MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	AMALGAMATED INDUSTRIAL COMPOSITES PRIVATE LIMITED
Registered Office :	Bhogilal Contractor Bunglow, Opposite Old Pilot Dairy, Kankaria, Ahmedabad – 380 022, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.01.1980
Com. Reg. No.:	04-3620
Capital Investment / Paid-up Capital :	Rs.0.490 Million
CIN No.: [Company Identification No.]	U32201GJ1980PTC003620
TAN No.: [Tax Deduction & Collection Account No.]	NSKA01371G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Axial Flow Cooling Tower Fans
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 17000
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. Gopalkrishna
Designation :	Account Manager
Contact No.:	91-253-2382851
Date :	25.04.2012

LOCATIONS

Registered Office :	Bhogilal Contractor Bunglow, Opposite Old Pilot Dairy, Kankaria, Ahmedabad – 380 022, Gujarat, India
Tel. No.:	91-253-2382851 / 2380963
Mobile No. :	91-9821074054 [Mr. Amit]
Fax No.:	91-253-2380963
E-Mail :	maheshwari.pawan@hotmail.com aicomposites@gmail.com
Website :	http://www.aicomposites.com
Area :	500 sq. ft.
Location :	Owned
Head Office :	Unit No.111/112, Ashok Services Industrial Estate, L. B. S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25964566 / 25963611
Fax No.:	91-22-25913611/ 25346920
E-Mail :	info@aicomposites.com
Website :	http://www.aicomposites.com
Area :	700 sq. ft.
Location :	Owned
Factory :	Plot No. D-51, Midc, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2382851/ 2380963
Fax No.:	91-253-2383351
E-Mail :	aicompositen_nsk@dataone.in
Area :	4050 sq. ft.
Location :	Owned

DIRECTORS

AS ON 28.09.2011

Name :	Mr. Pyarelal Pannalal Maheshwary
Designation :	Director
Address :	Flat No.403 and 404, Garden Estate, Khopat, Thane (West), Thane – 400 601, Maharashtra, India
Date of Birth/Age :	18.06.1947
Qualifications :	BE
Date of Appointment :	28.06.1981
DIN No. :	01899152

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	U32201GJ1980PTC003620	AMALGAMATED INDUSTRIAL COMPOSITES PRIVATE LIMITED	Director	28-06-81	28-06-81	-	Active	NO
2	U92111PB1966PTC002661	KALPANALOK PRIVATE LIMITED	Director	26-09-84	26-09-84	-	Active	NO

Name :	Mr. Dushyant Pyarelal Maheshwary
Designation :	Managing Director
Address :	Flat No.403 and 404, Garden Estate, Khopat, Thane (West), Thane – 400 601, Maharashtra, India
Date of Birth/Age :	30.11.1976
Qualifications :	BE
Date of Appointment :	20.06.2005
DIN No. :	01899229
Name :	Mr. Amit Pyarelal Maheshwary
Designation :	Director
Address :	Flat No. 403/404, A Wing, Garden Estate, Khopat Phkhran Road No. 1, Thane – 400601, Maharashtra, India
Date of Birth/Age :	01.12.1979
Date of Appointment :	26.03.2005
DIN No. :	01899181

KEY EXECUTIVES

Name :	Mr. Gopalkrishna
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Maheshwari Rakeshkumar Pannalal	1810
Maheshwari Pyarelal Amit	3100
Maheshwary Pyarelal Pannalal	29600
Maheshwary Aruna Devi Pannalal	9500
Maheshwary Vasuda Rakesh	400
Maheshwari Dushyant Pyarelal	4590
Total	49000

Equity share breakup (percentage of total equity)

AS ON 28.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Axial Flow Cooling Tower Fans
Products :	· Articulated Piping Systems · Main Components of Loading Arms · BMC/DMC/SMC · Grating and Ladders · FRP Products · Helipads · Shelters · Doors · Canopies · Ducting · Axial Flow Fans · Industrial Blowers · Hoods · Platform · Junction Boxes · Body Works · Bike Fairings · Automobile Body Panels · Insulation Products · Generator Wedges · Slots · Grids · Shafts · Poles · Radomes · Chequered Plates · Railway Toilet Modules · Mobile Toilets · Tanks · PP FRP Tanks · Chemical Process Equipments · Moulded Products · Lightining Arrestors · Rapper Shafts · Fire Boxes · Sheets · Pultruded Products · Windmill Blades · Cooling Towers
Exports :
Products :	Axial Flow Cooling Tower Fans
Countries :	UK
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Credit (60days) and Advances
Purchasing :	Credit (60days) and Advances

GENERAL INFORMATION

Suppliers :

· Associated Polytech Industries

· S. Ganesh and Company

Customers :

Manufacturers

· L and T

· Maharashtra State Power Generation

No. of Employees :

75 (Approximately)

Bankers :

· Punjab National Bank, K C Dadar Branch, Dadar (East), Mumbai – 400 014, Maharashtra, India

· Punjab National Bank, Nashik, Maharashtra, India

Facilities :

Cash Credit : Rs.4.000 Millions (Punjab National Bank)

Non Fund : Rs.6.000 Millions (Punjab National Bank)

Secured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Over Draft from Banks (Secured against hypothecation of stock of finished goods, work-in-progress and raw material and personally guaranteed by directors	2.364	4.411
Total	2.364	4.411
Unsecured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Director	1.968	1.669
From Relatives	1.486	1.170
From Share Holders	2.454	2.242
From Others	0.000	0.110
From Tata Capital Limited(Secured against Motor car)	0.323	0.455
Total	6.231	5.646

Banking Relations :	-
Auditors :
Name :	P R Maheshwari and Associates Chartered Accountants
Address :	A/8, 1^st Floor, Capital Commercial Centre, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel No.:	91-79-26576803
PAN No.:	ABFPM0260L
Membership :	· Indo German Chambers of Commerce · Federation of India Exports Organization · Indo Arab Chambers of Commerce
Sister Concern :	· Shri Ply Fabricator

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
49000	Equity Shares	Rs.10/- each	Rs.0.490 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		0.490	0.490	0.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.721	1.120	0.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.211	1.610	1.426
LOAN FUNDS
1] Secured Loans		2.364	4.411	1.524
2] Unsecured Loans		6.231	5.646	5.046
TOTAL BORROWING		8.595	10.057	6.570
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.806	11.667	7.996
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.948	7.626	5.089
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.064	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.362	1.481	3.394
	Sundry Debtors	6.113	8.303	9.934
	Cash & Bank Balances	2.828	1.300	2.386
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.921	1.396	1.315
Total Current Assets		13.224	12.480	17.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.814	6.942
	Other Current Liabilities	1.195	1.257	13.859
	Provisions	0.421	0.241	0.263
Total Current Liabilities		7.430	8.440	14.122
Net Current Assets		5.794	4.041	2.907
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.806	11.667	7.996

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	25.573	24.806	24.117
		Interest from bank	NA	0.128	0.146
		Finished Goods (Dies)	NA	0.084	0.000
		TOTAL (A)	NA	25.018	24.263
Less	EXPENSES
		Raw Material Consumed	NA	9.215	11.932
		Manufacturing and Other Administrative Expenses		10.988	11.554
		Directors Remuneration		1.221	1.031
		Increase / (Decrease) in Stock		1.170	(1.880)
		TOTAL (B)	NA	22.594	22.637
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	2.424	1.626
Less	FINANCIAL EXPENSES (D)		NA	0.781	0.665
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.678	1.643	0.961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.037	1.237	0.684
	PROFIT BEFORE TAX (E-F) (G)		2.641	0.406	0.277
Less	TAX (H)		0.180	0.223	0.265
	PROFIT AFTER TAX (G-H) (I)		2.461	0.183	0.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.604	0.418	0.406
	BALANCE CARRIED TO THE B/S		3.065	0.601	0.418
	TOTAL EARNING		1.556	0.090	0.432
	Earnings Per Share (Rs.)		50.22	3.73	--

Particulars	31.03.2012
Sales Turnover (Approximately)	37.500

Expected Sales (2012.2013) : Rs.50.000 Millions

The above information has been parted by Mr. Gopalkrishna.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.62	0.05
Net Profit Margin (PBT/Sales)	(%)	10.33	1.64	1.15
Return on Total Assets (PBT/Total Assets}	(%)	13.09	2.02	1.25
Return on Investment (ROI) (PBT/Networth)		0.63	0.25	0.19
Debt Equity Ratio (Total Liability/Networth)		3.81	11.49	14.51
Current Ratio (Current Asset/Current Liability)		1.78	1.48	1.21

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	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	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 (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

OPERATING RESULTS

During the year the achieved turnover and other income Rs.27.537 Millions as against turnover of Rs. 24.806 Millions in the previous year. The company also reported increase in net profit before tax from Rs. 0.406 Million in the previous year to Rs. 2.641 Million in this year. Which includes profit on sale of fixed asset of Rs.2.273 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U32201GJ1980PTC003620
Name of the company	AMALGAMATED INDUSTRIAL COMPOSITES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bhogilal Contractor Bunglow, Opposite Old Pilot Dairy, Kankaria, Ahmedabad – 380 022, Gujarat maheshwari.pawan@hotmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80000948
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank K C Dadar Branch, Dadar, Mumbai – 400 014, Maharashtra, India jpscs2007@gmail.com
Nature, description and brief particulars of the instrument(s) creating or modifying the charge	Overdraft Agreement For Rs.5.000 Millions (Enhanced) Hypothecation Of Assets To Secure Term Loan For Rs.3.000 Millions Letter Of Continuity For Rs.14.000 Millions (Duly Stamped) [All The Above Documents Constitute Single Charge Of Rs.14.000 Millions]
Date of the instrument creating or modifying the charge	24.12.2009
Amount secured by the charge	Rs.14.000 Millions
13. Brief particulars of the principal terms and conditions and extent and operation of the charge	(a) Rate of interest OD BPLR +1.75% I.E. 12.75% P.A., TL -13.75% P.A. (b) Terms of repayment OD Facility Is Renewed At Annually And Repaid In 84 Equal Installments, Emi Of Rs.60000/- Monthly. And May Be Repaid On Demand And TL Will Be Repaid 60 Equal Installments. (c) Margin OD - 25% TL-25% LG-25% (d) Extent and operation of the charge Rs.14 Millions And Operation Of Charge On Extension Of Land And Building Situated At Plot No.D-51, MIDC, Ambad, Nasik-422010 And Hypothecation Of Machineries To Be Aquired Out Of Bank Loan.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land And Building Situated At Plot No.D-51, MIDC, Ambad,Nasik-422010 Hypothecation Of Machineries To Be Aquired Out Of Bank Loan.
18. Particulars of the present modification	By This Submission, The Company Has Created Charge On Land And Building Situated At Plot No.D-51, MIDC, Ambad, Nasik-422010 And On Hypothecation Of Machineries To Be Aquired Out Of Bank Loan And On Counter Guarantee For The Total Fund Base And Non Fund Base Limit Sanctioned Of Rs.14 Millions (OD Rs.5 Millions Enhanced + BG Rs.6 Millions + TL Rs.3 Millions)To Secure Punjab National Bank, KC Dadar Branch.

TRADE REFERENCES:

· Associated Polytech Industries

· S. Ganesh and Company

· L and T

· Maharashtra State Power Generation

AS PER WEBSITE DETAILS

Riding the wares of fast growing demands of GRP in Global Market subject has position as one of the GRP producers to support wide range of industries under brand name of Composite® with technical collaboration from M/s Albert Spaay Gmbh Germany and technical tie up with Indian Institute of technology for Aerodynamics.

Subject was established in 1982 for manufacturing of Axial Flow Cooling Tower fans out of fiber glass and today with success it has become one of the pioneers in the country for manufacturing of hollow bladed axial flow Cooling Tower fans with supplies of major Government and Semi Government and privatized Company.

Apart from manufacturing of Axial flow cooling tower fans subject has also diverted into manufacturing of various types of GR components with latest technology of manufacturing. The Managing Director Mr. P. P. Maheshwary is a Mech. Engineer having experience in the field of fiberglass since thirty years and was felicitated by the Institute of Engineers (India) as the best outstanding Engineers award of whole Maharashtra state for his achievements in Engineering.

To strengthen the market position subject has performed an excellent work in GRP (Glass reinforced plastics) to enable providing the customers with the best quality. The satisfaction of our customers is our top priority.

Composite products have proven capabilities to provide excellent strength toughness', chemical resistance widely used in electric.

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

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	3
--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		43

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.