MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	GRUPO ANTOLIN PUNE PRIVATE LIMITED (w.e.f. 31.05.2008)
Formerly Known As :	AUTO INTERIORS INDIA PRIVATE LIMITED
Registered Office :	B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.09.1996
Com. Reg. No.:	25-15924
Capital Investment/ Paid-up Capital:	Rs. 872.950 Millions
CIN No.: [Company Identification No.]	U34300PN1996PTC015924
TAN No.: [Tax Deduction & Collection Account No.]	PNEA01777G
PAN No.: [Permanent Account No.]	AAACA6730G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Car Interiors.
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra, India
Tel. No.:	91-2138-660600 / 232236/ 560600
Fax No.:	91-2138-232202
E-Mail :	t.shamkumar@grupoantolin.com
Area :	4000 sq.ft
Location :	Owned
Design Center:	6^th Floor, Alpha 2 Building, Giga Space IT Park, Nagar Pune Road, Opposite Maruti Showroom, Viman Nagar, Pune -411014, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Ernesto Antolin Arribas
Designation :	Managing Director
Address :	C/VITORIA 8, 2-C, Burgos - 09004, Spain
Date of Birth/Age :	06.11.1964
Date of Appointment :	09.12.1996
DIN NO:	00785463

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	U34300PN1996PTC015924	Grupo Antolin Pune Private Limited	Managing director	09-12-96	09-12-96	-	Active	NO
2	U00000CH2004PTC027418	Krishna Grupo Antolin Private Limited	Director	19-08-04	19-08-04	-	Active	NO

Name :	Mr. Pedro Jesus Santesteban
Designation :	Managing Director
Address :	Condesa Mencia, 165 6 E, Burgos – 09007, Spain
Date of Appointment :	05.03.2010
DIN NO:	02914318

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	U34300PN1996PTC015924	Grupo Antolin Pune Private Limited	Managing director	01-04-10	05-03-10	-	Active	NO
2	U00000CH2004PTC027418	Krishna Grupo Antolin Private Limited	Additional director	01-07-10	01-07-10	15-12-10	Active	NO

Name :	Maitreya Vrajesh Purohit
Designation :	Additional Director
Address :	A – 10, Rane Classics, SR, 20/2, Someshwarwadi, Pashan, Pune – 411008, Maharashtra, India
Date of Birth/Age :	26.11.1975
Date of Appointment :	25.01.2011
DIN NO:	03457981

KEY EXECUTIVES

Name :	Mr. Swapnil Yelgaonkar
Designation :	Secretary
Address :	C/ O M.S Kulkarni, 1837, Sadashiv Peth, Deshmukhwadi, Pune – 411030, Maharashtra, India
Date of Appointment :	02.04.2010
PAN No:	ABXPY4304P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Grupo Antolin – Irausa SA, Spain	87294999
Grupo Antolin – Ingenieria, S A, Spain	1
Total	87295000

As on 20.09.2011

Names of Allottee	No. of Shares Allotted
Grupo Antolin – Irausa SA, Spain	1785714
Total	1785714

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Car Interiors.

Product Description	ITC Code No
Head Liners, Door Panels and Parcel Trays	8708.9900

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Head Liners	Nos	1150000	1300000	1228755
Door Panels	Nos	1000000	392000	31289
Parcel Trays	Nos	370000	340000	197200

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

ICICI Bank Limited, I.C.I.C.I Tower, Bandra Kurla Complex, Mumbai 400051, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Long Term Loans in Foreign currency – External Commercial Borrowing (ECB) From Grupo Antolin Irausa S.A. Spain.
ECB – I	27.057	30.939
ECB – II	6.200	7.090
Interests Accrued and due on above	13.078	14.528
Total	46.335	52.557

Banking Relations :	--
Auditors :
Name :	Deloite Haskins and Sells Chartered Accountants
Address :	706-B Wing, 7^th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India
PAN No.:	AACFD4815A
Holding Company :	Grupo Antolin – Irausa SA, Spain
Fellow Subsidiaries:	Grupo Antolin – France Grupo Antolin – Germany Grupo Antolin – Ingenieria, S.A, Spain Grupo Antolin – Loire Grupo Antolin – North America Grupo Antolin – Vosges Grupo Antolin Kent Limited Grupo Antolin – Logistik Deutschland Grupo Antolin Logistik Grupo Antolin Bohemia AS Grupo Antolin Transport Krishna Grupo Antolin Private Limited Grupo Antolin Plasbur, S.A Grupo Antolin Turnov Grupo Antolin Auto Trim Grupo Antolin Korea Ototrim Panel San. V

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs. 10/- each	Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89080714	Equity Shares	Rs. 10/- each	Rs. 890.807 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs. 10/- each	Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87295000	Equity Shares	Rs. 10/- each	Rs. 872.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		872.950	844.950	387.000
2] Share Application Money		1.716	29.963	369.461
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(276.941)	(352.819)	(253.984)
NETWORTH		597.725	522.094	502.477
LOAN FUNDS
1] Secured Loans		0.000	0.000	24.400
2] Unsecured Loans		46.335	52.557	50.443
TOTAL BORROWING		46.335	52.557	74.843
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		644.060	574.651	577.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		529.221	521.959	447.167
Capital work-in-progress		5.355	9.915	14.849
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.854	93.875	72.001
	Sundry Debtors	244.399	188.644	150.385
	Cash & Bank Balances	46.674	9.775	40.631
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	223.529	204.274	111.866
Total Current Assets		623.456	496.568	374.883
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	353.410	311.749	206.599
	Other Current Liabilities	142.883	130.916	52.980
	Provisions	17.679	11.126	0.000
Total Current Liabilities		513.972	453.791	259.579
Net Current Assets		109.484	42.777	115.304
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		644.060	574.651	577.320

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007
	SALES
		Income	865.807	NA	479.356
		Other Income			47.272
		TOTAL (A)	865.807	NA	526.628
Less	EXPENSES
		Cost of Sales	782.221	NA	336.547
		Operating Expenses			172.731
		TOTAL (B)	782.221 (Including Interest and Depreciation)	NA	509.278
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	17.350
Less	INTEREST AND FINANCIAL EXPENSES (D)			NA	9.906
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			NA	7.444
Less/ Add	DEPRECIATION/ AMORTISATION (F)			NA	37.600
Less	Prior Period Adjustments			NA	2.720
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		83.586	NA	(32.876)
Less	TAX (H)		7.708	NA	1.634
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		75.878	NA	(34.510)
	IMPORTS
		Raw Materials	0.163	0.202	NA
		Stores & Spares	0.009	0.007
		Capital Goods	0.012	0.037
		Software	0.000	0.004
		Research design – Maintenance Expenses	0.032	0.029
	TOTAL IMPORTS		0.216	0.279	NA
	Earnings/ (Loss) Per Share (Rs.)		0.87	NA	(0.89)

KEY RATIOS

PARTICULARS		31.03.2010 (12 Months)	31.03.2009 (15 Months)	31.12.2007
PAT / Total Income	(%)	8.76	NA	(6.55)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(6.86)
Return on Total Assets (PBT/Total Assets}	(%)	7.21	NA	(3.99)
Return on Investment (ROI) (PBT/Networth)		0.13	NA	(0.07)
Debt Equity Ratio (Total Liability/Networth)		0.93	0.96	0.67
Current Ratio (Current Asset/Current Liability)		1.21	1.09	1.44

LOCAL AGENCY FURTHER INFORMATION

GOING CONCERN:

The company has accumulated losses of Rs. 0.276 Million (Previous Year 0.352 Million) that represents approximately 32% (previous year 40%) of its equity share capital of Rs. 0.874 Million (including advance against share capital Rs. 0.001 Million) as at March 31, 2010.

Management is currently implementing a plan to increase the turnover by increasing its customer base and strengthening the financial position of the company. Management is also taking steps to reducer the cost of production and improve profitability by localizing purchase of certain key raw material. Further, the company has received assurance of continuing operational and financial support from Grupo Antolin, Irausa. Management believes that with the increased turnover and continued support from its parent company, the company will be in a position to settle its obligation as they fall due. Accordingly, these financial statements have been prepared assuming that the company will continue as a going concern.

CONTINGENT LIABILITY:

(Rs. in Millions)

Particulars	As on 31.03.2010	As on 31.03.2009
Letter of Credit	0.000	0.000
Bank Guarantee	0.000	0.000
Claims against the company not acknowledged as debt (Various sales tax cases)	0.020	0.020

Note: The Bank Guarantee were given in favor of State Government for Sales Tax, Excise registration and in favor of import suppliers for purchase of raw materials.

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. 48.87
UK Pound	1	Rs. 78.11
Euro	1	Rs. 68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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		26

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.