MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED
Registered Office :	S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.08.1994
Com. Reg. No.:	11-080121
Capital Investment / Paid-up Capital :	Rs. 1.200 millions
CIN No.: [Company Identification No.]	U33129PN1994PTC080121
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Liquid Measuring Equipment and Tools.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 72300
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 – 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

Name :	Mr. Anand
Designation :	Accounts Executive
Contact No.:	91-9922507913
Date :	21.02.2013

LOCATIONS

Registered Office / Factory :	S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023, Maharashtra, India
Tel. No.:	91-20-25290504/25290870/25290584
Mobile No.:	91-9922507913 [Mr. Anand]
Fax No.:	91-20-25292773/25292775
E-Mail :	fluidyne@vsnl.com anand@fluidyne.co.in
Website :	http://www.fluidyne.co.in
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Shivdas Devidas Menon
Designation :	Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	11.05.1956
Date of Appointment :	05.08.1994
DIN No.:	00677463
Name :	Mrs. Beena Shivdas Menon
Designation :	Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	28.03.1963
Date of Appointment :	05.08.1994
DIN No.:	00700802
Name :	Ms. Devaki Shivdas Menon
Designation :	Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	28.09.1985
Date of Appointment :	16.08.2005
DIN No.:	00700673

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Shivdas Devidas Menon	108019
Beena Shivdas Menon	6010
Devaki Shivdas Menon	5971
TOTAL	120000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Liquid Measuring Equipment and Tools.
Exports :
Products :	Finished Goods
Countries :	· China · Germany · UK · Gulf Countries
Imports :
Products :	Raw Materials
Countries :	· USA · China · Germany
Terms :
Selling :	L / C / Credit / Advance Payment
Purchasing :	L / C / Credit

GENERAL INFORMATION

Customers :

Manufacturers

· Tata Motors

· Bajaj Auto

· Mahindra Automotive Industry

· BEML

· Powerica Limited

· Lupin Pharma Limited

· ARAI

· Hindustan Unilever Limited

· Rai Industries Power Private Limied

No. of Employees :

50 (Approximately)

Bankers :

· The Saraswat Co-operative Bank Limited, Karve Road Branch, Pune – 411 004, Maharashtra, India [Tel. No.: 91-20-25431780]

· Abhyudaya Co-Operative Bank Limited, Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, Off G.D. Ambekar Marg, Parel Village, Mumbai - 400 012, Maharashtra, India [Tel. No.: 91-22-24140961]

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Secured Term Loans from banks
From Abhyudaya Co-op. Bank Ltd. against:	3.067	3.939
a) Mortgage of Land and Building Sr. No. 79/2, Plot No. 12, Shivne, Pune
b) Mortgage of Land / Building Sr. No. 81/4 A, Plot No. 3and4 , Shivne, Pune
From Abhyudaya Co-op. Bank Ltd. against	19.083	18.571
a) Registered Simple mortgage of Bunglow on Plot No. 41/A and 41/B, S. No. 7and8, Ramnagar Housing Colony, Bavdhan, Ranwara Project, Pune
b) Continuation Mortgage of Land / Building Sr. No. 81/4 A, Plot No. 3and4 , Shivne, Pune and Land and Building Sr. No. 79/2, Plot No. 12, Shivne, Pune
Vehicle Loan from HDFC Bank against Two Wheeler	0.150	0.000
HDFC Bank against Hypothecation of Car	0.016	0.200
Secured Loans from banks payable on demand
Cash Credit from Abhyudaya Co-Op Bank Ltd against	9.446	10.148
a) Hypothecation of Stock, Book Debts and Existing Machineries
b) Mortgage of Land and Building Sr. No. 79/2, Plot No. 12, Shivne, Pune
c) Mortgage of Land / Building Sr. No. 81/4 A, Plot No. 3and4 , Shivne, Pune
Total	31.762	32.858

Banking Relations :	--
Auditors :
Name :	Ahirrao and Associates Chartered Accountants
Address :	No. 15/16, Ajinkyatara, Behind DCC Ganeshmala, Signal Sinhgad Road, Pune – 411030, Maharashtra, India
PAN No.:	AAJPA2416K

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs. 10/- each	Rs. 1.200 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		1.200	1.200	1.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.878	11.742	10.651
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.078	12.942	11.851
LOAN FUNDS
1] Secured Loans		31.762	32.858	34.250
2] Unsecured Loans		16.803	12.444	3.430
TOTAL BORROWING		48.565	45.302	37.680
DEFERRED TAX LIABILITIES		1.178	0.890	0.624
TOTAL		67.821	59.134	50.155
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.527	43.245	39.625
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.206	0.805	1.465
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.112	11.075	5.565
	Sundry Debtors	13.158	8.946	10.767
	Cash & Bank Balances	0.629	0.669	1.242
	Other Current Assets	0.000	0.000	1.661
	Loans & Advances	2.286	1.768	3.155
Total Current Assets		27.185	22.458	22.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.344	6.209	6.921
	Other Current Liabilities	2.178	0.702	4.422
	Provisions	0.575	0.463	1.982
Total Current Liabilities		11.097	7.374	13.325
Net Current Assets		16.088	15.084	9.065
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.821	59.134	50.155

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	45.000	21.300	38.600
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	2.68	3.50	3.17
Current Ratio (Current Asset/Current Liability)	2.44	3.04	1.68

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 three years	Yes
12]	Profitability for last three years	No
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	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India to the present address w.e.f. 19.01.2012.

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and Advances from related parties
Shivdas D. Menon	15.042	11.444
Devki S. Menon	0.450	0.450
B. S. Menon	1.311	0.550
TOTAL	16.803	12.444

TRADE REFERENCES:

· Tata Motors

· Bajaj Auto

· Mahindra Automotive Industry

FIXED ASSETS:

• Land
• Building
• Machinery and Plant
• Furniture
• Measuring Instruments
• Testing Instruments
• Electrification Office
• Computer and Allied Products
• Mould and Dies
• Office Equipments
• Loose Tools
• Generator Set
• Vehicle
• Building under Construction

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.54.58
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.