MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	DOLPHIN DIE CAST PRIVATE LIMITED
Registered Office :	Unit-III, No.266 B, 06^th Main Road, KIADB Industrial Area, 04^th Phase, Jigani Link Road, Bommasandra, Bangalore-562106, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.12.1983
Com. Reg. No.:	08-005772
Capital Investment / Paid-up Capital :	Rs. 8.295 Millions
CIN No.: [Company Identification No.]	U27109KA1983PTC005772
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Casting and Dies
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are decent. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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

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.

LOCATIONS

Registered Office :	Unit-III, No.266 B, 06^th Main Road, KIADB Industrial Area, 04^th Phase, Jigani Link Road, Bommasandra, Bangalore-562106, Karnataka, India
Tel. No.:	91-80-26583053 / 26586781 / 26589634 / 26587531
Mobile No.:	91-9880143291 (Mr. Vijaykumar)
Fax No.:	91-80-26583053 / 26586781 / 26589634 / 26587531
E-Mail :	dolphindcast@satyam.net.in accounts@dolphindiecast.com
Website :	www.dolphindiecast.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Narayanrao Sayyajirao Nikam
Designation :	Director
Address :	No.33 (51), Gocindappa Road, Basavanagudi, Bangalore-560004, Karnataka, India
Date of Birth/Age :	11.11.1946
Date of Appointment :	15.12.1992
DIN No.:	00523893
Name :	Mr. Sambhandam Shivalingam
Designation :	Managing Director
Address :	No.149/3, 20^th Main, 2^nd Cross, BTM 1^st Stage, Bangalore-560076, Karnataka, India
Date of Birth/Age :	07.01.1943
Date of Appointment :	24.12.1983
DIN No.:	00523932
Name :	Mr. Shivalingam Vijayakumar
Designation :	Director
Address :	No.149/3, 20^th Main, 2^nd Cross, BTM 1^st Stage, Bangalore-560076, Karnataka, India
Date of Birth/Age :	17.03.1975
Date of Appointment :	30.09.2005
DIN No.:	00533495
Name :	Mr. Bangalore Gangappa Jaganath
Designation :	Director
Address :	No.67, 15^th Cross, 6^th B Main Road, 3^rd Phase, J P Nagar, Bangalore-560078, Karnataka, India
Date of Birth/Age :	14.08.1947
Date of Appointment :	15.12.1992
DIN No.:	00723909
Name :	Mr. Sayajirao Vinay Nikam
Designation :	Director
Address :	No. 51, Govindappa Road, Basavanagudi, Bangalore-560004, Karnataka, India
Date of Birth/Age :	13.10.1972
Date of Appointment :	30.03.2007
DIN No.:	01417637

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sambhandam Shivalingam	870
Narayanrao Sayyajirao Nikam	1980
Bangalore Gangappa Jaganath	1890
Rekha Jagannath	875
Bhagirathi Bai	785
Mani Megalai	380
S Vijaykumar	1515
TOTAL	8295

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Casting and Dies

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Casting and Dies	Numbers	2.44 Lakh Shots	2680253 Nos.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, J P Nagar Branch, 5^th Phase, J P Nagar, Bangalore-560078, Karnataka, India

· IDBI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loan From SBI *	11.902	11.664
Short Term Borrowings
Working Capital Loan from Bank *	0.000	0.018
Car Loan From SBI	0.065	0.000
TOTAL	11.967	11.682
Long Term Borrowings *Term loan from State Bank of India is secured by mortgage assets, present and future and a charge by way of hypothecation of all the movable, except book debts but including machineries present and future subject to prior charges created / to be created in favour of company’s bankers on specified movables for securing borrowing for working capital and on specified machinery or other assets purchased by the company under hire purchase agreements. The loans are guaranteed by directors. Short Term Borrowings *Working Capital Loan – Secured by hypothecation of present and future stock of raw materials, stock in process, stores, spares and book debts

Banking Relations :	--
Auditors :
Name :	Santhappa and Company Chartered Accountant
Address :	201, 2^nd Floor, House of Lords, St Mark Road, Bangalore-560001, Karnataka, India
PAN No.:	AAEFS7924F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.1000/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8295	Equity Shares	Rs.1000/- each	Rs. 8.295 Millions

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	8.295	8.295
(b) Reserves & Surplus	48.491	35.794
(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)	56.786	44.089
(3) Non-Current Liabilities
(a) long-term borrowings	14.462	13.726
(b) Deferred tax liabilities (Net)	3.990	3.161
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	18.452	16.887
(4) Current Liabilities
(a) Short term borrowings	0.065	0.517
(b) Trade payables	16.541	25.476
(c) Other current liabilities	18.029	26.681
(d) Short-term provisions	5.390	4.000
Total Current Liabilities (4)	40.025	56.674
TOTAL	115.263	117.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.196	46.737
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.299	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	3.594	2.932
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	54.089	49.669
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.211	22.093
(c) Trade receivables	25.436	32.031
(d) Cash and cash equivalents	2.299	2.213
(e) Short-term loans and advances	10.228	11.644
(f) Other current assets	0.000	0.000
Total Current Assets	61.174	67.981
TOTAL	115.263	117.650

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.295
2] Share Application Money		0.000
3] Reserves & Surplus		28.063
4] (Accumulated Losses)		0.000
NETWORTH		36.358
LOAN FUNDS
1] Secured Loans		28.645
2] Unsecured Loans		2.561
TOTAL BORROWING		31.206
DEFERRED TAX LIABILITIES		3.096
TOTAL		70.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.833
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.772
	Sundry Debtors	27.978
	Cash & Bank Balances	1.711
	Other Current Assets	0.000
	Loans & Advances	11.829
Total Current Assets		60.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.498
	Other Current Liabilities	16.865
	Provisions	2.100
Total Current Liabilities		36.463
Net Current Assets		23.827
MISCELLANEOUS EXPENSES		0.000
TOTAL		70.660

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	206.982	188.232	126.593
	Other Income
	TOTAL	206.982	188.232	126.593
EXPENSES
	Office Expenses	180.306	166.793	112.090
	Administrative Expenses
	Advertising Expenses
	TOTAL	180.306	166.793	112.090
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.676	21.439	14.503
FINANCIAL EXPENSES		3.444	3.642	2.122
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		23.232	17.797	12.381
DEPRECIATION/ AMORTISATION		5.188	6.002	5.054
PROFIT / (LOSS) BEFORE TAX		18.044	11.795	7.327
TAX		6.082	4.065	3.107
PROFIT / (LOSS) AFTER TAX		12.697	7.731	4.220
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	92.763	74.951	50.709
TOTAL EARNINGS		92.763	74.951	50.709
IMPORTS VALUE		7.437	1.396	1.846
Earnings / (Loss) Per Share (Rs.)		1530.68	931.95	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.13	4.11	3.33
Return on Total Assets (PBT/Total Assets}	(%)	15.70	10.03	6.84
Return on Investment (ROI) (PBT/Networth)		0.32	0.27	0.20
Debt Equity Ratio (Total Debt /Networth)		0.26	0.32	0.86
Current Ratio (Current Asset/Current Liability)		1.53	1.20	1.65

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	No
10]	Designation of contact person	No
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)	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Unsecured Loan	2.560	2.061
Short Term Borrowings
S Vijay Kumar	0.000	0.500
TOTAL	2.560	2.561

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80044386	08/02/2011 *	54,500,000.00	STATE BANK OF INDIA	SME JP NAGAR BRANCH, 5TH PHASE J P NAGAR, BANGALORE, Karnataka - 560078, INDIA	B08291106

NOTE

Registered office has been shifted from No.68, 15^th Cross, J P Nagar, III Phase, Saraki Industrial Layout, Bangalore-560078, Karnataka, India to the present address w.e.f. 16.05.2013.

FINANCIAL RESULTS AND REVIEW OF OPERATIONS

The Company has earned total income of Rs. 206.982 Millions during the year, which is 9.96% greater than the previous year’s total income of Rs. 188.232 Millions. The directors are confident of increasing the turnover of the company during the current year.

FIXED ASSETS

· Borewell

· Building

· Computers and Software

· DG Sets

· Furniture and Fixtures

· Land

· Motor Vehicles

· Office Equipments

· Plant and 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. 59.68
UK Pound	1	Rs. 91.66
Euro	1	Rs. 78.68

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.