MIRA INFORM REPORT

Report Date :

03.09.2011

IDENTIFICATION DETAILS

Name :	MANEK INVESTMENT CAST PRIVATE LIMITED
Registered Office :	In Street Opposite of Field Marshal High School, Rajkot Gondal National Highway – 8B, Village Shapar, Rajkot – 360 002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.02.1995
Com. Reg. No.:	04-24600
Capital Investment / Paid-up Capital :	Rs.2.397 millions
CIN No.: [Company Identification No.]	U28320GJ1995PTC024600
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of General Engineering Components, Compressors and Valve Parts, Automobile Components Casting.
No. of Employees :	65 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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

Name :	Mr. Kantibhai V Ghedia
Designation :	Director
Contact No.:	91-9227450601
Date :	20.08.2011

LOCATIONS

Registered Office/ Factory :	In Street Opposite of Field Marshal High School, Rajkot Gondal National Highway – 8B, Village Shapar, Rajkot – 360 002, Gujarat, India
Tel. No.:	91-2827-252355
Mobile No.:	91-9227450601 / 9824225018 (Mr. Kantibhai V Ghedia)
Fax No.:	91-2827-253923 / 252117
E-Mail :	manekcasting@yahoo.com info@manekcasting.com ptilala@rpcnco.com
Website :	http://www.manekcasting.com
Area :	1000 sq. ft.
Location :	Owned
USA Office :	7464 Standford Place, Cupertino, California 95014 USA.
Tel. No.:	(408) 505-6465
Fax No.:	(408) 366-2536
E-Mail :	sales@manekcastingusa.com
Contact Person :	Shashi Das (Marketing Director, USA)

DIRECTORS

As on 30.09.2010

Name :	Mr. Govindbhai V. Ghedia
Designation :	Director
Address :	Deep Kiran, 4 – Swasray Society, Mavdi Road, Rajkot – 360 004, Gujarat, India
Date of Appointment :	13.02.1995
DIN No.:	01504594
Name :	Mr. Kantilal V. Ghedia
Designation :	Director
Address :	Deep Kiran, 4 – Swasray Society, Mavdi Road, Rajkot – 360 004, Gujarat, India
Date of Appointment :	13.02.1995
DIN No.:	01504611

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Muljibhai Ghedia	62010
Govindbhai V. Ghedia	38510
Kantilal V. Ghedia	38010
Vasrambhai Ghedia	50000
Bhavnaben Doshi	3900
Aanadubhai Jadeja	3000
Hajabhai Pankhania	5000
Meenaben Ghedia	1500
Meenaben Chitroda	1900
Rekhaben Ghedia	3500
Shamjibhai Ghedia	4000
Shardaben Chavada	1800
Urmilaben Visavadia	1800
Veljibhai Lathia	1900
Yogesbhai Chitroda	1900
Bhanubhai Mistri	1800
Geetaben Devalia	1800
Dineshbhai Jethwa	1800
Sagunaben Ghedia	15600
Total	239730

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of General Engineering Components, Compressors and Valve Parts, Automobile Components Casting.
Products :	· Centrifugal Cast Liner and  Sleeves · Shell Moulded Air Cooled Block · Cast Iron · Mild Steel and Alloys Steel and Investment Casting
Exports :
Products :	General Engineering Components
Countries :	· UK · USA · European Country
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2009)

Particulars	Actual Production
Castings	2500-3000 m.t. annum/ 30 tonnes investment casting

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· OEM’s

No. of Employees :

65 Approximately

Bankers :

· Bank of India

Bhakti Nagar SME Branch, Samruddhi Bhavan, 1^st Floor, Gondal Road, Rajkot – 360 002, Gujarat, India

· Bank of Baroda

Dhebar Road Branch, Opp. Municipal Complex, Dhebar Road, Rajkot – 360 001, Gujarat, India

· Kotak Mahindra Bank

· ICICI Bank Limited

· HDFC Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loan :
Bank of India (OD against F.D.)	0.270	0.125
Bank of India – Machinery Loan	0.950	1.488
Kotak Mahindra Primus Limited – Loan	0.173	0.081
ICICI Bank Limited – Car Loan	0.191	0.367
Working Capital Facility:
Bank of India (Cash Credit)	7.451	7.583
Total	9.035	9.644

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Shareholders Directors and Director’s Relative	5.276	7.612
Sales Tax Deferment Liability	1.277	1.660
Total	6.553	9.272

Banking Relations :	--
Auditors :
Name :	R.P.C. and Company Chartered Accountants
Address :	203-204, Race Course Plaza, Near Excise Custom Building, Race Course Ring Road, Rajkot – 360 001, Gujarat, India
Associates :	Kamdev Techno Cast, Gujarat, India Line of Business : Casting Product

CAPITAL STRUCTURE

As on 30.09.2010

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
239730	Equity Shares	Rs.10/- each	Rs.2.397 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		2.397	2.397	2.397
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.374	3.374	3.374
4] (Accumulated Losses)		(0.659)	(0.640)	(0.527)
NETWORTH		5.112	5.131	5.244
LOAN FUNDS
1] Secured Loans		9.035	9.644	9.237
2] Unsecured Loans		6.553	9.272	6.259
TOTAL BORROWING		15.588	18.916	15.496
DEFERRED TAX LIABILITIES		0.164	0.060	0.000
TOTAL		20.864	24.107	20.740
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.955	9.761	8.906
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.364	0.345	0.333
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.066	13.257	10.694
	Sundry Debtors	9.934	9.487	11.949
	Cash & Bank Balances	0.127	0.250	0.370
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.080	0.795	0.806
Total Current Assets		22.207	23.789	23.819
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.677	9.077	11.404
	Other Current Liabilities	0.287	0.317	0.371
	Provisions	0.698	0.394	0.543
Total Current Liabilities		10.662	9.788	12.318
Net Current Assets		11.545	14.001	11.501
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.864	24.107	20.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	35.808	28.881	40.552
		Other Income
		TOTAL (A)	35.808	28.881	40.552
Less	EXPENSES
		Office Expenses	32.901	26.135	37.728
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	32.901	26.135	37.728
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.907	2.746	2.824
Less	INTEREST (D)		1.477	1.639	1.238
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.430	1.107	1.586
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.340	1.074	1.162
	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.090	0.033	0.424
Less	TAX (H)		0.109	0.106	0.187
	PROFIT/LOSS AFTER TAX (G-H) (I)		(0.019)	(0.073)	0.237
	EARNINGS IN FOREIGN CURRENCY		0.403	Nil	Nil
	Earnings Per Share (Rs.)		(0.08)	(0.24)	0.79

Particulars	31.03.2011
Sales Turnover (Approximately)	40.000

The above information has been parted by Mr. Kantibhai V Ghedia

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.05)	(0.25)	0.58
Return on Total Assets (PBT/Total Assets}	(%)	0.29	0.10	1.30
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.08
Debt Equity Ratio (Total Liability/Networth)		5.13	5.59	5.30
Current Ratio (Current Asset/Current Liability)		2.08	2.43	1.93

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

Company’s performance was good during the year. Management sees good prospect for the industry in the coming years and so, there is positive prospect for the company also.

TRADE REFERENCES

· Shree Ram Engineers

· JS Engineers

· Mira Industries

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U28320GJ1995PTC024600
Name of the company	MANEK INVESTMENT CAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	In Street Opposite of Field Marshal High School, Rajkot Gondal National Highway – 8B, Village Shapar, Rajkot – 360 002, Gujarat, India
Type of charge	· Book debts · Movable property (not being pledge) · Others o All Stock of Raw Material, WIP and Finished Goods
Particular of charge holder	Bank of Baroda Dhebar Road Branch, Opp. Municipal Complex, Dhebar Road, Rajkot – 360 001, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement (dtd. 04.07.2011)
Date of instrument Creating the charge	04.07.2011
Amount secured by the charge	Rs.15.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest 3.25 % above Base Rate i.e.12.75% p.a. with monthly rest Terms of repayment On Demand Margin 40% value of immovable property. Extent and operation of the charge Bank's charge will remain operative till all the dues are repaid by the Company.

FIXED ASSETS

· Land

· Deepwell Pump

· Electric Fittings

· Factory Shed

· Plant and Machinery

· Computer and Printer

· Transformer

· Vehicle

· Office Furniture

· Fax Machine

· Telephone

· Laboratory

· Honda – Discover

· Accent – Car

· Logan – Car

· Factory Shed – New

· Water Filter

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.45.90
UK Pound	1	Rs.74.31
Euro	1	Rs.65.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.