MIRA INFORM REPORT

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	MAHAVIR CASTINGS LIMITED
Formerly Known As :	CHANDAN CASTINGS PRIVATE LIMITED
Registered Office :	1205/6, GIDC, Phase III, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.04.1981
Com. Reg. No.:	04-004282
Capital Investment / Paid-up Capital :	Rs. 8.549 Millions
CIN No.: [Company Identification No.]	U27100GJ1981PLC004282
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00368E
PAN No.: [Permanent Account No.]	AABCM2885R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of S.G. Iron, Steel Castings, Grey Iron, CI Casting, Casting, Ferrous Metal, Non Ferrous Metal etc.
No. of Employees :	Not Available

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 77000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial statements as on 2012 are not available. There appears a slight increase is the sales turnover as well as net profitability during 2011. Trade relations are reported to be fair. Business is active. Payments are reported as slow but 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SEIB
Rating Explanation	Highest performance quality and moderate financial strength.
Date	10.04.2013

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

Management Non-cooperative.

LOCATIONS

Registered Office :	1205/6, GIDC, Phase III, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25890053/ 54
Fax No.:	91-79-25833783
E-Mail :	audit@smajmudar.com sales@mahavircastings.com doshiac@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ronak Sureshbhai Shah
Designation :	Director
Address :	Surekh Bunglow, Netaji Marg, Near Law Graden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Appointment :	23.04.1981
DIN No.:	01974379
Name :	Mr. Romal Sureshbhai Shah
Designation :	Director
Address :	Surekh Bunglow, Netaji Marg, Near Law Graden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Appointment :	26.04.1995
DIN No.:	01982341
Name :	Mr. Thakorbhai Chandubhai Patel
Designation :	Director
Address :	Naryan Nagar, Post Kanij, Mehmdavad, Gujarat – 387120, India
Date of Appointment :	20.03.2007
DIN No.:	03175233

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Nehal Shah	13200
Nirav Shah	100
Suresh Shah	4000
Rekha Shah	4691
Ronak Shah	28550
Romal Shah	27450
Dilip Shah	1500
Nehal Ranok Family Trust, India	6000
Total	85491

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of S.G. Iron, Steel Castings, Grey Iron, CI Casting, Casting, Ferrous Metal, Non Ferrous Metal etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
C.I. Castings	(Ton)	N.A.	N.A.	706.56
S.G. Iron Casting	(Ton)	N.A.	N.A.	1098.685
S.S. Castings	(Ton)	N.A.	N.A.	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Ahmedabad Main Branch, Mazzanine Floor, BOI Building, Bhadra, Ahmedabad – 380001, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of India C.C. A/c. No. 17027 (Secured against Stock on hand of the Company)		7.905
Bank of India Bill Discont. (Secured by Usance Bill)		0.628
SIDBI (NEW) Loan A/c. (Secured by Hypothication of Machineries for Expanded Plant of the Company)		1.085
HDFC Car Loan A/c. (New)		0.449
ICICI Car Loan A/c. (New Car)		0.109
ICICI Car Loan A/c. (Laura Elegave) (Secured by Hypothication of Car)		0.442
Total	9.926	10.618

Banking Relations :	--
Financial Institution :	Small Industries Development Bank of India, SIDBI Tower, 15, Ashok Marg, Lucknow – 226001, Uttar Pradesh, India
Auditors :
Name :	MP Sutraia and Company Chartered Accountants
Address :	303 Harikrupa Tower, B/H Gujarat College, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	DDDDD5651D

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85,491	Equity Share	Rs. 100/- each	Rs. 8.549 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.549	8.549	8.549
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.751	9.145	7.819
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.300	17.694	16.368
LOAN FUNDS
1] Secured Loans		9.926	10.618	9.327
2] Unsecured Loans		5.633	8.402	8.455
TOTAL BORROWING		15.559	19.020	17.782
DEFERRED TAX LIABILITIES		4.065	3.928	3.803
Advance against Orders		0.317	0.000	0.000
TOTAL		39.241	40.642	37.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.383	20.424	20.268
Capital work-in-progress		0.000	0.00	0.000
INVESTMENT		0.181	0.181	0.181
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.494	5.876	5.744
	Sundry Debtors	32.874	29.018	33.500
	Cash & Bank Balances	4.991	4.970	4.936
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.482	3.822	3.210
Total Current Assets		46.841	43.686	47.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.659	21.981	28.104
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.505	1.668	1.782
Total Current Liabilities		29.164	23.649	29.886
Net Current Assets		17.677	20.037	17.504
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		39.241	40.642	37.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	117.141	101.444	135.770
		Other Income	0.458	0.353	0.552
		TOTAL (A)	117.599	101.797	136.322
Less	EXPENSES
		Cost of Goods sold	76.793	66.786	97.223
		Provision & Payment of Employees	1.327	1.203	1.181
		Power & Fuel Expenses	12.140	12.226	12.194
		Other Manufacturing Expenses	13.780	10.987	11.473
		Administrative Expenses	3.088	2.177	1.572
		Government Duties	0.593	0.057	5.012
		Selling & Distribution Expenses	1.663	0.542	0.259
		Audit Fees	0.027	0.027	0.013
		Directors Salary	1.600	1.400	1.100
		TOTAL (B)	111.011	95.405	130.027
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.588	6.392	6.295
Less	FINANCIAL EXPENSES (D)		2.019	2.225	2.457
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.569	4.167	3.838
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.229	2.272	2.169
	PROFIT BEFORE TAX (E-F) (G)		2.340	1.895	1.669
Less	TAX (H)		0.734	0.613	0.825
	PROFIT AFTER TAX (G-H) (I)		1.606	1.282	0.844
	Earnings Per Share (Rs.)		18.78	16.46	10.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.37	1.26	0.62
Net Profit Margin (PBT/Sales)	(%)	2.00	1.87	1.23
Return on Total Assets (PBT/Total Assets}	(%)	3.43	2.96	2.47
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.10
Debt Equity Ratio (Total Debt/Networth)		0.81	1.07	1.09
Current Ratio (Current Asset/Current Liability)		1.61	1.85	1.59

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	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	Yes
30]	Major Shareholders, if available	No
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	Yes

OPERATIONS

During the year, the total production of the C. I. Castings and SG Iron Castings was 1805.245 MTs (Previous Year 1741.630 MTs) and the Sales dispatched 1804.474 Mts. (Previous Year 1763.337 MTs) Net turnover for the year was Rs.117.141 Millions compared to Rs.101.443 Millions for the previous year.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrification Cost

· Laboratory Equipments

· Tools and Accessories

· Moulding Boxes and Laddles

· Mould

· Furniture

· Vehicles

· Dead Stock

· Computer

· Refrigerator

· Gas Cylinders

· Air Conditioners

· ISO 9001

· Electronic Weighing Scale

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 proeeding 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. 90.79
Euro	1	Rs. 77.81

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.