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MIRA INFORM REPORT

Report Date :

16.02.2012

NOTE: CORRECT NAME OF THE COMPANY IS “CHRYSALIS CASTING PRIVATE LIMITED”

IDENTIFICATION DETAILS

Name :	CHRYSALIS CASTING PRIVATE LIMITED
Registered Office :	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.2008
Com. Reg. No.:	11-132284
Capital Investment / Paid-up Capital :	Rs.43.100 Millions
CIN No.: [Company Identification No.]	U27310PN2008PTC132284
TAN No.: [Tax Deduction & Collection Account No.]	PNEC07600F
PAN No.: [Permanent Account No.]	AADCC4160F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Die Casting.
No. of Employees :	150 [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 180000
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 off the accumulated losses of the 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 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. Srikant
Designation :	Purchase Manager
Contact No.:	91-9766659933
Date :	15.02.2012

LOCATIONS

Registered Office :	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	91-2114-244301/244072
Mobile No.:	91-9766659933 [Mr. Srikant]
Fax No.:	91-2114-244672
E-Mail :	purchase@jhstaigene.com jpanchbhai@kcl.kineticindia.com
Location :	Owned
Factory :	436/A1, Kanhe Takwe Budruk (BK), Taluka Maval, Talegaon, Dabhade, District Pune-410506, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Manish Mohan Motwani

Designation :

Director

Address :

C 3, Abhimanshree Society, Pashan Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

02.10.1967

Date of Appointment :

20.06.2008

Din No.:

00394860

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	U74999MH1996PLC096927	KINETIC MARKETING AND SERVICES LIMITED	Director	06-02-96	06-02-96	Active	NO
2	U74999MH1995PTC089588	KINETIC COMMUNICATIONS LIMITED	Managing director	01-05-97	01-05-97	Active	NO
3	L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	Director	23-06-98	23-06-98	Active	NO
4	U50101MH1996PLC099643	KINETIC HYUNDAI ELEVATOR AND MOVEMENT TECHNOLOGIES LIMITED	Director	17-03-00	17-03-00	Active	NO
5	U52334PN1998PTC012907	JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMIITED	Managing director	17-03-00	17-03-00	Active	NO
6	U72200PN2000PTC014784	CHRYSALIS FINANCIAL SERVICES PRIVATE LIMITED	Director	22-06-00	22-06-00	Active	NO
7	U63090PN1996PLC100898	JAYA HIND SCIAKY LIMITED	Director	28-09-02	28-09-02	Amalgamated	NO
8	U34300PN2006PTC128831	DUCATI ENERGIA (INDIA) PRIVATE LIMITED	Director	31-07-06	31-07-06	Active	NO
9	U72200PN1996PTC104784	KINETIC HANKUK ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Director	30-08-06	30-08-06	Active	NO
10	U74999PN2008PTC131793	KINETIC AUTO PARKING SYSTEMS PRIVATE LIMITED	Director	09-04-08	09-04-08	Active	NO
11	U27310PN2008PTC132284	CHRYSALIS CASTING PRIVATE LIMITED	Director	20-06-08	20-06-08	Active	NO
12	U45300MH2007PTC174124	SITARAM REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	01-04-09	01-04-09	Active	NO
13	U34300MH1983PLC030666	JAYA HIND SCIAKY LIMITED	Additional director	25-09-09	25-09-09	Active	NO
14	U74990MH2009PTC195124	KINETIC FGTECNOPOLO ENGINEERING SERVICES PRIVATE LIMITED	Additional director	15-12-10	15-12-10	Active	NO

Name :

Mr. Vipul Pranlal Mehta

Designation :

Director

Address :

B/1, Vasundhara Tilak Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

29.09.1961

Date of Appointment :

16.03.2009

Din No.:

00778182

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	U65993MH2001PTC130668	SVARPRIT INVESTMENT COMPANY PRIVATE LIMITED	Director	31-01-01	31-01-01	Active	NO
2	U65993MH2001PTC132080	VIPRAN INVESTMENT CONSULTANCY PRIVATE LIMITED	Director	24-05-01	24-05-01	Active	NO
3	U74140MH2002PTC136874	PRITRAM INVESTMENT CONSULTANCY PRIVATE LIMITED	Director	19-08-02	19-08-02	Active	NO
4	U51900MH1996PTC101643	VIPRAN PORTFOLIO MANAGERS PRIVATE LIMITED	Director	29-09-08	01-03-08	Active	NO
5	U27310PN2008PTC132284	CHRYSALIS CASTING PRIVATE LIMITED	Director	16-03-09	16-03-09	Active	NO
6	U45300MH2007PTC174124	SITARAM REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	01-04-09	01-04-09	Active	NO
7	U67190MH2010PTC205255	VPM PROFESSIONAL CONSULTANCY PRIVATE LIMITED	Director	05-07-10	05-07-10	Active	NO
8	U45202MH2008PTC188202	ABACUS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Additional director	09-11-10	09-11-10	Active	NO

Name :

Mr. Sreenivasa Nittur Murthy

Designation :

Director

Address :

RM 85, G Block, MIDC, Sambhaji Nagar, Cinchwad, Pune-411019, Maharashtra, India

Date of Birth/Age :

10.08.1948

Date of Appointment :

23.03.2011

Din No.:

02029325

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	U27310PN2008PTC132284	CHRYSALIS CASTING PRIVATE LIMITED	Director	23-03-11	04-02-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Srikant
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manish Mohan Motwani	10000
Sitaram Real Estate Developers Private Limited, India	4300000
Total	4310000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.77
Directors or relatives of directors	0.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Die Casting.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Pressure Die Casting	87089900

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Pressure Die Castings	Nos.	1250000	993292

NOTE: Installed capacity as certified by the Director and accepted by auditors. Installed capacity disclosed is estimated and the same depends on actual product mix of casting which have different cycle times.

GENERAL INFORMATION

Suppliers :

· Spring Merchant

Customers :

Wholesalers and Retailers

· Constar Chemicals Limited

No. of Employees :

150 [Approximately]

Bankers :

State Bank of India, Industrial Financial Branch, Pimpri, Kasarwadi, Pune-411034, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit From State Bank of India [Secured by hypothecation of stock, book debts, and plant and machinery]	5.969	0.000
Total	5.969	0.000

Banking Relations :	--
Auditors :
Name :	P G Bhagwat Chartered Accountants
Address :	Suit 101-102, Orchard, Dr. Pai Marg, Baner, Pune-411045, Maharashtra, India
Pan No.:	AAAFB0762E
Holding Company:	Sitaram Real Estate Developers Private Limited, India [U45300MH2007PTC174124]
Enterprises over which key managerial personnel or their relatives are able to exercise significant influence:	· Jaya Hind Sciaky Limited · Ducati Energia India Private Limited · Kinetic Engineering Limited · Kinetic Communication Limited · JHS Taigene Electrical Company Private Limited

CAPITAL STRUCTURE

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
4310000	Equity Shares	Rs.10/- each	Rs.43.100 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		43.100	30.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.061	0.000	0.000
4] (Accumulated Losses)		0.000	(2.651)	(0.380)
NETWORTH		47.161	27.449	(0.280)
LOAN FUNDS
1] Secured Loans		5.969	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5.969	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.249	0.000
TOTAL		53.130	27.698	(0.280)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.455	47.110	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.446	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.066	4.747	0.000
	Sundry Debtors	22.681	17.473	0.000
	Cash & Bank Balances	3.945	5.143	0.076
	Other Current Assets	0.135	0.057	0.025
	Loans & Advances	12.235	9.504	0.003
Total Current Assets		44.062	36.924	0.104
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.765	48.426	0.384
	Other Current Liabilities	7.901	7.910	0.000
	Provisions	0.167	0.000	0.000
Total Current Liabilities		30.833	56.336	0.384
Net Current Assets		13.229	(19.412)	(0.280)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		53.130	27.698	(0.280)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	106.344	70.633	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	98.867	65.476	0.380
		Advertising Expenses
		TOTAL	98.867	65.476	0.380
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		NA	5.157	(0.380)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	7.179	0.000
	PROFIT BEFORE TAX		7.477	(2.022)	0.000
Less	TAX		0.765	0.249	0.000
	PROFIT AFTER TAX		6.712	(2.271)	(0.380)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.651)	(0.380)	0.000
	BALANCE CARRIED TO THE B/S		4.061	(2.651)	(0.380)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.160	5.290	0.000
	TOTAL EARNINGS		10.160	5.290
	IMPORTS
		Raw Materials	5.305	0.000	0.000
		Consumable Stores and Others	0.163	0.317	0.000
	TOTAL IMPORTS		5.468	0.317	0.000
	Earnings Per Share (Rs.)		2.23	(0.83)	--

Expected Sales (2011-12) : Rs.120.000 Millions

The above information has been parted by Mr. Srikant.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.31	(3.22)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	8.95	(2.41)	0.00
Return on Investment (ROI) (PBT/Networth)		0.16	(0.07)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.78	2.05	(1.37)
Current Ratio (Current Asset/Current Liability)		1.43	0.65	0.27

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	22.765	48.426	0.384

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 two years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
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	--

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27310PN2008PTC132284
Name of the company	CHRYSALIS CASTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	State Bank of India, Industrial Financial Branch, Pimpri, Kasarwadi, Pune-411034, Maharashtra, India
Email	sbi.04523@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of loan-cum-hypothecation of Company's all present and future stocks, raw materials, goods, book debts and vehicles and all other movable assets of the borrower(s) including receivables, documents of title to goods, engagements, securities, investments and rights and all present machinery listed in Schedule -B and all future machinery belonging to or in the possession or control of the borrower.
Date of instrument Creating the charge	05.06.2010
Amount secured by the charge	Rs.25.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at 2% above State Bank Advance Rate (SBAR) (SBAR= 11.75% w.e.f. 29/06/09) with minimum of 13.75 % p.a. , rising or falling Terms of Repayment Repayable on demand Margin Raw Material- 25%, Stocks-in-process- 33%, Finished Goods-25%, Book debts- 40%, Letter of credit- 20% Extent and Operation of the charge Hypothecation of present and future stocks, raw materials, goods, book debts and vehicles and all other movable assets of the borrower(s) including receivables, documents of title to goods, engagements, securities, investments and rights and all present machinery listed in Schedule -B and all future machinery belonging to or in the possession or control of the borrower
Short particulars of the property charged	Entire stock Raw materials Book debts Goods All other movable property including present machinery listed in schedule- b of the agreement

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	4
--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	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.