MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	MANASI PRESSINGS PRIVATE LIMITED
Registered Office :	Flat No.28, Wing A-1, Building No.3/B, New Ajanta, Avenue Paud Road, Kothrud, Pune – 411029, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.08.1995
Com. Reg. No.:	25-091514
Capital Investment / Paid-up Capital :	Rs.5.895 Millions
CIN No.: [Company Identification No.]	U22210MH1995PTC091514
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Service Provider of Mechanical Components.
No. of Employees :	Information declined by the management

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 67000
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 DECLINED BY

Name :	Mr. Suhas Kulkarni
Designation :	Office Executive
Contact No.:	91-9850504127
Date :	27.03.2012

LOCATIONS

Registered Office :	Flat No.28, Wing A-1, Building No.3/B, New Ajanta, Avenue Paud Road, Kothrud, Pune – 411029, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	soumitrachawathe@involutegear.com ankal@involutegear.com suhaskulkarni@involutegear.com
Website :	http://www.manasi.co.in

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vinayak Anil Somalwar
Designation :	Director
Address :	Flat No.28, Building 3-B, New Ajanta, Avenue Paud Road, Pune – 411029, Maharashtra, India
Date of Birth/Age :	22.01.1958
Date of Appointment :	18.06.1999
DIN No.:	00272485
Name :	Mr. Anil Ganpatrao Kharwadkar
Designation :	Director
Address :	706, Pancharatna Towers, Mantri Park, Kothrud, Pune – 411029, Maharashtra, India
Date of Birth/Age :	04.07.1952
Date of Appointment :	01.07.2001
DIN No.:	00272586
Name :	Mrs. Swati Anil Somalwar
Designation :	Director
Address :	Flat No.28, Building 3-B, New Ajanta, Avenue Paud Road, Pune – 411029, Maharashtra, India
Date of Birth/Age :	01.10.1962
Date of Appointment :	07.08.1995
DIN No.:	00272666
Name :	Mr. Mallikarjun Shivappa Ankalkote
Designation :	Director
Address :	27 Ajinkya Housing Society, Rupee Nagar, Near Ram Temple, Talawade, Pune – 412114, Maharashtra, India
Date of Birth/Age :	15.01.1952
Date of Appointment :	07.08.2001
DIN No.:	02892524

KEY EXECUTIVES

Name :	Mr. Suhas Kulkarni
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Swati Anil Somalwar	1400
Anil Vinayak Somalwar	9550
Manasi Auto Parts Private Limited, India	39500
Anil Ganpatrao Kharwadkar	3500
Mallikarjun Shivappa Ankalkote	1000
Suhas Vishnu Kulkarni	2000
Sandeep Ramchandra Iperkar	2000
Total	58950

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	67.00
Directors or relatives of directors	26.21
Other top fifty shareholders	6.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Service Provider of Mechanical Components.

GENERAL INFORMATION

Suppliers :

· Prompt Enterprises

· Unique Automation Services

· Ace Components

· Baker Gauges India Private Limited

· Balaji Enterprises (Pimpri)

· Emulsichem Lubricant Private Limited

· G.K. Trading Company

· Macro Enterprises

· Menon Bearing Limited

· Mihir Engg Enterprises

· Oasis Technologies

· Pratap Tex Chem Private Limited

· Precise Cutting Tools

· Priya Enterprises

· Rohan Enterprises

· S. Banjan a India Private Limited

· Shriram Packaging

· Sumit Chem Lubricants

· Suprabha Protective Products Private Limited

· Supreme Marketing

· Unisource Automation Private Limited

· Vijay Engineering and Fabricators

· Vishal Plywood and Furniture

· Yash Trading Corporation

Customers :

· Eaton Fluid Power Limited

· Fairfield Atlas Limited, Eou Plant

· Fairfield Manufacturing

· Involute Technologies Private Limited

· John Deere India Private Limited

· Mahindra Casting Limited, Urse

· Mahindra Hinoday Industries Limited

· Same Deutz-Fahr India (Private) Limited

· Shriniwas Engineering Auto Components Private Limited

· Vickers Systems International Limited

No. of Employees :

Information declined by the management

Bankers :

· The Saraswat Co - Operative Bank Limited

C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road Sangamwadi, Pune – 411003, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
The Saraswat Co-op Bank - Cash Credit (Secured by Hypothecation of stocks and book debts and further guaranteed by the Directors of the of the Company)
Term Loan- Machinery - The Saraswat Co-op Bank Limited (Secured by Hypothecation of Machinery further guaranteed by the Directors of the of the Company)	13.676	8.885
Term Loan- Vehicle - The Saraswat Co-op Bank Limited (Secured by Hypothecation of Vehicle further guaranteed by the Directors of the of the Company)	8.201	0.000
	0.585	0.000
Total	22.462	8.885

Banking Relations :	--
Auditors :
Name :	J G Jaju and Company Chartered Accountant
Address :	364+365/1, Shivaji Nagar, Pune – 411005, Maharashtra, India
PAN No.:	ABAPJ9128R
Holding Company :	· Manasi Auto Parts Private Limited, India CIN No.: U34300PN1990PTC057167

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Share	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58950	Equity Share	Rs.100/- each	Rs.5.895 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		5.895	5.895	5.895
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.761	7.485	5.398
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.656	13.380	11.293
LOAN FUNDS
1] Secured Loans		22.462	8.885	4.511
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		22.462	8.885	4.511
DEFERRED TAX LIABILITIES		0.850	0.267	0.206
TOTAL		39.968	22.532	16.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.279	8.298	4.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.379	5.375	4.764
	Sundry Debtors	29.194	17.661	13.469
	Cash & Bank Balances	0.225	0.260	0.210
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.409	3.297	5.287
Total Current Assets		38.207	26.593	23.730
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.975	10.287	9.905
	Other Current Liabilities	0.644	0.171	1.274
	Provisions	1.926	1.930	1.414
Total Current Liabilities		18.545	12.388	12.593
Net Current Assets		19.662	14.205	11.137
MISCELLANEOUS EXPENSES		0.002	0.004	0.005
TOTAL		39.968	22.532	16.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	89.455	46.022	40.768
		Labour Charges	9.735	18.024	13.786
		Other Income	0.017	0.364	0.178
		TOTAL	99.207	64.410	54.732
Less	EXPENSES
		TOTAL	94.094	60.850	52.622
	PROFIT BEFORE TAX		5.113	3.560	2.110
Less	TAX		1.837	1.473	0.872
	PROFIT AFTER TAX		3.275	2.087	1.238
	Earnings Per Share (Rs.)		0.06	0.04	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.30	3.24	2.26
Net Profit Margin (PBT/Sales)	(%)	5.72	7.74	5.18
Return on Total Assets (PBT/Total Assets}	(%)	8.74	10.20	7.38
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.19
Debt Equity Ratio (Total Liability/Networth)		2.46	1.59	1.51
Current Ratio (Current Asset/Current Liability)		2.06	2.15	1.88

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Assets Creditors	0.304	0.192	0.172
- Consumable Creditors	2.717	1.727	1.825
- Vendor Creditors	1.575	2.574	1.908
- Transport Creditors	0.692	0.353	0.257
- Raw Material Creditors	7.582	4.065	4.431
- Other Creditors	3.023	1.272	1.242
- Professional Creditors	0.082	0.104	0.070
Total	15.975	10.287	9.905

OPERATIONS

The Company was in receipt of total income amounting to Rs.99.207 Millions consisting of Sales of Rs.89.455 Millions, Labour charges of Rs.9.735 Millions and other income in the nature of dividend, cash discount, etc. of Rs.0.017 Millions as against total income of Rs.64.410 Millions consisting of Sales of Rs.46.022 Millions, Labour charges of Rs.18.024 Millions and other income of Rs.0.364 Million in the nature of dividend and miscellaneous receipts.

The total expenditures of the Company amounted to Rs.94.094 Millions as against Rs.60.850 Millions for the previous year.

After charging all expenses, the Company earned a profit after tax of Rs.3.275 Millions as against Rs.2.087 Millions for the previous year.

FORM 8:

Corporate identity number of the company	U22210MH1995PTC091514
Name of the company	MANASI PRESSINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No 28, Wing A-1, Building No 3/B New Ajanta Avenue Paud Road Kothrud, Pune – 411029, Maharashtra, India soumitrachawathe@involutegear.com
This form is for	Modification of charge
Charge identification number of the modified	80028286
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Other: All tangible movable property
Particular of charge holder	· The Saraswat Co - Operative Bank Limited C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road Sangamwadi, Pune – 411003, Maharashtra, India csadeshpande@gmail.com
Nature of description of the instrument creating or modifying the charge	1) Deed of hypothecation for additional advances dated 20th October 2011 2) Equitable mortgage by deposit of original title deeds dated 20th October 2011 Both these documents create a single charge.
Date of instrument Creating the charge	20/10/2011
Amount secured by the charge	Rs.22.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR + 0.50%P.A. = 14.75% P.A., with monthly rests, or at such rates as may be prescribed in future by the from time to time. Present PLR is 14.25% p.a. Terms of Repayment Repayable on demand, renewal every year within maximum period of six months from the close of the accounting year of the company/firm. Margin 30% A) Hypothecation of stocks less sundry creditors. B) Debtors (Within 90 days) Extent and Operation of the charge Type of facility - Additional Cash Credit Limit of Rs.12.000 Millions Making Total Cash Credit Limit of Rs.22.000 Millions Others All other terms and conditions as per the agreement.
Short particulars of the property charged	Borrower/s doth, do hereby convent with the bank that all the tangible movable property and all the book debts outstanding, monies receivable claims and bills belonging to the borrower/s and pertaining To the borrowers and lying and being at the borrowers place of business situate At:-Baner Pune 411007
Date of latest modification prior to the present modification	12/04/2010
Particulars of the present modification	1) Additional CC Limit of Rs.12.000 Millions making Total CC Limit of Rs.22.000 Millions. 2) Borrowers doth/do hereby hypothecate to and in favour of bank all tangible movable property (both present and future) all book debts outstanding, monies receivable, claims and bills belonging to borrower/s and pertaining to borrowers and lying and being at borrowers place of business or elsewhere. 3) Immovable Property Provided

FIXED ASSETS:

· Electrical Installation

· Furniture

· Factory Instrument

· Office Equipment

· Plant and Machinery

· Motor Vehicles

· Patterns

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.50.91
UK Pound	1	Rs.81.27
Euro	1	Rs.67.99

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--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.