MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	POONA SHIMS PRIVATE LIMITED
Registered Office :	39/39, Darshangad Apartments, Prabhat Road, Lane No.9C, Pune – 411 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1981
Com. Reg. No.:	11-024033
Capital Investment / Paid-up Capital :	Rs.4.534 millions
CIN No.: [Company Identification No.]	U29302PN1981PTC024033
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00299F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Oil Coolers, Fuel Rails for Diesel Engines Automotive and Industrial Application.
No. of Employees :	30 (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 1699000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having a satisfactory track record. There appears an increase in the sales turnover of the company during 2012. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to regular and as per commitments. The company can be considered good for business dealings at usual trade terms 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 1
Rating Explanation	Highest credit worthiness.
Date	January 23, 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 (GENERAL DETAILS)

Name :	Mr. Dutta
Designation :	Accountant
Contact No.:	91-20-25410833
Date :	05.09.2013

LOCATIONS

Registered Office :	39/39 Darshangad Apartments, Prabhat Road, Lane No.9C, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25410833/ 25425492
Fax No.:	91-20-25410529
E-Mail :	gupte@giaspn01.vsnl.net.in poshworks@vsnl.net
Website :	http://www.poshindia.com
Location :	Owned
Plant I :	Stainless Steel Oil Coolers and EGR Coolers 73/10+11, Mumbai-Pune Highway (Old), Vadgaon Maval, Taluka Maval, District Pune – 412 106, Maharashtra. India.
Tel. No.:	91-2114-222480/ 235971/ 72/ 73
Plant II :	Aluminium Oil Coolers Gat No.723, At and Post Village Javale, Near Naygaon Village, Taluka Khandala, District Satara – 421 801, Maharashtra, India.
Tel. No.:	91-2169-241153

DIRECTORS

AS ON 23.08.2012

Name :	Mrs. Shubha Anil Gupte
Designation :	Managing Director
Address :	Flat No.101, Kalpita Apartments, Prabhat Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	06.07.1942
Date of Appointment :	07.03.1981
DIN No.:	00102832
Name :	Mr. Anil Shankar Gupte
Designation :	Director
Address :	Flat No.101, Kalpita Apartments, Prabhat Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	13.04.1941
Date of Appointment :	07.03.1981
DIN No.:	00102642
Name :	Mr. Mahesh Anant Athavale
Designation :	Director
Address :	117/121/2, Nandnanda, Prabhat Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	20.07.1961
Date of Appointment :	05.02.2005
DIN No.:	00003989
Name :	Mr. Uday Shamrao Bakshi
Designation :	Director
Address :	Plot No.27, Siddhivinayak Housing Society, Talegaon, Pune – 410 507, Maharashtra, India
Date of Birth/Age :	04.02.1965
Date of Appointment :	01.10.2008
DIN No.:	02453835
Name :	Mr. Sanjeev Madhusudan Gadkari
Designation :	Director
Address :	1555, Sadashiv Peth, Chiman Baug, Tilak, Pune – 411 030, Maharashtra, India
Date of Birth/Age :	28.02.1953
Date of Appointment :	05.02.2005
DIN No.:	00128493

KEY EXECUTIVES

Name :	Mr. Dutta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2012

Names of Shareholders (A Class Equity Shares)	No. of Shares
Akshay Shashank Patil	10
Anil S. Gupte	6560
Anil S. Gupte jointly with Shubha A. Gupte	10800
Anil S. Gupte jointly with Seema S. Patil	1700
Shubha A. Gupte	12510
Shubha A. Gupte jointly with Seema S. Patil	6040
Seema S. Patil	1500
Seema S. Patil jointly with Varad S. Patil	300
Varad S. Patil jointly with Seema S. Patil	200
Mahesh A. Athavale jointly with Mrudani M. Athavale	230
Gupte Family Trust, India	490
Total	40340

Names of Shareholders (B Class Equity Shares)	No. of Shares
Gupte Family Trust, India	5000
Total	5000

AS ON 23.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Oil Coolers, Fuel Rails for Diesel Engines Automotive and Industrial Application.

Products :

ITC CODE	Product Description
8409	Plate Type Lubricating Oil Coolers / Fuel Rail

Exports :

Products :

• Oil Coolers
• Fuel Rails

Countries :

• Turkey
• UK
• Germany

Imports :

Products :

Raw Material

Countries :

Sudan

Terms :

Selling :

Agent Performance / Agent Document

Purchasing :

Agent Performance / Agent Document

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Oil Coolers	NA	NA	719725
Fuel Rail	NA	NA	7883

GENERAL INFORMATION

Customers :

Others

TRUCK OEMS

• Ashok Leyland
• Swaraj Mazda
• TataC

PASSENGER CAR / UTILITY VEHICLES OEMS

• Mahindra
• AVTEC
• Tata

Off Highway (Only Diesel Engines) OEMs

• Cummins
• Kirloskar
• Greaves

TRACTOR OEMS

• John Deere
• Mahindra

No. of Employees :

30 (Approximately)

Bankers :

• State Bank of India, Industrial Financial Branch, Tara Chambers, 2^nd Floor, Near Mariaai Police Chowky, Pune Mumbai Highway, Wakdewadi, Pune – 411 003, Maharashtra, India
• State Bank of India Deccan Gymkhana Branch, 1^st Floor, PMT House-Shirole Bhavan, Deccan Gymkhana, Pune – 411 004, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks (Working Capital) (Secured by way of hypothecation of the Company’s Stocks and Book Debts, both present and future and also secured by charge on Company’s immovable properties, both present and future, personal guarantee of Directors)	6.960	4.878
Total	6.960	4.878

Banking Relations :	--
Auditors :
Name :	Amod Bapat Chartered Accountant
Address :	Flat No.2, Chandanban Co-Operative Society, Lakaki Road, Model Colony, Pune – 411 016, Maharashtra, India
Tel. No.:	91-20-25674649/ 65228176
PAN No.:	AAZPB5481B
Other Related Parties :	Poona Pressings Private Limited

CAPITAL STRUCTURE

AS ON 23.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	A Class Equity Shares	Rs.100/- each	Rs.5.000 millions
5000	B Class Equity Shares	Rs.100/- each	Rs.0.500 million
	Total		Rs.5.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40340	A Class Equity Shares	Rs.100/- each	Rs.4.034 millions
5000	B Class Equity Shares	Rs.100/- each	Rs.0.500 million
	Total		Rs.4.534 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	4.534	4.534
(b) Reserves & Surplus	420.093	380.064
(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)	424.627	384.598
(3) Non-Current Liabilities
(a) Long-term borrowings	1.075	3.281
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	13.495	12.653
Total Non-current Liabilities (3)	14.570	15.934
(4) Current Liabilities
(a) Short term borrowings	6.960	4.878
(b) Trade payables	28.573	38.457
(c) Other current liabilities	7.699	4.984
(d) Short-term provisions	36.056	34.577
Total Current Liabilities (4)	79.288	82.896
TOTAL	518.485	483.428
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	159.918	140.698
(ii) Intangible Assets	0.233	0.228
(iii) Capital work-in-progress	7.216	9.163
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.114	0.613
(d) Long-term Loan and Advances	14.656	12.201
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	182.137	162.903
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	144.110	130.112
(c) Trade receivables	159.764	140.278
(d) Cash and cash equivalents	0.860	3.026
(e) Short-term loans and advances	1.922	0.980
(f) Other current assets	29.692	46.129
Total Current Assets	336.348	320.525
TOTAL	518.485	483.428

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.534
2] Share Application Money		0.000
3] Reserves & Surplus		337.549
4] (Accumulated Losses)		0.000
NETWORTH		342.083
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.531
TOTAL BORROWING		0.531
DEFERRED TAX LIABILITIES		0.000
TOTAL		342.614
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.488
Capital work-in-progress		33.735
INVESTMENT		32.876
DEFERRED TAX ASSETS		4.592
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.736
	Sundry Debtors	101.429
	Cash & Bank Balances	31.013
	Other Current Assets	0.000
	Loans & Advances	31.568
Total Current Assets		245.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.698
	Other Current Liabilities	16.044
	Provisions	13.081
Total Current Liabilities		53.823
Net Current Assets		191.923
MISCELLANEOUS EXPENSES		0.000
TOTAL		342.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	706.907	593.971	435.098
		Other Income		2.746	6.200
		TOTAL (A)	706.907	596.717	441.298
Less	EXPENSES
		Office Expenses	604.198	487.252	340.179
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	604.198 (including interest)	487.252	340.179
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			109.465	101.119
Less	INTEREST (D)			0.250	0.182
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.709	109.215	100.937
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.467	20.542	15.987
	PROFIT BEFORE TAX (E-F) (G)		73.242	88.673	84.950
Less	TAX (H)		23.398	29.461	29.007
	PROFIT AFTER TAX (G-H) (I)		49.844	59.212	55.943
	Prior Period Tax Adjustment		NA	(1.786)	(0.198)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	215.918	176.376
	APPROPRIATIONS
		Proposed Dividend	9.068	9.068	9.068
		Tax on Proposed Dividend	1.471	1.541	1.541
		Transfer to General Reserve	7.324	5.921	5.535
	BALANCE CARRIED TO THE B/S		NA	256.814	215.977
	EARNINGS IN FOREIGN CURRENCY		17.885	11.937	5.427
	IMPORTS
		Raw Materials	101.790	100.690	57.602
		Components, Spare Parts, Repairs	0.000	0.000	0.132
		Capital Goods and Capital WIP	0.000	0.000	27.222
	TOTAL IMPORTS		101.790	100.690	84.956
	Earnings Per Share (Rs.)		1099.00	1305.96	1233.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.05	9.92	12.68
Net Profit Margin (PBT/Sales)	(%)	NA	14.93	19.52
Return on Total Assets (PBT/Total Assets}	(%)	14.33	18.72	26.12
Return on Investment (ROI) (PBT/Networth)		0.17	0.23	0.25
Debt Equity Ratio (Total Debt/Networth)		0.02	0.02	0.00
Current Ratio (Current Asset/Current Liability)		4.24	3.67	4.57

LOCAL AGENCY FURTHER INFORMATION

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	Yes
17) Major suppliers	No
18) Major customers	Yes
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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits from related parties	1.075	3.281
Total	1.075	3.281

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90085268	28/03/2012 *	30,000,000.00	STATE BANK OF INDIA	1ST FLOOR, PMT HOUSE-SHIROLE BHAVAN, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	B37180320
2	90090480	26/09/2003 *	9,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, PUNE, MAHARASHTRA - 411003, INDIA	-
3	90093406	16/03/1996 *	1,360,000.00	STATE BANK OF INDIA	MAIN BRANCH, PUNE, MAHARASHTRA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Contingent Liability towards pending Sales Tax concessional forms	4.145	0.207

FIXED ASSETS:

Tangible Assets

· Land at Jawale

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fittings

Intangible Assets

· Software

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.66.04
UK Pound	1	Rs.103.11
Euro	1	Rs.86.99

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	7
--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
DEFAULTERS
--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.