MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	RUDRA CASTINGS PRIVATE LIMITED
Registered Office :	Village Badinpur, P O- Khanpur, Mandi Gobindgarh – 147301, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.02.2008
Com. Reg. No.:	16-31712
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U27310PB2008PTC031712
Legal Form :	Private limited liability company
Line of Business :	Manufacturer, Trader and Exporter of Investment Casting, Alloy Metal Precision Casting, Stainless Steel Casting Automobile Investment Casting etc.
No. of Employees :	25 (Approximately) (Office – 10 and Factory – 15)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 25000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Nitin Vij
Designation :	Director
Contact No.:	91-9915100019
Date :	08.12.2011

LOCATIONS

Registered Office :	Village Badinpur, P O- Khanpur, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-1765-242019
Mobile No.:	91-9915100019 (Mr. Nitin Vij)
Fax No.:	91-1765-250019
E-Mail :	rudracastings@gmail.com info@rudracastings.com rsa34khanna@gmail.com depeshkumar2007@yahoo.co.in gurmail_Sohi@yahoo.com
Website :	http://www.rudracastings.com
Location :	Owned
Factory :	Peer Gajju Shah Road, Badinpur, Mandi Gobindgarh-147 301, Punjab, India
Area :	1 acre
Location :	Owned
Postal Address:	House No.20, GTB Nagar, Near PWB Rest House, GT Road, Khanna- 141 401Punjab, India
Area :	400 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Nitin Braham Vij
Designation :	Director
Address :	House No 20, G T B Nagar, Near Pwd Rest House Khanna, Ludhiana- 141 401, Punjab, India
Date of Birth/Age :	30.04.1983
Qualification :	B. Tech
Date of Appointment :	28.02.2008
DIN No.:	02063733
Name :	Mr. Braham Kumar Vij
Designation :	Director
Address :	House No 20, G T B Nagar, Near Pwd Rest House Khanna, Ludhiana- 141 401, Punjab, India
Date of Birth/Age :	09.09.1958
Qualification :	B. com
Date of Appointment :	28.02.2008
DIN No.:	02063710
Name :	Mr. Saurvav Vij
Designation :	Director
Address :	House No 20, G T B Nagar, Near Pwd Rest House Khanna, Ludhiana- 141 401, Punjab, India
Date of Birth/Age :	02.08.1986
Date of Appointment :	26.02.2011
DIN No.:	03407117

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Nitin Braham Vij	147400
Braham Kumar Vij	105000
Saurvav Vij	10000

(AS ON 30.09.2010)

Equity Shares Break Up

Category	Percentage
Directors or relatives of directors	92.00
Other top fifty (50) shareholders (other than listed above)	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Investment Casting, Alloy Metal Precision Casting, Stainless Steel Casting Automobile Investment Casting etc.
Products :	· Investment Casting · Precision Investment Casting · Alloy Metal Precision Casting · Stainless Steel Casting · Automobile Investment Casting · Marine Engineering Investment Casting
Exports :
Products :	Stainless Steel Casting
Countries :	· Canada · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

25 (Approximately) (Office – 10 and Factory – 15)

Bankers :

· Punjab National Bank,

G. T. Road Branch, Khanna-141 401, Punjab, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Punjab National Bank, MGVG (Secured against hypothecation of land, building, plant and machinery in addition to personal guarantee of directors)	4.497	3.434
Punjab National Bank (Secured against hypothecation of stock, Stores, Book Debts in addition to personal guarantee of directors)	2.175	0.000
Total	6.672	3.434
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Relatives	2.570	0.720
Total	2.570	0.720

Banking Relations :	--
Auditors :
Name :	Rajinder Pal Goel and Associates Chartered Accountants
Address :	Opposite Punjab and Sind Bank, G.T. Road, Khanna-141 401, Punjab, India
PAN No.:	AFCPG3168A

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- Each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- Each	Rs.3.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.000	0.100	0.100
2] Share Application Money		3.576	2.871	0.675
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.401)	0.000	(0.016)
NETWORTH		6.175	2.971	0.759
LOAN FUNDS
1] Secured Loans		6.672	3.434	0.000
2] Unsecured Loans		2.570	0.720	0.000
TOTAL BORROWING		9.242	4.154	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.417	7.125	0.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.561	6.395	0.640
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.728	0.000	0.000
	Sundry Debtors	0.913	0.000	0.000
	Cash & Bank Balances	0.057	0.239	0.119
	Other Current Assets	0.357	0.325	0.000
	Loans & Advances	0.565	0.380	0.000
Total Current Assets		4.620	0.944	0.119
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.432	0.585	0.000
	Other Current Liabilities	0.393	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.825	0.585	0.000
Net Current Assets		3.795	0.358	0.119
MISCELLANEOUS EXPENSES		0.061	0.082	0.000
Pre-Operative Expenses		0.000	0.290	0.000
TOTAL		15.417	7.125	0.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Turnover	2.786
		Other Income	1.992
		TOTAL	4.778
Less	EXPENSES
		TOTAL	5.179
	PROFIT BEFORE TAX		(0.401)
Less	TAX		0.000
	PROFIT AFTER TAX		(0.401)
	Earnings Per Share (Rs.)		(1.34)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(8.39)	--	--
Net Profit Margin (PBT/Sales)	(%)	(14.39)	--	--
Return on Total Assets (PBT/Total Assets}	(%)	(2.48)	--	--
Return on Investment (ROI) (PBT/Networth)		(0.06)	--	--
Debt Equity Ratio (Total Liability/Networth)		1.63	1.82	0.00
Current Ratio (Current Asset/Current Liability)		5.60	1.61	0.00

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

FINANCIAL ACHIEVEMENT:

Company has successfully commenced commercial production during the year. During the year consideration the turnover of the company is Rs.2.786 Millions. The company has suffered a loss of Rs.0.401 Million however company has earned a cash profit of Rs.0.438 Million. Company is hopeful to do better in current financial year.

The company has not accepted any deposits from public during the year under report.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27310PB2008PTC031712
Name of the company	RUDRA CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Badinpur, P O- Khanpur, Mandi Gobindgarh-147 301, Punjab, India depeshkumar2007@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Punjab National Bank, G. T. Road Branch, Khanna-141 401, Punjab, India bo0265@pnb.co.in
Nature of description of the instrument creating or modifying the charge	Term Loan for Rs. 12,92,000/- vide Agreement dated 29 June, 2011 to purchase spectrometer.
Date of instrument Creating the charge	29.06.2011
Amount secured by the charge	Rs.1.292 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @4.5% over the prevailing base rate (presently being 10.0%) Terms of Repayment 20 quarterly instalments of RS. 64000/- each Margin 25% Extent and Operation of the charge As per agreement
Short particulars of the property charged	Spectrometer installed at Village Badinpur, P.O. Khanpur, Mandi Gobindgarh, Punjab alongwith property already deposited as per letter of continuity.

FIXED ASSETS

· Shed and Building

· Plant and Machinery

· Air Pollution Control

· Furniture and Fixture

· Fan

· Land

· Computers

· Office Equipment

· Weighting Scale

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 records 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.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.