MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	SUYASH CASTINGS PRIVATE LIMITED
Registered Office :	G-2, M.I.D.C. Shiroli, Kolhapur – 416122 Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.06.1997
Com. Reg. No.:	11-108749
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U27310MH1997PTC108749
TAN No.: [Tax Deduction & Collection Account No.]	KLPS04946E
PAN No.: [Permanent Account No.]	AACCS5234R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of C.I. Castings.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 50000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover and profitability of the company. However, trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 (General Details)

Name :	Mr. Santosh
Designation :	Purchases Manager
Contact No.:	91-230-2469381
Date :	06.03.2012

LOCATIONS

Registered Office/ Factory :	G-2, M.I.D.C. Shiroli, Kolhapur – 416122 Maharashtra, India
Tel. No.:	91-230-2469720/ 2469381
Fax No.:	91-230-2468375
E-Mail :	castsuyash@dataone.in info@suyashcastings.com
Website :	http://www.suyashcastings.com
Location :	Owned

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Jaykumar Chinubhai Parikh
Designation :	Chairman cum Managing Director
Address :	Plot No.11, Shivaji Park, Kolhapur – 416001, Maharashtra, India
Date of Birth/Age :	27.11.1965
Date of Appointment :	13.06.1997
DIN No.:	00387215
Name :	Ms. Shilpa Jaykumar Parikh
Designation :	Whole Time Director
Address :	Plot No.11, Himkamal Shivaji Park, Kolhapur – 416001, Maharashtra, India
Date of Birth/Age :	16.03.1969
Date of Appointment :	29.09.2007
DIN No.:	01850656
Name :	Mr. Anant Gururaj Manavi
Designation :	Whole Time Director
Address :	F2, Royal Palace, Takala, Kolhapur – 416008, Maharashtra, India
Date of Birth/Age :	23.11.1966
Date of Appointment :	30.09.2005
DIN No.:	01281951

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Purchases Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Jaykumar Chinubhai Parikh	242500
Anant Gururaj Manavi	2500
Smruti Parikh	2500
Shilpa Jaykumar Parikh	2500
Total	250000

(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 :

Manufacturer of C.I. Castings.

Products :

Products Description	Item Code No
Unmachined C.I. Casting	73251000
Machined cv. I. Casting of Pump Parts	84139190

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
C. I. Casting	(M.T.)	--	--	1406.134

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Kirloskars Brothers Limited

· KSB Pumps Limited

· Crompton Greaves Limited (Pumps Division)

· Tesla S.r.l. Italy

· Gruppo Aturia SpA Italy

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India

MIDC Shiroli Branch, Kolhapur – 416122, Maharashtra, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank of India Cash Credit (Secured by hypothecation of stock and book debts and Mortgaged of Land, Building and Plant and Machinery of the company)	5.314	3.313
State Bank of India (EPC A/c) (Secured by hypothecation of stock and book debts and Mortgaged of Land, Building and Plant and Machinery of the company)	2.106	2.144
Total	7.420	5.456
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposits from Director	0.129	0.129
Sale Tax Loan under Deferel Scheme	1.389	1.300
Total	1.518	1.429

Banking Relations :	--
Auditors :
Name :	Deepak Gokhale and Company Chartered Accountant
Address :	Flat No.106, Building No. HR -2, Royal Retreat, Near Ruikar Colony Ground, Kolhapur – 416005, Maharashtra, India
PAN No.:	ABGPG2423G
Associates/Subsidiaries :	· Siddharth Castings · Ajay Industries · CNC Toolings

CAPITAL STRUCTURE

(AS ON 29.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 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		2.500	2.500	0.990
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.886	8.388	4.701
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.386	10.888	5.691
LOAN FUNDS
1] Secured Loans		7.420	5.456	6.054
2] Unsecured Loans		1.518	1.429	2.179
TOTAL BORROWING		8.938	6.885	8.233
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.324	17.773	13.924
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.315	5.734	5.146
Capital work-in-progress		0.000	0.784	0.000
INVESTMENT		0.011	0.011	0.011
DEFERREX TAX ASSETS		0.133	0.244	0.303
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.103	2.683	5.848
	Sundry Debtors	17.517	17.081	16.074
	Cash & Bank Balances	1.106	0.890	0.893
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.203	3.512	1.747
Total Current Assets		23.929	24.166	24.562
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	9.648	10.753	9.830
	Other Current Liabilities	0.841	0.713	5.244
	Provisions	0.575	1.700	1.024
Total Current Liabilities		11.064	13.166	16.098
Net Current Assets		12.865	11.000	8.464
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.324	17.773	13.924

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	76.172	81.442	60.111
		Other Income	0.817	1.418	1.031
		TOTAL (A)	76.989	82.860	61.142
Less	EXPENSES
		Operating Expenses	72.775	75.261	57.702
		TOTAL (B)	72.775	75.261	57.702
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.214	7.599	3.440
Less	FINANCIAL EXPENSES (D)		0.762	0.969	1.182
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.452	6.630	2.258
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.257	1.125	0.903
	PROFIT BEFORE TAX (E-F) (G)		2.195	5.505	1.355
Less	TAX (H)		0.697	1.818	0.020
	PROFIT AFTER TAX (G-H) (I)		1.498	3.687	1.335
	EARNINGS IN FOREIGN CURRENCY		9.029	0.327	NA
	Earnings Per Share (Rs.)		5.99	14.75	13.48

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.95	4.45	2.18
Net Profit Margin (PBT/Sales)	(%)	2.88	6.76	2.25
Return on Total Assets (PBT/Total Assets}	(%)	6.81	18.41	4.56
Return on Investment (ROI) (PBT/Networth)		0.18	0.51	0.24
Debt Equity Ratio (Total Liability/Networth)		1.61	1.84	4.28
Current Ratio (Current Asset/Current Liability)		2.16	1.84	1.53

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	9.648	10.753	9.830
Total	9.648	10.753	9.830

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	Yes
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	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

OPERATIONS AND FINANCIAL RESULTS

The turnover has decreased by 6.47% Rs.76.172 Millions as compared to last year’s Rs.81.442 Millions. To retain funds in the business of the company, the directors do not recommend any dividend for the year 2009-10. There were no changes in the nature of business of the company during the year

MATERIALS EVENTS AFTER BALANCE SHEET DATE

There are no materials changed or commitments occurred after the year end till the date of this report affecting the financial position of the company. With increased turnover in the current year (2010-11) the directors hope to improve the profitability of the company.

CONTINGENT LIABILITY –

On account of corporate guarantee given to State Bank of India in respect of loan of Rs.8.000 Millions given by State Bank of lndia to M/s Siddharth Castings (Proprietary concern of Director Mrs. S. J. Parikh) Loan balance as on 31-03-2010 Rs.6.984 Millions.

FORM 8:

Corporate identity number of the company	U27310MH1997PTC108749
Name of the company	SUYASH CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G/2 MIDC Shiroli, Kolhapur – 416122, Maharashtra, India castsuyash@dataone.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	State Bank of India CFC Building, MIDC Shiroli, Kolhapur – 416122, Maharashtra, India pgassociate@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan cum Hypothecation.
Date of instrument Creating the charge	03/04/2010
Amount secured by the charge	Rs.3.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Other terms and conditions as per Agreement. Terms of Repayment Repayable in 48 monthly installments. Margin Other terms and conditions as per Agreement. Extent and Operation of the charge Other terms and conditions as per Agreement.
Short particulars of the property charged	Hypothecation of Machinery i. e. Macpower CNC Model LX 250 Mono Block situated at Plot No. G-2, MIDC Shiroli, Kolhapur.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Tools and Equipments

· Furniture and Dead Stock

· Electric Fittings

· Office Equipment

· Computers

· Pattern

· Vehicles

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.