MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	TAPASYA ENGINEERING WORKS PRIVATE LIMITED
Registered Office :	A/212, Road No.30, Wagle Industrial Estate, Thane (West), Mumbai - 400604, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.01.1986
Com. Reg. No.:	11-038744
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U99999MH1986PTC038744
TAN No.: [Tax Deduction & Collection Account No.]	PNET04945D
PAN No.: [Permanent Account No.]	AAACT6519Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Machineries and Chemical Process, Equipments and Working Association with Sainath Boilers and Pneumatics.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 97000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowings recorded by the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office :	A/212, Road No.30, Wagle Industrial Estate, Thane (West), Mumbai - 400604, Maharashtra, India
Tel. No.:	91-22-25823250
Fax No.:	91-22-25825243 / 25823250
E-Mail :	tapasya@bom7.vsnl.net.in AKSHAH69@GMAIL.COM
Website :	http://www.tapasyaindia.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Satyapal Rajpal Bakshi

Designation :

Director

Address :

11-12, Raji Building, 2^nd Floor, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

30.05.1935

Date of Appointment :

01.09.2005

DIN No.:

01671336

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1986PTC038744	Tapasya Engineering Works Private Limited	Director	01/09/2005	01/09/2005	-	Active	NO
2	U99999MH1978PTC020201	Alpha Equipments Company Private Limited	Director	30/09/2011	08/10/2010	-	Active	NO

Name :

Mr. Devashish Satyapal Bakshi

Designation :

Wholetime Director

Address :

11-12, Raji Building, 2^nd Floor, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

10.01.1968

Date of Appointment :

05.06.1987

DIN No.:

01919717

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1986PTC038744	Tapasya Engineering Works Private Limited	Director	05/06/1987	05/06/1987	-	Active	NO
2	U99999MH1978PTC020201	Alpha Equipments Company Private Limited	Director	30/09/2011	08/10/2010	-	Active	NO

Name :

Ms. Puja Devashish Bakshi

Designation :

Director

Address :

11-12, Raji Building, 2^nd Floor, R. B. Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

08.12.1974

Date of Appointment :

01.12.2001

DIN No.:

01671337

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Devashish Satyapal Bakshi	7110
Puja Devashish Bakshi	830
Satyapal Rajpal Bakshi	12060
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Machineries and Chemical Process, Equipments and Working Association with Sainath Boilers and Pneumatics.

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• Abhyudaya Co-operative Bank Limited, Administrative office, K.K. Tower, Abhudeaya Bank Lane, off G. D. Ambekar Marg, Parel Village, Mumbai – 400012, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Abhyudaya Co. Operative bank limited term loans	6.221	0.000
Abhyudaya Co. Operative bank limited term loans	23.647	7.753
Abhyudaya Co. Operative bank limited term loans	8.688	29.853
HDFC Car loan	0.000	0.176
Abhyudaya Co. Operative bank limited cash credit	22.776	5.958
Abhyudaya Co. Operative bank limited packing credit	37.100	7.000
Mahindra and Mahindra finance service private limited	0.000	0.089
Foreign bill purchase	1.312	29.625
Total	99.744	80.456

Banking Relations :	--
Auditors :
Name :	Singavi Oturkar and Kelkar Chartered Accountants
Address :	Naryan Niwas, 1^st Floor, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India
PAN No.:	AAEFS8002L

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Million

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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.491	13.319	11.138
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.491	15.319	13.138
LOAN FUNDS
1] Secured Loans		99.744	80.456	14.007
2] Unsecured Loans		30.577	0.277	0.093
TOTAL BORROWING		130.321	80.733	14.100
DEFERRED TAX LIABILITIES		0.153	0.065	0.027
TOTAL		154.965	96.117	27.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.338	24.539	6.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		42.436	42.436	10.461
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.137	106.098	91.588
	Trade receivable	82.227	69.811	22.247
	Cash & Bank Balances	3.177	3.067	1.551
	Other Current Assets	0.000	0.000	21.595
	Loans & Advances	53.280	40.823	1.188
Total Current Assets		268.821	219.799	138.169
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.248	158.334
	Other Current Liabilities	34.124	27.090	126.727
	Provisions	8.258	5.233	1.481
Total Current Liabilities		219.630	190.657	128.208
Net Current Assets		49.191	29.142	9.961
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		154.965	96.117	27.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	378.764	241.718	180.518
Less	EXPENSES
		TOTAL (B)	360.556	236.116	177.938
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.208	5.602	2.580
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.208	5.602	2.580
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.692	1.294	1.186
	PROFIT BEFORE TAX (E-F) (G)		13.516	4.308	1.394
Less	TAX (H)		4.088	1.661	0.459
	PROFIT AFTER TAX (G-H) (I)		9.428	2.647	0.935
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.428	6.247	5.312
Less	APPROPRIATIONS
		Tax paid against scrutiny for previous years	0.256	0.000	--
		Dividend	--	0.400	--
		Tax on Dividend	--	0.066	--
	BALANCE CARRIED TO THE B/S		17.600	8.428	6.247
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	78.435	79.341	NA
		Commission Earnings	7.301	0.000	NA
		Other Earnings	0.351	0.000	NA
	TOTAL EARNINGS		86.087	79.341	NA
	IMPORTS
		Raw Materials	NA	0.000	0.263
		Stores & Spares	NA	0.077	0.000
		Capital Goods	NA	0.000	0.000
	TOTAL IMPORTS		NA	0.077	0.263
	Earnings Per Share (Rs.)		471.40	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.49	1.10	0.51
Return on Total Assets (PBT/Total Assets}	(%)	4.07	1.76	0.96
Return on Investment (ROI) (PBT/Networth)		0.55	0.28	0.11
Debt Equity Ratio (Total Debt/Networth)		5.32	5.27	1.07
Current Ratio (Current Asset/Current Liability)		1.22	1.15	1.08

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
From director	30.577	0.277
Total	30.577	0.277

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U99999MH1986PTC038744
Name of the company	TAPASYA ENGINEERING WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-212, Road No. 30, Wagle Industrial Estate, Thane (West), Thane – 400604, Maharashtra, India Email-id - tapasya@bom7.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10253663
Type of charge	Immovable property
Particular of charge holder	Abhyudaya Co-Operative Bank Limited, Administrative Office, K. K. Tower, Abhyudaya Bank Lane, G. D. Ambekar Marg, Parel Village, Mumbai – 400012, Maharashtra, India Email.id - loans@abhyudayabank.net
Nature of instrument creating charge	Deed of Extension & Additional Mortgage of Properties / Security (without Possession)
Date of instrument Creating the charge	06.08.2012
Amount secured by the charge	Rs. 134.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest : C/C limit @14% (floating) BG limit @15.50% (floating) Packing Credit + FDBP facility @14%(floating) New Term Loan @14% (floating) Terms of Repayment Repayment of New Term Loan of Rs.20.000 millions in 60 EMIs of Rs.4,60,200/- each after Moratorium period of 3 months. Margin As may be decided, from time to time, by the Bank. Extent and Operation of the charge To secure the due repayment of following credit facilities aggregating Rs.134.500 millions, together with interest, cost, charges and expenses etc. thereon, granted by the Bank to the Company. 1) C/C limit of Rs.15.000 Millions (enhanced from Rs.8.000 Millions) 2) Term Loan of Rs.10.000 Millions 3) BG limit of Rs.45.000 Millions (enhanced from Rs.100 Millions) 4) CHQD limit of Rs.3.000 Millions 5) Packing Credit + FDBP of Rs.40.000 Millions (enhanced from Rs.30.000 Millions) 6) FBP/ FBD/ EPC/ BD of Rs.1.005 Million 7) Term Loan of Rs.20.000 Millions (FRESH)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) Plot No. A-212, admin 1393 sq. mtrs. along with the factory building/ shed constructed or to be constructed thereon, at Thane Industrial Area, Panchpakhadi, Taluka and District Thane. (ii) Plot No. A-148, admin 744 sq. mtrs. along with the structure (factory building/ shed) thereon, at Thane Industrial Area, Panchpakhadi, Taluka and District Thane..
Particulars of the present modification	By this modification, the immovable properties i.e. (Plot No. A-148, at Panchpakhadi, Thane), in addition to the property (Plot No. A-212, Panchpakhadi) already mortgaged, shall now also hold good to secure due repayment of addl credit facilities of Rs.72.000 millions granted to the Company. Hence, the aggregate credit facilities, secured by charge, have been enhanced from Rs.62.500 millions to Rs.134.500 millions. Therefore overall charge now stands at Rs.134.500 millions.

Fixed Assets:

· Plant and Machinery

· Furniture and Fixtures

· Factory Shed

· Electrical Installations

· Office Equipment

· Vehicle

· Computer

· Air Conditioner

· Electric Typewriter

· Computer 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] 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. 56.24
UK Pound	1	Rs. 84.53
Euro	1	Rs. 72.32

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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		35

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.