MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	ICHALKARANJI METALLOY FOUNDERS PRIVATE LIMITED
Registered Office :	Plot No. 4 and 5, Gangangar, Ichalkaranji-416416, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.1982
Com. Reg. No.:	11-027316
Capital Investment / Paid-up Capital :	Rs. 2.020 Millions
CIN No.: [Company Identification No.]	U29292PN1982PTC027316
TAN No.: [Tax Deduction & Collection Account No.]	KLPI00452E
PAN No.: [Permanent Account No.]	AAACI5537K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of C.I. Casting, Cam Gear Shift, Pump Body, Automobile Components.
No. of Employees :	300 (Approximately)

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 56000
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. The company can be considered for small to mediocre 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 :	Ms. Asmita
Designation :	Investment Incharge
Contact No.:	91-9011086093
Date :	05.03.2012

LOCATIONS

Registered Office / Factory :	Plot No. 4 and 5, Gangangar, Ichalkaranji-416416, Maharashtra, India
Tel. No.:	91-230-2440259 / 2440060 / 2440288
Mobile No.:	91-9011086093 (Ms. Asmita)
Fax No.:	91-230-2440437 / 2366133
E-Mail :	info@imf.com imffoundry@dataone.in amrutparakh@rediffmail.com
Website :	www.imffoundry.com

DIRECTORS

AS ON 24.09.2011

Name :	Mr. Suresh Vyankatesh Kulkarni
Designation :	Director
Address :	W No.10, H No.636, Behind Filter House, Ichalkaranji, Maharashtra, India
Date of Appointment :	04.06.1982
DIN No.:	00190671
Name :	Mr. Chandrakant Vasudev Deshpande
Designation :	Director
Address :	Behind Padmaraje Girls High School, New Mahadwar Road, Kolhapur, Maharashtra, India
Date of Appointment :	04.06.1982
DIN No.:	00205242
Name :	Mr. Arvind Gajanan Deshpande
Designation :	Director
Address :	1184, B Ward, Mahadwar Road, Kolhapur, Maharashtra, India
Date of Appointment :	04.06.1982
DIN No.:	00205344
Name :	Mr. Vishnupant Vyanktesh Kulkarni
Designation :	Director
Address :	Vyankatesha, Bhagyarekha Talkies, Anna Ramgoda Sch, Ichalkaranji, Maharashtra, India
Date of Appointment :	04.06.1982
DIN No.:	02662835
Name :	Mr. Aseem Ajit Kulkarni
Designation :	Additional Director
Address :	W No. 9, H No.731, Shradha Colony, Behind Shri Nagar, Ichalkaranji-416115, Maharashtra, India
Date of Appointment :	15.04.2011
DIN No.:	02856719

KEY EXECUTIVES

Name :	Ms. Asmita
Designation :	Investment Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2011

Names of Shareholders	No. of Equity Shares at Rs. 100/- each	No. of Equity Shares at Rs. 10/- each
Fuel Instruments and Engineering Private Limited, India	500	9800
Ichalkaranji Engineering Centre Private Limited, India	500	9800
Vishnupant Kulkarni	1000	100
Arvind Deshpande	3000	100
Suresh Kulkarni	2000	100
Chandrakant Deshpande	1000	100
Rama Deshpande	2334	--
Alka Kulkarni	2333	--
Anuradha H Laxmeshwar	2333	--
Alka Kulkarni	3000	--
Panditrao Kulkarni	--	1000
Sudha Kulkarni	--	1000
Total	18000	22000

AS ON 24.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	15.00
Directors or relatives of Directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of C.I. Casting, Cam Gear Shift, Pump Body, Automobile Components.
Products :	C.I. and S.G.I. Castings
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
At Net Realizable Value	MT	6000	2183.130

GENERAL INFORMATION

Suppliers :

· A G. Transmission

· Abhijit Traders

· Fie Spherotech

· Fuel Instruments and Engineers Private Limited

· Bmi Minerals Private Limited

· Kiran Gass Agencies

· HD Fire Protect Private Limited

· Technovision Auto Components Private Limited

· A R Enterprises

· Amod Industries

· Balaji Industrial Services

· Dattatrya Industries

· Flame Industries

· Ichalkarnji Machine Centre Private Limited

· Mallikarjun Electrical Works

Customers :

Manufacturer

Ø Honda

Ø BOSCH

Ø Concentric

Ø BEHR

Ø Hero Honda

Ø TATA Motors Limited

Ø Crane

Ø Yamaha

Ø Carrier

Ø TVS

Ø Hero

Ø Virgo Engineers Limited

Ø Khare Engineering and Tools Private Limited

Ø SLR Industries

No. of Employees :

300 (Approximately)

Bankers :

· Bank of Baroda, Ichalkaranji-416115, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of Baroda (CC) [Hypothecation of Raw Material and Work in Progress]	2.911	9.393
Bank of Baroda (Bills Limit) [Hypothecation of Plant and Machinery and Building]	14.172	11.759
Bank of Baroda (Term Loan) [Hypothecation of Plant and Machinery and Building]	0.785	0.500
HDFC Bank Limited (Bills Limit)	10.831	6.326
Total	28.699	27.978
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Sudha P Kulkarni / P D Kulkarni	0.467	0.467
Sales Tax CST Deferred Loan (WMDC)	0.134	0.134
Sales Tax BST Deferred Loan (WMDC)	6.472	6.472
Sales Tax BST Deferred Loan (SICOM)	6.218	6.218
Sales Tax CST Deferred Loan (SICOM)	0.482	0.482
Total	13.773	13.773

Banking Relations :	--
Auditors :
Name :	U. S. Shah and Company Chartered Accountant
Address :	1/42, Swayambhu, Rajwada, Sangli-416416, Maharashtra, India
Tel. No.:	91-233-2372265 / 2376672
Pan No.:	ADWPS1188C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs. 4.500 Millions
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000	Equity Shares	Rs.100/- each	Rs. 1.800 Millions
22000	Equity Shares	Rs.10/- each	Rs. 0.220 Million
	Total		Rs. 2.020 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		2.020	2.020	2.020
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.193	4.941	6.142
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.213	6.961	8.162
LOAN FUNDS
1] Secured Loans		28.699	27.978	29.831
2] Unsecured Loans		13.773	13.773	16.613
TOTAL BORROWING		42.472	41.751	46.444
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.685	48.712	54.606
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.453	15.181	16.433
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.053	0.052	0.054
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.681	14.282	13.130
	Sundry Debtors	43.658	28.266	31.176
	Cash & Bank Balances	0.751	0.333	0.852
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.701	11.992	10.828
Total Current Assets		76.791	54.873	55.986
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.351	14.222	12.367
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	5.261	7.172	5.500
Total Current Liabilities		33.612	21.394	17.867
Net Current Assets		43.179	33.479	38.119
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.685	48.712	54.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	230.373	155.617	173.191
		Other Income
		TOTAL	230.373	155.617	173.191
Less	EXPENSES
		Office Expenses	217.294	153.130	170.855
		Administrative Expenses
		Advertising Expenses
		TOTAL	217.294	153.130	170.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.079	2.487	2.336
Less/ Add	DEPRECIATION/ AMORTISATION		3.692	3.847	3.802
	PROFIT BEFORE TAX		9.387	(1.360)	(1.466)
Less	TAX		1.737	0.000	0.000
	PROFIT AFTER TAX		7.650	(1.360)	(1.466)
	BALANCE CARRIED TO THE B/S		12.193	4.941	6.142
	Earnings Per Share (Rs.)		37.86	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.32	(0.87)	(0.85)
Return on Total Assets (PBT/Total Assets}	(%)	10.40	(1.94)	(2.02)
Return on Investment (ROI) (PBT/Networth)		0.66	(0.20)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		5.35	9.07	7.88
Current Ratio (Current Asset/Current Liability)		2.28	2.56	3.13

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. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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%	No
14. Estimation for coming financial year	No
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	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Goods Suppliers	22.855	9.842	8.708
Customers Accounts	0.000	0.023	0.438
Contractors and Others	5.496	4.357	3.221
Total	28.351	14.222	12.367

SUNDRY CREDITORS PARTIAL DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Goods Suppliers
A G. Transmission	0.001	0.001
Abhijit Traders	0.119	0.000
Fie Spherotech	9.472	0.814
Fuel Instruments and Engineers Private Limited	1.031	1.107	12.367
Bmi Minerals Private Limited	0.318	0.494
Kiran Gass Agencies	0.000	0.000
Customers Accounts
HD Fire Protect Private Limited	0.000	0.017
Technovision Auto Components Private Limited	0.000	0.006
Contractors and Others
A R Enterprises	0.039	0.122
Amod Industries	2.142	1.076
Balaji Industrial Services	0.261	0.000
Dattatrya Industries	0.218	0.084	12.367
Flame Industries	0.101	0.197
Ichalkarnji Machine Centre Private Limited	0.309	0.490
Mallikarjun Electrical Works	0.224	0.160

FORM 8

Corporate identity number of the company	U29292PN1982PTC027316
Name of the company	ICHALKARANJI METALLOY FOUNDERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 4 and 5, Gangangar, Ichalkaranji-416416, Maharashtra
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Ichalkaranji-416115, Maharashtra, India
Nature of instrument creating charge	Supplemental memorandum of entry
Date of instrument Creating the charge	29.06.2010
Amount secured by the charge	Rs. 1.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest ROI @ 0.50% below BPLR, presently @ 11.50% p.a. Terms of repayment Repayable in 60 monthly installments of which 59 installments of Rs. 0.023 million each and 1 installment of Rs. 0.022 million commencing from 3 months after first disbursement. Margin 28.28% Extent and operation of the charge First charge on the property.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage of The Whole of The Borrowers Immovable Property Situated At Plot No. 4 and 5, Gat No. 814, Ganganagar, Shahapur, Ichalkaranji.

TRADE REFRENCES

· Tata Motors

· Hero Honda

FIXED ASSETS

· Land

· Building

· Car Shed

· Electric Furnace

· Plant and Machinery

· Equipment

· Borwell

· Furniture

· Fixture

· Dead Stock

· Scooter

· Pattern

· Molding Boxes

· Office Appliances

· Dust Collector

· Electronic Bikes

· Core Oven and Stress

· Cycle

· Books

· Mobile Hand Sets

· Core Shooter Machine

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. 49.79
UK Pound	1	Rs. 78.79
Euro	1	Rs. 65.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	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.