MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	POONA SHIMS PRIVATE LIMITED
Registered Office :	39/39, Darshangad Apartments, Prabhat Road, Lane No 9C, Pune – 411004, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.1981
Com. Reg. No.:	11 – 24033
Capital Investment / Paid-up Capital :	Rs.4.534 Millions
CIN No.: [Company Identification No.]	U29302PN1981PTC024033
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Oil Coolers, Fuel Rails for Diesel Engines Automotive and Industrial Application.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1530000
Status :	Satisfactory
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

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

LOCATIONS

Registered Office :	39/39 Darshangad Apartments, Prabhat Road, Lane No.9C, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25410833 / 25425492
Fax No.:	91-20-25410529
E-Mail :	gupte@giaspn01.vsnl.net.in poshworks@vsnl.net
Website :	www.poshindia.com
Plant I :	73/10+11, Mumbai-Pune Highway, Vadgaon Maval, Pune – 412106, Maharashtra. India.
Tel. No.:	91- 2114- 222480/235971 / 72 / 73
Plant II :	Gat No. 723 At and  Post Village Javale, Near Naygaon Village, Taluka Khandala, District Satara - 421 801, Maharashtra, India.
Tel. No.:	91-2169-241153

DIRECTORS

As on 26.08.2011

Name :

Mr. Shubha Anil Gupte

Designation :

Director

Address :

Flat No. 101, Kalpita Apartments, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

06.07.1942

Date of Appointment :

07.03.1981

DIN No.:

00102832

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	U36991MH1976PTC019192	POONA PRESSINGS PRIVATE LIMITED	Director	02-10-76	02-10-76	Active	NO
2	U29302PN1981PTC024033	POONA SHIMS PRIVATE LIMITED	Managing director	07-03-81	07-03-81	Active	NO

Name :

Mr. Anil Shankar Gupte

Designation :

Director

Address :

Flat No. 101, Kalpita Apartments, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

13.04.1941

Date of Appointment :

07.03.1981

DIN No.:

00102642

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	U36991MH1976PTC019192	POONA PRESSINGS PRIVATE LIMITED	Managing director	02-10-76	02-10-76	Active	NO
2	U29302PN1981PTC024033	POONA SHIMS PRIVATE LIMITED	Director	07-03-81	07-03-81	Active	NO
3	U72200PN2001PTC016264	MARSHAL MICROWARE PRIVATE LIMITED	Director	22-06-01	22-06-01	Active	NO

Name :

Mr. Mahesh Anant Athavale

Designation :

Director

Address :

117/121/2, Nandnandan Prabhat Road, Near Pune, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

20.07.1961

Date of Appointment :

05.02.2005

DIN No.:

00003989

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	U80211MH1995PTC084833	KANJ CORPORATE CONSULTANTS PRIVATE LIMITED	Director	30-08-01	30-08-01	15-01-12	Active	NO
2	U29302PN1981PTC024033	POONA SHIMS PRIVATE LIMITED	Director	05-02-05	05-02-05	-	Active	NO
3	U67120PN1999PTC014228	PSE SECURITIES LIMITED	Director	20-05-05	20-05-05	30-03-11	Active	NO
4	U72200PN2004PTC019010	CORNERSTONE TECHNOLOGIES PRIVATE LIMITED	Director	25-10-05	25-10-05	01-03-10	Active	YES
5	U29299PN2006FTC129189	GEICO PAINT SHOP INDIA PRIVATE LIMITED	Director	07-05-07	07-05-07	-	Active	NO
6	U85100PN2011NPL140903	KALPATARU SAHANIWAS FOUNDATION	Director	28-09-11	28-09-11	-	Active	NO

Name :

Mr. Sanjeev Madhusudan Gadkary

Designation :

Director

Address :

1555, Sadashiv Peth, Chiman Baug, Tilak , Pune – 411030, Maharashtra, India

Date of Appointment :

05.02.2005

DIN No.:

00128493

Name :

Mr. Uday Shamrao Bakshi

Designation :

Director

Address :

Plot No. 27, Siddhivinayak Housing Society, Talegaon, Pune – 410507, Maharashtra, India

Date of Birth/Age :

04.02.1965

Date of Appointment :

01.10.2008

DIN No.:

02453835

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2011

Names of Shareholders	No. of Shares
Akshay Shashank Patil	10
Anil S Gupte	6560
Anil S Gupte Jointly with Shubha A Gupte	10800
Anil S Gupte Jointly with Seema S Patil	1700
Shubha A Gupte	12510
Shubha A Gupte Jointly with Seema S Patil	6040
Seema S Patil	1500
Seema S Patil Jointly with Varad S Patil	300
Varad S Patil Jointly with Seema S Patil	200
Mahesh A Athavale Jointly with Mrudanu M Athavale	230
Gupte Family Trust, India	5490
TOTAL	45340

Equity Share Break up (Percentage of Total Equity)

As on 26.08.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oil Coolers, Fuel Rails for Diesel Engines Automotive and Industrial Application.

Products :

ITC CODE	Product Description
8409	Plate Type Lubricating Oil Coolers / Fuel Rail

GENERAL INFORMATION

Customers :

Truck OEM”S

• Ashok Leyland
• Swaraj Mazda
• Tata

Passenger Car / Utility Vehicles OEMs

• Mahindra
• AVTEC
• Tata
• Cummins
• Greves

Tractor OEMs

• John Deere
• Mahindra

No. of Employees :

Not Available

Bankers :

• State Bank of India Industrial Financial Branch, Tara Chambers, 2^nd Floor, Near Mariaai Police Chowky, Pune Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From State Bank of India	4.878	0.000
Total	4.878	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Share Holder	3.281	5.310
Total	3.281	5.310

Banking Relations :	--
Auditors :
Name :	Amrita Bapat Chartered Accountant
Address :	5, Sadashiv Peth, Near Alka Talkies, Tilak Road, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-25674649/85228176
PAN.:	AAZPB5481B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	A Class Equity Shares	Rs.100/- each	Rs.5.000 Millions
5000	B Class Equity Shares	Rs.100/- each	Rs.0.500 Million
	TOTAL		Rs.5.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40340	A Class Equity Shares	Rs.100/- each	Rs.4.034 Millions
5000	B Class Equity Shares	Rs.100/- each	Rs.0.500 Million
	TOTAL		Rs.4.534 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		4.534	4.534	4.534
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		380.064	337.549	293.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		384.598	342.083	298.470
LOAN FUNDS
1] Secured Loans		4.877	0.000	0.000
2] Unsecured Loans		3.281	0.531	0.561
TOTAL BORROWING		8.158	0.531	0.561
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		392.756	342.614	299.031
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.925	79.488	66.039
Capital work-in-progress		9.163	33.735	11.219
INVESTMENT		0.614	32.876	42.554
DEFERREX TAX ASSETS		0.000	4.592	4.339
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.112	81.736	59.250
	Sundry Debtors	140.278	101.429	88.272
	Cash & Bank Balances	3.026	31.013	45.442
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	59.310	31.568	13.852
Total Current Assets		332.726	245.746	206.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.457	24.698
	Other Current Liabilities	26.992	16.044	19.823
	Provisions	25.223	13.081	12.113
Total Current Liabilities		90.672	53.823	31.936
Net Current Assets		242.054	191.923	174.880
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		392.756	342.614	299.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	593.971	435.098	344.511
		Other Income	2.746	6.200	4.461
		TOTAL (A)	596.717	441.298	348.972
Less	EXPENSES
		Office Expenses	487.252	340.179	297.312
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	487.252	340.179	297.312
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.465	101.119	51.660
Less	FINANCIAL EXPENSES (D)		0.250	0.182	0.240
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		109.215	100.937	51.420
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.542	15.987	16.018
	PROFIT BEFORE TAX (E-F) (G)		88.673	84.950	35.402
Less	TAX (H)		29.461	29.007	11.471
	PROFIT AFTER TAX (G-H) (I)		59.212	55.943	23.931
	Prior Period Tax Adjustment		(1.786)	(0.198)	0.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		215.918	176.376	165.420
Less	APPROPRIATIONS
		Transfer to General Reserve	5.921	5.535	2.393
		Dividend	9.068	9.068	9.068
		Corporate on Dividend	1.541	1.541	1.541
	BALANCE CARRIED TO THE B/S		256.814	215.977	176.376
	EARNINGS IN FOREIGN CURRENCY		11.937	5.427	5.879
	IMPORTS
		Raw Materials		57.602	54.549
		Stores & Spares	NA	0.132	0.112
		Capital Goods and Capital WIP		27.222	0.000
	TOTAL IMPORTS		NA	84.956	54.661
	Earnings Per Share (Rs.)		1305.96	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.92	12.68	6.95
Net Profit Margin (PBT/Sales)	(%)	14.93	19.52	10.28
Return on Total Assets (PBT/Total Assets}	(%)	18.72	26.12	12.97
Return on Investment (ROI) (PBT/Networth)		0.23	0.25	0.12
Debt Equity Ratio (Total Liability/Networth)		0.26	0.16	0.11
Current Ratio (Current Asset/Current Liability)		3.67	4.57	6.48

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FORM 8

Corporate identity number of the company	U29302PN1981PTC024033
Name of the company	POONA SHIMS PVT LTD
Address of the registered office or of the principal place of business in India of the company	39/39 Darshangad Apartments, Prabhat Road, Lane No.9C, Pune – 411 004, Maharashtra, India Email: gupte@giaspn01.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90085268
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	State Bank of India Industrial Financial Branch, Tara Chambers, 2^nd Floor, Near Mariaai Police Chowky, Pune Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India Email: vijaydatt.dixit@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan Cum Hypothecation (SME-4) executed to create a single charge against all the present and future current assets to cover the credit facilities extended by the Bank to the Borrower Company.
Date of instrument Creating the charge	27.04.2011
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 6% above BR i.e.13.60% pa with monthly rests. Penal interest on any default on the part of the borrower company. Terms of Repayment DCC: On Demand. The tenor would be of 12 months. Margin Stock in all elements"25% Book Debts (Cover Period 90 days):30% For LC:10% Extent and Operation of the charge SBI IFB Pune will have first charge over entire current assets of the company with extention of the charge as collateral security on entire fixed assets of the company.Shri Anil Gupte and Sushri Shubha Gupte have extended the personal guarantee to set against the entire loan repayment along with interest thereon. Others The Company vide Board Resolution passed on 15/04/2011 have given assent to all the Terms and Conditions as envisaged in the Sanction Letter under reference IFB.CREDIT.RM-III/137 Dated 09/11/2010 and have executed the documents/agreements in the physical form and have been authorized to file the e-form 8 with the ROC Pune for the modification in the scope and nature of the existing charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the current assets and the records of the book debts generated through commercial transactions maintained at the Registered Office and at the Works of the Company
Particulars of the present modification	By this present modification, the existing limit of Rs.10.000 Millions has been enhanced by Rs.20.000 millions making the overall credit facility to the tune of Rs.30.000 Millions.

FIXED ASSETS

v Building

v Plant and Machinery

v Vehicles

v Furniture and Fittings

v Software

v Land

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.51.41
UK Pound	1	Rs.81.93
Euro	1	Rs.67.66

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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.