MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	ACCURATE HELICAL SPRINGS PRIVATE LIMITED
Registered Office :	4, Amin Industrial Estate, Sonawala Cross Road No. 2, Goregaon(East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.06.2010
Com. Reg. No.:	11-204071
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31401MH2010PTC204071
TAN No.: [Tax Deduction & Collection Account No.]	MUMA37453D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Spring , Coils, Cable Wires and Allied Products
No. of Employees:	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company and yet to establish itself gradually. Payments are Unknown. The company can be considered for business dealings on a secured 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 DENIED BY

Name :	Mr. Utpal Shah
Designation :	Director
Contact No.:	91-22- 26859305
Date :	23.02.2012

LOCATIONS

Registered Office :	4, Amin Industrial Estate, Sonawala Cross Road No. 2, Goregaon(East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22- 26859305
Fax No.:	91-22-26859299
E-Mail :	sales@accuratesprings.com jessyindia@rediffmail.com accuratesprings@hotmail.com
Factory :	27 & 28, Shreejee Industrial Estate, Vasai – 401208, Maharashtra, India
Tel. No.:	91-22-26859305
E-Mail :	sales@accuratesprings.com

DIRECTORS

(As On 30.09.2011)

Name :

Mr. Ramesh Popatlal Shah

Designation :

Director

Address :

302, Parshva Darshan Apartments, 10 Lajapatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

22.11.1944

Date of Appointment :

11.06.2010

DIN No :

02946890

Other Directorships:

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	U31401MH2010PTC204071	ACCURATE HELICAL SPRINGS PRIVATE LIMITED	Director	11/6/2010	11/6/2010	-	Active	NO
2	U70102MH2010PTC210433	Shah Space Infra Private Limited	Director	30/11/2010	30/11/2010	-	Active	NO

Name :

Mr. Utpal Ramesh Shah

Designation :

Director

Address :

302, Parshva Darshan Apartments, 10 Lajapatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

04.08.1972

Date of Appointment :

11.06.2010

DIN No :

02946932

Name :

Mrs. Rashmi Ramesh Shah

Designation :

Director

Address :

302, Parshva Darshan Apartments, 10 Lajapatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

24.05.1947

Date of Appointment :

11.06.2010

DIN No :

02946958

Name :

Mrs. Seema Utpal Shah

Designation :

Director

Address :

302, Parshva Darshan Apartments, 10 Lajapatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

20.12.1974

Date of Appointment :

11.06.2010

DIN No :

02951215

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As On 30.09.2011)

Names of Shareholders	No. of Shares
Mr. Ramesh Popatlal Shah	3,000
Mr. Utpal Ramesh Shah	3,000
Mrs. Rashmi Ramesh Shah	2,000
Mrs. Seema Utpal Shah	2,000
Total	10,000

(As On 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Spring , Coils, Cable Wires and Allied Products
Products :	· Spring · Coils · Cable Wires etc

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

Unsecured Loans	31.03.2011
	(Rs. In Millions)
Accurate Springs	0.011
Total	0.011

Banking Relations :	--
Auditors :
Name :	Deven C. Dholakia Chartered Accountant
Address :	303, Sagar Building, Prabhat Industrial Estate, Before Dahisar Toll Plaza, Dahisar (East), Mumbai – 400068, Maharashtra, India
PAN No.:	AAAPD6982E

CAPITAL STRUCTURE

(As On 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,00	Equity Share	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,00	Equity Share	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.014)
NETWORTH		0.086
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.011
TOTAL BORROWING		0.011
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.097
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.080
	Other Current Assets	0.000
	Loans & Advances	1.380
Total Current Assets		1.460
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000
	Other Current Liabilities	1.419
	Provisions	0.000
Total Current Liabilities		1.419
Net Current Assets		0.041
MISCELLANEOUS EXPENSES		0.056
TOTAL		0.097

KEY RATIOS

PARTICULARS	31.03.2011
Debt Equity Ratio (Total Liability/Networth)	16.63
Current Ratio (Current Asset/Current Liability)	1.03

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010
Sundry Creditors	Nil	Nil
Total	Nil	Nil

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	No
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last one year	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	-
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	No
Banking Facility Details	No
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	-

NOTE:

This is the first year of operation and the company is formed on 11.06.2010. Hence the current year figures reflected are for the period 11.06.2010 till 31.03.2011 only

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 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.77.19
Euro	1	Rs.65.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		11

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.