MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	LAXMI AGNI COMPONENTS AND FORGINGS PRIVATE LIMITED
Registered Office :	B – 11/12, MIDC, Chikal Thana, Aurangabad – 431210, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.2003
Com. Reg. No.:	11-140578
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U34300MH2003PTC140578
TAN No.: [Tax Deduction & Collection Account No.]	NSKL00606E
PAN No.: [Permanent Account No.]	AAACL9468J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Forged CNC Machine Compounds
No. of Employees :	400 [Approximately]

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 1050000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. 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. R.B. Kulkarni
Designation :	Account Department
Contact No.:	91-240-2486555
Date :	28.01.2012

LOCATIONS

Registered / Corporate and Forge Shop Office / Factory :	B – 11/12, MIDC, Chikal Thana, Aurangabad – 431210, Maharashtra, India
Tel. No.:	91-240-2486555
Fax No.:	91-240-2472165
E-Mail :	info@laxmiagni.com
Website :	http://www.laxmiagni.com
Location :	Leased
Machine Shop :	B, 37, MIDC – Waluj, Aurangabad, Maharashtra, India
Tel. No.:	91-240-2563252

DIRECTORS

As on 05.09.2011

Name :

Avneesh Kumar Devendra Kumar Kapoor

Designation :

Managing Director

Address :

9, Western Avenue, Atlantis, Opposite Nagarwala School, Kalyani Nagar, Pune-

411006, Maharashtra, India

Date of Birth/Age :

24.05.1944

Date of Appointment :

26.05.2003

DIN ;

00037321

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	U13100MH1972PTC015537	ISHA STEEL TREATMENT PRIVATE LIMITED	Director	6/1/1972	6/1/1972	Active	NO
2	U67120MH1991PTC063240	AVEETA INVESTMENTS PRIVATE LIMITED	Director	12/9/1991	12/9/1991	Active	NO
3	U67120MH1991PTC063241	DEVENDRA INVESTMENTS PRIVATE LIMITED	Director	12/9/1991	12/9/1991	Active	NO
4	U67120MH1991PTC063242	VIBHURAJ INVESTMENTS PRIVATE LIMITED	Director	12/9/1991	12/9/1991	Active	NO
5	U29299MH1997PTC215888	V A ENGINEERS PRIVATE LIMITED	Director	1/5/1997	1/5/1997	Active	NO
6	U34300PN2000PTC015227	LAXMI UDYOG PRECISION FORGINGS PRIVATE LIMITED	Director	17/08/2000	17/08/2000	Strike off	NO
7	U34300PN1999PTC013448	ISHA STEEL FORGINGS PRIVATE LIMITED	Director	2/12/2002	2/12/2002	Strike off	NO
8	U34300MH2003PTC140578	LAXMI AGNI COMPONENTS AND FORGINGS PRIVATE LIMITED	Managing director	26/05/2003	26/05/2003	Active	NO
9	U34300PN2000PTC015228	LAXMI UDYOG COMPONENTS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	Amalgamated	NO

Name :

Mr. Abhayraj Avneesh Kumar Kapoor

Designation :

Director

Address :

9, Western Avenue, Atlantis, Opposite Nagarwala School, Kalyani Nagar, Pune-

411006, Maharashtra, India

Date of Birth/Age :

20.11.1971

Date of Appointment :

01.01.2004

DIN :

00037323

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	U34300MH2003PTC140578	LAXMI AGNI COMPONENTS AND FORGINGS PRIVATE LIMITED	Director	1/1/2004	1/1/2004	Active	NO
2	U29299MH1997PTC215888	V A ENGINEERS PRIVATE LIMITED	Director	1/1/2005	1/1/2005	Active	NO
3	U34300PN2000PTC015228	LAXMI UDYOG COMPONENTS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	Amalgamated	NO

Name :

Mrs. Geeta Avneesh Kumar Kapoor

Designation :

Director

Address :

Flat No.9, Atlantis Building, Kalyaninagar, Pune-411006, Maharashtra, India

Date of Birth/Age :

14.05.1947

Date of Appointment :

13.04.2011

DIN :

03501018

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	U34300MH2003PTC140578	LAXMI AGNI COMPONENTS AND FORGINGS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	Active	NO
2	U29299MH1997PTC215888	V A ENGINEERS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	Active	NO

Name :

Ms. Arti Avasthi

Designation :

Director

Address :

Flat No.9, Atlantis Building, Kalyaninagar, Pune-411006, Maharashtra, India

Date of Birth/Age :

11.05.1978

Date of Appointment :

13.04.2011

DIN :

03501009

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	U34300MH2003PTC140578	LAXMI AGNI COMPONENTS AND FORGINGS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	Active	NO
2	U29299MH1997PTC215888	V A ENGINEERS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. R.B. Kulkarni
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2011

Names of Shareholders	No. of Shares
Kapoor Avneesh Kumar	440313
Valunj Vilas Vithal	520000
Kapoor Geeta Avneesh	844375
Kapoor Abhayraj	776562
Bose Lalitkumar Santosh	150000
Archana A. Kapoor	130625
Divya A. Kapoor	133125
Pramod Ram Valunj	2500
Vaishali Vilas Valunj	2500
Total	3000000

As on 05.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	77.50
Other top fifty shareholders	22.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Forged CNC Machine Compounds
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Actual Production
Alloy Steel Bars	Nos.	4554674

GENERAL INFORMATION

Customers :

• Automobile Companies

No. of Employees :

400 [Approximately]

Bankers :

• IDBI Bank Limited, Specialized Corporate Branch, Survey No. 20292, Ratnaprabha Building, Kesarsingpura, Adalat Road, Aurngabad – 431003, Maharashtra, India
• Bank of India
• Indian Overseas Bank
• Rupee Cooperative Bank Limited
• Pune Sahakari Bank Limited

Facilities :

• Letter Credit – Rs.50.000 millions [From Bank of India]
• Bills Discounting – Rs.130.000 millions [From Indian Overseas Bank]

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks	[A]42.467	74.771
Rupee term loans financial institutions	70.000	0.000
Loans directors	[C]12.320	14.586
Loans taken for vehicles	[D]0.294	0.597
Other debt	[E]79.099	69.995
Total	204.180	159.949
Footnotes (A) Term loans IOB BOI Rupee Bank (C) IOB CC A/c (D) vehicle loan (E) bill discounting from IDBI
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors	9.833	16.248
Other debt	29.233	20.745
Total	39.066	36.993

Banking Relations :	--
Auditors :
Name :	B.S. Bajaj and Company Chartered Accountants
Address :	2nd Floor, Kandi Tower, Above Kotak Mahindra Bank, Jalna Road, Aurangabad 431001, Maharashtra, India
PAN :	AASPB7001Q
Companies under the same management :	V.A.Engineers Private Limited Isha Steel Forgings Private Limited Laxmi Udyog Precision Forgings Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		234.369	170.317	149.756
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		264.369	200.317	179.756
LOAN FUNDS
1] Secured Loans		204.180	159.949	181.063
2] Unsecured Loans		39.066	36.993	61.105
TOTAL BORROWING		243.246	196.942	242.168
DEFERRED TAX LIABILITIES		17.619	25.808	31.941
TOTAL		525.234	423.067	453.865
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		303.332	291.855	318.879
Capital work-in-progress		56.654	61.718	61.817
INVESTMENT		1.200	1.200	1.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.533	63.898	56.350
	Sundry Debtors	183.878	144.166	110.495
	Cash & Bank Balances	18.958	11.010	9.753
	Other Current Assets	17.156	18.018	27.067
	Loans & Advances	7.851	15.920	11.032
Total Current Assets		315.376	253.012	214.697
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	109.085	149.341	119.081
	Other Current Liabilities	0.750	1.250	8.130
	Provisions	41.493	34.127	15.531
Total Current Liabilities		151.328	184.718	142.742
Net Current Assets		164.048	68.294	71.955
MISCELLANEOUS EXPENSES		0.000	0.000	0.014
TOTAL		525.234	423.067	453.865

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	1395.119	932.661	866.606
Less	EXPENSES
		Office Expenses
		Administrative Expenses		809.784	780.847
		Advertising Expenses
		TOTAL (B)	1253.664 [Including Finance Expenses]	809.784	780.847
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			122.877	85.759
Less	FINANCIAL EXPENSES (D)			37.114	38.428
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		141.455	85.763	47.331
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.013	38.749	33.712
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		101.442	47.014	13.619
Less	TAX (H)		37.389	26.453	0.014
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		64.053	20.561	13.605
	Earnings/[Loss] Per Share (Rs.)		21.35	6.85	4.54

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.59	2.20	1.57
Return on Total Assets (PBT/Total Assets}	(%)	16.39	8.63	2.55
Return on Investment (ROI) (PBT/Networth)		0.38	0.23	0.07
Debt Equity Ratio (Total Liability/Networth)		1.49	1.90	2.14
Current Ratio (Current Asset/Current Liability)		2.08	1.37	1.50

LOCAL AGENCY FURTHER INFORMATION

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	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Sundry Creditors Details :

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
-Due to Micro and Small Enterprises	-	-	-
-Due to Other	109.085	149.341	119.081
Total	109.085	149.341	119.081

PERFORMANCE :

The Company has achieved a turnover of Rs. 1395.100 millions in the year as compare to Rs. 932.600 millions during 2009-2010. The Company has earned Profit after Tax of Rs. 64.000 millions during the year which is 212% more compared to previous years profit.

BUSINESS OUTLOOK :

The Company is hoping to capture larger domestic market share and assuring to get some share from export market during the current year. The Company has planned to add new machineries to increase the production capacity to meet the requirements of customers. With this, the Company hopes to achieve higher turnover and better profitability during the current year.

AMALGAMATION :

Laxmi Udyog Components Private Limited, whose principal business was manufacturing and trading in CNC Automobiles components has been amalgamated with the company. The Scheme of Amalgamation was sanctioned by the Hon’ble High Court of Judicature at Bombay vide its Orders dated 11th September’2009. As per the Scheme appointed date is 1st April 2008 and effective date is 25th September 2009 being the date on which copy of the amalgamation scheme as approved by the Hon’ble High court was submitted to ROC Pune and Mumbai. The expenditure of Rs. 1.220 millions for amalgamation was incurred out of it Rs. 0.735 million paid and debited to Profit and Loss account in the last year and remaining Rs. 0.485 million debited during the year. The Amalgamation Expenses of Rs.0.244 million should have been debited to Profit and Loss Account being one fifth (1/5) of the total expenditure and balance Rs.0.240 million should have been shown as deferred expenses on the asset side.

Contingent Liabilities : [As on 31.03.2011]

Export Obligation under Export Promotion Council Guarantee (EPCG) Scheme of Rs. 105.950 millions (US $ 1745154.77) (Previous year Rs.105.950 millions (US$1745154.77) for Custom Duty saved Rs 13.243 millions (Previous year Rs. 13.243 millions on Imported Machinery. The exchange rate at the time of making application to DGFT for EPCG License is considered for calculating contingent liability in INR. The contingent liability is not provided as the company is expecting to achieve the export obligation within the norms specified by the DGFT.

Trade References :

• Bajaj
• LML

FIXED ASSETS :

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Software
• Office Equipments
• Electrical Installations
• Vehicles
• Technical Know-how
• Motor Car
• Fork Lift [Truck]

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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--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.