MIRA INFORM REPORT

Report No. :	309343
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	FRISTAM PUMPS (INDIA) PRIVATE LIMITED
Registered Office :	J-340, MIDC, Industrial Area, Bhosari, Pune – 411 626
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.11.1986
Com. Reg. No.:	25-041599
Capital Investment / Paid-up Capital :	Rs. 4.167 Millions
CIN No.: [Company Identification No.]	U29120MH1986PTC041599
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00633D
PAN No.: [Permanent Account No.]	AAACF4158R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Stainless Steel Hygienic Pumps
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The company has achieved minimal sales turnover from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY (GENERAL INFORMATIONS)

Name :	Mr. Vikram Kulkarni
Designation :	Account manager
Contact No.:	91-20-27130751
Date :	24.02.2015

LOCATIONS

Registered Office / Factory :	J-340 MIDC Industrial Area Bhosari, Pune – 411 026, Maharashtra, India
Tel. No.:	91-20-65334954/20205506
Fax No.:	91-20-27122418
E-Mail :	fristamp@rediffmail.com response@fristamindia.net fristamp@vsnl.net fristamp@bsnl.in sales@fristamindia.in
Website :	www.firstamindia.net
Location :	Leased

DIRECTORS

As on 30.09.2014

Name :

Joachim Friedsch

Designation :

Director

Address :

Eli Sabeth Thomannweg 10 21029, Hamburg Germany

Date of Birth :

24.05.1961

Date of Appointment :

30.04.1999

DIN No.:

03595258

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	U29120MH1986PTC041599	FRISTAM PUMPS (INDIA) PVT LTD	Director	30/04/1999	30/04/1999	-	Active	NO
2	L57909PN1982PLC026929	FILTRON ENGINEERS LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO

Name :

Wolfgang Stamp

Designation :

Director

Address :

Elube Strasse 12 214 Winsen, Loheot, Lassroenne Germany

Date of Birth/Age :

24.12.1957

Date of Appointment :

03.05.1995

DIN No.:

05131330

Name :

Mr. Mayur Arvind Shinde

Designation :

Director

Address :

Sievekingsallee, 82, Hamburg, 20535, Germany

Date of Birth/Age :

05.12.1983

Date of Appointment :

29.09.2012

DIN No.:

05321272

KEY EXECUTIVES

Name :	Mr. Vikram Kulkarni
Designation :	Account manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Sadanand Hegde	5901
Fristam International Beteiligungsgesellschaft MbH, Germany	35770
Total	41671

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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	85.84
Other top fifty shareholders	14.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Stainless Steel Hygienic Pumps
Products :	· Centrifugal Pumps · Self Priming Centrifugal Pumps · Multistage Pumps · Rotary Piston Pumps · Rotary Lobe Pumps
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Australia
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Creative Casting Limited, Vadodara
Name of the Person :	Mr. Upadhyay (Account Manager)
Contact No.:	91-9904120385
Since How Long Known :	Not Divulged
Experience :	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Maximum Limit Dealt :	Not Divulged
Remark :	As claimed by Mr. Upadhyay that the payment behavior is on time, person is very rude while talking.

Customers :

• Wholesalers, Retailers and Manufacturer

Reference :	Nestle India Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

• Canara Bank, Pimpri Branch, Umed Bhavan, Station Road, Pimpri, Pune – 411026, Maharashtra, India

Banker Name	Canara Bank
Branch Address	M.G. Road, Pune – 411001
Person Name (With Designation)	Mrs. Kulkarni
Contact Number	91-20-27421802
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Declined to part any information.

Banker Name	ICICI Bank
Branch Address	Bhosari, Pune
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Vehicle Loan	0.556	1.302
Less : Current maturity of term loan	(0.556)	(0.745)
		0.557
SHORT TERM BORROWING
Loans repayable on demand
Canara Bank OD	3.467	0.000
Total	3.467	0.557

Auditors :
Name :	Sudit K Parekh and Company Chartered Accountants
Address :	2^nd Floor, Ballard House, Adi Marzban Path, Ballard Pier, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFS4500P
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Fristam International Beteiligungsgesellschaft Mbh, Hamberg Fristam Pumpen KG and Company GMBH, Germany

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41,671	Equity Shares	Rs.100/- each	Rs. 4.167 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	4.167	3.011	2.179
(b) Reserves & Surplus	36.188	14.411	7.187
(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)	40.355	17.422	9.366
(3) Non-Current Liabilities
(a) long-term borrowings	0.698	0.557	1.073
(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	2.306	2.038	2.335
Total Non-current Liabilities (3)	3.004	2.595	3.408
(4) Current Liabilities
(a) Short term borrowings	3.467	0.000	0.607
(b) Trade payables	25.638	18.085	10.748
(c) Other current liabilities	3.046	2.105	1.992
(d) Short-term provisions	0.688	0.351	0.925
Total Current Liabilities (4)	32.839	20.541	14.272
TOTAL	76.198	40.558	27.046
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.056	5.330	4.634
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.125	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)	0.059	0.000	0.642
(d) Long-term Loan and Advances	0.819	3.133	0.030
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.059	8.463	5.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.499	9.692	10.035
(c) Trade receivables	17.697	16.622	8.530
(d) Cash and cash equivalents	9.563	5.574	2.820
(e) Short-term loans and advances	3.321	0.144	0.159
(f) Other current assets	0.059	0.063	0.196
Total Current Assets	52.139	32.095	21.740
TOTAL	76.198	40.558	27.046

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	44.599	43.251	44.599
Less	EXPENSES
	TOTAL	43.277	44.285	40.477
	PROFIT/ (LOSS) BEFORE TAX	1.322	(1.034)	4.122
Less	TAX	(0.060)	0.642	1.339
	PROFIT/ (LOSS) AFTER TAX	1.382	(1.676)	2.783
	EARNINGS IN FOREIGN CURRENCY	1.718	0.200	0.855
	Earnings / (Loss) Per Share (Rs.)	33.16	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.74	(2.55)	15.61
Return on Investment (ROI) (PBT/Networth)		0.03	(0.06)	0.44
Debt Equity Ratio (Total Debt /Networth)		0.10	0.03	0.18
Current Ratio (Current Asset/Current Liability)		1.59	1.56	1.52

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	2.179	3.011	4.167
Reserves & Surplus	7.187	14.411	36.188
Net worth	9.366	17.422	40.355
long-term borrowings	1.073	0.557	0.698
Short term borrowings	0.607	0.000	3.467
Total borrowings	1.680	0.557	4.165
Debt/Equity ratio	0.179	0.032	0.103

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)
Total Income	44.599	43.251	44.599
		(3.022)	3.117

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	44.599	43.251	44.599
Profit	2.783	(1.676)	1.382
	6.24%	(3.88%)	3.10%

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	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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
2% Convertible Debentures	0.698	0.000
Total	0.698	0.000

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Office Equipment

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.62.27
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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
--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		29

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.