MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	ADAM FABRIWERK PRIVATE LIMITED
Formerly Known As :	MARVALD FABRIWERK PRIVATE LIMITED
Registered Office :	702, Tanishka, Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.1982
Com. Reg. No.:	11-27517
Capital Investment / Paid-up Capital :	Rs.5.400 millions
CIN No.: [Company Identification No.]	U24231MH1982PTC027517
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21308A
PAN No.: [Permanent Account No.]	AAACA5697C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.
No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed 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 good for normal 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 DECLINED BY

Name :	Mr. G. K. Kudalkar
Designation :	Accountant
Contact No.:	91-9820703095
Date :	10.03.2012

LOCATIONS

Registered Office :	702, Tanishka, Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-61776700
Mobile No.:	91-9820703095 (Mr. Kudalkar)
Fax No.:	91-22-61776799
E-Mail :	adamfab@vsnl.com info@adamfabriwerk.com
Website :	http://www.adamfabriwerk.com
Area :	1500 Sq. Ft.
Location :	Owned
Factory :	D 6, MIDC, Ambad, Nashik, Maharashtra, India
Tel. No.:	91-253-6601021
Area :	2000 Sq. Meter
Location :	Leased

DIRECTORS

As on 30.09.2011

Name :	Mr. Devidas Ramback Shirude
Designation :	Director
Address :	901/ B, Gardenia, Building No.2, Vasant Valley, Behind Dindoshi Depot, Malad (East), Mumbai – 400097, Maharashtra, India.
Date of Birth/Age :	05.06.1950
Date of Appointment :	24.06.1982
DIN No.:	00398588
Name :	Mr. Waman Madhav Wagh
Designation :	Managing Director
Address :	A- 701, Express Apartments, Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	26.09.1946
Date of Appointment :	24.06.1982
DIN No.:	00398753
Name :	Mr. Sanjay Ramback Shirude
Designation :	Director
Address :	Flat No.3, Shivthirth Park, New Pandit Colony, Sharanpur Road, Nashik – 422002, Maharashtra, India.
Date of Birth/Age :	11.01.1965
Date of Appointment :	30.04.1992
DIN No.:	00399000
Name :	Mr. Vishal Waman Wagh
Designation :	Whole Time Director
Address :	A- 701, Express Apartments, Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	19.11.1973
Date of Appointment :	01.07.2000
DIN No.:	00398886

KEY EXECUTIVES

Name :	Mr. G. K. Kudalkar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
W. M. Wagh	150000
A. W. Wagh	60000
V. W. Wagh	45000
M. W. Wagh	12000
Ameeta V. Wagh	2900
D. T. Shirude	150000
M. D. Shirude	60000
S. T. Shirude	27000
Pallavi P. Kapale	15000
Priti A. Naik	15000
Parag D. Shirude	2800
B. D. Desai	100
N. B. Desai	100
A. B. Desai	100
TOTAL	540000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	99.70
Directors or relatives of Directors	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Actual Production Qty
SS Tanks, Vessel Reactors, Receivers jacketed Vessel	175
Doublecone Blender Planetary / Mass Mixer	Nil
Liquid Mfg. Plant	1
Ointment Mfg. Plant	2
Custom Built Equipments CIP/ SIP Unit	12
Spares	83

GENERAL INFORMATION

No. of Employees :

115 (Approximately)

Bankers :

Bank of Baroda, Pimpalgaon Bhaula Branch, Udyog Bhavan, 1^st Floor, MIDC, Satpur, Nashik – 422007, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Bank of Baroda, Pimpalgoan, Bahula Br. Nashik (Maharashtra)
Cash Credit against Hypothecation of Stock (Facility given by Bank at Santacruz Branch, Mumbai)	17.876	11.097
Cash Credit against Hypothecation of Stock – In Trade, Stores and Spares parts (including Interest accrued and due)	18.714	11.479
Term Loan Against Mortgage of office in Mumbai	9.705	12.107
Term Loan II Against Mortgage of New Factory Building at Nashik	24.272	30.254
Loan against Motor Car from ICICI Bank Limited	0.000	0.336
Temporarily Loan from Bank of Baroda Against FDR	0.000	1.100
Total	70.567	66.373
NOTE: For the above Secured loans all the Directors of the company have given personal guarantee
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	10.210	7.475
Balance in current account of Directors	4.346	6.770
Total	14.556	14.245

Banking Relations :	--
Auditors :
Name :	Kothwade and Company Chartered Accountant
Address :	Jayanti Smruti, B-6 Aarti CHS, Amrutnagar, Ghatkopar (West), Mumbai- 400086, Maharashtra, India
PAN.:	AABPK8500G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540000	Equity Shares	Rs.10/- each	Rs.5.400 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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.707	72.616	46.723
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		105.107	78.016	52.123
LOAN FUNDS
1] Secured Loans		70.567	66.373	16.614
2] Unsecured Loans		17.556	14.245	1.515
TOTAL BORROWING		88.123	80.618	18.129
DEFERRED TAX LIABILITIES		0.0000	0.000	0.000
TOTAL		193.230	158.634	70.252
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		95.865	96.104	41.383
Capital work-in-progress		00000	0.000	0.000
INVESTMENT		12.822	12.821	0.105
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.750	48.586	21.904
	Sundry Debtors	64.453	66.036	55.212
	Cash & Bank Balances	15.182	14.111	11.649
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.259	36.080	23.274
Total Current Assets		194.644	164.813	112.039
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.688	48.880	33.141
	Other Current Liabilities	18.693	33.671	20.809
	Provisions	41.953	32.818	29.325
Total Current Liabilities		110.334	115.369	83.275
Net Current Assets		84.310	49.444	28.764
MISCELLANEOUS EXPENSES		0.233	0.265	0.000
TOTAL		193.230	158.634	70.252

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	291.521	258.667	253.823
		Other Income	10.540	8.761	0.009
		Labour Charge and Other Income	3.258	2.673	3.039
		Closing Stock	46.840	35.972	17.696
		TOTAL (A)	352.159	306.073	274.567
Less	EXPENSES
		Opening Stock	35.972	17.696	15.166
		Material Consumed	176.781	179.637	169.759
		Employees Remuneration and Benefits	16.917	13.789	12.064
		Manufacturing and Operating Expenses	17.719	15.139	12.046
		Administrative Expenses	16.454	13.707	12.539
		Loss on Investment	0.000	0.000	0.020
		Preliminary and Preoperative Expenses Written off	0.058	0.000	0.000
		TOTAL (B)	263.901	239.968	221.594
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.258	66.105	52.973
Less	FINANCIAL EXPENSES (D)		9.714	3.554	3.542
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.544	62.551	49.431
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.312	3.156	3.175
	PROFIT BEFORE TAX (E-F) (G)		69.232	59.395	46.256
Less	TAX (H)		23.000	17.410	16.663
	PROFIT AFTER TAX (G-H) (I)		46.232	41.985	29.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.400	0.209	1.101
	Income tax provision for the year 08-09 w/off		0.028	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	27.000	24.000	17.500
		Proposed Dividend	16.200	13.500	10.800
		Tax on Dividend	2.753	2.294	1.835
		Loss in Transaction	0.000	0.000	0.350
	BALANCE CARRIED TO THE B/S		2.707	2.400	0.209
	EARNINGS IN FOREIGN CURRENCY		28.528	33.271	45.858
	Value of Imports		71.340	55.029	57.089
	Earnings Per Share (Rs.)		114.43	77.75	54.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.13	13.72	10.77
Net Profit Margin (PBT/Sales)	(%)	23.75	22.96	18.22
Return on Total Assets (PBT/Total Assets}	(%)	23.83	22.76	30.14
Return on Investment (ROI) (PBT/Networth)		0.66	0.76	0.88
Debt Equity Ratio (Total Liability/Networth)		1.89	2.51	1.94
Current Ratio (Current Asset/Current Liability)		1.76	1.43	1.34

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	RS. IN MILLIONS
Sundry Creditors for Goods	45.120	45.793	30.932
Sundry Creditors for Expenses	3.212	2.072	2.042
Sundry Creditors for Others	1.356	1.015	0.167
Total	49.688	48.880	33.141

NOTE

The Registered office of the company has been shifted from 103, Rajguru Apartments, New Nagardas Road, Andheri East, Mumbai- 400069, and Maharashtra, India to the present address w.e.f. 08.02.02010

OPERATION AND PERFORMANCE

SALES

During the year the Company’s Order Booking is to the tune of Rs.364.300 millions as against the previous year of Rs.357.400 millions. The net sales including other income are Rs.305.300 millions as against the previous year sales of Rs.270.100 millions. The Company performed satisfactorily compared to previous year.

PRODUCTION

During the year under consideration the production is Rs.302.400 millions as against the previous year’s production of Rs.276.900 millions which is a marginal increase by 9% as compared to previous year.

PROFITABILITY

During the year the net pre-tax profit is Rs.69.232 Millions (Includes profit on sale of fixed assets to the tune of Rs.7.700 Millions) as against the previous year of Rs.59.395 Millions which is higher by around 7.5%. During the year 2010-11 the company estimated to increase the turnover by 25% considering the market conditions and response received to company’s products.

FORM 8

Corporate identity number of the company	U24231MH1982PTC027517
Name of the company	Adam Fabriwerk Private Limited
Address of the registered office or of the principal place of business in India of the company	702, Tanishka, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India info@adamfabriwerk.com
This form is for	Modification of charge
Charge identification number of the modified	10175743
Type of charge	Book Debts Others: Stocks
Particular of charge holder	Bank of Baroda Pimpalgaon Bhaula Branch, Satpur, Nashik- 422007, Maharashtra, India cpc.sme.nashik@bankofbaroda.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book-debts, Moveable Machinery and vehicles.
Date of instrument Creating the charge	25.11.2011
Amount secured by the charge	Rs.60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25 % above base Rate i.e:. at Present 12.25% P.a with Monthly Rest. Terms of Repayment 12 Months (Repayable on Demand) Margin 25% (Stock and Book-Debts) Extent and Operation of the charge Charge is secured by borrower by way of hypothecation of all borrowers Raw Materials, Stock in Process, Finished Goods, Consumable spares and packing materials and all Book Debts , Movable Plant and Machinery/ Vehicles/ Crafts, Consumable Stores and Spares, Both Present and Future Book Debts, Outstanding Moneys, Receivable, Claims, Bills, Contracts, Engagements and Securities of The Borrower Others: Together with interest, compounded interest, additional interest in case of default, liquidated damages, commitment charges, premia on redemption, cost, charges, expenses and other monies payable by the company.
Short particulars of the property charged	Hypothecation of all borrowers Raw materials, stock in process, finished goods, consumable spares and packing materials and all book debts, movable plant and machinery/ vehicles.
Date of instrument modifying the charge	24.12.2010
Particulars of the present modification	Cash credit limit of Rs.40.000 Millions enhanced to Rs.60.000 Millions.

FIXED ASSETS

· Leasehold Land

· Factory building

· Factory Office Building

· Plant and machinery

· Electric Installations

· Furniture and fixture

· Vehicles

· Computer and Peripherals

· Air Conditioner

· Office Equipment

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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.