MIRA INFORM REPORT

Report Date :

07.02.2013

IDENTIFICATION DETAILS

Name :	SHAH PRECICAST PRIVATE LIMITED
Registered Office :	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.06.1997
Com. Reg. No.:	11-108807
Capital Investment / Paid-up Capital :	Rs.4.150 millions
CIN No.: [Company Identification No.]	U28910MH1997PTC108807
TAN No.: [Tax Deduction & Collection Account No.]	KLPS05500F
PAN No.: [Permanent Account No.]	AAECS8077J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Valve Pump.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 278000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not available. Mr. Prasanna from the Accounts Department has denied to disclose any detail of the subject to us. As per old database, the financial strength of the company appeared to be moderate. Payment terms are unknown. The company can be considered for business dealings with great caution. Note: Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2C
Rating Explanation	High performance capability and low financial strength.
Date	06.02.2012

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 DECLINED BY

Name :	Mr. Prasanna
Designation :	Finance Department
Contact No.:	91-233-2645611
Date :	06.02.2013

LOCATIONS

Registered Office/Factory:	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra, India
Tel. No.:	91-233-2264484 / 2644845 / 2645611 / 2643932
Mobile No :	91-9922588399 (Mr. Sanjeev Prasanna) 91-9822066557 (Mr. Nitin Rasiklal Shah)
Fax No.:	91-233-2645612
E-Mail :	milikul@rediffmail.com info@shahprecicast.com nshah@shahprecicast.com
Website :	http://www.shahprecicast.com
Area :	3000 Sq. mtr.
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Nitin Rasiklal Shah
Designation :	Director
Address :	Flat No.2, Venkatesh Tulsi Apartments, Near Trikoni Bag, Civil Hospital Road, Sangli – 416 416, Maharashtra, India
Date of Birth/Age :	30.03.1961
Qualification :	Post Graduate
Date of Appointment :	16.06.1997
PAN No :	ACZPS9035J
DIN No.:	00818517
Name :	Mrs. Sunita Nitin Shah
Designation :	Director
Address :	Flat No.2, Venkatesh Tulsi Apartments, Opposite Trikoni Bag, Sangli – 416 416, Maharashtra, India
Date of Birth/Age :	19.05.1967
Qualification :	Post Graduate
Date of Appointment :	02.02.2005
DIN No.:	01955266
Name :	Mr. Ashok Moreshwar Phadke
Designation :	Director
Address :	1047/B/6, Topaz Society, Near Mafatlal Bunglow, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	14.07.1942
Qualification :	BE
Date of Appointment :	02.02.2005
DIN No.:	00818586
Name :	Mr. Kotresh Thippanna Oblapura
Designation :	Director
Address :	Flat No.2, First Floor, Anurag Balaji, Arcade, Vishrambag, Sangli-416 415, Maharashtra, India
Date of Birth/Age :	01.08.1962
Date of Appointment :	25.10.2005
Date of Ceasing :	10.09.2011
DIN No.:	01955285

KEY EXECUTIVES

Name :	Mr. Prasanna
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Nitin Shah	343500
Rasiklal Shah	25850
Nitin Rasiklal Shah (HUF)	10000
Kumudini Shah	3100
Sunita Shah	12250
Subhash Vakhariya	7000
Shashikala Vakhariya	1800
Shilpa R. Shah	2500
Pradip M. Shah	3000
Nilesh M. Shah	3000
Ravindra P. Shah	3000
Total	415000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Valve Pump.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Steel, ST. Steel, Slag	M.T.	1237.12

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

v Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

v Axis Bank Limited, Azad Chowk, Amrai Road, Opposite Collector’s Bunglow, Sangli – 416 416, Maharashtra, India

v HDFC Bank

v The Shamrao Vitthal Co-Operative Bank Limited

v Canara Bank

v The Saraswat Co-Operative Bank

v Bank of Baroda, Miraj Branch, P.B. No.20, High School Road, Miraj – 416 410, Maharashtra, India

v Union Bank of India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Axis Bank C.C. Hypothecation 1090	89.877	54.783
Axis Bank EPC 02	6.818	5.279
Axis Bank Term Loan	24.929	25.538
Axis Bank LC/ OD	19.045	28.589
Bank of Baroda – CC 9133	25.452	0.000
Bank of Baroda – Term Loan	77.294	0.000
Total	243.415	114.189

Banking Relations :	--
Auditors :
Name :	P.V. Kulkarni and Company Chartered Accountants
Address :	Shri Vasudeo Chintan, Vishrambag, Sangli – 416 415, Maharashtra, India
Tel. No.:	91-233-2300305
Fax No.:	91-233-2300305
Income-tax PAN of auditor or auditor's firm :	ABIPK8416B

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415000	Equity Shares	Rs.10/- each	Rs.4.150 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.150	4.150	4.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.371	79.425	59.999
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.521	83.575	64.149
LOAN FUNDS
1] Secured Loans		243.415	114.189	81.680
2] Unsecured Loans		7.067	7.067	7.067
TOTAL BORROWING		250.482	121.255	88.747
DEFERRED TAX LIABILITIES		7.692	1.755	1.819
TOTAL		327.695	206.586	154.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.073	43.193	33.709
Capital work-in-progress		12.785	9.562	0.701
INVESTMENT		2.776	0.101	0.101
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.110	76.409	101.340
	Sundry Debtors	76.714	87.545	84.965
	Cash & Bank Balances	20.012	23.537	2.399
	Other Current Assets	0.350	0.050	0.041
	Loans & Advances	54.280	43.955	28.291
Total Current Assets		262.466	231.496	217.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.660	42.576	66.523
	Other Current Liabilities	0.967	1.221	2.187
	Provisions	34.795	34.001	28.179
Total Current Liabilities		92.422	77.798	96.889
Net Current Assets		170.044	153.698	120.147
MISCELLANEOUS EXPENSES		0.017	0.032	0.057
TOTAL		327.695	206.586	154.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	252.793	399.671	480.686
		Other Income	13.751	7.812
		Increase/ Decrease in Stock	18.392	0.574
		TOTAL	284.936	408.057	480.686
Less	EXPENSES
		Office Expenses	284.416	374.244	423.199
		Administrative Expenses
		Advertising Expenses
		TOTAL	284.416	374.244	423.199
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.520	33.813	57.487
Less/ Add	DEPRECIATION/ AMORTISATION		8.632	4.285	2.895
	PROFIT/ (LOSS) BEFORE TAX		(8.112)	29.528	54.592
Less	TAX		5.942	10.102	18.564
	PROFIT/ (LOSS) AFTER TAX		(14.054)	19.426	36.028
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		79.425	59.999	23.971
	BALANCE CARRIED TO THE B/S		65.371	79.425	59.999
	EARNINGS IN FOREIGN CURRENCY		74.924	60.715	54.087
	IMPORTS
		Raw Materials
		- Import	21.652	39.845	86.636
		- Highseas	0.000	0.000	2.786
	TOTAL IMPORTS		21.652	39.845	89.422
	Earnings/ (Loss) Per Share (Rs.)		(33.87)	46.81	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.93)	4.76	7.50
Net Profit Margin (PBT/Sales)	(%)	(3.21)	7.39	NA
Return on Total Assets (PBT/Total Assets}	(%)	(2.01)	10.75	21.77
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.35	0.85
Debt Equity Ratio (Total Debt/Networth)		3.60	1.45	1.38
Current Ratio (Current Asset/Current Liability)		2.84	2.98	2.24

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Creditors for Goods	31.123	37.299	62.885
Creditors for Expenses	6.469	4.307	3.164
Creditors for Fixed Assets	19.068	0.970	0.474
Total	56.660	42.576	66.523

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	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	No
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	Yes

Note:

The Registered Address of the company has been shifted from A-22, Shri Ram Apartment Opposite Ram Mandir, Nadives Road, Ichalkaranji – 416 115, Maharashtra, India to the present address w.e.f. 22.01.2007.

FUTURE OUTLOOK AND MARKET CONDITIONS:

Due to recessionary conditions in the economy and general slowdown in the global markets; total turnover of the company has decreased as compared to previous year. The management is hopeful that on an improved general economic scenario company could witness further increase in the turnover of the company in the coming future.

UNSECURED LOANS

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Sales Tax Deferral Loan and Vat D. Loan	7.067	7.067
Total	7.067	7.067

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28910MH1997PTC108807
Name of the company	SHAH PRECICAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E - 35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra, India E-Mail: san_tanan@sancharnet.in
This form is for	Creation of charge
Type of charge	· Immovable Property · Any interest in Immovable Property · Book Debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Miraj Branch, P.B. No.20, High School Road, Miraj – 416 410, Maharashtra, India E-Mail: miraj@bankofbaroda.com
Nature of instrument creating charge	Composite Hypothecation Agreement.
Date of instrument Creating the charge	06.01.2011
Amount secured by the charge	Rs.61.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per norms of bank for export finance Terms of Repayment: ADHOC limit for a period of 6 months Margin: 10% Extent and Operation of the charge: The charge shall remain in operation till the satisfaction of principle, interest, charges and other costs accrued thereon.
Short particulars of the property charged	The whole of borrower's stocks both present and future and including all stocks of raw materials, work-in-process, semi-finished and finished goods, packing materials and stores etc. All the present and future book debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities. All the tangible moveable machinery, plant, cranes, boats, crafts and the vehicles of borrower together with spares, tools, accessories and other moveables both present and future. Furniture, fixtures, fittings and office equipments whether installed or not, whether loose or stored.

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Furniture

v Office Equipment

v Computer

v Car

v Motor Cycle

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.53.09
UK Pound	1	Rs.83.12
Euro	1	Rs.72.02

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		31

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.