1. Summary Information

		Country	India
Company Name	PATVIN AUTO PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Navinbhai Valjibhai Patel
Status	Very Small Company	Principal Name 2	Mr. Rajendrakumar Valjibhai Patel
		Registration #	04-041102
Street Address	639, Old G.C.E.L. Compound, G.C.E.L. Road, G.I.D.C. Industrial Estate, Makarpura, Vadodara-390010, Gujarat
Established Date	09.08.2002	SIC Code	--
Telephone#	91-265-2631474	Business Style 1	Manufacturer
Fax #	91-265-2630335	Business Style 2	Exporter
Homepage	--	Product Name 1	Automobile Parts
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.100,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Central Bank of India
Public Limited Corp.	No	Business Period	9 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	459,000	Current Liabilities	204,000
Inventories	3,600,000	Long-term Liabilities	3,998,000
Fixed Assets	678,000	Other Liabilities	36,000
Deferred Assets	000	Total Liabilities	4,238,000
Invest& other Assets	000	Retained Earnings	254,000
		Net Worth	499,000
Total Assets	4,737,000	Total Liab. & Equity	4,737,000
Total Assets (Previous Year)	4,719,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,580,000	Net Profit	4,000
Sales(Previous yr)	1,525,000	Net Profit(Prev.yr)	8,000

MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	PATVIN AUTO PRODUCTS PRIVATE LIMITED
Registered Office :	639, Old G.C.E.L. Compound, G.C.E.L. Road, G.I.D.C. Industrial Estate, Makarpura, Vadodara-390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.08.2002
Com. Reg. No.:	04-041102
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29199GJ2002PTC041102
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01225A
PAN No.: [Permanent Account No.]	AACCP6183G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Wholesaler and Service Provider of Automobile Parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Very Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a very small company. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 / Factory:	639, Old G.C.E.L. Compound, G.C.E.L. Road, G.I.D.C. Industrial Estate, Makarpura, Vadodara-390010, Gujarat, India
Tel. No.:	91-265-2631474
Fax No.:	91-265-2630335
E-Mail :	inquiry@patvinauto.com

DIRECTORS

As on 29.09.2011

Name :	Mr. Navinbhai Valjibhai Patel
Designation :	Director
Address :	C 34, Shreejidham Society, Near Tualsidham Char Rasta, Manjalpur, Vadodara, Gujarat, India
Date of Appointment :	09.08.2002
Din No.:	00983481
Name :	Mr. Rajendrakumar Valjibhai Patel
Designation :	Director
Address :	501, Parishar Apartments, Near Western India Garage, Sumul Dairy Road, Surat, Gujarat, India
Date of Appointment :	09.08.2002
Din No.:	01825211
Name :	Mr. Anil Valjibhai Kapuria
Designation :	Director
Address :	Sagar 1, Shrinivas Colony, Summair Club Road, Jamnagar, Gujarat, India
Date of Appointment :	09.08.2002
Din No.:	01825147
Name :	Mr. Aditya Kumar Laxminarayan Malviya
Designation :	Director
Address :	SSA-24, Sharavan Sector, Cidco, Nasik-422009, Maharashtra, India
Date of Appointment :	09.08.2002
Din No.:	02380749

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Navinbhai Valjibhai Patel	6000
Rajendrakumar Valjibhai Patel	1300
Anil Valjibhai Kapuria	1300
Aditya Kumar Laxminarayan Malviya	1300
Parvati K. Patel	100
Total	10000

As on 29.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Wholesaler and Service Provider of Automobile Parts.

Products :

Product Description	Item Code
Diaphragm	464400
Gas Water Heater	854539

GENERAL INFORMATION

Bankers :

Central Bank of India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
OD A/C with Central Bank of India [Secured against directors FDR]	0.150	0.327
Total	0.150	0.327
Unsecured Loan
From Directors	3.574	3.217
From Share Holders	0.274	0.359
Total	3.848	3.576

Banking Relations :	--
Auditors :
Name :	F.R. Sharma and Company Chartered Accountants
Address :	1, Avishkar Apartments, 2, Suvarnapuri Society, Jetalpur Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2333672 [Office] 91-265-2344206 [Residential]
Pan No.:	AGTPS7459J

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.145	0.145	0.145
3] Reserves & Surplus		0.254	0.250	0.232
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.499	0.495	0.477
LOAN FUNDS
1] Secured Loans		0.150	0.327	0.548
2] Unsecured Loans		3.848	3.576	3.467
TOTAL BORROWING		3.998	3.903	4.015
DEFERRED TAX LIABILITIES		0.007	0.010	0.025
TOTAL		4.504	4.408	4.517
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.678	0.686	0.809
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.600	3.873	4.289
	Sundry Debtors	0.264	0.106	0.235
	Cash & Bank Balances	0.099	0.033	0.136
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.096	0.021	0.030
Total Current Assets		4.059	4.033	4.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.071	0.093	0.381
	Other Current Liabilities	0.133	0.186	0.526
	Provisions	0.029	0.032	0.075
Total Current Liabilities		0.233	0.311	0.982
Net Current Assets		3.826	3.722	3.708
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.504	4.408	4.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1.580	1.525	1.300
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1.448	1.385	1.118
		Advertising Expenses
		Financial Expenses
		TOTAL	1.448	1.385	1.118
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.132	0.140	0.182
Less/ Add	DEPRECIATION/ AMORTISATION		0.126	0.129	0.157
	PROFIT BEFORE TAX		0.006	0.011	0.025
Less	TAX		0.002	0.003	0.023
	PROFIT AFTER TAX		0.004	0.008	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.010	0.000
	BALANCE CARRIED TO THE B/S		0.004	0.018	0.002
	Earnings Per Share (Rs.)		0.38	0.75	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	0.52	0.15
Return on Total Assets (PBT/Total Assets}	(%)	0.13	0.23	0.45
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.05
Debt Equity Ratio (Total Liability/Networth)		8.48	8.51	10.48
Current Ratio (Current Asset/Current Liability)		17.42	12.97	4.77

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from C 34, Shreejidham Society, Near Tulsidham Char Rasta, Manjapur, Vadodara-390011, Gujarat, India to the present address w.e.f. 29.09.2007.

REVIEW OF OPERATIONS:

During the year the company has made turnover and other income of Rs.1.580 millions while in previous year, it was Rs.1.525 millions. However, the profit before taxation and deferred tax liabilities (assets) for the year is Rs.0.006 million while in previous year was Rs.0.011 million.

FIXED ASSETS:

· Computer Accessories

· Dies and Tools

· Office Furniture

· Plant and Machinery

· Testing Equipments

· 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 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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	-
--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		15

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.