MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	STIEBER PRECISION PRIVATE LIMITED
Registered Office :	Sanket Apartments, Vijaynagar Colony, 2123, Sadashiv Peth, Pune – 411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.1995
Com. Reg. No.:	11-095666
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U32202MH1995PTC095666
TAN No.: [Tax Deduction & Collection Account No.]	PNES03662B
PAN No.: [Permanent Account No.]	AACCS5253Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Engineering Goods.
No. of Employees :	27 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 200000
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 PARTED BY

Name :	Mr. Deshpande
Designation :	Accounts Department
Contact No.:	91-2162-240500
Date :	27.01.2012

LOCATIONS

Registered Office :	Sanket Apartments, Vijaynagar Colony, 2123, Sadashiv Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-2162-240500
Fax No.:	91-2162-240072
E-Mail :	sales@ptdin.com
Location :	Owned
Factory 1 :	Adhor 244, Narayan Peth Lazmi Road, Pune – 411 030, Maharashtra, India
Factory 2 :	M-2 Additional MIDC , Satara – 415004, Maharashtra, India

DIRECTORS

As on 15.07.2011

Name :

Mr. Ramdas Vinayak Joshi

Designation :

Director

Address :

509/A, Sadar Bazar Camp, Satara – 415001, Maharashtra, India

Date of Birth/Age :

27.02.1954

Date of Appointment :

10.01.1996

DIN No.:

00115742

Other Directorship :

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
U40103PN1982PTC026454	Precision Transmatic Devices Private Limited	Whole-time director	11/07/1982	11/07/1982	-	Active	NO
U28931MH1985PTC037894	Precision Locking Systems Private Limited	Director	29/10/1985	29/10/1985	-	Active	NO
U32202MH1995PTC095666	Stieber Precision Private Limited	Director	10/01/1996	10/01/1996	-	Active	NO

Name :

Mr. Shrikant Vinayak Joshi

Designation :

Director

Address :

509/A, Sadar Bazar Camp, Satara – 415001, Maharashtra, India

Date of Birth/Age :

11.11.1948

Date of Appointment :

10.01.1996

DIN No.:

00112846

Other Directorship :

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
U40103PN1982PTC026454	Precision Transmatic Devices Private Limited	Managing director	1/06/2007	25/02/1982	-	Active	NO
U32202MH1995PTC095666	Stieber Precision Private Limited	Director	10/01/1996	10/01/1996	-	Active	NO

Name :

Mr. Vinayak Dattatraya Joshi

Designation :

Director

Address :

509/A, Sadar Bazar Camp, Satara – 415001, Maharashtra, India

Date of Birth/Age :

01.01.1921

Date of Appointment :

10.01.1996

DIN No.:

00123255

Other Directorship :

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
U40103PN1982PTC026454	Precision Transmatic Devices Private Limited	Whole-time director	30/07/2011	25/02/1982	-	Active	NO
U32202MH1995PTC095666	Stieber Precision Private Limited	Director	10/01/1996	10/01/1996	-	Active	NO

Name :

Mr. Balkrishna Vinayak Joshi

Designation :

Director

Address :

509/A, Sadar Bazar Camp, Satara – 415001, Maharashtra, India

Date of Birth/Age :

19.02.1953

Date of Appointment :

23.10.2008

DIN No.:

00115948

Other Directorship :

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
U40103PN1982PTC026454	Precision Transmatic Devices Private Limited	Whole-time director	30/07/2011	11/07/1982	-	Active	NO
U28931MH1985PTC037894	Precision Locking Systems Private Limited	Director	25/05/1987	25/05/1987	-	Active	NO
U32202MH1995PTC095666	Stieber Precision Private Limited	Director	23/10/2008	23/10/2008	-	Active	NO

Name :

Mr. Omkar Balkrishna Joshi

Designation :

Director

Address :

509/A, Sadar Bazar Camp, Satara – 415001, Maharashtra, India

Date of Birth/Age :

10.05.1982

Date of Appointment :

23.10.2008

DIN No.:

02320769

KEY EXECUTIVES

Name :	Mr. Deshpande
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Joshi Vinayak Dattatraya	13510
Joshi Sulbha Vinayak	5970
Joshi Shrikant Vinayak	13010
Joshi Anjali Shrikant	3500
Tembe Manjiri Uday	2000
Joshi Balkrishna Vinayak	13500
Joshi Vaijayanti Balkrishna	3000
Joshi Omkar Balkrishna	1000
Joshi Bhagyashree Balkrishna	1000
Joshi Ramdas Vinayak	14510
Joshi Vidula Ramdas	2000
Joshi Ashwin Ramdas	1000
Joshi Pournima Ramdas	1000
Total	75000

Equity Share Break up (Percentage of Total Equity)

As on 15.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Engineering Goods.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO
Free wheel Clutch	84.83.000

Exports :

Products :

Finished Good

Countries :

Germany

Imports :

Products :

Raw Material

Countries :

UK

Terms :

Selling :

Cash/ Credit

Purchasing :

Cash/ Credit

GENERAL INFORMATION

Suppliers :

· Adept Advisors India Private Limited

· Adroit Enterprises

· Ankur Traders

· ATC (Clearing and Shipping) Private Limited

· Balaji Collection

· Bearing Sales Agencies

· Dec Steel

· Electrotools

· Hemant Enterprises

· Jawant V. Bhosale

· Manganlal and Sons

· Momin and Sons

· Neeraj Enterprises

· Panama Tools and Bearing

· Pinak Consultants Private Limited

· Ravindra Sarade

· Samarth Security and Allied Services

· Shree Construction Company

Customers :

End Users, OEM’s and Manufacturing Company

· Cyclo Transmissions Limited

· Precision Transmafic Devices Private Limited

· Royal Enfield, Chennai

· Royal Molor Cycles

· Stiber GmbH, Germany

· Tata Steel, Thane

· Tetra Pak India Limited

· Top Gear Transmission

No. of Employees :

27 (Approximately)

Bankers :

· State Bank of India, Pune, Maharashtra, India

· Axis Bank, Satara, Maharashtra, India

· Bank of Maharashtra

· IDBI – Powai Naka

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Deposits from Directors	3.750	3.750
Deposits from Shareholders	2.000	2.000
Total	5.750	5.750

Banking Relations :	--
Auditors :
Name :	V D Gosavi and Company Chartered Accountants
Address :	Ketaki Building, 4^th Floor, 9 Sadashiv Peth, Near Alka Talkies, Pune – 411030, Maharashtra, India
PAN.:	AAHFV8047M

CAPITAL STRUCTURE

As on 15.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.078	41.612	37.085
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.578	49.112	44.585
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5.750	5.750	5.750
TOTAL BORROWING		5.750	5.750	5.750
DEFERRED TAX LIABILITIES		0.463	0.319	0.182
TOTAL		64.791	55.181	50.517
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.643	7.184	5.772
Capital work-in-progress		3.015	0.000	0.000
INVESTMENT		5.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.699	10.851	11.775
	Sundry Debtors	8.373	11.678	5.174
	Cash & Bank Balances	40.624	40.639	39.706
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.716	1.139	0.633
Total Current Assets		62.412	64.307	57.288
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.615	1.439	0.371
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	10.664	14.871	12.172
Total Current Liabilities		12.279	16.310	12.543
Net Current Assets		50.133	47.997	44.745
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		64.791	55.181	50.517

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	54.827	59.714	63.259
	Other Income	5.199	3.187	2.656
	TOTAL (A)	60.026	62.901	65.915
EXPENSES
	Office Expenses	25.021	24.242	28.187
	Administrative Expenses
	Advertising Expenses
	TOTAL (B)	25.021	24.242	28.187
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.005	38.659	37.728
INTEREST (D)		0.807	0.757	0.783
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.198	37.902	36.945
DEPRECIATION/ AMORTISATION (F)		1.208	1.085	1.062
PROFIT BEFORE TAX (E-F) (G)		32.990	36.817	37.728
TAX (H)		10.293	12.422	12.937
PROFIT AFTER TAX (G-H) (I)		22.697	24.395	24.791
APPROPRIATIONS
	Transfer to General Reserve	2.256	2.427	2.459
	Interim Dividend inclusive of dividend tax	13.090	8.775	8.775
	Final Dividend inclusive of dividend tax	0.000	10.967	8.775
PROFIT TRANSFER TO PROFIT AND LOSS ACCOUNT		7.211	2.100	4.584
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	35.877	28.389	38.672
TOTAL EARNINGS		35.877	28.389	38.672
IMPORTS
	Raw Materials and Consumables	2.469	2.798	4.625
TOTAL IMPORTS		2.469	2.798	4.625
Earnings Per Share (Rs.)		302.63	325.26	330.54

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	37.81	38.78	37.61
Net Profit Margin (PBT/Sales)	(%)	6.17	61.65	59.64
Return on Total Assets (PBT/Total Assets}	(%)	47.77	51.49	59.83
Return on Investment (ROI) (PBT/Networth)		0.56	0.74	0.84
Debt Equity Ratio (Total Liability/Networth)		0.31	0.44	0.41
Current Ratio (Current Asset/Current Liability)		5.08	3.94	4.57

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	1.615	1.439	0.371
Total	1.615	1.439	0.371

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	No
13) Reasons for variation <> 20%	--
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	--
23) Banking Details	Yes
24) Banking facility details	--
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	--

PERFORMANCE

During the year company achieved Sales of Rs.54.800 Millions as against sales of Rs.59.700 Millions in previous year. There is little drop in total sales as compared to previous year this is because of overall recession and slack position in international as well as in domestic market in last year. lt is expected that the company would perform better in the current year.

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

· Vehicle

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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

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	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.