MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	SRI DEVI TOOL ENGINEERS PRIVATE LIMITED
Registered Office :	A/61, Nand Jyoti Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.1973
Com. Reg. No.:	11-16806
Capital Investment / Paid-up Capital :	Rs.4.400 Millions
CIN No.: [Company Identification No.]	U74999MH1973PTC016806
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36022A
PAN No.: [Permanent Account No.]	AAACS6211N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter of Dies and Jigs Moulds.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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.

INFORMATION DECLINED BY

Name :	Mr. Pawan Khasage
Designation :	Finance Manager
Date :	31.12.2011

LOCATIONS

Registered Office :	A/61, Nand Jyoti Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28518891
Fax No.:	91-22-28518893
E-Mail :	shridevitools@vsnl.com
Website :	http://www.sridevitools.com
Corporate Office / Factory :	D-62, M.G. Road, Opposite Raychem Industries, 208 Waliv Village, Vasai (East), Thane – 401 208, Maharashtra, India
Tel No.:	91-250-2480293
Fax No.:	91-250-2480439

DIRECTORS

As on 29.09.2011

Name :	Mr. Surendra Chandu Kalyanpur
Designation :	Managing Director
Address :	301, Suman Apartments, Off Nehru, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	23.12.1944
Date of Appointment :	10.04.2006
DIN No.:	00827892

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	U25200MH1986PTC040311	Baba Plastics Private Limited	Director	04-07-86	04-07-86	Active	NO
2	U28932MH1986PTC041944	Maharshi Tools Private Limited	Director	22-12-86	22-12-86	Active	NO
3	U74999MH1973PTC016806	Sri Devi Tool Engineers Private Limited	Managing director	10-04-06	10-04-06	Active	NO
4	U25209MH1998PTC115939	Comec India Moulds Private Limited	Managing director	10-04-06	10-04-06	Active	NO

Name :	Ms. Prema S Kalyanpur
Designation :	Director
Address :	301, Suman Apartments, Off Nehru, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	10.02.1957
Date of Appointment :	10.04.2006
DIN No.:	01053408

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	U28932MH1986PTC041944	Maharshi Tools Private Limited	Managing director	22-12-86	22-12-86	Active	NO
2	U74999MH1973PTC016806	Sri Devi Tool Engineers Private Limited	Director	10-04-06	10-04-06	Active	NO
3	U25209MH1998PTC115939	Comec India Moulds Private Limited	Director	10-04-06	10-04-06	Active	NO

Name :	Mr. Akshay Surendra Kalyanpur
Designation :	Director
Address :	301, Suman Apartments, Off Nehru, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	26.11.1987
Date of Appointment :	08.12.2009
DIN No.:	03302771

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	U74999MH1973PTC016806	Sri Devi Tool Engineers Private Limited	Director	29-09-10	08-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan Khasage
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Prema S Kalyanpur	21780
Surendra C Kalyanpur	22220
Total	44000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Dies and Jigs Moulds.

Products :

Product Description	ITC Code
Moulds and Dies	331832003

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Mould	No(s)	--	--	99
Mould Parts	No(s)	--	--	09

Licensed and Installed Capacity : Not applicable as the products of the Company are delicensed.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Customers :

· Honda

· Yamaha

· Samsonite

· Maruti Suzuki

· Lumax

· Ford

· Tata

· Eicher

· Stanley

· Fiat Siena

· Finolex

Bankers :

Indian Overseas Bank

1A, Nand Jyot Industrial Estate, Andheri-Kurla Road, Sakinaka, Mumbai – 400 072, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term Loans from a Bank
Rupee Loan	68.546	41.402
Working Capital from a Bank
Rupee Loan	0.000	4.687
Car Loan from a Bank	0.000	0.092
Interest Accrued and Due	0.727	0.440
Total	69.273	46.621

Note

· The Term Loans are secured against hypothecation of all Plant and Machinery and Computer both present and future and further secured by mortgage of factory building at Vasai, second charge on all the current assets and guaranteed by two of the directors in their personal capacity.

· The working capital loan is secured against hypothecation of stock and book debts, second charge on all the Fixed Assets and guaranteed by two of the directors in their personal capacity.

· Car Loan was secured by specific car.

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Long Term Loan from Directors	12.600	13.200
Total	12.600	13.200

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-30218500
Fax No.:	91-22-30218595
PAN No.:	AAAFC0662N
Related Parties :	· Maharshi Tools Private Limited · Eesha Tools · Sridevi Plastics · Baba Plastics Private Limited · Comec India Moulds Private Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44000	Equity Shares	Rs.100/- each	Rs.4.400 Millions

Note

Out of the above 42000 equity shares were allotted as fully paid-up Bonus shares by way of capitalisation of General Reserve.

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		4.400	4.400	4.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.414	79.429	62.565
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		103.814	83.829	66.965
LOAN FUNDS
1] Secured Loans		69.273	46.621	59.709
2] Unsecured Loans		12.600	13.200	9.700
TOTAL BORROWING		81.873	59.821	69.409
DEFERRED TAX LIABILITIES		14.103	10.533	10.244
TOTAL		199.790	154.183	146.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		183.180	139.793	137.127
Capital work-in-progress		0.000	6.941	0.381
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.719	62.370	37.315
	Sundry Debtors	29.553	37.892	20.043
	Cash & Bank Balances	56.435	57.142	34.435
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.251	22.196	17.170
Total Current Assets		206.958	179.600	108.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.740	32.789	23.969
	Other Current Liabilities	138.391	129.431	66.258
	Provisions	8.267	9.981	9.676
Total Current Liabilities		190.398	172.201	99.903
Net Current Assets		16.560	7.399	9.060
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.790	154.183	146.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		51.139	42.901	42.587
Less/ Add	DEPRECIATION/ AMORTISATION		20.973	17.195	15.931
	PROFIT/(LOSS) BEFORE TAX		30.166	25.706	26.656
Less	TAX		10.181	8.842	9.199
	PROFIT/(LOSS) AFTER TAX		19.985	16.864	17.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.888	44.024	28.517
Less	APPROPRIATIONS
	Transfer to General Reserve		0.000	0.000	1.746
	Proposed Dividend		0.000	0.000	0.220
	Dividend Distribution Tax		0.000	0.000	0.037
Add	Reduction in provision for Employees Benefit As15		0.000	0.000	0.053
	BALANCE CARRIED TO THE B/S		80.873	60.888	44.024
	EARNINGS IN FOREIGN CURRENCY		0.000	0.198	50.771
	IMPORTS
		Capital Items	41.892	10.357	7.183
		Components, Spare Parts and Tools	19.580	19.527	12.092
	TOTAL IMPORTS		61.472	29.884	19.275
	Earnings Per Share (Rs.)		454.20	383.27	396.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	7.73	8.05	10.83
Return on Investment (ROI) (PBT/Networth)		0.29	0.31	0.40
Debt Equity Ratio (Total Liability/Networth)		2.62	2.77	2.53
Current Ratio (Current Asset/Current Liability)		1.09	1.04	1.09

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Micro, Small and Medium Enterprises	0.000	0.000	0.000
Others	43.740	32.789	23.969
Total	43.740	32.789	23.969

CONTINGENT LIABILITIES

Particulars	31.03.2011 Rs. In Millions
(a) Bank Guarantee (Bank Guarantees are provided under contractual/ legal obligation. No Cash outflow is probable)	45.350
(b) Claims against the company not acknowledged as debts (Disputed liability in appeal) Sales Tax	1.260

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90230909
Corporate identity number of the company	U74999MH1973PTC016806
Name of the company	SRI DEVI TOOL ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/61, Nand Jyoti Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank 1A, Nand Jyot Industrial Estate, Andheri-Kurla Road, Sakinaka, Mumbai – 400 072, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation in F-110E.
Date of instrument Creating the charge	21.08.2010
Amount secured by the charge	Rs.162.791 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit : BPLR+1.75% p.a (i.e) 13.75% p.a. Term Loans I to V: BPLR+1.25% p.a. (i.e) 13.25% p.a. Term Loan VI: BPLR+2.25% p.a. (i.e) 14.25% p.a. LG :Normal commission as per Co circulars in force. Terms of repayment Cash Credit / LG : Repayable on Demand. Term Loan I to V : No Changes from the existing terms. Term Loan VI (Fresh) : Repayable in 84 monthly installments. Margin Cash Credit : 25% Stock; 50% Book Debts. Term Loans I to VI : 25% Letter of Guarantee : 25% on Financial LG; 10% Performance LG Extent and operation of the charge The charge is operate as security, by way of first exclusive charge, for the due repayment of the enhanced credit facilities of Rs.162.791 millions together with interests, additional interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction. Others Facility Existing Revised [Limit (Rs. in millions)] ------------------- ----------- ----------- Cash Credit 8.000 10.000 Term Loan I 12.400 12.400 Term Loan II 16.733 16.733 Term Loan III 10.836 10.836 Term Loan IV 1.822 1.822 Term Loan V 50.000 50.000 Term Loan VI NIL 41.000 LG 15.000 20.000
Short particulars of the property charged	Hypothecation, by way of first charge, of : a) All the Company's stocks of plant and machinery, Computers available and installed at 62-D, M.G. Road, Off. N.A.8, Waliv Village, Vasai (East), Thane Dist. or elsewhere. b) All the book debts, receivables and all other claims due and owing to the company from time to time.
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.114.791 millions to Rs.162.791 millions. Facility Existing Revised [Limit (Rs. in millions)] ------------------- ----------- ----------- Cash Credit 8.000 10.000 Term Loan I 12.400 12.400 Term Loan II 16.733 16.733 Term Loan III 10.836 10.836 Term Loan IV 1.822 1.822 Term Loan V 50.000 50.000 Term Loan VI NIL 41.000 LG 15.000 20.000

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Motor Car

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.