MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	ICEM ENGINEERING COMPANY PRIVATE LIMITED [w.e.f. 13.12.2010]
Formerly Known As :	ICEM ENGINEERING COMPANY LIMITED
Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1964
Com. Reg. No.:	11-12994
Capital Investment / Paid-up Capital :	Rs.11.167 Millions
CIN No.: [Company Identification No.]	U27200MH1964PLC012994
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04976G
PAN No.: [Permanent Account No.]	AAAC16282M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 680000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and 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.

INFORMATION PARTED BY

Name :	Mr. Al Waghale
Designation :	Accounts Manager
Contact No.:	91-9321356025
Date :	22.03.2012

LOCATIONS

Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-30880032
Mobile No.:	91-9321356025 [Mr. AL Waghale]
Fax No.:	91-22-28217128
E-Mail :	tanujajalan@yahoo.co.in icem@vsnl.com
Area:	1200 sq. ft.
Location :	Owned
Marketing Office:	302, Lake City Mall, Near Big Bazar, Kapurbawadi Circle, Thane-400602, Maharashtra, India
Tel. No.:	91-22-32514165
Fax No.:	91-22-25415275
Area :	Rented
Factory:	M S Road, Raghunath Nagar, Wagle Industry, Thane-400604, Maharashtra, India
Area :	1 Lac Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vinod D Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	05.03.1946
Date of Appointment :	17.06.1968
Din No.:	00227134
Name :	Mr. Vishal Vinod Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	26.03.1972
Date of Appointment :	01.04.1995
Din No.:	00227052
Name :	Mrs. Uma Vishal Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	22.04.1972
Date of Appointment :	01.04.2000
Din No.:	00822122
Name :	Mr. Namdeo Kisan Pingle
Designation :	Director
Address :	2^nd Floor, Devdaya Nagar Ch-Operative Housing Limited, Pokhran Road No. 1, Thane – 400 059, Maharashtra, India
Date of Birth/Age :	23.05.1970
Date of Appointment :	13.10.2004
Din No.:	00132777

KEY EXECUTIVES

Name :	Mr. Al Waghale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vinod D Tibrewala	320000
Vishal Vinod Tibrewala	259800
Uma Vinod Tibrewala	120000
Ramakant J Tibrewala	900
Shrikant J Tibrewala	900
Uma Vishal Tibrewala	115000
Yash Tibrewala U/G Vishal Tibrewala	24533
Ashutosh Tibrewala U/G Vishal Tibrewala	24533
Sonal Sonthalia	70100
Vinod D Tibrewala HUF	153245
Vishal Vinod Tibrewala HUF	27600
N.K. Pingle	100
Total	1116711

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
Exports :
Countries :	· Gulf Countries · Africa · Iran
Imports :
Products :	Plates
Countries :	· Germany · Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

PARTICULARS	UNITS	31.03.2011
Actual Production	Nos.	386

GENERAL INFORMATION

Suppliers :

v Shah Brothers

v Ankit Steels

Customers :

Wholesalers and Retailers

v Zamil Steel Industries, Saudi Arabia

No. of Employees :

50 [Approximately]

Bankers :

v The Thane Janata Sahakari Bank Limited, Anant Laxmi Chember, B-Cabin, Shivaji Nagar Road, Naupada, Thane-400602, Maharashtra, India

Facilities :

The Thane Janata Sahakari Bank Limited Cash Credit Limit Rs. 5.000 Millions and Packing Credit Limit Rs. 42.500 Millions
Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash credit A/C 131 From TTJS Bank Limited	4.197	6.932
Cash credit A/C 185 From TKJS Bank Limited	0.000	19.034
Auto Loan – M 180	6.287	0.000
Hypothecation Loan A/C 407 from TKJS Bank Limited	11.940	18.029
Project Finance for Exports	20.079	15.614
Term Loan for Raw Material	72.921	78.502
ODD A/C 3825 [Secured against fixed deposit]	50.805	30.267
ADVD A/C M/488 [Secured against fixed deposit]	0.000	4.982
Reliance Consumer Equipment Finance [Secured against specified equipment]	3.027	3.913
Total	169.256	177.273
[Secured loans at SR. No. 1 to 6 are secured against stock, book debts, plant and machinery, fixed deposits and personal guarantee of all directors]
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Shareholders	9.149	8.971
Total	9.149	8.971

Banking Relations :	--
Auditors :
Name :	Shah and Taparia Chartered Accountant
Address :	12, Nav Jeevan Wadi, Dhobi Talao, Mumbai-400002, Maharashtra, India
Pan No.:	AAOFS0336D
Subsidiaries (As On 31.03.2010) :	Icem Communications Private Limited CIN No.: - U72900MH2007PTC170257

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1116711	Equity Shares	Rs.10/- each	Rs. 11.167 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		11.167	11.167	11.167
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.272	165.069	167.640
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		172.439	176.236	178.807
LOAN FUNDS
1] Secured Loans		169.256	177.273	242.309
2] Unsecured Loans		9.149	8.971	0.422
TOTAL BORROWING		178.405	186.244	242.731
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		350.844	362.480	421.538
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		181.007	183.620	184.994
Capital work-in-progress		1.094	0.000	2.072
INVESTMENT		3.871	4.313	5.094
DEFERREX TAX ASSETS		0.000	0.000	0.534
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.632	34.250	105.551
	Sundry Debtors	24.844	70.211	174.690
	Cash & Bank Balances	91.960	76.253	65.596
	Other Current Assets	8.075	5.437	9.310
	Loans & Advances	59.038	49.982	40.066
Total Current Assets		250.549	236.133	395.213
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.494	38.746	136.680
	Other Current Liabilities	6.824	6.329	8.974
	Provisions	17.892	17.044	20.715
Total Current Liabilities		86.210	62.119	166.369
Net Current Assets		164.339	174.014	228.844
MISCELLANEOUS EXPENSES		0.533	0.533	0.000
TOTAL		350.844	362.480	421.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	447.346
		Other Income	NA	NA	23.954
		TOTAL (A)	NA	NA	471.300
Less	EXPENSES
		Consumption of Material			291.322
		Manufacturing and Direct Expenses			72.534
		Administrative Expenses	NA	NA	24.851
		Selling Expenses			28.000
		Increase and Decrease in Stocks			(10.549)
		TOTAL (B)	NA	NA	406.158
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	65.142
Less	FINANCIAL EXPENSES (D)		NA	NA	31.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	33.665
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	5.246
	PROFIT BEFORE TAX (E-F) (G)		1.677	5.660	28.419
Less	TAX (H)		NA	NA	10.022
	PROFIT AFTER TAX (G-H) (I)		NA	NA	18.397
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	5.527
Less	APPROPRIATIONS
		Interim Dividend Paid	NA	NA	2.720
		Proposed Final Dividend	NA	NA	5.584
		Dividend Distribution Tax Paid	NA	NA	0.462
	BALANCE CARRIED TO THE B/S		NA	NA	15.158
	EARNINGS IN FOREIGN CURRENCY		144.131	223.889	406.916
	IMPORTS VALUE		54.126	38.955	169.966
	Earnings Per Share (Rs.)		--	--	35.38

Particulars	31.03.2011	31.03.2010
Sales Turnover [Approximately]	170.000 (Due to price reduction in steel)	250.000

Expected Sales (2011-2012) : Rs. 400.000 Millions (Due to new Exports orders)

The above information has been parted by Mr. Al Waghale.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	3.90
Net Profit Margin (PBT/Sales)	(%)	NA	NA	6.35
Return on Total Assets (PBT/Total Assets}	(%)	0.39	1.35	4.90
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.16
Debt Equity Ratio (Total Liability/Networth)		1.53	1.41	2.29
Current Ratio (Current Asset/Current Liability)		2.91	3.80	2.38

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

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	61.494	38.746	136.680

NOTE:

The registered office of the company has been shifted from 75 D Government Industrial Estate, Charkor Kandivili (West), Mumbai-400067, Maharashtra, India to the present address w.e.f. 01.04.2008.

FINANCIAL RESULTS

During the year the company has earn profit before tax Rs. 1.677 Millions.

FORM 8

Corporate identity number of the company	U27200MH1964PTC012994
Name of the company	ICEM ENGINEERING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Anant Laxmi Chember, B-Cabin, Shivaji Nagar Road, Naupada, Thane-400602, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement For Vehicle Advance
Date of instrument Creating the charge	24.10.2011
Amount secured by the charge	Rs. 1.438 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11.50% Floating i.e. 3.50% below PLR. Terms of repayment 60 Emi. Extent and operation of the charge Hypothecation of vehicle to secure automobile finance of Rs. 1.438 Millions
Short particulars of the property charged (Including location of the property)	Hypothecation of Vehicle- Toyota Altis. Personal Guarantees of Directors Viz. 1. Mr. Namdeo Kisan Pingle. 2. Mr. Vishal Vinod Tibrewala. 3. Mr. Vinod Durgadatta Tibrewala. 4. Mrs. Uma Vishal Tibrewala.

TRADE REFERENCES

· Zamil Steel Industries, Saudi Arabia

· Shah Brothers

· Anikt Steels

FIXED ASSETS

· Land

· Flat

· Office

· Building

· Plant and Machinery

· Dies

· Cranes

· Furniture and Fixtures

· Electric Installation

· Office Equipments

· Factory Equipments

· Motor Car

· Air Conditioner

· Water Cooler

· Refrigerator

· Pump Set

· Cycles

· Computer and Software

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. 50.59
UK Pound	1	Rs. 80.34
Euro	1	Rs. 67.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.