFERRED TAX LIABILITIES		0.073	0.045	0.000
TOTAL		72.915	42.294	22.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.331	10.219	0.817
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.416	4.450	3.223
DEFERREX TAX ASSETS		0.000	0.000	0.009
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.150	23.817	16.020
	Sundry Debtors	31.576	13.975	6.093
	Cash & Bank Balances	1.921	3.293	1.569
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.374	10.294	2.245
Total Current Assets		84.021	51.379	25.927
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.580	12.765	2.806
	Other Current Liabilities	0.236	0.000	0.012
	Provisions	18.037	10.989	4.763
Total Current Liabilities		29.853	23.754	7.581
Net Current Assets		54.168	27.625	18.346
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		72.915	42.294	22.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	198.979	113.834	0.000
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		44.230	24.850	9.732
Less	TAX		14.972	8.431	4.467
	PROFIT AFTER TAX		29.258	16.419	5.265
	Earnings Per Share (Rs.)		292.58	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	250.000

Expected Sales (2012-2013): Rs.300.000 millions

The above information has been parted by Mr. Abhijeet – Market Head

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.70	14.42	0.00
Return on Total Assets (PBT/Total Assets}	(%)	52.64	48.37	37.54
Return on Investment (ROI) (PBT/Networth)		0.76	0.82	0.65
Debt Equity Ratio (Total Liability/Networth)		0.51	0.78	0.50
Current Ratio (Current Asset/Current Liability)		2.81	2.16	3.42

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	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29120MH2005PTC155177
Name of the company	CNP PUMPS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	103 First Floor, Kasturi Tower 238 A, LBS Marg, Opp Red Cross Bhavan, Thane – 400602, Maharashtra, India Email: sales@nanfangpumps.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90241605
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Rabodi, K Villa, Thane – 400601, Maharashtra, India Email: scctjsb@thanejanata.co.in
Nature of instrument creating charge	1. Supplemental Deed of Hypothecation 2. Record of Mortgage By Deposit of Title Deeds
Date of instrument Creating the charge	15.11.2011
Amount secured by the charge	Rs.55.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Floating Rate OF Interest At 300 Basis Points Below PLR of 15.00% Per Annum (Present Applicable RATE of Interest @ 12.00% P.A.) Terms of Repayment Period of Cash credit Limit is 12 Months. Margin 40% Margin on renwal of cash credit limit. Extent and Operation of the charge Charge is created against hypothecation of movable property movable assets and immovable property of the company in favour of the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Charge is secured against hypothecation of stocks, movable property, movable assets, book debts and also equitable mortgage by way of deposit of title deeds of and in respect of godown/warehouse Peb godown bearing no. 6a, admeasuring on or about 6900 sq ft built up area which is equivalent to 641.26q mtrs situated on the ground floor, and having a height of 26 feet at the centre and 20 feet At sloping both sides in the building no o-2, sagar complex, alongwith equal area of the land beneath the said godown, admeasuring on or about 641.26 sq mtrs alongwith the rights open to sky resting On the land bearing survey 2 hissa no 3/1 situate lying and being at village ovali sub registration dist bhiwandi, dist thane more particularly described in mortgage deed
Particulars of the present modification	Charge is modified on account of increase in cc limit by Rs.10.000 Millions thereby making a total cc limit to Rs. 20.000 Millions and secured against hyp of stock and book debts and immovable property situated at peb godown bearing no. 6a, admeasuring on or about 6900 sq ft built up area which is equivalent to 641.26q mtrs situated on ground floor and having a height of 26 feet at centre and 20 feet at sloping both sides in bldg no o-2, sagar complex, along with equal area of land as described in mortgage deed.

Fixed Assets

· Computer

· Air Conditioners

· Camera

· Electrical Equipments

· Compressor

· Generator

· Hydraulic Pallet

· Invertor

· Fax Machine

· Telephone Instrument

· Furniture and Fixtures

· Mobile

· Motor Car Hyundai -2909

· Motor Car Hyundai – 2910

· Motor Car Toyota Fortuner

AS PER WEBSITE DETAILS

Company Profile:

Subject or as it is popularly known CNP specializes in manufacturing of stainless steel pumps, integrating scientific research, production and marketing.

Since its privatization in 1989, CNP has devoted considerable efforts towards development of various types of pumps, which are applicable to industrial and mining enterprises, municipal and agricultural uses and domestic needs.

Today with manufacturing facilities at multiple locations, CNP has emerged as largest stainless steel sheet metal pump manufacturer in Asia. At their total integrated manufacturing facility in Nanfang, company boasts a complete set of precision manufacturing and testing equipment.

Company has passed ISO 9002 authentication, CE certification and ISO 9001: 2000 new edition authentications. To ensure perfect quality assurance systems

The products of the company are sold in various parts of the world including Australia, Europe , America , south-east and Middle east Asia ; gaining popularity due to their excellent quality , value for money and satisfactory after sales services.

CNP has recently started its India operations with outlook to supply and support its excellent quality pumps to ever demanding Indian market. With its base at Thane,Maharashtra, Nanfang, India will be involved in marketing, sales and after sales service of CNP Pumps.

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.56.42
UK Pound	1	Rs.87.37
Euro	1	Rs.69.95

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	KVT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.