MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	SAMEER LINKAGES PRIVATE LIMITED
Registered Office :	612, GIDC Industrial Estate, Makarpura, Baroda, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.11.1995
Com. Reg. No.:	028169
Capital Investment / Paid-up Capital :	Rs.3.995 Millions
CIN No.: [Company Identification No.]	U31909GJ1995PTC028169
TAN No.: [Tax Deduction & Collection Account No.]	BRDS02674A
PAN No.: [Permanent Account No.]	AAECS6224M
Legal Form :	Private Limited Liability Concern
Line of Business :	Manufacturer of Industrial Bases Linkages
No. of Employees :	150 (Approximately)

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 138176
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 concern 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Ms. Jayshree
Designation :	Sales Manager
Contact No.:	91-9904406510
Date :	25.04.2012

LOCATIONS

Registered Office/Factory :	612, GIDC Industrial Estate, Makarpura, Baroda, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2638941
Fax No.:	91-265-2638940
E-Mail :	Cse01@sipi.co.in
Location :	Owned

DIRECTORS

AS ON 02.07.2011

Name :	Mr. Bhavik Subhash Khera
Designation :	Managing Director
Address :	803, Radhe Tower, Pashabhai Patel Park, Race Course, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	21.11.1968
Date of Appointment :	20.11.1995

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909GJ1995PTC028169	SAMEER LINKAGES PVT LTD	Managing director	20/11/1995	20/11/1995	-	Active	NO
2	U31909GJ2002PTC041658	SAMEER E-CLIPSE (PRODUCTS) PRIVATE LIMITED	Director	01/09/2010	09/12/2002	-	Active	NO

Name :	Mr. Tanu Samir Khera
Designation :	Whole Time Director
Address :	903-B, Bhadralok, Old Padra Road, Near tube company, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	22.04.1971
Date of Appointment :	10.12.2000

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909GJ1995PTC028169	SAMEER LINKAGES PVT LTD	Whole-time director	10/12/2000	10/12/2000	-	Active	NO
2	U31909GJ2002PTC041658	SAMEER E-CLIPSE (PRODUCTS) PRIVATE LIMITED	Whole-time director	09/05/2006	09/05/2006	01/09/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Jayshree
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.07.2011

Names of Shareholders	No. of Shares
Bhavik Subhash Khera	199750
Tanu Samir Khera	199750
Total	399500

AS ON 02.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Bases Linkages
Exports :
Products :	Industrial Bases Linkages
Countries :	· Australia · Germany
Terms :
Selling :	Cash, Credit (30 days, 60 days)
Purchasing :	Cash, Credit (30 days, 60 days)

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Connectors	Nos.	48985
Pneumatic Linkages	Nos.	154525
Custom Made Assembly and Others	Nos.	264876

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, Makarpura Industrial Estate Branch, Makarpura, Vadodara - 390010, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Form Bank
Term Loans (Secured by equitable mortgage of land plot no.555 and 556 at manjusar village, hypothecation of specific machinery and personal guarantee of the directors)	1.661	3.354
Cash Credit / Demand Loan (Cash credit facilities are secured by hypothecation of stocks of raw material, wip, finished goods, book debts, and personal guarantee of the directors)	11.885	10.829
TOTAL	13.546	14.183

Banking Relations :	--
Auditors :
Name :	K.C. Mehta and Company Chartered Accountant
Address :	2nd Floor, Meghdhanush, Race Course, Vadodara – 390007, Gujarat, India
Associates :	· Sameer Linkages Exports Private Limited · Sameer E-Clipse Products Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
399500	Equity Shares	Rs.10/- each	Rs.3.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	140.000

Expected Sales (2011-2012) : Rs.200.000 Millions

The above information has been parted by Ms. Jayshree (Sales Manager)

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.995	3.995	3.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.549	25.915	22.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.544	29.910	26.654
LOAN FUNDS
1] Secured Loans		13.546	14.183	17.494
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		13.546	14.183	17.494
DEFERRED TAX LIABILITIES		0.000	0.000	0.020
TOTAL		48.090	44.093	44.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.247	25.247	26.919
Capital work-in-progress		0.000	0.863	0.834
INVESTMENT		6.150	2.655	2.010
DEFERREX TAX ASSETS		0.187	0.066	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.188	13.302	12.391
	Sundry Debtors	15.515	10.549	10.622
	Cash & Bank Balances	0.017	0.092	0.840
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.578	2.130	1.973
Total Current Assets		34.298	26.073	25.826
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.598	8.367	9.144
	Other Current Liabilities	2.312	1.639	1.835
	Provisions	2.882	0.805	0.442
Total Current Liabilities		18.792	10.811	11.421
Net Current Assets		15.506	15.262	14.405
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		48.090	44.093	44.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	120.293	94.331	107.535
		Other Income		0.517	0.258
		TOTAL (A)	120.293	94.848	107.793
Less	EXPENSES
		Material Consumed		39.421	50.391
		Manufacturing and Other Expenses		19.940	22.527
		Employees Costs	108.584	10.040	9.917
		Administrative and Other Expenses		2.848	3.753
		Selling and Distribution Expenses		1.015	1.312
		TOTAL (B)	108.584	73.264	87.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	21.584	19.893
Less	FINANCIAL EXPENSES (D)		NA	2.132	3.916
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	19.452	15.977
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	3.848	3.686
	PROFIT BEFORE TAX (E-F) (G)		11.709	15.604	12.291
Less	TAX (I)		3.589	5.337	4.258
	PROFIT AFTER TAX (G-I) (J)		8.120	10.267	8.033
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.392	19.163	15.206
Less	APPROPRIATIONS
		Transfer to General Reserve	0.812	1.027	0.803
		Dividend	0.999	5.993	2.796
		Tax on Dividend	0.490	1.018	0.475
		Proposed Dividend	1.998	0.000	0.000
	BALANCE CARRIED TO THE B/S		25.214	8.038	23.238
	IMPORTS
		Raw Materials	5.381	3.828	0.000
		Capital Goods	3.041	0.027	0.681
	TOTAL IMPORTS		8.422	3.855	0.681

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.75	10.82	7.46
Net Profit Margin (PBT/Sales)	(%)	NA	16.54	11.40
Return on Total Assets (PBT/Total Assets}	(%)	19.33	30.41	23.30
Return on Investment (ROI) (PBT/Networth)		0.34	0.52	0.46
Debt Equity Ratio (Total Liability/Networth)		0.94	0.83	1.08
Current Ratio (Current Asset/Current Liability)		1.83	2.41	2.26

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) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
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%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

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.54.87
UK Pound	1	Rs.86.46
Euro	1	Rs.69.48

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SDA

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	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.