MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	ENAM CASTINGS PRIVATE LIMITED
Registered Office :	D-80/81, MIDC Satpur Nashik 422007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.01.1999
Com. Reg. No.:	117872
Capital Investment / Paid-up Capital :	Rs. 31.600 millions
CIN No.: [Company Identification No.]	U27100MH1999PTC117872
TAN No.: [Tax Deduction & Collection Account No.]	NSKE00700A
PAN No.: [Permanent Account No.]	AAACA4831B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Paper Cutting and Wood Cutting Knife.
No. of Employees :	Not Divulged

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

Maximum Credit Limit :	USD 141876
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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.

INFORMATION PARTED BY (General Details)

Name :	Mr. Gandhi
Designation :	Accounts Department
Contact No.:	91-22-23791409
Date :	10.12.2011

LOCATIONS

Registered Office:	D-80/81, MIDC Satpur Nashik 422007, Maharashtra, India
Tel. No.:	91-253-2354512
Mobile No.:	91-9325676453 (Mr. Deshpande)
E-Mail :	anandbanassocitates@rediffmail.com anandbangassociates@gmail.com
Head Office:	132/134 S V Patel Road, Dongri, Mumbai 400009, Maharashtra, India
Tel. No.:	91-22-23791409
Fax No.:	91-22-23737707
E-Mail :	rka@apexknives.com
Factory :	Located at: · Nagpur

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pradeep A Girase
Designation :	Director
Date of Birth/Age :	29.01.1965
Date of Appointment :	05.11.2007
DIN No.:	01878971

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15200MH2003PTC139954	Surja Bhivson Milk Private Limited	Director	08/04/2003	08/04/2003	-	Active	NO
2	U27100MH1999PTC117872	Enam Castings Private Limited	Director	05/11/2007	05/11/2007	-	Active	NO
3	U74990MH2009PTC191693	Neelay Wareshousing Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
4	U74990MH2009PTC191699	Neelay Cold Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
5	U45202MH2009PTC191722	Neelay Buildcon Private Limited	Director	16/04/2009	16/04/2009	-	Active	NO
6	U28920MH1995PTC091263	Nilchandra Engineering Private Limited	Director	01/01/2011	01/01/2011	-	Active	NO

Name :	Mr. Dilip A Girase
Designation :	Director
Date of Birth/Age :	03.08.1962
Date of Appointment :	05.11.2007
DIN No.:	01764946

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15200MH2003PTC139954	Surja Bhivson Milk Private Limited	Director	08/04/2003	08/04/2003	-	Active	NO
2	U27100MH1999PTC117872	Enam Castings Private Limited	Director	05/11/2007	05/11/2007	-	Active	NO
3	U74990MH2009PTC191693	Neelay Wareshousing Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
4	U74990MH2009PTC191699	Neelay Cold Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
5	U45202MH2009PTC191722	Neelay Buildcon Private Limited	Director	16/04/2009	16/04/2009	-	Active	NO
6	U28920MH1995PTC091263	Nilchandra Engineering Private Limited	Director	01/01/2011	01/01/2011	-	Active	NO

Name :	Mr. Sandeep A Girase
Designation :	Director
Date of Birth/Age :	14.01.1968
Date of Appointment :	05.11.2007
DIN No.:	01811271

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15200MH2003PTC139954	Surja Bhivson Milk Private Limited	Director	08/04/2003	08/04/2003	-	Active	NO
2	U27100MH1999PTC117872	Enam Castings Private Limited	Director	05/11/2007	05/11/2007	-	Active	NO
3	U74990MH2009PTC191693	Neelay Wareshousing Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
4	U74990MH2009PTC191699	Neelay Cold Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
5	U45202MH2009PTC191722	Neelay Buildcon Private Limited	Director	16/04/2009	16/04/2009	-	Active	NO
6	U28920MH1995PTC091263	Nilchandra Engineering Private Limited	Director	01/01/2011	01/01/2011	-	Active	NO

Name :	Mr. Ratnadeep A Girase
Designation :	Director
Date of Birth/Age :	18.10.1979
Date of Appointment :	05.11.2007
DIN No.:	01808642

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15200MH2003PTC139954	Surja Bhivson Milk Private Limited	Director	08/04/2003	08/04/2003	-	Active	NO
2	U27100MH1999PTC117872	Enam Castings Private Limited	Director	05/11/2007	05/11/2007	-	Active	NO
3	U74990MH2009PTC191693	Neelay Wareshousing Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
4	U74990MH2009PTC191699	Neelay Cold Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO
5	U45202MH2009PTC191722	Neelay Buildcon Private Limited	Director	16/04/2009	16/04/2009	-	Active	NO
6	U28920MH1995PTC091263	Nilchandra Engineering Private Limited	Director	01/01/2011	01/01/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deshpande
Designation :	Accounts Manager
Name :	Mr. Prasad Tamat
Designation :	Manager
Name :	Mr. Gandhi
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dilip A Girase	50000
Pradeep A Girase	50000
Sandeep A Girase	50000
Ratnadeep A Girase	50000
Total	200000

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Paper Cutting and Wood Cutting Knife.
Exports :
Products :	Finished Goods
Countries :	Dubai, Saudi Arab, Germany
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

· Retailers

· End Users

No. of Employees :

Not Divulged

Bankers :

• The Shamrao Vithal Co Operative Bank Limited, Gala No. L-15 and G 16 Utility Centre, Opposite Rajiv Gandhi Bhavan, N M C Sharanpur Road, Nashik 422001, Maharashtra, India
• ICICI Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
ICICI Tata Truck Loan (Secured By way of Hyp. Of Vehicle)	0.159	0.370
Shamrao Vithal Bank CC 166 (Secured by way of Hypothecation of Stock and Book debts)	42.536	29.247
Shamrao Vithal Term Loan 682 (Secured by way of Hypothecation of Machinery and F.A.)	32.031	41.352
Shamrao Vithal Term Loan 811 (Secured by way of Hypothecation of Machinery and F.A.)	11.335	0.000
Total	86.061	70.969
UNSECURED LOAN
Neelay Metal Industries	0.000	0.000
Ratnadeep A Girase	1.188	0.000
Sandeep Girase	0.900	0.000
Uttam Mandlik	3.100	0.000
Total	5.188	0.000

Banking Relations :	--
Auditors :
Name :	Anand Bang and Associates Chartered Accountant
Address :	13-14, Ameya Appartment, Samarth Nagar, Nashik 422005, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10 each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10 each	Rs.2.000 millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10 each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10 each	Rs.2.000 millions
	Share Application Money		Rs.29.600 millions
			Rs. 31.600 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		2.000	2.000	2.000
2] Share Application Money		29.600	29.600	14.600
3] Reserves & Surplus		3.869	1.320	0.000
4] (Accumulated Losses)		0.000	0.000	(0.611)
NETWORTH		35.469	32.920	15.989
LOAN FUNDS
1] Secured Loans		86.061	70.969	55.056
2] Unsecured Loans		5.188	0.000	8.917
TOTAL BORROWING		91.249	70.969	63.973
DEFERRED TAX LIABILITIES		0.000	0.084	0.000
TOTAL		126.718	103.973	79.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.418	77.880	64.769
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	6.130
DEFERREX TAX ASSETS		0.260	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.137	22.170	14.005
	Sundry Debtors	58.376	35.610	23.624
	Cash & Bank Balances	0.883	4.248	0.679
	Other Current Assets	3.506	6.749	14.977
	Loans & Advances	14.420	6.218	3.705
Total Current Assets		118.322	74.995	56.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.635	44.906	45.351
	Other Current Liabilities	5.190	3.908	2.505
	Provisions	1.957	0.588	0.071
Total Current Liabilities		61.782	49.402	47.927
Net Current Assets		56.540	25.593	9.063
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.718	103.973	79.962

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010
SALES	239.963	213.101
NET PROFIT	2.104	2.376

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Liability/Networth)		4.31	3.65	6.99
Current Ratio (Current Asset/Current Liability)		1.91	1.51	1.18

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	54.635	44.906	45.351

NOTE:

Registered office of the company has been shifted from 132/134 S V Patel Road, Dongri, Mumbai 400009, Maharashtra, India to the present address w.e.f.15.04.2008.

FIXED ASSETS:

• Factory Land
• Factory Building
• Computer and Accessories
• Plant and Machinery
• Furniture WIP

FORM 8

Corporate identity number of the company	U27100MH1999PTC117872
Name of the company	ENAM CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-80/81, MIDC Satpur Nashik 422007, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	The Shamrao Vithal Co Operative Bank Limited, Gala No. L-15 and G 16 Utility Centre, Opposite Rajiv Gandhi Bhavan, N M C Sharanpur Road, Nashik 422001, Maharashtra, India Email: sadhaleua@svcbank.com
Nature of instrument creating charge	Supplementary Mortgage Deed
Date of instrument Creating the charge	28.04.2010
Amount secured by the charge	Rs. 92.100 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at such lending rate that RBI/bank policy may determing to charge from time to time. Terms of repayment As Per Original Charge Margin As Per Original Charge Extent and operation of the charge Collateral security of immovable property extended to total exposure of Rs.92.100 millions
Short particulars of the property charged (Including location of the property)	Hypothecation of stock and book debts Hypothecation of plant and machinery Mortgage of plot no. d-80 and d-81 totally admeasuring 5441 sq. mtrs. together with the construction of 4281.44 sq. mtrs. thereon, lying & being situated at midc, Satpur, Nashik. Mortgage of plot no. 119 having area 408.70 sq. mtrs. from and out of s. no. 58/1+2/1 lying and being situated at Gangapur, Nashik. Mortgage of plot no. 15 having area 317.75 sq. mtrs. from and out of s. no. 65/2b lying and being situated at Gangapur, Nashik. Mortgage of plot no. 27 having area 278.42 sq. mtrs. from and out of s. no. 58/3 lying and being situated at Gangapur, Nashik. Mortgage of plot no. 23 having area 378.70 sq. mtrs. from and out of s. no. 58/3 lying and being situated at Gangapur, Nashik. Mortgage of plot no. 26 having area 278.42 sq. mtrs. from and out of s. no. 58/3 lying and being situated at Gangapur, Nashik.
Particulars of the present modification	Collateral security of immovable property extened to the enhanced cash credit limit of Rs.16.000 millions i.e. collateral security of immovable property extened to total exposure of Rs.92.100 millions.

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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

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.