MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	PROMAS ENGINEERS PRIVATE LIMITED

Registered Office :	Promas House, Plot No. R 877, TTC Industrial Area, Rabale, Navi Mumbai 400701, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	02.03.2005

Com. Reg. No.:	11-151708

Capital Investment / Paid-up Capital :	Rs.5.000 Millions

CIN No.: [Company Identification No.]	U29100MH2005PTC151708

IEC No.:	0305089188

TAN No.: [Tax Deduction & Collection Account No.]	MUMP21991E MUMP21991F

PAN No.: [Permanent Account No.]	AADCP5378C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Designer of process Equipments for Food, Pharma and Other Industries

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 100000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating reflect PEPL’s Modest scale of operations in the fragmented and competitive equipment manufacturing industry, average financial risk profile marked by high gearing and moderate debt-protection metrics and working-capital-intensive operations. However, profit and sales turnover of the company appears to be fair. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest. The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Risk prone credit quality and high risk of default
Date	10.09.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.09.2013

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/ Head Office / Factory :	Promas House, Plot No. R 877, TTC Industrial Area, Rabale, Navi Mumbai 400701, Maharashtra, India
Tel. No.:	91-22-27694285 / 286 / 287 / 27694273 / 74 / 75 / 76
Fax No.:	91-22-27602035
E-Mail :	promas@vsnl.net account+@promasindia.com promas@vsnl.net account@promasindia.com lkprarab@hotmail.com info@promasengineers.com sales@promasindia.com
Website:	http://www.promasengineers.com
Area :	1200 sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Balasaheb Babanrao Gatkal

Designation :

Director

Date of Birth/Age :

02.06.1963

Address:

Symphony Co-Operative Housing Society, Flat No.14, C-Wing, Chandivali, Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Qualification :

B E Engineer

Date of Appointment :

30.09.2008

DIN No.:

02000669

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	U74999MH1995PTC089683	CHEMAC EQUIPMENTS PRIVATE LIMITED	Director	19-06-95	19-06-95	-	Active	NO
2	U51420MH2006PTC161176	PROMTECH ENGINEERS PRIVATE LIMITED	Director	17-04-06	17-04-06	-	Active	NO
3	U29100MH2005PTC151708	PROMAS ENGINEERS PRIVATE LIMITED	Director	30-09-08	01-04-08	-	Active	NO
4	U85191MH2013PTC247780	PROMAS RESEARCH LABORATORIES PRIVATE LIMITED	Director	02-09-13	02-09-13	28-10-13	Active	NO

Name :

Mr. James Martin Pareira

Designation :

Director

Address:

House No.114, 1^st Floor, Joram D-Souza House, Kurla Village, Fr. Peter Pereira Road, Kurla, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

06.07.1947

Qualification :

Graduate

Date of Appointment :

30.09.2008

DIN No.:

02000686

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	U74999MH1995PTC089683	CHEMAC EQUIPMENTS PRIVATE LIMITED	Director	05-10-95	19-06-95	-	Active	NO
2	U29100MH2005PTC151708	PROMAS ENGINEERS PRIVATE LIMITED	Director	30-09-08	01-04-08	-	Active	NO
3	U85191MH2013PTC247780	PROMAS RESEARCH LABORATORIES PRIVATE LIMITED	Director	02-09-13	02-09-13	28-10-13	Active	NO

Name :

Mrs. Magdaline James Pareira

Designation :

Director

Address:

House No.114/B, Village Ward, Old Kurla, Mumbai – 400070, Maharashtra, India

Date of Birth :

03.11.1955

Qualification :

Graduate

Date of Appointment :

02.03.2005

DIN No.:

02174844

Name :

Mrs. Vandana Balasaheb Gatkal

Designation :

Director

Address:

Symphony Co-Operative Housing Society, Flat No.14, C-Wing, Chandivali, Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

01.06.1970

Qualification :

BSC

Date of Appointment :

02.03.2005

DIN No.:

02209786

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Vandana Balasaheb Gatkal		124166
Magdaline James Pareira		124167
Sunil S Shinde		3333
Balasaheb Babanrao Gatkal		124167
James Martin Pareira		124167
Total		500000

As on 30.09.2013

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 and Designer of process Equipments for Food, Pharma and Other Industries

Products :	Jet Mill Double Cone Vacuum Dryer Contra Rotary Mixer Planetary Mixer Colloid Mill Ball Mill (Attrition Mill) Multi Mill Co Mill Oscillating Granulator Octagonal Blender Rapid Mixer Granulator (RMG) Fluid Bed Dryer (FBD) Air Tray Dryers (ATD) Horizontal filter press Universal Mixer and Dryer Sigma Mixer Vibro Sifter Conical Rapid Mixer Industrial Process Machinery

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, "Gopal Bhavan", Kelkar Road, Ram Nagar, Dombivli (East), Thane - 421201, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loan from IOB for Plot R-967-002 Secured against hard cost of the investment in the new factory at Plot No.967, MIDC, TTC Industrial Area, Rabale Navi Mumbai. Primary Security of one limit will be collateral security of another limit.	20.948	23.252
Term Loan from IOB for Plot R-967-003 Secured against existing factory land & building at Plot No. R877, M1DC.TTC Industrial Area, Rabale, Navi Mumbai and Plant & Machinery and Furniture & Fixtures. Primary Security of one limit will be collateral security of another limit.	7.277	8.800
Term Loan for 2612/5	0.927	0.000
SHORT TERM BORROWINGS
Working Capital Borrowings From Banks
Rupee Loans from Indian Overseas Bank, Dombivli (E) Secured against hypothecation of stocks and book debts upto 90 days. Primary Security of one limit will be collateral security of anther limit	28.485	19.761
Deposit from Tenant	0.200	0.200
Total	57.837	52.013

Banking Relations :	--

Auditors :
Name :	P M Pophale and Associates Chartered Accountants
Address :	A-120, Amar Gian Complex, Opposite S. T. Workshop, Kopat , Thane (West), Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25470303 / 25470588
Mobile No.:	91-9820343731
E-mail :	prafulla.pophale@gmail.com
PAN No.:	AADPP4042J

CAPITAL STRUCTURE

As on 30.09.2013

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

500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	20.804	15.171	12.067
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	25.804	20.171	17.067

(3) Non-Current Liabilities
(a) long-term borrowings	29.152	32.052	18.066
(b) Deferred tax liabilities (Net)	3.273	2.379	1.620
(c) Other long term liabilities	8.525	6.355	5.557
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.950	40.786	25.243

(4) Current Liabilities
(a) Short term borrowings	28.685	19.961	7.518
(b) Trade payables	37.161	14.052	27.818
(c) Other current liabilities	9.433	3.814	2.837
(d) Short-term provisions	6.315	4.809	4.172
Total Current Liabilities (4)	81.594	42.636	42.345

TOTAL	148.348	103.593	84.655

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.239	50.534	35.762
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.063	0.064	0.064
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	55.302	50.598	35.826

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.079	28.012	19.149
(c) Trade receivables	21.586	16.999	21.926
(d) Cash and cash equivalents	1.894	1.288	1.301
(e) Short-term loans and advances	1.448	1.393	1.661
(f) Other current assets	8.039	5.303	4.792
Total Current Assets	93.046	52.995	48.829

TOTAL	148.348	103.593	84.655

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	95.778	65.558	58.686
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.802	5.867	5.223

Less/ Add	DEPRECIATION/ AMORTISATION		1.739	1.103	0.885

	PROFIT BEFORE TAX		8.063	4.764	4.337

Less	TAX		2.431	1.660	1.296

	PROFIT AFTER TAX		5.632	3.104	3.041

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.201	0.865	0.782
	TOTAL EARNINGS		1.201	0.865	0.782

	Earnings Per Share (Rs.)		11.26	6.20	6.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	8.42	7.27	7.39

Return on Total Assets (PBT/Total Assets}	(%)	5.44	4.60	5.13

Return on Investment (ROI) (PBT/Networth)		0.31	0.24	0.25

Debt Equity Ratio (Total Debt /Networth)		2.24	2.58	1.50

Current Ratio (Current Asset/Current Liability)		1.14	1.24	1.15

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	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	Yes

NOTE:

Registered office of the company has been shifted from B 18 Ansa Industrial Estate Saki Vihar Road, Sakinaka, Andheri (East), Mumbai 400072, Maharashtra, India to the present address w.e.f.07.07.2008

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305443	12/09/2013 *	106,000,000.00	INDIAN OVERSEAS BANK	"GOPAL BHAVAN", KELKAR ROAD, RAM NAGAR,DOMBIVLI (EAST), THANE, MAHARASHTRA - 421201, INDIA	B87612578
2	10045638	12/09/2013 *	106,000,000.00	INDIAN OVERSEAS BANK	"GOPAL BHAVAN", KELKAR ROAD, RAM NAGAR,DOMBIVLI (EAST), THANE, MAHARASHTRA - 421201, INDIA	B87611661
3	10003662	17/08/2013 *	106,000,000.00	INDIAN OVERSEAS BANK	"GOPAL BHAVAN", KELKAR ROAD, RAM NAGAR,DOMBIVLI (EAST), THANE, MAHARASHTRA - 421201, INDIA	B85379428

* Date of charge modification

FIXED ASSETS

Plant and Machinery
Furniture and Fixtures
Factory Premises
Alto
Projector
Software
DVD Write
Factory Renovation
Fax Machine
Office Renovation
Air conditioner
BUS
HP Printer
Inverter
Plastic Two Wheeled
Computer Systems
EPABX System
Mobile Phone
Water Filter
Tata Sumo
Xerox Machine
CC TV Camera
Security Cabin

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.61.79
UK Pound	1	Rs.98.66
Euro	1	Rs.83.42

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		34

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.

MIRA INFORM REPORT

8.42

5.44

0.31

2.24

1.14

Unit