MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	SHRINIWAS ENGINEERING AUTO COMPONENTS PRIVATE LIMITED
Registered Office :	Office No. 5, Manasara Apartment, 1108/4 University Road, Near Suryamukhi Datta Mandir, Pune – 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.12.2005
Com. Reg. No.:	11-021693
Capital Investment / Paid-up Capital :	Rs.462.430 Millions
CIN No.: [Company Identification No.]	U34300PN2005PTC021693
TAN No.: [Tax Deduction & Collection Account No.]	PNES19448C
PAN No.: [Permanent Account No.]	AAJCS8944F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Grey Iron Castings.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3750000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 BY

Name :	Mr. Rohit Mittal
Designation :	Chief Finance Officer
Contact No.:	91-8983044521
Date :	07.03.2012

LOCATIONS

Registered Office :	Office No. 5, Manasara Apartment, 1108/4 University Road, Near Suryamukhi Datta Mandir, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-25665099
Mobile No.:	91-8983044521 (Mr. Rohit Mittal)
Fax No.:	91-20-25665099
E-Mail :	rrmital@seaco.co.in csrsk786@gmail.com marketing@seaco.co.in
Factory :	Survey No. 492, Near Talegaon MIDC, Navalakh Umbre, Taluka – Maval, District Pune-410507, Maharashtra, India

DIRECTORS

As on 28.09.2011

Name :	Mr. Rasamoy Dayamoy Chakraborty
Designation :	Director
Address :	New Ajantha Avenue, Paud Road, Pune, Maharashtra, India
Date of Birth/Age :	01.09.1941
Date of Appointment :	30.03.2008
DIN No.:	00011581
Name :	Mr. Ramkumar Ananthanarayan Tattamangalam
Designation :	Nominee Director
Address :	402, Vinspa, 6, Boat Club Road, Pune-411001, Maharashtra, India
Date of Birth/Age :	29.12.1965
Date of Appointment :	05.02.2011
DIN No.:	00078171
Name :	Mr. Giridhari Shriniwas Kale
Designation :	Managing Director
Address :	C-10, Abhimanshree Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	10.01.1959
Date of Appointment :	15.12.2005
DIN No.:	01318155
Name :	Ms. Prajakta Giridhari Kale
Designation :	Director
Address :	C-10, Abhimanshree Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	25.02.1962
Date of Appointment :	15.12.2005
DIN No.:	01876039
Name :	Mr. Amar Sampatrao Thorat
Designation :	Director
Address :	Ranjeet Apartment, Model Colony, Shivaji Nagar, Pune, Maharashtra, India
Date of Birth/Age :	19.12.1957
Date of Appointment :	30.03.2008
DIN No.:	02223782
Name :	Mr. Alok Giridhari Kale
Designation :	Director
Address :	C-10, Abhimanshree Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	25-08-1984
Date of Appointment :	30.03.2008
DIN No.:	02335219
Name :	Mr. Ramniwas Shriniwas Kale
Designation :	Director
Address :	C-10, Abhimanshree Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	01-06-1959
Date of Appointment :	30.03.2008
DIN No.:	02461833
Name :	Ms. Mohini Giridhari Kale
Designation :	Director
Address :	C-10, Abhimanshree Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	08.10.1988
Date of Appointment :	09.03.2009
DIN No.:	02480660

KEY EXECUTIVES

Name :	Mr. Rohit Mittal
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Equity Shares
Kale Shrinivas Giridhari	13206080
Kale Giridhari Prajakta	19809120
Alok Kale	3162141
G. S. Kale (HUF)	800000
Sangita Kale	50000
Vimal Kale	100000
Ramniwas Kale	100000
Satyanarayan Kale	50000
Kaveribai Kale	100000
Sonia Kale	250000
Mohini Kale	700000
Manishkumar Gilda	600000
Saswati Chakraborty	5000
Nileema Thorat	35000
Pradeep Deshmukh	10000
Sandeep Kulkarni	10000
Tata Capital Special Situation Fund – Trust, India	1012659
Total	40000000

Names of Shareholders	No. of Preference Shares
Tata Capital Special Situation Fund – Trust, India	580000
Girdhari Shrinivas Kale	15000
Prajakta Girdhari Kale	22500
Alok Kale	6800
Total	624300

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Bodies corporate	2.68
Directors or relatives of Directors	97.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Grey Iron Castings.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Production of Castings	Tonnes	25000	16505.24

GENERAL INFORMATION

No. of Employees :

Information not divulged by the management

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Bank of Maharashtra, Bajirao Road, Pune – 411002, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	1234.576	1004.800
Working capital loans banks secured	525.025	453.306
Loans taken for vehicles secured	0.815	2.248
Total	1760.416	1460.354
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Debts bonds other instruments unsecured	122.647	0.000
Rupee term loans financial institutions unsecured	0.000	19.091
Total	122.647	19.091

Banking Relations :	--
Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	706/708, Shradha Chambers, Mumbai, Maharashtra, India
PAN.:	AAAFB0265E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Shree Charbhuja Building Material Agency

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
800000	Preference Shares	Rs.100/- each	Rs.80.000 Millions
	TOTAL		Rs.480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
624300	Preference Shares	Rs.100/- each	Rs.62.430 Millions
	TOTAL		Rs.462.430 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		462.430	390.000	210.000
2] Share Application Money		6.920	35.064	151.296
3] Reserves & Surplus		561.870	0.000	0.000
4] (Accumulated Losses)		(93.835)	(43.128)	(76.188)
NETWORTH		937.385	381.936	285.108
LOAN FUNDS
1] Secured Loans		1760.416	1460.354	1116.870
2] Unsecured Loans		122.647	19.091	0.050
TOTAL BORROWING		1883.063	1479.445	1116.920
DEFERRED TAX LIABILITIES		24.292	0.000	0.000
TOTAL		2844.740	1861.381	1402.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1195.307	1255.086	1220.543
Capital work-in-progress		1115.020	341.371	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	8.102	0.000
FINANCE LEASE RECEIVABLES		(0.001)	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	279.582	153.022	44.814
	Sundry Debtors	291.454	237.702	90.285
	Cash & Bank Balances	369.442	11.604	2.361
	Other Current Assets	1.355	0.573	134.498
	Loans & Advances	147.022	155.498	3.650
Total Current Assets		1088.855	558.399	275.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	458.038	233.437	79.284
	Other Current Liabilities	94.332	69.222	12.396
	Provisions	2.071	1.797	5.941
Total Current Liabilities		554.441	304.456	97.621
Net Current Assets		534.414	253.943	177.987
MISCELLANEOUS EXPENSES		0.000	2.879	3.498
TOTAL		2844.740	1861.381	1402.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1719.800	1211.718	169.524
		Other Income		7.966	1.513
		TOTAL (A)	1719.800	1219.684	171.037
Less	EXPENSES
		Cost of Production		939.294	133.500
		Indirect Expenses		64.058	23.367
		Prior Period Items		2.247	0.000
		TOTAL (B)		1005.599	156.867
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	214.085	14.170
Less	FINANCIAL EXPENSES (D)			124.429	64.565
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			89.656	(50.395)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			64.698	25.695
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		NA	24.958	(76.090)
Less	TAX (H)		NA	(8.102)	0.098
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(27.200)	33.060	(76.188)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(76.188)	0.000
	BALANCE CARRIED TO THE B/S		NA	(43.128)	(76.188)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.014	0. 523	0.000
	TOTAL EARNINGS		0.014	0. 523	0.000
	Earnings/ (Loss) Per Share (Rs.)			1.01	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.58	2.71	44.49
Net Profit Margin (PBT/Sales)	(%)	NA	2.06	44.88
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.38	5.08
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.27
Debt Equity Ratio (Total Liability/Networth)		2.60	4.67	4.26
Current Ratio (Current Asset/Current Liability)		0.19	1.83	2.82

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	458.038	233.437	79.284
TOTAL	458.038	233.437	79.284

OPERATIONS:

During the year the Company has achieved a turnover of Rs.171.9.800 Millions as against Rs.1219.600 Millions in the previous year, showing an increase of 41% over the previous year. The Company has incurred a net loss of Rs.4.000 Millions as against Net Profit of Rs.27.200 Millions of the previous year mainly because of provisioning against doubtful receivables and prior period expenses.

The Company has received the orders for its products from the leading Automobile manufacturers like TATA Motors, Mahindra and Mahindra, Fiat, General Motors, Mercedes-Benz etc. and also from construction equipment manufacturing Companies like JCB, John Deere, New Holland etc. In many cases the Company proposes to supply machined Castings from the new machine shop coming up within the premises at Talegaon Factory. Further, the present order book position indicates a monthly requirement in excess of 5000 Tones. The Company expects better performance during the current year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U34300PN2005PTC021693
Name of the company	SHRINIWAS ENGINEERING AUTO COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 5, Manasara Apartment, 1108/4 University Road, Near Suryamukhi Datta Mandir, Pune – 411016, Maharashtra, India Email : ravindrakulkarni786@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Goodwill Patent, license under a patent Trademark Copyright or license under a copyright present and future tangible and intangible assets
Particular of charge holder	Bank of Baroda (S. B. Road Branch), Senapati Bapat Road Branch, Amit Crystals Opposite Chaturshringi Temple, Pune – 411016, Maharashtra, India Email : bob3939@gmail.com
Nature of instrument creating charge	Composite deed of hypothecation for all facilities
Date of instrument Creating the charge	31.12.2010
Amount secured by the charge	Rs.1448.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL I and II: Base rate+2.5% i.e.11.50% p.a. for Rs.40.000 Millions rated C and I a/c CC :Base rate+ 2.5% i.e.11.50% p.a for W.C. Rs.30.000 Millions rated C and I a/c PC/FBP/FBD : as per guideline Also as per sanction letter Terms of repayment TL I: In 24 quarters excluding moratorium period of 3 months from date of commercial production and implementation period of 12 months in EMI of Rs.37.500 Millions TL II: within 60 monthly installments from December 2010. CC : 12 months subject to yearly review. sub limit to CC of packing credit /EPC/PCFC cum FBP/FBD: 12 months subject to yearly review. Import/Inland L/C and Inland/ foreign BG : 12 months subject to yearly review and also as per sanctioned letter Margin TL I: 43.75% on over all cost of project Import L/C (DP)for capital goods as a sub limit of TL: 10%cash margin by way of FDR CC : 25% on all stocks, 25% on book debts up to 120 days. sub limit to CC of packing credit : 10% on FOB value of export order, FBP/FBD; NIL Import/Inland L/C:10%by way of duly discharge FDR Inland/ foreign BG: 10% by way of duly discharge FDR's and also as per sanctioned letter. Extent and operation of the charge FUND BASED : TL I: 900.000 Millions TL II: 98.500 Millions CC : 400.000 Millions CC sub limit under CC limit : (50.000 Millions) PC/FBP/FBD (sub limit under CC limit) : (100.000 Millions) NON FUND BASED : Import / Inland L/C DP/DA 90 days: 50.000 Millions NFB: Inland / foreign BG (sub limit under LC limit) :(50.000 Millions) Total : 1448.500 Millions charge operates as a security for said limit by creating first pari passu charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on present and future movable plants, machineries, goods, stocks of raw materials, items, inventories, stocks in process, semi finished and finished goods, stores and spares (consumable store and spares), stock in trade. goods in process, movables in transit, present and future tangible and intangible assets, vehicles, goodwill, trademark, copyright, patent and all the right title interest and benefit of borrower in upon or over all contracts and agreements and amounts and right to collect receive and recover the same together with all movables, situated or located at any place and now lying, being, affixed or installed at any place at any time and all outstanding monies. Claims, bills, receivables, book debts due or to become due to the borrower/s at any time or time to time and all of the borrower's rights, titles or interest therein. Present and future movable plants, and/or machineries, articles, installations, equipments, tools, implements and vehicles and also as stated in agreement

FIXED ASSETS

· Building

· Computers Hardware, Software and Network

· Furniture and Fixtures

· Car

· Electrical Installations

· Vehicles

· Office Equipments

· Plant and Machinery

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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.