MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	STAR ENGINEERS (INDIA) PRIVATE LIMITED
Registered Office :	54/2, D-2 Block, MIDC Chinchwad,  Pune -  411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.2003
Com. Reg. No.:	11-018033
Capital Investment / Paid-up Capital :	Rs. 4.900 Millions
CIN No.: [Company Identification No.]	U29299PN2003PTC018033
TAN No.: [Tax Deduction & Collection Account No.]	PNES09488D
PAN No.: [Permanent Account No.]	AAHCS6334B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Auto Electronic Products.
No. of Employees :	200 (Approximately)

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 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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.

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.

INFORMATION PARTED BY

Name :	Mr. Prakash Mahajan
Designation :	Finance Manager
Contact No.:	91-20-40712700
Date :	26.04.2013

LOCATIONS

Registered Office/ Factory 1 :	54/2, D-2 Block, MIDC Chinchwad,  Pune -  411019, Maharashtra, India
Tel. No.:	91-20-27477292/ 27464026
Fax No.:	91-20-27472675
E-Mail :	chiragchawra@gmail.com prakash.mahajan@starengineersindia.com
Website :	www.starwngineersindia.com
Factory 2 :	Gate No. 67-68. Jyotiba Nagar, Talawade, Pune – 412114, Maharashtra, India
Tel. No.:	91-20-40712700/ 40712777
Fax No.:	91-20-40712715
Email:	star@starengineersindia.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Kishorilal Kashilal Ramraika
Designation :	Managing Director
Address :	B-11, Saras Housing Society, Sector No.24,Pradhikaran, Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	01.10.1951
Date of Appointment :	13.06.2003
PAN No.:	AARPR9535N
DIN No.:	00191616
Name :	Mr. Divya Kishorilal Ramraika
Designation :	Whole-Time Director
Address :	B-11, Saras Housing Society, Sector No.24,Pradhikaran, Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	13.12.1978
Date of Appointment :	13.06.2003
DIN No.:	00191731
Name :	Ms. Kusumlata Kishorilal Ramraika
Designation :	Whole-Time Director
Address :	B-11, Saras Housing Society, Sector No.24,Pradhikaran, Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	12.12.1959
Date of Appointment :	13.06.2003
DIN No.:	00191795
Name :	Ms. Neha Divya Ramraika
Designation :	Director
Address :	B-11, Saras Housing Society, Sector No.24,Pradhikaran, Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	12.11.1981
Date of Appointment :	30.09.2008
DIN No.:	02032191

KEY EXECUTIVES

Name :	Mr. Prakash Mahajan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Kishorilal Kashilal Ramraika	34500
Kusumlata Kishorilal Ramraika	13410
Divya Kishorilal Ramraika	1090
Total	49000

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 :	Manufacturer, Exporter and Importer of Auto Electronic Products.
Exports :
Products :	Finished Goods
Countries :	Italy
Imports :
Products :	Raw Materials
Countries :	Hong Kong Singapore
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

End Users

• Honda Motor Cycles and Scooters Private Limited
• Bajaj Auto Limited
• Hero
• Piacgio
• Mahinder
• UCAL
• TATA
• FIAT
• Subros

No. of Employees :

200 (Approximately)

Bankers :

• Citibank N. A. 2413, Kumar Capital, East Street, Pune - 411001, Maharashtra, India
• State Bank of India, Chinchwad, Pune, Maharashtra, India

Tel No.: 91-20-27473162

• Central Bank of India, Pimpri, Pune, Maharashtra, India
• The Vishweshwar Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Other loans and advances (Secured by hypothecation of Alto)	0.112	0.717
Other loans and advances (Secured Against hypothecation of stock and debtors)	13.297	0.166
Total	13.409	0.883

Banking Relations :	--
Auditors :
Name :	Kishor Gujar and Associates Chartered Accountant
Address :	Office No. 2, Mahalaxmi Heights, Near Bank of Maharashtra, Pimpri, Pune – 411018, Maharashtra, India
PAN.:	AAFFK2703H
Other Related Party :	Mahavir Engineers (India) Private Limited CIN No.: U29219PN2003PTC018493 Shobha Engineering Company Private Limited CIN No.: U28920MH1990PTC056170

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49000	Equity Shares	Rs.100/- each	Rs. 4.900 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		4.900	4.900	4.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.262	73.056	55.324
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.162	77.956	60.224
LOAN FUNDS
1] Secured Loans		13.409	0.883	28.005
2] Unsecured Loans		0.000	0.000	0.503
TOTAL BORROWING		13.409	0.883	28.508
DEFERRED TAX LIABILITIES		4.958	2.581	1.604
TOTAL		115.529	81.420	90.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		190.321	134.246	102.502
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.109	8.109	8.109
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.530	47.216	73.046
	Sundry Debtors	261.265	228.803	192.549
	Cash & Bank Balances	1.366	17.107	0.272
	Other Current Assets	30.685	20.545	0.000
	Loans & Advances	5.784	6.650	27.671
Total Current Assets		450.630	320.321	293.538
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	516.759	362.241	290.698
	Other Current Liabilities	0.028	0.028	0.000
	Provisions	16.744	18.987	23.125
Total Current Liabilities		533.531	381.256	313.823
Net Current Assets		(82.901)	(60.935)	(20.285)
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		115.529	81.420	90.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1350.000 (Approximately)	1186.601	858.194
		Other Income	NA
		TOTAL	NA	1186.601	858.194
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	1138.935
		Advertising Expenses
		TOTAL	NA	1138.935
					843.399
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		54.693	47.666	(Including Depreciation)
Less/ Add	DEPRECIATION/ AMORTISATION		22.388	15.305
	PROFIT BEFORE TAX		32.305	32.361	14.795
Less	TAX		9.058	10.976	5.100
	PROFIT AFTER TAX		23.247	21.385	9.695
	Earnings Per Share (Rs.)		474.43	436.63	198.00

Particulars	31.03.2013 (Audited)
Sales Turnover (Approximately)	1780.000

The above information has been parted by Mr. Prakash Mahajan

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.80	1.13
Return on Total Assets (PBT/Total Assets}	(%)	5.04	7.12	3.74
Return on Investment (ROI) (PBT/Networth)		0.33	0.42	0.25
Debt Equity Ratio (Total Debt /Networth)		0.14	0.01	0.47
Current Ratio (Current Asset/Current Liability)		0.85	0.84	0.94

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Creditors due others	516.759	362.241	290.698
Total	516.759	362.241	290.698

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATION:

During the financial year, the company is having profit before depreciation and income tax of Rs. 54.693 Millions as compared to last year profit before income tax and depreciation of Rs. 47.666 Millions Further directors are taking more efforts for the efficient and profit making operations of the company.

TRADE REFERENCES

• Honda Motorcycles and Scooters Private Limited

FIXED ASSETS

• Land
• Building
• Plant and equipment
• Furniture and Fixture
• Vehicles
• Office Equipments

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. 54.29
UK Pound	1	Rs. 83.88
Euro	1	Rs. 70.68

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.