MIRA INFORM REPORT

Report Date :

24.05.2014

Tel. No.:	91-2752-243047 / 243678 / 243173 / 243464 / 241223
Fax No.:	91-2752-243744

IDENTIFICATION DETAILS

Name :	DEL PD PUMPS AND GEARS PRIVATE LIMITED
Registered Office :	Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.10.1986
Com. Reg. No.:	04-009027
Capital Investment / Paid-up Capital :	Rs. 48.131 Millions
CIN No.: [Company Identification No.]	U29120GJ1986PTC009027
TAN No.: [Tax Deduction & Collection Account No.]	AHMD02714F
PAN No.: [Permanent Account No.]	AABCD1803E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Gear Pumps and Allied Products.
No. of Employees :	175 (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 750000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Darshani Deliwala
Designation :	Key Executive
Contact No.:	91-9998817576
Date :	09.05.2014

LOCATIONS

Registered Office / Factory :	Plot No. 113, GIDC Estate, Phase – 1, Wadhwan, Surendranagar – 363035, Gujarat, India
Tel. No.:	91-2752-243047 / 243678 / 243173 / 243464 / 241223
Mobile No.:	91-9998817576 (Mrs. Darshani)
Fax No.:	91-2752-243744
E-Mail :	dd@delpump.com rotodel_ad1@sancharnet.in
Website :	www.delpump.com
Area :	20000 Sq. Ft
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Niranjan Himatlal Deliwala

Designation :

Director

Address :

72, Priyadarshan, Housing Plot, GIDC. Wadhwan City – 363035, Gujarat, India

Date of Birth/Age :

11.08.1951

Qualification :

B.M.E.

Date of Appointment :

14.03.1987

DIN No.:

02064195

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	14/03/1987	14/03/1987	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

Name :

Mr. Hemant Niranjan Deliwala

Designation :

Director

Address :

72, Priyadarshan, Housing Plot, GIDC, Wadhwan City – 363035, Gujarat, India

Date of Birth/Age :

30.03.1977

Qualification :

B.M.E.

Date of Appointment :

01.04.1998

DIN No.:

00898162

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

Name :

Mrs .Varsha Niranjan Deliwala

Designation :

Director

Address :

72, Priyadarshan, Housing Plot, GIDC. Wadhwan City – 363035, Gujarat, India

Date of Birth/Age :

30.03.1952

Qualification :

B.Com.

Date of Appointment :

14.03.1987

DIN No.:

02066402

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	U29120GJ1986PTC009027	DEL PD-PUMPS AND GEARS PRIVATE LIMITED	Director	14/03/1987	14/03/1987	-	Active	NO
2	U29299GJ2003PTC042569	DEL MACHINE TOOLS PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Darshani Deliwala
Designation :	Key Executive
Name :	R. V Gandhi and Company
Designation :	Company Secretary
Address :	31, Raj Tower, Satadhar Char Rasta, Sola Road, Ahmedabad – 380061, Gujrat, India
Mobile No:	91-9979260360

MAJOR SHAREHOLDERS

As on: 30.09.2013

Names of Shareholders	No. of Shares
Deliwala Niranjanbhai Himmatlal	2733500
Deliwala Niranjanbhai Himmatlal (Huf)	1684375
Deliwala Varshaben Niranjanbhai	112625
Deliwala Hemant Niranjanbhai	175125
Deliwala Radhika Niranjanbhai	100000
Deliwala Darshini Hemantbhai	7500
Total	4813125

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Gear Pumps and Allied Products.
Products/ Service :	Rotary Pump Rotary Gear Pumps Screw Gear Pumps Twin Gear Pumps Loading-Unloading Fuel Oil Skids Force Lubrication Systems Lube Oil Systems Rotodel Pumps Citadel Pumps Auto Rotary Gear Pumps Rotary Gear Pumps Rotary Tracoidal Pumps Fuel Oil Skids Services offered Guidance in selecting, installing and using our range of pumps. Third party inspection fro EIL, DNV, BVQL, PDIL, IRS, LIOYED, CEIL, NTPC, BHEL, offered as per requirements of our customers.
Exports :
Products :	Finished goods
Countries :	Middle East Europe USA UK Switzerland Thailand
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

175 (Approximately)

Bankers :

• State Bank of India, SME GIDC Wadhwan Branch, Surendarangar – 363035, Gujarat, India
• HDFC Bank Limited
• State Bank of Saurashtra
• Sate Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
From Bank Cash Credit From State Bank Of India	0.496	0.578
Total	0.496	0.578
Note: (hypothecation of entire current assets of the company. The cash credit is repayable on demand and carries interest @ 11.75% to 13.25 p.a)

Banking Relations :	---
Auditors :
Name :	Pritesh A. Shah and Associates Chartered Accountants
Address :	33/385, Adarsh Nagar, Near Nava Vadaj, Ankur, Naranpura, Ahmedabad – 380013, Gujarat, India
PAN No.:	BGOPS2525P
Group Company :	Del Machine Tools Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5400000	Equity Shares	Rs.10/- each	Rs. 54.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4813125	Equity Shares	Rs.10/- each	Rs. 48.131 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	48.131	38.505	38.505
(b) Reserves & Surplus	139.400	109.888	79.220
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.045	2.098	0.000
Total Shareholders’ Funds (1) + (2)	187.576	150.491	117.725
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.552
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.552
(4) Current Liabilities
(a) Short term borrowings	0.496	0.578	4.157
(b) Trade payables	28.086	23.862	14.910
(c) Other current liabilities	4.270	3.831	2.365
(d) Short-term provisions	56.373	38.563	24.429
Total Current Liabilities (4)	89.225	66.834	45.861
TOTAL	276.801	217.325	164.138
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.541	67.779	61.947
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.857	0.854	2.126
(e) Other Non-current assets	54.400	21.412	3.132
Total Non-Current Assets	118.798	90.045	67.205
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.600	25.261	22.668
(c) Trade receivables	72.807	66.051	51.381
(d) Cash and cash equivalents	0.063	0.107	0.065
(e) Short-term loans and advances	54.418	35.472	22.531
(f) Other current assets	0.115	0.389	0.288
Total Current Assets	158.003	127.280	96.933
TOTAL	276.801	217.325	164.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	212.562	178.154	125.506
		Other Income	4.887	1.215	0.961
		TOTAL	217.449	179.369	126.467
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	148.646	121.828	85.122
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		68.803	57.541	41.345
Less/ Add	DEPRECIATION/ AMORTISATION		11.856	12.672	7.862
	PROFIT BEFORE TAX		56.947	44.869	33.483
Less	TAX		17.810	14.200	10.405
	PROFIT AFTER TAX		39.137	30.669	23.078
	EARNINGS IN FOREIGN CURRENCY		34.028	21.466	NA
	Earnings Per Share (Rs.)		8.13	6.37	4.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	18.00	17.10	18.25
Net Profit Margin (PBT/Sales)	(%)	26.79	25.19	26.68
Return on Total Assets (PBT/Total Assets}	(%)	20.57	20.65	20.40
Return on Investment (ROI) (PBT/Networth)		0.30	0.30	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.04
Current Ratio (Current Asset/Current Liability)		1.77	1.90	2.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	38.505	38.505	48.131
Reserves & Surplus	79.220	109.888	139.400
Net worth	117.725	148.393	187.531
long-term borrowings	0.552	0.000	0.000
Short term borrowings	4.157	0.578	0.496
Total borrowings	4.709	0.578	0.496
Debt/Equity ratio	0.040	0.004	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	125.506	178.154	212.562
		41.949	19.314

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	125.506	178.154	212.562
Profit	23.078	30.669	39.137
	18.39%	17.21%	18.41%

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	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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450016	04/09/2013	1,000,000.00	STATE BANK OF INDIA	SME GIDC,, WADHWAN BRANCH, SURENDRANAGAR, GUJARAT - 363035, INDIA	B85370245
2	90112539	05/10/1999	2,600,000.00	STATE BANK OF INDIA	WADHWAN CITY, WADHWAN CITY, GUJARAT - 363030,INDI A	-
3	90113037	23/12/2000 *	3,200,000.00	STATE BANK OF INDIA	WADHWAN CITY, WADHWAN CITY, GUJARAT, INDIA	-
4	90112388	14/09/1997	3,000,000.00	STATE BANK OF INDIA	WADHWAN BRANCH, WADHWAN, GUJARAT, INDIA	-
5	90111347	26/03/1997	3,000,000.00	STATE BANK OF INDIA	WADHWAN, WADHWAN, GUJARAT, INDIA	-

*

FIXED ASSETS

• Land and Estate
• New Construction Plot
• Fright Foundation and Insurance
• Jig Fixtures
• Patterns and Pattern
• Cutting Tools and Equipment
• Testing Equipment and Measurement
• Electric Fitting and Fixtures
• Furniture and Fixture
• New Motor Car
• Plant and Machinery
• Computer Accessories

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS+

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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	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.