MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED
Registered Office :	A - 61, Naraina Industrial Area, Phase - I, New Delhi - 110028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.2006
Com. Reg. No.:	55-148494
Capital Investment/ Paid-up Capital:	Rs.1.000 million
CIN No.: [Company Identification No.]	U74991DL2006PTC148494
TAN No.: [Tax Deduction & Collection Account No.]	DELS30261A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Spare Part, Bicycle Parts etc.
No. of Employees:	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 334000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Ms. Shivgandhi
Designation :	Account Executive
Contact No.:	91-11-45003000
Date :	25.06.2012

LOCATIONS

Registered Office/ Factory :	A - 61, Naraina Industrial Area, Phase - I, New Delhi - 110028, India
Tel. No.:	91-11-45003000
Mobile No.:	91-9810131949 (Mr. Rajan Kochhar)
Fax No.:	91-11-25892131
E-Mail :	rajan@shalimarexport.com shalimar@shalimarexport.com dsr.associates.team@gmail.com
Website :	http://www.shalimarexport.com
Area :	1300 sq. ft.
Location :	Owned

DIRECTORS

As on: 26.09.2012

Name :

Mr. Rahul Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

15.02.1984

Qualification :

MBA

Date of Appointment :

01.05.2006

Name :

Mr. Siddharth Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

04.06.1985

Date of Appointment :

01.05.2006

DIN No :

00672112

Name :

Mr. Rajan Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

02.03.1958

Qualification :

M.Com

Date of Appointment :

01.05.2006

DIN No :

00028900

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	23/06/1981	23/06/1981	-	Active	NO
2	U74899DL1981PTC012203	SHALU SERVICES PRIVATE LIMITED	Director	22/08/1981	22/08/1981	-	Active	NO
3	U74899DL1992PTC051023	G A LEASING PRIVATE LIMITED	Director	02/11/2003	02/11/2003	-	Active	NO
4	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	10/05/2007	10/05/2007	-	Active	NO

Name :

Mrs. Poonam Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.11.1960

Qualification :

M.Com

Date of Appointment :

01.05.2006

DIN No :

00669588

Name :

Mr. Shailender Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

25.01.1960

Qualification :

M.Com

Date of Appointment :

01.05.2006

Name :

Mrs. Rati Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.06.1961

Qualification :

MBA

Date of Appointment :

01.05.2006

Name :

Mrs. Arambha Kochhar

Designation :

Director

Address :

B -6/72-73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.08.1938

Date of Appointment :

05.10.2010

DIN No :

01195827

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005347	RAMBHA EXPORTS PRIVATE LIMITED	Director	25/07/1970	25/07/1970	-	Strike off	NO
2	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO
3	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Active	NO

Name :

Mr. Hanwant Rai Kochhar

Designation :

Director

Address :

B -6/72-73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

01.03.1932

Date of Appointment :

05.10.2010

DIN No :

01199644

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1970PTC005347	RAMBHA EXPORTS PRIVATE LIMITED	Director	25/07/1990	25/07/1990	-	Strike off	NO
2	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO
3	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shivgandhi
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2011

Names of Shareholders	No. of Shares
Rajan Kochhar	1320
Poonam Kochhar	1660
Shalindar Kochhar	1320
Rati Kochhar	1660
Rahul Kochhar	320
Sidharth Kochhar	320
Arambha Kochhar	1700
Hanwant Rai Kochhar	1700
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 26.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile Spare Part, Bicycle Parts etc.
Products :	· Bolts and Nuts · Brake and Clutch Parts · Engine Parts · Steering and Suspension Parts · Mounting and Rubber Parts · Auto Electrical Parts · Gears · Leaf Springs · Bearings · Cables · Automotive Lights · Gaskets · Oil Seals · Fuel and Water Pumps · Propeller Shaft Parts · Chassis Parts · Pulleys · Radiators and Fanblades · Tractor parts · Trailer · Accessories
Exports :
Products :	· Automobile Spare Part · Bicycle Parts
Countries :	· Dubai · South Africa
Imports :
Products :	Chemical
Countries :	China
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, End Users and Retailers

No. of Employees :

150 (Approximately)

Bankers :

· Canara Bank, Overseas Main Branch, B-39, Connaught Circus, New Delhi – 110001, India

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Advance against bills	1.592	5.357
Loan for vehicle	0.000	4.257
Packing credit loan	29.834	22.452
ICICI Bank Car Loan	0.088	0.000
Kotak Mahindra Prime Limited Car Loan	2.989	0.000
Total	34.503	32.066
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rahul Kochhar	0.312	0.312
Rajan Kochhar	0.392	0.392
Shalimar International Private Limited	20.000	19.363
Shalinder Kochhar	0.226	0.501
Sidharth Kochhar	0.442	0.442
Total	21.372	21.010

Banking Relations :	--
Auditors :
Name :	Nayyar and Malik Chartered Accountants
Address :	370 A, Sant Nagar, East of Kailash, New Delhi - 110065, India.
Tel. No.:	91-11-26475567/ 26476482
Fax No.:	91-11-26225280

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		82.515	70.354	58.259
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.515	71.354	59.259
LOAN FUNDS
1] Secured Loans		34.503	32.066	45.957
2] Unsecured Loans		21.372	21.010	40.262
TOTAL BORROWING		55.875	53.076	86.219
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		139.390	124.430	145.478
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.074	19.638	19.252
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	4.659
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.288	48.414	0.000
	Sundry Debtors	58.775	39.483	73.557
	Cash & Bank Balances	5.860	13.276	5.697
	Other Current Assets	0.000	0.000	52.477
	Loans & Advances	43.095	51.701	37.444
Total Current Assets		154.018	152.874	169.175
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.118	12.118	12.079
	Other Current Liabilities	3.575	7.697	5.089
	Provisions	15.009	28.267	30.457
Total Current Liabilities		32.702	48.082	47.625
Net Current Assets		121.316	104.792	121.550
MISCELLANEOUS EXPENSES		0.000	0.000	0.017
TOTAL		139.390	124.430	145.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	363.374	317.813	285.771
		Other Income	233.333	49.522	(222.370)
		TOTAL	596.707	367.335	63.401
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	576.896	347.019	28.466
	PROFIT BEFORE TAX		19.811	20.316	34.935
Less	TAX		6.940	8.221	12.313
	PROFIT AFTER TAX		12.871	12.095	22.622
	Earnings Per Share (Rs.)		1287.00	1209.000	2262.00

Particulars	31.03.2012
Sales Turnover (Approximately)	450.000

Expected Sales (2012-2013): Rs.550.000 Millions

The above information has been parted by Ms. Shivgandhi

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.16	3.29	35.68
Net Profit Margin (PBT/Sales)	(%)	5.45	6.39	12.22
Return on Total Assets (PBT/Total Assets}	(%)	11.51	11.78	18.54
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.59
Debt Equity Ratio (Total Liability/Networth)		1.06	1.42	2.26
Current Ratio (Current Asset/Current Liability)		4.71	3.18	3.55

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
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	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
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	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74991DL2006PTC148494
Name of the company	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-61, Naraina Industrial Area, Phase - I, New Delhi - 110028, India E-mail: rekhids@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10011973
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Canara Bank, Overseas Main Branch, B -39, Connaught Circus, New Delhi - 110 001, Delhi, India E-mail: delhi1588@canbank.co.in
Nature of instrument creating charge	Supplemental agreement, link letter in respect of enhancement of credit facilities letter of renewal.
Date of instrument Creating the charge	18.11.2010
Amount secured by the charge	Rs. Rs. 30.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 10% p.a. subject to change from time to time. Terms of repayment On demand Margin 25% Extent and operation of the charge 100% Other The above to secure pc limit of Rs. 30.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of present and future stock of automobile and spare parts and such other goods belonging to the company and acceptable to the bank now lying or hereafter stored at company’s premises or at any other places including those in transit. Receivables of the company.
Date of instrument modifying the charge	04.08.2008
Particulars of the present modification	The PC limit stands enhanced from Rs. 22.500 millions to Rs. 30.000 millions.

FINANCIAL HIGHLIGHTS:

During the year, the company achieved a total turnover of Rs. 363.374 Millions as compared to Rs.301.357 in the previous period. Profit for the year was Rs.12.871 Millions as compared the Profit of Rs.12.095 in the previous period.

Fixed Assets:

• Lease Hold Improvement
• Lift
• Furniture and Fixtures
• Computer Printer
• Air Condition
• Clock
• Electronic Security Systems
• Fax
• Fan
• Motor
• Camera
• Telephone
• Machinery

AS PER WEBSITE DETAILS:

PROFILE

They introduce there selves as a company with a professional approach that is aimed at result orientation. With roots that go back to more than 40 years, they have etched a respectable place for there selves in the international market by exporting quality products. Shalimar Enterprises today is one of the leading manufacturer and exporter of a wide range of products and has a presence in over 35 countries. There excellent performance over the years has also earned us the status of a star trading house, recognized by the government of India

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.55.03
UK Pound	1	Rs.85.93
Euro	1	Rs.68.97

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.