MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	AMOD STAMPINGS PRIVATE LIMITED
Registered Office :	At and P O Samiala, Padra Road, Baroda - 391410, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.1995
Com. Reg. No.:	04-025300
Capital Investment / Paid-up Capital :	Rs. 23.900 Millions
CIN No.: [Company Identification No.]	U17119GJ1995PTC025300
TAN No.: [Tax Deduction & Collection Account No.]	BRDA01263D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Transformers.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears continuous fall in its sales and company has also recorded drastic fall in its profitability during 2012. The company is also facing problem in debtor recovery. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit :- B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligations.
Date	May 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 PARTED BY

Name :	Mr. Alpesh Patel
Designation :	Accountant and Finance Manager
Contact No.:	91-9879345099
Date :	18.06.2013

LOCATIONS

Registered Office :	At and P O Samiala, Padra Road, Baroda - 391410, Gujarat, India
Tel. No.:	91-265-3923200/ 3923211/ 91-2662-222769
Mobile No.:	91-9879345099 (Mr. Alpesh Patel)
Fax No.:	91-265-3923226/ 91-2662-223585
E-Mail :	info@amodstamp.com mail@amodstamp.com alpeshpatel@amondstamp.com
Website :	http://www.amodstamp.com
Factory 1 / Marketing Office :	Spun Pipe Compound Padra Road At. And Po. Samiala, Districts Vadodara – 391410, Gujarat, India
Tel. No.:	91-265-3923200/ 3923211
Fax No.:	91-265-3923226
Factory 2 :	Opposite Pramukh Oxygen Company, Near Bhenslore Distllery, Daman-Kunta Road, Daman – 396210, Gujarat, India
Factory 3 :	R.S. No. 9/3, Karasur Village, Vazdavur S.O., Behind L and T, Pondicherry - 405502, India

DIRECTORS

As on: 30.09.2012

Name :	Mr. Krupeshbhai Narharbhai Patel
Designation :	Whole Time Director
Address :	15, Parishram Society, Subhanpura, Baroda-390007, Gujarat, India
Date of Birth/Age :	17.10.1954
Date of Appointment :	03.04.1995
DIN No.:	00213143
Name :	Mr. Navinbhai Natubhai Patel
Designation :	Whole Time Director
Address :	23, Rokadnath Society, Race Cource Circle, Baroda-390007, Gujarat, India
Date of Birth/Age :	23.06.1945
Date of Appointment :	03.04.1995
DIN No.:	00213094
Name :	Mr. Niral Krupeshbhai Patel
Designation :	Director
Address :	15, Parishram Society, Subhanpura, Baroda-390007, Gujarat, India
Date of Birth/Age :	12.02.1980
Date of Appointment :	01.08.2008
DIN No.:	00213356
Name :	Mr. Tanmay Surendrabhai Patel
Designation :	Director
Address :	15, Parishram Society, Subhanpura, Baroda-390007, Gujarat, India
Date of Birth/Age :	18.12.1976
Date of Appointment :	01.08.2008
DIN No.:	00213319
Name :	Mr. Amish Krupeshbhai Patel
Designation :	Director
Address :	15, Parishram Society, Subhanpura, Baroda-390007, Gujarat, India
Date of Birth/Age :	18.06.1982
Date of Appointment :	01.08.2008
DIN No.:	02234678

KEY EXECUTIVES

Name :	Mr. Alpesh Patel
Designation :	Accountant and Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Krupeshbhai N Patel	227050
Navibnbhai N Patel	215100
Varshaben S Patel	150000
Lalitaben N Patel	215100
Smitaben K Patel	227050
Sudhaben N Patel	167300
Niral K Patel	227050
Amish K Patel	227050
Tanmay S Patel	232400
Monali N Patel	167300
Lipi D Patel	167300
Niti N Patel	167300
Total	2390000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Transformers.

Products :

Product Description	ITC Code
Lamination Stampings	72251100
Motor Stamping	72251100
Wound Core	72251100

Exports :

Products :

Transformers

Countries :

Hong Kong

Imports :

Products :

Raw Material

Countries :

• Europe
• Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Actual Production
Production, stock and sales	Kgs	5670226

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

• State Bank of India, Natubhai Circle Branch, Natubhai Centre, Gotri Road, Vadodara-390007, Gujarat, India
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
From Bank	74.086	132.225
From Others	4.651	8.421
Loans repayable on demand	379.184	381.039
Total	457.921	521.685

Banking Relations :

--

Auditors :

Name :

K.C Mehta and Company

Chartered Accountants

Address :

2^nd Floor, Meghdhanush, Race Course, Vadodara-390007, Gujarat, India

Tel. No.:

91-265-2341626/ 3086400

Fax No.:

91-265-3086444/ 455/ 466

E-Mail :

office@kemehta.com

PAN No.:

AABFK1558J

Sister Concern :

Name	Neptune Reality Private limited
Address	At and P O Samiala, Padra Road, Baroda - 391410, Gujarat, India
Line of Business	Manufacturer and Exporter of Transformers.

Associate :

• Auro Stampings Private limited
• Atlanta Electricals private Limited
• Heritage infrastructure Private Limited
• Alpha Engineering Company
• Neptune Realty Private Limited
• Neptune Intraspace Private Limited
• Venus laminations private Limited
• Transcore
• Jupiter Electricals
• Super Electricals
• Amod Steel Processors
• Neptune Infrastructure

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2390000	Equity Shares	Rs.10/- each	Rs. 23.900 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	23.900	23.900
(b) Reserves & Surplus	305.509	299.389
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	183.237	229.147
(b) Deferred tax liabilities (Net)	7.462	3.289
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	623.998	559.242
(b) Trade payables	100.615	118.648
(c) Other current liabilities	101.068	150.436
(d) Short-term provisions	10.633	5.743
TOTAL	1356.422	1389.794
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.969	105.717
(ii) Intangible Assets	0.439	0.000
(iii) Capital work-in-progress	13.530	31.468
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	23.919	13.066
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.844	4.219
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	215.968	125.376
(c) Trade receivables	581.584	483.831
(d) Cash and cash equivalents	126.458	176.525
(e) Short-term loans and advances	210.711	429.530
(f) Other current assets	12.000	20.062
TOTAL	1356.422	1389.794

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.900
2] Share Application Money		0.000
3] Reserves & Surplus		278.322
4] (Accumulated Losses)		0.000
NETWORTH		302.222
LOAN FUNDS
1] Secured Loans		448.811
2] Unsecured Loans		248.094
TOTAL BORROWING		696.905
DEFERRED TAX LIABILITIES		1.843
TOTAL		1000.970
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.002
Capital work-in-progress		2.076
INVESTMENT		13.066
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.504
	Sundry Debtors	490.111
	Cash & Bank Balances	104.766
	Other Current Assets	0.000
	Loans & Advances	272.466
Total Current Assets		1051.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.040
	Other Current Liabilities	26.389
	Provisions	28.592
Total Current Liabilities		113.021
Net Current Assets		938.826
MISCELLANEOUS EXPENSES		0.000
TOTAL		1000.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	855.512	886.613	1538.069
		Other Income	47.344	49.553	56.257
		TOTAL	902.856	936.166	1594.326
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	726.528	789.540	1459.871
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		176.328	146.626	134.455
Less	FINANCIAL EXPENSES		110.743	95.379	99.932
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		65.585	51.247	34.523
Less	DEPRECIATION/ AMORTISATION		23.830	11.010	8.869
Less	PRIOR PERIOD ITEMS		0.873	0.000	0.000
	PROFIT BEFORE TAX		40.882	40.237	25.654
Less	TAX		29.207	13.616	3.113
	PROFIT AFTER TAX		11.675	26.621	22.541
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		208.359	189.958	197.547
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	2.665	2.260
		Dividend	NA	4.780	23.900
		Tax on Dividend	NA	0.775	3.970
	BALANCE CARRIED TO THE B/S		NA	208.359	189.958
	EARNINGS IN FOREIGN CURRENCY
		FOB	NA	NA	4.553
		Foreign Travelling expenses	NA	0.341	0.131
	TOTAL EARNINGS		NA	0.341	4.684
	IMPORTS
		Raw Materials	NA	451.719	650.155
	TOTAL IMPORTS		NA	451.719	650.155
	Earnings Per Share (Rs.)		4.88	11.13	--

Particulars	31.03.2013
Sales Turnover (Approximately)	600.000
	Due to market down.

Expected Sales (2013-2014): Rs. 800.000 Millions

The above information has been parted by Mr. Alpesh Patel (Accountant and Financial Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.29	2.84	1.41
Net Profit Margin (PBT/Sales)	(%)	4.78	4.53	1.67
Return on Total Assets (PBT/Total Assets}	(%)	3.10	2.99	2.33
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.08
Debt Equity Ratio (Total Debt/Networth)		2.46	2.43	2.31
Current Ratio (Current Asset/Current Liability)		1.37	1.48	9.31

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Trade payable	100.615	118.648	58.039
Total	100.615	118.648	58.039

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Loan and advance from related parties	104.500	88.500
Short term borrowing
Loan and advance from related parties	229.921	162.073
Later corporation deposits	14.893	16.131
Total	349.314	266.704

PERFORMANCE

During the year, the company has achieved the sales / services of Rs. 965.370 Millions as against Rs. 972.781 Millions in the previous year. The company has earned net profit of Rs. 11.675 Millions as against the Rs. 26.621 Millions of previous year. The director expects good results for the current year.

Fixed Assets:

Ø Computer and Tools

Ø Refrigerator

Ø Factory Equipments

Ø Furniture and Fixtures

Ø 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. 58.45
UK Pound	1	Rs. 91.60
Euro	1	Rs. 77.91

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.