MIRA INFORM REPORT

1. Summary Information

		Country		India
Company Name	KLASSIC WHEELS PRIVATE LIMITED	Principal Name 1		Mr. Neeraj .A. Munot
Status	Moderate	Principal Name 2		Mr. Sunil .S. Munot
		Registration #		11-017715
Street Address	Hirkesh”, Near Keshar Gulab Mangal Karyalaya, Behind ADCC Bank, Station Road, Ahmednagar- 414001, Maharashtra
Established Date	09.08.1994		SIC Code	--
Telephone#	91-241-2341208/2419012/2777317		Business Style 1	Manufacturer
Fax #	91-241-2779414		Business Style 2	--
Homepage	--		Product Name 1	Wheel Rims
# of employees	--		Product Name 2	Foam
Paid up capital	Rs.39,966,000/-		Product Name 3	--
Shareholders	Directors or relatives of directors (100.00%)		Banking	State Bank of India
Public Limited Corp.	No		Business Period	17 Years
IPO	No		International Ins.	-
Public Enterprise	No		Rating	B (26)
Related Company
Relation	Country		Company Name	CEO
-	-		-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	185,506,000	Current Liabilities	28,160,000
Inventories	13,387,000	Long-term Liabilities	211,611,000
Fixed Assets	65,265,000	Other Liabilities	5,185,000
Deferred Assets	000	Total Liabilities	244,956,000
Invest& other Assets	12,637,000	Retained Earnings	(8,127,000)
		Net Worth	31,839,000
Total Assets	276,795,000	Total Liab. & Equity	276,795,000
Total Assets (Previous Year)	40,375,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales/ Turnover	353,987,000	Net Profit	14,132,000
Sales(Previous yr)/ Turnover	317,615,000	Net Profit(Prev.yr)	6,342,000

MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :	KLASSIC WHEELS PRIVATE LIMITED

Registered Office :	Hirkesh”, Near Keshar Gulab Mangal Karyalaya, Behind ADCC Bank, Station Road, Ahmednagar- 414001, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	09.08.1994

Com. Reg. No.:	11-017715

Capital Investment / Paid-up Capital :	Rs.39.966 Millions

CIN No.: [Company Identification No.]	U29119PN1994PTC080196

TAN No.: [Tax Deduction & Collection Account No.]	PNEK05715D

PAN No.: [Permanent Account No.]	AABCK3834G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of Parts and Accessories for Motor Vehicles and their Engines.

No. of Employees :	Not Divulged

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 120000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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

LOCATIONS

Registered Office :	Hirkesh”, Near Keshar Gulab Mangal Karyalaya, Behind ADCC Bank, Station Road, Ahmednagar- 414001, Maharashtra, India
Tel. No.:	91-241-2341208/2419012/2777317
Fax No.:	91-241-2779414
E-Mail :	kwpl_ac_anr@sancharnet.in

Factory :	L-2 Block, M.I.D.C. Area, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2779412/ 2779415/ 2419011/ 2777317
Fax No.:	91-241-2779414
E-Mail :	Klassicw_anr@sancharnet.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Mohan Nemichand Munot

Designation :

Director

Address :

Hirikesh, Near Keshar Gulab Compound, Station Road, Ahemednagar, Pune-414001, Maharashtra, India

Date of Birth/Age :

03.03.1949

Date of Appointment :

09.08.1994

DIN No. :

00513642

Other Directorship :

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
U25209MH1983PTC030662	Kaygee Foam Private Limited	Director	29/08/1983	29/08/1983	-	Active	NO
U29119PN1994PTC080196	Klassic Wheels Private Limited	Director	9/08/1994	9/08/1994	-	Active	NO
U35923PN1999PTC013385	Monee Spokes Private Limited	Director	4/03/1999	4/03/1999	-	Active	NO

Name :

Mr. Neeraj Amrutlal Munot

Designation :

Director

Address :

Hirikesh, Near Keshar Gulab Compound, Station Road, Ahemednagar, Pune-414001, Maharashtra, India

Date of Birth/Age :

17.07.1970

Date of Appointment :

09.08.1994

DIN No. :

00496568

Other Directorship :

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
U29119PN1994PTC080196	Klassic Wheels Private Limited	Director	9/08/1994	9/08/1994	-	Active	NO
U35923PN1999PTC013385	Monee Spokes Private Limited	Director	4/03/1999	4/03/1999	-	Active	NO

Name :

Mr. Sunil Shantilal Munot

Designation :

Director

Address :

Hirkesh, Near Keshar Gulab Compound, Station Road, Ahmednagar-414001, Maharashtra, India

Date of Birth/Age :

30.10.1954

Date of Appointment :

25.05.2003

DIN No. :

00496601

Other Directorship :

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
U25209MH1983PTC030662	Kaygee Foam Private Limited	Director	31/03/1988	31/03/1988	-	Active	NO
U35923PN1999PTC013385	Monee Spokes Private Limited	Director	4/03/1999	4/03/1999	-	Active	NO
U29119PN1994PTC080196	Klassic Wheels Private Limited	Director	25/05/2003	25/05/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suhas Jahagirdar
Designation :	Company Secretary
Address :	5 Datta Digambar Apartments, 316, Shaniwar Peth, Pune – 411030, India
Tel No.:	91-20-65289023
Mobile:	91-9822667422
Email:	sudaj279@yahoomail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Shantilal N Munot	650000
Ramesh N Munot	34600
Mohan N Munot	440000
Neeraj A Munot	35100
Basantabai N Munot	370000
Vimalbai S Munot	50000
Sunil S Munot	187200
Amrutlal N Munot	690200
Savita A Munot	126000
Chitra R Munot	134500
Sagar R Munot	385000
Sumit R Munot	355000
Jayashree M Munot	160000
Rashmi M Munot	239000
Manjushree S Munot	20000
Varsha N Munot	50000
Mugdha M Munot	70000
Total	3996600

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturers of Parts and Accessories for Motor Vehicles and their Engines.

GENERAL INFORMATION

Customers :

Honda Motorcycles and Scooters India Private Limited - Gurgaon
Piaggio Vehicles Private Limited - Baramati
Ki netic Engineering Limited - Ahmednagar
Mahindra and Mahindra - Zahirabad
Tata Motors Limited - Pune
Monto Motors Limited - New Delhi
Majestic Auto Limited - New Delhi

No. of Employees :

Not Divulged

Bankers :

State Bank of India, P – 11, MIDC Branch, Ahmednagar – 414 111, Maharashtra, India
Axis Bank
CITI Bank
The United Western Bank Limited (S. Nagar Branch)
The Ahmed Nagar Merchants Co-Operative Bank Limited, Plot No.33, Market Yard, Station Road, Ahmednagar – 414001, Maharashtra, India
Standard Chartered Bank, Pune
Janata Sahakari Bank Limited
The United Western Bank Limited (A. Nagar Branch)

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loan from State Bank of India, MIDC Branch, Ahmednagar (Secured by mortgage of Factory building and plant and machinery and other fixed assets and personal guarantee of all directors)	53.749	24.867
Term Loan against Fixed Deposit Receipts from The A. Nagar Merchants Co-Operative Bank Limited	4.061	3.811
Cash Credit from State Bank of India, MIDC Branch, Ahmednagar (Secured by hypothecation of stock, book debts and mortgage of factory building and plant and machinery and other fixed assets and other personal guarantee of all directors)	57.600	59.347
Cash Credit from Standard Chartered Bank, Pune (Secured by second charge on stock, book debts and pledged shares of directors and members)	22.790	19.446
Vehicle Loan from The A. Nagar Merchants Co-Operative Bank Limited (Secured by Vehicle Purchased)	0.000	0.139
Total	138.200	107.610

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Unsecured Deposits from Shareholders	45.510	46.294
Sales Tax Deferral Loan	27.901	29.019
Total	73.411	75.313


Auditors :
Name :	Sanjay M. Gandhi Chartered Accountant
Address :	257, 2^nd Floor, Ambar Plaza, Station Road, Ahmednagar – 414 001, Maharashtra, India
Tel. No.:	91-241-2452184/ 6602164
E-Mail:	sanjaygandhica@yahoo.com sujit2_anr@sanchamet.in
PAN No. :	AENPG4757K

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

399600	Equity Shares	Rs.10/- each	Rs.39.966 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		39.966	39.966	19.966
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(8.127)	(22.258)	(28.601)
NETWORTH		31.839	17.708	(8.635)
LOAN FUNDS
1] Secured Loans		138.200	107.610	128.938
2] Unsecured Loans		73.411	75.313	107.486
TOTAL BORROWING		211.611	182.923	236.424
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		243.450	200.631	227.789

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		65.265	66.172	70.933
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		12.637	12.081	13.479
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.387	17.169	38.563
	Sundry Debtors	121.073	86.861	80.951
	Cash & Bank Balances	24.211	0.170	(0.164)
	Other Current Assets	0.000	0.000	0.000
	Advances and Deposits	40.222	37.922	49.351
Total Current Assets		198.893	142.122	168.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.160	14.475	14.842
	Other Current Liabilities		0.369	1.438
	Provisions	5.185	4.900	9.044
Total Current Liabilities		33.345	19.744	25.324
Net Current Assets		165.548	122.378	143.377

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		243.450	20.631	227.789

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008

	TURNOVER	352.987	317.615	303.298

	PROFIT/ LOSS BEFORE TAX	16.144	6.446	(42.007)

Less	TAX	2.012	0.104	0.135

	PROFIT/ LOSS AFTER TAX	14.132	6.342	(42.142)

	BALANCE CARRIED TO THE B/S	(8.127)	(22.259)	(28.601)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	4.57	2.03	(13.85)

Return on Total Assets (PBT/Total Assets}	(%)	6.11	3.09	(17.53)

Return on Investment (ROI) (PBT/Networth)		0.50	0.36	4.86

Debt Equity Ratio (Total Liability/Networth)		7.69	11.44	(30.31)

Current Ratio (Current Asset/Current Liability)		5.96	7.20	6.66

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE HIGHLIGHTS :

During the year under consideration your company achieved a turnover of Rs.352.987 Millions and Profit of Rs.16.144 Millions.

FORM 8

Corporation identity number or foreign company registrations number of the company	U29119PN1994PTC080196
Name of the company	KLASSIC WHEELS PRIVATE LIMITED
Address	“Hirkesh”, Near Keshar Gulab Mangal Karyalaya, Behind ADDC Bank, Station Road, Ahmednagar – 414001, Maharashtra, India
This Form is for	Creation of charge
Type of Charges	Immovable property Any Interest in immovable property
Particular of the charge holder	The Ahmednagar Merchant’s Co-operative Bank Limited, Plot No.33, Market Yard, Station Road, Ahmednagar – 414001, Maharashtra, India Email Id : mrbank@sancharnet.in
Nature or description of the instrument creating charge	Loan Agreement
Date of the instrument creating charge	31.05.2011
Amount Secure by the charge	Rs.56.500 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest 14% Terms of repayment Repayment within 84 Months (Moratorium 6 Months + 78 Months) in equal Monthly Installment Margin Nil Extent and operation of the charge Term Loan of Rs.56.500 Millions
Short particulars of the Property charged	Mortgage of Property at Plot No. E-7 and E-8 at M.I.D.C. Ahmednagar

FIXED ASSETS

· Land

· Factory Building

· Plant and Machineries

· CED Plant

· Dies and Tools

· Electrical Installation

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicle (LCV)

· Staff Quarters

· Wind Mill

· Flat at Delhi

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.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--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.

MIRA INFORM REPORT

0.000

0.000

0.000

40.222

37.922

49.351

198.893

142.122

168.701

28.160

14.475

14.842

0.369

1.438

5.185

4.900

9.044

33.345

19.744

25.324

165.548

122.378

143.377

4.57

2.03

(13.85)

6.11

3.09

(17.53)

0.50

0.36

4.86

7.69

11.44

(30.31)

5.96

7.20

6.66

Unit