MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	RENAULT NISSAN AUTOMOTIVE INDIA PRIVATE LIMITED
Formerly Known As :	RHOMBUS AUTOMOTIVE PRIVATE LIMITED
Registered Office :	Plot No. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post), Sriperumbudur – 602 105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.09.2007
Com. Reg. No.:	18-73002
Capital Investment / Paid-up Capital :	Rs.14280.100 Millions
CIN No.: [Company Identification No.]	U34100TN2007PTC073002
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobiles
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 57000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is joint venture between Nissan Group, Japan and Renault Group, Netherlands. It is an established company having moderate track. There appears to be huge accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of strong capital base and strong promoter, 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. Shankar N
Designation :	Manager
Contact No.:	91-9840896646
Date :	30.09.2011

LOCATIONS

Registered Office/ Factory :	Plot No. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post), Sriperumbudur – 602 105, Tamilnadu, India
Tel. No.:	91-44-37196983 / 37199999
Mobile No.:	91-9840896646 (Mr. Shankar N)
Fax No.:	91-44-67206016
E-Mail :	nitin.negandhi@renault.com venkat@nissan.in ashwin.ravindra@rnaipl.com
Website :	www.nissan.in
Factory 2 :	IInd Floor, Krisp IT Park, 942, Vandalur - Kelambakkam Road, Kizhakottayur, Chennai - 600048, Tamilnadu, India
Tel. No.:	91-44-67480777
Fax No.:	91-44-67480739

DIRECTORS

As On 30.09.2010

Name :

Mr. Marc Nassif

Designation :

Director

Address :

5, Place Du Mesnil, Sevin 78720, St. Forget, France

Date of Birth/Age :

18.01.1962

Qualification :

Engineer

Date of Appointment :

21.05.2008

DIN No. :

01667254

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	U34100MH2005PTC153702	Mahindra Automobile Distributor Private Limited	Director	03-08-09	27-07-07	06-08-10	Active	NO
2	U34100TN2005FTC078835	Renault India Private Limited	Managing director	17-09-09	17-08-07	-	Active	NO
3	U34100TN2007PTC073002	Renault Nissan Automotive India Private Limited	Director	05-11-08	21-05-08	07-03-11	Active	NO
4	U74999MH2007PTC167071	RN Automotive Private Limited	Director	28-05-09	03-04-09	-	Strike off	NO

Name :

Mr. Akira Sakurai

Designation :

Managing Director

Address :

369 and 370, Seashore Town, 11^th Avenue, Panayur, Chennai – 600119, Tamilnadu, India

Date of Birth/Age :

13.01.1958

Date of Appointment :

12.05.2009

DIN No. :

02628705

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	U74999MH2007PTC167071	RN Automotive Private Limited	Director	28-05-09	11-05-09	-	Strike off	NO
2	U34100TN2007PTC073002	Renault Nissan Automotive India Private Limited	Managing director	12-05-09	12-05-09	06-05-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashwin Kumar R
Designation :	Company Secretary
Address :	22 Apparsamy Koil Street, Mylapore, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	20.04.1985
Date of Appointment :	20.07.2009
PAN No. :	ANIPA8234B
Name :	Mr. Shankar N
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Renault Group BV, Netherlands	567516500
Nissan Motor Limited – Japan	1324205000
Total	1891721500

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 of Automobiles

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	----
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	TPL House No. 3, Cenotaph Road, Teymampet, Chennai – 600018, Tamilnadu, India
Tel No.:	91-44-42194400
Fax No.:	91-44-24311450
Pan No. :	AABFS3421N
Holding Company :	· Nissan Motor Company Limited
Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control :	· Nissan Motor Company Limited, UK · Nissan Motor India Private Limited · Nissan Trading Company Limited, Japan · Nissan Motor Iberica S.A · NITCO Siam Company Limited, Thailand · Nissan (China) Investment Company Limited · Renault Finance, SA · Renault India Private Limited · Renault Nissan Technologies and Business Centre India · Private Limited ('RNTBCI') · Renault Group BV, Netherlands · Renault Global Management ('RGM') · Nissan Creative Services Private Limited · Nissan Europe SAS

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000000	Equity Shares	Rs.10/- each	Rs.45000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1891721500	Equity Shares	Rs.10/- each	Rs.18917.215 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000000	Equity Shares	Rs.10/- each	Rs.45000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1428010000	Equity Shares	Rs.10/- each	Rs.14280.100 Millions

Note:

Of the above:

· 367200 shares (Previous year – 217200000) are held by Renault Group BV, Netherlands and

· 1060800000 shares (Previous year – 217200000) are held by Nissan Motor Company Limited, Japan

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		14280.100	4344.100	430.100
2] Share Application Money		2634.000	1000.000	730.000
3] Reserves & Surplus		22.500	0.000	0.000
4] (Accumulated Losses)		(2600.092)	(1208.496)	(14.120)
NETWORTH		14336.508	4135.604	1145.980
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.030
TOTAL		14336.508	4135.604	1146.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12212.541	57.064	1.525
Capital work-in-progress		1620.974	4893.514	549.285
INVESTMENT		1675.621	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.832	0.000	0.000
	Sundry Debtors	317.559	0.000	0.000
	Cash & Bank Balances	515.322	846.812	1130.005
	Other Current Assets	1.223	0.291	1.475
	Loans & Advances	1123.615	379.219	8.322
Total Current Assets		2005.551	1226.322	1139.802
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1944.135	649.290	83.487
	Other Current Liabilities	1229.083	1377.711	459.333
	Provisions	4.961	14.295	1.782
Total Current Liabilities		3178.179	2041.296	544.602
Net Current Assets		(1172.628)	(814.974)	595.200
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14336.508	4135.604	1146.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4.046	0.000	5.607
		Other Income	511.200	43.631	0.000
		TOTAL (A)	515.246	43.631	5.607
Less	EXPENSES
		Raw material and components consumed	3.215	0.000	0.000
		Personnel Expenses	889.941	212.767	1.000
		Operating and other Expenses	760.384	1005.542	16.883
		Increase in inventories	(0.319)	0.000	0.000
		TOTAL (B)	1653.221	1218.309	17.883
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1137.975)	(1174.678)	(12.276)
Less	FINANCIAL EXPENSES (D)		0.886	0.493	0.000
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) E)		(1138.861)	(1175.171)	(12.276)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		252.734	4.677	0.032
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(1391.595)	(1179.848)	(12.308)
Less	TAX (H)		0.000	14.529	1.812
	PROFIT/LOSS AFTER TAX (G-H) (I)		(1391.595)	(1194.377)	(14.120)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1208.497)	(14.120)	0.000
	BALANCE CARRIED TO THE B/S		(2600.092)	(1208.497)	(14.120)
	Earnings (Loss) Per Share (Rs.)		(1.99)	(6.78)	(1.24)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(270.08)	(2737.45)	251.83
Net Profit Margin (PBT/Sales)	(%)	(34394.34)	0.00	219.51
Return on Total Assets (PBT/Total Assets}	(%)	(9.79)	(91.93)	(1.08)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.29)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.22	0.49	0.48
Current Ratio (Current Asset/Current Liability)		0.63	0.60	2.09

LOCAL AGENCY FURTHER INFORMATION

NOTE

ASV Ramana Towers, 37-38, 4^th Floor, Venkatanarayana (R), T Nagar, Chennai - 600 017, Tamilnadu, India belongs to Renault India Private Limited.

CHANGE OF ADDRESS NOTE

The Registered Office of the company has been shifted from Chintamani Plaza, B Wing, Office No. 524, Andheri Kurla Road, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f 15.09.2009

FIXED ASSETS:

· Leasehold land

· Building

· Plant and machinery

· Computers and other peripherals

· Office Equipment

· Furniture and Fittings

· Vehicles

· Tools

· Computer software

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--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		28

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.