BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	RING PLUS AQUA LIMITED	Principal Name 1	MR. GAUTAM HARI SINGHANIA
Status	SATISFACTORY	Principal Name 2	MR. HARSHAL B. JAYAVANT
		Registration #	11-040885
Street Address	D-3, 4, SINNAR TALUKA AUDYOGIK VASAHAT MARYADIT, VILLAGE MUSALGAON, TALUKA SINNAR, NASIK – 422 112, MAHARASHTRA
Established Date	11.09.1986	SIC Code	--
Telephone#	91-2551-240236	Business Style 1	MANUFACTURER
Fax #	91-2551-240250	Business Style 2	--
Homepage	www.ringplusaqua.com	Product Name 1	STARTER RING GEARS
# of employees	ABOVE 200 (APPROXIMATELY)	Product Name 2	FLEXPLATES
Paid up capital	RS.76,066,340/-	Product Name 3	SHAFT WATER PUMP BEARINGS
Shareholders	GOVERNMENT COMPANIES-3.25% BODIES CORPORATE-90.71% OTHER TOP FIFTY SHAREHOLDERS-2.53% OTHERS-3.51%	Banking	HDFC BANK LIMITED
Public Limited Corp.	NO	Business Period	25 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (51)
Related Company
Relation	Country	Company Name	CEO
SUBSIDIARY COMPANY	U.S.A.	R AND A LOGISTICS INC.	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	325,221,000	Current Liabilities	215,707,000
Inventories	143,187,000	Long-term Liabilities	50,934,000
Fixed Assets	260,921,000	Other Liabilities	44,451,000
Deferred Assets	0,000	Total Liabilities	311,092,000
Invest& other Assets	257,303,000	Retained Earnings	599,474,000
		Net Worth	675,540,000
Total Assets	986,632,000	Total Liab. & Equity	986,632,000
Total Assets (Previous Year)	829,080,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,088,572,000	Net Profit	112,872,000
Sales(Previous yr)	764,518,000	Net Profit(Prev.yr)	50,789,000

MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	RING PLUS AQUA LIMITED (w.e.f. 30.05.1999)
Formerly Known As :	AQUA BEARINGS LIMITED
Registered Office :	D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon, Taluka Sinnar, Nasik – 422 112, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.09.1986
Com. Reg. No.:	11-040885
Capital Investment / Paid-up Capital :	Rs.76.066 Millions
CIN No.: [Company Identification No.]	U99999MH1986PLC040885
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14476A
PAN No.: [Permanent Account No.]	AABCR3220M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Starter Ring Gears, Flexplates and Shaft Water Pump Bearings, all being automotive components.
No. of Employees :	Above 200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 2702000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory 1 :	D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon, Taluka Sinnar, Nasik – 422 112, Maharashtra, India
Tel. No.:	91-2551-240236/ 240172/ 240128/ 240872/ 240087
Fax No.:	91-2551-240250
E-Mail :	priti.alkari@raymond.in
Website :	http://www.ringplusaqua.com
Corporate Office :	Laxmi Niwas, R.C. Patel Road, Borivali (West), Mumbai, Maharashtra, India.
Factory 2 :	A-16/17, Sinnar Taluka Co-operative Industrial Estate, Sinnar, District Nashik – 422 103, Maharashtra, India
Tel. No.:	91-2551- 240087
Fax No.:	91-2551- 240997
E-Mail :	aqua@gnpun-rpal.global.net.in
Mumbai Office :	605, Jagdamba Commercial Complex, Link Road, Malad (West), Mumbai - 400 064, Maharashtra, India
Tel. No.:	91-22-28824443/ 40286908
Fax No.:	91-22-40286996
E-Mail :	info@ringplusaqua.co.in

DIRECTORS

As on 03.06.2011

Name :

Mr. Gautam Hari Singhania

Designation :

Chairman

Address :

J.K. House, 59A, Bulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age:

09.09.1965

Date of Appointment :

11.08.2010

DIN No.:

00020088

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1964PLC012865	J.K. Helene Curtis Limited	Director	26-12-89	26-12-89	-	Active	NO
2	L17117MH1925PLC001208	Raymond Limited	Managing director	01-07-09	01-04-90	-	Active	NO
3	U99999MH1947PLC005735	J.K. Investo Trade (India) Limited	Director	20-06-90	20-06-90	-	Active	NO
4	U92411MH1991GAP062033	Colosseum Sports And Recreation International	Director	05-09-91	05-09-91	-	Strike off	NO
5	U67120MH1945PLC004603	J K Investors(Bombay) Limited	Director	11-08-92	11-08-92	-	Active	NO
6	U24241MH1990PTC055034	Silver Soaps Private Limited	Director	16-10-92	16-10-92	-	Active	NO
7	U51109MH1948PLC006460	Raymond Apparel Limited	Director	30-03-93	30-03-93	-	Amalgamated	NO
8	U40100MH1997PLC106133	Aqualine Marine India Limited	Director	25-02-97	25-02-97	-	Strike off	NO
9	U25199MH1996PLC100697	J K Ansell Limited	Director	08-10-97	08-10-97	-	Active	NO
10	U72900MH2000PLC127831	Silver Spark Apparel Limited	Director	20-07-00	20-07-00	-	Active	NO
11	U51102TN1987PLC014467	Color Plus Fashions Limited	Director	21-02-03	21-02-03	-	Active	NO
12	U01100MH2004PTC150094	Avani Agricultural Farms Private Limited	Director	28-04-05	24-12-04	-	Active	NO
13	U17120MH2004PLC149276	Raymond Zambaiti Limited	Director	30-03-05	30-03-05	-	Active	NO
14	U17115MH2006PTC162450	Raymond UCO Denim Private Limited	Director	12-06-07	08-08-06	-	Active	NO
15	U85110MH2007PTC171500	Body Basic Health Care Private Limited	Director	09-06-07	09-06-07	-	Active	NO
16	U74990MH2009PTC196992	Tilottama Hospitality and Entertainment Private Limited	Director	10-11-09	10-11-09	31-03-10	Active	NO
17	U27104MH1997PLC105955	JK Files (India) Limited	Director	08-06-10	22-04-10	-	Active	NO
18	U92412MH2010PTC202465	Super Car Club of India Private Limited	Director	27-04-10	27-04-10	-	Active	NO
19	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	03-06-11	11-08-10	-	Active	NO
20	U24999MH1948NPL006309	Audit Bureau of Circulations	Director	14-12-10	14-12-10	26-09-11	Active	NO
21	U18100PN2004PLC140524	Celebrations Apparel Limited	Director	31-05-11	20-04-11	-	Active	NO
22	U18109TN2006PLC061384	Raymond Apparel Limited	Director	28-07-11	27-07-11	-	Active	NO

Name :

Mr. Harshal B. Jayavant

Designation :

Director

Address :

Flat No.1505, Building Burlington, Hiranandani Estate, Thane – 400 607, Maharashtra, India.

Date of Birth/Age :

19.12.1958

Date of Appointment :

08.08.2005

DIN No.:

00020998

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27104MH1997PLC105955	JK Files (India) Limited	Director	15-06-04	15-06-04	-	Active	NO
2	U28930MH2005PLC154517	JK Talabot Limited	Director	06-07-05	06-07-05	-	Active	NO
3	U29130MH2005PLC154732	Scissors Engineering Products Limited	Director	12-07-05	12-07-05	-	Active	NO
4	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	08-08-05	08-08-05	-	Active	NO
5	U28121TN2007PTC062173	Rose Engineered Products India Private Limited	Director	14-06-07	01-02-07	08-06-10	Active	NO

Name :

Mr. Sunder Hariharan

Designation :

Director

Address :

Flat No.5C, Regency Park B, Eden Woods Complex, Gladys Alvares Marg, Thane – 400 610, Maharashtra, India

Date of Birth/Age :

26.07.1959

Date of Appointment :

08.08.2005

DIN No.:

00020583

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900MH2000PLC127831	Silver Spark Apparel Limited	Managing director	01-04-10	10-02-04	-	Active	NO
2	U17120MH2004PTC149277	Platinum Fashion Apparel Private Limited	Director	27-10-04	27-10-04	14-05-08	Active	NO
3	U52320MH2004PTC149312	Trident Retail Ventures Private Limited	Director	29-10-04	29-10-04	14-05-08	Active	NO
4	U18100PN2004PLC140524	Celebrations Apparel Limited	Director	21-01-05	21-01-05	-	Active	NO
5	U72900MH2000PLC124912	Everblue Apparel Limited	Director	17-02-05	17-02-05	-	Active	NO
6	U28930MH2005PLC154517	JK Talabot Limited	Director	06-07-05	06-07-05	-	Active	NO
7	U29130MH2005PLC154732	Scissors Engineering Products Limited	Director	12-07-05	12-07-05	-	Active	NO
8	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	08-08-05	08-08-05	-	Active	NO
9	U17120MH2005PLC154066	Raymond Woollen Outerwear Limited	Director	20-06-06	19-04-06	29-08-11	Active	NO
10	U18100TN2006PTC061374	Goldplus Apparel Private Limited	Director	25-10-06	25-10-06	-	Strike off	NO
11	U93090MH2007PTC167110	Orbitel Network Private Limited	Director	18-01-07	18-01-07	26-04-07	Active	NO
12	U17210MH2007PTC172300	Rayves Automotive Textile Company Private Limited	Director	12-07-07	12-07-07	29-11-07	Active	NO
13	U18109TN2006PLC061384	Raymond Apparel Limited	Director	25-09-10	01-10-09	29-07-11	Active	NO
14	U70102MH2010PLC202294	Jekegram Realty Limited	Director	22-04-10	22-04-10	-	Active	NO
15	U27104MH1997PLC105955	JK Files (India) Limited	Director	07-06-10	22-04-10	-	Active	NO
16	L17117MH1925PLC001208	Raymond Limited	Whole-time director	29-07-11	29-07-11	-	Active	NO
17	U67120MH1990PTC133784	Smart Investments Private Limited	Additional director	09-08-11	09-08-11	-	Active	NO
18	U25199MH1996PLC100697	J K Ansell Limited	Alternate director	16-09-11	16-09-11	-	Active	NO

Name :

Mr. Bhuvan Kumar Charurvedi

Designation :

Director

Address :

4503, Phase – IV, DLF City, Gurgaon – 122 009, Haryana, India

Date of Birth/Age:

06.03.1948

Date of Appointment :

11.08.2010

DIN No.:

00144487

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PLC073245	International Tractors Limited	Nominee director	08-03-06	08-03-06	24-07-09	Active	NO
2	U24300DL2003PLC123687	International Cars And Motors Limited	Nominee director	08-03-06	08-03-06	13-08-10	Active	NO
3	U24232DL2007PTC224934	Sphaera Pharma Private Limited	Director	16-09-09	23-03-09	-	Active	NO
4	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	03-06-11	11-08-10	-	Active	NO
5	U24232DL2008PTC224719	Sphaera Pharma Research And Development Private Limited	Additional director	09-12-11	09-12-11	-	Active	NO

Name :

Dr. Parvinder Singh Pasricha

Designation :

Director

Address :

28, Amber Narayan Dabholkar Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age:

11.11.1947

Date of Appointment :

19.04.2011

DIN No.:

02947755

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200MH1974SGC017281	Maharashtra State Police Housing and Welfare Corporation Limited	Director	01-05-05	01-05-05	29-02-08	Active	YES
2	U18202DL2003PLC121787	Lilliput Kidswear Limited	Director	25-09-10	25-01-10	29-09-11	Active	NO
3	L65910MH1984PLC032639	Dewan Housing Finance Corporation Limited	Director	27-07-10	03-03-10	-	Active	NO
4	U93000MH2008PTC182660	Milestone Trusteeship Services Private Limited	Director	22-07-11	28-10-10	-	Active	NO
5	U65923MH2010PTC208754	Milestone Home Finance Company Private Limited	Additional director	25-01-11	25-01-11	-	Active	NO
6	U93090MH2011PLC213066	Stark Security Services Limited	Director	05-02-11	05-02-11	-	Active	NO
7	U74920MH2003PTC143404	Geekay Security Services Private Limited	Director	15-02-11	15-02-11	30-09-11	Active	NO
8	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	03-06-11	19-04-11	-	Active	NO

Name :

Jasmeet Singh Sabharwal

Designation :

Director

Address :

1302, Ocean View, Union Park, Pali Hill, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age:

21.07.1972

Date of Appointment :

19.04.2011

DIN No.:

00270607

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32109MH1967PLC013711	Spare-Age Seals Limited	Director	01-04-99	01-04-99	-	Active	NO
2	U29120MH2002PTC138408	U K Hydralics and Seals Private Limited	Director	26-12-02	26-12-02	-	Strike off	NO
3	U29195MH2004PTC146357	USS Hydraulics and Seals Private Limited	Director	17-05-04	17-05-04	-	Active	NO
4	U70101MH2004PTC146745	Accolade Properties Private Limited	Director	03-06-04	03-06-04	-	Active	NO
5	U91110MH1999NPL122117	Entrepreneurs' Organization Mumbai	Director	01-07-06	01-07-06	15-07-11	Active	NO
6	U99999MH1986PLC040885	Ring Plus Aqua Limited	Director	03-06-11	19-04-11	-	Active	NO

Name :

Mr. Laxman Prabhakar Katakkar

Designation :

Director

Address :

Flat No.1303, Takshashila Apartment, Nirmal Nagar, Goregaon-Mulund Link Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age:

11.06.1965

Date of Appointment :

01.07.2010

DIN No.:

03143379

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	U99999MH1986PLC040885	Ring Plus Aqua Limited	Whole-time director	26-07-11	01-07-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod Ranglal Verma
Designation :	Secretary
Address :	Flat No.401, 4^th Floor, B-Wing, Govind, M.G. Complex, Sector-14, Vashi, New Mumbai, Thane – 400 703, Maharashtra, India
Date of Birth/Age:	15.08.1967
Date of Appointment :	23.07.2008
PAN No.:	AALPV9031D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.06.2011

Names of Shareholders	No. of Shares
Scissors Engineering, India	6874077
Sicom Limited, India	247200
Swati N. Wagle	12000
Harendra Dwarkadas V.	10000
Chandrashekhar Bhide	8300
C.M. Bhide	8000
Kalpana Harendra	8000
Varsha Ashok Karvat	7000
Maulik G.	6000
Pramila Kohok	5416
Ashok Prataprai	5400
Vijay Venkatram	5000
Hemangini Harendra	4374
Leena J. Mapgaonkar	4340
Amit Dilip Kale	4000
Mayur Prakash Kale	4000
Nitin N. Wagle	4000
Padma Veeramani	4000

As on 03.06.2011

Equity Share Breakup	Percentage of Holding
Category
Government companies	3.25
Bodies corporate	90.71
Other top fifty shareholders	2.53
Others	3.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Starter Ring Gears, Flexplates and Shaft Water Pump Bearings, all being automotive components.

Products :

Item Code No. (ITC Code)	Product Description
8708990	Integral Shaft Water Pump Bearings
8708990	Bearing Components
8708990	Starter Ring Gears used in Engines
8708990	Ring Blanks
8708990	Flexplate Assemblies (Flywheel Ring Gears and Flexplate assemblies)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Units of Measurement	2009-2010
Installed Capacities
Bearings	Numbers	30,00,000
Gears	Numbers	30,00,000
Flexplates	Numbers	2,00,000
Hubs	Numbers	4,50,000
Actual Production
Bearings	Numbers	21,66,677
Gears	Numbers	19,45,567
Flex plates	Numbers	36,177
Hub	Numbers	28,069

Note:

i) Licensed Capacity: De-licensed and therefore Not Applicable

ii) The Installed capacities have been certified by the management and relied on by the auditors without verification, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

Above 200 (Approximately)

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v The Saraswat Co-Operative Bank Limited, Nikadwari Lane, Girgaon, Mumbai – 400 004, Maharashtra, India

v The Saraswat Co-operative Bank Limited, Borivli Branch , Borivli (West), Mumbai – 400 092, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Deferred sales tax loan unsecured	50.934	51.605
Total	50.934	51.605

Banking Relations :	Satisfactory
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, Hamam Street, Ambalal Doshi Marg, Fort, Mumbai – 400 001, Maharashtra, India.
PAN No.:	AABFL1894Q
Holding Company :	Scissors Engineering Products Limited CIN No.: U29130MH2005PLC154732
Ultimate Holding Company :	Raymond Limited
Subsidiary Company :	R and A Logistics Inc., U.S.A.
Fellow Subsidiary Companies :	v Celebration Apparels Limited v Everblue Apparel Limited v Pashmina Holding Limited v Raymond Woolen Outwear Limited v J.K. Files (India) Limited v Colourplus Fashions Limited v Jaykayorg AG v J.K. England Limited v Regency Textiles Portuguesa Limited v Silver Spark Apparel Limited
Joint Venture :	Rose Engineered Products India Private Limited
Other associates with whom transactions were entered into during the year :	Raymond Apparel Limited

CAPITAL STRUCTURE

As on 03.06.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7606634	Equity Shares	Rs.10/- each	Rs.76.066 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		76.066	76.066	76.066
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		599.474	486.601	435.813
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		675.540	562.667	511.879
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		50.934	51.605	72.997
TOTAL BORROWING		50.934	51.605	72.997
DEFERRED TAX LIABILITIES		33.727	35.073	42.109
TOTAL		760.201	649.345	626.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		260.921	266.795	268.224
Capital work-in-progress		53.988	6.580	9.894
INVESTMENT		203.315	94.693	57.422
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	143.187	101.040	91.945
	Sundry Debtors	236.451	210.915	161.306
	Cash & Bank Balances	30.653	103.869	85.826
	Other Current Assets	17.632	14.286	21.875
	Loans & Advances	40.485	30.902	43.043
Total Current Assets		468.408	461.012	403.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	196.274	149.394	87.881
	Other Current Liabilities	19.433	14.099	8.723
	Provisions	10.724	16.242	15.946
Total Current Liabilities		226.431	179.735	112.550
Net Current Assets		241.977	281.277	291.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		760.201	649.345	626.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1088.572	764.518	806.511
		Other Income	68.732	37.008	12.867
		TOTAL (A)	1157.304	801.526	819.378
Less	EXPENSES
		Consumption materials changes inventories	623.114	416.108	733.318
		Manufacturing service costs	102.858	74.309
		Employee related expenses	149.137	119.882
		Administrative selling other expenses	71.975	67.925
		TOTAL (B)	947.084	678.224	733.318
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		210.220	123.302	86.060
Less	INTEREST FINANCIAL EXPENSES (D)		0.050	0.032	0.097
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.170	123.270	85.963
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.596	45.020	40.982
	PROFIT BEFORE TAX (E-F) (G)		164.574	78.250	44.981
Less	TAX (H)		51.702	27.461	15.567
	PROFIT AFTER TAX (G-H) (I)		112.872	50.789	29.414
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		350.170	299.381	269.967
	BALANCE CARRIED TO THE B/S		463.042	350.170	299.381
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	608.125	404.979	425.963
		Management fees received/ accrued		0.384	0.739
		Others		0.474	0.535
	TOTAL EARNINGS		608.125	405.837	427.237
	IMPORTS
		Capital Goods	NA	4.555	9.489
		Raw Materials & Components	NA	17.407	9.548
		Consumables	NA	1.357	1.705
	TOTAL IMPORTS		NA	23.319	20.742
	Earnings Per Share (Rs.)		14.84	6.68	3.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.75	6.34	3.59
Net Profit Margin (PBT/Sales)	(%)	15.12	10.24	5.58
Return on Total Assets (PBT/Total Assets}	(%)	22.57	10.75	6.69
Return on Investment (ROI) (PBT/Networth)		0.24	0.14	0.09
Debt Equity Ratio (Total Liability/Networth)		0.41	0.41	0.36
Current Ratio (Current Asset/Current Liability)		2.07	2.56	3.59

LOCAL AGENCY FURTHER INFORMATION

OVERVIEW

The Company is engaged in manufacture of Starter Ring Gears, Flexplates and Shaft Water Pump Bearings, all being automotive components. The company is a subsidiary of Scissors Engineering Products Limited which is a subsidiary of Raymond Limited

FINANCIAL RESULTS

The total revenue of the Company was at Rs.1165.500 millions (Previous Year: Rs.817.400 millions). While the revenue grew by around 42.5 percent the Net Profit after tax was at Rs.112.900 millions (Previous Year: Rs.50.800 millions) and registered a healthy growth of 122 percent. With significant growth trend in the Auto Industry, the Company for the first time crossed the milestone of gross sales turnover of Rs.1000.000 millions during the year.

APPROPRIATIONS

In order to conserve the resources of the Company to meet the requirements of the future expansion plans, the Directors do not recommend any dividend.

OPERATIONS

Starter Ring Gear

With recovery in global market and aggressive marketing efforts, the performance of Starter Gear Division has improved significantly in both domestic and international market. Overall Gear sales was 58% higher, at Rs.732.100 millions compared toRs.463.000 millions in the previous year. The export sales have doubled and domestic sale has recorded good growth of around 22% compared to previous year.

With growing demand the Company has decided to augment its capacity by 1.5 million gears during the year. This will take total ring gear capacity to 4.5 million gears per annum. The capacity expansion is progressing as per schedule and is expected to be complete by September 2011.

During the year the Company continued its efforts in developing new markets, winning new customers, making major in-roads into Asian, European and Latin American market. In domestic market also the Company continued to bag orders from prestigious Auto-OEMs.

Shaft Bearings

The performance of Shaft Bearings Division showed marginal growth during the year. The overall Bearings sales is increased by 3% at Rs.265.400 millions against Rs.257.300 millions in the previous year.

Flexplate Assembly

The sale of Flexplate Assembly was at Rs.27.900 millions against Rs.13.200 millions in the Previous Year.

The prices of steel, the major raw material for the Company’s products, were stable during first half of the year, but moved higher in second half of the year. The prices of other inputs, power etc., witnessed spiraling effects during the year. All these put pressure on profitability of the Company.

The Company strategically managed rising input costs by focusing on marketing, improvement in productivity/ process, yield Improvements effective implementation of TOC initiatives, control on costs, liquidity and better working capital management. The impact of foreign currency volatility was minimized with proper forex management.

PROSPECTS

The Global recovery coupled with significant growth trend in the Auto Industry is encouraging for the Company. Global production of vehicle is expected to grow at CAGR around 6% for over next five years. Domestic market continues to grow faster than international market at CAGR of around 15%.

JOINT VENTURE

The total revenue of the Joint Venture Company, Rose Engineered Products India Private Limited is Rs.179.100 millions (Previous Year Rs.75.600 millions). Loss before tax was at Rs.1.300 millions (Previous Year Rs.7.800 millions). The total sale of Sheet Metal Pulley was Rs.167.700 millions (Previous Year Rs.58.700 millions), which includes export sale of Rs.93.600 millions (Previous Year Rs.35.900 millions).

The Joint Venture Company has doubled its revenue during the year. Company continued its focus on high volume customers.

SUBSIDIARY COMPANY

The wholly owned subsidiary of the Company namely R and A Logistics INC., U.S.A. continues to cater to most of the Company’s customers in U.S.A.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)
(a) Claims against the Company not acknowledged as debts (other than those which are not presently ascertainable)	1.325
(b) Disputed Customs duty	13.809
(c) Disputed Income Tax *	13.665
(d) Disputed Excise Duty *	0.459
* (excluding interest, if any)

FORM 8:

Corporate identity number of the company	U99999MH1986PLC040885
Name of the company	RING PLUS AQUA LIMITED
Address of the registered office or of the principal place of business in India of the company	D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon, Taluka Sinnar, Nasik – 422 112, Maharashtra, India E-Mail: uma.ram@raymond.in
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: sravan.bhandekar@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum relating to hypothecation of machinery dated September 06, 2011.
Date of instrument Creating the charge	06.09.2011
Amount secured by the charge	Rs.200.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As mutually agreed upon (interest will be calculated on 365 days basis in respect of rupee loans/credit facilities. penal interest would be levied @ 3.00% over and above the rate mentioned interest. Terms of Repayment: To be repayable in 16 equal quarterly installments after a moratorium of 6 months from the date of first disbursement. Margin: 39% (promoter’s contribution / internal accruals). Extent and Operation of the charge: first charge created in favour of HDFC Bank Limited on all movable plant machinery both present and future.
Short particulars of the property charged	First charge created in favour of HDFC Bank Limited on all movable plant machinery both present and future.

FIXED ASSETS:

v Land (Leasehold)

v Buildings

v Plant and Machinery

v Furniture and Fittings

v Vehicles

v Computer

v Office Equipments

v Software

WEBSITE DETAILS

Profile:

Subject is an ISO/TS 16949 certified company manufacturing automotive components. It was formed by the amalgamation of the two group companies, i.e. Ring Gears India Limited and Aqua Bearings Limited with effect from April 1, 1997.

The new name reflects original entities of both the merged companies along with the goodwill and reputation of the erstwhile companies. The Ring Gears India Limited. is now the ' Starter Gear Division ' and the Aqua Bearings Limited. is now the ' Shaft Bearing Division ' of the merged company.

• The product range includes
• Flywheel tarter Ring Gears
• Flexplate Assemblies
• Integral Shaft water pump bearings
• Precision Sheet metal components

In December 2006, they have entered into a joint venture with A.J. Rose Manufacturing Company, USA . This JV will manufacture Precision Sheet Metal Pulleys by the Spinning Process. Subject is a prominent auto component manufacturer with a strong reputation for quality in the Indian as well as the global OEM auto industry.

Subject also has its own warehouse in United States from which it caters to the just in time needs of its esteemed customers from US and North America.

The Starter gear division of Subject is specialized in the manufacture of Flywheel Starter Ring Gears for petrol, diesel and Gas engines. It has State of the art ring forming equipment and CNC turning machines coupled with in-house Heat Treatment Facilities. RPAL are equipped with up to date Metallurgical and Metrological Laboratory having Precision and Sophisticated Measurement Systems and Equipments like -Image Analyser, Electronic Linear Height Gauge, Electronic Columns with Electronic Stylus for Diametrical  Measurements, Micro-Hardness Tester , 40 Ton Universal Testing Machine , Roughness Tester, Gear Rolling Tester . State of the Art Technology used for Manufacturing Process and Measurement Systems ensure the highest quality products to meet the demands of the quality conscious buyers. Their Ring gears are in operation world over and are working satisfactorily, beyond the rated life in: Passenger Cars, Trucks, Earth Moving Equipments, Power Generators, Tractors and Marine engines.

The present production range comprises of ring gears with outer diameter ranging from 150mm to 1250 mm. made out of various grades of Medium Carbon Steels.

The technical expertise of Subject ensures that they are able to match stringent customer requirements on dimensional accuracies. Also, the manufacturing process is quite flexible and able to produce ring gears in small batches at a very competitive price.

Certifications and Awards

Subject uses latest management practices including application of Theory of constraints (TOC), Lean Manufacturing and Kaizan.

It is also certified with ISO / TS 16949 quality system standards

Subject is in receipt of various awards from its customers and also accolades from the Industry.

Some of them are as depicted below

• ISO 9002: 1987 awarded in April 1993
• QS 9000: 1995 awarded in August 1996
• ISO / TS 16949 : 2002 awarded in December 2004  
• Best Supplier Award from Arrow Engines, USA
• Best Supplier Award from Rochester Manufacturing, USA
• Supplier of the Year' Award from Cardone Industries (USA): 2002
• Indo- Italian Chamber of Commerce and Indian Express Award: 1999
• Export Excellence Award by Engineering Export Promotion Council: 1999, 2001, 2002, 2003
• Best Supplier Award from Tata Cummins for 2002-03
• 100% On time delivery and Quality Performance Rating by JKM Daerim for supply of Tata Indica Bearings
• Best Supplier Award from Tata Cummins for 2006-07
• Best Delivery Performance from Cummins for 2006-07

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.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.69.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		51

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.