MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	FLUOROLINED EQUIPMENT PRIVATE LIMITED
Registered Office :	5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel, Shivaji Park, Dadar, Mumbai-400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.11.1995
Com. Reg. No.:	11-094529
Capital Investment / Paid-up Capital :	Rs.1.005 Millions
CIN No.: [Company Identification No.]	U24110MH1995PTC094529
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Centrifugal Chemical Process Pumps.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financial position of the company appears to be good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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.

LOCATIONS

Registered Office :	5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-24460630/24460631/32403208
Fax No.:	91-22-24430397
E-Mail :	office@fluorolined.co.in sugamtax@yahoo.in
Website :	http://wwwfluorolined.co.in
Factory :	Plot No. 727 and 728, Phase 2, GIDC, Gundlav, Gujarat, India
Tel. No.:	91-2632-236701/329782/236464
Fax No.:	91-2632-236464
E-Mail :	factory@fluorolined.co.in

DIRECTORS

As on 28.09.2012

Name :

Mr. Dhanraj Navinchandra Shah

Designation :

Director

Address :

22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

13.09.1956

Date of Appointment :

16.11.1995

Din No.:

00215439

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1995PTC094529	FLUOROLINED EQUIPMENT PRIVATE LIMITED	Director	16-11-95	16-11-95	Active	NO
2	U29120MH1994PTC082766	INVESTA PUMPS PRIVATE LIMITED	Director	29-11-95	29-11-95	Active	NO

Name :

Mrs. Daksha Dhanraj Shah

Designation :

Director

Address :

22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

03.03.1957

Date of Appointment :

16.11.1995

DIN No.:

00272810

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	Company/ LLP Status	Defaulting status
1	U24110MH1995PTC094529	FLUOROLINED EQUIPMENT PRIVATE LIMITED	Director	16/11/1995	16/11/1995	Active	NO
2	U29120MH1994PTC082766	INVESTA PUMPS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	Active	NO

Name :

Mr. Vinit Dhanraj Shah

Designation :

Director

Address :

22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

27.03.1985

Date of Appointment :

22.09.2007

Din No.:

01682586

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1995PTC094529	FLUOROLINED EQUIPMENT PRIVATE LIMITED	Director	22-09-07	01-08-07	Active	NO
2	U29120MH1994PTC082766	INVESTA PUMPS PRIVATE LIMITED	Director	22-09-07	01-08-07	Active	NO

Name :

Mr. Mihir Dhanraj Shah

Designation :

Director

Address :

22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

04.01.1983

Date of Appointment :

30.09.2010

Din No.:

03045935

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1995PTC094529	FLUOROLINED EQUIPMENT PRIVATE LIMITED	Director	30-09-10	01-05-10	Active	NO
2	U29120MH1994PTC082766	INVESTA PUMPS PRIVATE LIMITED	Director	30-09-10	01-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Dhanraj Navinchandra Shah	48200
Daksha Dhanraj Shah	32200
Vinit Dhanraj Shah	10050
Mihir Dhanraj Shah	10050
Total	100500

As on 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Centrifugal Chemical Process Pumps.

Products :

Product Description	Item Code
Pumps	8413.70

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
PVDF Centrifugal Pumps	Nos.	1500
Spares for Pumps	Nos.	10000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Station Road Branch, Opposite Town Hall, Bulsar-396001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
From Banks (Secured against hypothecation of vehicles, repayable in monthly installments upto)	0.134	0.000
Total	0.134	0.000

Banking Relations :	--
Auditors :
Name :	Pradeep B. Bhatt and Company Chartered Accountants
Address :	53/54, Krishna Niwas, 4^th Floor, Near Edward Cinema, Kalbadevi Road, Mumbai-400002, Maharashtra, India
Pan No.:	AABPB2421P

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs.2.450 Millions
5000	Preferences Shares	Rs.10/- each	Rs.0.050 Million
	Total		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100500	Equity Shares	Rs.10/- each	Rs.1.005 Millions

Notes:

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

Particulars	Year ended 31 March, 2012
	Opening Balance	Closing Balance
Equity shares with voting rights
- Number of shares	100,500	100,500
- Rs. In Millions	1.005	1.005

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

Class of shares / Name of shareholder	As at 31 March, 2012
	Number of shares Held	% holding in that class of shares
Equity shares with voting rights
Mr. Dhanraj N. Shah	48,200	47.96
Mrs. Daksha D. Shah	32,200	32.04
Mr. Vinit D. Shah	10,050	10.00
Mr. Mihir D. Shah	10,050	10.00

(iii) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the

Particulars	Aggregate number of shares
	As at 31 March, 2012
Equity shares with voting rights
Fully paid up by way of bonus shares	90,450

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		1.005	1.005	1.005
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		58.505	42.138	39.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.510	43.143	40.525
LOAN FUNDS
1] Secured Loans		0.134	0.000	0.247
2] Unsecured Loans		0.172	0.000	0.000
TOTAL BORROWING		0.306	0.000	0.247
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.816	43.143	40.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.350	10.427	9.954
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.150	0.255	0.191
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.854	12.356	8.279
	Sundry Debtors	24.505	15.590	22.674
	Cash & Bank Balances	22.333	4.692	6.203
	Other Non-Current Assets	2.734	0.000	0.000
	Other Current Assets	0.104	0.000	0.000
	Loans & Advances	16.800	14.052	7.247
Total Current Assets		75.330	46.690	44.403
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.137	4.621	7.228
	Other Current Liabilities	0.269	0.000	0.000
	Provisions	17.609	9.609	6.549
Total Current Liabilities		28.015	14.230	13.777
Net Current Assets		47.315	32.460	30.626
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		59.816	43.143	40.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	118.266	91.556	86.764
		Other Income	1.245	0.104	0.180
		TOTAL	119.511	91.660	86.944
Less	EXPENSES
		Cost of Sales	93.050	56.922	56.358
		Sales and Administrative Expenses		23.190	18.166
		Prior Period Expenses		0.000	(0.003)
		TOTAL	93.050	80.112	74.524
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		26.461	11.548	12.420
Less/ Add	DEPRECIATION/ AMORTISATION		2.008	1.832	1.781
	PROFIT BEFORE TAX		24.453	9.716	10.639
Add	EXCEPTIONAL ITEMS		0.018	0.000	0.000
Less	TAX		8.105	2.996	3.557
	PROFIT AFTER TAX		16.366	6.720	7.082
Less	APPROPRIATIONS
		Interim Dividend Distributions	NA	3.518	3.518
		Tax on Interim Dividend Distribution	NA	0.584	0.598
	BALANCE CARRIED TO THE B/S		NA	2.618	2.966
	EARNINGS IN FOREIGN CURRENCY		11.960	11.161	9.638
	IMPORTS		4.713	8.217	5.048
	Earnings Per Share (Rs.)		162.85	66.86	70.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.69	7.33	8.15
Net Profit Margin (PBT/Sales)	(%)	20.68	10.61	12.26
Return on Total Assets (PBT/Total Assets}	(%)	27.89	17.01	19.57
Return on Investment (ROI) (PBT/Networth)		0.41	0.23	0.26
Debt Equity Ratio (Total Liability/Networth)		0.48	0.33	0.35
Current Ratio (Current Asset/Current Liability)		2.69	3.28	3.22

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	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

DETAILS OF UNSECURED LOANS

(Rs. in Millions)

Unsecured Loan	31.03.2012	31.03.2011
Other loans and advances (Secured against hypothecation of vehicles, repayable in monthly installments upto)	0.172	0.000
Total	0.172	0.000

NOTE:

The registered office of the company has been shifted from 7, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India to the present address w.e.f. 01.09.2006.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Guarantees given by banks on behalf of the Company	0.688	0.579

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24110MH1995PTC094529
Name of the company	FLUOROLINED EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Any interest in Immovable Property
Particular of charge holder	Bank of Baroda, Station Road Branch, Opposite Town Hall, Bulsar-396001, Gujarat, India
Email	stabul@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	1) Hypothecation Agreement 2) Memorandum of Entry (Collectively Constitute Single Charge)
Date of instrument Creating the charge	31.07.2008
Amount secured by the charge	Rs.7.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest - 0.50 < BPLR (presently 13.25%) = 12.75% Terms of Repayment The Borrower shall on demand pay the whole amount due to the Bank with interest and cost. Margin Cash Credit - 25% Bank Guarantee - 10% Cash Margin Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc. Others Details of Credit facilities as under :- 1) Cash Credit - Rs.5.000 Millions 2) Bank Guarantee - Rs.2.500 Millions -------------------- Total Rs.7.500 Millions
Short particulars of the property charged	First and exclusive charge and security by way of hypothecation of present and future Stocks, Book Debts upto 90 days and Plant and Machinery at Plot No.727 and 728, Phase II, GIDC, Gundlav, District Valsad, Gujarat, and Equitable Mortgage of immovable properties being, all pieces and parcel of N.A. land Industrial RCC building and open shed DTYPE property on Plot No.727 adm. 800 sq. mtrs. and Plot No.728 adm. 800 sq. mtrs. situated at Phase II, Gundlav Industrial Estate, Gundlav, Taluka and District Valsad.

FIXED ASSETS:

· Land

· Building

· Furniture and Fixtures

· Plant and Machinery

· Vehicles

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.54.64
UK Pound	1	Rs.88.17
Euro	1	Rs.73.13

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		50

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.