MIRA INFORM REPORT

Report Date :

31.05.2013

IDENTIFICATION DETAILS

Name :	PACOLINE INDUSTRIES PRIVATE LIMITED
Registered Office :	21/1, Hadpasar Industrial Estate, Hadpasar, Pune – 411013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.03.2005
Com. Reg. No.:	11-020383
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U29299PN2005PTC020383
TAN No.: [Tax Deduction & Collection Account No.]	PNEP09092G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of injection moulding components.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 740000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a slight dip in the net profitability during 2012. However, trade relations are fair. Business is active. Payments are recorded as usually correct. The company can be considered normal for business dealings at usual trade termsd and conditions.

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. Sohael Rahematulla Shaikh
Designation :	Managing director
Contact No.:	91-20-26870643
Date :	30.05.2013

LOCATIONS

Registered Office/ Factory :	21/1, Hadpasar Industrial Estate, Hadpasar, Pune – 411013, Maharashtra, India
Tel. No.:	91-20-26870643/ 26875351/ 26817972/ 56038936
Fax No.:	91-20-26875350
E-Mail :	bazil@pacoline.com pacoline@pacoline.com
Website :	http://www.pacoline.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Bazil Rahematulla Shaikh
Designation :	Whole-time director
Address :	Building No.3, Flat No. 7, Sameer Apartment, 17, Bund Garden Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	02.05.1970
Date of Appointment :	09.03.2005
DIN No.:	00188098
Name :	Mr. Rahil Rahematulla Shaikh
Designation :	Whole-time director
Address :	Flat No.7, Building No. 3, Sameer Apartment, 17, Bund Garden Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	14.10.1971
Date of Appointment :	09.03.2005
DIN No.:	00188101
Name :	Mr. Muzammil Rahematulla Shaikh
Designation :	Director
Address :	Building No.3, Flat No. 7, Sameer Apartment, 17, Bund Garden Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	04.06.1975
Date of Appointment :	09.03.2005
DIN No.:	00188107
Name :	Mr. Sohael Rahematulla Shaikh
Designation :	Managing director
Address :	Building No.3, Flat No. 7, Sameer Apartment, 17, Bund Garden Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	07.11.1964
Date of Appointment :	09.03.2005
DIN No.:	00188109

KEY EXECUTIVES

Name :	Manoj H. Shah and Associates
Designation :	Company Secretaries
Address :	Shop No. 1 and 2, B- 5 New Mani Ratna Co Aiplex, Co-operative Society Limited, Arnyashwer Comer, Pune 411 009 , Maharashtra, India
Tel. No.:	91-20-24220636
Email :	manojshahl23@vsnl.net

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sohael Rahematulla Shaikh	250000
Bazil Rahematulla Shaikh	250000
Rahil Rahematulla Shaikh	250000
Muzammil Rahematulla Shaikh	250000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of injection moulding components.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

• Whirlpool
• Tata
• Piaggio
• Molex
• Tyco
• John Deere
• Fiat
• Exide
• Ashok Leyland
• Sharp
• Motherson

No. of Employees :

50 (Approximately)

Bankers :

Bank of India, Pune Main Branch, Pune - 411001, Maharashtra, India

Tel No.: 91-20-24218769

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash Credit Bank of India	7.356	11.073
Total	7.356	11.073

Banking Relations :	--
Auditors :
Name :	Sunil Shah Chartered Accountants
Address :	B1 604, Kumar Picasso Hadapsar, Pune – 411028, Maharashtra, India
PAN No.:	ADXPS4405K

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		176.192	134.833	87.243
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		186.192	144.833	97.243
LOAN FUNDS
1] Secured Loans		7.356	11.073	8.041
2] Unsecured Loans		14.059	12.336	10.202
TOTAL BORROWING		21.415	23.409	18.243
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		207.607	168.242	115.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.399	67.251	42.341
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.608	14.718	11.540
	Sundry Debtors	145.628	119.301	116.044
	Cash & Bank Balances	65.763	48.630	16.718
	Other Current Assets	0.043	0.085	0.000
	Loans & Advances	12.285	8.664	52.643
Total Current Assets		239.327	191.398	196.945
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	99.492	85.194	71.812
	Other Current Liabilities	6.627	5.213	5.976
	Provisions	0.000	0.000	46.140
Total Current Liabilities		106.119	90.407	123.928
Net Current Assets		133.208	100.991	73.017
MISCELLANEOUS EXPENSES		0.000	0.000	0.128
TOTAL		207.607	168.242	115.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	667.165	657.025	468.278
		Other Income	0.000	0.000	0.000
		TOTAL (A)	667.165	657.025	468.278
Less	EXPENSES
		Cost of materials consumed Employee benefit expense	464.571	445.820	424.921
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	16.034	16.889
		Other expenses	106.165	106.260
		TOTAL (B)	586.770	568.969	424.921
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.395	88.056	43.357
Less	FINANCIAL EXPENSES (D)		0.189	0.676	1.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.206	87.380	42.265
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.947	15.790	12.385
	PROFIT BEFORE TAX (E-F) (G)		61.259	71.590	29.880
Less	TAX (H)		19.900	24.000	10.321
	PROFIT AFTER TAX (G-H) (I)		41.359	47.590	19.559
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		134.833	87.243	67.684
	BALANCE CARRIED TO THE B/S		NA	134.833	87.243
	EARNINGS IN FOREIGN CURRENCY		12.516	5.545	NA
	Earnings Per Share (Rs.)		41.36	47.59	19.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.20	7.24	4.18
Net Profit Margin (PBT/Sales)	(%)	9.18	10.90	6.38
Return on Total Assets (PBT/Total Assets}	(%)	19.53	27.68	12.49
Return on Investment (ROI) (PBT/Networth)		0.33	0.49	0.31
Debt Equity Ratio (Total Debt /Networth)		0.12	0.16	0.19
Current Ratio (Current Asset/Current Liability)		2.26	2.12	1.59

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in Millions)

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Trade Payables	99.492	85.194	71.812
Total	99.492	85.194	71.812

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%	----------------------
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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)

Particulars	As on 31.03.2012	As on 31.03.2011
Loan From Directors/Shareholders	14.059	12.336
Total	14.059	12.336

FIXED ASSETS:

• Building
• Plant and Machinery
• Moulds
• Computers
• Furniture and Fixtures
• 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.56.10
UK Pound	1	Rs.85.13
Euro	1	Rs.72.80

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.