MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	TOUGH CASTING PRIVATE LIMITED
Registered Office :	Plot No.E-68, M.I.D.C., Shiroli, Kolhapur - 416122, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.03.1988
Com. Reg. No.:	11-046562
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U27310PN1988PTC046562
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Castings, Grates, Chain Links, Combustion Equipments etc.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
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.

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 :	Mr. Shashikant
Designation :	Manager Representative
Contact No.:	91-9673539090
Date :	14.07.2012

LOCATIONS

Registered Office / Factory :	Plot No.E-68, M. I. D. C., Shiroli, Kolhapur - 416122, Maharashtra, India
Tel. No.:	91-231-2468019 / 2469313 / 2469316
Mobile No.:	91-9673539090 (Mr. Shashikant) 91-9823297070 (Mr. Amol)
Fax No.:	91-231-2469722 / 2656727
E-Mail :	sales@toughcasting.com toughcasting@gmail.com jitu_160372@uahoo.com
Website :	www.toughcasting.com
Area :	1380 sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Ms. Sushma Balasaheb Kadolkar

Designation :

Managing Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Birth/Age :

01.06.1952

Date of Appointment :

24.11.1994

DIN No :

00279342

Other Directorship

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	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Managing director	24/11/1994	24/11/1994	-	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Managing director	28/02/2007	28/02/2007	-	Active	NO

Name :

Mr. Balasaheb Yallojirao Kadolkar

Designation :

Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Birth/Age :

15.04.1949

Date of Appointment :

24.11.1994

DIN No :

00257399

Other Directorship

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	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Director	24/11/1994	24/11/1994	-	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO

Name :

Mr. Vinayak Yallojirao Kadolkar

Designation :

Director

Address :

411, Vijaynagar, Hindalaga, Belgaum, Karnataka, India

Date of Birth/Age :

22.07.1956

DIN No :

00279295

Other Directorship

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	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Director	24/11/1994	24/11/1994	-	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO

Name :

Ms. Kalpana Subhash Kadolkar

Designation :

Director

Address :

411, Vijaynagar, Hindalaga, Belgaum, Karnataka, India

Date of Birth/Age :

19.03.1962

DIN No :

00279191

Name :

Mr. Amol Balasaheb Kadolkar

Designation :

Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Appointment :

25.08.2005

DIN No :

00257386

Other Directorship

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	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
3	U31900PN2007PTC130039	STOICHIO COMBUSTION TECHNOLOGY PRIVATE LIMITED	Whole-time director	25/04/2007	25/04/2007	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Shashikant
Designation :	Manager Representative

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sushma Balasaheb Kadolkar	13632
Vinayak Yallojirao Kadolkar	8913
Kalpana Subhash Kadolkar	4803
Balasaheb Yallojirao Kadolkar	11202
Vaijayanti Vivek Diwakar	200
Nilkant Ganesh Gadgil	100
Shrishail Chanavirappa Uppin	100
Prakash Govindrao Badkundri	100
Subhash Yallojirao Kadolkar	3785
Shobha Vinayak Kadolkar	450
Shrish Ramchandra Mane	100
Yallojirao Ishwar Kadolkar	615
Amol Balasaheb Kadolkar	1000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Castings, Grates, Chain Links, Combustion Equipments etc.
Exports :
Products :	Castings, Grates, Chain Links, Combustion Equipments
Countries :	· Malaysia · USA · Indonesia · New Zealand
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	L/C
Purchasing :	Advances

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity (p. a.)	Installed Capacity (P.a.)	Actual Production
Casting	Tones	1200	1200	641

GENERAL INFORMATION

Suppliers :

Sonata Traders

Customers :

· Sugar Factory

· Walchandnagar Industries Limited

· Five Cail – Kcp Limited

No. of Employees :

120 (Approximately)

Bankers :

· The Shamrao Vithal Co-operative Bank Limited, Anant Towers, Rajarampuri Road, Sykes Extension, E Ward, Shahupuri, Kolhapur-416001, Maharashtra, India

· Shree Warana Sahakari Bank Limited, MIDC Shiroli Branch, MIDC Shiroli, Kolhapur - 416000, Maharashtra, India

Facilities :

C.C. Rs.70.000 Millions form The Shamrao Vithal Co-operative Bank Limited

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
The Shamrao Vithal Co-operative Bank Limited – Term loan – 20174	0.769	0.931
The Shamrao Vithal Co-operative Bank Limited – Term loan – 20140	4.254	5.828
The Shamrao Vithal Co-operative Bank Limited – Term loan – 20208 (Secured by hypothecation of land, building and plant and machinery and guaranteed by directors jointly and severally)	2.554	0.000
The Shamrao Vithal Co-operative Bank Limited – Cash Credit (Secured by hypothecation of stock and bills receivable)	11.842	7.703
Loans Against Fixed Deposit	0.000	0.056
Total	19.419	14.518
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Reliable Metals and Alloys	0.000	0.025
Loans from Directors	0.000	0.069
Business Loan (Indiabulls)	0.632	1.340
Business Loan (HDFC Bank)	0.071	0.457
Total	0.703	1.891

Banking Relations :	--
Auditors :
Name :	V. D. Bhavsar and Associates Chartered Accountants
Address :	1429, C Ward, Laxmipuri, Kolhapur-416002, Maharashtra, India
PAN.:	ADOPB7931L
Sister Concern :	Sound Cost Alloys Private Limited

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	3.000	3.000
2] Share Application Money		0.000	2.000	0.000
3] Revaluation Reserve		6.288	6.287
4] Reserves & Surplus		15.490	4.718	7.586
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.778	16.005	10.586
LOAN FUNDS
1] Secured Loans		19.419	14.518	19.069
2] Unsecured Loans		0.703	1.891	3.004
TOTAL BORROWING		20.122	16.409	22.073
DEFERRED TAX LIABILITIES		0.251	0.220	0.000
TOTAL		47.151	32.634	32.659
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.353	18.657	19.371
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.525	0.525	0.525
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.784	32.992	13.074
	Sundry Debtors	35.036	26.969	36.162
	Cash & Bank Balances	3.956	3.104	1.399
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.789	11.779	6.980
Total Current Assets		93.565	74.844	57.615
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.316	38.259	24.926
	Other Current Liabilities	17.459	17.042	14.409
	Provisions	9.517	6.091	5.517
Total Current Liabilities		70.292	61.392	44.852
Net Current Assets		23.273	13.452	12.763
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		47.151	32.634	32.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	197.889	115.881	56.443
		Other Income
		TOTAL (A)	197.889	115.881	56.443
Less	EXPENSES
		Office Expenses
		Administrative Expenses	176.328	104.919	52.185
		Advertising Expenses
		TOTAL (B)	176.328	104.919	52.185
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.561	10.962	4.258
Less	FINANCIAL EXPENSES (D)		2.701	2.845	2.270
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.860	8.117	1.988
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.676	2.462	2.522
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16.184	5.655	(0.534)
Less	TAX (H)		5.412	2.235	NA
	PROFIT AFTER TAX (G-H) (I)		10.772	3.420	NA
	EARNINGS IN FOREIGN CURRENCY		36.213	12.740	3.618
	IMPORTS
		Raw Materials	NA	NA	0.077
		Capital Goods	NA	NA	0.159
	TOTAL IMPORTS		NA	NA	0.236
	Earnings Per Share (Rs.)		215.00	114.00	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	210.000

Expected Sales (2012-13) : Rs.280.000 Millions

The above information has been parted by Mr. Shashikant

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.44	2.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	13.84	6.05	(0.69)
Return on Investment (ROI) (PBT/Networth)		0.60	0.35	(0.05)
Debt Equity Ratio (Total Liability/Networth)		3.38	4.87	6.32
Current Ratio (Current Asset/Current Liability)		1.33	1.22	1.28

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

REVIEW OF OPERATION

During the year, company has achieved a turnover of Rs.197.889 Millions as against Rs.115.881 Millions of the previous year showing increase in sales. During the period the company has earned net profit of Rs.16.184 Millions as against Rs.5.655 Millions of the previous year.

Trade References

· Sonata Traders

· Walchandnagar Industries Limited

· Five Cail – Kcp Limited

Bankers Charges Report as per Registry

Corporate identity number of the company	U27310PN1988PTC046562
Name of the company	TOUGH CASTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.E-68, M.I.D.C., Shiroli, Kolhapur-416122, Maharashtra, India jitu_160372@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10121168
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	The Shamrao Co-operative Bank Limited, Anant Towers, Rajarampuri Road, Sykes Extension, E Ward, Shahupuri, Kolhapur-416001, Maharashtra, India kangaleas@svcbank.com
Nature of instrument creating charge	Recording Letter Evidencing Deposit of Title Deeds.
Date of instrument Creating the charge	13.12.2011
Amount secured by the charge	Rs.39.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.50% p.a. Terms of Repayment On Demand Margin 25% Extent and Operation of the charge Charge will remain in force till the payment of principal amount plus interest in full. Others Penal Interest 2%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of present and future stocks of raw materials, goods in process of manufacture and all finished and manufactured goods and articles, stored or be in or upon or about the borrowers factories at Plot No. E-68, MIDC, shiroli and godown located at plot no. E-68, MIDC Shiroli. Hypothecation of all present and future book debts, outstanding monies, receivables, claims, bills, rights to or in movables properties and movable assets (up to 90 days). Equitable Mortgage by Deposit of title Deeds of all that Piece and parcel of the land known as plot no.68 in the shiroli industrial estate, within the village limits of shiroli and outside the limits of Municipal corporation in rural area, taluka and registration sub district hatkangale district and registration district kolhapur containing by admeasurements 2380 sq. mtrs. or thereabout and the construction thereon and the plant & machinery installed/ located therein.
Date of instrument modifying the charge	04.08.2011
Particulars of the present modification	Modified for increase in Bank Guarantee limit from Rs.10.000 Millions to Rs.20.000 Millions. Total amount of Charge has been increased from Rs.29.000 Millions to Rs.39.000 Millions.

FIXED ASSETS:

· Office Equipments

· Plant and Machinery

· Bicycle

· Furniture and Fixtures

· Leasehold Land

· Computer Systems

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NTH

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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.