MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	M AND B ENGINEERING LIMITED (w.e.f.30.03.2011) PHENIX CONSTRUCTION TECHNOLOGIES (DIVISION OF M AND B ENGINEERING LIMITED)
Formerly Known As :	M AND B ENGINEERING PRIVATE LIMITED (w.e.f.22.11.2006) MANIBHAI AND BROTHERS (CONSTRUCTION) PRIVATE LIMITED
Registered Office :	MB House, 51, Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.1981
Com. Reg. No.:	04-004437
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U45200GJ1981PLC004437
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00926C
PAN No.: [Permanent Account No.]	AAACM7430Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company during the current year. However, 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : CARE BBB
Rating Explanation	Moderate degree of safety it carry moderate credit risk
Date	13.03.2012

Rating Agency Name	CARE
Rating	SHORT TERM BANK FACILITIES : CARE A3
Rating Explanation	Moderate degree of safety it carry higher credit risk
Date	13.03.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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.

s

LOCATIONS

Registered/ Corporate Office :	MB House, 51 Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-26405563/ 26405572/ 26461314
Fax No.:	91-79-26400828/ 26400826/ 26568433/ 26561588
E-Mail :	gmfin@mbproflex.com pmsystem@sancharnet.in keyus@mbproflex.com info@mbproflex.com info@mbgroup.com sanjivsheth2004@yahoo.com
Website :	http://www.mbproflex.com http://www.phenixvp.com
Area :	15000 sq. ft.
Location :	Owned
Factory :	Plot No.30 P, Naranpura Sanand, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-273051-52-53-54-55-56
Fax No.:	91-2717-273052
Email :	info@mbphenix.com
Area :	20 Acers
Location :	Owned
Sales Office :	Located at: · Mumbai · Ahmedabad · Chennai · Delhi

DIRECTORS

AS ON 24.09.2012

Name :

Mr. Manibhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

03.08.1924

PAN No. :

AATPP0123E

Date of Appointment:

16.06.1981

DIN :

00261802

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	1/9/2007	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Hasmukhbhai Shivabhai Patel

Designation :

Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

24.09.1935

Qualification :

B.E. Civil and Electrical

PAN No. :

ACVPP7829P

Date of Appointment:

16.06.1981

DIN :

00260955

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	16/06/1981	16/06/1981	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Chirag Hasmukhbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

26.03.1971

Qualification :

B.E. Civil

PAN No. :

AEHPP8762P

Date of Appointment:

01.05.1993

DIN :

00260514

Voter ID No.:

URP2153161

Other Directorships:

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Managing director	1/4/2011	1/5/1993	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/1/1995	1/1/1995	Active	NO
3	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/3/2007	Active	NO
5	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	2/11/2007	2/11/2007	Active	NO

Name :

Mr. Malav Girishbhai Patel

Designation :

Managing Director

Address :

7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India

Date of Birth/Age :

20.10.1976

Date of Appointment:

01.03.2001

DIN :

00260602

Other Directorships:

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Managing director	1/4/2011	1/3/2001	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/6/2001	1/6/2001	Active	NO
3	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
4	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Vipinbhai Kantilal Patel

Designation :

Whole-time Director

Address :

2, Nandanvan, Near Shyam Vihar Bunglow, Thaltej – Shilaj Road, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

17.03.1948

Qualification :

B. Com. Inter CA

PAN No. :

AEQPP4916C

Date of Appointment:

31.12.1984

DIN :

00260734

Other Directorships:

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Whole-time director	1/4/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
3	U65910GJ1994PTC023499	LV FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	2/11/2007	2/11/2007	Active	NO
5	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO
6	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Girishbhai Manibhai Patel

Designation :

Whole-time Director

Address :

7, Friends Colony, Naranpura, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

31.08.1947

Qualification :

Diploma in Hydraulic Engineering

PAN No. :

AAWPP1120E

Date of Appointment:

31.12.1984

DIN :

00261624

Other Directorships:

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	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Whole-time director	1/4/2011	31/12/1984	Active	NO
2	U23499GJ1994PTC023500	MAXIM FINANCE PRIVATE LIMITED	Director	1/11/1994	1/11/1994	Active	NO
3	U27104GJ2004PTC043490	GIRIRAJ PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	21/01/2004	Active	NO
4	U45201GJ2007PTC052112	PHENIX BUILDING SOLUTIONS PRIVATE LIMITED	Director	1/10/2008	1/10/2008	Active	NO
5	U27104GJ2004PTC043488	SHRINATHJI PRESTRESSED PRIVATE LIMITED	Director	30/09/2011	1/1/2011	Active	NO

Name :

Mr. Sanjay Shailesh Majmudar

Designation :

Director

Address :

24, Sumadhur Cooperative Housing Society Limited, behind Ocean Park, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.03.1963

Date of Appointment:

30.04.2011

DIN :

00091305

Other Directorships :

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	L17110GJ1988PLC010504	AARVEE DENIMS AND EXPORTS LIMITED	Director	14/11/2003	14/11/2003	Active	NO
2	L24230GJ1983PLC006329	DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED	Director	14/02/2004	14/02/2004	Active	NO
3	L29259GJ1991PLC015182	AIA ENGINEERING LIMITED	Director	31/08/2007	7/5/2007	Active	NO
4	L27104KA1972PLC002163	WELCAST STEELS LIMITED	Director	20/09/2007	23/05/2007	Active	NO
5	U74900GJ2007PLC051338	CARBOGEN AMCIS (INDIA) LIMITED	Director	17/07/2007	17/07/2007	Active	NO
6	U67120GJ1994PTC023549	KEYUR FINANCIAL SERVICES PRIVATE LIMITED	Director	22/09/2008	18/02/2008	Active	NO
7	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	30/04/2011	1/4/2011	Active	NO

Name :

Mr. Venkatasubramanian Natarajan Kuthoore

Designation :

Director

Address :

Da/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

14.04.1938

Date of Appointment:

30.04.2011

DIN :

00007392

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23201MH1994PTC078824	GULF CAROSSERIS INDIA LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	27/11/1997	27/11/1997	-	Active	NO
3	L63090GJ1998PLC034182	MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO
4	U67190MH1991PTC061315	IMPERIAL CORPORATE FINANCE AND SERVICES PRIVATE LIMITED	Director	22/10/1999	22/10/1999	-	Active	NO
5	U23209AP1994PTC017623	EAST INDIA PETROLEUM PRIVATE LIMITED	Director	1/4/2000	1/4/2000	30/09/2007	Active	NO
6	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Director	14/12/2000	14/12/2000	-	Active	NO
8	U30000GJ2000PLC038530	E CUBE INDIA SOLUTIONS LIMITED	Director	29/01/2001	29/01/2001	27/09/2008	Active	NO
9	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Additional director	11/8/2006	11/8/2006	26/05/2009	Active	NO
10	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	4/8/2009	4/8/2009	9/6/2010	Active	NO
11	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Additional director	29/03/2011	29/03/2011	-	Active	NO
12	U45200GJ1981PLC004437	M AND B ENGINEERING LIMITED	Director	30/04/2011	1/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Briva Chiragbhai Patel
Designation :	Secretary
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	02.06.1973
Date of Appointment :	01.11.2008
PAN No.:	AEVPP5751L
Name :	Mr. R Vaibhav
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Manibhai S Patel	2800000
Hasmukhbhai S Patel	2800000
Girishbhai M Patel	2600000
Umaben G Patel	800000
Malav G Patel	2800000
Chirag H Patel	4200000
Vipinbhai K Patel	1000000
Leenaben V Patel	400000
Aditya V Patel	600000
Birvaben C Patel	2000000
Total	20000000

AS ON 29.09.2012

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 of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.
Products :	Pre Engineered Metal Building

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pre Engineered Metal Buildings	MT	60000	31468.44

GENERAL INFORMATION

Customers :

· Adani

· AIA Engineering

· Anand Engineering Limited

· Ashapura Garments

· Asian Paints

· Big Mall

· BMW

· DMRC

· Emerson Process Control

· Essenar Transformers

· Hitachi

· Indian Steel Corporation

· L and T Hed

· Lizer Cylinder

· Saint Gobain

· Sesa Goa

· Thermax

· Vadag-Dudheswar Bridge

· Vag Valves

No. of Employees :

600 (Approximately)

Bankers :

· Bank of Baroda, Bhadra Branch, Opposite Dinbai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India

· Standard Chartered Bank (Acting as an Security Agent), Credit Document Unit, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2012
Term Loan – From Bank	144.001
Vehicle Loan – From Banks	9.968
Loans Repayable on Demand – From Banks
- Working Capital Loan	111.049
- Buyers Credit	949.553
Total	1214.571
Unsecured Loan	31.03.2012
Loans and Advances - From Related Parties	188.130
Total	188.130

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	Ambika Chambers, Near Old High Court, Navarangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAAFT4520A
Other Related Party:	· Phenix Building Solutions Private Limited · M B Enterprise · Highten Steels · Manibhai Brothers · Manibhai Brothers PCC Sarkhej · Maxim Finance Private Limited · Manibhai Brothers Finance Corporation · Usha Prestressed Sleeper Udhyog Piplod

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 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		200.000	200.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		416.414	302.483	202.108
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		616.414	502.483	282.108
LOAN FUNDS
1] Secured Loans		1214.571	840.620	574.487
2] Unsecured Loans		188.130		574.936
TOTAL BORROWING		1402.701	840.620	1149.423
DEFERRED TAX LIABILITIES		54.185	54.717	50.787
TOTAL		2073.300	1397.820	1482.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		742.981	732.019	729.773
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.455
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	532.048	422.569	253.634
	Sundry Debtors	1343.487	902.578	612.202
	Cash & Bank Balances	361.450	299.098	150.124
	Other Current Assets	0.836	0.526	0.000
	Loans & Advances	179.797	227.653	197.053
Total Current Assets		2417.618	1852.424	1213.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	313.012	500.830	202.576
	Other Current Liabilities	732.035	614.409	196.330
	Provisions	42.252	71.384	62.017
Total Current Liabilities		1087.299	1186.623	460.923
Net Current Assets		1330.319	665.801	752.090
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2073.300	1397.820	1482.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4869.213	3608.995	2074.076
		Other Income	20.927	61.246	4.841
		TOTAL (A)	4890.140	3670.241	2078.917
Less	EXPENSES
		Materials consumed and operational expenses	2360.384	1802.740	1425.006
		Purchased of Stock-in-trade	1476.217	1040.998	99.777
		Changes in inventories of Work in progress and stock in trade	(7.219)	(142.226)	166.332
		Employee Benefits Expenses	324.054	245.718	116.816
		Other Expenses	327.014	220.574
		TOTAL (B)	4480.450	3167.804	1807.931
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		409.690	502.437	270.986
Less	FINANCIAL EXPENSES (D)		146.764	124.368	114.120
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		262.926	378.069	156.866
Less/ Add	DEPRECIATION/ AMORTISATION (F)		92.645	71.765	54.489
	PROFIT BEFORE TAX (E-F) (G)		170.281	306.304	102.377
Less	TAX (H)		56.350	105.929	32.380
	PROFIT AFTER TAX (G-H) (I)		113.931	200.375	69.997
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		376.069	175.694	105.697
	BALANCE CARRIED TO THE B/S		490.000	376.069	175.694
	EARNINGS IN FOREIGN CURRENCY		201.176	81.254	65.612
	IMPORTS
		Raw Materials	147.795	287.344	326.930
		Traded Good	942.912	626.986
		Stores & Spares	7.349	3.435	8.065
		Capital Goods	19.179	24.194	23.945
	TOTAL IMPORTS		1117.235	941.959	358.940
	Earnings Per Share (Rs.)		5.70	11.01	3.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.33	5.46	3.67
Net Profit Margin (PBT/Sales)	(%)	3.50	8.49	4.94
Return on Total Assets (PBT/Total Assets}	(%)	5.39	11.85	8.44
Return on Investment (ROI) (PBT/Networth)		0.28	0.61	0.36
Debt Equity Ratio (Total Debt/Networth)		2.28	1.67	4.07
Current Ratio (Current Asset/Current Liability)		2.22	1.56	2.63

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	Yes
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes

REVIEW OF PERFORMANCE:

The year witnessed big challenges in terms of slowdown in economy coupled with all round inflationary trends, pessimistic industrial sentiments directly affecting on CAPEX front resulting into slowdown in demand in the sector, stiff competition impacting margins, depreciation in Rupee, higher interest costs etc. etc. This has affected the company also in terms of profitability.

However, with rigorous efforts in right direction, the Company performed well during the year surpassing Rs.5000.000 Millions mark in gross revenue terms. Both the divisions of the Company registered satisfactory growth. The profitability was affected due to lower margins and higher costs.

The profit before depreciation and interest for the year 2011-12 Rs. 409.700 Millions compared to Rs.502.400 Millions during 2010-11 and the Profit before tax for the year 2011-12 was Rs.170.300 Millions compared to Rs.306.300 Millions during 2010-11.

The PEB division has crossed gross turnover of Rs.3500.000 Millions with volume surpassing 35000 MT of PEB. a growth of 17% and 19% respectively.

The ‘Protlex' division has crossed gross turnover of Rs.1450.000 Millions and execution crossing 11 Lacs Sq. Meters with a growth of 13% and 27% respectively.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45200GJ1981PLC004437
Name of the company	M AND B ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	MB House, 51 Chandoday Society, Opposite Golden Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India Email: info@mbproflex.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Bhadra Branch, Opposite Dinbai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India E-mail Id : bhadra@bankofbaroda.com
Nature of instrument creating charge	Composite Instrument of Hypothecation of Book debts, Movable Machinery and Vehicles dated 29th January, 2013 for creating charge on plant and machinery of (Proflex Roofing system) by way of hypothecation.
Date of instrument Creating the charge	29.01.2013
Amount secured by the charge	Rs.673.500 Millions
In case amount secured by the charge is in foreign currency, mention details	Credit Facility of USD 6,000,000 and for the purpose of filing of form-8, credit facility to the extent of USD 6,000,000 has been converted to Rs.330.000 Millions USD = Rs. 55/- each)
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest Inland / Foreign L/C (DP/DA usance - 180 days) with Buyer's credit up to 360 days As per Bank's FEDAI guidelines Terms of Repayment 12 months subject to review every year Margin 15% cash margin on LC upto Rs.320.000 Millions and 20% cash margin on LC beyond Rs.320.000 Millions 100%cash margin for Buyers Credit beyond 180 days (including usance period of LC) Extent and Operation of the charge Charge on existing Plant and Machinery of Proflex Roofing System such as -5- MIC 240 Machine and -2- MIC 120 Machine for securing the credit facilities of Rs. 673.500 Millions granted to M B Enterprise, Partnership Firm. Others Personal Guarantee of 1. Manibhai S. Patel 2. Umaben G. Patel 3. Aditya V. Patel 4. Malav G. Patel 5. Chirag H. Patel 6. Birva C. Patel 7. Vipin K. Patel 8. Girish M. Patel 9. Hasmukhbhai S. Patel 10. Aparna M. Patel Corporate Guarantee of subject and Manibhai and Brothers and its non common partners.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable machinery, plant of Proflex Roofing System of Company situated at Sanand which are now lying stored in or about at Company's premises and godowns or wherever else.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Outstanding Bank Guarantee	390.463	298.576

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicle

· Motor Buses

· License Fees

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.