MIRA INFORM REPORT

Report Date :

01.08.2011

IDENTIFICATION DETAILS

Name :	RINDER INDIA PRIVATE LIMITED
Formerly Known As :	FIEM RINDER PRIVATE LIMITED HALOGEN AUTO AND ELECTRICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Gut No.148, Mahalunge Ingale, Off Chakan, Talegaon Road, Tal Khed, Pune – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	18.01.1988
Com. Reg. No.:	11-45915
Capital Investment / Paid-up Capital :	Rs.8.500 millions
CIN No.: [Company Identification No.]	U31506PN1988PTC045915
TAN No.: [Tax Deduction & Collection Account No.]	PNER06605E
PAN No.: [Permanent Account No.]	AAACH4211R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Lighting Equipments and Automobile Parts.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established member company of Rinder, Spain. It is a company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Payments are correct and as per commitments. The company can be considered goods for normal 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Raj Kumar
Designation :	Accountant
Contact No.:	91-9850984086

LOCATIONS

Registered Office :	Gut No.148, Mahalunge Ingale, Off Chakan, Talegaon Road, Tal Khed, Pune – 410 501, Maharashtra, India
Tel. No.:	91-20-30616100 / 200
Mobile No.:	91-9850984086 (Mr. Raj Kumar)
Fax No.:	91-20-30616161 / 62
E-Mail :	rinder@rinder.in rinder.in@rinder.com marketing@rinder.in
Website :	http://www.rinder.in
Area :	1 Hectare
Location :	Owned
Corporate Office :	Plot No. 74-74A, F-II Block, MIDC, Pimpri, Pune – 411 018, Maharashtra, India
Tel. No.:	91-20-56114461/ 27470481/ 27472508
Fax No.:	91-20-27472435
E-Mail :	rinder@vsnl.com / marketing@rinder.in rinder.in@rinder.com
Website :	http://www.rinder.com
Area :	15000 Sq.ft.
Location :	Owned
Overseas Office :	Parque Technologico de Bizkaia, Pabellon 105, 2 Planta – 48170 Zamudio – Spain
Tel No :	91-34-944317871
Fax No :	91-34-902998439
Branch Office :	Plot No.12-13, Sector – 16, HSIIDC Industrial Estate, Bahadurgarh - 124 507, Haryana, India
Tel No :	91-1276-215727
Fax No :	91-1276-244964
E mail:	schaudhary@rinder.in

DIRECTORS

As on 30.06.2011

Name :	Mr. Fernando Echevarria
Designation :	Director
Address :	C. Particular Del Club, 4-5, Fi Lasarenas, Getxo Vizcaya, Spain – 48930
Date of Birth/Age :	07.03.1958
Date of Appointment :	23.01.1998
DIN No.:	00380088
Name :	Mr. Carlos Marzana
Designation :	Director
Address :	C. Senorio De Vizcaya 32 D, Gernika Lumo, Vizcaya, Spain – 48300
Date of Birth/Age :	10.10.1959
Date of Appointment :	23.01.1998
DIN No.:	00389077
Name :	Mr. Rafael Azcarreta
Designation :	Director
Address :	C/ Iparraguirre, 18-4 – E, Vizcaya, Gernica, Spain – 48300
Date of Birth/Age :	24.11.1954
Date of Appointment :	24.06.2002
DIN No :	00364312
Name :	Ms. Maria Concepcion Marzana
Designation :	Director
Address :	C. Egana, 13 3 B, Bilbao, Vizcaya, Spain – 48010
Date of Birth/Age :	08.12.1947
Date of Appointment :	24.06.2002
DIN No.:	00389443
Name :	Mr. Antonio Basterrechea
Designation :	Director
Address :	C. Egana, 13 3 B, Bilbao, Vizcaya, Spain – 48010
Date of Birth/Age :	16.05.1947
Date of Appointment :	24.06.2002
DIN No :	00388940

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Rinder Industries SA, Spain	84986
Carlos Marzana	10
Total	84996

Equity Share Breakup (Percentage of Total Equity)

As on 30.06.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Lighting Equipments and Automobile Parts.

Products :

Product Description	Item Code No.
Head Lamps, Tail Lamps, Blinkers	8512.00

· Automobile Electrical Components

· Head Lamps

· Tail Lamps

· Direction Indicator Lamps

· Parking Lamps

· Fog Lamps

· Spot Lamps

· Indicator Lamps

· Parking Lamps

· Flasher Units

· Horns

· Horn Relays

· Switches

· Wiring Harness Connectors Terminals

· Couplers

· Bulbs

· Fuse Carriers

· Fuse Lens

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

CITI Bank

2413, Parmar House, Kumar Capital, East Street, Pune – 411 001, Maharashtra, India

Facilities

Unsecured Loans	31.12.2010 Rs. in Millions	31.12.2009 Rs. in Millions
External Commercial Borrowings (From Rinder Industrial S.A. (Spain) the holding Company (Amount repayable within one year Rs. 24.232 Millions)	74.210	110.663
Total	74.210	110.663

Banking Relations :

Satisfactory

Auditors :

Suresh Surana and Associates

Chartered Accountants

Address :

310, Ahura Centre, 82, Mahakali Caves Road, Andheri (E), Mumbai – 400 093, Maharashtra, India

Holding Company :

Rinder Industrial SA

Paseo Carlos, Gangoiti, 71, Apartado de Correos 16, Guernica - 48300, Spain

Ultimate Holding Company :

Corporacion Rinder S.L

Fellow Subsidiary :

Rinder Tools India Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84996	Equity Shares (Of the above, 84986 equity shares are held by Rinder Industries S.a. (Spain), the holding company)	Rs.100/- each	Rs.8.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.500	8.500	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		521.055	520.349	432.427
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		529.555	528.849	440.927
LOAN FUNDS
1] Secured Loans		0.000	0.000	51.792
2] Unsecured Loans		74.210	110.663	0.000
TOTAL BORROWING		74.210	110.663	51.792
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		603.765	639.512	492.719
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		342.515	388.658	179.540
Capital work-in-progress		6.760	9.542	139.359
INVESTMENT		0.000	2.948	0.000
DEFERREX TAX ASSETS		4.985	1.879	6.991
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.715	54.877	66.855
	Sundry Debtors	273.685	201.201	168.737
	Cash & Bank Balances	90.587	94.694	20.959
	Other Current Assets	0.709	0.859	1.065
	Loans & Advances	180.977	332.496	259.126
Total Current Assets		621.673	684.127	516.742
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	210.593	179.992	128.508
	Other Current Liabilities	35.431	11.797	12.910
	Provisions	126.144	255.853	208.495
Total Current Liabilities		372.168	447.642	349.913
Net Current Assets		249.505	236.485	166.829
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		603.765	639.512	492.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1511.463	1245.326	1379.475
		Other Income	19.431	21.195	38.713
		TOTAL	1530.894	1266.521	1418.188
Less	EXPENSES
		Office Expenses	1465.525	1126.317	1246.022
		Administrative Expenses
		Advertising Expenses
		TOTAL	1465.525	1126.317	1246.022
	PROFIT BEFORE TAX		65.369	140.204	172.166
Less	TAX		24.895	52.059	61.499
	PROFIT AFTER TAX		40.474	88.145	110.667
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	286.932	386.529	331.767
	TOTAL EARNINGS		286.932	386.529	331.767
	IMPORTS
		Raw Materials	169.778	105.876	111.887
		Components	10.133	18.070	9.367
		Capital Goods	8.268	89.514	10.042
	TOTAL IMPORTS		188.179	213.460	131.296
	Earnings Per Share (Rs.)		476.19	1037.05	1302.02

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	2.64	6.96	7.80
Net Profit Margin (PBT/Sales)	(%)	4.32	11.26	12.48
Return on Total Assets (PBT/Total Assets}	(%)	6.78	13.07	24.73
Return on Investment (ROI) (PBT/Networth)		0.12	0.27	0.39
Debt Equity Ratio (Total Liability/Networth)		0.84	1.06	0.91
Current Ratio (Current Asset/Current Liability)		1.67	1.53	1.48

LOCAL AGENCY FURTHER INFORMATION

OPERATION

The Company has registered 21% increase in turnover as compared to the previous year. However, the profits of the Company have gone down due to increase in cost of inputs and other expenses. However, the Directors feel that the overall performance of the Company is satisfactory.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90088734
Corporate identity number of the company	U31506PN1988PTC045915
Name of the company	RINDER INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gut No.148, Mahalunge Ingale, Off Chakan Talegaon Road, Tal Khed, Pune – 410 501, Maharashtra, India.
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	CITI Bank N.A., 2413 Parmar House, East Street, Pune – 411 001, Maharashtra, India. E-Mail : vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification
Date of instrument Creating the charge	12.12.2008
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest to be charged at such rate/as may be determined by the bank from time to time Terms of repayment Loan shall be Repayable on demand Margin As may be stipulated by Bank from time to time Extent and operation of the charge The Current assets hypothecated to the Bank more particularly described in Column No.14 as and by way of first exclusive charge as security for the repayment of the loan together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to the Bank.
Short particulars of the property charged	Hypothecation of charge by way of first exclusive charge on Current Assets (including stocks, book debts) of the Borrower, both present and future.
Date of latest modification prior to the present modification	12.09.2008
Particulars of the present modification	The Bank has now increased credit facilities from Rs.55.000 millions to Rs.100.000 millions.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Moulds

· Dies

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Technical know-how

· Vehicles

· Computers

WEB DETAILS

THE COMPANY

Perfection is our goal

They are determine to continuously enhance the brand portfolio with innovative products and most demanding standards of quality and product safety. Subject is a renowned brand with complete automotive lighting solutions.

Subject is wholly owned subsidiary of Rinder Corporation was commenced in 1997 has grown with leaps and bounds over last 10 years, achieving almost 60% growth every year for last 4 years. They have two state of art manufacturing facilities set up in Pimpri and Chakan industrial estate in Pune (150 KM from Mumbai), and one more manufacturing facility in North of India (Bahadurgarh-30km from Delhi) which will cater the requirements of the customers in North. Activities in Bahadurgarh will start in 2008.

The company is an ISO TS 16949 systems company

As a part of the expansion and diversification programme they have set up a sophisticated Toolroom in India to manufacture moulds which have given them added advantage of making moulds available in India with European quality, The name of the company is Rinder tools India Private Limited.

Started with a small set up in the year 1997 subject has now spread its wings in India by having 4 manufacturing plants operational.

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 records 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 records 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.44.05
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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
TOTAL		60

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.