MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED
Registered Office :	A - 61, Naraina Industrial Area, Phase - I, New Delhi - 110028
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.04.2006
Com. Reg. No.:	55-148494
Capital Investment/ Paid-up Capital:	Rs.1.000 Million
CIN No.: [Company Identification No.]	U74991DL2006PTC148494
TAN No.: [Tax Deduction & Collection Account No.]	DELS30261A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Spare Part, Bicycle Parts etc.
No. of Employees:	150 (Approximately)

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

Maximum Credit Limit :	USD 443000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financially company is performing well. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Rajan Kochhar
Designation :	Director
Contact No.:	91-9810131949
Date :	03.08.2013

LOCATIONS

Registered Office/ Factory :	A - 61, Naraina Industrial Area, Phase - I, New Delhi - 110028, India
Tel. No.:	91-11-45003000
Mobile No.:	91-9810131949 (Mr. Rajan Kochhar)
Fax No.:	91-11-25892131
E-Mail :	rajan@shalimarexport.com shalimar@shalimarexport.com dsr.associates.team@gmail.com
Website :	http://www.shalimarexport.com
Area :	1300 sq. ft.
Location :	Owned

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Rahul Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

15.02.1984

Qualification :

MBA

Date of Appointment :

01.05.2006

Name :

Mr. Siddharth Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

04.06.1985

Date of Appointment :

01.05.2006

DIN No :

00672112

Name :

Mr. Rajan Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

02.03.1958

Qualification :

M.Com

Date of Appointment :

01.05.2006

DIN No :

00028900

Other Directorships :

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	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	23/06/1981	23/06/1981	Active	NO
2	U74899DL1981PTC012203	SHALU SERVICES PRIVATE LIMITED	Director	22/08/1981	22/08/1981	Active	NO
3	U74899DL1992PTC051023	G A LEASING PRIVATE LIMITED	Director	02/11/2003	02/11/2003	Active	NO
4	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	10/05/2007	10/05/2007	Active	NO

Name :

Mrs. Poonam Kochhar

Designation :

Director

Address :

B -6/73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.11.1960

Qualification :

M.Com

Date of Appointment :

01.05.2006

DIN No :

00669588

Name :

Mr. Shailender Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

25.01.1960

Qualification :

M.Com

Date of Appointment :

01.05.2006

Name :

Mrs. Rati Kochhar

Designation :

Director

Address :

B -6/72, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.06.1961

Qualification :

MBA

Date of Appointment :

01.05.2006

Name :

Mrs. Arambha Kochhar

Designation :

Director

Address :

B -6/72-73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

28.08.1938

Date of Appointment :

05.10.2010

DIN No :

01195827

Other Directorships :

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	U74899DL1970PTC005347	RAMBHA EXPORTS PRIVATE LIMITED	Director	25/07/1970	25/07/1970	Strike off	NO
2	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	20/10/2009	20/10/2009	Active	NO
3	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	05/10/2010	05/10/2010	Active	NO

Name :

Mr. Hanwant Rai Kochhar

Designation :

Director

Address :

B -6/72-73, Safederjang Enclave, New Delhi – 110 029, India

Date of Birth/Age :

01.03.1932

Date of Appointment :

05.10.2010

DIN No :

01199644

Other Directorships :

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	U74899DL1970PTC005347	RAMBHA EXPORTS PRIVATE LIMITED	Director	25/07/1990	25/07/1990	Strike off	NO
2	U74899DL1981PTC011911	SHALIMAR INTERNATIONAL PRIVATE LIMITED	Director	20/10/2009	20/10/2009	Active	NO
3	U74991DL2006PTC148494	SHALIMAR PRECISION ENTERPRISES PRIVATE LIMITED	Director	05/10/2010	05/10/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Rajan Kochhar	1320
Poonam Kochhar	1660
Shalindar Kochhar	1320
Rati Kochhar	1660
Rahul Kochhar	320
Sidharth Kochhar	320
Arambha Kochhar	1700
Hanwant Rai Kochhar	1700
TOTAL	10000

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile Spare Part, Bicycle Parts etc.
Products :	· Bolts and Nuts · Brake and Clutch Parts · Engine Parts · Steering and Suspension Parts · Mounting and Rubber Parts · Auto Electrical Parts · Gears · Leaf Springs · Bearings · Cables · Automotive Lights · Gaskets · Oil Seals · Fuel and Water Pumps · Propeller Shaft Parts · Chassis Parts · Pulleys · Radiators and Fanblades · Tractor parts · Trailer · Accessories
Exports :
Products :	Finished Goods
Countries :	· Dubai · South Africa
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	LC/ Cash and Credit
Purchasing :	LC/ Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

· Canara Bank, Overseas Main Branch, B-39, Connaught Circus, New Delhi – 110001, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Banks
Kotak Mahindra Prime Limited (Corolla Altis)	0.487	0.000
From Other Parties
Volkswagen Finance Vento-Petrol	0.588	0.000
Short Term Borrowings
Loans Repayable on Demand From Banks
Kotak Mahindra Prime Limited – Altis	0.281	0.000
Kotak Mahindra Prime Limited – CRV	0.387	2.988
ICICI Bank Car Loan	0.000	0.088
Packing Credit Loan	34.857	29.834
Bank OD (Canara Bank)	2.243	0.000
TOTAL	38.356	32.910

Banking Relations :	--
Auditors :
Name :	Nayyar and Malik Chartered Accountants
Address :	370 A, Sant Nagar, East of Kailash, New Delhi - 110065, India.
Tel. No.:	91-11-26475567/ 26476482
Fax No.:	91-11-26225280
PAN No:	AAAFN6212B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	109.935	82.515
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	110.935	83.515
(3) Non-Current Liabilities
(a) long-term borrowings	1.075	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	15.010
Total Non-current Liabilities (3)	1.075	15.010
(4) Current Liabilities
(a) Short term borrowings	74.975	54.282
(b) Trade payables	19.416	14.653
(c) Other current liabilities	9.422	4.632
(d) Short-term provisions	13.386	0.000
Total Current Liabilities (4)	117.199	73.567
TOTAL	229.209	172.092
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.469	18.074
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.100	0.100
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	16.569	18.174
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	52.977	46.287
(c) Trade receivables	115.911	58.775
(d) Cash and cash equivalents	5.151	5.860
(e) Short-term loans and advances	31.660	28.308
(f) Other current assets	6.941	14.688
Total Current Assets	212.640	153.918
TOTAL	229.209	172.092

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		70.354
4] (Accumulated Losses)		0.000
NETWORTH		71.354
LOAN FUNDS
1] Secured Loans		32.066
2] Unsecured Loans		21.010
TOTAL BORROWING		53.076
DEFERRED TAX LIABILITIES		0.000
TOTAL		124.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.638
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.414
	Sundry Debtors	39.483
	Cash & Bank Balances	13.276
	Other Current Assets	0.000
	Loans & Advances	51.701
Total Current Assets		152.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.118
	Other Current Liabilities	7.697
	Provisions	28.267
Total Current Liabilities		48.082
Net Current Assets		104.792
MISCELLANEOUS EXPENSES		0.000
TOTAL		124.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	424.709	363.374	317.813
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	429.665	360.061	NA
	PROFIT / (LOSS) BEFORE TAX		40.097	19.810	20.316
Less	TAX		13.385	7.009	8.221
	PROFIT / (LOSS) AFTER TAX		26.712	12.801	12.095
	Earnings / (Loss) Per Share (Rs.)		2671.20	1280.10	--

Particulars	31.03.2013
Sales Turnover [Approximately]	400.000

The above information has been parted by Mr. Rajan Kochhar.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	9.44	5.45	6.39
Return on Total Assets (PBT/Total Assets}	(%)	17.49	11.51	11.78
Return on Investment (ROI) (PBT/Networth)		0.36	0.23	0.28
Debt Equity Ratio (Total Debt/Networth)		0.69	0.65	1.42
Current Ratio (Current Asset/Current Liability)		1.81	2.09	3.18

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	Yes
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 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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10034923	27/08/2012 *	10,500,000.00	CANARA BANK	OVERSEAS BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B59789891
2	10011973	27/08/2012 *	40,000,000.00	CANARA BANK	OVERSEAS BRANCH, B-39, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B59789677
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties
Rahul Kochhar	0.032	0.312
Rajan Kochhar	1.861	0.392
Shalimar International Private Limited	34.135	20.000
Shalinder Kochhar	0.953	0.227
Siddharth Kochhar	0.226	0.441
TOTAL	37.207	21.372

FIXED ASSETS:

· Lease Hold Improvement

· Lift

· Furniture and Fixtures

· Computer Printer

· Air Condition

· Clock

· Electronic Security Systems

· Fax

· Fan

· Motor

· Camera

· Telephone

· Machinery

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.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.37

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--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.