MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	RADHEYA MACHINING LIMITED
Registered Office :	Amaya 5, Sajeevan Colony, Samarth Nagar, Aurangabad – 431001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.12.1999
Com. Reg. No.:	11-123186
Capital Investment / Paid-up Capital :	Rs.84.685 Millions
CIN No.: [Company Identification No.]	U74999MH1999PLC123186
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Component.
No. of Employees :	250 (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 940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears an increase in the sales turnover as well as net profitability during 2012. Liquidity position seems to be good. Trade relations are fair. Business is active. Payment terms are reported as usually correct. 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. R S Kulkarni
Designation :	Account Department
Contact No.:	91-2137-679232/45
Date :	05.07.2013

LOCATIONS

Registered Office :	Amaya 5, Sajeevan Colony, Samarth Nagar, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2337727
Fax No.:	91-240-2333737
E-Mail :	sanjayjoshi@rmlindia.com rskulkarni@rmlindia.com radheya@vsnl.com
Location :	Owned
Branch Office / Factory :	1260/2, Nagar Road, Pune – 412208, Maharashtra, India
Tel. No.:	91-2137-679232/45/49
Fax No.:	91-2137-679231

DIRECTORS

As on 06.08.2012

Name :	Mr. Dhananjay Ambadasrao Bhargav
Designation :	Whole – time Director
Address :	F-11, Mahalaxmi Coplex, Shitole Nagar, Sangviold, Pune – 411027, Maharashtra, India
Date of Birth/Age :	09.07.1960
Date of Appointment :	20.12.1999
PAN No.:	ABJPB7223N
DIN No.:	00887332
Name :	Mr. Sanjay Ambadas Joshi
Designation :	Managing Director
Address :	Amaya 5, Sajeevan Colony, Samarth Nagar, Aurangabad – 431001, Maharashtra, India
Date of Birth/Age :	21.05.1958
Date of Appointment :	20.12.1999
PAN No.:	ABGPJ9472Q
DIN No.:	01099324
Name :	Mr. Santosh Ambadas Joshi
Designation :	Drector
Address :	Flat No. 8, Plot No. 5, Final Plot No. 15-A, Laxmi Bag Colony, Erandwana, Pune – 411004, Maharashtra, India
Date of Birth/Age :	19.09.1966
Date of Appointment :	20.12.1999
PAN No.:	ABGPJ9463K
DIN No.:	01319854

KEY EXECUTIVES

Name :	Mr. R S Kulkarni
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2012

Names of Shareholders	No. of Shares
Joshi Ambadas Sanjay	794340
Bhargav Ambadasrao Dhananjay	2787760
Joshi Ambadas Santosh	2154630
Joshi Sanjay Vinita	2011993
Bhargav Dhananjay Shubhangi	121863
Joshi Santosh Kalpana	54713
Joshi Ambadasrao Mayabai	10000
Ghorpade Ramrao Kisanrao	2500
Chinchawadkar Chandrakant Vijaya	3750
Joshi Sanjay Ketki	51840
Afzulpurkar Venkatesh Vishwanath	5000
Joshi Vinay Yashodhan	1250
Yashawant Forgings Private Limited, India	100
Prachay Auto Parts Private Limited, India	100
Aagneya Heat Technologies Private Limited, India	100
Bhargav Dhananjay Suchit	146840
Limbolkar C. Vaishali	51250
Joshi Sanjay Kasturi	71840
Bhargav D. Neeraj	121840
Joshi Santosh Rohan	76840
Total	8468549

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2012

Category	Percentage
Directors or relatives of Directors	91.50
Other top fifty shareholders	8.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Component.

Products :

Item Code No.	Product Description
73261100	Automobile Components

Exports :

Products :

Finished Goods

Countries :

USA

Terms :

Selling :

Credit

Purchasing :

Credit and Depend

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

Oriental Bank of Commerce, 917/918, Dinshaw House, Synagogue Street, Camp, Pune, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans from banks (Hypothecation of stock of Raw of materials)	76.249	90.014
Term loans from others (Hypothecation of stock of Raw of materials)	137.230	53.114
Short-term borrowings
Term loans from banks (Hypothecation of stock of Raw of materials)	156.421	185.028
Total	369.900	328.156

Banking Relations :
Financial Institute:	INTEC Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi – 110019, India
Auditors :
Name :	Ashok Patil and Associates Chartered Accountants
Address :	"A.P.Heights", Behind Gopal Cultural Hall, New Osmanpura, Aurangabad, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABFPP1555R
Associates/Subsidiaries :	Jashwat Forging Private Limited

CAPITAL STRUCTURE

After 06.08.2012

Authorised Capital : Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.100.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8468549	Equity Shares	Rs.10/- each	Rs.84.685 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	84.685	79.135
(b) Reserves & Surplus	150.941	101.510
(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)	235.626	180.645
(3) Non-Current Liabilities
(a) long-term borrowings	213.479	143.128
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	81.793	26.555
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	295.272	169.683
(4) Current Liabilities
(a) Short term borrowings	156.421	185.028
(b) Trade payables	131.737	60.924
(c) Other current liabilities	0.000	25.165
(d) Short-term provisions	35.445	52.339
Total Current Liabilities (4)	323.603	323.456
TOTAL	854.501	673.784
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	377.413	256.051
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	16.630	0.505
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.862	0.862
(c) Deferred tax assets (net)	14.698	4.259
(d) Long-term Loan and Advances	27.566	17.666
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	437.169	279.343
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	153.129	112.263
(c) Trade receivables	198.713	206.814
(d) Cash and cash equivalents	14.675	17.368
(e) Short-term loans and advances	33.056	52.283
(f) Other current assets	17.759	5.713
Total Current Assets	417.332	394.441
TOTAL	854.501	673.784

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.458
2] Share Application Money		0.000
3] Reserves & Surplus		60.690
4] (Accumulated Losses)		0.000
NETWORTH		81.148
LOAN FUNDS
1] Secured Loans		179.982
2] Unsecured Loans		0.943
TOTAL BORROWING		180.925
DEFERRED TAX LIABILITIES		0.000
TOTAL		262.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.251
Capital work-in-progress		0.162
INVESTMENT		0.264
DEFERREX TAX ASSETS		1.465
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.278
	Sundry Debtors	129.866
	Cash & Bank Balances	8.384
	Other Current Assets	23.295
	Loans & Advances	0.000
Total Current Assets		259.823
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.239
	Other Current Liabilities	20.223
	Provisions	50.430
Total Current Liabilities		141.892
Net Current Assets		117.931
MISCELLANEOUS EXPENSES		0.000
TOTAL		262.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1030.916	710.502	481.515
		Other Income	2.460	18.629	1.096
		TOTAL (A)	1033.376	729.131	482.611
Less	EXPENSES
		Cost of materials consumed	633.314	425.096
		Employee benefit expense	49.524	29.870
		Other expenses	190.890	167.450
		TOTAL (B)	873.728	622.416	409.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		159.648	106.715	72.840
Less	FINANCIAL EXPENSES (D)		62.155	35.296	20.675
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		97.493	71.419	52.165
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.324	20.469	15.390
	PROFIT BEFORE TAX (E-F) (G)		56.169	50.950	36.775
Less	TAX (H)		5.504	8.696	25.045
	PROFIT AFTER TAX (G-H) (I)		50.665	42.254	11.730
	Earnings Per Share (Rs.)		6.40	5.34	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	1250.000

The above information has been parted by Mr. R S Kulkarni (Account Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.90	5.80	2.43
Net Profit Margin (PBT/Sales)	(%)	5.45	7.17	7.64
Return on Total Assets (PBT/Total Assets}	(%)	6.71	7.58	14.15
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.45
Debt Equity Ratio (Total Debt /Networth)		1.57	1.82	2.23
Current Ratio (Current Asset/Current Liability)		1.29	1.22	1.83

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	131.737	60.924	71.239
Total	131.737	60.924	71.239

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 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	Yes
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]	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

PERFORMANCE

The Gross Sale of the Company for the year was Rs.1199.628 Millions as against Rs.817.399 Millions of preceeding year thus resulting in increase of 46.76 %.

There is good progress in operating results of the company as compared to the preceding year. The working of the company during the year has resulted in a Cash profit of Rs. 97.394 Millions as compared to profits of Rs.71.32 Millions in last year.

The director’s are expecting better results in terms of turnover and profit next year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH1999PLC123186
Name of the company	RADHEYA MACHINING LIMITED
Address of the registered office or of the principal place of business in India of the company	Amaya 5 Sajeevan Colony, Samarth Nagar, Aurangabad – 431001, Maharashtra, India Email: sanjayjoshi@rmlindia.com
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge)
Particular of charge holder	CIN: L74899DL1994PLC057410 INTEC Capital Limited, 701, Manjusha, 57, Nehru Place, New Delhi – 110019, India Email: complianceofficer@inteccapital.com
Nature of instrument creating charge	Loan Agreement, Board Resolution ,Sanction Letter and Proforma Invoice
Date of instrument Creating the charge	20.02.2012
Amount secured by the charge	Rs.24.569 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9% per annum calculated on flat basis Terms of Repayment Total 35 Installments -:Rs:0.866 Millions Extent and Operation of the charge First and exclusive charge on book debts financed by intec capital limited Others 2ONE
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Loan agreement

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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.60.34
UK Pound	1	Rs.90.9
Euro	1	Rs.77.81

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	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		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.