MIRA INFORM REPORT

Report Date :

22.08.2011

IDENTIFICATION DETAILS

Name :	MACHINO AUTO COMP LIMITED (w.e.f. 31.07.2010)
Formerly Known As :	MACHINO AUTO COMP PRIVATE LIMITED
Registered Office :	Plot No. 2, Sector 33, Delhi – Jaipur Highway, Gurgaon 122001, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.09.2008
Com. Reg. No.:	038361
Capital Investment / Paid-up Capital :	Rs. 50.000 millions
CIN No.: [Company Identification No.]	U51103HR2008PLC038361
TAN No.: [Tax Deduction & Collection Account No.]	RTKM05624D
PAN No.: [Permanent Account No.]	AAFCM7461F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Plastic Automotive Parts for Volkswagen and Mahindra
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (23)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings on a secured trade terms and conations. Profit and Loss Accounts are not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Dilip Mehra
Designation :	Senior Finance Manager
Contact No.:	91-9560194040
Date :	20.08.2011

LOCATIONS

Registered Office :	Plot No. 2, Sector 33, Delhi – Jaipur Highway, Gurgaon 122001, Haryana, India
Tel. No.:	91-124-4648200
Fax No.:	91-124-4648299
E-Mail :	sarora@machinopolymers.com
Factory :	F 1 Chakan Industrial Area, Village Kharabwadi, Taluka Khed, Pune 410501, Maharashtra, India

DIRECTORS

AS ON 17.06.2010

Name :	Mr. Arjun Jindal
Designation :	Director
Date of Birth/Age :	12.03.1980
Date of Appointment :	19.09.2008
Name :	Mr. Rajiv Jindal
Designation :	Director
Date of Birth/Age :	03.12.1954
Date of Appointment :	17.12.2009
Name :	Mr. Murli Dhar Jindal
Designation :	Director
Date of Birth/Age :	28.01.1929
Date of Appointment :	19.09.2008

KEY EXECUTIVES

Name :	Mr. Dilip Mehra
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.06.2010

Names of Equity Shareholders	No. of Shares
Arjun Jindal	399096
Rajiv Jindal	1
Murli Dhar Jindal	100000
Kamla Jindal	1
Sonal Jindal	1
Radhika Jindal	1
Machine Techno Sales Limited, Kolkata, West Bengal	900
Total	500000

Names of Preference Shareholders	No. of Shares
Machine Techno Sales Limited, Kolkata, West Bengal	4500000

AS ON 17.06.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		0.18
Directors or relatives of directors		99.82
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Automotive Parts for Volkswagen and Mahindra

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Allahabad Bank, International Branch, 17, Parliament Street, New Delhi 110001, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Loans from Banks
Term Loans	24.378	0.000
Total	24.378	0.000
Note: Secured by way of first charge on fixed assets of the company along with a collateral security on current assets of the company.

Banking Relations :	--
Auditors :
Name :	Goel Garg and Company Chartered Accountant
Address :	H-4 Masjid Moth., Greater Kailash – II, New Delhi 110048, India
Tel. No.:	91-11-46539501 / 46539502
Fax No.:	91-11-41636825
E-Mail :	office@goelgarggroup.com
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10 each	Rs.5.000 millions
4500000	12% Cumulative Preference Shares	Rs. 10 each	Rs. 45.000 millions
			Rs.50.000 millions

Note:

Authorized Share Capital of the company increased from Rs. 0.100 million to 50.000 millions

- 490000 equity shares of Rs. 10 each

- 4500000 12% Cumulative Preference Shares of Rs. 10 each.

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10 each	Rs.5.000 millions
4500000	12% Cumulative Preference Shares	Rs. 10 each	Rs. 45.000 millions
			Rs.50.000 millions

Of the above shares

Equity Shares capital increased by 490000 by issue of same class of equity shares as per the companies Act 1956.

4500000 12% Cumulative Preference Shares issued and fully subscribed as per the company Act 1956.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		50.000	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(1.317)	(2.841)
NETWORTH		48.683	(2.741)
LOAN FUNDS
1] Secured Loans		24.378	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		24.378	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		73.061	(2.741)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.881	0.000
Capital work-in-progress		5.934	0.092
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.571	0.308
	Sundry Debtors	1.324	0.018
	Cash & Bank Balances	7.697	0.303
	Other Current Assets	13.496	0.000
	Loans & Advances	57.255	33.590
Total Current Assets		125.343	34.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.057	0.206
	Other Current Liabilities	69.814	36.866
	Provisions	0.226	0.000
Total Current Liabilities		77.097	37.072
Net Current Assets		48.246	(2.853)
MISCELLANEOUS EXPENSES		0.000	0.020
TOTAL		73.061	(2.741)

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	2.08	(13.52)
Current Ratio (Current Asset/Current Liability)	1.63	0.92

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009
Sundry Creditors	7.057	0.206

NOTE:

As confirmed by Mr. Dilip Mehra company started business from December, 2009, they carried out manufacturing through job work, but from January, 2011 they have started their own manufacturing.

FIXED ASSETS:

- Freehold Land

- Computers

- Furniture and Fixtures

FORM 8

Corporate identity number of the company	U51103HR2008PLC038361
Name of the company	MACHINO AUTO COMP LIMITED (w.e.f. 31.07.2010)
Address of the registered office or of the principal place of business in India of the company	Plot No. 2, Sector 33, Delhi – Jaipur Highway, Gurgaon 122001, Haryana, India
This form is for	Modification of charge Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Allahabad Bank, International Branch, 17, Parliament Street, New Delhi 110001, India Email: br.del_ibl@allahabadbank.in
Nature of instrument creating charge	Term loan Agreement,General Letter of Hypothecation,
Date of instrument Creating the charge	23.12.2010
Amount secured by the charge	Rs. 335.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest shall be charge at the floating rate of 13% p. a. i.e.4% over the bank's Base Rate ( which is presently 9% ) both with monthly rates subject to change by the bank form time to time. Terms of repayment Cash Credit - Payable on Demand. ILC/FLC/BG- As per norms. TL- I - As per existing terms and conditions. Term Loan-II - First Two Quarterly Installments of Rs.2.000 millions each starting from Dec.2011 thereafter. Next four quarterly Installment of Rs.4.500 millions each and thereafter. Next four quarterly installments of Rs.6.250 millions each and thereafter. Next Twelve Quarterly Installment of Rs.7.500 millions. Margin Cash Credit-25% on stocks and book-debts up to 90days. ILC/FLC/LOC 10% (Cash Credit)for purchase of raw material andspares. 21.71% Cash Margin) for purchase of machinery. BG-25% ( Cash margin ) TL -I 25% TL-II 21.71% Extent and operation of the charge The Exclusive charge on entire current assets and fixed assets and equitable mortgage of property of the co is to secure following credit limits granted by the Bank to the company.1.Cash Credit limit of Rs.30.000 millions 2.ILC/FLC limit of Rs.13.500 millions .3. Bank Guarantee limit of Rs.5.000 millions .4. Term Loan -I of Rs.150.000 millions. (sub limit of FLC Rs.0.645 million) Term Loan -II (Fresh) 137.000 milllions. ( Sub limit of FLC Rs.0.852 millions) aggregate total of Rs.335.500 millions.
Short particulars of the property charged (Including location of the property)	Exclusive charge on following securities ;- 1. Hypothecation of plant and machinery and other fixed assets of the company. 2. Hypothecation of entire current assets of the company. 3.Hypothecation of book-debts/ receivables both present and future of of the company. 4.Equitble mortgage of property being facroty land and building at F-1 Chakan Industrial Area, Ph-III, Vill, Kharabwadi Tuluka, distt, Pune Maharashtra, measuring 7937sq.mtrs.
Particulars of the present modification	Extent of operation of the charge on current assets and fixed assets of the company as reduce form Rs.407.000 millions to Rs.335.500 millions. Other terms and condition remains the same.

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.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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
TOTAL		23

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.