MIRA INFORM REPORT

Report Date :

21.05.2013

IDENTIFICATION DETAILS

Name :	PETROMAR ENGINEERED SOLUTIONS PRIVATE LIMITED (w.e.f. 01.06.2007)
Formerly Known As :	RAVI TECHNO SYSTEMS PRIVATE LIMITED
Registered Office :	A-313/315, Ansal Chamber-I, Bhikaji Cama Place, New Delhi - 110066
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.05.1986
Com. Reg. No.:	55-024196
Capital Investment / Paid-up Capital :	Rs.8.750 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC024196
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Filtration and Separation Systems for Oil and Gas, Hydrocarbons, Petrochemicals, Power, Steel, Fertilizers, Water, Aviation Sector, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears dip in its sales and incurred some loss during 2011-12. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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. Mohammad
Designation :	Accounts Department
Contact No.:	91-22-26601933
Date :	20.05.2013

LOCATIONS

Registered Office :	A-313/315, Ansal Chamber-I, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-41042956
Fax No.:	91-11-41042957
E-Mail :	lokeshk68@yahoo.co.in sales@petromar.in
Website :	www.petromar.in
Location :	Owned
Head Office :	204-206, Dheeraj Heritage, S. V. Road, Santacruz (West), Mumbai - 400054, Maharashtra, India
Tel. No.:	91-22-26601933
Fax No.:	91-22-26601976
Factory :	K-1, Additional Murbad MIDC, Kudavali Village, Murbad District Thane - 421 401, Maharashtra, India
Tel. No.:	91-2524-645163/ 645164/ 223541
Fax No.:	91-2524-223467

DIRECTORS

As on: 30.09.2012

Name :	Mr. Mukesh LaxmanDas Kaura
Designation :	Director
Address :	102-B, Rushi Tower, Swami Samarth Nagar, Andheri (West) Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	16.06.1953
Date of Appointment :	13.05.1986
DIN No.:	00219617
Name :	Mr. Salim Ismail Shaikh
Designation :	Director
Address :	204-206, Dheeraz Heritage, S V Road, Santacruz (West) Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	15.08.1956
Date of Appointment :	14.03.2007
DIN No.:	01201600
Name :	Puthucode Subramaniasarma Subramanian
Designation :	Additional Director
Address :	5/90, Gitanjali, Wadala, Mumbai – 400031, Maharashtra, India
Date of Birth/Age :	17.12.1938
Date of Appointment :	27.05.2008
DIN No.:	00644808

KEY EXECUTIVES

Name :	Mr. Mohammad
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Mukesh Laxman Kaura	12500
Salim Ismail Shaikh	75000
Total	87500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Filtration and Separation Systems for Oil and Gas, Hydrocarbons, Petrochemicals, Power, Steel, Fertilizers, Water, Aviation Sector, etc.
Exports :
Products :	Finished Goods
Countries :	· Africa · China · Thailand · Middle East · UK
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Actual Production
Filters (fabrication)	Nos.	206

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· Oriental Bank of Commerce, Malad West Branch, Vikas Chambers, Ground Floor, Malad (West), Mumbai - 400064, Maharashtra, India

· The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle East, Mumbai - 400057, Maharashtra, India

Tel No.: 91-22-42349999

· HSBC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loan from Bank (Secured against the Hypothecation of Motor Car, Further, the loan has been guaranteed by the directors of the Company)	3.603	2.557
Term Loan from Bank (Secured against the Hypothecation of Building and Machinery, Further, the loan has been guaranteed by the directors of the Company)	6.275	13.289
Short Term Borrowings
Loan from Bank (Secured against FDRs)	2.266	0.000
Loan from Bank (Secured against the Hypothecation of stock, Debtors, Further, the loan has been guaranteed by the directors of the Company)	72.426	54.508
Total	84.570	70.354

Banking Relations :	--
Auditors :
Name :	Giri and Associates Chartered Accountants
Address :	43 Ground Floor, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23263145
PAN No.:	AAFPG1504Q
Enterprise under Significant influence of Key Managerial Personnel :	Trimex Trading and Services Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87500	Equity Shares	Rs.100/- each	Rs.8.750 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		8.750	8.750	8.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.919	21.230	13.778
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.669	29.980	22.528
LOAN FUNDS
1] Secured Loans		84.570	70.354	56.210
2] Unsecured Loans		70.579	38.443	54.945
TOTAL BORROWING		155.149	108.797	111.155
DEFERRED TAX LIABILITIES		0.000	0.107	0.000
TOTAL		184.818	138.884	133.683
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.299	54.697	57.442
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.525	0.525	0.525
DEFERREX TAX ASSETS		0.039	0.000	0.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.373	78.241	54.979
	Sundry Debtors	40.575	45.106	74.992
	Cash & Bank Balances	14.961	12.083	5.967
	Other Current Assets	8.869	11.408	0.000
	Loans & Advances	2.911	1.305	9.361
Total Current Assets		205.689	148.143	145.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.622	42.420	51.269
	Other Current Liabilities	8.162	11.711	11.095
	Provisions	5.950	10.350	7.235
Total Current Liabilities		73.734	64.481	69.599
Net Current Assets		131.955	83.662	75.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.818	138.884	133.683

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	148.103	181.878	142.542
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	140.231	162.577	126.915
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.872	19.301	15.627
Less/ Add	DEPRECIATION/ AMORTISATION		6.941	6.378	6.788
	PROFIT BEFORE TAX		0.931	12.923	8.839
Less	TAX		1.242	5.471	3.091
	PROFIT AFTER TAX		(0.311)	7.452	5.748
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.050	4.303	1.126
		Commission Earnings	2.497	2.282	1.083
	TOTAL EARNINGS		4.547	6.585	2.209
	Earnings Per Share (Rs.)		(3.60)	149.04	114.96

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.21)	4.10	4.03
Return on Total Assets (PBT/Total Assets}	(%)	0.36	6.37	4.36
Return on Investment (ROI) (PBT/Networth)		0.03	0.43	0.39
Debt Equity Ratio (Total Debt/Networth)		5.23	3.63	4.93
Current Ratio (Current Asset/Current Liability)		2.79	2.30	2.09

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Other than Acceptance	55.123	41.773
Advances from Customer	4.499	0.647
Total	59.622	42.420	51.269

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 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	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

Note:

The Registered Office of the company has been shifted from 2/30, 1st Floor, Nehru Enclave, Kalkaji, New Delhi – 110019, India to the present address w.e.f. 15.07.2011

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Director and Relatives	39.520	31.367
From Others‐Inter Corporate (The loans haves been guaranteed by the directors of the Company)	31.059	7.076
Total	70.579	38.443

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74899DL1986PTC024196
Name of the company	PETROMAR ENGINEERED SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-313/315, Ansal Chamber-I, Bhikaji Cama Place, New Delhi – 110066, India E-mail: lokeshk68@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10095743
Type of charge	Immovable property
Particular of charge holder	The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle East, Mumbai - 400057, Maharashtra, India E-mail: s_sukhtankar@saraswatbank.com
Nature of instrument creating charge	Supplementary Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	13.03.2013
Amount secured by the charge	Rs.72.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Nil Terms of Repayment On demand Margin 15% in fixed deposit Extent and Operation of the charge Collateral security: Rs.49.100 Millions Bank Guarantee: Rs 23.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Mortgage by deposit of title deeds land and building at plot no K 1 Addl Murbad Industrial Area Dist Thane solely belonging to the company.
Date of instrument modifying the charge	16.01.2009
Particulars of the present modification	New Bank Guarantee of Rs23.000 Millions granted Overall limit secured by immovable property at plot no K 1 Addl Murbad Industrial Area District Thane is enhanced to Rs 72.100 Millions.

FIXED ASSETS

· Plant and Machinery

· Factory Building

· Office Premises

· Furniture and Fixture

· Computer

· Computer Software

· Vehicles

· Land

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.53.04
UK Pound	1	Rs.83.61
Euro	1	Rs.70.68

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.