MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	ROHM INDIA PRIVATE LIMITED
Registered Office :	9 and 10 E, Pent House, Jupiter Block, Regency Magnum Apartments, Hennur Main Road, Bangalore-560043, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.12.2006
Com. Reg. No.:	08-041325
Capital Investment / Paid-up Capital :	Rs. 19.900 Millions
CIN No.: [Company Identification No.]	U29268KA2006FTC041325
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Excisable Goods
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. 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 :	9 and 10 E, Pent House, Jupiter Block, Regency Magnum Apartments, Hennur Main Road, Bangalore-560043, Karnataka, India
Tel. No.:	91-80-25428716
Fax No.:	91-80-25428858
E-Mail :	kthomas_64@yahoo.com
Factory/ Office :	Peenya 2^nd stage, Industrial area, Plot No. A53 (B) 2^nd Main Road, Bangalore 560058, Karnataka, India
Tel. No.:	91-80-41492907/28367656
Fax No.:	91-80-28367565

DIRECTORS

(AS ON 30.09.2010 )

Name :

Mr. Kurien Thomas

Designation :

Director

Address :

9 and 10 E, Pent House, Jupiter Block, Regency Magnum Apartments, Hennur Main Road, Bangalore-560043, Karnataka, India

Date of Birth/Age :

30.10.1964

Date of Appointment :

29.12.2006

DIN No.:

01188117

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	U28939KA2003PTC032289	Rohm Clamping Technologies Private Limited	Director	21/07/2003	21/07/2003	-	Active	NO
2	U29268KA2006FTC041325	ROHM India Private Limited	Director	29/09/2007	29/12/2006	-	Active	NO

Name :

Mrs. Swapna Thomas

Designation :

Director

Address :

9 and 10 E, Pent House, Jupiter Block, Regency Magnum Apartments, Hennur Main Road, Bangalore-560043, Karnataka, India

Date of Birth/Age :

24.02.1969

Date of Appointment :

29.12.2006

DIN No.:

01188175

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	U28939KA2003PTC032289	Rohm Clamping Technologies Private Limited	Director	21/07/2003	21/07/2003	-	Active	NO
2	U29268KA2006FTC041325	ROHM India Private Limited	Director	29/09/2007	29/12/2006	-	Active	NO

Name :

Mr. Henrich Peter Helum Rohm

Designation :

Director

Address :

Sauerbruchstr. 16 Heidenheim An Der Brenz 89518

Date of Birth/Age :

03.05.1937

Date of Appointment :

10.05.2007

DIN No.:

01500398

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	U29268KA2006FTC041325	ROHM India Private Limited	Director	29/09/2007	10/05/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010 )

Names of Shareholders	No. of Shares
Rohm Clamping Technologies Private Limited, Karnataka, India	597000
Rohm GmbH, Sonthiem	1393000
Total	1990000

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010 )

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	70.00
Bodies corporate	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Excisable Goods

Products :

Product Description	ITC Code
Manufacturing of Excisable Goods	846600

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Chuck Tools	Nos.	455
Components of Chuck Tools	Nos.	3,429

GENERAL INFORMATION

Bankers :

· HDFC Bank Limited

· Deutsche Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan – HDFC Bank Limited (Secured by hypothecation of assets financed) (EMI due within 1 year- Rs. 0.080 Million (Previous year Rs. 0.143 Million)	0.080	0.204
Bank Overdraft- Deutsche Bank Account (Secured by corporate guarantee from Rohm GmbH)	4.283	2.524
Total	4.363	2.728

Banking Relations :	--
Auditors :
Name :	Tambakad and Goil Chartered Accountant
Address :	No. 15, Golf Course Rod, off Hal Airport Road, Bangalore-560008, Karnataka, India
Tel. No.:	91-80-25211427/ 67721800
Fax No.:	91-80-67721801
Website:	www.tambakadgoil.com
PAN No.:	AAAFT4490M
Holding Company :	Rohm GmbH, Sonthiem

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs. 60.000 Millions

Paid-up Capital : Rs. 25.364 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1990000	Equity Share	Rs. 10/- each	Rs. 19.900 Millions

Note:

Of the above 1393000 Equity Shares of Rs. 10/- each held by Rohm GmbH

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		19.900	19.900	19.900
2] Share Application Money		0.000	0.000	0.000
3] Advance Against Share Capital		0.130	0.130	0.469
4] Reserves & Surplus		0.000	0.000	0.000
5] (Accumulated Losses)		[23.482]	[18.102]	[8.665]
NETWORTH		[3.452]	1.928	11.704
LOAN FUNDS
1] Secured Loans		4.363	2.728	2.673
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		4.363	2.728	2.673
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.911	4.656	14.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.532	16.498	21.540
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	1.343	0.542
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.011	8.771	5.295
	Sundry Debtors	6.079	0.971	6.937
	Cash & Bank Balances	1.048	0.073	0.153
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.620	7.806	6.291
Total Current Assets		20.758	17.621	18.676
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.610	25.291	16.801
	Other Current Liabilities	4.685	5.472	9.528
	Provisions	0.084	0.043	0.052
Total Current Liabilities		30.379	30.806	26.381
Net Current Assets		[9.621]	[13.185]	[7.705]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.911	4.656	14.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	15.260	14.928	10.267
		Other Income
		TOTAL	15.260	14.928	10.267
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	19.296	25.122	18.398
		Financial Charges
		Depreciation
		TOTAL	19.296	25.122	18.398
	LOSS BEFORE TAX		[4.036]	[10.194]	[8.132]
Less	TAX		[1.794]	[0.757]	[0.383]
	LOSS AFTER TAX		[5.830]	[9.437]	[7.749]
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.872	7.086	0.951
	TOTAL EARNINGS		0.872	7.086	0.951
	IMPORTS
		Raw Materials	2.341	7.521	9.934
		Capital Goods	0.000	0.019	5.675
	TOTAL IMPORTS		2.341	7.540	15.609
	Earnings Per Share (Rs.)		[2.70]	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[38.20]	[63.22]	[75.47]
Return on Total Assets (PBT/Total Assets}	(%)	[12.90]	[29.88]	[20.22]
Return on Investment (ROI) (PBT/Networth)		[1.17]	[5.29]	[0.69]
Debt Equity Ratio (Total Liability/Networth)		[10.06]	17.39	2.48
Current Ratio (Current Asset/Current Liability)		0.68	0.57	0.71

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL PERFORMANCE:

Due to efforts taken in the previous year towards import substitution; increasing the product range and increased focus on domestic market the company has been able improve the gross margins and report a lower loss.

The continued efforts in this directors are expected to yield improved results and the company hopes to break even in the ensuring year.

The joint venture partners i.e. Rohm GmbH and Rohm Clamping Technologies Private limited assured continued support to make the operations of the company sustainable.

Contingent Liability:

The company is in the process of collecting and reconciling of ‘C’ forms towards Interstate Sales at concessional rate @ 2%. The contingent liability arising on the said Interstate Sales for the differential tax is Rs. 1.156 Millions (Previous year Rs. 0.568 Million)

Fixed Assets:

· Plant and Machinery

· Leasehold Improvements

· Computers and Peripherals

· Furniture

· Office 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 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.48.89
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	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		13

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.