MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	BOMBAY FLUID SYSTEM COMPONENTS PRIVATE LIMITED
Registered Office :	44 White Hall, August Kranti Marg, Kemps Corner, Mumbai – 400036, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.074.1999
Com. Reg. No.:	11-120923
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U90001MH1999PTC120923
IEC No.:	0399029516
PAN No.: [Permanent Account No.]	AAACB9801F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Instrumentational Fitting used in Oil and Gas Industry.
No. of Employees :	61 (Approximately) (29 In Office + 32 In Branch)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013-14. However, rating draws strength from strong liquidity position and long track record of operation. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sanjay Mayekar
Designation :	Assistant General Manager
Contact No.:	91-9820862045
Date :	04.11.2014

LOCATIONS

Registered Office :	44 White Hall, August Kranti Marg, Kemps Corner, Mumbai – 400036, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9820862045 (Mr. Sanjay )
Fax No. :	Not Available
E-Mail :	sanjay.mayekar@bombay.swagelok.com swagelokbombay@vsnl.net
Corporate Office :	15 and 16, Maker Chamber VI, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No. :	91-22-67164000
Fax No. :	91-22-66625983
Area :	4180 Sq. ft
Location :	Rented
Branch Office :	Swagelok House, Plot No.4, Survey No. 57, Hissa No. 4, Swati Park, Baner, Pune – 411045, Maharashtra, India
Tel. No. :	91-20-32609214
Fax No. :	91-20-27290408
E-Mail :	Nishant.jadhav@swagelok.com
Area :	460 Sq. mtr
Location :	Rented

DIRECTORS

As on 27.09.2013

Name :

Mr. Amit Mohan Advani

Designation :

Managing Director

Address :

309, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

01.01.1976

Date of Appointment :

17.09.1999

DIN No. :

01898244

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	U90001MH1999PTC120923	BOMBAY FLUID SYSTEM COMPONENTS PRIVATE LIMITED	Managing director	17/09/99	17/09/99	-	Active	NO
2	U31100MH2005PTC151667	BLUESTREAM MANUFACTURING SERVICES PRIVATE LIMITED	Director	28/02/05	28/02/05	-	Active	NO
3	U91110MH1999NPL122117	Entrepreneurs' Organization Mumbai	Director	01/07/06	01/07/06	01/07/10	Active	NO

Name :

Mrs. Guddi Mohan Advani

Designation :

Director

Address :

309, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

29.07.1942

Date of Appointment :

17.09.1999

DIN No. :

01898533

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	U90001MH1999PTC120923	BOMBAY FLUID SYSTEM COMPONENTS PRIVATE LIMITED	Director	17/09/99	17/09/99	-	Active	NO
2	U31100MH2005PTC151667	BLUESTREAM MANUFACTURING SERVICES PRIVATE LIMITED	Director	06/01/14	06/01/14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Mayekar
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares	%age
Advani Naraindas Mohan	50000	5.00
Amit Mohan Advani	910000	91.00
Guddi Mohan Advani	40000	4.00
Total	1000000	100.00

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Instrumentational Fitting used in Oil and Gas Industry.
Agencies Held :	Swagelok – USA Sandvik – Sweden
Imports :
Products :	Swagelok Instrumentation Fittings Sandvik Tubing
Countries :	USA Sweden
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

61 (Approximately) (29 In Office + 32 In Branch)

Bankers :

v Citi Bank, Trent House, 2^nd Floor, G Block plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

v ICICI Bank Limited

Facilities :

Credit Limit Rs. 35.000 Millions (From Citi Bank)

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
ICICI Bank Limited – Car Loan (Secured against Vehicle)	0.000	0.534
SHORT TERM BORROWINGS
Citi Bank – Cash Credit Secured against Book Debts and Stocks)	0.000	0.922
Total	0.000	1.456

Banking Relations :	--
Auditors :
Name :	Jayesh Dadia and Associates Chartered Accountants
Address :	422, Arun Chambers, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No. :	91-22-66602417 / 66601056
Fax No. :	91-22-66602418
E-Mail :	info@jdaca.co
Website :	www.jdaca.com
PAN No. :	AADFJ3735C

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	220.948	203.655	167.883
(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)	230.948	213.655	177.883
(3) Non-Current Liabilities
(a) long-term borrowings	0.400	0.934	1.684
(b) Deferred tax liabilities (Net)	3.671	3.894	2.834
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.813	7.436	0.000
Total Non-current Liabilities (3)	11.884	12.264	4.518
(4) Current Liabilities
(a) Short term borrowings	0.000	0.922	4.125
(b) Trade payables	20.851	39.032	43.129
(c) Other current liabilities	10.308	13.923	11.474
(d) Short-term provisions	17.517	8.922	0.018
Total Current Liabilities (4)	48.676	62.799	58.746
TOTAL	291.508	288.718	241.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.468	17.774	18.348
(ii) Intangible Assets	0.680	0.506	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	1.350	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.613	4.810	4.988
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.111	23.090	23.336
(2) Current assets
(a) Current investments	7.138	28.553	0.218
(b) Inventories	76.643	49.082	56.861
(c) Trade receivables	105.719	136.777	128.571
(d) Cash and cash equivalents	28.826	30.008	13.359
(e) Short-term loans and advances	43.583	19.023	16.947
(f) Other current assets	2.488	2.185	1.855
Total Current Assets	264.397	265.628	217.811
TOTAL	291.508	288.718	241.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	510.657	581.780	498.666
		Other Income	20.420	21.384	25.648
		TOTAL	531.077	603.164	524.314
Less	EXPENSES
		Purchases of Stock-in-Trade	415.401	416.181	405.325
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.562)	7.779	(14.288)
		Employees benefits expense	51.364	56.638	40.110
		Other expenses	59.739	54.077	46.904
		TOTAL	498.942	534.675	478.051
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		32.135	68.489	46.263
Less	FINANCIAL EXPENSES		2.082	2.913	2.342
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.053	65.576	43.921
Less/ Add	DEPRECIATION/ AMORTISATION		4.383	4.644	3.636
	PROFIT/ (LOSS) BEFORE TAX		25.670	60.932	40.285
Less	TAX		8.377	25.160	12.850
	PROFIT/ (LOSS) AFTER TAX		17.293	35.772	27.435
	EARNINGS IN FOREIGN CURRENCY
		Commission Income	9.764	11.032	15.968
	TOTAL EARNINGS		9.764	11.032	15.968
	IMPORTS
		Trading Goods	327.905	341.474	380.620
	TOTAL IMPORTS		327.905	341.474	380.620
	Earnings / (Loss) Per Share (Rs.)		17.29	35.77	27.44

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.39	6.15	5.50
Operating Profit Margin (PBDIT/ Sales)	(%)	6.29	11.77	9.28
Return on Total Assets (PBT/Total Assets}	(%)	8.85	21.10	16.71
Return on Investment (ROI) (PBT/Networth)		0.11	0.29	0.23
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.03
Current Ratio (Current Asset/Current Liability)		5.43	4.23	3.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	167.883	203.655	220.948
Net worth	177.883	213.655	230.948
long-term borrowings	1.684	0.934	0.400
Short term borrowings	4.125	0.922	0.000
Total borrowings	5.809	1.856	0.400
Debt/Equity ratio	0.033	0.009	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	498.666	581.780	510.657
		16.667	(12.225)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	498.666	581.780	510.657
Profit	27.435	35.772	17.293
	5.50%	6.15%	3.39%

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	No
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Borrowing From Director	0.400	0.400
Total	0.400	0.400

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266976	11/05/2012 *	35,000,000.00	CITI BANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B40732737

* Date of charge modification

FIXED ASSETS

œ Computers

œ Furniture and Fixture

œ Motor Car

œ Office Equipment

œ 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 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--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	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		46

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.