MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	INTRICAST PRIVATE LIMITED
Registered Office :	25/28, Galaxy Industrial Estate, 15 KM, Rajkot, Gondal Road, Villshapar, Tal Kotda Sangani, District, Rajkot – 360002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.12.1987
Com. Reg. No.:	55-010182
Capital Investment / Paid-up Capital :	Rs.9.130 Millions
CIN No.: [Company Identification No.]	U27310GJ1987PTC010182
TAN No.: [Tax Deduction & Collection Account No.]	RKTI00063A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel and Alloy Steel Investment Casting
No. of Employees :	Not Divulged by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at 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.

INFORMATION DECLINED BY

Name :	Mr. Hiten Maru
Designation :	Accounts Executive
Date :	29.09.2011

LOCATIONS

Registered Office/ Factory :	25/28, Galaxy Industrial Estate, 15 KM, Rajkot, Gondal Road, Villshapar, Tal Kotda Sangani, District, Rajkot – 360002, Gujarat, India
Tel. No.:	91-2827-252051 91-2827-252052 91-2827-252053
Fax No.:	91-2827-252054
E-Mail :	info@intricastindia.com rachhkalpesh@gmail.com
Corporate Office :	2/5, Amrut Commercial Centre Sardar Nagar, Main Road, Rajkot – 360001, Gujarat, India

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Pambhar Dharamshibhai Dhiraj

Designation :

Director

Address :

C/o. Gujarat Intux Limited Behind Vraj Vatika, Yogi Bhavan, Kalawad Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

23.03.1957

Date of Appointment :

04.12.1987

Din No.:

00187371

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Whole-time director	01-10-07	04-12-87	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Managing director	01-11-10	08-01-92	-	Active	NO
U27310GJ2006PTC049000	EASY TURN ENGINEERING PRIVATE LIMITED	Director	06-09-06	06-09-06	01-04-08	Active	NO
U28112GJ2009PLC058659	INVAC CAST LIMITED	Director	23-11-09	23-11-09	-	Active	NO
U27109GJ1993PTC019784	INTOLCAST PVT LTD	Managing director	15-11-10	15-11-10	-	Active	NO

Name :

Mr. Sabhaya Devjibhai Ramankumar

Designation :

Director

Address :

3, Parnkuti Society, Near Jaimin, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

27.02.1959

Date of Appointment :

04.12.1987

Din No.:

00569058

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Director	04-12-87	04-12-87	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Director	08-10-92	08-10-92	-	Active	NO
U27109GJ1993PTC019784	INTOLCAST PVT LTD	Whole-time director	07-07-93	07-07-93	-	Active	NO
U27310GJ2006PTC049000	EASY TURN ENGINEERING PRIVATE LIMITED	Director	06-09-06	06-09-06	01-04-08	Active	NO
U28112GJ2009PLC058659	INVAC CAST LIMITED	Director	23-11-09	23-11-09	-	Active	NO

Name :

Mr. Kalaria Jethalal Amrutlal

Designation :

Whole Time Director

Address :

Sagar Tower 61, Opposite Payal dairy, Amin Marg, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

03.10.1955

Date of Appointment :

04.12.1987

Din No.:

00246831

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Whole-time director	04-12-87	04-12-87	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Director	30-07-10	08-01-92	-	Active	NO
U74999TN2003PTC051714	INMECH ENGINEERING PRIVATE LIMITED	Director	18-10-03	18-10-03	-	Active	NO
U27310GJ2006PTC049000	EASY TURN ENGINEERING PRIVATE LIMITED	Director	06-09-06	06-09-06	01-04-08	Active	NO
U28112GJ2009PLC058659	INVAC CAST LIMITED	Director	23-11-09	23-11-09	-	Active	NO
U27109GJ1993PTC019784	INTOLCAST PVT LTD	Director	15-11-10	15-11-10	-	Active	NO

Name :

Mr. Madhubhai Sambhubhai Patoliya

Designation :

Director

Address :

Ekta, Nandavan Society/4, Kalawad Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

02.02.1960

Date of Appointment :

01.09.1991

Din No.:

00187119

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Director	01-09-91	01-09-91	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Director	08-01-92	08-01-92	-	Active	NO
U27109GJ1993PTC019784	INTOLCAST PVT LTD	Whole-time director	07-07-93	07-07-93	-	Active	NO
U27310GJ2006PTC049000	EASY TURN ENGINEERING PRIVATE LIMITED	Director	06-09-06	06-09-06	01-04-08	Active	NO
U28112GJ2009PLC058659	INVAC CAST LIMITED	Director	23-11-09	23-11-09	-	Active	NO

Name :

Mr. Bharatbhai Muljibhai Choksi

Designation :

Director

Address :

7-Raghuvir Para, Kanta Strivikas Road, Rajkot – 360002, Gujarat, India

Date of Birth/Age :

19.10.1958

Date of Appointment :

04.12.1987

Din No.:

00385769

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Director	04-12-87	04-12-87	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Director	08-01-92	08-01-92	-	Active	NO
U45201GJ1996PTC030429	ANKUR INFRASTRUCTURES PRIVATE LIMITED	Director	08-08-96	08-08-96	-	Dormant	NO
U45201GJ1996PTC030431	DEVCHHAYA INFRASTRUCTURE PRIVATE LIMITED	Director	08-08-96	08-08-96	-	Dormant	NO
U45201GJ1996PTC030428	AKAR SHILP CONSTRUCTION PRIVATE LIMITED	Director	08-08-96	08-08-96	-	Dormant	NO
U45201GJ1996PTC030423	MULJI DEVELOPERS PRIVATE LIMITED	Director	08-08-96	08-08-96	-	Dormant	NO

Name :

Mr. Dilip Muljibhai Dilip

Designation :

Whole Time Director

Address :

Plot 25A, Nijanand, 03 Shree Colony, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

24.09.1961

Date of Appointment :

01.09.1991

Din No.:

00422189

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
U27310GJ1987PTC010182	INTRICAST PRIVATE LIMITED	Whole-time director	01-09-91	01-09-91	-	Active	NO
L24129GJ1992PLC016917	GUJARAT INTRUX LIMITED	Director	30-07-10	09-01-92	-	Active	NO
U15135GJ2003PTC042808	SHUDDH RECIPES PRIVATE LIMITED	Director	28-08-03	28-08-03	-	Active	NO
U27310GJ2006PTC049000	EASY TURN ENGINEERING PRIVATE LIMITED	Director	06-09-06	06-09-06	01-04-08	Active	NO
U28112GJ2009PLC058659	INVAC CAST LIMITED	Director	23-11-09	23-11-09	-	Active	NO
U27109GJ1993PTC019784	INTOLCAST PRIVATE LIMITED	Director	15-11-10	15-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Pambhar Dhirajlal Dharamshibhai	510
Kalaria Amrutlal Jethalal	500
Sabhaya Ramanbhai Devjibhai	400
Choksi Bharatbhai Muljibhai	3550
Dudhagara Dilipbhai Muljibhai	970
Patolia Madhubhai Shambhubhai	830
Pambhar Gordhanbhai Valjibhai	150
Bhuva Savitaben Gangdasbhai	150
Pambhar Dineshbhai Dharamshibhai	400
Pambhar Pareshbhai Dharamshibhai	130
Pambhar Rameshbhai Dharamshibhai	300
Pambhar Karamshibhai Dharamshibhai	300
Sabhaya Dineshbhai Devjibhai	350
Sabhaya Namrataben Dineshbhai	100
Sabhaya Bhavnaben Ramanbhai	9150
Kalaria Labhuben Pragjibhai	100
Kalaria Pragjibhai Dayabhai	100
Dudhagara Rambhaben Muljibhai	100
Patolia Madhuben Madhubhai	16700
Kalaria Ramniklal Jethalal	750
Kalaria Sarojben Amrutlal	15880
Pambhar Pareshbhai Dharamshibhai	290
Pambhar Ramaben Dhirajlal	8300
Dudhagara Dilipbhai Muljibhai-HUF	12160
Sabhaya Raman Devjibhai- HUF	7530
Kalaria Prafulkumar Narandas	200
Dudhagara Pravinaben Dilipbhai	4300
Pambhar Jayshriben Rameshbhai	7000
Choksi Lataben Bharatbhai	100
Total	91300

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel and Alloy Steel Investment Casting

Products :

Item Code No.	Product Description
14080	Investment Casting (GST Code)

PRODUCTION CAPACITY (As on 31.03.2010) : Investment Casting - 539908.981

GENERAL INFORMATION

No. of Employees :

Not Divulged by the management

Bankers :

Dena Bank, Para Bazar Branch, Rajkot – 360002, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Dena Bank – Cash Credit Account	0.000	0.613
(W.C. limit against hypothecation of stock, book debts, plant and machinery E.M. on land and Building)
Kotak Mahindra prime loan for car	2.756	0.000
(Hypothecation of Motor Car)
Total	2.756	0.613
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Security Deposits from Employees	0.024	0.017
Total	0.024	0.017

Banking Relations :	--
Auditors :
Name :	Y.C. Anarkat and Associates Chartered Accountant
Address :	111, Yogi Towers, Subhash Road, Near Moti Tanki Chowk, Rajkot – 360001, Gujarat, India
Pan No.:	AAAFY186B

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91300	Equity Shares	Rs.100/- each	Rs.9.130 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.130	9.130	9.130
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		246.723	218.312	198.321
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.853	227.442	207.451
LOAN FUNDS
1] Secured Loans		2.756	0.613	5.838
2] Unsecured Loans		0.024	0.017	0.019
TOTAL BORROWING		2.780	0.630	5.857
DEFERRED TAX LIABILITIES		8.060	9.937	10.770
TOTAL		266.693	238.009	224.078
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.594	53.239	55.400
Capital work-in-progress		1.253	0.788	0.000
INVESTMENT		75.408	93.489	64.439
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.611	30.221	40.108
	Sundry Debtors	57.088	69.647	85.869
	Cash & Bank Balances	11.896	1.172	7.864
	Other Current Assets	2.281	2.221	1.999
	Loans & Advances	48.374	38.418	32.890
Total Current Assets		159.250	141.679	168.730
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.721	8.961	15.314
	Other Current Liabilities	38.080	10.532	14.706
	Provisions	0.000	32.044	34.471
Total Current Liabilities		38.080	51.186	64.491
Net Current Assets		121.170	90.493	104.239
MISCELLANEOUS EXPENSES		0.268	0.000	0.000
TOTAL		266.693	238.009	224.078

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales (Net)	195.183	284.037	308.257
		Other Income	23.855	17.959	17.552
		Wind Mill Income	10.312	10.335	7.868
		TOTAL	219.038	301.996	333.677
Less	EXPENSES
		Office Expenses	168.418	212.802	249.223
		Administrative Expenses
		Advertising Expenses
		TOTAL	168.418	212.802	249.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.620	89.194	84.454
Less/ Add	DEPRECIATION/ AMORTISATION		8.083	8.647	9.261
	PROFIT BEFORE TAX		42.537	80.547	75.192
Less	TAX		14.123	28.325	26.337
	PROFIT AFTER TAX		28.414	52.222	48.855
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		196.143	181.377	169.288
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	5.225	4.886
		Dividend	0.000	32.044	32.044
	BALANCE CARRIED TO THE B/S		224.553	196.143	181.377
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	112.187	189.364	161.713
	TOTAL EARNINGS		112.187	189.364	161.713
	IMPORTS
		Raw Materials	0.000	4.576	0.000
	TOTAL IMPORTS		0.000	4.576	0.000
	Earnings Per Share (Rs.)		311.21	571.98	535.10

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.97	17.29	14.64
Net Profit Margin (PBT/Sales)	(%)	21.79	28.35	24.39
Return on Total Assets (PBT/Total Assets}	(%)	18.66	41.32	33.54
Return on Investment (ROI) (PBT/Networth)		0.16	0.35	0.36
Debt Equity Ratio (Total Liability/Networth)		0.15	0.22	0.33
Current Ratio (Current Asset/Current Liability)		4.18	2.76	2.61

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	16.356	8.961	15.314

OPERATION :

There has been a decrease in the performance of the company during the year on both the front i.e. production and sales. The production and sales for the year are lower side i.e. production of 539.909 M.T. and sales of Rs. 195.183 millions respectively as compare to previous year production of 576.930 M.T. and sales of Rs. 284.038 millions. The directors foresee a significant improvement on both this front in the coming years. However, there has been an decrease in the earning. The profit for the year before depreciation and Income Tax is of Rs. 50.620 as against Rs. 89.194 millions of previous year.

The Net profit before tax for the year is Rs. 42.537 millions as against Rs. 80.547 millions of previous year. The directors are of opinion that current year's performance will be more bright and better than the year.

CONTINGENT LIABILITIES :

The Company is not providing contingent liabilities in the account since the ultimate outcome thereof cannot be determined on the date of the Balance Sheet. However notes on every contingent liabilities exist on the date of Balance Sheet are given on the notes on accounts.

FIXED ASSETS :

· Land

· Factory Building

· Plant And Machinery

· Electrical Installation

· Laboratory Equipments

· Tools

· Racks

· Furniture

· Books

· Moulds

· Office Equipments

· Air Conditioners office

· Computer

· Land

· Vehicles

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. 48.92
UK Pound	1	Rs. 76.51
Euro	1	Rs. 66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.