MIRA INFORM REPORT

Report No. :	309122
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	BARTON FIRTOP ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Plot L-74, Phase II D, Verna Industrial Estate, Verna – 403722, Goa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.05.1997
Com. Reg. No.:	24-002343
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U74210GA1997PTC002343
TAN No.: [Tax Deduction & Collection Account No.]	BLRB04672D
PAN No.: [Permanent Account No.]	AAACB7464L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and sale of strainers and valves.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 DENIED BY

Name :	Mr. Mingle
Designation :	Accounts Head
Contact No.:	91-832-2782649
Date :	23.02.2015

LOCATIONS

Registered Office :	Plot L-74, Phase II D, Verna Industrial Estate, Verna – 403722, Goa, India
Tel. No.:	91-832-2782649
Fax No.:	Not Available
E-Mail :	bartonfirtop@satyam.net.in
Website :	www.satyam.net.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Osborne Desouza

Designation :

Managing Director

Address :

A-106, House Of Lords, Miramar - 403001, Goa, India

Date of Birth/Age :

05.12.1966

Date of Appointment :

20.05.1997

DIN No.:

01016345

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	U74210GA1997PTC002343	BARTON FIRTOP ENGINEERING (INDIA) PRIVATE LIMITED	Managing director	20/05/1997	20/05/1997	-	Active	NO
2	U74200GA2009PTC006015	ARKONA ENGINEERING (INDIA) PRIVATE LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO

Name :

Mr. Felicity Susan Stephan

Designation :

Director

Address :

Robeanna, White Ladies Aston, Worcestershire, WR74QH, United Kingdom

Date of Birth/Age :

13.06.1952

Date of Appointment :

20.05.1997

DIN No.:

02698900

Name :

Mr. Blossom De Souza

Designation :

Director

Address :

Flat No.A-106, House Of Lords, Opposite Marriots, Miramar., Panaji - 403001, Goa, India

Date of Birth/Age :

30.12.1968

Date of Appointment :

20.05.1997

DIN No.:

00242098

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	U74210GA1997PTC002343	BARTON FIRTOP ENGINEERING (INDIA) PRIVATE LIMITED	Director	20/05/1997	20/05/1997	-	Active	NO
2	U74200GA2009PTC006015	ARKONA ENGINEERING (INDIA) PRIVATE LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO

Name :

Mr. Kevin John Troughton

Designation :

Director

Address :

23, The Ridgeway, Worcester, Worcestershire, WR52DA, United Kingdom

Date of Birth/Age :

08.04.1971

Date of Appointment :

29.10.2007

DIN No.:

02604274

KEY EXECUTIVES

Name :	Mr. Mingle
Designation :	Accounts Head

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Blossom De Souza	650	13.00
Osborne Desouza	650	13.00
Barton Firtop Engg.co.	3700	74.00
Total	5000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	74.00
Directors or relatives of Directors	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and sale of strainers and valves.
Products :	Strainers Valves
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

State Bank of India, Commercial Branch, F. L. Gomes Road, Vasco Da Gama - 403802, Goa, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	20.081	5.041
Total	20.081	5.041

Banking Relations :	--
Auditors :
Name :	P. P. Mahatme and Company Chartered Accountants
Address :	Gabmar Apartments, Vasco Da Gama – 403802, Goa, India
Tel. No.:	91-832-2513370 / 2512256
Fax No.:	91-832-2511345
E-Mail :	mail.vsg@mahatmeindia.com
PAN No.:	AADFP5607M
Membership :	--
Holding Company :	Barton Firtop Engineering Limited, U.K
Entities over which Company or key management personnel or their relatives, exercise significant influence :	Arkona Engineering (l) Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	109.614	84.740	72.495
(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)	110.114	85.240	72.995
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.967	2.191
Total Non-current Liabilities (3)	0.000	0.967	2.191
(4) Current Liabilities
(a) Short term borrowings	23.559	7.927	3.848
(b) Trade payables	43.773	39.435	16.550
(c) Other current liabilities	7.295	5.798	5.386
(d) Short-term provisions	0.013	0.013	0.013
Total Current Liabilities (4)	74.640	53.173	25.797
TOTAL	184.754	139.380	100.983
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.938	26.238	18.506
(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	1.589	1.573	1.599
(c) Deferred tax assets (net)	0.347	0.485	0.571
(d) Long-term Loan and Advances	0.000	0.000	0.062
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.874	28.296	20.738
(2) Current assets
(a) Current investments	13.502	12.588	11.772
(b) Inventories	47.414	43.668	31.656
(c) Trade receivables	38.737	28.510	15.283
(d) Cash and cash equivalents	25.934	6.139	8.952
(e) Short-term loans and advances	28.928	20.068	12.327
(f) Other current assets	0.365	0.111	0.255
Total Current Assets	154.880	111.084	80.245
TOTAL	184.754	139.380	100.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	291.947	195.636	160.366
		Other Income	11.735	3.147	4.989
		TOTAL (A)	303.682	198.783	165.355
Less	EXPENSES
		TOTAL (B)	260.560	175.886	147.731
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.122	22.897	17.624
Less	FINANCIAL EXPENSES (D)		1.617	1.366	0.511
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.505	21.531	17.113
Less	DEPRECIATION/ AMORTISATION (F)		5.128	4.250	3.407
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		36.377	17.281	13.706
Less	TAX (H)		11.503	5.037	3.829
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		24.874	12.244	9.877
	EARNINGS IN FOREIGN CURRENCY		291.292	195.125	159.129
	Earnings Per Share (Rs.)		4974.77	2448.87	1975.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	8.52	6.26	6.16
Operating Profit Margin (PBDIT/Sales)	(%)	14.77	11.70	10.99
Return on Total Assets (PBT/Total Assets}	(%)	19.90	12.58	13.87
Return on Investment (ROI) (PBT/Networth)		0.33	0.20	0.19
Debt Equity Ratio (Total Debt /Networth)		0.21	0.09	0.05
Current Ratio (Current Asset/Current Liability)		2.08	2.09	3.11

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	0.500	0.500	0.500
Reserves & Surplus	72.495	84.740	109.614
Share Application money pending allotment	0.000	0.000	0.000
Net worth	72.995	85.240	110.114
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.848	7.927	23.559
Total borrowings	3.848	7.927	23.559
Debt/Equity ratio	0.053	0.093	0.214

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
Sales	160.366	195.636	291.947
		21.993	49.230

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	160.366	195.636	291.947
Profit	9.877	12.244	24.874
	6.16%	6.26%	8.52%

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	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	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 LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
From related parties	3.478	2.886
Total	3.478	2.886

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90077757	17/07/2012 *	140,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, F. L. GOMES ROAD, VASCO DA GAMA, GOA - 403802, INDIA	B44642064
2	90076224	21/01/1998	348,000.00	THE GOA URBAN CO-OPERATIVE BANK LTD.	VASCO DA GAMA BRANCH, VASCO DA GAMA, GOA, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Factory Shed

· Plant and Equipment

· Furniture and Fixtures

· Office Equipment

· Moulds / Patterns

· Electrical Fittings

· Vehicles

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.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	NKT

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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.