MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	IDEAL SHEET METAL STAMPINGS AND PRESSINGS PRIVATE LIMITED
Registered Office :	Kalidas, Mills Compound, Gomtipur, 21, Ahmedabad – 380021, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.09.1962
Com. Reg. No.:	04-001157
Capital Investment / Paid-up Capital :	Rs. 0.966 Million
CIN No.: [Company Identification No.]	U28999GJ1962PTC001157
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of textile machinery parts for spinning.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financially company seems to be strong. Liquidity position is good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal 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.

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. Jayesh
Designation :	Accounts Departments
Contact No.:	91-9879201856
Date :	14.05.2013

LOCATIONS

Registered Office/ Factory 1 :	Kalidas, Mills Compound, Gomtipur, 21, Ahmedabad – 380021, Gujarat, India
Tel. No.:	91-79-22941120
Mobile No.:	91-9879201856 (Mr. Jayesh)
Fax No.:	91-79-22940642
E-Mail :	ideal56@dataone.in ideal1956@gmail.com jayesh@idealsheet.com
Location :	Owned
Factory 2 :	Plot No. 94/2, G.I.D.C. Industrial Estate, Phase-1, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25842470/ 25841546
Fax No.:	91-79-25842315
E-Mail :	Ideal56@dataone.in

DIRECTORS

As on: 22.09.2012

Name :	Mr. Subhadraben Ramanlal Shah
Designation :	Director
Address :	28, Swastik Society, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	03.06.1927
Date of Appointment :	13.09.1962
DIN No.:	00373181
Name :	Mrs. Rajiben Bharatkumar Shah
Designation :	Director
Address :	7, Jaisuketu Flats, Opposite Municipal Market, Ahmedbad - 380009, Gujarat, India
Date of Birth/Age :	31.07.1974
Date of Appointment :	04.04.1995
DIN No.:	00373250
Name :	Khushiben Bharatbhai Shah
Designation :	Director
Address :	7, Jaisuketu Flats, Opposite Municipal Market, Ahmedbad - 380009, Gujarat, India
Date of Birth/Age :	10.01.1975
Date of Appointment :	01.08.1996
DIN No.:	00373286
Name :	Mr. Ramanlal Maneklal Shah
Designation :	Director
Address :	28, Swastik Society, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	31.07.1920
Date of Appointment :	13.09.1962
DIN No.:	00373348

KEY EXECUTIVES

Name :	Mr. Jayesh
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.09.2012

Names of Shareholders	No. of Shares
Ramanlal Shah	3812
Shubhadraben Shah	2148
Surekhaben Shah	405
Rajiben Shah	1005
Yogendra Shah	230
Ideal Textile Machinery Private Limited, India	1805
Khushiben Shah	5
Raji Khushi Trust	250
Total	9660

Equity Share Break up (Percentage of Total Equity)

As on: 22.09.2012

Category	Percentage
Bodies corporate	18.69
Directors or relatives of Directors	78.73
Others	2.58
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of textile machinery parts for spinning.
Exports :
Products :	Finished Good
Countries :	Indonesia
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Actual Production
Textile Parts	29140813

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

Information declined by the management.

Bankers :

· ICICI Bank Limited, Ahmedabad, Gujarat, India

· State Bank of India, Ahmedabad, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand from banks (Secured against fixed deposits)	0.000	8.523
Total	0.000	8.523

Banking Relations :	--
Auditors :
Name :	Khandhar Mehta and Shah Chartered Accountants
Address :	302-306, Devpath Complex, Off. C. G. Road, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26461526/ 30003583
Fax No.:	91-79-66315450
E-Mail :	kms@kmsindia.in
PAN.:	AAHFK1046R
Other Related Parties :	· Ideal Textile Machinery Components Private Limited · Ideal Stationery Manufacturing Company Private Limited · Ideal Plasticons · Intellect Components Company · Industrial Engineering Works

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9660	Equity Shares	Rs.100/- each	Rs. 0.966 Million

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	Number	Amount in Millions
Shares outstanding at the beginning of the year	9660	0.966
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	9660	0.966

Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares

Name of Shareholder	No. of Shares held	% of Holding
Ramanlal Maneklal Shah	3812	39.46
Subhadraben Ramanlal Shah	2148	22.24
Rajiben Bharatbhai Shah	1005	10.40
Ideal Textile Machinery Component Private Limited, India	1805	18.69

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.966	0.966	0.966
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		379.830	347.686	321.890
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		380.796	348.652	322.856
LOAN FUNDS
1] Secured Loans		0.000	8.523	33.135
2] Unsecured Loans		0.000	11.884	5.013
TOTAL BORROWING		0.000	20.407	38.148
DEFERRED TAX LIABILITIES		3.051	2.594	2.753
TOTAL		383.847	371.653	363.757
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.756	28.960	28.206
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		300.026	249.806	268.332
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.982	6.429	3.477
	Sundry Debtors	16.702	24.349	20.732
	Cash & Bank Balances	7.111	40.265	40.368
	Other Current Assets	19.923	32.172	1.755
	Loans & Advances	17.813	19.092	25.025
Total Current Assets		71.531	122.307	91.357
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.384	16.226	8.245
	Other Current Liabilities	4.152	3.564	6.053
	Provisions	10.930	9.630	9.840
Total Current Liabilities		29.466	29.420	24.138
Net Current Assets		42.065	92.887	67.219
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		383.847	371.653	363.757

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
TURNOVER NET OF EXCISE	210.129	152.743	114.745
TOTAL EXPENDITURE	NA	NA	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	48.895	39.927	52.328
DEPRECIATION/ AMORTISATION	4.998	4.358	4.322
PROFIT BEFORE TAX	43.531	35.266	48.041
TAX	11.387	9.471	10.080
PROFIT AFTER TAX	32.144	25.796	37.961
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	346.859	321.063	283.102
BALANCE CARRIED TO THE B/S	379.003	346.859	321.063
EARNINGS IN FOREIGN CURRENCY	38.098	9.358	9.274
Earnings Per Share (Rs.)	3327.54	2670.36	3929.74

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	38.43	23.31	40.18
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.15
Debt Equity Ratio (Total Debt /Networth)		0.00	0.06	0.12
Current Ratio (Current Asset/Current Liability)		2.43	4.16	3.78

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Creditors for goods	2.968	5.819	8.245
Creditors for expenses	11.416	10.407
Total	14.384	16.226	8.245

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	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	No
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)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from related parties (from directors, relatives and inter-corporate loan) (Not guaranteed by directors and / or others)	0.000	11.884
Total	0.000	11.884

CONTINGENT LIABILITIES: (As on 31.03.2012)

The company has pending disputed income tax dues of Rs. 0.756 Million and Rs. 2.087 Millions pertaining to Assessment year 2008-09 and 2009-10 respectively. It has preferred appeals against the same and also made payment

.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Water Coolers

· Conditioners

· Computer

· Jigs, dies, patterns

· Electric Fittings

· Residential Flat

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. 54.63
UK Pound	1	Rs. 83.67
Euro	1	Rs. 71.02

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.