MIRA INFORM REPORT

Report Date :

23.05.2011

Note:

Correct name of the company is “AUDI AUTOMOBILES (DIVISION OF BHAGIRATH COACH AND METAL FABRICATORS PRIVATE LIMITED)”

IDENTIFICATION DETAILS

Name :	BHAGIRATH COACH AND METAL FABRICATORS PRIVATE LIMITED AUDI AUTOMOBILES (DIVISION OF BHAGIRATH COACH AND METAL FABRICATORS PRIVATE LIMITED)
Registered Office :	223, Appolo Tower, 2, M.G. Road, Indore – 452 001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.1984
Com. Reg. No.:	10-002419
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U34201MP1984PTC002419
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bus Bodies, Vehicle Truck Bodies, Road Truck Bodies.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 606000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – 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. Rohan Sharma
Designation :	Manager
Contact No.:	91-7292-401451
Date :	23.05.2011

LOCATIONS

Registered Office :	223, Appolo Tower, 2, M.G. Road, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2529822
E-Mail :	sharmakrohan@gmail.com jainklokesh@yahoomail.com
Website :	http://www.bhagirathbrothers.com
Area :	1500 sq ft
Location :	Owned
Factory :	Plot No.199 B, Sector No.1, Pithampur - 454 775, Madhya Pradesh, India
Tel. No.:	91-7292-401451/ 52/ 53
Fax No.:	91-731-253552
Branch Office :	29, Nehru Park Road, Rohan Coach, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2431921
Fax No.:	91-731-2431921

DIRECTORS

As on 30.09.2010

Name :	Mr. Satyanarayan Rameshwar Sharma
Designation :	Director
Address :	1, New Palasia, Indore, Madhya Pradesh, India
Date of Birth/Age :	08.09.1956
Date of Appointment :	16.04.1984
DIN No.:	02435304
Name :	Mr. Ashok Bhagirath Sharma
Designation :	Managing Director
Address :	307-AD, Scheme No.74-C, Indore – 452 001, Madhya Pradesh, India
Date of Birth/Age :	17.05.1957
Date of Appointment :	01.04.2008
DIN No.:	00238622
Name :	Mr. Kailash Bhagirath Sharma
Designation :	Director
Address :	1, New Palasia, Indore, Madhya Pradesh, India
Date of Birth/Age :	11.07.1955
Date of Appointment :	01.01.2007
DIN No.:	01380052

KEY EXECUTIVES

Name :	Mr. Rohan Sharma
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Satyanarayan Sharma	1082
Ashok Sharma	951
Mahendra Sharma	167
Devendra Sharma	1077
Gangadevi Sharma	10
Kailash Sharma	775
Santosh Sharma	282
Moolchand Sharma	1033
Manju Sharma	12
Rameshwar Sharma	11
Prabhadevi Sharma	19
Sunita Sharma	12
Rajendra Sharma	1123
Saroj Sharma	12
Archana Sharma	18
Chotumal Sharma	11
Achibai Sharma	5
Sarita Sharma	1020
Prateek Sharma	148
Aditya Sharma	310
Rohan Sharma	190
Shireen Sharma	132
Siddharth Sharma	10
Meha Sharma	148
Akansha Sharma	10
Nikita Sharma	132
Mansi Sharma	10
Sunita Sharma	250
Seema Sharma	1040
Total	10000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Bus Bodies, Vehicle Truck Bodies, Road Truck Bodies.
Products :	v Truck Body v Bus Body v Luxury Passenger Buses v Coach Buses v Bus Cargo Body Building
Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)
Purchasing :	Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Manufactured
Cargo Body	50.00
Bus Body	3351.00

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

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

v State Bank of India, Pithampur Branch, Pithampur

Facilities :

Cash Credit – Rs.50.000 millions

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
HDFC Bank Limited CCH A/c (Hypothecation of stock and debtors)	4.596	9.526
Total	4.596	9.526

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	2.500	2.203
From Shareholders (including from firms in which directors are partner)	16.456	15.458
From Body Corporate For Car Finance	3.101	1.270
Total	22.057	18.931

Banking Relations :	--
Auditors :
Name :	M. Mehta and Company Chartered Accountants
Address :	11/5, South Tukoganj, Nath Mandir Road, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-4065948/ 2511011/ 2511022/ 2523117
Mobile No.:	91-9826294918
Fax No.:	91-731-2523117
E-Mail :	mail@mmehtaco.com audit@mmehtaco.com
Website :	www.mmehtaco.com
Group Companies :	Rohan Coach Builders Address: 223, Appolo Tower, 2, M.G. Road, Indore – 452 001, Madhya Pradesh, India Bhagirath Brothers Address: 223, Appolo Tower, 2, M.G. Road, Indore – 452 001, Madhya Pradesh, India Line of Business: Manufacturer of Bus Bodies.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		150.624	112.687	88.361
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		151.624	113.687	89.361
LOAN FUNDS
1] Secured Loans		4.596	9.526	12.869
2] Unsecured Loans		22.057	18.931	15.678
TOTAL BORROWING		26.653	28.457	28.547
DEFERRED TAX LIABILITIES		5.972	4.756	4.310
TOTAL		184.249	146.900	122.218
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		127.088	117.041	114.271
Capital work-in-progress		1.593	0.172	1.951
INVESTMENT		17.242	7.741	4.877
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.925	18.222	38.420
	Sundry Debtors	131.266	91.315	87.224
	Cash & Bank Balances	1.177	1.981	3.422
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	114.195	76.447	56.617
Total Current Assets		286.563	187.965	185.683
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	158.460	114.246	148.164
	Other Current Liabilities	44.302	0.056	0.053
	Provisions	45.475	51.717	36.347
Total Current Liabilities		248.237	166.019	184.564
Net Current Assets		38.326	21.946	1.119
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.249	146.900	122.218

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operation	798.810	629.492	802.601
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		67.468	56.574	48.813
Less	INTEREST		3.291	2.978	2.830
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		64.177	53.596	45.983
Less/ Add	DEPRECIATION/ AMORTISATION		9.347	9.477	9.229
	PROFIT BEFORE TAX		54.830	44.119	36.754
Less	TAX		16.893	19.792	12.696
	PROFIT AFTER TAX		37.937	24.327	24.058
	Earnings Per Share (Rs.)		3793.70	NA	NA

Particulars	31.03.2011 (Approximately)
Sales Turnover	850.000

Expected Sales (2011-2012): Rs.1000.000 millions

The above information has been parted by Mr. Rohan Sharma (Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	13.26	14.46	12.25
Return on Investment (ROI) (PBT/Networth)		0.36	0.39	0.41
Debt Equity Ratio (Total Liability/Networth)		1.81	1.71	2.38
Current Ratio (Current Asset/Current Liability)		1.15	1.13	1.01

LOCAL AGENCY FURTHER INFORMATION

WORKING PERFORMANCE REVIEW:

During the year turnover of the Company has increased from Rs.629.492 millions to Rs.798.810 millions. Resulting Profit of the Company has increased from Rs.24.327 millions in to Rs.37.937 millions. The Directors are confident and trying hard to increase the profitability during the current financial year with dedicated efforts of the management.

FORM 8:

Corporate identity number of the company	U34201MP1984PTC002419
Name of the company	BHAGIRATH COACH AND METAL FABRICATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	223, Appolo Tower, 2, M.G. Road, Indore – 452 001, Madhya Pradesh, India E-Mail: jainklokesh@yahoomail.com
This form is for	Modification of charge
Charge identification number of the modified	10056250
Type of charge	Book Debts Movable Property Floating Charge
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: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	29.09.2010
Amount secured by the charge	Rs.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: On demand. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of First Charge on Company's Stocks and Book Debts etc, to secure as a continuing security as mentioned for the repayment of Rs.50.000 millions granted by Bank to Audi Automobile ("Prop: Bhagirath Coach and Metal Fabricators Private Limited") together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Particulars of the present modification	The Charge shall now stand increased from Rs.10.000 millions to Rs.50.000 millions against the security of Stocks and Book Debts of the Company.

TRADE REFERENCES:

v Eicher Motors Limited

v Tata Motors Limited

v Force Motors Limited

CONTINGENT LIABILITY NOR PROVIDED FOR:

Particulars	31.03.2010 (Rs. in millions)
i) Sales Tax demands disputed in Appeals	0.027
ii) Entry Tax demands disputed in Appeals	0.033
iii) Excise Duty Demand disputed in appeals at CEGAT New Delhi (Amount deposited under protest)	43.592

FIXED ASSETS:

v Leasehold Land

v Factory Building

v Office Building

v Furniture

v Plot

v Tools

v Plant and Machinery

v Vehicles

v Electrical Installations

v Equipments

v Computers

v Telephone Instruments

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.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

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	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.