MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	NEW FIELD INDUSTRIAL EQUIPMENT PRIVATE LIMITED
Registered Office :	52, Nandesari Industrial Area, Nandesari, Baroda-391340, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.1971
Com. Reg. No.:	04-1947
CIN No.: [Company Identification No.]	U29259GJ1971PTC001947
Capital Investment / Paid-up Capital :	Rs.6.800 Millions
TAN No.: [Tax Deduction & Collection Account No.]	BRDN00281B
PAN No.: [Permanent Account No.]	AAACN8283B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Engineering Goods.
No. of Employees :	80 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 297296
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 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Falguni
Designation :	Accountant
Contact No.:	91-265-2361834
Date :	21.04.2012

LOCATIONS

Registered Office/ Factory :	52, Nandesari Industrial Area, Nandesari, Baroda-391340, Gujarat, India
Tel. No.:	91-265-2840289/ 2840288/ 2361834 / 2362921
Fax No.:	91-265-2361235
E-Mail :	info@newfield.co.in newfield.baroda@gmail.com
Website :	http://www.newfield.co.in http://www.newfield.in
Area :	10000 sq. ft.
Location :	Owned
Administrative Office :	702, Yashkamal, Sayajigunj, Vadodara-390005, Gujarat, India
Tel. No.:	91-265-2361834/ 2362921
Fax No.:	91-265-2361235
E-Mail :	sumul@newfield.co.in

DIRECTORS

AS ON 17.08.2011

Name :	Mr. Rameshbhai Patel
Designation :	Director
Address :	Summar, Old Padra Road Opposite SamrubhaiSociety, Baroda – 390015, Gujarat, India
Date of Birth/Age :	05.05.1934
Qualification :	Mechanical Engineer
Date of Appointment :	26.08.1971
Name :	Mr. Sumul Rameshbhai Patel
Designation :	Director
Address :	Summar, Old Padra Road Opposite SamrubhaiSociety, Baroda – 390015, Gujarat, India
Date of Birth/Age :	01.03.1969
Qualification :	Mechanical Engineer
Date of Appointment :	05.07.1993
Name :	Mr. Raojibhai Patel
Designation :	Director
Address :	Kusum Bunglow, Opposite Smrudhi Society, Old Padra Road, Vadodara – 390020, Gujarat, India
Date of Birth/Age :	64 years
Qualification :	Mechanical Engineer
Date of Appointment :	26.08.1971
Name :	Mr. Ritesh Master
Designation :	Director
Address :	2-A, Charotar Co-operative Housing society, Akota Old Padra Road, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	06.10.1975
Qualification :	Mechanical Engineer
Date of Appointment :	05.10.1997
Name :	Mr. Amrutbhai Master
Designation :	Director
Address :	2-A, Charotar Co-operative Housing society, Akota Old Padra Road, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	08.11.1936
Qualification :	Mechanical Engineer
Date of Appointment :	26.08.1971

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.08.2011

Names of Shareholders	No. of Shares
Vithalbhai Sana Patel	1097
Rameshbhai Patel	6735
Amrutbhai Master	4808
Raojibhai Patel	9288
Hansuben Amratlal Master	7960
Manjulaben Patel	6729
Mukund R. Patel	685
Paresh Patel	684
Kusumben Patel	5343
Kanchanben Shahri	3000
Sumul Patel	8632
Divyesh Master	32
Ritesh Master	8200
Nisha Patel	1903
Digna Patel	2904
Total	68000

AS ON 17.08.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Engineering Goods.

Products :

Product Description	Item Code
Ejectors/ Silencer/ Condensar	84798970

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Suppliers :

Pipe House

Customers :

· Wholesaler

· Retailers

· Larsen and Toubro Limited

· Punj Lloyd Limited, (LURGI India Limited)

· Thai Arcylic Fiber Company

· Engineers India Limited

· IOCL

· BPCL

· Bridge and Roof Limited

· SIEMENS

· Reliance Industries

· Elster Instromet – India

· Yokogawa South Asia – Singapore

· Saudi Formaldehyde Chem Company Limited

· Alexandria Carbon Black Company Sae

No. of Employees:

80 Approximately

Bankers :

· Central Bank of India, Corporate Finance Branch, Race Course Road, Vadodara-390007, Gujarat, India

· HDFC Bank

· Kotak Mahindra Bank Limited

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Central Bank of India, Baroda – Cash Credit	53.399	40.390
Central Bank of India – Term Loan	1.300	2.228
Central Bank of India – Term Loan – Car Loan	0.177	0.411
Total	54.876	43.029
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Director	4.280	1.511
From Shareholders	3.080	0.884
From relatives of Director	0.326	0.015
Interests Secured and Due on Unsecured Loans	0.385	0.154
Kotak Mahindra Bank Limited	2.533	3.500
Total	10.604	6.064

Banking Relations :	--
Auditors :
Name :	T. K. Dixit and Associates Chartered Accountant
Address :	103, Anand Apartments, Opposite Rajshree Cinema Sayajigunj, Vadodara 390005, Gujarat, India
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 17.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68000	Equity Shares	Rs.100/- each	Rs.6.800 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		6.800	3.600	3.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.524	45.271	28.918
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.324	48.871	32.518
LOAN FUNDS
1] Secured Loans		54.876	43.029	28.522
2] Unsecured Loans		10.604	6.064	2.691
TOTAL BORROWING		65.480	49.093	31.213
DEFERRED TAX LIABILITIES		0.137	0.096	0.096
TOTAL		139.941	98.060	63.827
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.702	21.081	19.927
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.459	0.002	0.002
DEFERREX TAX ASSETS		0.255	0.253	0.155
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.190	49.438	56.177
	Sundry Debtors	69.061	43.751	31.566
	Cash & Bank Balances	15.754	20.059	19.662
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.515	14.061	14.033
Total Current Assets		182.520	127.309	121.438
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.211	32.047	30.491
	Other Current Liabilities	4.260	0.746	33.414
	Provisions	21.525	17.793	13.791
Total Current Liabilities		82.996	50.586	77.696
Net Current Assets		99.524	76.723	43.742
MISCELLANEOUS EXPENSES		0.001	0.001	0.001
TOTAL		139.941	98.060	63.827

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES	251.161	219.491	197.002
Less	EXPENSES	228.991	201.452	189.044
	PROFIT BEFORE TAX	33.651	25.912	13.960
Less	TAX	11.482	7.873	6.002
	PROFIT AFTER TAX	22.169	18.039	7.958
	Earnings Per Share (Rs.)	326.03	501.10	221.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	13.39	11.80	7.08
Return on Total Assets (PBT/Total Assets}	(%)	15.70	17.46	9.87
Return on Investment (ROI) (PBT/Networth)		0.45	0.53	0.42
Debt Equity Ratio (Total Liability/Networth)		1.99	2.04	3.35
Current Ratio (Current Asset/Current Liability)		2.19	2.51	1.56

LOCAL AGENCY FURTHER INFORMATION

BUSINESS PERFORMANCE:

The Company has achieved the sales of Rs. 168.585 millions as against Rs. 161.204 millions in the previous year. The Company has earned a net profit of Rs. 22.169 millions as against the Rs. 18.038 millions of previous year. The Directors expect better results for the current year too.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29259GJ1971PTC001947
Name of the company	NEW FIELD INDUSTRIAL EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	52, Nandesari Industrial Area, Nandesari, Baroda-391340, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Central Bank of India, Corporate Finance Branch, Race Course Road, Vadodara-390007, Gujarat, India Email: sm2baro0987@centralbank.co.in
Nature of instrument creating charge	Memorandum of Entry (Sixth deed of extension of Mortgage)
Date of instrument Creating the charge	13.01.2012
Amount secured by the charge	Rs. 165.714 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest For CC- cum overdraft against book debts - Base Rate+2.50 % p. a. For Term Loan- Base Rate+2.50+0.75 % . For Bill purchase / EPC cum EBP / EBD and others as per rules Terms of repayment Working Capital: Repayable on Demand Existing Term Loan: As per Existing Repayment Schedule. Fresh Term Loan: 60 Monthly installments from December 2013 to November 2018, interest to be served as and when due. This is collateral charges. Margin On stocks- 25.00 % On bill purchase - 10.00 % EPC cum EBP/ EBD- 10.00% On machineries- 25.00 % On Bank guarantee - 25.00 % On L/C - 25.00 % Others as per attached agreement. This is collateral charges. Extent and operation of the charge The charge is being modified by way of Memorandum of Entry (Sixth deed of extension of Mortgage) executed between Company and Bank for various limits granted to the Company. This is collateral charges. Other Other terms and conditions as per sanctioned letter and first schedule attached herewith. This is collateral charges for various limits granted to the Company.
Short particulars of the property charged (Including location of the property)	All the piece and pracel of plot no. A/52 admeasurring 7789 Sq. Mtrs. of Nandesari Industrial Area situated in the land bearing RS No. 590/paiki 583,588,587,589 and 617, Vill: Nandesari, Dist.Vadodara All that piece or parcel of land or ground together with the building/s herdiaments and premises standing thereon in the Reg, Sub Dist. of Waghodia, Land bearing RS No/ Block No. 71/1 paiki 1 admeasuring 0-41-00 Hector Are of Village Hansapura, Ta- Waghodia, Dist. Vadodara All that piece or parcel of land or ground together with the building/s herdiaments and premises standing thereon in the Reg, Sub Dist. of Waghodia, Land bearing RS No/ Block No. 71/2 paiki admeasuring 1-05-22 Hector Are of Village Hansapura, Ta- Waghodia, Dist. Vadodara All that piece or parcel of land or ground together with the building/s herdiaments and premises standing thereon in the Reg, Sub Dist. of Waghodia, Land bearing RS No/ Block No. 79/36 paiki admeasuring 1-02-18 Hector Are of Village Sarnej, Ta- Waghodia, Dist. Vadodara All that piece or parcel of land or ground together with the building/s herdiaments and premises standing thereon in the Reg, Sub Dist. of Waghodia, Land bearing Block No. 98/2 admeasuring 1-26-47 Hector Are of Village Sarnej, Ta- Waghodia, Dist. Vadodara
Date of instrument modifying the charge	08.03.2011
Particulars of the present modification	By this modification, the charge stand modified to Rs. 165.714 millions.

FIXED ASSETS:

· Goodwill

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Motor Vehicles

· Office Equipment

· Cycle

· Computers

· Motor Cycle

· Air conditioner

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	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	No
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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

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.53.34
UK Pound	1	Rs.86.11
Euro	1	Rs.69.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	PRL

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	NO
--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

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.