MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	AUTO SONICS (INDIA) PRIVATE LIMITED
Registered Office :	119, T.V. Industrial Estate, Behind Glaxo, S.K. Ahire Marg, Worli, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.08.2009
Com. Reg. No.:	11-195324
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74900MH2009PTC195324
TAN No.: [Tax Deduction & Collection Account No.]	MUMA36100B
Legal Form :	Private Limited Liability Company
Line of Business :	Marketing and Distribution of Auto Spares, Accessories and Audio Related Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 105000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Rahul
Designation :	Key Executive
Date :	08.12.2011

LOCATIONS

Registered Office :	119, T.V. Industrial Estate, Behind Glaxo, S.K. Ahire Marg, Worli, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24900098/ 24988844
Fax No.:	91-22-26406726
E-Mail :	info@autosonics.in
Website :	http://www.autosonics.in

DIRECTORS

As on 25.08.2011

Name :

Mrs. Jyoti Rahul Devjani

Designation :

Director

Address :

Prabhu Kutir, 71, Nagvarpalya, C.V. Ramannagar, Bangalore – 560 093, Karnataka, India

Date of Birth/Age :

25.10.1971

Date of Appointment :

29.08.2009

DIN No.:

02376361

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140KA1998PTC023250	Alliance Business and Management Consultancy Private Limited	Director	08-01-98	08-01-98	Strike off	NO
2	U74900MH2009PTC195324	Auto Sonics (India) Private Limited	Director	29-08-09	29-08-09	Active	NO

Name :

Mr. Pankaj Deepak Jagwani

Designation :

Director

Address :

409, Olympus Apartments, Altamount Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

18.02.1954

Date of Appointment :

29.08.2009

DIN No.:

02731453

KEY EXECUTIVES

Name :	Mr. Rahul
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2011

Names of Shareholders	No. of Shares
Pankaj Jagwani	3000
Jogita Jagwani	1000
Rahul Devjani	4000
Jyoti Devjani	2000
Total	10000

As on 25.08.2011

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

BUSINESS DETAILS

Line of Business :	Marketing and Distribution of Auto Spares, Accessories and Audio Related Products.
Products :	v Auto Spares v Accessories v Audio Related Products

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

v Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

v ICICI Bank Limited

v State Bank of India

v Punjab National Bank Limited

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors, Shareholders and Relatives
Jyoti Rahul Devjani	0.840	1.290
Rahul Tirath Devjani	7.300	6.250
Pankaj Jagwani	27.644	25.634
Vinod Nangia	13.000	0.000
Jamuna Jagwani	3.500	0.000
Manju Devjani	0.400	0.000
Kamla Pehlajsingh Lulla	4.500	0.000
Rani Makkad	0.750	0.000
Total	57.934	33.174

Banking Relations :	--
Auditors :
Name :	C.B. Chhajed and Company Chartered Accountants
Address :	DGP House, Ground Floor, 88, Old Prabhadevi Road, Mumbai – 400 025, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC3565E

CAPITAL STRUCTURE

As on 25.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		26.205	6.518
4] (Accumulated Losses)		0.000	0.000
NETWORTH		26.305	6.618
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		57.934	33.174
TOTAL BORROWING		57.934	33.174
DEFERRED TAX LIABILITIES		0.000	0.033
TOTAL		84.239	39.825
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.199	2.510
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.075	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136.475	70.696
	Sundry Debtors	66.434	118.686
	Cash & Bank Balances	28.119	1.337
	Other Current Assets	0.000	0.000
	Loans & Advances	18.907	5.673
Total Current Assets		249.935	196.392
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.667	142.345
	Other Current Liabilities	39.603	13.532
	Provisions	13.700	3.200
Total Current Liabilities		168.970	159.077
Net Current Assets		80.965	37.315
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		84.239	39.825

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	797.140	128.982
		Other Income
		TOTAL	797.140	128.982
Less	EXPENSES
		Office Expenses	767.061	119.231
		Administrative Expenses
		Advertising Expenses
		TOTAL	767.061	119.231
	PROFIT BEFORE TAX		30.079	9.751
Less	TAX		10.392	3.233
	PROFIT AFTER TAX		19.687	6.518
	IMPORTS
		Traded Goods	536.060	129.417
	TOTAL IMPORTS		536.060	129.417
	Earnings Per Share (Rs.)		1968.74	651.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	2.47	5.05
Return on Total Assets (PBT/Total Assets}	(%)	11.88	4.90
Return on Investment (ROI) (PBT/Networth)		1.14	1.47
Debt Equity Ratio (Total Liability/Networth)		8.63	29.05
Current Ratio (Current Asset/Current Liability)		1.48	1.23

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors for Goods	115.073	142.127
Sundry Creditors for Expenses	0.594	0.218
Total	115.667	142.345

FORM 8:

Corporate identity number of the company	U74900MH2009PTC195324
Name of the company	AUTO SONICS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	119, T.V. Industrial Estate, Behind Glaxo, S.K. Ahire Marg, Worli, Mumbai – 400 025, Maharashtra, India E-Mail: cbcco@vsnl.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Goods Security Agreement.
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest on principal amount of the aforesaid fund based facilities advanced and outstanding form time to time @ 12.25% p.a. (exclusive of applicable interest tax). Terms of Repayment: On demand. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: The hypothecated First charge on Assets, shall remain as security to the Bank for the due repayment by the Borrower to the Bank of the credit facilities together with interest, costs, charges and expenses and other monies payable by the Borrower AND also for due payment and discharge of all indebtedness/liability of the Borrower to the Bank. Others: The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and have full power/authority to sell, assign or transfer in any manner and on such terms as the Bank may decide any or all outstanding dues of the Borrower to any third party of the Bank's choice without any further reference or intimation to the Borrower.
Short particulars of the property charged	The whole of the Company's present and future, stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods. All of the Company's present and future book debts, outstanding Monies, receivables, claims, bills, investments, securities, rights to or in moveable properties.

FIXED ASSETS:

v Furniture and Fixtures

v Computer Systems

v Mobile Instrument

v Office Equipments

v Motor Car

v Air-Conditioner

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.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.