MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	TAS FOUNDRIES PRIVATE LIMITED
Registered Office :	29/30, Sukhiwadi Apartment, Krishna Baug, Maninagar, Ahmedabad – 380008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.04.1987
Com. Reg. No.:	04-009579
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U45201GJ1987PTC009579
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Casting.
No. of Employees :	125 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 as 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

Name :	Mr. V. K. Jain
Designation :	Account Executive
Contact No.:	91-79-25891721
Date :	06.03.2012

LOCATIONS

Registered Office :	29/30, Sukhiwadi Apartment, Krishna Baug, Maninagar, Ahmedabad – 380008, Gujarat, India
Tel. No.:	91-79-25891721
Fax No.:	91-79-25891716
E-Mail :	tasfoundries@yahoo.com info@tasfoundries.com
Website :	http://www.tasfoundries.com
Location :	Owned
Factory :	1714/1715, GIDC Industrial Estate, Phase – III, Vatva, Ahmedabad – 382445, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :	Mrs. Sweta Raghuvanshkumar Sharma
Designation :	Director
Address :	25/1, Samratnagar, Isanpur, Ahmedabad – 382443, Gujarat, India
Date of Birth/Age :	24.08.1975
Date of Appointment :	01.04.1999
DIN No.:	00411713
Name :	Mrs. Usha Raghuvanshkumar Sharma
Designation :	Director
Address :	25/1, Samratnagar, Isanpur, Ahmedabad – 382443, Gujarat, India
Date of Birth/Age :	01.01.1952
Date of Appointment :	22.04.1987
DIN No.:	00411802
Name :	Mr. Prashant Devendrakumar Sharma
Designation :	Director
Address :	29-30, Sukhiwadi Appartment, Maninagar, Ahmedabad - 380 008, Gujarat, India
Date of Birth/Age :	09.10.1974
Date of Appointment :	01.06.2004
Date of cessation :	02.05.2011
DIN No.:	00418175

KEY EXECUTIVES

Name :	Mr. V. K. Jain
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Raghuvanshkumar Trilokinath Sharma	63720
Usha Raghuvansh Kumar Sharma	418930
Prashant Devendrakumar Sharma	124700
Sweta Prashantkumar Sharma	165100
Shalabh Raghuvanshkumar Sharma	16350
Priyanka Shalabhkumar Sharma	11000
Raghuvanshkumar Trilokinath Sharma (HUF)	100
Trilokinath Charansingh Sharma (Huf)	100
Total	800000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Casting.
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

125 (Approximately) (In Office + In Factory)

Bankers :

· State Bank of India

· Small Industries Devlopment Bank of India, SIDBI Tower, 15, Ashok Marg, Lucknow - 226001, Uttar Pradesh, India

· Axis Bank

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Small Industries Devlopment Bank of India	9.075	8.355
Axis Bank Limited	0.000	0.283
ICICI Bank Limited	1.303	0.000
Total	10.378	8.638
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
U. R. Sharma	1.240	1.114
S. R. Sharma	1.662	1.662
P. K. Sharma	0.083	0.083
Shalabh Sharma	0.400	0.400
R. K. Sharma (HUF)	0.926	0.857
T. N. Sharma (HUF)	1.663	1.540
Total	5.974	5.656

Banking Relations :	--
Auditors :
Name :	Paras F Jain and Company Chartered Accountants
Address :	102, First Floor, Dwarkesh Complex, Opposite Patel Vas, Mithakhali Gam, Mithakhali, Ahmedabad – 380006, Gujarat, India
PAN.:	AATPJ9113C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 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		8.000	7.004	6.004
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.590	16.236	8.799
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.590	23.240	14.803
LOAN FUNDS
1] Secured Loans		10.378	8.638	4.840
2] Unsecured Loans		5.974	5.657	4.706
TOTAL BORROWING		16.352	14.295	9.546
DEFERRED TAX LIABILITIES		0.490	0.490	0.490
TOTAL		47.432	38.025	24.839
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.797	15.651	15.695
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.740	2.998	1.701
	Sundry Debtors	27.740	24.619	23.722
	Cash & Bank Balances	8.231	13.970	6.692
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.274	7.979	1.618
Total Current Assets		45.985	49.566	33.733
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.195
	Other Current Liabilities	3.155	27.192	24.609
	Provisions	0.000	0.000	0.000
Total Current Liabilities		26.350	27.192	24.609
Net Current Assets		19.635	22.374	9.124
MISCELLANEOUS EXPENSES		0.000	0.000	0.020
TOTAL		47.432	38.025	24.839

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	21.392	22.445	19.819
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.145	8.741	8.295
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.247	13.704	11.524
Less/ Add	DEPRECIATION/ AMORTISATION		3.336	2.291	1.951
	PROFIT BEFORE TAX		8.911	11.413	9.573
Less	TAX		2.557	3.975	3.339
	PROFIT AFTER TAX		6.354	7.438	6.234
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.237	8.799	2.565
	BALANCE CARRIED TO THE B/S		22.591	16.237	8.799
	Earnings Per Share (Rs.)		0.79	--	--

Expected Sales (2011-2012) : Rs.25.000 Millions

The above information has been parted by Mr. V. K. Jain.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	29.70	33.14	31.45
Return on Total Assets (PBT/Total Assets}	(%)	12.08	17.50	19.37
Return on Investment (ROI) (PBT/Networth)		0.29	0.49	0.65
Debt Equity Ratio (Total Liability/Networth)		1.40	1.79	2.31
Current Ratio (Current Asset/Current Liability)		1.75	1.82	1.37

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	23.195	Not Available	Not Available

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Financial Performance

During the year, the company has achieved a turnover of Rs.21.392 Millions (Previous Year Rs.22.445 Millions). After providing for Administrative and other expenses, the company has earned a Gross profit of Rs.8.911 Millions (Previous year Rs.11.413 Millions) and a Net Profit of Rs.6.353 Millions (Previous year Rs.7.438 Millions) which has been carried forward to the Balance Sheet. With a view to plough back the profits in the business, the directors have decided not to recommend any divided on Equity Shares of the Company for the year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45201GJ1987PTC009579
Name of the company	TAS FOUNDRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29/30, Sukhiwadi Apartment, Krishna Baug, Maninagar, Ahmedabad – 380008, Gujarat, India E-Mail : tasfoundries@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80011753
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Small Industries Devlopment Bank of India, SIDBI Tower, 15, Ashok Marg, Lucknow - 226001, Uttar Pradesh, India E-mail : sgupta@sidbi.in
Nature of instrument creating charge	[A] Deed of hypothecation dated 25.02.2010 [B] Memorandum of deposit of title deeds dated 25.02.2010
Date of instrument Creating the charge	25.02.2010
Amount secured by the charge	Rs.19.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.5% p.a. Terms of Repayment 60 monthly installment of Rs.0.150 Millions each after a moratorium of 9 months from the date of first disbursement Margin As per sanction letter Extent and Operation of the charge A] Extension of First charge on all immovable properties situate at Plot No.1714/1715 together with construction standing thereon, in the GIDC, Vatva Industrial Estate, Phase III, Ahmedabad. B] Extension of First Charge on all the movable assets (save and except book debts, stock), present and future alongwith first charge on assets created out of the new term loan of Rs.9.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Extension of First charge by way of mortgage of leasehold rights of all immovable properties of the Company situate at Plot No.1714/1715 together with construction standing thereon, in the GIDC, Vatva Industrial Estate, Phase III, situated on the land bearing Survey No.36/p total area adm. 3759 sq mtrs,situate lyting and being at Village - Ghodasar, Taluka - Dascroi, District Ahmedabad Extension of First Charge on all the movable assets of the Borrower, present and future, in such form as may be required by SIDBI subject to prior charges created / to be created in favour of the borrowers bankers on current assets of the borrower as may be agreed by SIDBI for securing the borrowings for working capital requirements. First charge by way of hypothecation of all the movable including plant, machinery and equipment acquired / to be acquired under the project/scheme.
Date of instrument modifying the charge	07.01.2009
Particulars of the present modification	Extension of First charge by way of mortgage of leasehold rights of all immovable properties of the Company situate at Plot No.1714/1715 in the GIDC Vatva Industrial Estate, Phase III, situated on the land bearing Survey No.36/p total area adm. 3759 sq mtrs,situate lyting and being at Village - Ghodasar, Taluka - Dascroi, District Ahmedabad and Extension of First Charge on all current assets and all the movable assets of the Borrower, present and future.

Fixed Assets:

· Land

· Furniture and Fixtures

· Type Writer

· Plant and Machinery

· Buildings

· Electric Fittings

· Laboratory Equipments

· Pattern Equipments

· Air Conditioner

· Water Cooler

· Motor Car (Estate)

· Fax Machine

· Computer

· Moulding Boxes

· Motor Car (Zen)

· Motor Car (Ford Fiesta)

· Motor Car (Attis)

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.50.57
UK Pound	1	Rs.79.56
Euro	1	Rs.66.49

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.