MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	CIMA SHYAM SPRINGS PRIVATE LIMITED
Registered Office :	Co-operative House, 3^rd Floor, Near Manisha Cross Road, Old Padra, Vadodara-390015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.09.2008
Com. Reg. No.:	04-055127
Capital Investment / Paid-up Capital :	Rs.36.564 Millions
CIN No.: [Company Identification No.]	U29130GJ2008PTC055127
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of An Italian Automotive and Industrial Appliance.
No. of Employees :	35 [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 100000
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.

INFORMATION PARTED BY

Name :	Mr. Pritesh
Designation :	Business Development Executive
Contact No.:	91-9099979979
Date :	01.02.2012

LOCATIONS

Registered Office :	Co-operative House, 3^rd Floor, Near Manisha Cross Road, Old Padra, Vadodara – 390015, Gujarat, India
Tel. No.:	91-265-2323256/2323598
Mobile No.:	91-9099979979 [Mr. Pritesh]
Fax No.:	91-265-2339291
E-Mail :	info@cimashyam.com sales@cimashyam.com jaimin@cimashyam.com
Website :	http://www.cimashyam.com
Factory :	Block No.735, 736, 739, NH.8, Kandari Village, District Vadodara – 391210, Gujarat, India

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Jaimin Girish Patel

Designation :

Director

Address :

Shyam Butt Bunglow, Behind Vaikunth, Society, Gotri Main Road, Vadodara-390021, Gujarat, India

Date of Appointment :

26/09/2008

Din No.:

00397139

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	U91110GJ1992PLC017974	SHYAM INDUSTRIES LIMITED	Additional director	11-11-06	11-11-06	-	Active	NO
2	U74900GJ2007PTC050482	AANIKA ENTERPRISES PRIVATE LIMITED	Director	13-04-07	13-04-07	-	Active	NO
3	U34201GJ1998PTC033557	LMP MOTORS PRIVATE LIMITED	Alternate director	25-04-07	25-04-07	25-03-09	Active	YES
4	U29130GJ2008PTC055127	CIMA SHYAM SPRINGS PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
5	U51100GJ1988PTC010661	SHYAM MARKETING PRIVATE LIMITED	Director	30-09-11	24-02-11	-	Active	NO

Name :

Mr. Hemalbhai Rameshchandra Patel

Designation :

Director

Address :

No.45, Pashabhai, Patel park,Race, Course Circle, Vadodara-390007, Gujarat, India

Date of Appointment :

26/09/2008

Din No.:

01970342

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	U91110GJ1992PLC017974	SHYAM INDUSTRIES LIMITED	Director	29-09-07	29-09-07	Active	NO
2	U29130GJ2008PTC055127	CIMA SHYAM SPRINGS PRIVATE LIMITED	Director	26-09-08	26-09-08	Active	NO

Name :

Mr. Rita Emillio Bellazzi

Designation :

Director

Address :

Monza-VIA, Volta-25, Monza-25, Italy

Date of Appointment :

20/12/2008

Din No.:

02345266

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	U29130GJ2008PTC055127	CIMA SHYAM SPRINGS PRIVATE LIMITED	Director	02-07-11	20-12-08	-	Active	NO
2	U74900GA2011PTC006785	CABE SPRINGS AND FASTENERS INDIA PRIVATE LIMITED	Director	07-09-11	07-09-11	07-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Pritesh
Designation :	Business Development Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Belfin SPA Business, Italy	1828946
Jaimin Girish Patel	165450
Hemal Rameshchandra Patel	102450
Shyam Management Services Private Limited, India	1456010
Shyam Marketing Private Limited, India	245000
Mukesh G Desai Jointly Kasmira M Desai	57500
Nitin J Mankad Jointly With Minakshi N Mankad	20000
Rachit N Mankad Jointly With Esha R Mankad	5000
Sanjay J Mankad Jointly With Vaishali S Mankad	25500
Vaishali S Mankad Jointly With Sanjay J Mankad	47000
Bipin C Mankad Jointly With Beena B Mankad	51500
Rachit N Mankad Jointly With Minakshi N Mankad and Eisha Sarkar	15000
Minakshi N Mankad Jointly With Nitin J Mankad and Riddhi Mankad	37500
Nitin J Mankad Jointly With Minakshi N Mankad and Riddhi Mankad	10000
Jaimin Patel Jointly With Amrita Patel	75000
Shyam Industries Limited, India	328953
Bipin Mankad	8500
Nihar Desai Jointly With Kashmira Desai	15000
Bina Mankad Jointly With Bipin Mankad	12500
Total	4506809

AS ON 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.58
Bodies corporate	45.05
Directors or relatives of directors	7.60
Other top fifty shareholders	6.77
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of An Italian Automotive and Industrial Appliance.
Imports :
Products :	Raw Material
Countries :	· Brazil · Japan
Terms :
Selling :	Depends
Purchasing :	Depends

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Coiler Springs	(MT)	2400	2400	2144

GENERAL INFORMATION

Customers :

Others [Manufacturer]

No. of Employees :

35 [Approximately]

Bankers :

· IDBI Bank Limited, City SME Center, Radhika Arcade, Nupur Theatre Complex, Jalna Road, Aurangabad-431003, Maharashtra, India

· Bank of Baroda

· The Baroda City Co-operative Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Bank
Bank of Baroda Term Loan [Secured by equitable mortgage of plant and machineries, land and factory building]	65.363	58.917
Debentures [228600 as of debentures of Rs.10.00 issued at Rs.10.00]	2.286	0.000
Working Capital
Bank of Baroda CC A/C No. 24790500000034 [Secured by hypothecation of RM, WIP, FG, and Stores]	15.177
IDBI Bank Limited, Aurangabad	1.470	8.453
The Baroda City Co-operative Bank Limited CC A/C 2-51 [Secured by personal guarantee of directors.]	10.312
The Baroda City Co-operative Bank Limited [HP Loan for Machineries]	4.250	0.000
Total	98.858	67.370
Unsecured Loan
From:
Inter Corporate Loan
Shyam Industries Limited	1.243
Shyam Management Services Private Limited	0.962	0.844
Others
Sanjay Associates	0.066
Water Associates	0.500	0.515
Total	2.771	1.359

Banking Relations :	--
Auditors :
Name :	Mahendra P. Shah and Company Chartered Accountants
Address :	224, Unique Trade Centre, Opposite Hotel Surya, Sayajigunj, Vadodara-390005, Gujarat, India
Tel. No.:	91-265-2363889/6622649
E-Mail :	mpshah_ca1991@yahoo.com ca_mahendra.shah@yahoo.com
Pan No.:	ABWPS4479A
Holding Company :	Belfin Spa – Italy (w.e.f. 30^th August 2009)
Associates :	Belfin Spa – Italy (Upto 29^th August 2009) Shyam Industries Limited Shyam Management Services Private Limited

CAPITAL STRUCTURE

AS ON 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4506809	Equity Shares	Rs.10/- each	Rs.45.068 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3556399	Equity Shares	Rs.10/- each	Rs.36.564 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		36.564	35.608	0.100
2] Share Application Money		0.000	0.000	20.387
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(11.275)	(4.815)	(1.129)
NETWORTH		25.289	30.793	19.358
LOAN FUNDS
1] Secured Loans		98.858	67.370	0.247
2] Unsecured Loans		2.771	1.359	2.232
TOTAL BORROWING		101.629	68.729	2.479
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
DEFERRED PAYMENT FOR MACHINERY		16.778	7.650	0.000
TOTAL		143.696	107.172	21.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		127.957	93.689	17.853
Capital work-in-progress		0.000	6.597	4.172
INVESTMENT		0.338	0.250	0.250
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.314	2.617	0.000
	Sundry Debtors	7.903	0.000	0.000
	Cash & Bank Balances	1.631	0.397	0.038
	Other Current Assets	0.000	1.144	0.001
	Loans & Advances	5.772	5.982	0.050
Total Current Assets		23.620	10.140	0.089
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.496	4.804	0.192
	Other Current Liabilities	3.065	2.417	0.327
	Provisions	0.000	0.000	0.008
Total Current Liabilities		20.561	7.221	0.527
Net Current Assets		3.059	2.919	(0.438)
MISCELLANEOUS EXPENSES		12.342	3.717	0.000
TOTAL		143.696	107.172	21.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17.782	0.000	0.000
		Other Income	0.044	1.289	0.000
		TOTAL (A)	17.826	1.289	0.000
Less	EXPENSES
		Cost of Material Consumed and Others	11.649	0.000	0.000
		Manufacturing and Other Expenses	3.499	0.007	0.003
		Administrative and Other Expenses	2.406	2.695	0.631
		Employee Cost	1.774	1.798	0.305
		Selling and Distribution Expenses	0.000	0.000	0.106
		Increase / Decrease in Stock	(2.445)	0.000	0.000
		TOTAL (B)	16.883	4.500	1.045
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.943	(3.211)	(1.045)
Less	FINANCIAL EXPENSES (D)		5.542	0.473	0.076
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4.599)	(3.684)	(1.121)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.860	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(6.459)	(3.684)	(1.121)
Less	TAX (H)		0.000	0.001	0.009
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(6.459)	(3.685)	(1.130)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.815)	(1.130)	0.000
	BALANCE CARRIED TO THE B/S		(11.274)	(4.815)	(1.130)
	IMPORTS
		Raw Materials	NA	0.991	0.000
		Capital Goods	NA	11.715	0.000
	TOTAL IMPORTS		NA	12.706	0.000
	Earnings / (Loss) Per Share (Rs.)		(1.81)	(1.37)	(334.64)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(36.23)	(285.88)	0.00
Net Profit Margin (PBT/Sales)	(%)	(36.32)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(4.26)	(3.55)	(6.25)
Return on Investment (ROI) (PBT/Networth)		(0.25)	(0.11)	(0.05)
Debt Equity Ratio (Total Liability/Networth)		4.83	2.46	0.15
Current Ratio (Current Asset/Current Liability)		1.15	1.40	0.16

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
For Capex	5.462
For Expenses	5.627	4.804	0.192
For RM / Consumables	6.407
Total	17.496	4.804	0.192

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	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL PERFORMANCE:

The company recorded an income of Rs. 20.271 Millions as compared to Rs.1.289 Millions. Net Loss for the financial year ended 31st March, 2011 increased to Rs.6.459 Millions as compared to Rs 3.685 Millions in the previous year. Shareholder’s networth amounted to Rs. 36.564 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10280043
Corporate identity number of the company	U29130GJ2008PTC055127
Name of the company	CIMA SHYAM SPRINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Co-operative House, 3^rd Floor, Near Manisha Cross Road, Old Padra, Vadodara – 390015, Gujarat, India
Type of charge	Movable Property (not being pledge) Others
Particular of charge holder	IDBI Bank Limited, City SME Center, Radhika Arcade, Nupur Theatre Complex, Jalna Road, Aurangabad-431003, Maharashtra, India
Email	vijayakumar.k@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Bills of exchange
Date of instrument Creating the charge	22.11.2011
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest AT BBR + 2.00 % i.e. 12.75% p.a., payable monthly. Present BBR @ 10.75 % p.a. Terms of Repayment Tenor is 12 months and repayment will on respective due date of the BOE Margin 10% of the face value of BOE (to be refunded on maturity of the respective BOE) Extent and Operation of the charge The charge will be operative till the total loan amount along with interest, commission, expenses, charges are repaid by the company.
Short particulars of the property charged	Duly accepted bills of exchange (BOE) by Endurance Technologies Limited. Irrevocable personal guarantee of Jaimin Girish Patel and Hemalbhai Rameshchandra Patel, directors of the company
Date of latest modification prior to the present modification	18.03.2011
Particulars of the present modification	Existing bill discounting limit of Rs. 5.000 Millions is now enhanced to Rs. 10.000 Millions.

FIXED ASSETS:

• Land
• Buildings
• Plant and machinery
• Office Equipments
• Furniture and Fixtures
• Computer

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.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	NO
--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.