MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	BILOREE CAST (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. G-1604-7, Lodhika, GIDC, Metoda-360035, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.1994
Com. Reg. No.:	04-022867
Capital Investment / Paid-up Capital :	Rs.9.262 Millions
CIN No.: [Company Identification No.]	U24231GJ1994PTC022867
TAN No.: [Tax Deduction & Collection Account No.]	RKTB00666B
PAN No.: [Permanent Account No.]	AABCB2201Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Centrifugally Cast Cylinder Liners.
No. of Employees :	100 (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 170000
Status :	Satisfactory
Payment Behaviour :	Slow But 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 slow but correct. 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. Paresh Dhingani
Designation :	Director
Contact No.:	91-2827-287254
Date :	19.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No. G-1604-7, Lodhika, GIDC, Metoda-360035, Gujarat, India
Tel. No.:	91-2827-287254
Fax No.:	91-2827-287258
E-Mail :	hjamnadas1.roc@gmail.com info@biloree.com biloreecast@yahoo.com
Website :	www.biloree.com
Area:	5000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Paresh Manganlal Dhingani
Designation :	Director
Address :	Deep 21-B, Vidhyakunj Society, Amin Marg, City-Rajkot-360001.Gujarat, India
Date of Appointment :	25.08.1994
DIN No.:	01145036
Name :	Mr. Maganbhai Jamatbhai Dhingani
Designation :	Director
Address :	Dip, Vidhyakunj Society 2/A, Amin Marg, Nr. Garden, City-Rajkot-360001, Gujarat, India
Date of Appointment :	09.03.1996
DIN No.:	01144913
Name :	Mr. Deepakbhai Maganbhai Dhingani
Designation :	Director
Address :	Dip, 2/A, Vidhyakunj Society, Amin Marg, City-Rajkot-360001, Gujarat, India
Date of Appointment :	09.03.1996
DIN No.:	00695994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Pareshbhai Maganbhai Dhingani	373250
Maganbhai Jasmatbhai Dhingani	97600
Deepakbhai Maganbhai Dhingani	356850
Jayaben Maganbhai Dhingani	67000
Reshmaben Pareshbhai Dhingani	10000
Yogitaben Deepakbhai Dhingani	21500
Total	926200

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Centrifugally Cast Cylinder Liners.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Cylinder Liners	MT	7200

Particulars	Unit	Actual Production
Liner Finished	Qty	284405
Fly wheel	Qty	7875
Piston	Qty	7587
Howsing	Qty	2838
Side Cover	Qty	1744

GENERAL INFORMATION

Suppliers :

· Pankaj Steel

Customers :

End Users

· Swaraj Engines Limited

• HMT Limited
• Frick India Limited
• Swaraj Engine Limited
• International Tractors Limited
• Preet Tractors Private Limited
• P. M. Diesels Private Limited
• Kirloskar Pneumatic Co. Limited
• Dresser-Rand India Private Limited
• Ingersoll Rand (India) Limited

· OEM’s

No. of Employees :

100 (Approximately)

Bankers :

Corporation Bank, SME Branch, JP Tower, Tagore Road, Rajkot – 360002, Gujarat, India

Facilities :

CC Rs. 15.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
TERM LOAN
H.D.F.C. Loan A/c. Lab. (Secured by Laboratory Instruments)	0.000	0.240
Corporation Bank Term Loan A/c. TML 080018 (Secured by hypothecation of Plant and Machinery and other movable assets)	3.642	4.850
Corporation Bank Term Loan A/c. 60003 (Secured by hypothecation of Plant and Machinery)	0.000	0.859
Corporation Bank Term Loan TML 100002 (Secured by hypothecation of Plant and Machinery and other movable assets)	6.071	5.314
TERM LOAN (Contd.)
Cholamandlum Finance Loan (Director's Loan)	0.000	0.184
Kotak Mahindra Bank (Vehicle Bus Loan)	1.085	0.000
Kotak Mahindra Bank (Vehicle Car Loan)	0.085	0.000
Kotak Mahindra Bank (Director's Loan)	0.000	0.174
ICICI Bank Loan (Director's Loan)	0.000	0.112
CASH CREDIT
Corporation Bank C.C. A/c. 97013 (Hypothecation of Stocks and Book Debts Limit of Rs. 30.000 Millions)	27.019	17.906
Total	37.902	29.639
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	2.175	0.774
From Shareholders and Directors' Relatives	1.885	1.504
Total	4.060	2.278

Banking Relations :	--
Auditors :
Name :	H. Jamnadas And Company Chartered Accountant
Address :	217-219, Heera Panna Complex, Dr. Yanik Road, Rajkot-360001, Gujarat, India
PAN.:	AABFH2320P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
926200	Equity Shares	Rs.10/- each	Rs.9.262 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		9.262	9.262	9.262
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.473	29.648	26.060
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.735	38.910	35.322
LOAN FUNDS
1] Secured Loans		37.902	29.639	21.008
2] Unsecured Loans		4.060	2.278	3.255
TOTAL BORROWING		41.962	31.917	24.263
DEFERRED TAX LIABILITIES		4.987	4.319	3.647
TOTAL		89.684	75.146	63.232
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.402	38.354	24.830
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.001	17.571	14.415
	Sundry Debtors	31.235	20.233	23.932
	Cash & Bank Balances	0.024	0.157	0.216
	Other Current Assets	3.562	3.562	0.929
	Loans & Advances	4.088	3.410	3.670
Total Current Assets		63.910	44.933	43.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.527	7.295	4.133
	Other Current Liabilities	0.048	0.038	0.101
	Provisions	1.087	0.849	0.579
Total Current Liabilities		17.662	8.182	4.813
Net Current Assets		46.248	36.751	38.349
MISCELLANEOUS EXPENSES		0.024	0.031	0.043
TOTAL		89.684	75.146	63.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	135.526	96.352	81.837
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	122.057	86.543	71.687
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.469	9.809	10.150
Less	FINANCIAL EXPENSES (D)		5.265	2.951	3.417
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.204	6.858	6.733
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.633	1.746	1.552
	PROFIT BEFORE TAX (E-F) (G)		5.571	5.112	5.181
Less	TAX (I)		1.755	1.520	1.548
	PROFIT AFTER TAX (G-I) (J)		3.816	3.592	3.633
	Earnings Per Share (Rs.)		4.12	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-2013): Rs.170.000 Millions

The above information has been parted by Mr. Paresh Dhingani .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.82	3.73	4.44
Return on Total Assets (PBT/Total Assets}	(%)	8.72	11.38	12.00
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.15
Debt Equity Ratio (Total Liability/Networth)		1.40	1.03	0.82
Current Ratio (Current Asset/Current Liability)		3.62	5.49	8.97

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
For Goods	12.591	3.565	2.152
For Transportation	0.506	0.392	0.484
For Jobwork	0.604	0.440	0.289
For Expenses	2.667	2.376	1.193
For Fixed Assets	0.158	0.522	0.015
Total	16.527	7.295	4.133

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	No
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

Note : The registered office address has been shifted from Blue Star Bhavan 3, Bhaktinagar, Dtation Plot, Rajkot-360002, Gujarat, India to present w.e.f. 12.06.2007

OPERATION AND PROSPECTS:

During the financial year covered under audit, The Company has achieved sales and other income of Rs. 135.526 Millions as against Rs. 96.352 Millions during the previous year. The Company has earned profit of Rs.13.469 Millions before depreciation and interest and a profit of Rs.5.571 Millions after providing for depreciation and interest. The directors are trying their level best to improve performance of the Company in terms of Turnover and Profitability. The prospects of the Company’s business are bright and positive.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231GJ1994PTC022867
Name of the company	BILOREE CAST (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. G-1604-7 Lodhika G I D C Metoda- 360035 Gujarat India Email: hjamnadas1.roc@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90098601
Type of charge	Immovable property Book debts Movable property (not being pledge) Stock of Raw-Material, WIP, Finished Goods.
Particular of charge holder	Corporation Bank, Sme Branch, Jp Tower, Tagore Road, Rajkot – 360002, Gujarat, India Email: cb488@corpbank.co.in
Nature of instrument creating charge	Instruments modifying the charge: 1. Common Joint Memorandum of Agreement for Equitable Mortgage cum Extension. 2. Supplement Common Deed of Hypothecation of Movables/ Assets/ Debts.
Date of instrument Creating the charge	02.08.2011
Amount secured by the charge	Rs.63.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The Charge extends over its Movable and Immovable Properties as mentioned in point no.15 below to cover repayment of entire credit facilities of Rs.63.900 Millions together with Interests, Cost, Charges and Expenses thereon.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all movable fixed assets of the company such as plant and machineries, office & lab equipment except vehicles. Hypothecation of entire stock of raw materials, stock in process, finished goods, spare parts, consumable and book debts of the company. Land adm. total 10104.56 sq mtrs, of plot no. G-1604 to G-1607/A in the Lodhika Ind. Estate consisting of R. S. No. 106 and 107 within the village limits of Metoda and Khirasara, Tal. Lodhika, District Rajkot
Date of instrument modifying the charge	30.07.2010
Particulars of the present modification	By virtue of this modification, the properties mentioned in the point no. 15 above is chaged to secure the enhanced/ revised credit facilities aggregating to Rs.63.900 Millions

TRADE REFERENCE

· Pankaj Steel

· Swaraj Engines Limited

FIXED ASSETS

· DIRECT ASSETS

· G.I.D.C. Plot

· Factory Building

· Plant and Machinery

· Air Condition

· Laboratory Instrument

· Electrification

· INDIRECT ASSETS

· Motor Car

· Vehicle (Goods)

· Staff Bus

· Vehicle Scooter

· Furniture

· Mobile Phone

· Fax Machine

· Computer

· W.I.P.

· Factory Building

· Plant and Machinery

· Electrification

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.55.15
UK Pound	1	Rs.86.57
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

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	5
--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		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.