MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	MARS ASSOCIATES PRIVATE LIMITED
Registered Office :	M-82, Greater Kailash Part – 2, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.05.1983
Com. Reg. No.:	55-15786
Capital Investment / Paid-up Capital :	Rs. 2.403 Millions
CIN No.: [Company Identification No.]	U74899DL1983PTC015786
TAN No.: [Tax Deduction & Collection Account No.]	DELM08966G RTKM01624A
PAN No.: [Permanent Account No.]	AAACM4203E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Die Pressure Casters and CNG Machinery, Non Ferrous Pressure Casting.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the revenue earned from operation and tremendous fall in the profitability during 2012. However, general financial position of the company is good. Trade relations are reported as decent. 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 :	M-82, Greater Kailash Part – 2, New Delhi – 110048, India
Tel. No.:	91-11-26812214
Fax No.:	91-11-26810511
E-Mail :	marsutls@vsnl.com
Website :	http://www.diecastingindia.com
Factory 1 :	D-166, Okhla Industrial Area, Phase I, New Delhi – 110020, India
Tel. No.:	91-11-26812214/ 26815011/ 26816848
Fax No.:	91-11-26810511
Factory 2 :	382 Udyog Vihar, Phase IV, Gurgaon, Haryana, India
Tel. No.:	91-124-22342508/ 22342509/ 22347509
E-Mail :	unitools@hotmail.com
Factory 3 :	Plot No. 23, Sector – III, IMT Manesar, Haryana, India

DIRECTORS

As on: 29.09.2012

Name :

Mrs. Lakshmi Narain Goel

Designation :

Chairman

Address :

M-82, Greater Kailash – II, New Delhi – 110048, India

Date of Birth/Age :

12.01.1939

Date of Appointment :

24.05.1983

DIN No.:

02425369

Name :

Ms. Parvati Goel

Designation :

Director

Address :

M-82, Greater Kailash – II, New Delhi – 110048, India

Date of Birth/Age :

01.02.1946

Date of Appointment :

24.05.1983

DIN No.:

02448495

Name :

Mr. Mukesh Goel

Designation :

Director

Address :

M-82, Greater Kailash – II, New Delhi – 110048, India

Date of Birth/Age :

05.07.1963

Date of Appointment :

24.05.1983

DIN No.:

00810820

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	U74899DL1983PTC015786	MARS ASSOCIATES PRIVATE LIMITED	Director	24/05/1983	24/05/1983	-	Active	NO
2	U67100DL2009PTC192006	L N P FINANCIAL INVESTMENTS PRIVATE LIMITED	Director	08/07/2009	08/07/2009	-	Active	NO
3	U80302DL2009PTC196162	EDIFY LEARNING SOLUTIONS PRIVATE LIMITED	Director	19/11/2009	19/11/2009	-	Active	NO

Name :

Mr. Rakesh Goel

Designation :

Director

Address :

M-82, Greater Kailash – II, New Delhi – 110048, India

Date of Birth/Age :

18.10.1966

Date of Appointment :

11.07.1985

DIN No.:

00810727

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	U74899DL1983PTC015786	MARS ASSOCIATES PRIVATE LIMITED	Director	11/07/1985	11/07/1985	-	Active	NO
2	U67100DL2009PTC192006	L N P FINANCIAL INVESTMENTS PRIVATE LIMITED	Director	08/07/2009	08/07/2009	-	Active	NO
3	U80302DL2009PTC196162	EDIFY LEARNING SOLUTIONS PRIVATE LIMITED	Director	19/11/2009	19/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Lakshmi Narain Goel	210100
Parvati Goel	10100
Mukesh Goel	10100
Rakesh Goel	10000
Total	240300

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Die Pressure Casters and CNG Machinery, Non Ferrous Pressure Casting.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citi Bank NA, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus Place, New Delhi, India

· Citi Bank, Jeevan Vihar, 3 Sansad Marg, New Delhi, India

· Bank of Maharashtra

· South Extension Branch, New Delhi, India

· State Bank of India

· ABN Amro Bank

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans	155.854	77.011
Cash Credit
Bank of Maharashtra	0.000	0.128
Citi Bank N.A	36.621	30.026
Vehicle Loan – HDFC Bank (Secured by way of hypothecation of vehicles)	3.871	4.972
Total	196.346	112.137

Banking Relations :	--
Auditors :
Name :	Chopra and Associates Chartered Accountants
Address :	F-39, East of Kailash, New Delhi – 110 065, India
Tel. No.:	91-11-26434236
E-Mail :	chopra_viny@rediffmail.com
PAN.:	AACPC7190B

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240300	Equity Shares	Rs.10/- each	Rs. 2.403 Millions

Reconciliation of number of shares

Equity Shares
Outstanding at the beginning of the year	240300
Outstanding at the end of the year	240300

Details of shareholders holding more than 5% of the aggregate shares in the company

Equity shares	Number of shares	% held
L. N. Goel	210100	87.44
Parvati Goel	10100	4.20
Mukesh Goel	10100	4.20
Rakesh Goel	10000	4.16

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		2.403	2.403	2.403
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		317.868	300.352	256.938
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		320.271	302.755	259.341
LOAN FUNDS
1] Secured Loans		196.346	112.137	78.046
2] Unsecured Loans		62.765	85.936	99.368
TOTAL BORROWING		259.111	198.073	177.414
DEFERRED TAX LIABILITIES		8.324	0.000	0.000
TOTAL		587.706	500.828	436.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		498.969	416.905	340.417
Capital work-in-progress		8.260	0.000	0.000
INVESTMENT		51.207	43.609	62.059
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.537	12.803	7.083
	Sundry Debtors	58.331	60.641	39.985
	Cash & Bank Balances	3.685	5.397	6.789
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.847	26.172	24.574
Total Current Assets		93.400	105.013	78.431
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	50.294	46.525	24.554
	Other Current Liabilities	4.363	3.475	1.933
	Provisions	9.473	14.699	17.665
Total Current Liabilities		64.130	64.699	44.152
Net Current Assets		29.270	40.314	34.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		587.706	500.828	436.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operations	396.000	405.421
		Other Income	6.251	20.714
		TOTAL (A)	402.251	426.135
Less	EXPENSES
		Cost of Raw Material Consumed	154.895	161.341
		Employee Benefit Expenses	32.057	21.669
		Other Expenses	133.421	138.363
		TOTAL (B)	320.373	321.373
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.878	104.762
Less	FINANCIAL EXPENSES (D)		12.486	8.073
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.392	96.689
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.079	38.627
	PROFIT BEFORE TAX (E-F) (G)		35.313	58.062
Less	TAX (H)		17.796	14.699
	PROFIT AFTER TAX (G-H) (I)		17.517	43.363
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.624	37.261
	BALANCE CARRIED TO THE B/S		98.141	80.624
	Earnings Per Share (Rs.)		72.90	180.45

	PARTICULARS		31.03.2010
	SALES
		TOTAL	NA
Less	EXPENSES
		TOTAL	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		90.907
Less/ Add	DEPRECIATION/ AMORTISATION		35.981
	PROFIT BEFORE TAX		54.926
Less	TAX		17.665
	PROFIT AFTER TAX		37.261
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		37.261
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.111
	TOTAL EARNINGS		0.111
	IMPORTS
		Capital Goods	32.226
	TOTAL IMPORTS		32.226
	Earnings Per Share (Rs.)		155.06

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.35	10.17	NA
Net Profit Margin (PBT/Sales)	(%)	8.92	14.32	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.96	11.12	13.11
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.21
Debt Equity Ratio (Total Debt/Networth)		0.81	0.65	0.68
Current Ratio (Current Asset/Current Liability)		1.45	1.62	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	U74899DL1983PTC015786
Name of the company	MARS ASSOCIATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-82, Greater Kailash, Part-2, New Delhi – 110048, India marsutls@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10230998
Type of charge	Immovable property
Particular of charge holder	Citibank N. A, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110001, India vineet.gupta@citi.com
Nature of instrument creating charge	Secured Term Loan Agreement where the security is by way of hypothecation of immovable property.
Date of instrument Creating the charge	29.12.2012
Amount secured by the charge	Rs. 30.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.75% per annum or as applicable from time to time Terms of Repayment Repayable in equated monthly installment of Rs. 389219.000 payable up to 01st September 2016. Margin As per loan agreement Extent and Operation of the charge Equitable mortgage of property situated at A-269, Sushant lok, Phase-1, Gurgaon-122001, collaterally secured with personnel guarantee of directors
Short particulars of the property or asset(s) charged (including complete address and location of the property)	property situated at A-269, Sushant lok, Phase-1, Gurgaon - 122001
Particulars of the present modification	Charge amount shall be Rs. 30.400 Millions

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Unsecured Loan From Directors	1.274	1.902
Unsecured loan From Others	61.491	84.034
Total	62.765	85.936

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

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 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. 54.39
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Report Prepared by :

UDS

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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.