MIRA INFORM REPORT

Report No. :	329546
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	MEDORE EQUIPMENTS (INDIA) PRIVATE LIMITED

Registered Office :	A-352, MIIDC TTC Areamahape, P O Ghansoli, New Mumbai – 400701, Maharashtra
Tel. No.:	91-91-27781298

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.10.1991

Com. Reg. No.:	11-063694

Capital Investment / Paid-up Capital :	Rs.2.916 Million

CIN No.: [Company Identification No.]	U99999MH1991PTC063694

IEC No.:	0391159071

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in design and manufacturing of various fabricated equipment like pressure vessels, heat exchangers, reaction vessels, agitators, spray dryers and special machinery for chemical, fertilizers, petrochemicals and paper industry.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a well-established private limited company incorporated in the year 1991, having satisfactory track. Rating takes into consideration sound financial risk profile of the company backed by low gearing and fair profit margin. Further rating considers vast experienced promoters of the company in the field of Design and Manufacturing of Process Plant Equipment. However, company has reported decrease in sales turnover and profit in FY14. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with 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.

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Jaypal
Designation :	Admin Department
Contact No.:	91-22-27781298
Date :	26.06.2015

LOCATIONS

Registered Office :	A-352, MIIDC TTC Areamahape, P O Ghansoli, New Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27781298/41626700
Fax No.:	Not Available
E-Mail :	sandeep@sppc.co.in

DIRECTORS

AS ON 17.09.2014

Name :	Mr. Ravindran Markasseri
Designation :	Director
Address :	B-503, Shreeji Ville, Opposite Nitin Casting, Panch Pakhadi, Thane - 400602, Maharashtra, India
Date of Birth/Age :	28.05.1955
Date of Appointment :	21.10.1991
DIN No.:	01316760

Name :	Mrs. Shobha Ravindran Nair
Designation :	Director
Address :	B-503, Shreeji Ville, Opposite Nitin Casting, Panch Pakhadi, Thane - 400602, Maharashtra, India
Date of Birth/Age :	28.12.1959
Date of Appointment :	03.03.1993
DIN No.:	01316779

Name :	Mr. Shamsuddin Nalupurakkal
Designation :	Director
Address :	Baby Cottage, Tellicherry-4, Cannanore - 670001, Kerala, India
Date of Birth/Age :	15.04.1952
Date of Appointment :	30.07.1993
DIN No.:	01600303

KEY EXECUTIVES

Name :	Mr. Jaypal
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2014

Names of Shareholders	No. of Shares	%age holding
Ravindran Markasseri	9284	31.84
Rajgopal	751	2.58
Shamsuddin Nalupurakkal	16875	57.87
Shobha Ravindran Nair	2250	7.72
Total	29160	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 17.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in design and manufacturing of various fabricated equipment like pressure vessels, heat exchangers, reaction vessels, agitators, spray dryers and special machinery for chemical, fertilizers, petrochemicals and paper industry.

Products :	--

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Ajanta Tools and Hardware Centre
Advance Systems
Able Electrical Works
Allied Group Security Force
Arihant Trading Company
Astra Enterprises
Atish Transport
Balaji Enterprises
David Engineering
M A Enterprises
Metro Tools
Sage Welds

Customers :

B M Services
Enpeeye Exim Company Private Limited
K Rajesh and Company
Tonestar Electricals
AI Shrouq Electricals East Company
Rashtriya Chemicals Fertilizers
Rutoz Hitek Engineers

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Canara Bank
Branch Address	Turbhe Branch, Sector 19-C,Turbhe (Apmc), Vashi,, Navi Mumbai - 400705, Maharashtra, India
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 Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
ICICI Bank Car Loan	0.000	0.105
Loan from HDFC	2.664	0.604
Total	2.664	0.709

Auditors :
Name :	Baul Savla and Associates Chartered Accountant
Address :	Room No.2, 1st Floor, Nav Durga Nivas, Dr. R.P. Road Manpada X Road, Opposite Bank of India, Mumbai – 421201, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFB8263D

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.100/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

29160	Equity Shares	Rs.100/- each	Rs. 2.916 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.916	2.916	2.916
(b) Reserves & Surplus	18.572	18.317	16.779
(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)	21.488	21.233	19.695

(3) Non-Current Liabilities
(a) long-term borrowings	9.877	6.728	4.610
(b) Deferred tax liabilities (Net)	0.160	0.199	0.228
(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)	10.037	6.927	4.838

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	18.083	42.382	33.668
(c) Other current liabilities	22.600	17.734	22.595
(d) Short-term provisions	3.386	3.564	3.214
Total Current Liabilities (4)	44.069	63.680	59.477

TOTAL	75.594	91.840	84.010

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.812	13.646	12.763
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.812	13.646	12.763

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.435	51.625	0.474
(c) Trade receivables	5.647	4.144	48.519
(d) Cash and cash equivalents	0.230	0.314	4.401
(e) Short-term loans and advances	14.470	22.111	17.853
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	62.782	78.194	71.247

TOTAL	75.594	91.840	84.010

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	78.897	116.598	105.225
	Other Income	0.488	0.216	0.021
	TOTAL (A)	79.385	116.814	105.246

Less	EXPENSES
	Purchases of Stock-in-Trade	33.322	77.846	65.841
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.189	(3.106)	1.706
	Employees benefits expense	14.370	13.300	12.115
	Other expenses	17.682	22.152	20.295
	TOTAL (B)	74.563	110.192	99.957

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4.822	6.622	5.289

Less	FINANCIAL EXPENSES (D)	1.833	1.761	2.081

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.989	4.861	3.208

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.103	1.102	1.178

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.886	3.759	2.030

Less	TAX (H)	0.778	1.374	0.895

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.108	2.385	1.135

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	18.317	16.779	15.645

Less	APPROPRIATIONS
	Dividend Paid	0.729	0.729	0.000
	Dividend Distributor Tax Paid	0.124	0.118	0.000
	Balance Carried to the B/S	18.572	18.317	16.780

	Earnings / (Loss) Per Share (Rs.)	37.99	81.79	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash from operations

3.086

5.540

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.40	2.05	1.08

Operating Profit Margin (PBIDT/Sales)	(%)	6.11	5.68	5.03

Return on Total Assets (PBT/Total Assets}	(%)	2.49	4.09	2.42

Return on Investment (ROI) (PBT/Networth)		0.09	0.18	0.10

Debt Equity Ratio (Total Debt /Networth)		0.46	0.32	0.23

Current Ratio (Current Asset/Current Liability)		1.42	1.23	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.916	2.916	2.916
Reserves & Surplus	16.779	18.317	18.572
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	19.695	21.233	21.488

long-term borrowings	4.610	6.728	9.877
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.610	6.728	9.877
Debt/Equity ratio	0.234	0.317	0.460

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	105.225	116.598	78.897
		10.808	(32.334)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	105.225	116.598	78.897
Profit	1.135	2.385	1.108
	1.08%	2.05%	1.40%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

TURNOVER AND PROFIT

Total revenue inflows for the year amounts to Rs 79.385 Million (Previous year Rs. 116.814 Million) Profit before Taxation is Rs. 1.886 Million ad After Taxation is Rs. 1.108 Million (Previous year Rs. 3.759 Million and Rs. 2.385 Million).

CORPORATE INFORMATION

Subject was incorporated on 21.10.1991. Medore equipment is an engineering company with excellent infrastructure facilities, engaged in design and manufacturing of various fabricated equipment like pressure vessels, Heat exchangers, Reaction vessels, Agitators, Spray Dryers and Special machinery for chemical, fertilizers, petrochemicals and paper industry. It is a company with NRI Participation and managed by a team of professional engineers having vast experience in the field of design and manufacturing of process equipment.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
Loan from Director’s	7.213	6.019
Total	7.213	6.019

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10176655	01/09/2009	500,000.00	CANARA BANK	TURBHE BRANCH,, SECTOR 19-C,TURBHE (APMC), VASHI, , NAVI MUMBAI, MAHARASHTRA - 400705, INDIA	A69791085
2	90143751	06/02/2002	1,200,000.00	CANARA BANK	TURBHE APMC BRANCH, NAVI, MUMBAI, MAHARASHTRA, IN DIA	-
3	90232179	24/01/2013 *	20,500,000.00	CANARA BANK	TURBHE BRANCH,, SECTOR 19-C,TURBHE (APMC), VASHI, , NAVI MUMBAI, MAHARASHTRA - 400705, INDIA	B68803410
4	90143175	25/03/2003 *	14,500,000.00	CANARA BANK	PLOT NO - 179; BANKING COMPLEX; UNIT NO - 5, SEC - 19; TURBHE A.P.M.C.; VASHI; NAVI; THANE EAST, MU MBAI, MAHARASHTRA, INDIA	-
5	90145875	14/09/1995	500,000.00	CANARA BANK	KOPRI COLONY, THANE, MAHARASHTRA - 400603, INDIA	-
6	90140601	03/05/1999 *	4,210,000.00	CANARA BANK	PLOT NO - 179; BANKING COMPLEX; UNIT NO - 5, SEC - 19; TURBHE A.P.M.C.; VASHI; NAVI, MUMBAI, MAHARA SHTRA, INDIA	-
7	90141854	14/09/1995 *	200,000.00	CANARA BANK	KOPRI COLONY, THANE, MAHARASHTRA - 400603, INDIA	-
8	90147006	25/03/1996 *	200,000.00	CANARA BANK	KAPRI COLONY, THANE, MAHARASHTRA - 400603, INDIA	-
9	90146993	23/12/1996 *	200,000.00	CANARA BANK	PLOT NO - 179; BANKING COMPLEX; UNIT NO - 5, SEC - 19; TURBHE A.P.M.C.; VASHI; NAVI, MUMBAI, MAHARA SHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

Leasehold Land
Land
Factory Building
Data Processing Machines
Furniture and Fixture
Vehicles
Plant and Machinery
Air Conditioner
Communication System
Electrical Fittings
Craine and Hoist
Fax Machine
Generator
Pattern, Dies and Tools
Plant and Machinery
Punching Machine
Refrigerator
Type Writter
Water Pump
Water Purifier
Xerox Machine
CCTV

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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KIN

Report Prepared by :	KVT

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	4
--PROFITABILITY	1~10	4
--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	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		43

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

INDEX OF CHARGES

Unit