Thanks for your feedback. I'm going to do a complete rewrite of the site. The site was not hit by panda but there was a manual penalty applied to the site.
In WMT, It got message that "some or all pages violate quality guidelines". I'm going to improve all the pages to maximum extent.
Everything is not copy and paste and some pages are completely unique but I know there is a lot more I can do to make the site better. My homepage is extremely bad and I'm going to improve it a lot, believe me :)
I really appreciate you opinion. I'm sending you another PM with my plan.