MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	RELIABLE AUTOTECH PRIVATE LIMITED
Registered Office :	Plot No. F-80, MIDC, Ambad, Nashik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.07.1996
Com. Reg. No.:	11-101050
Capital Investment / Paid-up Capital :	Rs.94.670 Millions
CIN No.: [Company Identification No.]	U74994MH1996PTC101050
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00741G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sheet Metal and Machined Components for the Automotive Industry.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 820000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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)

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. Dhananjay Gore
Designation :	Finance Manager
Contact No.:	91-9850066560

LOCATIONS

Registered / Corporate Office :	Plot No. F-80, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2387696
Mobile No.:	91-9850066560 (Mr. Dhananjay Gore)
Fax No.:	91-253-2384470
E-Mail :	skrajansk@gmail.com ddb@religroup.com dhananjay.gore@religroup.com
Website :	www.religroup.com
Factory 1 :	H-101/102, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Factory 2 :	E-65, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Factory 3 :	C-2, MIDC, Chakan, Pune – 410501, Maharashtra, India

DIRECTORS

As on 25.06.2010

Name :

Mr. Rajendra Bhaskar Bagwe

Designation :

Director

Address :

8, Palm Spring, Savarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

07.08.1959

Date of Appointment :

15.07.1996

Din No.:

00121238

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	Active	NO

Name :

Mr. Amol Bhalchandra Chitnis

Designation :

Director

Address :

Isha, 9, Savarkar Nagar, Mate Nursery Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

08.07.1960

Date of Appointment :

15.07.1996

Din No.:

00121460

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	Active	NO

Name :

Mr. Devendra Dattatray Bapat

Designation :

Director

Address :

5, Manas, Near Ganesh Mandir, Savarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

22.08.1959

Date of Appointment :

15.07.1996

Din No.:

00129623

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	Active	NO
3	U74200MH2007PTC174479	RELIABLE TECHNO-DESIGNS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	Active	NO
4	U31100MH1982PTC028406	RISHABH INSTRUMENTS PRIVATE LIMITED	Director	11/7/2009	17/04/2009	Active	NO
5	U85100MH2009NPL196568	ADVANTAGE NASHIK FOUNDATION	Director	21/10/2009	21/10/2009	Active	NO

Name :

Shaji Varghese

Designation :

Director

Address :

A/702, 7^th Floor, Aster, Evershine Park, Prathmesh Comp, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

15.12.1970

Date of Appointment :

21.04.2010

Din No.:

03081298

Other Directorship :

Sr.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	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	Active	NO
2	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	Active	NO
3	U28920PN1995PTC091232	MANTRI METALLICS PRIVATE LIMITED	Additional director	10/11/2010	10/11/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhananjay Gore
Designation :	Finance manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.06.2010

Names of Shareholders	No. of Shares
Devendra Dattatray Bapat	2400000
Amol Bhalchandra Chitnis	2400000
Rajendra Bhaskar Bagwe	2400000
Seema Devendra Bapat	200000
Shailaja Rajendra Bagwe	200000
Gauri Amol Chitnis	200000
BTS India Private Equity Fund Limited (Mauritius)	1667000
Total	9467000

Equity Share Breakup [As on 25.06.2010]

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	18.00
Directors or relatives of Directors	82.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sheet Metal and Machined Components for the Automotive Industry.

Products :

Particulars	ITC Code
Automobile parts	8708

Exports :

Products :

Automotive Components

Country :

· USA

· China

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

· End Users

· Others

· Manufacturing Company

No. of Employees

400 (Approximately)

Bankers :

The Thane Janata Sahakari Bank Limited, Nashik Branch, Suyojit Sankul, Sharanpur Road, Nashik – 422002, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Cash Credit / Packing Credit / Overdraft from Banks	182.167	229.667
Term Loans From Banks	446.783	344.239
Vehicle Finance Loan	0.174	0.308
Total	629.124	574.214
Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Deferred Sales Tax Long Term Loan	22.708	23.228
Short Term Loans from Directors	11.400	9.000
Total	34.108	32.228

Notes :-

1) Cash Credit, Packing Credit and Term Loans from Banks is secured by way of :

a) Charge on Leasehold Land, Building, Plant and Machinery and other fixed assets of the Company on pari passu basis;

b) Charge on all current assets on pari passu basis;

c) Personal Guarantees from promoter directors

2) Includes Term Loan aggregating Rs.38.268 Millions (Previous Year Rs.40.052 Millions) also secured by way of Corporate Guarantee of Reliable Technocrats Private Limited.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Group Companies :	Reliable Technocrats Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,467,000	Equity Shares	Rs.10/- each	Rs.94.670 Millions

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		94.670	94.670	94.670
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		184.070	184.070	219.433
4] (Accumulated Losses)		(73.618)	(91.507)	0.000
NETWORTH		205.122	187.233	314.103
LOAN FUNDS
1] Secured Loans		629.124	574.214	548.879
2] Unsecured Loans		34.108	32.228	37.228
TOTAL BORROWING		663.232	606.442	586.107
DEFERRED TAX LIABILITIES		0.000	0.000	7.218
TOTAL		868.354	793.675	907.428
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		722.628	761.374	503.207
Capital work-in-progress		8.216	1.047	171.250
INVESTMENT		0.577	0.578	0.578
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	192.413	146.428	115.572
	Sundry Debtors	198.130	121.160	215.731
	Cash & Bank Balances	37.446	31.857	36.853
	Other Current Assets	0.578	0.624	2.267
	Loans & Advances	80.227	74.961	73.234
Total Current Assets		508.794	375.030	443.657
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	214.911	224.152	188.669
	Current Liabilities	148.207	112.593	18.014
	Provisions	8.743	7.609	4.581
Total Current Liabilities		371.861	344.354	211.264
Net Current Assets		136.933	30.676	232.393
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		868.354	793.675	907.428

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1273.105	1138.316	974.074
		Other Income
		TOTAL	1273.105	1138.316	974.074
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1210.150	1234.123	1019.711
		Advertising Expenses
		TOTAL	1210.150	1234.134	1019.711
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		62.955	(95.818)	(45.637)
Less/ Add	DEPRECIATION/ AMORTISATION		46.422	37.211	25.713
	PROFIT / (LOSS) BEFORE TAX		16.533	(133.029)	(71.350)
Less	TAX		(1.356)	(6.159)	(15.170)
	PROFIT/ (LOSS) AFTER TAX		17.889	(126.870)	(56.180)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	165.198	200.134	204.763
	TOTAL EARNINGS		165.198	200.134	204.763
	IMPORTS
		Raw Materials	1.396	0.667	0.000
		Stores & Spares	7.162	8.557	6.404
		Capital Goods	0.000	22.246	58.670
	TOTAL IMPORTS		8.558	31.470	65.074
	Earnings / (loss) Per Share (Rs.)		1.89	(13.40)	--

Particulars	31.03.2011
Sales Turnover (Approximately)	1930.000

The above information has been parted by Mr. Dhananjay Gore [Finance Manager].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.40	(11.14)	(5.77)
Return on Total Assets (PBT/Total Assets}	(%)	1.34	(11.71)	(7.53)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.71)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		5.05	5.08	2.54
Current Ratio (Current Asset/Current Liability)		1.37	1.09	2.10

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Reports (Yes/No)
Year of Establishment	YES
Locality Of The Firm	YES
Constitution of the firm	YES
Premises Details	YES
Type of Business	YES
Line of Business	YES
Promoter’s background	--
No. of Employees	YES
Name of person contacted	YES
Designed of contact person	YES
Turnover of firm for last three years	YES
Profitability for last three years	NO
Reasons for variation <> 20%	NO
Estimation for coming financial year	NO
Capital of the business	YES
Details of Sister Concern	YES
Major Suppliers	NO
Major Customers	NO
Payments Terms	YES
Export / Import details (if applicable)	YES
Market information	--
Litigation that the firm / promoter involved in	--
Banking details	YES
Banking facility details	NO
Conduct of the banking account	---
Buyer visit details	--
Financial, if provided	NO
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

FORM 8 :

This form is for	Creation of charge
Corporate identity number of the company	U74994MH1996PTC101050
Name of the company	RELIABLE AUTOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. F-80, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Type of charge	Movable Property
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Nashik Branch, Suyojit Sankul, Sharanpur Road, Nashik – 422002, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Agreement for Hypothecation of Goods, plant and Machinery and Debts.
Date of instrument Creating the charge	22.10.2010
Amount secured by the charge	Rs.90.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest @ 12.50% Terms of Repayment : Repayment by 60 monthly installments of Rs.2.025 Millions Margin : 30% Extent and Operation of the charge : Fresh term loan financed as per Bank norms from time to time.
Short particulars of the property charged	Hypothecation of imported and indigenouse Plant and Machinery, Stock of goods and Book Debts.

TRADE REFERENCES :

· Tata Motors

· Mahindra and Mahindra

FIXED ASSETS :

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicles

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	1
--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		29

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.