MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	AURA LASERFAB PRIVATE LIMITED
Registered Office :	C-25, Gaikwad Heights, S. No. 127, Hotel Sarja Lane, Aundh, Pune-411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.05.2006
Com. Reg. No.:	25-128520
Capital Investment / Paid-up Capital :	Rs.6.976 Millions
CIN No.: [Company Identification No.]	U29299PN2006PTC128520
IEC No.:	3106005297
TAN No.: [Tax Deduction & Collection Account No.]	PNEA08344A
PAN No.: [Permanent Account No.]	AAFCA7379C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of processing and fabrication of metal parts.
No. of Employees :	70 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 89000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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 PARTED BY

Name :	Mr. Alok Dange
Designation :	Senior Marketing Manager
Contact No.:	91-9881727467
Date :	21.09.2011

LOCATIONS

Registered Office :	C-25, Gaikwad Heights, S. No. 127, Hotel Sarja Lane, Aundh, Pune-411007, Maharashtra, India
Mobile No.:	91-9822051621 (Mr. Abhay Paranjpe)
E-Mail :	accountsa@auralaserfab.com alok.dange@auralaser.net ugmahajani@vsnl.net
Website :	http://www.auralaser.net
Area :	Owned
Factory 1 :	Gat No. 1021, Village Shirwal, Pune Bangalore Highway, Taluka Khandala, Satara-412801, Maharashtra, India
Tel. No.:	91-2169-244545
Fax No.:	91-2169-244546
E-Mail :	laser@auralaers.net sales@auralaser.net
Area :	12200 Sq.mtr.
Location :	Owned

DIRECTORS

As on 25.09.2010

Name :

Mr. Umesh G Mahajani

Designation :

Director

Address :

C-25, Gaikdwad Heights S. No. 127, Hotel Saraja Lane, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

25.06.1959

Qualification :

B.E. (Mechanical)

Date of Appointment :

29.05.2006

DIN :

00165671

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299PN2006PTC128520	AURA LASERFAB PRIVATE LIMITED	Director	29/05/2006	29/05/2006	Active	NO

Name :

Mr. Abhay V Pranjpe

Designation :

Director

Address :

C-14, Sainandan Society, Tulshibagwale Colony, Sahakarnagar No. 2, Pune-411009, Maharashtra, India

Date of Birth/Age :

25.12.1960

Qualification :

CA

Date of Appointment :

29.05.2006

DIN :

00165723

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	L28129MH1984PLC032008	RISHI TECHTEX LIMITED	Director	15/07/2002	15/07/2002	5/2/2007	Active	NO
2	U15140MH1992PLC067344	CENTENNIAL FABRICS LIMITED	Director	19/05/2003	19/05/2003	17/09/2007	Active	NO
3	U29299PN2006PTC128520	AURA LASERFAB PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Alok Dange
Designation :	Senior Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25..09.2010

Names of Shareholders	No. of Shares
Umesh G Mahajani	31470
Abhay V Paranjpe	6480
Shantilal Vamanrai Parikh	100
Summet Facilities Private Limited	100
Unique Delta Force Security Limited	100
Prabhankar Anant Salunke	100
Sunanda Prabhakar Salunke	100
Chandrashekhar Mahadeo Dabak	100
Sarita Chandrashekhar Dabak	100
Vasant Dattatraya Paranjpe	10000
Anuradha Unmesh Mahajani	3200
Shankar Vishnu Durgavale	100
Snehlata Vasant Paranjpe	15250
Minal Rajeev Khandekar Jointly with Rajeev M Khandekar	10
Vanita Milind Ghatge Jointly with Milind S Ghatge	10
Neela Keshav Talwalkar Jointly with Keshav B Talwalakar	10
Vishwas Shankarrao Peshave	10
Sushma Purushottam Preshave	10
Keshav Balbhim Talwalkar Jointly with Neela Keshav Talwalkar	10
Meera Abhay Paranjpe Jointly with Abhay Vasant Paranjpe	2500
Total	69760

Equity Share Breakup (Percentage of Total Equity)

As on 25.09.2010

Category	Percentage of Holding
Bodies corporate (not mentioned above)	0.30
Directors of relatives of Directors	98.76
Other top fifty (50) shareholders (other than listed above)	0.94
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of processing and fabrication of metal parts.
Exports :
Products :	Metal Parts
Countries :	Germany Denmark
Terms :
Selling :	L/C, Credit
Purchasing :	L/C, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Licensed Capacity
Forging, Pressing, Stamping and Rollforming	2500
Treatment of metals	1500
Manufacturing of Other fabricated metal products	2500

Note: Most of the plant and machinery is common for different products manufactured by the company and the installed capacity is dependent on the product mix, which in turn is decided by the actual demand for the various products from time to time. Hence the specific installed capacity cannot be determined.

GENERAL INFORMATION

Customers :

• OEM’s
• Manufacturer Company

No. of Employees :

70 [Approximately]

Bankers :

The Cosmos Co-Operative Bank Limited, Gokhale Nagar Branch, 269/270, Shaniwar Peth, Pune-411030, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan from Cosmos Co-Operative Bank Limited (Secured by mortgage of machinery and simple mortgage of immovable property and personal guarantee of directors)	54.605	32.950
Cash Credit facility from Cosmos Co-Operative Bank Limited (Secured by hypothecation of stocks and book debts and simple mortgage of immovable property and personal guarantee of directors)	27.366	15.788
Letter of Credit facility from Cosmos Co-Operative Bank Limited [secured against stock purchased under letter of credit and simple mortgage of immovable property and personal guarantee of directors]	11.416	0.000
Loans for Cars H.D.F.C Bank Limited (Secured by hypothecation of Cars)	1.001	1.333
Total	94.388	50.071
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Deposits – Directors	6.454	6.504
Deposits – Shareholders	7.161	4.661
Total	13.615	11.165

Banking Relations :	--
Auditors :
Name :	Jayant Dilip Garge Chartered Accountant
Address :	44/703, Lokmanya Nagar, Pune - 411030, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69,760	Equity Shares	Rs. 100/- each	Rs. 6.976 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		6.976	6.976	6.976
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.348	10.427	7.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.324	17.403	14.630
LOAN FUNDS
1] Secured Loans		94.388	50.071	26.821
2] Unsecured Loans		13.615	11.165	8.511
TOTAL BORROWING		108.003	61.236	35.332
DEFERRED TAX LIABILITIES		3.302	2.684	2.095
TOTAL		133.629	81.323	52.057
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.329	64.489	35.273
Capital work-in-progress		0.007	0.000	0.720
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.448	6.040	16.155
	Sundry Debtors	47.497	19.881	25.201
	Cash & Bank Balances	10.049	1.017	0.994
	Other Current Assets	0.523	0.641	0.819
	Loans & Advances	12.518	8.544	5.958
Total Current Assets		88.035	36.123	49.127
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.395	14.430	26.610
	Other Current Liabilities	9.106	1.851	4.239
	Provisions	4.377	3.180	2.423
Total Current Liabilities		38.878	19.461	33.272
Net Current Assets		49.157	16.662	15.855
MISCELLANEOUS EXPENSES		0.036	0.072	0.109
TOTAL		133.629	81.324	52.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	196.432	119.715	203.768
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.529	8.597	13.824
Less/ Add	DEPRECIATION/ AMORTISATION		5.801	4.267	3.064
	PROFIT BEFORE TAX		6.728	4.330	10.760
Less	TAX		[8.620]	[6.097]	3.106
	PROFIT AFTER TAX		15.348	10.427	7.654
	IMPORTS
		Consumables	1.691	0.276	0.528
	TOTAL IMPORTS		1.691	0.276	0.528
	Earnings Per Share (Rs.)		70.54	39.75	--

Particulars	31.03.2011
Sales Turnover [Approximately]	250.000

The above information has been parted by Mr. Alok Dange [Senior Marketing Manager]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	3.42	3.62	5.28
Return on Total Assets (PBT/Total Assets}	(%)	3.90	4.30	12.75
Return on Investment (ROI) (PBT/Networth)		0.30	0.25	0.74
Debt Equity Ratio (Total Liability/Networth)		6.58	4.64	4.69
Current Ratio (Current Asset/Current Liability)		2.26	1.86	1.48

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	25.395	14.430	26.610

Operations:

After the successfully setting up its own manufacturing facilities at Shirval the business of the company has jumped in spite of industrial slow down in general. The turnover of the Company has increased from Rs.119.700 millions to Rs.196.400 millions. The bankers of the Company helped with additional loan facilities. Directors of the Company are confident about the improving the performance of the Company in coming years.

Contingent Liabilities:

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Bank Guarantees	6.925	0.660

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299PN2006PTC128520
Name of the company	AURA LASERFAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-25, Gaikwad Heights, S. No. 127, Hotel Sarja Lane, Aundh, Pune-411007, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10124894
Type of charge	Floating Charge Book Debts Immovable Property Movable Property
Particular of charge holder	The Cosmos Co-Operative Bank Limited, Gokhale Nagar Branch, 269/270, Shaniwar Peth, Pune-411030, Maharashtra, India
Nature of instrument creating charge	1.Deed Of Hypothecation Of Stock, Book Debts And Machinery Dated 8 Th July, 2011 2.Memorandum Of Deposit Of Title Deeds For Creation Of Further Charge Dated 8th July 2011 Both Constituting Single Charge
Date of instrument Creating the charge	08.07.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - letter of credit (Rs.100.000 millions): commission as per banks rule Terms of Repayment - letter of credit (Rs.100.000 millions): review within 12 months Margin - letter of credit (Rs.100.000 millions): 15 % in banks favour Extent and Operation of the charge The charge shall continue to operate until full repayment of the facility enjoyed by the company Others Facility: Letter Of Credit Of Rs.45.000 millions Is Now Enhanced By Additional Facility Of Rs.55.000 millions. Therefore Letter Of Credit Stands To Rs.100.000 millions Only
Short particulars of the property charged	All stock in trade, raw material, semi-manufactured goods and finished goods at company's registered office or at any other place of business in india and as described in schedule i of hypothecation deed All present and future book debts, outstanding moneys, receivables, claims, bills chooses in action, contracts, engagements and securities of the company and as per hypothecation deed All movables machinery, plant and equipment with accessories& spare parts at registered office of the company
Particulars of the present modification	Letter Of Credit Of Rs.45.000 millions Is Now Enhanced By Additional Facility Of Rs.55.000 millions. Therefore Letter Of Credit Stands To Rs.100.000 millions Only

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299PN2006PTC128520
Name of the company	AURA LASERFAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-25, Gaikwad Heights, S. No. 127, Hotel Sarja Lane, Aundh, Pune-411007, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10124894
Type of charge	Immovable Property Movable Property
Particular of charge holder	The Cosmos Co-Operative Bank Limited, Gokhale Nagar Branch, 269/270, Shaniwar Peth, Pune-411030, Maharashtra, India
Nature of instrument creating charge	Memorandum of Equitable Mortgage
Date of instrument Creating the charge	16.11.2009
Amount secured by the charge	Rs. 30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission: As per FEDAI/ Bank Rule Terms of Repayment Period : As per LC Term/ Review within 12 months Margin Margin: 15% in Bank favour Extent and Operation of the charge The charge shall continue to operate until full repayment of loan amount by the company Others Facility : Rs. 10.000 Millions + Rs. 20.000 Millions additional = Rs. 30.000 Millions (Letter of Credit)
Short particulars of the property charged	Raw Material to be purchased under L/C and all piece and parcel of land bearing gat no 1021 at Shirval Tahsil Khandala District Satara and more describe in schedule I of Memorandum of Equitable Mortgage
Particulars of the present modification	The Existing Amount of Loan was Rs. 100.000 Millions and has been addition in loan amount Rs. 20.000 Millions which has enhanced to A Total Amount of Rs. 30.000 Millions only

Fixed Assets:

· Land

· Building

· Furniture and Fixture

· Plant and Machinery

· Electrical Installations

· Computers

· Office Equipments

· Vehicles

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	-
Major Customers	-
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

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.47.89
UK Pound	1	Rs.75.30
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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.