MIRA INFORM REPORT

Report Date :

20.04.2013

IDENTIFICATION DETAILS

Name :	METAPOW ENGINEERS PRIVATE LIMITED
Registered Office :	T 96 / 3, MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.03.2004
Com. Reg. No.:	11-019037
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U29299PN2004PTC019037
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Boiler Accessories.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 74000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the turnover and profitability of the company during current year. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

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

Name :	Mr. Vineet Patil
Designation :	Director
Contact No.:	91-9028915324
Date :	19.04.2013

LOCATIONS

Registered Office :	T 96 / 3, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-30622361/ 62/ 63
Mobile No.:	91-9028915324 (Mr. Vineet Patil)
Fax No.:	Not Available
E-Mail :	iut@eth.net Info@metapow.com
Website :	http://www.metapow.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Hansraj Sahebrao Patil
Designation :	Director
Address :	Flat No. 7, Amol Building, Sohani Housing Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	28.03.1950
Date of Appointment :	22.03.2004
DIN No.:	00255219
Name :	Mrs. Vasudha Hansaraj Patil
Designation :	Director
Address :	Flat No. 7, Amol Building, Sohani Housing Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	23.04.1958
Date of Appointment :	15.01.2005
DIN No.:	02540766
Name :	Mr. Vineet Hansraj Patil
Designation :	Director
Address :	Flat No. 7, Amol Building, Sohani Housing Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	28.10.1984
Date of Appointment :	01.08.2011
DIN No.:	03541239

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Hansraj Sahebrao Patil	57500
Vineet Hansraj Patil	7500
Vasudha Hansaraj Patil	10000
Total	75000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Boiler Accessories.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Kalpesh Trading Company

· Delta Iron and Steel Company Limited

· Aaditi Fabricators and Engineers

· Alka Trading Company

· Alltech Technocast Private Limited

· Anucool Industrial Aids Private Limited

· Arun Enterprises

· Ashtavinayak Enterprises

· Assists

· Associated Business Services

· Atul Crane Services

· Delta Enterprises

· Epicor Enterprises

Customers :

Contractors

· Udhe India Private Limited

· Thermax Limited

· Texmaco Limited

· N.H.E.C.

· SPIC

· Alstom Projects India Limited

· Thyssen Krupp

· Greensol

· Walchandnagar Industries

No. of Employees :

70 (Approximately)

Bankers :

Mahesh Sahakari Bank Limited, HO: Plot No. 372/73/74, Market Yard, Gultekdi, Pune, Through Its Pimpri Chinchwad Branch, Pune - 411019, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan
From Bank
DCB Bank- Crane Term Loan	0.000	0.034
Mahesh Sahakari Bank Limited	3.225	3.368
Short Term Borrowings
Mahesh Sahakari Bank Limited CC 203(Lt-50L)	4.484	4.974
Total	7.709	8.376
Notes: 1. Compound Interest will be charged by reducing balance method at Monthly rest. Interest rate is subject to change as per Bank's Policy and RBI guidelines. 2. Penal Interest will be charged on overdue amount for the overdue period. It will also be charged for delayed/non submission of monthly Stock, Trade Receivables and Trade Payables Statements and also for non renewal of Cash Credit limit before due date. 3. If loan account is taken over by any other bank/ financial institution, then 2% prepayment charges on outstanding principal balance will be charged. 4. Term Loan and CC secured against Hypothecation/Mortgage of movable and immovable property and personal guarantee of the stake holders. 5. Number of Installments, date of commencement and closure of loans.

Banking Relations :	--
Auditors :
Name :	Kondhare Karbhari and Associates Chartered Accountants
Address :	9A Sagar Complex, Opposite Railway Station, Nashik Phata, Kasarwadi, Pune – 411034, Maharashtra, India
Tel. No.:	91-20-27126346/ 30626346
E-Mail :	mailsrkca@gmail.com
PAN No.:	AABFK3827E
Associates :	· Metapow Industries · Pabson Engineers Private Limited · Four In One Engineers

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.067	9.735	6.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.567	17.235	14.389
LOAN FUNDS
1] Secured Loans		7.709	8.376	5.818
2] Unsecured Loans		20.992	5.516	7.105
TOTAL BORROWING		28.701	13.892	12.923
DEFERRED TAX LIABILITIES		1.726	1.525	0.635
TOTAL		48.994	32.652	27.947
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.283	17.219	10.922
Capital work-in-progress		14.154	0.000	2.532
INVESTMENT		0.274	0.274	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.009
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.099	36.452	23.697
	Sundry Debtors	19.617	21.230	9.910
	Cash & Bank Balances	0.615	0.200	0.327
	Other Current Assets	0.039	0.046	0.423
	Loans & Advances	5.937	4.730	4.262
Total Current Assets		56.307	62.658	38.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.958	36.267	19.015
	Other Current Liabilities	9.589	7.263	3.359
	Provisions	2.477	3.969	1.813
Total Current Liabilities		40.024	47.499	24.187
Net Current Assets		16.283	15.159	14.432
MISCELLANEOUS EXPENSES		0.000	0.000	0.052
TOTAL		48.994	32.652	27.947

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	84.017	94.292	62.091
		Other Income	0.112	0.114	0.296
		TOTAL	84.129	94.406	62.387
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	81.385	87.904	59.804
	PROFIT BEFORE TAX, EXCEPTIONAL ITEMS		2.744	6.502	2.583
Less	EXCEPTIONAL ITEMS		0.371	0.142	0.204
	PROFIT BEFORE TAX		2.373	6.360	2.379
Less	TAX		1.041	3.514	1.066
	PROFIT AFTER TAX		1.332	2.846	1.313
	Earnings Per Share (Rs.)		148.00	130.00	91.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.58	3.01	2.10
Net Profit Margin (PBT/Sales)	(%)	2.82	6.75	3.83
Return on Total Assets (PBT/Total Assets}	(%)	3.18	7.96	4.80
Return on Investment (ROI) (PBT/Networth)		0.13	0.37	0.17
Debt Equity Ratio (Total Debt/Networth)		1.55	0.81	0.90
Current Ratio (Current Asset/Current Liability)		1.41	1.32	1.60

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Others due within normal operating cycle	27.828	36.002
Trade payable outstanding beyond normal operating cycle	0.130	0.265
Total	27.958	36.267	19.015

PARTIAL DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Aaditi Fabricators and Engineers	0.004	0.032	--
Alka Trading Company	0.081	0.080	0.013
Alltech Technocast Private Limited	0.313	0.466	--
Anucool Industrial Aids Private Limited	--	0.001	--
Arun Enterprises	0.012	0.036	--
Ashtavinayak Enterprises	0.002	0.043	--
Assists	0.001	0.002	0.002
Associated Business Services	0.002	0.002	--
Atul Crane Services	0.079	0.056	0.052
Delta Enterprises	0.001	0.019	0.008
Epicor Enterprises	0.047	0.011	0.044

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 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	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
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

Note:

The Registered Office of the company has been shifted from W-143, MIDC, Bhosari, Pune – 411026, Maharashtra, India to the present address.

OPERATIONS

During the Year ended on 31st March, 2012 Sales and other income amounted to Rs.84.129 Millions in comparison to Rs. 94.406 Millions in the previous year. Company has made Net Profit of Rs. 1.332 Millions in comparison to Net Profit of Rs. 2.846 Millions in the previous year.

FUTURE PLANS

Company has taken steps to have better control on the overheads and improve turnover and profitability.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans From Directors
Loan from Hansraj S Patil	18.172	3.837
Loan from Suresh S Abad	1.584	1.679
Loan from Vineet H Patil	1.236	0.000
Total	20.992	5.516

TRADE REFERENCE

· Kalpesh Trading Company

· Delta Iron and Steel Company Limited

· Udhe India Private Limited

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29299PN2004PTC019037
Name of the company	METAPOW ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	T 96 / 3, MIDC, Bhosari, Pune – 411026, Maharashtra, India E-mail: iut@eth.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10388437
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Mahesh Sahakari Bank Limited, HO: Plot No. 372/73/74, Market Yard, Gultekdi, Pune, Through Its Pimpri Chinchwad Branch, Pune - 411019, Maharashtra, India E-mail: hemali_cs@rediffmail.com
Nature of instrument creating charge	Agreement of term loan for land and building dated 30th October 2012
Date of instrument Creating the charge	30.10.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.25% p.a or at such rate as may be fixed by bank from time to time Terms of Repayment Within 84 months for installment of Rs 0.371 Million. Margin 33% Extent and Operation of the charge The charge is on extended movable properties and immovable properties of the company Others Types of facility :property term loan
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower doth do hereby hypothecate to and in favour of the bank all plant and machinery, furniture and fixtures lying and being at the place of borrower at Plot No. T-96, MIDC, Bhosari, Pune area admeasuring 2728 sq. Mtrs. or wherever else the same may be kept.
Date of instrument modifying the charge	29.10.2012
Particulars of the present modification	By way of present modification, property term loan of Rs. 20.000 Millions was further secured by hypothecation of movable assets of the borrower.

FIXED ASSETS:

· Leasehold Land

· Electrical Installation

· Factory Building

· Plant and Machinery

· Office Equipment

· Computer

· Furniture and Fixture

· Hydraulic Mobile Carne

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 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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.