MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	PARANJAPE AUTOCAST PRIVATE LIMITED
Registered Office :	Chintamani Pride, Survey No. 12, Hissa No. 8, 4^th Floor, Office No. 403 and 404, Near City Pride, Kothrud-411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.10.1980
Com. Reg. No.:	11-023353
Capital Investment / Paid-up Capital :	Rs.8.400 Millions
CIN No.: [Company Identification No.]	U27310PN1980PTC023353
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07638B
PAN No.: [Permanent Account No.]	AABCP0318G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Raw Iron Cylinder Blocks, Fully Machined Cylinder Blocks, Aluminium Castings.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to regular and as per commitments. The company can be considered for normal business dealing 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.

EXTERNAL AGENCY RATING

Agency Name	Rating
CRISIL	P2+

INFORMATION DECLINED

Management non co-operative.

LOCATIONS

Registered Office :	Chintamani Pride, Survey No. 12, Hissa No. 8, 4^th Floor, Office No. 403 and 404, Near City Pride, Kothrud-411038, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@paranjapeautocast.com corp.info@paranjapemetalshapers.com
Website :	http://www.paranjapeautocast.com
Factory 1 :	Plot No. H-19, MIDC, Satara-415004, Maharashtra India
Tel. No.:	91-2162-244436 / 244438
Fax No.:	91-2162-244494
Factory 2 :	Plot No. J-15, Additional MIDC, Satara-415004, Maharashtra India
Tel. No.:	91-2162-240351 / 240532 /240380
Fax No.:	91-2162-240350
Branch Office :	A/P Shirwal, Tal. Khandala, District Satara-412801, Maharashtra India
Tel. No.:	91-2169-244393 / 244247
Fax No.:	91-02169-244226

DIRECTORS

AS ON 28.09.2011

Name :	Mr. Prasanna Narayan Paranjape
Designation :	Managing director
Address :	18.09.1959
Date of Birth/Age :	“Nirdhar” 41/19, Karve Nagar Society, Navsahyadri Chowk, Pune – 411052, Maharashtra, India
Date of Appointment :	08.11.1982
DIN No.:	00114889
Name :	Mr. Narayan Ganesh Paranjape
Designation :	Director
Address :	“Nirdhar” 41/19, Karve Nagar Society, Navsahyadri Chowk, Pune – 411052, Maharashtra, India
Date of Birth/Age :	21.10.1929
Date of Appointment :	04.03.1996
DIN No.:	00350969
Name :	Mrs. Neha Prasanna Paranjape
Designation :	Whole-time director
Address :	“Nirdhar” 41/19, Karve Nagar Society, Navsahyadri Chowk, Pune – 411052, Maharashtra, India
Date of Birth/Age :	10.10.1963
Date of Appointment :	01.04.2011
DIN No.:	00115083

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
Narayan Ganesh Paranjape (HUF)	9652
Narayan Ganesh Paranjape	16478
Narayan Ganesh Paranjape joint with Prasanna Narayan Paranjape	16784
Meenal Sadanand Barwe	19427
Smita Shrikant Bhagwat	19421
Prasanna Narayan Paranjape joint with Neha Prasanna Paranjape	45810
Prasanna Narayan Paranjape (HUF)	7287
Neha Prasanna Paranjape	19598
Neeti Prasanna Paranjape	1801
Chinar Prasanna Paranjape	2402
Hipac Auto Cylinders Private Limited, India	340
Total	159000

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.21
Directors or relatives of directors	99.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Raw Iron Cylinder Blocks, Fully Machined Cylinder Blocks, Aluminium Castings.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Raw Iron Cylinder Blocks	7325 99 10
Fully Machined Cylinder Blocks	8409 91 91
Aluminium Castings	7616 99 90

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Actual Production
CI Foundry Satara :
In Tons	10421
In Nos.	5231768
CI Foundry Shirwal :
In Tons	6710
In Nos.	1980062
Aluminium Foundry:
In Tons	3226
In Nos.
Cylinder Heads	1622395
Others	851543

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of India, M.I.D.C. Satara Branch, Plot No. 52/3, Ganesh Chowk, Rahimatpur Road, Satara – 415004, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	8.566	51.300
Loans directors secured	77.028	93.966
Loans taken for Other fixed assets secured	107.798	50.120
Total	193.392	195.386
Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other Debts Unsecured	52.107	34.266
Total	52.107	34.266

Banking Relations :	--
Auditors :
Name :	P. G. Bhagwat Chartered Accountants
Address :	Suit No. 102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India
Pan No.:	AAAGB0762E
Associates :	· Hipac Auto Cylinders Private Limited · P.D. Parkhi and Company

CAPITAL STRUCTURE

AS ON 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
159000	Equity Shares	Rs.100/- each	Rs.15.900 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84000	Equity Shares	Rs.100/- each	Rs.8.400 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		8.400	8.400	8.400
2] Share Application Money		7.500	0.000	0.000
3] Reserves & Surplus		508.555	257.248	247.872
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		524.455	265.648	256.272
LOAN FUNDS
1] Secured Loans		193.392	195.386	125.106
2] Unsecured Loans		52.107	34.266	34.266
TOTAL BORROWING		245.499	229.652	159.372
DEFERRED TAX LIABILITIES		71.274	62.548	28.797
TOTAL		841.228	557.848	444.441
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		453.826	341.242	265.542
Capital work-in-progress		10.487	1.753	0.075
INVESTMENT		92.461	79.082	55.472
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	118.635	49.351	38.797
	Sundry Debtors	340.497	198.188	155.280
	Cash & Bank Balances	10.318	20.524	0.169
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	108.772	43.172	37.542
Total Current Assets		578.222	311.235	231.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	266.695	160.784	90.260
	Other Current Liabilities	4.282	0.496	0.446
	Provisions	24.356	15.946	19.624
Total Current Liabilities		295.333	177.226	110.330
Net Current Assets		282.889	134.009	121.458
MISCELLANEOUS EXPENSES		1.565	1.762	1.894
TOTAL		841.228	557.848	444.441

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [Consolidated]	31.03.2010	31.03.2009
	SALES
		Income	2108.800	1106.588	1020.309
		Other Income	18.900	23.302	8.668
		TOTAL (A)	2127.700	1129.890	1028.977
Less	EXPENSES
		Materials		685.050	654.974
		Machining and Labour Charges		96.331	66.322
		Payment to Employees	1906.100	92.582	90.137
		Power		82.405	74.121
		Other Expenses		52.367	43.170
		TOTAL (B)	1906.100	1008.735	928.724
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		221.600	121.155	100.253
Less	FINANCIAL EXPENSES (D)		15.500	13.898	3.557
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		206.100	107.257	96.696
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.500	43.302	26.126
	PROFIT BEFORE TAX (E-F) (G)		138.600	63.955	70.570
Less	TAX (H)		27.200	44.751	24.385
	PROFIT AFTER TAX (G-H) (I)		111.400	19.204	46.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.700	44.361	40.460
Less	APPROPRIATIONS
		Proposed Dividend	12.700	8.400	10.500
		Dividend tax on Proposed Dividend	2.100	1.428	1.784
		General Reserve	57.700	21.500	30.000
	BALANCE CARRIED TO THE B/S		86.600	32.237	44.361
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB basis	NA	9.188	18.391
	TOTAL EARNINGS		NA	9.188	18.391
	IMPORTS
		Raw Materials	NA	0.000	31.698
		Capital Goods	NA	3.900	66.161
	TOTAL IMPORTS		NA	3.900	97.859
	Earnings Per Share (Rs.)		1326.19	228.62	550.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.24	1.69	4.49
Net Profit Margin (PBT/Sales)	(%)	6.57	5.78	6.92
Return on Total Assets (PBT/Total Assets}	(%)	13.43	9.80	14.19
Return on Investment (ROI) (PBT/Networth)		0.26	0.24	0.28
Debt Equity Ratio (Total Liability/Networth)		1.03	1.53	1.05
Current Ratio (Current Asset/Current Liability)		1.96	1.76	2.10

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	(Rs. in Millions)
Sundry Creditors
- Creditors due small micro enterprises	189.713	121.173	52.770
- Creditors due other	76.982	39.611	37.490
-
Total	266.695	160.784	90.260

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

WIND ENERGY PROJECT:

(i) The Wind Speeds and Wind Density during the current year were substantially below the desired level. This phenomenon happens once in few years and was observed at all sites across Karnataka, Maharashtra, Gujarat and Rajasthan in 2010-11.

(ii) Maharashtra: The total generation of Wind energy (two machines) at Matrewadi, Taluka Patan, District Satara. during 2010-11 was 716,188 kwh as compared to 855,191 kwh during the previous year.

(iii) Rajasthan: The Total generation of wind energy at Jodhpur in Rajasthan during 2010-11 was 4,818,550 kwh as compared to 3,339,756 kwh during the previous year. The figures of 2009-10 are not strictly comparable since full generation at Tiwri started only from July 2009.

PROSPECTS FOR THE YEAR 2011-12:

During April to July`11, sales in the Cast Iron business have been 6,220 tons as compared to 5,286 tons in the corresponding period of the previous year. During April to July`11, Sales in the Aluminium business has been 1,022 tons compared to 1,064 tons in the corresponding period of the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310PN1980PTC023353
Name of the company	PARANJAPE AUTOCAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	T – 141, Bhosari Industrial Area, Post Box No. 89, Pune – 411026, Maharashtra, India Email : info@paranjapeautocast.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90088965
Type of charge	Immovable property
Particular of charge holder	State Bank of India, M.I.D.C. Satara Branch, Plot No. 52/3, Ganesh Chowk, Rahimatpur Road, Satara – 415004, Maharashtra, India Email : kamalax_saraf@hotmail.com
Nature of instrument creating charge	Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and/or creation of equitable mortgage on additional properties for existing limits and enhanced limit and additional facilities
Date of instrument Creating the charge	03.03.2010
Amount secured by the charge	Rs.162.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of repayment As per sanction terms Margin As per sanction terms Extent and operation of the charge As per sanction terms
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets, such as book-debts, outstanding moneys, receivables, including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of customs/excise duties under the duty drawback credit scheme, or any other scheme bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future of such form satisfactory to the bank. Machinery such as : shell moulding machine, shell core shooter, short blasting machine, hack sand machine, carbide impriation machine, slam less induction furnace, dg set-1380kva, dual track furnace, spectometer machine etc.
Date of instrument modifying the charge	30.03.2009
Particulars of the present modification	Now by the present modification dated 3.3.2010 the company created an extension of charge by way of an equitable mortgage by deposit of title deeds over the immovable properties created earlier on 24.11.2005 term loan facility of Rs. 42.500 Millions extended to secure the additional term loan facility of Rs. 120.400 Millions thus the total aggregate to Rs. 162.900 Millions the details of the immovable properties situated at J-15 and J-16, Additional Satara Industrial Area, Satara, Maharashtra, India

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Intangible Assets (Software)

· Furniture and Fixture and Dead Stock

· Vehicles

· Electrical Installation

· Computers

· Office Equipments

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.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	TPT / NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.