MIRA INFORM REPORT

Report Date :

03.05.2013

Tel. No.:	91-20-27119512/27119517/27124756/66120661
Fax No.:	91-20-27119512

IDENTIFICATION DETAILS

Name :	FINEPAC STRUCTURES PRIVATE LIMITED
Registered Office :	J-25, S Block, MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.03.1994
Com. Reg. No.:	11-077167
Capital Investment / Paid-up Capital :	Rs. 3.954 Millions
CIN No.: [Company Identification No.]	U51909MH1994PTC077167
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Structure Packing and Column Internal for Chemical Distillation Pusher types continus Switch.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in profitability during 2011-2012. However, general financial position of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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. Santosh
Designation :	Account Manager
Contact No.:	91-20-66120661
Date :	24.04.2013

LOCATIONS

Registered Office :	J-25, S Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-66120661/ 66120665/ 27119512/ 27119517/ 27124756
Fax No.:	91-20-27119512
E-Mail :	santosh@finepacindia.in saichin@vsnl.com suhasnw@finepacindia.in sunilnaikwadi@finepacindia.in
Website :	www.finepacindia.in
Location :	Owned
Mumbai Office :	1, 2^nd Floor, Navjivan Society Building No. 3, Lamington Road, Mumbai – 400008, Maharashtra, India
Tel. No.:	91-22-32953180
Fax No.:	91-22-66648424
E-Mail :	shahpk@finepacindia.in
Factory :	W-54, T Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :	Mr. Prafull Kantilal Shah
Designation :	Director
Address :	404, Atman, 94/C, Gowalia Tank Road, Gramdevi, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	10.02.1947
Qualification :	B.E.
Date of Appointment :	14.02.1998
DIN No.:	01130687
Name :	Mr. Suhas Nanasaheb Wakchaure
Designation :	Director
Address :	Shantiban Co-operative Housing Society, Plot No. 12, Near Mahatma, Society, Kothrud, Pune – 411029, Maharashtra, India
Date of Birth/Age :	28.07.1960
Qualification :	D.M.E.
Date of Appointment :	18.03.1994
DIN No.:	01130754

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Prafull Shah jointly with Kiran Shah	197720
Suhas Wakchaure jointly with Madhuri Wakchaure	197720
Total	395440

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Structure Packing and Column Internal for Chemical Distillation Pusher types continus Switch.
Products :	Ø Structured Packing Ø Structured Grid Packing Ø Pusher Centrifuge Ø Static Mixture Ø Random Packing Ø Distillation Trays Ø Column Internals Ø Internals for Oil and Gas Industries Ø Fabrication of Column and Other Equipments Ø Process Design Ø Distributor Testing
Exports :
Products :	Ø Structured Packing Ø Structured Grid Packing Ø Pusher Centrifuge Ø Static Mixture Ø Random Packing Ø Distillation Trays Ø Column Internals Ø Internals for Oil and Gas Industries Ø Fabrication of Column and Other Equipments Ø Process Design Ø Distributor Testing
Countries :	Ø UK Ø USA
Imports :
Products :	Raw Materials
Countries :	Ø Sweden Ø Germany Ø UK
Terms :
Selling :	Cash
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

125 (Approximately)

Bankers :

Dena Bank, Bhosari Industrial Estate Branch, Pune Nashik Road, Bhosari, Pune – 411026, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand
From banks	19.498	13.831
Total	19.498	13.831

Banking Relations :	--
Auditors :
Name :	C. J. Kulkarni and Company Chartered Accountants
Address :	'Jai Deep', 810 Sadashiv Peth, Bar Gadgil street, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24478542/ 24430568
Mobile No.:	91-9422085517
E-Mail :	cjkulkarni@vsnl.net
PAN.:	ACDPK7426K
Associates :	Narita Boutique

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
395440	Equity Shares	Rs.10/- each	Rs. 3.954 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		3.954	3.954	3.954
2] Share Application Money		0.000	0.000	0.966
3] Reserves & Surplus		32.586	31.702	26.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.540	35.656	31.495
LOAN FUNDS
1] Secured Loans		19.498	13.831	8.009
2] Unsecured Loans		0.000	0.000	1.235
TOTAL BORROWING		19.498	13.831	9.244
DEFERRED TAX LIABILITIES		4.633	4.722	4.806
TOTAL		60.671	54.209	45.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.951	32.634	33.897
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.027	0.027	0.027
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.418	18.666	9.120
	Sundry Debtors	13.268	18.114	9.711
	Cash & Bank Balances	9.983	6.021	4.444
	Other Current Assets	35.685	4.368	0.000
	Loans & Advances	1.427	1.724	7.785
Total Current Assets		90.781	48.893	31.060
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.859	13.464	9.771
	Other Current Liabilities	49.256	4.766	7.062
	Provisions	3.973	9.115	2.606
Total Current Liabilities		62.088	27.345	19.439
Net Current Assets		28.693	21.548	11.621
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		60.671	54.209	45.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	166.044	134.362	125.995
		Other Income
		TOTAL	166.044	134.362	125.995
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL
			161.846	123.780	114.541
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Finance Expenses)	(Including Finance Expenses)	(Including Finance Expenses)
Less	FINANCIAL EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.198	10.582	11.454
Less/ Add	DEPRECIATION/ AMORTISATION		2.585	2.784	2.929
	PROFIT BEFORE TAX		1.613	7.798	8.525
Less	TAX		0.674	2.493	2.670
	PROFIT AFTER TAX		0.939	5.305	5.855
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.099	24.972	21.232
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.277	0.237
		Tax on Dividend	0.000	0.043	0.036
		Tax in respect of previous years	0.000	(0.103)	0.155
		Extra ordinary items	0.000	0.000	0.088
		Excess provision of Dividend	0.000	(0.039)	0.000
		Deferred Tax Provision reversed	0.000	0.000	1.599
	BALANCE CARRIED TO THE B/S		31.038	30.099	24.972
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	30.985	30.839	37.175
	TOTAL EARNINGS		30.985	30.839	37.175
	Earnings Per Share (Rs.)		2.37	13.42	14.81

Particulars	31.03.2013
Sales Turnover (Approximately)	180.000

Expected Sales (2013-14): Rs. 200.000 Millions

The above information has been parted by Mr. Santosh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.56	3.95	4.65
Return on Total Assets (PBT/Total Assets}	(%)	1.31	9.56	13.12
Return on Investment (ROI) (PBT/Networth)		0.05	0.22	0.27
Debt Equity Ratio (Total Debt /Networth)		0.53	0.38	0.29
Current Ratio (Current Asset/Current Liability)		1.46	1.79	1.59

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 four 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	Yes
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]	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909MH1994PTC077167
Name of the company	FINEPAC STRUCTURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J-25, S Block, MIDC, Bhosari, Pune - 411026, Maharashtra, India Email ID: saichin@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10181892
Type of charge	· Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Dena Bank, Bhosari Branch, Dr. Mangudkar building, National High way, Bhosari, Pune – 411039, Maharashtra, India Email ID: bhosar@denabank.co.in
Nature of instrument creating charge	Unattested Memorandum of Modification of Hypothecation Agreement From Companies dated 12 March 2012. Mortgage of Entry for extension of existing mortgage for limited companies dated 12 March, 2012.
Date of instrument Creating the charge	12.03.2012
Amount secured by the charge	Rs. 29.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Bank Guarantee commission as per Banks circular/RBI Guidelines. Terms of repayment Not applicable being Non fund based facilities. Margin 10% Extent and operation of the charge The charge of the Bank to remain in force during the continuation of the Credit facilities
Short particulars of the property charged (Including location of the property)	All stock of raw materials, goods in process and finished goods such as SS Coils, Locating grids, etc. , All tangible moveable Properties & assets of the borrower of whatsoever nature including Plant and Machinery, tools, accessories, stores , spares, furniture , articles at the factory Bhosari , Pune, All present and future Book debts, receivables, outstanding ,moneys, claims, bills, rights to or in moveable properties and moveable assets, etc.
Date of instrument modifying the charge	20.09.2011
Particulars of the present modification	By this modification the Bank Guarantee limit stands increased to Rs. 29.000 Millions from existing limit of Rs. 9.000 Millions

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011
Bank Guarantees Outstanding	81.074	4.504
Sales tax Liability
FY 2005-06	1.948	1.948
FY 2006-07	1.560	1.560
FY 2007-08	5.298	5.298

FIXED ASSETS:

• Leasehold land
• Factory Building
• Plant and Machinery
• Office Equipment
• Computers and Software
• Vehicles
• Furniture and Fixture

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. 53.74
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.