MIRA INFORM REPORT

Report Date :

11.09.2012

IDENTIFICATION DETAILS

Name :	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED
Registered Office :	1162/2, Shivaji Nagar, Pune – 411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2008
Com. Reg. No.:	11-132660
Capital Investment / Paid-up Capital :	Rs.8.500 Millions
CIN No.: [Company Identification No.]	U29299PN2008PTC132660
TAN No.: [Tax Deduction & Collection Account No.]	PNER10399E
PAN No.: [Permanent Account No.]	AAECR1029B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Supplier of Process Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial performance seems to be good. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 – 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.

LOCATIONS

Registered Office :	1162/2, Shivaji Nagar, Pune – 411005, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ceo@rathivessels.com ganesh@rathivessels.com salesmumbai@rathivessels.com salesdelhi@rathivessels.com saleschennai@rathivessels.com salesvizag@rathivessels.com salesahmedabad@rathivessels.com
Website :	http://www.rathivessels.com
Head Office :	3rd Floor, "Sai-Icon", Plot No. 10, Baner Road, Pune – 411007, Maharashtra, India
Tel. No.:	91-20-25666745/ 46/ 47
Fax No.:	91-20-25666744
E-Mail :	sales@rathivessels.com
Marketing Offices :	Located at: · Mumbai · Delhi · Chennai · Hyderabad · Baroda

DIRECTORS

As on: 29.09.2011

Name :

Mr. Kishor Laxminarayan Rathi

Designation :

Director

Address :

C-4 Abhimanshree Society, Pashan Road, Pune – 411008, Maharashtra, India

Date of Birth/Age :

27.10.1938

Date of Appointment :

21.08.2008

DIN No.:

00018567

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	31/10/1975	31/10/1975	-	Active	NO
2	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Whole-time director	29/06/1995	29/06/1995	-	Active	NO
3	U65993PN1982PTC026385	LAXMINARAYAN FINANCE PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
4	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
5	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
7	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
8	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
9	U13000PN1998PTC013000	RATHI LIGHTNIN MIXERS PRIVATE LIMITED	Director	22/03/2003	22/03/2003	-	Active	NO
10	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
11	U74900PN2008PTC131279	AUGUST PURIFICATION SYSTEMS PRIVATE LIMITED	Director	16/01/2008	16/01/2008	-	Strike off	NO
12	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
13	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Ajoy Balkrishna Rathi

Designation :

Director

Address :

60 Baner Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

28.07.1956

Date of Appointment :

21.08.2008

DIN No.:

00018614

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Managing director	01/09/2009	21/07/1991	-	Active	NO
2	U65999PN1982PTC026383	BALKRISHNA RATHI FINANCE PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U13000PN1998PTC013000	RATHI LIGHTNIN MIXERS PRIVATE LIMITED	Managing director	30/08/2003	30/08/2003	-	Active	NO
8	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
9	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Pradeep Ramwilas Rathi

Designation :

Director

Address :

2 Boat Club Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

20.05.1953

Date of Appointment :

21.08.2008

DIN No.:

00018577

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101WB1988PTC045839	GPSK CAPITAL PRIVATE LIMITED	Director	27/02/1995	27/02/1995	-	Active	NO
2	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Director	02/06/1995	02/06/1995	-	Active	NO
3	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Managing director	08/11/1995	08/11/1995	-	Active	NO
4	L24100MH1972PLC016149	THIRUMALAI CHEMICALS LIMITED	Director	27/07/1999	27/07/1999	-	Active	NO
5	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
6	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
7	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
8	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
9	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Director	22/03/2003	22/03/2003	-	Active	NO
10	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
11	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
12	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
13	U65910PN1982PTC026387	PRR FINANCE PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
14	U24114PN2003PTC018532	CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
15	U13000PN1998PTC013000	RATHI LIGHTNIN MIXERS PRIVATE LIMITED	Director	12/03/2007	12/03/2007	-	Active	NO
16	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Director	27/07/2007	12/04/2007	-	Active	NO
17	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO
18	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
19	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Narayandas Jagannath Rathi

Designation :

Director

Address :

113/3 Koregaon Park, Lane No. 4A, Pune – 411001, Maharashtra, India

Date of Birth/Age :

18.05.1935

Date of Appointment :

21.08.2008

DIN No.:

00018597

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65999MH1982PTC026381	NJR FINANCE PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
2	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
3	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
4	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	28/09/2001	28/09/2001	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	16/08/2010	30/01/2003	-	Active	NO
8	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
9	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
10	U28939PN1996PTC098813	I.W.TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
11	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
12	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO

Name :

Mr. Rajesh Balkrishna Rathi

Designation :

Director

Address :

94/13 14, Lane No. 11, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

30.11.1968

Date of Appointment :

21.08.2008

DIN No.:

00018628

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
2	U65999PN1982PTC026383	BALKRISHNA RATHI FINANCE PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U24229PN2006PLC128651	PRESCIENT COLOR LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
8	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Whole-time director	23/05/2008	23/05/2008	-	Active	NO
9	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
10	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
11	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Additional director	30/06/2012	30/06/2012	-	Active	NO

Name :

Mr. Suresh Bhikaji Deshpande

Designation :

Director

Address :

612/7 Flat No. B/2 601, Gagan Vihar Market Yard, Pune – 411037, Maharashtra, India

Date of Birth/Age :

01.06.1949

Date of Appointment :

24.09.2009

DIN No.:

00405565

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299PN1992PLC066655	NASHIK SILK INDUSTRIES LIMITED	Director	06/12/2006	06/12/2006	17/07/2009	Active	NO
2	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	24/09/2009	19/08/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Rathi Enterprises Private Limited, India	2499999
Ajay B Rathi	1
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Supplier of Process Equipments.

Products :

Product Description	ITC Code
Vessels	8419 8910

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Actual Production
Vessels and Spares	2364

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra, Industrial Finance Branch, 1183/A, F.C. Road, Pune – 411005, Maharashtra, India

· Vijaya Bank, Vinayak Nivas, 1206/A-32, Shirole Road, Opposite Sambhaji Park, Pune – 411004, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan
Bank of Maharashtra (Secured against hypothecation of Fixed Assets) (Repayable within a year Rs. 2.760 Millions)	5.139	4.574
Working Capital Loans
Cash Credit
Others (For Execution of Specific sales order)	61.062	35.318
(Secured against hypothecation of inventories and book debts)	0.000	25.090
Total	66.201	64.982
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Inter Corporate Deposit	40.000	0.000
Total	40.000	0.000

Banking Relations :	--
Auditors :
Name :	Amarendra Athalya and Company Chartered Accountants
Address :	Office No.9. 2nd Floor, Chitralekha Chambers, 129 Ideal Colony, Paud Road, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25443943
E-Mail :	ahafca@gmail.com
PAN No.:	ABWPA4607J
Holding Company :	Rathi Enterprises Private Limited CIN No.: U24100PN2008PTC132573

CAPITAL STRUCTURE

As on: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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		8.500	3.500	3.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.986	10.899	4.057
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.486	14.399	7.557
LOAN FUNDS
1] Secured Loans		66.201	64.982	0.020
2] Unsecured Loans		40.000	0.000	0.000
TOTAL BORROWING		106.201	64.982	0.020
DEFERRED TAX LIABILITIES		1.770	1.403	0.567
TOTAL		139.457	80.784	8.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.222	15.566	8.552
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.709	39.585	11.000
	Sundry Debtors	120.432	71.276	5.744
	Cash & Bank Balances	6.074	5.007	1.788
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.032	14.446	6.081
Total Current Assets		225.247	130.314	24.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.843	48.783	20.718
	Other Current Liabilities	13.090	11.910	3.158
	Provisions	10.079	4.403	1.403
Total Current Liabilities		107.012	65.096	25.279
Net Current Assets		188.235	65.218	(0.666)
MISCELLANEOUS EXPENSES		0.000	0.000	0.258
TOTAL		139.457	80.784	8.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	335.610	198.480	26.910
		Other Income
		TOTAL	335.610	198.480	26.910
Less	EXPENSES
		Office Expenses
		Administrative Expenses	316.360	186.660	20.770
		Advertising Expenses
		TOTAL	316.360	186.660	20.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.250	11.820	6.140
Less/ Add	DEPRECIATION/ AMORTISATION		2.500	1.150	0.120
	PROFIT BEFORE TAX		16.750	10.670	6.020
Less	TAX		0.000	3.830	1.990
	PROFIT AFTER TAX		16.750	6.840	4.030
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.890	4.050	NA
	APPROPRIATIONS
		Transfer to General Reserve	1.400	0.600	0.600
	BALANCE CARRIED TO THE B/S		26.240	10.290	3.430
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.141	NA	NA
	TOTAL EARNINGS		8.141	NA	NA
	Earnings Per Share (Rs.)		19.71	8.05	4.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.99	3.45	14.98
Return on Total Assets (PBT/Total Assets}	(%)	6.80	7.31	18.15
Return on Investment (ROI) (PBT/Networth)		0.53	0.74	0.82
Debt Equity Ratio (Total Liability/Networth)		6.77	9.03	3.35
Current Ratio (Current Asset/Current Liability)		2.10	2.00	0.97

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

Total Income amounted Rs.335.610 millions during the Financial Year 2010-11 as
against Rs.198.480 million achieved during the previous Financial Year 2009 - 2010 thereby recording an impressive growth of 70%. The Profit after Tax has also raised to Rs.16.750 millions as compared to Rs. 6.840 millions achieved during the previous Financial Year thereby showing a growth of around 145%.

OUTLOOK FOR THE FUTURE:

The Company is now well established in the market, as we have developed dedicated vendors. Quality, delivery and the technology now is fairly established. The Company's Customer Base has shown an upward trend and this is likely to continue in the current Financial Year also. Barring unforeseen circumstances, the Company expects better results In the Current Financial Year.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Bank Guarantees	61.427	40.447

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299PN2008PTC132660
Name of the company	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1162/2, Shivaji Nagar, Pune – 411005, Maharashtra, India E-mail: ceo@rathivessels.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10302225
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Vijaya Bank, Vinayak Nivas, 1206/A-32, Shirole Road, Opposite Sambhaji Park, Pune – 411004, Maharashtra, India E-mail: cadeepakagarwal@gmail.com
Nature of instrument creating charge	1. Supplementary Agreement 2. Counter Indemnity
Date of instrument Creating the charge	02.06.2012
Amount secured by the charge	Rs.283.756 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On both Fund based Working Capital Limits and Term Loans: BR + 2.50% P.A. i.e. presently 12.95% P.A. on monthly rest (Floating) Terms of Repayment CCH Limit Rs.145.000 Millions: Facility for a period of 1 year from the date of sanction. BG Limit Rs.125.000 Millions: As per HOC 134/09 and HOC 12075. Term Loan 1 Rs.6.256 Millions: To Continue as per existing sanction terms and conditions. Term Loan 2 Rs.7.500 Millions: To Continue as per existing sanction terms and conditions. Margin CCH Limit Rs.145.000 Millions : 25% on stock and book debts BG Limit Rs.125.000 Millions: Performance Guarantee and Financial Guarantee: 15% Cash Margin BG's against any disputed liabilities to have 100% Cash Margin Term Loan 1 Rs.6.256 Millions: To Continue as per existing sanction terms and conditions. Term Loan 2 Rs.7.500 Millions: To Continue as per existing sanction terms and conditions. Extent and Operation of the charge 1st Charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	CCH: 1. Hypothecation of entire stocks of Raw Materials, Semi Finished Goods and Finished Goods of Vessels, Tanks, Agitators, Industrial Mixers etc 2. Assignment of entire Book Debts / Receivables of the reputed companies. BG: 1. Cash Margin: 15% Cash Margin for both financial and performance guarantees. 100% Cash Margin for BGs against any disputed liabilities. 2. Counter Guarantee of the Borrower Company 3. Extended Charge on all current assets. Collateral Security: Exclusive Charge on the fixed assets of the company. The WDV of Plant and Machinery, Vehicles, Furniture and Fixture, Office Equipments, Computer, is Rs.13.600 Millions as per AFS as at 31.03.2011. Both Term Loans: To Continue as per existing sanction terms and conditions.
Date of instrument modifying the charge	19.12.2011
Particulars of the present modification	Company is already availing total loan/limit of Rs. 186.256 Millions in which cash credit facility is of Rs.95.000. Millions Bank then sanctioned adhoc cash Credit limit of Rs.10.000 Millions for a period of 2 months (Total amount of loan/ limit came to Rs.196.256 Millions) Now the Total loan / limit enhanced to Rs.283.756. Break up is as under: CCH Limit: Rs.145.000 Millions Bank Guarantee: Rs.125.000 Millions Term Loan 1: 2 Rs.7.500 Millions Term Loan 2: Rs.6.256 Millions

FIXED ASSETS:

· Plant and Machinery

· Vehicles

· Furniture and Fixture

· Office Equipment

· Data Processing Equipment

· Software

· Technical Knowhow

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 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.55.34
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

INFORMATION DETAILS

Report Prepared by :

NTH

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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		48

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.