MIRA INFORM REPORT

Report Date :

06.09.2012

IDENTIFICATION DETAILS

Name :	FUTURE MINING TOOLS PRIVATE LIMITED
Registered Office :	C-28/2, A/P SUPA MIDC, Tal Parner, Supa, Ahmednagar – 414301, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.2010
Com. Reg. No.:	11-135763
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29240PN2010PTC135763
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Hydraulic Breakers and Crawlers Drill.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Financial position of the company appears to be under pressure. It has incurred loss in its first year of operation. The loss incurred exceeds the networth of the company. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealing on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (General Details)

Name :	Ms. Sheetal
Designation :	Accountant
Contact No.:	91-20-30482860
Date :	04.09.2012

LOCATIONS

Registered Office :	C-28/2, A/P SUPA MIDC, Tal Parner, Supa, Ahmednagar – 414301, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9371621477 (Mr. Sanjay Mutha)
Fax No.:	Not Available
E-Mail :	fmtpl66@gmail.com anandenterprizes@yahoo.co.in
Location :	Owned
Factory :	H-6, Riturang Society, Aranyeswar Road, Pune – 410009, Maharashtra, India
Tel. No.:	91-20-30482858/ 30482860
Fax No.:	91-20-30482860

DIRECTORS

(AS ON 07.09.2011)

Name :

Mr. Sanjay Kantilal Mutha

Designation :

Director

Address :

C/105 Kumar Puram, Mukund Nagar, Pune – 411037, Maharashtra, India

Date of Birth/Age :

26.04.1972

Date of Appointment :

12.03.2010

Voter ID No.:

ZBR3877925

DIN No.:

02683441

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN2009PTC134353	ANAND MACHINERY (INDIA) PRIVATE LIMITED	Director	22/07/2009	22/07/2009	Active	NO
2	U29240PN2010PTC135763	FUTURE MINING TOOLS PRIVATE LIMITED	Director	12/03/2010	12/03/2010	Active	NO

Name :

Mrs. Sanjyoti Sanjay Mutha

Designation :

Additional Director

Address :

C/105 Kumar Puram, Mukund Nagar, Pune – 411037, Maharashtra, India

Date of Birth/Age :

22.04.1975

Date of Appointment :

01.08.2012

Voter ID No.:

ZBR3877917

DIN No.:

02689883

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN2009PTC134353	ANAND MACHINERY (INDIA) PRIVATE LIMITED	Director	30/09/2011	22/07/2009	Active	NO
2	U29240PN2010PTC135763	FUTURE MINING TOOLS PRIVATE LIMITED	Additional director	01/08/2012	12/03/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Sheetal
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 07.09.2011)

Names of Shareholders	No. of Shares
Sanjyoti Sanjay Mutha	500
Sanjay K. Mutha	500
Total	1000

(AS ON 22.03.2012)

Names of Allottee	No. of Shares Allotted
Sanjyoti Sanjay Mutha	12000
Sanjay Kantilal Mutha	86000
Total	98000

(AS ON 11.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Hydraulic Breakers and Crawlers Drill.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

60 (Approximately)

Bankers :

· Bank of India

Koregaon Park Branch, Plot No. 285, Tarabaug Building, Koregaon Road, Pune – 411001, Maharashtra, India

· Axis Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011
	(Rs. In Millions)
Bank of India – CC	11.348
Total	11.348
Unsecured Loans	31.03.2011
	(Rs. In Millions)
Sanjay Mutha	11.277
Sanjyoti Mutha	0.276
Total	11.553

Banking Relations :	--
Auditors :
Name :	Ajay Gandhi and Associates Chartered Accountant
Address :	102, Rahul Apartment, Near Anand Rishiji Hospital, Burudgaon Road, Ahmedabad – 414001, Maharashtra, India
PAN No.:	AFPPG1133E
Associates/Subsidiaries :	· Anand Machinery (India) Private Limited

CAPITAL STRUCTURE

(AS ON 07.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.100/- each	Rs.9.900 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.600
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(4.495)
NETWORTH		(3.795)
LOAN FUNDS
1] Secured Loans		11.348
2] Unsecured Loans		11.553
TOTAL BORROWING		22.901
DEFERRED TAX LIABILITIES		0.000
TOTAL		19.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.528
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.567
	Sundry Debtors	0.000
	Cash & Bank Balances	0.192
	Other Current Assets	0.064
	Loans & Advances	0.234
Total Current Assets		19.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.083
	Other Current Liabilities	1.069
	Provisions	0.327
Total Current Liabilities		2.479
Net Current Assets		16.578
MISCELLANEOUS EXPENSES		0.000
TOTAL		19.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		TOTAL	14.450
Less	EXPENSES
		TOTAL	18.944
	PROFIT BEFORE TAX		(4.495)
Less	TAX		0.000
	PROFIT AFTER TAX		(4.495)
	Earnings Per Share (Rs.)		(4495.00)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	(31.11)
Return on Total Assets (PBT/Total Assets}	(%)	(20.82)
Return on Investment (ROI) (PBT/Networth)		1.18
Debt Equity Ratio (Total Liability/Networth)		(6.68)
Current Ratio (Current Asset/Current Liability)		7.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 one years	Yes
12]	Profitability for last one 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	Yes
17]	Major suppliers	No
18]	Major customers	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

OPERATION REVIEW:

The company will continue to maintain its good quality of product and directors are optimistic for a bright future of the company.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10242599
Corporate identity number of the company	U29240PN2010PTC135763
Name of the company	FUTURE MINING TOOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-28/2, A/P SUPA MIDC, Tal Parner, Supa, Ahmednagar – 414301, Maharashtra, India anandenterprizes@yahoo.co.in
Type of charge	Book Debts Movable Property Floating Charge Others: Machineries and All other tangible movable assets
Particular of charge holder	· Bank of India Koregaon Park Branch, Plot No. 285, Tarabaug Building, Koregaon Road, Pune – 411001, Maharashtra, India koregaonpark.pune@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	1) Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks and Book Debts) 2) Letter of Arrangement (Both the documents executed for a single modification)
Date of instrument Creating the charge	21/09/2011
Amount secured by the charge	Rs.17.750 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 4.50% above Bank's Base Rate with a minimum of 15.25% p.a. or the rate as may be prescribed by the bank from time to time. Terms of Repayment As per Agreement with the Bank. Margin Term Loan 19.59%, Cash Credit 25% Extent and Operation of the charge Facilities (Rs. In Millions): Term Loan(Construction and Interiors of Factory Building) 8.250, Cash Credit 9.500, Total Rs.17.750 Millions. The charge on hypothecated assets continues till full repayment of Loan.
Short particulars of the property charged	Primary :Hypothecation charge on entire stocks of Imported/ Indigenous raw material, stocks in process, finished goods, stores and spares, packing material, book-debts and all other current assets including goods in transit covered by documents of title. Collateral : Second charge on entire movable and immovable fixed assets of the Company (except land and building located at Pantnagar) Also, Hypothecation of all furniture, fixtures, fittings, electrical installations, all the interior decorators installed in the Factory Building at C-28/2, A/P Supa, MIDC, Taluka Parner.
Particulars of the present modification	Company has availed Term Loan Facility of Rs.8.250 Millions. Hence the total of facility becomes Rs.17.750 Millions. Also charge is created on all furniture, fixtures, fittings, electrical installations, all the interior decorators installed in the Factory Building at C-28/2, A/P Supa, MIDC, Taluka Parner to secure the Facilities availed by the Company.

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.55.54
UK Pound	1	Rs.88.23
Euro	1	Rs.70.02

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		14

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.