MIRA INFORM REPORT

Report Date :

10.11.2012

IDENTIFICATION DETAILS

Name :	SINGHAL POWER PRESSES PRIVATE LIMITED
Registered Office :	201/202, 2^nd Floor, Karma Stambh, Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West), Mumbai - 400083, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.1989
Com. Reg. No.:	11-052008
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U29290MH1989PTC052008
TAN No.: [Tax Deduction & Collection Account No.]	MUMS38886B
PAN No.: [Permanent Account No.]	AAACS5264P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Sheet Metal Machinery
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Head Office :	201/202, 2^nd Floor, Karma Stambh, Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India
Tel. No.:	91-22-67969719 /20 /21 / 25784515
Fax No.:	91-22-25798809 / 67969652
E-Mail :	headoffice@sewpresses.com info@sewpresses.com macspare@vsnl.com
Website :	http://www.sewpresses.com
Factory :	NH 8B, Opposite Field Marshal School, Shapar, District Rajkot, India
Tel. No.:	91-2827-252358 / 253381
Fax No.:	91-2827-253278
E-Mail :	works@sewpresses.com
Sales Offices :	Located at : Baroda Chennai Bangalore

DIRECTORS

As on 28.09.2012

Name :

Mr. Ajit Singh Chawla

Designation :

Director

Address :

203, Hill N Sea, 2^nd Floor, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

19.09.1957

Date of Appointment :

01.11.2007

DIN No.:

00124158

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29290MH1988PTC050184	GUJRAT LATHE MANUFACTURING COMPANY PRIVATE LIMITED	Director	27-12-88	27-12-88	-	Active	NO
2	U29290MH1989PTC052008	SINGHAL POWER PRESSES PRIVATE LIMITED	Director	01-11-07	01-11-07	-	Active	NO

Name :

Mr. Gajinder Singh Ishar Singh Chawala

Designation :

Chairman cum Managing Director

Address :

23-24, Eden Roc, Union Park, Pali Hill, Bandra [West], Mumbai, Maharashtra, India

Date of Birth/Age :

09.07.1959

Date of Appointment :

02.06.1989

DIN No.:

00125330

Name :

Mr. Ravinder Singh Chawla

Designation :

Whole-time director

Address :

5 Floor, Lord Apartment, Almeida Park, Bandra (West), Mumbai- 400051, Maharashtra, India

Date of Birth/Age :

07.10.1952

Date of Appointment :

01.04.2005

DIN No.:

01279132

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65992MH1971PTC015470	CHAWLA ENGINEERS PRIVATE LIMITED	Managing director	04-12-71	04-12-71	-	Strike off	NO
2	U29220MH1997PTC108645	ARMSTRONG MECHATRONICS SYSTEM PRIVATE LIMITED	Managing director	16-10-03	16-10-03	-	Strike off	NO
3	U29290MH1988PTC050184	GUJRAT LATHE MANUFACTURING COMPANY PRIVATE LIMITED	Whole-time director	01-04-05	01-04-05	-	Active	NO
4	U29290MH1989PTC052008	SINGHAL POWER PRESSES PRIVATE LIMITED	Whole-time director	01-04-05	01-04-05	-	Active	NO

Name :

Mr. Harmeet Singh Chawla

Designation :

Director

Address :

203, Hill N. Sea, Pali Hill, Bandra (West), Mumbai, 400050, Maharashtra, India

Date of Birth/Age :

02.03.1983

Date of Appointment :

06.04.2011

DIN No.:

03487817

KEY EXECUTIVES

Name :	Amita Desal and Company
Designation :	Company Secretaries
Address :	21and 26, 1^st Floor, Matadin Mishara Building, Cross Old Nagardas Road, Opposite Shivsagar Hotel, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-66780848
Mobile No.:	91-9820177691
Fax No.:	91-22-66787499
E-Mail :	amitasd@vsnl.com
Website :	www.amitadesai.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Gajinder Singh Chawla	5715
Ekta G. ChawIa	3800
Ranjit S Chawla	5010
Ravinder Singh Chawla	6575
Ishar Sngh Chawla (HUF)	1350
R.S. Chawla (HUF)	500
A.S. Chawla (HUF)	250
G.S. Chawla (HUF)	250
Ajit Singh Chawla	10250
Harmeet Singh Chawla	2000
Gulwani Kaur Chawla	1650
Ruby Kaur Chawal	2650
Total	40000

As on 28.09.2012

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 :

Manufacturers of Sheet Metal Machinery

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab and Sind Bank, Fitwell House, L B S Marg, Vikroli East, Mumbai - 400083, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
Form Bank	9.911	14.421
Form other Parties	0.028	1.010
Punjab and Sind Bank (Secured against Hypothecation of Book Debts and Stock of Goods)	7.600	3.387
Total	17.539	18.818

Banking Relations :	--
Auditors :
Name :	Mehra and Sharma Associates Chartered Accountants
Address :	503, Om Niketan, Vithal Bhai Patel Road, Andheri [West], Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26706283 / 55760908
Fax No.:	91-22-26701099
E-Mail :	smca@mtnl.net.in
PAN.:	AABFM0095Q

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Reconciliation of number of shares

Particulars	Equity Shares
	Number	Rs. In Millions
Shares outstanding as on 01.04.2011	40000	4.000
Add : Shares Issued during the year	--	--
Less : Shares bought back during the year	--	--
Shares outstanding is on 31.03,2012	40000	4.000

Details of share holding more than 5% by each share holders

Particulars	2011-12
	No of Share held	% to total no. of share
Gajinder Singh Chawla	5715	14.29%
Ekta G. ChawIa	3800	9.50%
Ranjit S Chawla	5010	12.53%
Ravinder Singh Chawla	6575	16.44%
Ishar Sngh Chawla	0	0.00%
Ajit Singh Chawla	10250	25.63%
Harmeet Singh Chawla	2000	5.00%
Ruby Kaur Chawal	2650	6.63%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		119.946	97.501	77.381
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		123.946	101.501	81.381
LOAN FUNDS
1] Secured Loans		17.539	18.818	27.724
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		17.539	18.818	27.724
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		141.485	120.319	109.105
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.300	76.987	70.730
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	62.314	51.982	50.447
	Sundry Debtors	27.952	28.693	9.401
	Cash & Bank Balances	20.880	18.430	16.574
	Other Current Assets	20.482	18.483	0.899
	Loans & Advances	19.773	10.891	10.371
Total Current Assets		151.401	128.479	87.692
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.561	28.554	36.924
	Other Current Liabilities	34.406	34.014	0.881
	Provisions	25.249	22.759	11.512
Total Current Liabilities		91.216	85.327	49.317
Net Current Assets		60.185	43.152	38.375
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		141.485	120.139	109.105

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	389.585	255.051
		Other Income
		TOTAL	NA	389.585	255.051
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	347.210	230.858
		Advertising Expenses
		TOTAL	NA	347.210	230.858
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.735	42.375	24.193
Less/ Add	DEPRECIATION/ AMORTISATION		16.690	11.755	10.635
	PROFIT BEFORE TAX		34.045	30.620	13.558
Less	TAX		11.600	10.500	5.227
	PROFIT AFTER TAX		22.445	20.120	8.331
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.501	77.381	69.050
	BALANCE CARRIED TO THE B/S		119.946	97.501	77.381
	Earnings Per Share (Rs.)		561.13	503.00	208.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.16	3.27
Return on Total Assets (PBT/Total Assets}	(%)	14.63	14.90	8.56
Return on Investment (ROI) (PBT/Networth)		0.27	0.30	0.17
Debt Equity Ratio (Total Liability/Networth)		0.88	1.03	0.95
Current Ratio (Current Asset/Current Liability)		1.66	1.51	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 two 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	No
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 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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29290MH1989PTC052008
Name of the company	SINGHAL POWER PRESSES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201/202, 2^nd Floor, Karma Stambh, Industrial Estate, Opposite MTNL Office, LBS Marg, Vikhroli (West), Mumbai - 400083, Maharashtra, India macspare@vsnl.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India john.fernandes@kotak.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCTL - Floating over the tenure of the facility. The Rate of Interest has been arrived at on the basis of the Bank's Base Rate. Terms of Repayment WCTL - Loan shall be repaid by way of 60 EMIs starting from month following the month of first disbursement of TL. EMIs shall be recovered by ways of debit to current a/c of the Borrower with the Bank. Extent and Operation of the charge First and exclusive charge by way of Hypothecation on the assets financed in favour of Kotak Mahindra Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	C5120 Vertical Lathe machine. Messer CNC Cutting Machine. CNC Lathe HK80B/1500.

FIXED ASSETS

· Electrical Installation

· Furniture and Fixture

· Building

· Air Conditioner

· Electrical Equipments

· EPABX

· Fax

· Tea Maker

· Office Equipment

· Telephone

· Water Cooler

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 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.