MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	PRAGATI FOUNDERS PRIVATE LIMITED
Registered Office :	Plot No 40 to 46, Shri Laxmi Audyogik Vasahat Limited, Hatkanangale, Kolhapur – 416109, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.04.1990
Com. Reg. No.:	11-056203
Capital Investment / Paid-up Capital :	Rs.1.486 Millions
CIN No.: [Company Identification No.]	U27310MH1990PTC056203
TAN No.: [Tax Deduction & Collection Account No.]	KLPP01652A
PAN No.: [Permanent Account No.]	AABCP0783B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Graded CI Castings.
No. of Employees :	100 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses. But company seems to wiping off their losses. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on secured 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. Milind Bharamgouda Patil
Designation :	Director
Contact No.:	91-9890158860
Date :	19.07.2012

LOCATIONS

Registered Office / Factory :	Plot No 40 to 46, Shri Laxmisah Audyogik Vasahat Limited, Hatkanangale, Kolhapur – 416109, Maharashtra, India
Tel. No.:	91-230-2366317
Mobile No.:	91-9890158860 (Mr. Milind Bharamgouda Patil )
Fax No.:	Not Available
E-Mail :	milind@pragatifounders.com amrutparakh@rediffmail.com
Website :	www.pragatifounders.com
Area :	39000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Milind Bharamgouda Patil
Designation :	Director
Address :	Gat No.45/1015, Station Road, Kabnur, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	16.04.1990
DIN No.:	01049899
Name :	Mrs. Savita Milind Patil
Designation :	Director
Address :	Gat No.45/1015, Station Road, Kabnur, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	20.04.2006
DIN No.:	01049989
Name :	Mr. Manoj Bharamgouda Patil
Designation :	Director
Address :	Gat No.45/1015, Station Road, Kabnur, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	01.10.1996
DIN No.:	01049948
Name :	Mrs. Pragati Bharamgouda Patil
Designation :	Director
Address :	Gat No.45/1015, Station Road, Kabnur, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	20.04.2006
DIN No.:	01050041
Name :	Ms. Manasi Padmakar Hukeri
Designation :	Director
Address :	Cimla Engineering Works, H No. 115/116 Shri Laxmi Industrial Estate, Hatkanangale, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	20.04.2006
DIN No.:	01841896

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Patil Milind Bharamgouda	2701
Patil Bharamgouda Adgouda	1925
Patil Manoj Bharamgouda	949
Patil Pragati Bharamgouda	2027
Hukeri Manasi Padmakar	694
Hukeri Padmakar Jivandhar	60
Mithare Ravindra Annasaheb	100
Hanminhal Sarojani Shrikant	150
Roje Nagendra Dada	250
Doddanwar Shubhalaxmi Rajendra	150
Patil Savita Milind	2357
Bahubali Sadhana Bahubali	400
Bidkar Shankarao Mahadco	1
Bidkar Sanjay Shankarao	500
Bidkar Suryakant Mahadeo	250
Bidkar Laxmi Chandraka	250
Bidkar Rajesh Shankarao	250
Bidkar Gajanan Shankarao	250
Bidkar Sushila Shankarao	50
Minajgi Survat Bhujabali	685
Minagagi Bhujabali Bharmappa	300
Magdoom Raosaheb Ramu	100
Chougule Mohan Adisha	100
Patil Lingonda Ananda	65
Uday Pasgonda Patil	300
Total	14864

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	72.00
Other top fifty shareholders	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Graded CI Castings.

Products :

Product Description	Item Code No.
Fly Wheels	8384.00
Oil Pump Housing	2375.10
Cylinder Block	7325.10

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cast Iron Casting	M.T.	Not Applicable	Not Applicable	1393

GENERAL INFORMATION

Suppliers :

· Goyal Iron and Steel Private Limited

· Kirloskar Ferrous

Customers :

End Users

· Xlo India Limited

· Lubricare Private Limited

· Sai Engineers

· Shri Krupa Industries

· Ultra Mode Engineering Private Limited

· Technovision Auto Component Private Limited

· Unique Auto Assembly Private Limited

· Pragati Automation Private Limited

· Tata Engg. and Loco Company Limited

· Microhone Industries

No. of Employees :

100 (Approximately) (In Office + In Factory)

Bankers :

· Dombivali Nagari Sahakari Bank Limited, Plot No. 67/B, Near Shahu Putala, Ichalkaranji Industrial Estate, Ichalkaranji – 416115, Maharashtra, India

· Ichalkaranji Mahila Sahakari Bank Limited, Main Branch, Near Dr. Bargale Hospital, Ichalkaranji – 416115, Maharashtra, India

· HDFC Bank Limited

· Bank of Maharashtra

Facilities :

From Dombivli Nagari Sahakari Bank Limited
Facilities	Rs. in Millions
Cash Credit	7.500
Term Loan	2.400
Working Capital	5.000

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Pragati Funds Management Private Limited (Against the first charge of raw material. Semi finished Stock)	0.571	0.697
Ichalkaranji Mahila Sahakari Bank Limited C/C	3.902	3.244
Bank of Maharashtra	0.000	0.062
Bank of Maharashtra 60867	0.000	0.003
HDFC Bank Limited C/A (Reconciliation)	5.713	0.597
DNSB Bank Limited	0.316	0.000
Total	10.502	4.603
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
FROM DIRECTORS
Milind B. Patil	0.009	0.059
	0	0
FROM SHAREHOLDERS AND THEIR RELATIVES	0	0
B. A. Bargale (HUF)	0.200	0.200
Manoj B. Patil	0.000	0.194
Patil P B	0.000	2.733
N. D. Roje	0.075	0.075
P. N. Roje	0.025	0.025
Sanjay Founders private Limited	0.000	5.136
Tilekar S. D.	0.200	0.200
Savita M Patil	0.000	0.004
From Government Maharashtra Interest free sales tax loan payable after 10 years from the date at receipt (1988 scheme)	6.347	6.347
Total	6.856	14.973

Banking Relations :
Auditors :
Name :	Kale Chougule Thigale and Associates Chartered Accountants
Address :	Gala No.56, Nagar Palika Complex, Opposite Bhagyarekha Chitramandir, Near S. T. Stand, Ichalkaranji – 416115, Maharashtra, India
PAN.:	AAHFK9421E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14864	Equity Shares	Rs.100/- each	Rs.1.486 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		1.486	1.486	1.161
2] Share Application Money		3.000	0.000	0.025
3] Reserves & Surplus		1.040	1.040	1.040
4] (Accumulated Losses)		(15.782)	(20.929)	(21.409)
NETWORTH		(10.256)	(18.403)	(19.183)
LOAN FUNDS
1] Secured Loans		10.502	4.603	4.178
2] Unsecured Loans		6.856	14.973	16.155
TOTAL BORROWING		17.358	19.576	20.333
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.102	1.173	1.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.265	2.512	2.177
Capital work-in-progress		0.000	0.000	0.000
DEPOSITS AND INVESTMENT		0.073	0.049	0.016
DEFERREX TAX ASSETS		2.639	2.757	3.393
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.344	5.403	4.600
	Sundry Debtors	6.672	2.873	1.709
	Cash & Bank Balances	0.812	0.223	0.770
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.061	1.896	2.270
Total Current Assets		19.889	10.395	9.349
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.469	12.603	11.855
	Other Current Liabilities	2.295	1.937	1.931
	Provisions
Total Current Liabilities		19.764	14.540	13.786
Net Current Assets		0.125	(4.145)	(4.437)
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		7.102	1.173	1.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	76.847	40.967	39.085
		Other Income	5.340	5.520	8.517
		TOTAL (A)	82.187	46.487	47.602
Less	EXPENSES
		Office Expenses	75.927	44.457	42.243
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	75.927	44.457	42.243
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.260	2.030	5.359
Less	FINANCIAL EXPENSES (D)		0.435	0.577	0.577
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.825	1.453	4.782
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.561	0.337	0.321
	PROFIT BEFORE TAX (E-F) (G)		5.264	1.116	4.461
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		5.264	1.116	4.461
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(20.929)	(21.409)	(29.263)
Add / (Less)	DEFERRED TAX ASSETS		(0.117)	(0.636)	3.393
	BALANCE CARRIED TO THE B/S		(15.782)	(20.929)	(21.409)
	Earnings Per Share (Rs.)		354.14	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	129.300

Expected Sales (2012-2013) : Rs.200.000 Millions

The above information has been parted by Mr. Milind Bharamgouda Patil .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.40	2.40	9.37
Net Profit Margin (PBT/Sales)	(%)	6.85	2.72	11.41
Return on Total Assets (PBT/Total Assets}	(%)	21.79	8.65	38.70
Return on Investment (ROI) (PBT/Networth)		(0.51)	(0.06)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		(3.62)	(1.85)	(1.78)
Current Ratio (Current Asset/Current Liability)		1.00	0.71	0.68

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	17.469	12.603	11.855

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)	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310MH1990PTC056203
Name of the company	PRAGATI FOUNDERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 40 to 46, Shri Laxmisah Audyogik Vasahat Limited, Hatkanangale, Kolhapur – 416109, Maharashtra, India E-mail id : amrutparakh@rediffmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Dombivali Nagari Sahakari Bank Limited, Plot No. 67/B, Near Shahu Putala, Ichalkaranji Industrial Estate, Ichalkaranji – 416115, Maharashtra, India E-mail id : ichalmain@dnsb.co.in
Nature of instrument creating charge	Deed of Hypothecation dated on 05.08.2011
Date of instrument Creating the charge	05.08.2011
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest R.O.I.=13.75% Terms of Repayment 36 months EMI of Rs.0.168 Millions Margin Margin=30% Extent and Operation of the charge First and exclusive charge on property as mentioned in Deed of Hypothecation dated on 05.08.2011.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st charge by way of hypothecation of the borrowers movable goods, stocks of Raw Materials, items, inventories, stocks in process, semi finished and finished goods, Consumable Stores and Spares, Stock in trade, stock and book debts, movables in transit, Bills Receivable, advance paid for purchase of Raw material and Book Debts etc. Extension of first charge by way of hypothecation on movable plant and machinery, machinery spares, tools and accessories, articles, equipments, implements, stores and spares relating to plant and machinery, Materials, goods etc.

TRADE REFERENCES:

· Goyal Iron and Steel Private Limited

· Kirloskar Ferrous

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Furniture and Fittings

· Tools and Equipments

· Moulding Boxes

· Laboratory Equipments

· Transport Vehicles

· Oil Engine

· Printer

· Computer

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.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		14

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.