MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	BARODA HI-TECH ALLOYS PRIVATE LIMITED
Registered Office :	GF 1, Mangal Ashish, 31, Sampatrao Colony, R C Dutt Road, Vadodara-390007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.1999
Com. Reg. No.:	04-036756
Capital Investment / Paid-up Capital :	Rs. 3.397 Millions
CIN No.: [Company Identification No.]	U27310GJ1999PTC036756
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer OF Castings and Allied Products
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 214000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payments terms are usually correct 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

Name :	Mr. M.N. Nair
Designation :	Manager
Contact No.:	91-9979884151
Date :	10.05.2013

LOCATIONS

Registered Office :	GF 1, Mangal Ashish, 31, Sampatrao Colony, R C Dutt Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2320940/2341167
Mobile No.:	91-9979884151 (Mr. M.N Nair)
Fax No.:	91-265-2320940/2340907
E-Mail :	kpaaccounts@yahoo.com sales@barodahi-tech.com balbaroda@rediffmail.com kamleshshahca@gmail.com
Website :	http://www.baroda.tech.com http://www.barodahitech.in
Location :	Owned
Factory :	Plot No. 26/27/28, GIDC, Savli, P.O. Manjusar, Taluka Savli, Vadodara-391775, Gujarat, India
Tel. No.:	91-2667-264198/264234
Fax No.:	91-2667-264669

DIRECTORS

As on : 29.09.2012

Name :

Mr. Mohanan Narayanan Pothamparambil

Designation :

Director

Address :

4, Nand Residency, Old Padra Road, Vadodara-390020, Gujarat, India

Date of Birth/Age :

15.05.1960

Date of Appointment :

20.10.1999

DIN No.:

02022158

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	U27310GJ1999PTC036756	BARODA HI-TECH ALLOYS PRIVATE LIMITED	Director	20-10-99	20-10-99	-	Active	NO
2	U27300GJ2011PTC067158	INCAN CAST ALLOYS PRIVATE LIMITED	Director	16-09-11	16-09-11	-	Active	NO

Name :

Mrs. Deepa Mohanan Pothamparambhai

Designation :

Director

Address :

4 Nand Residency, Old Padra Road, Vadodara-390020, Gujarat, India

Date of Birth/Age :

25.05.1966

Date of Appointment :

01.04.2003

DIN No.:

02450919

KEY EXECUTIVES

Name :	M. H. Dave and Company
Designation :	Secretary
Address :	Vadodara, Gujarat, India
Name :	Mr. M.N Nair
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on ; 29.09.2012

Names of Shareholders	No. of Shares
Mohanan Narayanan Potamparambil	55000
Mohanan Deepa	80000
Balan P N	19670
Dharmapalan P A	8000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.201

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer OF Castings and Allied Products
Exports :
Products :	Finished Goods
Countries :	· Dubai · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity
Castings	Not Applicable	5000 MTS

GENERAL INFORMATION

Customers :

End Users, Retailers

No. of Employees :

30 (Approximately)

Bankers :

· Indian Overseas Bank, Alkapuri Branch, Vadodara-390007, Gujarat, India

· M.S. Co-op Bank Limited, Banking Branch, Sivalik Complex, Subhanpura, Vadodara, Gujarat, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Term Loan
From Banks	1.059	2.033
From Other Parties	0.000	0.523
Loans repayable on demand	28.140	24.238
Total	29.199	26.794

Auditors :
Name :	K J Shah and Company Chartered Accountants
Address :	1^st Floor, Satsang Appartment, Kothi Salatwada Road, Vadodara, Gujarat, India
Tel No :	91-265-2439931
Fax No :	91-265-2429411
Email :	kamleshprashil@yahoo.co.in
PAN No.:	ACPPS3199H

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
339700	Equity Shares	Rs. 10/- each	Rs. 3.397 Millions

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		3.397	3.397	3.397
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.197	39.741	28.929
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.594	43.138	32.326
LOAN FUNDS
1] Secured Loans		29.199	26.794	23.411
2] Unsecured Loans		4.434	1.768	1.768
TOTAL BORROWING		33.633	28.562	25.179
DEFERRED TAX LIABILITIES		0.809	0.981	0.900
TOTAL		88.036	72.681	58.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.071	32.462	30.367
Capital work-in-progress		1.775	0.000	0.000
INVESTMENT		0.119	0.098	0.098
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.943	17.960	11.118
	Sundry Debtors	53.629	52.555	42.956
	Cash & Bank Balances	3.607	2.514	0.558
	Other Current Assets	0.144	0.000	0.000
	Loans & Advances	10.356	11.340	11.822
Total Current Assets		98.679	84.369	66.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.366	35.501	29.450
	Other Current Liabilities	2.127	0.814	0.742
	Provisions	11.115	7.933	8.322
Total Current Liabilities		44.608	44.248	38.514
Net Current Assets		54.071	40.121	27.940
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.036	72.681	58.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Sales	219.256	207.629	164.297
		Other Income		NA	NA
		TOTAL	220.125	NA	NA
Less	EXPENSES
		TOTAL	199.829	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.296	20.008	17.073
Less/ Add	DEPRECIATION/ AMORTISATION		3.829	3.739	3.504
	PROFIT BEFORE TAX		16.467	16.269	13.569
Less	TAX		6.011	0.000	0.000
	PROFIT AFTER TAX		10.456	16.269	13.569
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods (F.O.B Basis)	NIL	NIL	1.416
	TOTAL EARNINGS		NIL	NIL	1.416
	IMPORT VALUE
	TOTAL IMPORTS		NA	1.124	1.245
	Earnings Per Share (Rs.)		31.83	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	230.000

The above information has been parted by Mr. M. N. Nair (Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	7.51	7.84	8.26
Return on Total Assets (PBT/Total Assets}	(%)	12.59	13.93	14.01
Return on Investment (ROI) (PBT/Networth)		0.31	0.38	0.42
Debt Equity Ratio (Total Debt /Networth)		0.63	0.66	0.78
Current Ratio (Current Asset/Current Liability)		2.21	1.91	1.73

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 four 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

NOTE :

The registered office of the company has been shifted from 204/B, Alkapuri Arcade Alkapuri, Baroda, Gujarat, India to the present address given below w.e.f. 16.01.2008

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Term Loans from Other Parties	1.368	1.368
Loans and Advance from Related Parties	3.066	0.400
Total	4.434	1.768

FIXED ASSETS :

· Land

· Building Shed

· Electrification

· Plant and Machinery

· Cycle

· Furniture

· Tools and Dies

· Motor Car

· Vehicle

· Computer

· Office Equipments

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. 54.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

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	5
--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		49

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.