MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	VEE TEE AUTO MANUFACTURING COMPANY PRIVATE LIMITED (w.e.f 18.06.2008)
Formerly Known As :	VEETEE AUTO MARKETING PVT LTD
Registered Office :	201, Planet Industrial Estate, Subhah Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.1988
Com. Reg. No.:	11-048986
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U50404MH1988PTC048986
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10736F
PAN No.: [Permanent Account No.]	AAACV1549G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Components, Automotive Plastic Components, Automotive Spare Parts, Machined Components, Automotive Sheet Metal Components, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. 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 – 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 :	201, Planet Industrial Estate, Subhah Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26166001
Fax No.:	91-22-26166006
E-Mail :	virtech@bom.3.vsnl.net
Factory:	Located at: Haridwar (There are 2 units)
Warehouse :	Plot No 10, Sector 19 D, Behind City Centre, Vashi, Navi Mumbai, Maharashtra, India

DIRECTORS

As on 01.08.2011

Name :	Mr. Pranjali Prasad Ghaisas
Designation :	Director
Address :	6/ 83, Jai Hanuman Society, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	30.01.1967
Date of Appointment :	31.01.2001
DIN NO:	00559292

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	U50404MH1988PTC048986	VEE TEE AUTO MANUFACTURING COMPANY PRIVATE LIMITED	Director	31-01-01	31-01-01	-	Active	NO
2	U51900MH1990PTC056403	VIG MANAGEMENT SERVICES PRIVATE LIMITED	Director	05-01-06	05-01-06	-	Active	NO
3	U74990MH2009PTC193918	VIR AUTO PART BRANDS PRIVATE LIMITED	Director	09-07-09	09-07-09	-	Active	NO

Name :	Mr. Sameer Shriram Ambardekar
Designation :	Director
Address :	107, Building No. 3, Raheja Classique, Off Link Road, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	28.10.1971
Qualification :	B.Com
Experience :	18 Years
Date of Appointment :	25.07.2006
DIN NO:	00559237

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	U50404MH1988PTC048986	VEE TEE AUTO MANUFACTURING COMPANY PRIVATE LIMITED	Director	25-07-06	25-07-06	-	Active	NO
2	U51900MH1990PTC056403	VIG MANAGEMENT SERVICES PRIVATE LIMITED	Director	01-03-07	01-03-07	-	Active	NO
3	U74990MH2009PTC193918	VIR AUTO PART BRANDS PRIVATE LIMITED	Director	09-07-09	09-07-09	-	Active	NO
4	U45400MH2011PTC216506	NEISH PROPERTIES PRIVATE LIMITED	Director	21-04-11	21-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.08.2011

Names of Shareholders	Percentage of Holding
Snehal Suresh Gotad	2000
Shreeram Vasudev Ambardekar	13700
S V Ambardekar HUF	100
Vijaya Shreeram Ambardekar	100
Sameer Shreeram Ambardekar	10100
Sachin Shreeram Ambardekar	10100
Santosh Vasant Mekal	100
S V Mekal HUF	500
Saroja Santosh Mekal	10500
Swapnali Santosh Mekal	20500
Madhura H Bakshi	400
Hemant Madhav Bakshi	15075
H M Bakshi HUF	400
Madhura Hemant Bakshi	15825
Neha Hemant Bakshi	400
Sunil Gajanan Ayachit	20
Swati Sunil Ayachit	20
Shreyas Sunil Ayachit	20
Jagdish Kulkarni	20
Snjivani Pandit	20
Shaila Ramchandra Nerurkar	20
Veena Padmanabh Deodhar	20
Rajashree Ramakant Sarpodar	20
Shubhada Madhukar Namjoshi	20
Anuradha Hanumant Raikar	20
Total	100000

Equity Share Break up (Percentage of Total Equity)

AS ON 01.08.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Components, Automotive Plastic Components, Automotive Spare Parts, Machined Components, Automotive Sheet Metal Components, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Cash Credit with HDFC Bank Limited (Secured against hypothecation of stocks and debtors)	0.000	1.417
Term Loan from HDFC Bank Limited (Security: Equitable mortgage of plot of land bearing no. E-86 and D-7, Bhadrabad Industrial area at Haridwar and property situated at Sector 19 D, Vashi, Navi Mumbai (owner VIG Management services Private Limited. Which is a subsidiary Company) and personal guarantees of Mr. S.V Ambardekar and Mr. Sameer Ambardekar)	18.993	22.100
Total	18.993	23.517
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Directors and	0.200	0.200
From Shareholders with Interest	33.250	36.900
From Shareholders Interest Free	0.000	6.000
Total	33.450	43.100

Banking Relations :	--
Auditors :
Name :	A P R and Associates Chartered Accountants
Address :	9, Zenab Niwas, L J Road, Dadar, Mumbai – 400028, Maharashtra, India
Tel No:	91-22-24454866/ 65183296
Email:	ca.apr1987@gmail.com
PAN NO :	AAAFK1568P

CAPITAL STRUCTURE

As on 31.03.2011

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
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.850
3] Reserves & Surplus		219.816	143.004	82.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		220.816	144.004	83.945
LOAN FUNDS
1] Secured Loans		18.993	23.517	7.440
2] Unsecured Loans		33.450	43.100	35.775
TOTAL BORROWING		52.443	66.617	43.215
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		273.259	210.621	127.160
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		95.753	75.562	20.997
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.425	3.425	3.425
DEFERREX TAX ASSETS		0.191	1.952	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.321	38.099	25.223
	Sundry Debtors	171.083	130.312	0.000
	Cash & Bank Balances	16.741	16.415	33.965
	Other Current Assets	0.000	0.000	91.898
	Loans & Advances	49.588	44.412	26.965
Total Current Assets		293.733	229.238	178.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.269	73.997	58.124
	Other Current Liabilities	4.269	3.096	5.136
	Provisions	23.305	22.463	12.053
Total Current Liabilities		119.843	99.556	75.313
Net Current Assets		173.890	129.682	102.738
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		273.259	210.621	127.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	625.200	554.218	426.123
		Other Income	NA	5.220	3.321
		TOTAL (A)	NA	559.438	429.444
Less	EXPENSES
		Cost of Traded goods sold	NA	0.000	34.346
		Raw material consumption		370.565	266.299
		Packing material consumption		27.485	18.556
		Consumables		0.197	0.038
		Commission on purchase		0.400	0.400
		Manufacturing Expenses		31.225	21.609
		Selling Expenses		32.547	31.099
		Administrative Expenses		25.147	13.702
		Change in stock of Finished Goods		(11.245)	(24.468)
		TOTAL (B)		476.321	361.581
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			83.117	67.863
Less	FINANCIAL EXPENSES (D)			5.424	2.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			77.693	64.919
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	5.482	2.737
	PROFIT BEFORE TAX (E-F) (G)		100.164	72.211	62.182
Less	TAX (H)		22.303	10.600	7.130
	PROFIT AFTER TAX (G-H) (I)		77.861	61.611	55.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	76.594	27.744
Less	APPROPRIATIONS
		Transfer to General Reserve	9.000	6.000	5.500
		Dividend	0.900	0.600	0.600
		Tax on Dividend	0.149	0.102	0.102
	BALANCE CARRIED TO THE B/S		67.811	131.503	76.594
	Earnings Per Share (Rs.)		778.61	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	11.01	12.81
Net Profit Margin (PBT/Sales)	(%)	16.02	13.02	14.59
Return on Total Assets (PBT/Total Assets}	(%)	25.71	23.69	31.23
Return on Investment (ROI) (PBT/Networth)		0.45	0.50	0.74
Debt Equity Ratio (Total Liability/Networth)		0.78	1.15	1.41
Current Ratio (Current Asset/Current Liability)		2.45	2.30	2.36

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Haridwar Unit I:

The manufacturing unit I has now completed 4 years and has stabilized its operations. This year also they have made a small addition of Rs. 0.170 Million to Plant and Machinery. The turnover has increased from Rs. 554.200 Millions to Rs. 625.200 Millions which shows the growth of 12.80% over the last year.

Haridwar Unit II:

The plant has now completed its 1^st year of production and is getting gradually stabilized. The turnover of this year has exceeded Rs. 73.300 Millions and products have been accepted by market as quality products. After providing for depreciation of Rs. 6.300 Millions the unit has shown a loss of Rs. 9.500 Millions. next year they hope to increase the sale and would reduce the losses.

Fixed Assets:

• Plot at Haridwar – I
• Plot at Haridwar – II
• Leasehold at Gaziabad
• Factory Building Haridwar – II
• Electrical Installation
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Computers
• Packing and Storage
• Delivery Van
• Air Conditioner
• Motor Car
• Motor Cycle
• Kitchenwear

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. 49.08
UK Pound	1	Rs. 78.65
Euro	1	Rs. 67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.