MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	PARSHURAM FORGE PRIVATE LIMITED
Registered Office :	T-46, MIDC Industrial Area, Hingna Road, Nagpur - 440028, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.1984
Com. Reg. No.:	11-034543
Capital Investment / Paid-up Capital :	Rs.9.500 Millions
CIN No.: [Company Identification No.]	U27200MH1984PTC034543
TAN No.: [Tax Deduction & Collection Account No.]	NGPP00270E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Rolling Mills, Angles, Flats and Round Bars
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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.

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

LOCATIONS

Registered Office :	T-46, MIDC Industrial Area, Hingna Road, Nagpur - 440028, Maharashtra, India
Tel. No.:	91-710-4236802
Fax No.:	91-710-237259
E-Mail :	scpl1999_ngp@sancharnet.in
Corporate Office :	Pushpkunj, Central Bazar Road, Ramdaspeth, Nagpur
Tel No.:	91-710-4236902
Fax No.:	91-710-4237259

DIRECTORS

As on 30.09.2011

Name :	Mr. Shridhar Moreshwar Vaidya
Designation :	Director
Address :	F-4, Snehadeep Laksmi Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	04.10.1933
Date of Appointment :	04.11.1995
DIN No.:	00479658

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	U99999MH1982PTC028466	SNEHDEEP STRUCTURES PRIVATE LIMITED	Director	13-10-82	13-10-82	-	Active	NO
2	U27200MH1984PTC034543	PARSHURAM FORGE PRIVATE LIMITED	Director	04-11-95	04-11-95	-	Active	NO

Name :	Mr. Prashant Shridhar Vaidya
Designation :	Director
Address :	F-4, Snehadeep Laksmi Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	23.09.1967
Date of Appointment :	04.11.1995
DIN No.:	00479726

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	U27200MH1984PTC034543	PARSHURAM FORGE PRIVATE LIMITED	Director	04-11-95	04-11-95	-	Active	NO
2	U27300MH1999PTC122686	SHRIDHAR CASTINGS PRIVATE LIMITED	Director	02-05-05	02-05-05	16-10-07	Active	NO
3	U99999MH1982PTC028466	SNEHDEEP STRUCTURES PRIVATE LIMITED	Director	01-09-05	01-09-05	-	Active	NO

Name :	Mrs. Subhada Shridhar Vaidya
Designation :	Director
Address :	F-4, Snehadeep Laksmi Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	23.11.1940
Date of Appointment :	01.09.2005
DIN No.:	00479687

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	U99999MH1982PTC028466	SNEHDEEP STRUCTURES PRIVATE LIMITED	Director	13-10-82	13-10-82	-	Active	NO
2	U27200MH1984PTC034543	PARSHURAM FORGE PRIVATE LIMITED	Director	01-09-05	01-09-05	-	Active	NO

Name :	Mrs. Chanchal Prashant Vaidya
Designation :	Director
Address :	F-4, Snehadeep Laksmi Nagar, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	31.10.1971
Date of Appointment :	01.04.2007
DIN No.:	01558623

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shridhar Moreshwar Vaidya	405000
Subhada Shridhar Vaidya	285000
Prashant Shridhar Vaidya	260000
Total	950000

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 and Supplier of Rolling Mills, Angles, Flats and Round Bars

Products :

Product Description	Item Code No.
Angle and Flat and Round Bars	0117

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Cosmos Co-operative Bank Limited, 269/270, Shaniwar Peth, Oune – 411030, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
The Cosmos Co-Operative Bank T/L A/C No.277 (Against Mortgage of Land, Building and Plant and Machinery )	9.643	0.000
The Cosmos Co-Operative Bank T/L 329 (Against Mortgage of Land, Building and Plant and Machinery )	4.480	0.000
The Cosmos Co-Operative Bank T/L 80259 (Against Mortgage of Land, Building and Plant and Machinery )	0.894	0.000
The Cosmos Co-Operative Bank T/L 80240 (Against Mortgage of Land, Building and Plant and Machinery )	0.377	0.000
The Cosmos Co-Operative Bank CC A/C (Against Mortgage of Land, Building and Plant and Machinery and hypothecation of stocks and undiscounted debtors below 90 days and guarantors)	73.334	58.384
The Cosmos Co-Operative Bank BD A/C (Against bills drawn on reputed companies and guarantors)	37.559	39.975
The Cosmos Co-Operative Scorpio Loan (Against Mortgage of Land, Building and Scorpio)	0.354	0.569
ICICI Bank Car Loan Volkswagen (Against mortgage of car)	0.472	0.000
ICICI Lifter Loan (Against hypothecation of Lifter)	0.000	0.111
Total	127.113	99.039
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured loan from directors and group company
Snehdeep Structures Private Limited	19.356	17.922
Total	19.356	17.922

Banking Relations :	--
Auditors :
Name :	D. Heda and Company Chartered Accountants
Address :	Bhiwapurkar Chambers, Dhantoli, Nagpur – 440012, Maharashtra, India
PAN.:	AACPH5087J
Related Parties:	Snehdeep Structures Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.754	16.525	13.984
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.254	26.025	23.484
LOAN FUNDS
1] Secured Loans		127.113	99.039	59.750
2] Unsecured Loans		19.356	17.922	17.912
TOTAL BORROWING		146.469	116.961	77.662
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		176.723	142.986	101.146
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.916	15.131	13.612
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.069	4.635	3.683
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.715	88.367	70.872
	Sundry Debtors	50.662	42.889	34.440
	Cash & Bank Balances	2.834	0.637	0.660
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.341	0.000	0.000
Total Current Assets		162.552	131.893	105.972
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.514	5.344	19.129
	Other Current Liabilities	0.000	0.000	0.060
	Provisions	2.300	3.329	2.932
Total Current Liabilities		26.814	8.673	22.121
Net Current Assets		135.738	123.220	83.851
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		176.723	142.986	101.146

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	480.760	488.306	419.748
		Other Income	0.433	0.201	1.202
		TOTAL (A)	481.193	488.507	420.950
Less	EXPENSES
		Raw Material Consumed	419.761	432.646	379.580
		Manufacturing Expenses	27.073	25.085	19.211
		Staff Salary and Director Remuneration	7.576	5.291	4.277
		Repairs and Maintenance	0.464	0.267	0.259
		Administrative and Selling Expenses	5.187	5.230	3.812
		TOTAL (B)	460.061	468.519	407.139
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) ©		21.132	19.988	13.811
Less	FINANCIAL EXPENSES (D)		13.743	14.318	8.499
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.389	5.670	5.312
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.876	1.373	1.206
	PROFIT BEFORE TAX (E-F) (G)		5.513	4.297	4.106
Less	TAX (H)		1.284	1.756	1.275
	PROFIT AFTER TAX (G-H) (I)		4.229	2.541	2.831
	Earnings Per Share (Rs.)		4.45	2.94	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.88	0.52	0.67
Net Profit Margin (PBT/Sales)	(%)	1.15	0.88	0.98
Return on Total Assets (PBT/Total Assets}	(%)	2.79	2.91	3.43
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.17
Debt Equity Ratio (Total Liability/Networth)		5.73	4.83	4.25
Current Ratio (Current Asset/Current Liability)		6.06	15.21	4.79

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U27200MH1984PTC034543
Name of the company	PARSHURAM FORGE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	T-46, MIDC Industrial Area, Hingna Road, Nagpur, Maharashtra, India E-mail : scpl1999_ngp@sancharnet.in
This form is for	Creation of Charge
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Floating Charge
Particular of charge holder	The Cosmos Co-operative Bank Limited, 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India E-mail : info@cosmosbank.in
Nature of instrument creating charge	extension of equitable mortgage for creation of future charge dated 09.04.2012 The second supplemental deed of hypothecation of stocks, book debt s and machinery
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs.65.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.50% p.a. as per present credit rating Terms of Repayment Cash credit and ill discounting repayable on demand. WCTL – 36 equal monthly installments of Rs.0.172 Millions Margin Cash Credit – 25.00% in Banks Favour Bills Discounting – 25.00% in Banks Favour WCTL – 25.00% in Banks Favour Letter of Credit – 15.00% in Banks Favour Extent and Operation of the charge Charge is created on leasehold immovable property Movable property of the companyto secure entire repayment including interest and other costs.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the piece and parcel of the lease hold rights in the Industrial plot No.T-46, area admn. About 10745 Sq. Mtrs. Situated in the MIDC Industrial area within the village limits of Nidoh Mouza-Nildohm, Taluka and District Nagpur area along with structure standing thereon and to be constructed thereon and facilities appurtenant to the said structure and together with all fittings, fixtures, amenities. Existing Plant and Machinery at factory Unit and Fixed Deposits of Rs.3.848 Millions All its stocks in trade, Raw Materials, goods in process, Semi Manufactured and manufactured goods, semi Finished products All the present and future books Debts, Outstanding Moneys, Receivable, Claims, Bills chose in action, contracts, engagements. All the borrowers movable machinery plant and machinery with their accessories and spares parts. All the piece and parcel of the property bearing No.213, Pushpakunj Complex, Ramdaspeth, Nagpur area admeasuring abo ut 1281 Sq. Fts.

Fixed Assets:

· Land

· Factory Building and Shed

· Plant and Machinery

· Furniture and Fixtures

· Xerox Machine

· Inverter

· Electrical Installation

· Office Equipment

· Vehicle

· Computer

· Labrotrary Equipment

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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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		48

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.