MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	PRABHU ROCKSHAPE MACHINERY PRIVATE LIMITED
Registered Office :	A-188, M.I.D.C, Chincholi, TQ. Mohol, Solapur-413255, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1993
Com. Reg. No.:	11-071494
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U14106PN1993PTC071494
TAN No.: [Tax Deduction & Collection Account No.]	PNEP08598C
PAN No.: [Permanent Account No.]	AABFP8363N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ware Resistant Plate and Sugar Machinery Part.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 42000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 PARTED BY [GENERAL DETAILS]

Name :	Ms. Rekha Chavan
Designation :	General Manager [Commercial]
Contact No.:	91-217-2357226
Date :	19.01.2012

LOCATIONS

Registered Office/ Factory :	A-188, M.I.D.C, Chincholi, TQ. Mohol, Solapur-413255, Maharashtra, India
Tel. No.:	91-217-2357226
Fax No.:	91-217-2357477
E-Mail :	spchitte@hotmail.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Siddharam Prabhu Chitte

Designation :

Director

Address :

Plot No. 41, N.G. Mills Society, Hotgi Road, Solapur-413225, Maharashtra, India

Date of Birth/Age :

01.06.1964

Date of Appointment :

07.04.1993

Din No.:

00466709

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	U14106PN1993PTC071494	PRABHU ROCKSHAPE MACHINERY PRIVATE LIMITED	Managing director	07-04-93	07-04-93	Active	NO
2	U85100PN2010PTC135282	LOKMANGAL HOSPITALS PRIVATE LIMITED	Director	07-01-10	07-01-10	Active	NO
3	U28990PN2010PTC137707	ATHARV WELDING TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	08-11-10	08-11-10	Active	NO

Name :

Mrs. Jayshri Siddaram Chitte

Designation :

Director

Address :

267/46, Raviwar Peth, Solapur-413005, Maharashtra, India

Date of Birth/Age :

01.06.1972

Date of Appointment :

21.09.1998

Din No.:

00466734

KEY EXECUTIVES

Name :	Ms. Rekha Chavan
Designation :	General Manager [Commercial]

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Siddharam Prabhu Chitte	47750
Jayshri Siddaram Chitte	2250
Total	50000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Ware Resistant Plate and Sugar Machinery Part.
Exports :
Products :	Sugar Machinery Parts
Countries :	Bhutan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Wear Plate	Kgs.	1035766
Sugar Machinery Parts	Kgs.	24422

GENERAL INFORMATION

Suppliers :

· Atharv Welding Technologies (India) Private Limited

· D. Khandelwal Steel Corporation

· Electro Plasma Equipments Private Limited

· Kalptaru Ferroalloys Limited

· Modern Steel

· M.H. Saboonger and Sons

· Solapur Steel Centre

· P and P Metalloys Private Limited

· S. Chem and Allied Producers Private Limited

· Tejas Profile

Customers :

Wholesalers and Retailers

· Ador Fontech Limited

· Ambuja Cements Limited, Rajasthan

· Binani Cement Limited

· Grishma Cement Limited, Ariyalur

· High-tech Corporation

· Jindal Steel and Power Limited

· Orient Cement

· Ultratech Cement Limited

· Vikram Cement

No. of Employees :

100 [Approximately]

Bankers :

State Bank of India, Solapur-413002 Branch, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
SBI C/C [Secured ag. Fixed assets, stocks, book debts]	9.162	4.425
State Bank of India MTL A/C. 30432679021 [Secured against machinery]	1.510	2.086
State Bank of India MTL A/C. No. 31021262622 [Secured against machinery]	4.690	5.865
ICICI Bank Limited [Secured ag. vehicles]	0.000	0.014
Total	15.362	12.390

Banking Relations :	--
Auditors :
Name :	S G Bhutada and Associates Chartered Accountants
Address :	104, Sakhar Peth, Solapur-413005, Maharashtra, India
Tel. No.:	91-217-2627494/2624377 [Office] 91-217-2328959 [Residential]
E-Mail :	shriniwasbhutada@gmail.com
Pan No.:	ABMPB9546R

CAPITAL STRUCTURE

As on 31.03.2011

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
50000	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	0.810	0.810
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.557	4.218	3.633
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.557	5.028	4.443
LOAN FUNDS
1] Secured Loans		15.362	12.390	8.704
2] Unsecured Loans		24.084	14.740	13.206
TOTAL BORROWING		39.446	27.130	21.910
DEFERRED TAX LIABILITIES		0.312	0.333	0.429
TOTAL		50.315	32.491	26.782
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.879	23.353	20.901
Capital work-in-progress		0.000	0.000	0.183
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.876	8.659	3.363
	Sundry Debtors	23.086	13.163	12.805
	Cash & Bank Balances	0.340	0.345	0.243
	Other Current Assets	2.266	2.555	4.421
	Loans & Advances	0.180	0.151	0.630
Total Current Assets		42.748	24.873	21.462
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.728	14.629	14.523
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.584	1.106	1.241
Total Current Liabilities		17.312	15.735	15.764
Net Current Assets		25.436	9.138	5.698
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.315	32.491	26.782

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	101.687	68.693
		Other Income	0.068	0.201
		TOTAL	101.755	68.894
Less	EXPENSES
		Office Expenses
		Administrative Expenses	96.716	65.071
		Advertising Expenses
		TOTAL [Including Financial Expenses]	96.716	65.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.039	3.823
Less/ Add	DEPRECIATION/ AMORTISATION		3.047	2.954
	PROFIT BEFORE TAX		1.992	0.869
Less	TAX		0.653	0.284
	PROFIT AFTER TAX		1.339	0.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000
		Dividend	0.000	0.000
		Tax on Dividend	0.000	0.000
	BALANCE CARRIED TO THE B/S		1.339	0.585
	Earnings Per Share (Rs.)		26.78	72.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	0.85	NA
Net Profit Margin (PBT/Sales)	(%)	1.96	1.27	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.95	2.05	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	NA
Debt Equity Ratio (Total Liability/Networth)		5.37	8.53	8.48
Current Ratio (Current Asset/Current Liability)		2.47	1.58	1.36

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	14.728	14.629	14.523

PARTIAL DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Atharv Welding Technologies (India) Private Limited	0.438	1.677	0.146
D. Khandelwal Steel Corporation	0.767	8.139	3.898
Electro Plasma Equipments Private Limited	1.826	0.103	0.000
Kalptaru Ferroalloys Limited	1.075	0.585	2.226
Modern Steel	2.887	0.000	0.000
M.H. Saboonger and Sons	0.197	0.000	0.000
Solapur Steel Centre	0.166	0.075	0.000
P and P Metalloys Private Limited	0.332	0.183	0.000
S. Chem and Allied Producers Private Limited	2.653	1.755	0.000
Tejas Profile	2.606	0.000	1.597

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%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
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	Yes
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 RESULTS:

The net sale of the company are increased from Rs.68.693 Millions to Rs.101.687 Millions approximately increase of 32% which shows remarkable performance in such competitive scenario. After meeting all the expenses the company posted a cash profit and net profit at Rs.5.039 millions and Rs.1.992 millions respectively.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U14106PN1993PTC071494
Name of the company	PRABHU ROCKSHAPE MACHINERY PVT LTD
Address of the registered office or of the principal place of business in India of the company	A-188, M.I.D.C, Chincholi, TQ. Mohol, Solapur-413255, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Solapur-413002 Branch, Maharashtra, India
Email	sbi.00483@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Term Loan Agreement Dt.12.01.2010 of Rs.6.000 Millions for hypothecation of Machinery/ Equipment purchase out of Banks Finance and Building Constructed out of Bank Finance situated at Plot No.A-188, MIDC, Chincholi, Tq. Mohol, Dist. Solapur
Date of instrument Creating the charge	12.01.2010
Amount secured by the charge	Rs.6.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% p.a. to be compounded at monthly rests. Terms of Repayment 60 monthly installments of Rs 0.100 Million plus interest. Margin 25% Extent and Operation of the charge Hypothecation of Machinery/ Equipment purchase out of Banks Finance and Building Constructed out of Bank Finance situated at Plot No.A-188, MIDC, Chincholi, Tq. Mohol, Dist. Solapur
Short particulars of the property charged	Hypothecation of Machinery/ Equipment purchase out of Banks Finance and Building Constructed out of Bank Finance situated at Plot No.A-188, MIDC, Chincholi, Tq. Mohol, Dist. Solapur

FIXED ASSETS:

· Building

· Plant and Machinery

· Tools and Others

· Eicher Motor

· Electrification

· Forklift (Godrej)

· Leasehold Land

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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.