MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	DHARPAT CASTING PRIVATE LIMITED
Registered Office :	Kranti Gate, Plot No. 2637/40, Road No. D-11, Metoda, GIDC, Rajkot – 360021, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.11.2004
Com. Reg. No.:	04-45019
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U27100GJ2004PTC045019
TAN No.: [Tax Deduction & Collection Account No.]	RKTD01147G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of All Kind of Precision Investment Casting.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track .The company has been successful in wiping of the accumulated losses. of previous year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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.

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

INFORMATION PARTED BY

Name :	Mr. Pratik Gondaliya
Designation :	Chief Executive Officer
Contact No.:	91-9979948524
Date :	11.04.2012

LOCATIONS

Registered Office / Factory :	Kranti Gate, Plot No. 2637/40, Road No. D-11, Metoda, GIDC, Rajkot – 360021, Gujarat, India
Tel. No.:	91-2827-287936/ 287937
Mobile No.:	91-9825620824 (Mr. Pratik Gondaliya)
Fax No.:	91-2827-287937
E-Mail :	info@dharpatcasting.com hemantbusa@yahoo.co.in busa_ca@yahoo.com mkt@dharpatcasting.com
Website :	http://dharpatcasting.com
Area :	11700 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Kishan Dhirajlal Parsana

Designation :

Director

Address :

“Shravan” 2 Arjun Park, Near Bharatvan Society, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

23.08.1984

Date of Appointment :

29.06.2007

DIN No.:

00509131

Name :

Mr. Tulsibhai Thakarsibhai Parsana

Designation :

Director

Address :

Block No. 11, ‘Jay Kishan’ Bharatvan Society, Amin Marg, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

12.09.1960

Date of Appointment :

10.11.2004

Election Commission Identity Card No. :

GJ/ 04/ 018/ 294377

DIN No.:

00341804

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	U27100GJ2004PTC045019	DHARPAT CASTING PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO

Name :

Mrs. Rasilaben Parshottambhai Parsana

Designation :

Director

Address :

“Arjun” Arjun Park, Near Bharatvan Society, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

27.09.1964

Date of Appointment :

10.11.2004

Election Commission Identity Card No. :

GJ/ 04/ 018/ 294271

DIN No.:

00509128

Name :

Mrs. Bhavnaben Rajeshbhai Parsana

Designation :

Director

Address :

Block No. 11, ‘Jay Kishan’ Bharatvan Society, Amin Marg, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

06.05.1969

Date of Appointment :

10.11.2004

Election Commission Identity Card No. :

GJ/ 04/ 018/ 294272

DIN No.:

00509126

Name :

Mr. Dhirajlal Thakarsibhai Parsana

Designation :

Chairman cum Managing Director

Address :

“Sharvan” Arjun Park, Near Bharatvan Society, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

08.12.2005

DIN No.:

00509129

KEY EXECUTIVES

Name :	Mr. Pratik Gondaliya
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage
Kishan Dhirajlal Parsana	61500	24.60 %
Tulsibhai Thakarsibhai Parsana	62500	25 %
Rasilaben Parshottambhai Parsana	62500	25 %
Bhavnaben Rajeshbhai Parsana	62500	25 %
Dhirajlal Thakarsibhai Parsana	1000	0.40 %
Total	250000	250000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of All Kind of Precision Investment Casting.
Products :	· Pumps · Valves · Agriculture Implement · Textile Equipment · General Engineering Equipment · Medical Equipment · Decence Components, etc.
Exports :
Products :	Precision Investment Casting
Countries :	Europe
Imports :
Products :	Finished Goods
Countries :	Germany
Terms :
Selling :	Credit (60 days)
Purchasing :	Credit (60 days)

(As on 31.03.2011)

PRODUCTION STATUS

Particulars	Unit	Actual Production
Cast Articles	kgs	207064
Casting Dies	No.s	106

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, Other (Manufacturer)

No. of Employees :

15 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227-D Nariman Point, Mumbai – 400021, Maharashtra, India

· Kotak Mahindra Bank

Branch City – Rajkot, India

· IDBI Bank

Branch Main City – Rajkot, India

· Corporation Bank

Main Branch, Nijanand, Dhebar Road, Rajkot – 360 002, Gujarat, India

Facilities :

OD = Rs. 10.000 Million (From kotak Mahindra Bank)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Kotak Mahindra Bank Loan (Secured against the personal Guarantee of Director)	0.000	0.063
Kotak Mahindra Bank Loan against Property (Secured against Residential Houses of directors)	13.641	14.415
Kotak Mahindra Bank Loan against Property (A/c. No.2479794) (Secured against Residential Houses of directors)	11.000	0.000
Kotak Mahindra Bank (Bank OD A/c (0821) (Secured against the Factory Land and Building)	9.156	9.741
Total	33.797	24.219
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	7.126	5.441
From Directors Relative and SHARE Holder	4.673	5.798
		0
Total	11.799	11.239

Banking Relations :	--
Auditors :
Name :	Busa and Associates Chartered Accountant
Address :	212-A, Landmark, Sardarnagar Main Road, Astron Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2462804/ 2462893
Mobile No.:	91-9825282893
PAN.:	AAGFB4013J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.414	0.691	0.691
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.914	3.191	3.191
LOAN FUNDS
1] Secured Loans		33.797	24.220	16.912
2] Unsecured Loans		11.799	11.239	11.163
TOTAL BORROWING		45.596	35.459	28.075
DEFERRED TAX LIABILITIES		0.035	0.000	0.000
TOTAL		49.545	38.650	31.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.044	14.842	14.191
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS			0.005	0.293
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.536	12.231	8.040
	Sundry Debtors	31.471	22.379	15.563
	Cash & Bank Balances	0.495	1.777	1.290
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.218	3.305	1.523
Total Current Assets		54.720	39.692	26.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.695	14.567	9.348
	Other Current Liabilities	1.381	0.927	0.593
	Provisions	1.143	0.529	0.374
Total Current Liabilities		22.219	16.023	10.315
Net Current Assets		32.501	23.669	16.101
MISCELLANEOUS EXPENSES		0.000	0.134	0.681
TOTAL		49.545	13.650	31.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	63.200	50.564	41.406
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.950	2.609	2.043
Less/ Add	DEPRECIATION/ AMORTISATION		1.833	1.632	1.640
	PROFIT BEFORE TAX		11.166	0.977	0.403
Less	TAX		10.308	0.444	0.206
	PROFIT AFTER TAX		0.858	0.533	0.197
	BALANCE CARRIED TO THE B/S		0.858	0.533	0.196
	Earnings Per Share (Rs.)		3.43

Particulars	31.03.2012
Sales Turnover (Approximately)	90.000

Expected Sales (2012.2013): Rs. 130.000 Millions (Due to Business Expansion)

The above information has been parted by Mr. Pratik Gondaliya.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	17.66	1.93	0.97
Return on Total Assets (PBT/Total Assets}	(%)	15.76	1.79	2.40
Return on Investment (ROI) (PBT/Networth)		2.85	0.31	0.13
Debt Equity Ratio (Total Liability/Networth)		17.33	16.13	41.58
Current Ratio (Current Asset/Current Liability)		2.4	2.4	2.5

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the Company has been shifted from Survey No 240/2004 Vidhyanagar Main Road OPP Khadigram Bhavan, Rajkot – 360002, Gujarat, India to the present address w.e.f. 30.12.2006

OPERATIONS

During the year under review, Company has made Sales Turnover of Rs.63.200 Millions against Rs. 50.564 millions of previous year and company has made profit before tax of Rs. 1.117 Million as compare to previous years profit before tax of Rs. 0.977 Million. It shows that the progress of the company is good in the competitive market.

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
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)	Yes
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100GJ2004PTC045019
Name of the company	DHARPAT CASTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2637/40, Metoda, GIDC, Kalawad Road, Taluka Lodhika, Dist. Rajkot – 360 005, Gujarat, India busa_ca@yahoo.com
This form is for	Creation of charges
Type of charge	· Immovable property
Particular of charge holder	· Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227-D Nariman Point, Mumbai – 400021, Maharashtra, India John.fernandes@kotak.com
Nature of instrument creating charge	· Deed of Mortgage
Date of instrument Creating the charge	31.12.2009
Amount secured by the charge	Rs.10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Overdraft – floating over the tenure of the facility. The interests rate is linked to Kotak Mahindra Bank’s Benchmark Prime Lending Rate (PLR) Terms of Repayment As may be specified by the Bank from time to time. Margin NIL Extent and Operation of the charge First and exclusive charge created by way of Mortgaged on immovable property of company to secure the repayment of financial facilities granted by the Kotak Mahindra Bank Limited to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· All that pieces and parcels of non agricultural property being factory shed bearing Plot.No.2637 and 2640, totally adms 11700-00Sq.mt along with all present and future construction thereon. · All the aforesaid property situated in Lodhika Industrial Estate, Road, D 11, Opposite Rambo Industries, Kanti Gate Road, bearing Rev Surv. No. 103 (Vill-Khirasara), Rev Surv. No. 57 (Vajadi), Tal- Lodhika, Rajkot

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant And Machinery

· Computer

· Electrification

· EPABX

· Furniture and Fixtures

· Printer

· U.P.S.

· Weighing Scale

· Vehicles Honda

· Vehicle Wagon R

· CCTV Camera

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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.