MIRA INFORM REPORT

Report No. :	325557
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	DELTA TECHNO CAST PRIVATE LIMITED
Registered Office :	Plot No. G-1066, Lodhika Industrial Estate Matod, GIDC, Motoda Taluka, Lodhika, Rajkot – 360021, Gujarat
Mob. No.:	91-9824411595
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.06.2004
Com. Reg. No.:	04-044256
Capital Investment / Paid-up Capital :	Rs. 4.500 Million
CIN No.: [Company Identification No.]	U27310GJ2004PTC044256
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCD9924G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Castings.
No. of Employees :	135 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Subject was incorporate in 2004. Subject is an Investment Casting manufacturing company. Rating takes into consideration modest net worth and huge external borrowing taken by company which acts as a threat to its liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view of extensive of promoters, the subject 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Sachin Patel
Designation :	Director
Contact No.:	91-9824411595
Date :	02.06.2015

LOCATIONS

Registered Office :	Plot No. G-1066, Lodhika Industrial Estate Matod, GIDC, Motoda Taluka, Lodhika, Rajkot – 360021, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9824411595
Fax No.:	Not Available
E-Mail :	csroc.mail@hjamnadas.com
Website :	http://www.deltatechnocast.com
Area :	4750 sq. ft.
Location :	Owned

DIRECTORS

AS ON 22.09.2014

Name :

Sachinkumar Shantilal Patel

Designation :

Director

Address :

Vande Mataram, 2-Anupama Society, KLD Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

25.06.1978

Date of Appointment :

04.06.2004

Qualification :

B.E. Mech.

Experience :

16 Years

DIN No.:

01143652

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	U27310GJ2004PTC044256	DELTA TECHNOCAST PRIVATE LIMITED	Director	04/06/2004	04/06/2004	-	Active	NO
2	U74999GJ2014PTC079322	SPARTANS IMPEX PRIVATE LIMITED	Director	24/03/2014	24/03/2014	-	Active	NO

Name :

Shantilal Hirjibhai Patel

Designation :

Director

Address :

2-Anupama Society, Block /A, Kalawad Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age:

59 Years

Qualification :

BA

Expereince :

36 Years

Date of Appointment :

04.06.2004

DIN No.:

01143522

Name :

Mehul Shantilal Patel

Designation :

Director

Address :

Vande Mataram, 2-Anupama Society, KLD Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age:

34 Years

Qualification :

B.Com

Experience :

14 Years

Date of Appointment :

14.06.2004

DIN No.:

00692446

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	U27310GJ2004PTC044256	DELTA TECHNOCAST PRIVATE LIMITED	Director	14/06/2004	14/06/2004	-	Active	NO
2	U74999GJ2014PTC079322	SPARTANS IMPEX PRIVATE LIMITED	Director	24/03/2014	24/03/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares	% of Holdings
Sachin Shantilal Patel	115000	25.56
Shantilal Hirjibhai Patel	105000	23.33
Mehul Shantilal Patel	100000	22.22
Puja Sachin Patel	90000	20.00
Bindiya Mehulbhai Patel	40000	8.89
Total	450000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 22.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Castings.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

135 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Kalawad Road, Rajkot – 360005, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	3792320000915
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Rajkot Peoples Co-Operative Bank Limited, “Sabhasad Bhavan”, 1, Manhar Plot, Gondal Road, Rajkot – 360005, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From banks	0.000	0.622
SHORT TERM BORROWING
From banks	16.884	14.825
Total	16.884	15.447

Auditors :
Name :	H. Jamnadas and Company Chartered Accountant
Address :	H. Jamnadas House, 50 – Janta Society, Mahila College Chowk, Tagore Road, Rajkot – 360001, Gujarat, India
PAN No.:	AABFH2320P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs. 4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs. 4.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.500	4.500	4.500
(b) Reserves & Surplus	4.766	3.334	2.583
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9.266	7.834	7.083
(3) Non-Current Liabilities
(a) long-term borrowings	14.857	10.278	10.475
(b) Deferred tax liabilities (Net)	0.653	0.405	0.448
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.510	10.683	10.923
(4) Current Liabilities
(a) Short term borrowings	16.884	14.825	12.509
(b) Trade payables	20.591	16.374	14.400
(c) Other current liabilities	5.468	5.470	3.557
(d) Short-term provisions	0.877	1.410	0.877
Total Current Liabilities (4)	43.820	38.079	31.343
TOTAL	68.596	56.596	49.349
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.715	12.076	12.634
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.200	0.200	0.200
(e) Other Non-current assets	1.228	1.375	1.384
Total Non-Current Assets	17.143	13.651	14.218
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.100	4.015	5.725
(c) Trade receivables	46.099	37.416	26.571
(d) Cash and cash equivalents	0.448	0.814	0.905
(e) Short-term loans and advances	0.000	0.034	0.000
(f) Other current assets	0.806	0.666	1.930
Total Current Assets	51.453	42.945	35.131
TOTAL	68.596	56.596	49.349

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	99.807	85.881	72.405
		Other Income
		TOTAL	99.807	85.881	72.405
Less	EXPENSES
		TOTAL	91.622	79.708	66.279
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.185	6.173	6.126
Less	FINANCIAL EXPENSES		3.977	3.121	2.847
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.208	3.052	3.279
Less/ Add	DEPRECIATION/ AMORTISATION		2.089	1.920	1.752
	PROFIT BEFORE TAX		2.119	1.132	1.527
Less	TAX		0.688	0.381	0.491
	PROFIT AFTER TAX		1.431	0.751	1.036
	Earnings Per Share (Rs.)		3.18	1.67	2.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.43	0.87	1.43
Operating Profit Margin (PBIDT/Sales)	(%)	8.20	7.19	8.46
Return on Total Assets (PBT/Total Assets}	(%)	3.09	2.00	3.09
Return on Investment (ROI) (PBT/Networth)		0.23	0.14	0.22
Debt Equity Ratio (Total Debt /Networth)		3.43	3.20	3.24
Current Ratio (Current Asset/Current Liability)		1.17	1.13	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.500	4.500	4.500
Reserves & Surplus	2.583	3.334	4.766
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.083	7.834	9.266
long-term borrowings	10.475	10.278	14.857
Short term borrowings	12.509	14.825	16.884
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	22.984	25.103	31.741
Debt/Equity ratio	3.245	3.204	3.426

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	72.405	85.881	99.807
		18.612	16.215

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	72.405	85.881	99.807
Profit	1.036	0.751	1.431
	1.43%	0.87%	1.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From directors	7.933	5.304
From shareholders and directors relatives	6.924	4.325
Total	14.857	9.629

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10189532	19/12/2014 *	30,000,000.00	Bank of Baroda	Aji Industrial Area Branch, 80 Feet Road, Nr. Fieldmarshal, Rajkot, Gujarat - 360003, INDIA	C37850880
2	10189527	19/12/2014 *	30,000,000.00	BANK OF BARODA	Aji Industrial Area Branch, 80 Feet Road, Nr. Fieldmarshal, RAJKOT, Gujarat - 360003, INDIA	C37851102

* Date of charge modification

FIXED ASSETS

• Land
• Factory Buildings
• Water Tank
• Plant and Machinery
• Air Conditioner
• Furniture
• Mobile Phone

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. 63.83
UK Pound	1	Rs. 97.10
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SAN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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	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		31

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.