MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	ICEM ENGINEERING COMPANY PRIVATE LIMITED [w.e.f. 13.12.2010]
Formerly Known As :	ICEM ENGINEERING COMPANY LIMITED
Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.08.1964
Com. Reg. No.:	11-12994
Capital Investment / Paid-up Capital :	Rs.11.167 Millions
CIN No.: [Company Identification No.]	U27200MH1964PLC012994
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04976G
PAN No.: [Permanent Account No.]	AAAC16282M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 692000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. 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.

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. Al Waghale
Designation :	Accounts Manager
Contact No.:	91-9321356025
Date :	01.03.2013

LOCATIONS

Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-30880032
Mobile No.:	91-9321356025 [Mr. AL Waghale]
Fax No.:	91-22-28217128
E-Mail :	tanujajalan@yahoo.co.in icem@vsnl.com
Area:	1200 sq. ft.
Location :	Owned
Marketing Office:	302, Lake City Mall, Near Big Bazar, Kapurbawadi Circle, Thane-400602, Maharashtra, India
Tel. No.:	91-22-32514165
Fax No.:	91-22-25415275
Area :	Rented
Factory:	M S Road, Raghunath Nagar, Wagle Industry, Thane-400604, Maharashtra, India
Area :	1 Lac Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Vinod D Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	05.03.1946
Date of Appointment :	17.06.1968
Din No.:	00227134
Name :	Mr. Vishal Vinod Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	26.03.1972
Date of Appointment :	01.04.1995
Din No.:	00227052
Name :	Mrs. Uma Vishal Tibrewala
Designation :	Director
Address :	6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	22.04.1972
Date of Appointment :	01.04.2000
Din No.:	00822122
Name :	Mr. Namdeo Kisan Pingle
Designation :	Director
Address :	2^nd Floor, Devdaya Nagar Ch-Operative Housing Limited, Pokhran Road No. 1, Thane – 400 059, Maharashtra, India
Date of Birth/Age :	23.05.1970
Date of Appointment :	13.10.2004
Din No.:	00132777

KEY EXECUTIVES

Name :	Mr. Al Waghale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vinod D Tibrewala	320000
Vishal Vinod Tibrewala	259800
Uma Vinod Tibrewala	120000
Ramakant J Tibrewala	900
Shrikant J Tibrewala	900
Uma Vishal Tibrewala	115000
Yash Tibrewala U/G Vishal Tibrewala	24533
Ashutosh Tibrewala U/G Vishal Tibrewala	24533
Sonal Sonthalia	70100
Vinod D Tibrewala HUF	153245
Vishal Vinod Tibrewala HUF	27600
N.K. Pingle	100
TOTAL	1116711

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
Exports :
Products :	Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products
Countries :	· Far East Country
Terms :
Selling :	Cash and Credit [30 Days]
Purchasing :	Cash and Credit [30 Days]

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULARS	UNITS	31.03.2011
Actual Production	Nos.	386

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

No. of Employees :

50 [Approximately]

Bankers :

· The Thane Janata Sahakari Bank Limited, Anant Laxmi Chember, B-Cabin, Shivaji Nagar Road, Naupada, Thane-400602, Maharashtra, India

· HDFC Bank

· ICICI Bank Limited

· State Bank of India

· UCO Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
From Bank [Secured against stock, book debts, plant and machinery and personal guarantee of all directors and collateral security of land and building]	112.417	91.148
Loans Repayable on Demand
From Bank [Secured against stock, book debts, plant and machinery and personal guarantee of all directors and collateral security of land and building]	102.516	75.081
From Other Parties [The above loans are secured against specified equipment]	3.153	3.027
TOTAL	218.086	169.256

Banking Relations :	--
Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	12, Nav Jeevan Wadi, Dhobi Talao, Mumbai-400002, Maharashtra, India
Tel No.:	91-22-40220301/06
Fax No.:	91-22-40220314
Email:	info@shahtaparia.com
Website:	http://www.shahtaparia.com
PAN No:	AAOFS0336D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1116711	Equity Shares	Rs.10/- each	Rs.11.167 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		11.167	11.167	11.167
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.854	161.272	165.069
4] (Accumulated Losses)		0.000	0.00	0.000
NETWORTH		173.021	172.439	176.236
LOAN FUNDS
1] Secured Loans		218.086	169.256	177.273
2] Unsecured Loans		18.818	9.149	8.971
TOTAL BORROWING		236.904	178.405	186.244
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		409.925	350.844	362.480
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		177.254	181.007	183.620
Capital work-in-progress		6.457	1.094	0.000
INVESTMENT		3.484	3.870	4.313
DEFERREX TAX ASSETS		1.027	0.635	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	164.760	66.632	34.250
	Sundry Debtors	142.004	24.844	70.211
	Cash & Bank Balances	139.015	91.960	76.253
	Other Current Assets	54.996	43.147	5.437
	Loans & Advances	29.481	23.821	49.982
Total Current Assets		530.256	250.404	236.133
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	267.779	63.334	38.746
	Other Current Liabilities	20.113	4.940	6.329
	Provisions	20.661	17.892	17.044
Total Current Liabilities		308.553	86.166	62.119
Net Current Assets		221.703	164.238	174.014
MISCELLANEOUS EXPENSES		0.000	0.000	0.533
TOTAL		409.925	350.844	362.480

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income [Approximately]	300.000 [More Than]	170.000	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		NA	1.677	5.660
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		5.114	NA	NA
	EARNINGS IN FOREIGN CURRENCY		0.000	144.131	223.889
	IMPORTS		NA	54.126	38.955
	Earnings / (Loss) Per Share (Rs.)		4.57	NA	NA

Expected Sales (2012-13) : More Than Rs.400.000 Millions.

The above information has been parted by Mr. Al Waghale.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.39	1.35
Return on Investment (ROI) (PBT/Networth)		NA	0.01	0.03
Debt Equity Ratio (Total Debt/Networth)		1.37	1.03	1.05
Current Ratio (Current Asset/Current Liability)		1.72	2.91	3.80

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors
Trade Payable	262.961	61.302	38.746
Sundry Creditors For Expenses	4.818	2.032	0.000
TOTAL	267.779	63.334	38.746

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	Yes
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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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 75 D Government Industrial Estate, Charkor Kandivili (West), Mumbai-400067, Maharashtra, India to the present address w.e.f. 01.04.2008.

FINANCIAL RESULTS:

During the year under review your Company has earned profit Amounting Rs.5.114 Millions After Tax.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and advances from related parties	18.818	9.149
TOTAL	18.818	9.149

FIXED ASSETS

· Land

· Flat

· Office

· Building

· Plant and Machinery

· Dies

· Cranes

· Furniture and Fixtures

· Electric Installation

· Office Equipments

· Factory Equipments

· Motor Car

· Air Conditioner

· Water Cooler

· Refrigerator

· Pump Set

· Cycles

· Computer and 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 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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.