MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	BELL-O-SEAL VALVES PRIVATE LIMITED
Registered Office :	106, Morya House, Off, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.03.1991
Com. Reg. No.:	11-060718
Capital Investment / Paid-up Capital :	Rs. 11.391 Millions
CIN No.: [Company Identification No.]	U74999MH1991PTC060718
TAN No.: [Tax Deduction & Collection Account No.]	MUMB05360F
PAN No.: [Permanent Account No.]	AAACB2374H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of valves such as Bellow sealed valves, control valves, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 274000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company performance capacity seems to be high. Financially seem to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	Financial strength seems to be moderate and performance capacity is high.
Date	January 2012

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/ Head Office :	106, Morya House, Off, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Tel. No.:	91-22-66791773/ 66791774/ 66791775/ 66791773/ 74
Fax No.:	91-22-66791772/ 66791772
E-Mail :	caganesh1988@rediffmail.com valves@vsnl.com sales@belloseal.com commercial@belloseal.com
Website :	www.belloseal.com
Factory :	Subramanya Nagar, Puttur Village, PO Santhekatte, Udupi – 576105, Karnataka, India
Tel. No.:	91-820-2581730/ 31/ 2581157
Fax No.:	91-820-2581355
E-Mail :	works@belloseal.com

DIRECTORS

AS ON 22.09.2012

Name :	Mr. Rajesh Gilbert Salins
Designation :	Managing director
Address :	No.7, Palm Springs, Near Chandan Cinema, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	26.09.1967
Date of Appointment :	12.03.1991
DIN No.:	01789096
Name :	Mr. Gilbert Salins
Designation :	Director
Address :	No.7, Palm Springs, Near Chandan Cinema, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	09.08.1932
Date of Appointment :	12.03.1991
DIN No.:	01765072
Name :	Mrs. Jennifer Sapna Rajesh Salins
Designation :	Director
Address :	Bunglow No. 7, Palm Springs Society Limited, Opposite Chandan Cinema, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	26.03.1970
Date of Appointment :	01.01.2011
DIN No.:	03369670

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2012

Names of Shareholders	No. of Shares
Gilbert Salins	39682
Rajesh Salins	67431
Jessie Salins	6681
Narayani Subramaniam	1
A.A. Subramaniam	1
Victoria Alwa	2
Sylvia	1
Rev. John Shatananda	1
Sapna Salins	107
Richa Salins	1
Simone Salins	1
Gopal Krishnan	1
Total	113910

AS ON 22.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of valves such as Bellow sealed valves, control valves, etc.

GENERAL INFORMATION

Supplier :

Not Available

Customer :

Ø Reliance Industries Limited

Ø ONGC

Ø B Valves Slow System and Control, Spain

Ø Horal International, Germany

Ø Nanya Plastics, Taiwan

No. of Employees :

Not Available

Bankers :

Ø Vijaya Bank

Ø ICICI Bank Limited

Ø State Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan
From banks	31.435	7.124
From Other Parties	2.099	0.667
Packing credit Loan-against export orders	9.293	28.508
Cash credit Loan-against stock and book debts	85.786	43.240
Total	128.613	79.539
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	2.427	2.027
Total	2.427	2.027

Banking Relations :	--
Financial Institutions :	Ø Reliance Capital Limited Ø BMW India Financial Services Private Limited
Auditors :
Name :	Ganesh Shetty and Company Chartered Accountants
Address :	111/C, Morya House, New Link Road, Andheri (West), Mumbai 400053, Maharashtra, India
Tel. No.:	91-22-26731281
Fax No.:	91-22-26731282
E-Mail :	caganesh1988@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAFPS8339B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
113,910	Equity Shares	Rs. 100/- each	Rs. 11.391 Millions

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh Issue/ Bonus	Buyback	Closing Balance
Equity Shares with Voting Rights
Year Ended 3lst March, 2012
No. of Shares	88910	25000	Nil	113910
Amount (Rs. in millions)	8.891	2.500	Nil	11.391

(ii) Details of shares held by each shareholder holding more than 5 % shares:

Name of shareholders	31.03.2012
	Number of shares	% holding in that class of shares
Gilbert Salins	67431	59.20
Rajesh Salins	39682	34.84
Jessie Salins	6681	5.87

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		11.391	8.891	7.381
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		57.111	32.514	24.605
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.502	41.405	31.986
LOAN FUNDS
1] Secured Loans		128.613	79.539	70.440
2] Unsecured Loans		2.427	2.027	1.927
TOTAL BORROWING		131.040	81.566	72.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		199.542	122.971	104.353
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.917	32.161	26.285
Capital work-in-progress		0.400	2.200	0.134
INVESTMENT		5.033	4.241	3.974
DEFERRED TAX ASSETS		0.466	1.286	1.268
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.773	121.540	93.967
	Sundry Debtors	66.125	10.911	11.119
	Cash & Bank Balances	6.714	9.655	4.048
	Other Current Assets	0.058	0.000	0.000
	Loans & Advances	14.932	11.258	8.438
Total Current Assets		221.602	153.364	117.572
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.886	39.683	26.580
	Other Current Liabilities	11.668	26.770	15.573
	Provisions	20.322	3.828	2.727
Total Current Liabilities		90.876	70.281	44.880
Net Current Assets		130.726	83.083	72.692
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.542	122.971	104.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	338.769	209.261	112.862
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	263.732	181.291	92.574
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.037	27.970	20.288
Less	FINANCIAL EXPENSES (D)		15.775	11.009	7.634
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.262	16.961	12.654
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.277	4.700	3.903
	PROFIT BEFORE TAX (E-F) (G)		50.985	12.261	8.751
Less	TAX (H)		16.574	4.341	2.834
	PROFIT AFTER TAX (G-H) (I)		34.411	7.920	5.917
	Earnings Per Share (Rs.)		302.09	69.53	51.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.16	3.78	5.24
Return on Total Assets (PBT/Total Assets}	(%)	17.92	6.61	6.08
Return on Investment (ROI) (PBT/Networth)		0.74	0.30	0.27
Debt Equity Ratio (Total Liability/Networth)		3.24	3.67	3.67
Current Ratio (Current Asset/Current Liability)		2.44	2.18	2.62

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes

FIXED ASSETS:

Ø Land and Building

Ø Furniture and Fixture

Ø Motor Vehicles

Ø Computer

Ø Plant and Machinery

Ø Office Equipment

Ø Trademarks

Ø Computer Software

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. 54.85
UK Pound	1	Rs. 88.16
Euro	1	Rs. 71.54

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.