MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	SHREE BHIKSHU COMPONENTS PRIVATE LIMITED
Registered Office :	177, Deshbandhu Apartments, Kalkaji, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.02.1994
Com. Reg. No.:	55-057491
Capital Investment / Paid-up Capital :	Rs. 1.159 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC057491
TAN No.: [Tax Deduction & Collection Account No.]	DELS14725E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sheet Metal Components (Parts of Motor Vehicle and Automobile Industry)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 45000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported are 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

6000 Million ers sidered for business dealings with some caution. 2.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	177, Deshbandhu Apartments, Kalkaji, New Delhi-110019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	suresh.anchalia@gmail.com
Factory :	Plot No. 383-384, Sector 24, Faridabad-121005, Haryana, India
Tel. No.:	91-129-2236880/2236881
Fax No.:	91-129-4024117

DIRECTORS

AS ON 15.09.2012

Name :	Mr. Ram Lal Borar
Designation :	Director
Address :	99 Sector 9, Faridabad-121006, Haryana, India
Date of Birth/Age :	14.10.1954
Date of Appointment :	21.02.1994
DIN No.:	00056742

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	Company/ LLP Status	Defaulting status
1	U29199HR1983PTC016826	HARYANA UNITED TOOLS INDIA PRIVATE LIMITED	Director	01-06-90	01-06-90	Active	NO
2	U74899DL1994PTC057491	SHREE BHIKSHU COMPONENTS PRIVATE LIMITED	Director	21-02-94	21-02-94	Active	NO
3	U74899DL1971PLC068452	ORIENT PACKAGINGS LIMITED	Director	25-08-95	25-08-95	Active	NO
4	U74899DL1994PTC057975	BORAR OVERSEAS PRIVATE LIMITED	Director	30-11-98	30-11-98	Active	NO
5	U18101HR1971PTC005815	JAINSONS WEARS PRIVATE LIMITED	Director	10-01-05	10-01-05	Active	NO
6	U70101HR2006PTC036495	Ra BUILDERS PRIVATE LIMITED	Director	20-12-06	20-12-06	Active	NO
7	U25199HR1997PTC033596	NIKUNJ CHEM PRIVATE LIMITED	Director	31-03-07	31-03-07	Active	NO
8	U28931HR2007PTC037452	SBC AUTO PRIVATE LIMITED	Director	10-12-07	10-12-07	Active	NO
9	U32303HR2006PTC036452	KESHAV INFOCOM PRIVATE LIMITED	Director	30-10-09	30-10-09	Active	NO

Name :	Mr. Chand Lal
Designation :	Director
Address :	H. No. 1069, Sector 14, Faridabad-121007, Haryana, India
Date of Birth/Age :	10.06.1948
Date of Appointment :	21.02.1994
DIN No.:	00056786

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	Company/ LLP Status	Defaulting status
1	U29199HR1983PTC016826	HARYANA UNITED TOOLS INDIA PRIVATE LIMITED	Director	24-10-83	24-10-83	Active	NO
2	U74899DL1994PTC057491	SHREE BHIKSHU COMPONENTS PRIVATE LIMITED	Director	21-02-94	21-02-94	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2012

Names of Shareholders	No. of Shares
Ram Lal Borar	46900
Lal Chand	22600
Parmeshwari Devi	2000
Surinder Choudhary	6000
Haryana United Tools India Private Limited, India	20000
Tilok Chand Borar	3000
Abodh Borar	13000
Manisha Jain	2450
TOTAL	115950

AS ON 15.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	18.00
Directors or relatives of Directors	82.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Components (Parts of Motor Vehicle and Automobile Industry)

Products :

Product Description	Item Code
Manufacturing of Sheet Metal Components (Parts of Motor Vehicle and Automobile Industry)	870810

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Sheet Metal	Nos.	198.45 Lakhs
Components	Nos.	197.76 Lakhs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Car Loan from Kotak Mahindra Prime Limited	0.312	0.000
TOTAL	0.312	0.000
Notes Secured loan (Car Loan) from Kotak Mahindra Prime Limited is secured by hypothecation of car Secured loan (Car Loan) are repaid by way of monthly EMI.

Banking Relations :	--
Financial Institution :	The Haryana Financial Corporation, Bays No.17-18 and 19, Sector -17A, Opposite LIC Building, Chandigarh-160017, India
Auditors :
Name :	Anchalia And Associates Chartered Accountant
Address :	35, Neelam Bata Road, NIT, Faridabad-121001, Haryana, India
Tel No.:	91-129-4158005
PAN No.:	ADBPA1270E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
115950	Equity Shares	Rs.10/- each	Rs. 1.159 Millions

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		1.159	1.159	1.159
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.209	9.636	9.229
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.368	10.795	10.388
LOAN FUNDS
1] Secured Loans		0.312	0.000	0.000
2] Unsecured Loans		3.822	4.547	7.213
TOTAL BORROWING		4.134	4.547	7.213
DEFERRED TAX LIABILITIES		0.410	0.450	0.513
TOTAL		15.912	15.792	18.114
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.254	12.740	14.170
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.011	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.202	1.804	2.190
	Sundry Debtors	18.865	15.370	17.330
	Cash & Bank Balances	2.244	3.413	4.829
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.845	3.279	2.293
Total Current Assets		28.156	23.866	26.642
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.246	14.690	17.886
	Other Current Liabilities	2.188	2.650	2.442
	Provisions	2.075	3.484	2.380
Total Current Liabilities		24.509	20.824	22.708
Net Current Assets		3.647	3.042	3.934
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.912	15.792	18.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	122.201	119.013	97.120
		Other Income	0.083	0.055	0.065
		TOTAL (A)	122.284	119.068	97.185
Less	EXPENSES
		Cost of Material Consumed	88.322	84.581	93.823
		Employees Benefits Expenses	6.401	5.884
		Other Expenses	23.648	23.929
		Changes in inventories of finished goods, stock in progress and stock in trade	(0.397)	0.386
		TOTAL (B)	117.974	114.780	93.823
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.310	4.288	3.362
Less	FINANCIAL EXPENSES (D)		0.459	0.676	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.851	3.612	3.362
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.386	1.492	1.617
	PROFIT BEFORE TAX (E-F) (G)		2.465	2.120	1.745
Less	TAX (H)		0.769	0.703	0.466
	PROFIT AFTER TAX (G-H) (I)		1.696	1.417	1.279
	Income Tax Paid Earlier Years		0.112	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.174	3.067	2.557
Less	APPROPRIATIONS
		Transfer to General Reserve	0.300	0.300	0.100
		Dividend	0.870	0.869	0.580
		Tax on Dividend	0.141	0.141	0.089
	BALANCE CARRIED TO THE B/S		3.447	3.174	3.067
	Earnings Per Share (Rs.)		14.63	12.23	8.80

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.39	1.19	1.32
Net Profit Margin (PBT/Sales)	(%)	2.02	1.78	1.80
Return on Total Assets (PBT/Total Assets}	(%)	6.10	5.79	4.28
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.17
Debt Equity Ratio (Total Liability/Networth)		0.36	0.42	0.69
Current Ratio (Current Asset/Current Liability)		1.15	1.15	1.17

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 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	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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
From Directors	2.152	2.009
From Body Corporate	1.637	2.505
From Others	0.033	0.033
TOTAL	3.822	4.547

FORM 8

Corporate identity number of the company	U74899DL1994PTC057491
Name of the company	SHREE BHIKSHU COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	177, Deshbandhu Apartments, Kalkaji, New Delhi-110019
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Others
Particular of charge holder	ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Nature of instrument creating charge	Deed of Hypothecation and No Instrument was executed but a Mortgage by Deposit of Title Deeds was created on 13.2.2013 in favour of ICICI BANK LIMITED by deposit of Title Deeds with ICICI BANK LIMITED.
Date of instrument Creating the charge	15.02.2013
Amount secured by the charge	Rs. 12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12.5% Terms of repayment Overdraft of Rs. 5.000 Millions on demand and Term Loan of Rs. 7.500 Millions with in 48 Monthly installments commencing in the month following the month of disbursement. Margin Overdraft of Rs. 5.000 Millions margin is 0, For Term loan I of Rs. 3.750 Millions margin is 32% and For Term Loan II of Rs. 3.750 Millions margin is 30% Extent and operation of the charge Hypothecation of entire stock of raw materials , semi finished and finished goods and book debts subject to maximum of Rs. 5.000 Millions and Hypothecation of Plant and Machinery subject to maximum of Rs. 7.500 Millions with equitable mortgage of industrial property Plot no. 383 Sector-24, Faridabad subject to maximum of Rs. 12.500 Millions
Short particulars of the property charged (Including location of the property)	Industrial property Plot No. 383 Sector-24, Faridabad.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electric Installation
• Moulds and Dies
• Testing and Checking
• Furniture and Fixture
• Scooter
• Motor Cycle
• Cycle
• Motor Vehicles
• Office Equipment
• Computer
• Air Conditioner

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. 54.33
UK Pound	1	Rs. 82.72
Euro	1	Rs. 69.81

INFORMATION DETAILS

Report Prepared by :

DPT

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	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		46

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.