MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	SKYLARK PRECITECH PRIVATE LIMITED
Registered Office :	K-20 and 21, MIDC, Kupwad, Sangli – 416436, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.05.2005
Com. Reg. No.:	60-020679
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U29299PN2005PTC020679
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Fabricators and Erectors in various fields such as Steel Plants, Cement Plants, Chemicals Plants, Conveying Systems and Precision Machinery.
No. of Employees :	Not divulged by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. 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.

INFORMATION DECLINED

Management Non Co-operative.

Tel No.: 91-233-2644946.

LOCATIONS

Registered Office :	K-20 and 21, MIDC, Kupwad, Sangli – 416436, Maharashtra, India
Tel. No.:	91-233-2644946/ 2644947/ 3290988
Mobile No.:	91-9011014880 (Mr. Bal Chandra Patil)
Fax No.:	91-233-2644947/ 2644946
E-Mail :	skylarkengg@sancharnet.in sales@skylarkprecitech.com purchase@skylarkprecitech.com casanjaypawar@rediffmail.com sp@sanjaypawar.org
Website :	http://www.skylarkprecitech.com

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Bhalchandra Virendra Patil
Designation :	Managing Director
Address :	Flat No.F-1, Ramdarshan Apartment, Sangli – 416416, Maharashtra, India
Date of Birth/Age :	03.12.1966
Date of Appointment :	04.05.2005
DIN No.:	00108726
Name :	Mr. Pramod Jaykumar Wategave
Designation :	Director
Address :	I-A, Ganesh Durg Rajwada Apartment, Sangli – 416416, Maharashtra, India
Date of Birth/Age :	25.05.1959
Date of Appointment :	04.05.2005
DIN No.:	00126193
Name :	Mr. Sanjaykumar Subhash Patil
Designation :	Director
Address :	542, Hnuman Chowk, Bazar Peth, Hupari, Sangli, Maharashtra, India
Date of Birth/Age :	08.04.1964
Date of Appointment :	11.05.2005
DIN No.:	00126257
Name :	Mr. Surendra Virendra Patil
Designation :	Director
Address :	Flat No.F-1, Ramdarshan Apartment, Sangli – 416416, Maharashtra, India
Date of Birth/Age :	18.09.1964
Date of Appointment :	05.09.2005
DIN No.:	00907819
Name :	Mr. Sharad Shripal Chougule
Designation :	Director
Address :	Jain Galli, Holli Katta, Miraj, Sangli – 416416, Maharashtra, India
Date of Birth/Age :	30.10.1945
Date of Appointment :	14.08.2007
DIN No.:	01554585
Name :	Mr. Mahendra Kuber Patil
Designation :	Additional Director
Address :	No.8, Hillrock Co-operative Housing society Behind Datta Mandir, Pune – 411037, Maharashtra, India
Date of Birth/Age :	05.07.1969
Date of Appointment :	06.08.2010
DIN No.:	03046684

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Bhalchandra Virendra Patil	30000
Surendra Virendra Patil	27500
Sanjaykumar Subhash Patil	30000
Pramod Jaykumar Wategave	2500
Sharad Shripal Chougule	2500
Nilima Bhalchandra Patil	10000
Vijaya Virendra Patil	12500
Manisha S. Patil	10000
Total	125000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Fabricators and Erectors in various fields such as Steel Plants, Cement Plants, Chemicals Plants, Conveying Systems and Precision Machinery.

GENERAL INFORMATION

No. of Employees :

Not divulged by the management.

Bankers :

· Corporation Bank

Industrial Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit - From Banks (Secured by First Charge on Goods, other current assets, fixed assets and personal guarantee of Directors)	32.709	22.347
Term Loan from Banks and Finance Company (Secured by Hypothecation of vehicles and Plant and Machinery and Other Assets and personal guarantee of Directors)	20.373	4.858
Total	53.082	27.205
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors and Relatives	10.530	6.367
Total	10.530	6.367

Banking Relations :	--
Auditors :
Name :	Sanjay N. Pawar and Associates Chartered Accountant
Address :	1042, Shukrawar Peth, 2^nd Floor, Gire Chambers, Office no.3, Hirabaug Chowk, Tilak Road, Pune – 411002, Maharashtra, India
PAN No.:	AAYPP3539M

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
199000	Equity Shares	Rs.100/- each	Rs.19.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs.12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.847	9.519	11.178
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.347	22.019	13.678
LOAN FUNDS
1] Secured Loans		53.082	27.205	17.182
2] Unsecured Loans		10.530	6.367	1.475
TOTAL BORROWING		63.612	33.572	18.657
DEFERRED TAX LIABILITIES		0.375	0.004	0.062
TOTAL		94.334	55.595	32.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.015	31.877	17.534
Capital work-in-progress		5.689	0.000	4.763
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.745	10.118	4.932
	Sundry Debtors	7.168	18.637	11.884
	Cash & Bank Balances	1.430	0.344	0.182
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.285	19.834	11.595
Total Current Assets		58.628	48.933	28.593
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.705	15.734	11.101
	Other Current Liabilities	(1.282)	0.091	1.498
	Provisions	5.695	9.562	5.932
Total Current Liabilities		19.118	25.387	18.531
Net Current Assets		39.510	23.546	10.062
MISCELLANEOUS EXPENSES		0.120	0.172	0.038
TOTAL		94.334	55.595	32.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	184.056	180.770	129.624
Less	EXPENSES
		TOTAL	171.623	169.062	137.967
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.433	11.708	8.343
Less/ Add	DEPRECIATION/ AMORTISATION		2.019	1.530	1.094
	PROFIT BEFORE TAX		10.414	10.178	7.249
Less	TAX		2.486	3.109	1.762
	PROFIT AFTER TAX		7.928	7.069	5.487
	Earnings Per Share (Rs.)		63.42	56.55	43.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.31	3.91	4.23
Return on Total Assets (PBT/Total Assets}	(%)	9.67	12.59	15.72
Return on Investment (ROI) (PBT/Networth)		0.34	0.46	0.53
Debt Equity Ratio (Total Liability/Networth)		2.73	2.68	2.72
Current Ratio (Current Asset/Current Liability)		3.07	1.93	1.54

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	14.705	15.734	11.101
Total	14.705	15.734	11.101

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	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from, Shop No.7, Kore Capital, Opposite DSP office, Vishrambag, Sangli – 416415, Maharashtra, India, to the present address w.e.f. 22.08.2008.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Contingent Liabilities	2.557	2.550	0.600

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10248022
Corporate identity number of the company	U29299PN2005PTC020679
Name of the company	SKYLARK PRECITECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K-20 and K-21, MIDC Kupwad, Sangli – 416436, Maharashtra, India skylarkengg@sancharnet.in
Type of charge	Book Debts Movable Property
Particular of charge holder	Corporation Bank Industrial Finance Branch, 14, Mumbai Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India cb0502@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Common Deed of Hypothecation of Movables / assets / debts
Date of instrument Creating the charge	28/03/2011
Amount secured by the charge	Rs.135.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest CC:- Base rate + 4.10% i.e. 13.50 % p.a. Term Loans:- Base rate + 4.10% i.e. 13.50 % p.a. Terms of Repayment As per sanction letter Margin As per sanction letter Extent and Operation of the charge Exclusive charge by way of Hypothecation of inventory comprising of stock of raw materials, work-in-process, finished goods, stores and spares and book debts/ receivables, Plant and machineries and other movable assets already procured/ to be procured and stores, situated, lying at the K-19/20/21- MIDC, Kupwad, Sangli and at any other places to be intimated by the Company Others The credit facilities of Rs. 13.500 Millions include Cash Credit : Rs 70.000 Millions Term Loan (I) : Rs. 20.000 Millions Term Loan (II) : Rs. 10.000 Millions Import / Inland LC cum BG : Rs. 35.000 Millions
Short particulars of the property charged	Exclusive charge by way of Hypothecation of inventory comprising of stock of raw materials, work-in-process, finished goods, stores and spares and book debts / receivables, Plant and machineries and other movable assets already procured / to be procured and stores, situated, lying at the K-19/20/21- MIDC, Kupwad, Sangli and at any other places to be intimated by the Company
Date of latest modification prior to the present modification	28/03/2010
Particulars of the present modification	By present modification, the credit limits enhanced/ renewed/ revised from Rs.115.000 Millions to Rs.135.000 Millions against exclusive charge by hypothecation of inventory, book debts, receivables, plant and machineries and other movable assets stored/ situated / lying at K-19/20/21, MIDC, Kupwad, Sangli

FIXED ASSETS:

· Freehold Land

· Labour Colony Building

· Office Equipment

· Factory Building

· Office Building

· Plant and Machinery

· Electrification

· Vehicles

· Computer

· Furniture

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.55.60
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--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		42

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.