MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	BASRUR UNISEAL PRIVATE LIMITED [w.e.f.03.01.2005]
Formerly Known As :	BASRUR UNISEAL GASKETS PRIVATE LIMITED
Registered Office :	19/1-A, 2nd Main, 2nd Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.07.2001
Com. Reg. No.:	08-029264
Capital Investment / Paid-up Capital :	Rs. 42.618 Millions
CIN No.: [Company Identification No.]	U25209KA2001PTC029264
TAN No.: [Tax Deduction & Collection Account No.]	BLRB01599D
PAN No.: [Permanent Account No.]	AABCB6033A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gaskets and Gasket Sheets etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 205800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There company has wipe out its accumulated losses. The financial position seems to be improving. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Ravi
Designation :	Accounts Department
Contact No.:	91-80-28391509
Date :	29.07.2013

LOCATIONS

Registered Office/ Factory :	19/1-A, 2nd Main, 2nd Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-22971044/ 41179142/ 28391509
Fax No.:	91-80-23722552
E-Mail :	finance@basrur.co.in info@basrur.co.in shyam@basrur.co.in
Website :	http://www.basrur.in
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Krishna Kant Basrur

Designation :

Whole-time director

Address :

62/2-12928, Embassy Heritage, 8th Main, Malleshwaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

14.09.1933

Date of Appointment :

11.07.2001

DIN No.:

00972405

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209KA2001PTC029264	BASRUR UNISEAL PRIVATE LIMITED	Whole-time director	11/07/2001	11/07/2001	-	Active	NO
2	U27100KA2008PTC047212	ATHENA INDIA HITECH COMPONENTS PRIVATE LIMITED	Director	18/07/2008	18/07/2008	21/05/2013	Active	NO

Name :

Mr. Shyam Dayanand Basrur

Designation :

Managing director

Address :

301, Sita Apartment, 45, 11th Main, Road, 17th A Cross, Malleswaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

03.02.1959

Date of Appointment :

11.07.2001

DIN No.:

00973348

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209KA2001PTC029264	BASRUR UNISEAL PRIVATE LIMITED	Managing director	11/07/2001	11/07/2001	-	Active	NO
2	U27100KA2008PTC047212	ATHENA INDIA HITECH COMPONENTS PRIVATE LIMITED	Director	20/07/2011	22/10/2010	21/05/2013	Active	NO

Name :

Mr. Sandeep Krishna Basrur

Designation :

Whole-time director

Address :

Apartment No 281, Embassy Heritage, Malleswaram, West BG 62/2-1, 8th Main, Road, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

11.09.1962

Date of Appointment :

01.06.2004

DIN No.:

00973560

Other Directorship :

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209KA2001PTC029264	BASRUR UNISEAL PRIVATE LIMITED	Whole-time director	01/06/2004	01/06/2004	-	Active	NO
2	U27100KA2008PTC047212	ATHENA INDIA HITECH COMPONENTS PRIVATE LIMITED	Director	18/07/2008	18/07/2008	21/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Accounts Department
Name :	Mr. Ramesh Kumar M G
Designation :	Secretary
Address :	#131, 5th Cross, 5th Main, 'D' Group Layout, Srigandadakaval, Viswaneedam Post, Sunkadakatte, Bangalore – 560091, Karnataka, India
Date of Birth/Age :	03.08.1969
Date of Appointment :	05.09.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Shyam Dayanand Basrur	22500
Krishna Kant Basrur	1861883
Rao Sanath Kanchan	273312
Basrur Krishna Kant Padma	103500
Sandeep Krishna Basrur	655562
Infinity Parts S.R.L., Italy	2916757
Total	5833514

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Gaskets and Gasket Sheets etc.
Exports :
Products :	Finished Goods
Countries :	v USA v Italy v Denmark
Imports :
Products :	Raw Material
Countries :	v Netherland
Terms :
Selling :	Cash, Credit and Depend
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Not Divulged

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, Peenya Branch, GF, KSSIDC Multi Storeyed Building, 1 Stage, 5th Cross, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
From Banks
Term loans (Secured by hypothecation of machineries and guaranteed by three directors)	7.608	0.279
SHORT TERM BORROWINGS
Working capital loans from bank The loans are secured by hypothecation of inventories and book debts and guaranteed by directors.	40.456	33.438
Total	48.064	33.717

Banking Relations :	--
Auditors :
Name :	K V Shenoy and Company Chartered Accountants
Address :	Sowmya Sadan, 1st Floor, 1st Cross, BMP Colony, Govindarajnagar, Bangalore – 560079, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ABXPS1937J

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,833,514	Equity Shares	Rs. 10/- each	Rs. 58.335 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,261,844	Equity Shares	Rs. 10/- each	Rs. 42.618 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	42.618	42.618
(b) Reserves & Surplus	8.844	8.313
(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)	51.462	50.931
(3) Non-Current Liabilities
(a) long-term borrowings	28.991	7.461
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	28.991	7.461
(4) Current Liabilities
(a) Short term borrowings	40.456	33.438
(b) Trade payables	19.597	12.977
(c) Other current liabilities	7.705	9.644
(d) Short-term provisions	0.280	1.414
Total Current Liabilities (4)	68.038	57.473
TOTAL	148.491	115.865
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.472	39.573
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	12.056	4.944
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.975	1.975
(c) Deferred tax assets (net)	3.935	4.560
(d) Long-term Loan and Advances	2.749	2.758
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	67.187	53.810
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.998	24.984
(c) Trade receivables	20.440	20.589
(d) Cash and cash equivalents	9.956	10.550
(e) Short-term loans and advances	11.109	5.264
(f) Other current assets	0.801	0.668
Total Current Assets	81.304	62.055
TOTAL	148.491	115.865

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		42.618
2] Share Application Money		0.000
3] Reserves & Surplus		25.807
4] (Accumulated Losses)		(20.887)
NETWORTH		47.538
LOAN FUNDS
1] Secured Loans		26.262
2] Unsecured Loans		7.182
TOTAL BORROWING		33.444
DEFERRED TAX LIABILITIES		0.000
TOTAL		80.982
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.438
Capital work-in-progress		3.286
INVESTMENT		1.975
DEFERRED TAX ASSETS		6.792
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.555
	Sundry Debtors	7.261
	Cash & Bank Balances	9.254
	Other Current Assets	0.846
	Loans & Advances	6.727
Total Current Assets		44.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.492
	Other Current Liabilities	9.776
	Provisions	0.127
Total Current Liabilities		17.395
Net Current Assets		27.248
MISCELLANEOUS EXPENSES		1.243
TOTAL		80.982

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		135.348	76.910
		Other Income		1.730	1.004
		TOTAL	NA	137.078	77.914
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	130.002	84.696
	PROFIT/ (LOSS) BEFORE TAX		NA	7.076	(6.782)
Less	TAX		NA	3.683	(0.340)
	PROFIT/ (LOSS) AFTER TAX		0.531	3.393	(6.442)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(20.887)	(14.450)
	BALANCE CARRIED TO THE B/S		NA	(17.494)	(20.887)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB]	50.802	53.216	44.867
	IMPORTS
		Raw Materials	12.361	13.283	11.416
		Capital Goods	0.758	0.000	0.000
		Consumables	0.041	0.000	0.000
	TOTAL IMPORTS		13.160	13.283	11.416
	Earnings/ (Loss) Per Share (Rs.)		0.12	0.80	(1.95)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.48	(8.27)
Net Profit Margin (PBT/Sales)	(%)	NA	5.23	(8.82)
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.78	(7.97)
Return on Investment (ROI) (PBT/Networth)		NA	0.14	(0.14)
Debt Equity Ratio (Total Debt/Networth)		1.35	0.80	0.70
Current Ratio (Current Asset/Current Liability)		1.19	1.08	2.57

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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]	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

INDEX OF CHARGE

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90192441	16/07/2012 *	75,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	PEENYA BRANCH, GF, KSSIDC MULTI STOREYED BUILDING, 1 STAGE, 5TH CROSS, PEENYA INDUSTRIAL ESTATE, BANGALORE - 560058, KARNATAKA, INDIA	B57436966

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
From Directors/ Shareholders	21.383	7.182
Total	21.383	7.182

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Counter guarantees given to banks	1.450	0.650

FIXED ASSETS:

v Plant and machinery

v Furniture and fixtures

v Jigs and fixtures

v Electrical installation

v Computer

v Tools and equipment

v Office equipment

v Civil work

v Vehicles

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. 59.83
UK Pound	1	Rs. 91.76
Euro	1	Rs. 79.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.