MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	RAHUL SPRING PRIVATE LIMITED
Registered Office :	G T Road, Panagarh Bazar, Burdwan – 713148, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.05.1995
Com. Reg. No.:	071381
Capital Investment / Paid-up Capital :	Rs.29.455 Millions
CIN No.: [Company Identification No.]	U35123WB1995PTC071381
TAN No.: [Tax Deduction & Collection Account No.]	CALR05910C
PAN No.: [Permanent Account No.]	AABCR2673N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Part and Component
No. of Employees :	48 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 to be high accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered 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

INFORMATION PARTED BY

Name :	Mr. Srivastava
Designation :	General Manager
Date :	21.03.2012

LOCATIONS

Registered Office :	G T Road, Panagarh Bazar, Burdwan – 713148, West Bengal
Tel. No.:	91-343-2524670
Fax No.:	91-343-2525841
E-Mail :	rspl_kon@yahoo.co.in
Location :	Owned

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Ranindra Nath Majumder
Designation :	Director
Address :	Canalpar, Panagarh, Burdwan – 713148, West Bengal, India
Date of Birth/Age :	23.11.1955
Date of Appointment :	01.08.1995

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	U35123WB1995PTC071381	RAHUL SPRINGS PVT LTD	Director	01/08/1995	01/08/1995	-	Active	NO
2	U34300WB2001PTC093744	RAHUL IT SOLUTIONS PVT LTD	Director	04/08/2006	04/08/2006	-	Active	NO
3	U45302WB1997PTC084000	SYSTEMS INCORPORATE INDIA PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO

Name :	Mrs. Manisha Majumder
Designation :	Director
Address :	Canalpar, Panagarh, Burdwan – 713148, West Bengal, India
Date of Birth/Age :	07.01.1966
Date of Appointment :	05.05.1995

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	U35123WB1995PTC071381	RAHUL SPRINGS PVT LTD	Director	05/05/1995	05/05/1995	-	Active	NO
2	U34300WB2001PTC093744	RAHUL IT SOLUTIONS PVT LTD	Director	12/02/2007	12/02/2007	-	Active	NO
3	U45302WB1997PTC084000	SYSTEMS INCORPORATE INDIA PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Srivastava
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Ranindra Nath Majumder	56350
Manisha Majumder	48700
Ramen Majumder	2000
Rahul Majumder	18840
Minakshi Majumder	16310
Debashis Majumder	2040
Nadia Lohar	2310
Joy Prakash Roy	3000
Milan Das	4000
Dinesh Singh	2960
Madan Goswami	2450
Nirmalaya Chakraborty	1200
Amitava Sen	1200
Shib Shankar Das	400
Sdev Ghosh	800
Bhagirath Sam	1600
Nabin Pal	800
Samir Biswas	1600
Ram Chowdhury	800
Bijoy Das	800
Abdul Rauf	800
Dharmendra Rajak	1200
Sankar Biswas	800
Naba Pal	1590
Subhash Gorati	610
Manojit Buta	1470
Ritam Samanta	830
Pradip Malakar	1390
Sanyashi Ghosh	800
Ganesh Lamha	800
Sankar Lohar	800
Tapan Konar	800
Ganesh Das	600
Achinta Thakur	1200
Uttam Sarkar	400
Dinesh Halder	1200
Tapas Lohar	400
Kalipada Mondal	1200
Springs and Spare Marketing Private Limited, West Bengal	104500
Total	289550

PREFERENCE SHARES AS ON 29.09.2011

Ranindra Nath Majumder	2600
Manish Majumder	2400
Total	5000

AS ON 29.09.2011

Category	Percentage
Bodies corporate	36.00
Directors or relatives of Directors	49.00
Other top fifty shareholders	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automotive Part and Component
Exports :
Products :	Automotive Part and Component
Countries :	· Bangladesh · Ireland
Terms :
Selling :	L/C, Cash, Credit (30 days, 60 days)
Purchasing :	L/C, Cash, Credit (30 days, 60 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

48 (Approximately)

Bankers :

Oriental bank of Commerce, Burdwan Branch

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Oriental Bank of Commerce in Cash Credit Account Secured against hypothecation of Plant and Machinery, buildings, Stocks and Book Debts.	51.557	58.624
From Oriental Bank of Commerce in Packing Credit	31.666	2.311
From OBC in Term Loan account	0.008	36.961
TOTAL	83.231	97.896
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Share Holders	2.250	2.250
TOTAL	2.250	2.250

Banking Relations :	--
Auditors :
Name :	D N Gupta and Associates Chartered Accountant
Address :	10, Ganesh Chandra Avenue, 5th Floor, Suit No. 32, Kolkata – 700013, West Bengal, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
490000	Equity Shares	Rs.100/- each	Rs.49.000 Millions
10000	15% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
289550	Equity Shares	Rs.100/- each	Rs.28.955 Millions
5000	15% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.0.500 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		29.455	29.455	17.497
2] Share Application Money		2.600	4.225	0.000
3] Reserves & Surplus		80.030	80.030	32.198
4] (Accumulated Losses)		(101.402)	(99.746)	(30.685)
NETWORTH		10.683	13.964	19.010
LOAN FUNDS
1] Secured Loans		83.231	97.896	101.338
2] Unsecured Loans		2.250	2.250	2.250
TOTAL BORROWING		85.481	100.146	103.588
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		96.164	114.110	122.598
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.567	67.475	79.767
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.173	(0.347)	(1.219)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.509	40.483	32.153
	Sundry Debtors	32.992	35.897	17.026
	Cash & Bank Balances	4.545	3.898	3.971
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.495	21.095	13.457
Total Current Assets		103.541	101.373	66.607
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.780	19.524	11.920
	Other Current Liabilities	56.014	34.554	10.334
	Provisions	0.333	0.333	0.333
Total Current Liabilities		68.127	54.411	22.587
Net Current Assets		35.414	46.962	44.020
MISCELLANEOUS EXPENSES		0.010	0.020	0.030
TOTAL		96.164	114.110	122.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	164.029	108.848	77.619
		Other Income	2.024	0.784	2.485
		TOTAL (A)	166.053	109.632	80.104
Less	EXPENSES
		Cost of Goods Sold	54.827	39.094	25.909
		Direct Expenses Media	44.513	74.587	50.462
		Royalty Charges	0.000	1.583	0.546
		Consumable Stores	0.426	0.356	0.644
		Power & Fuel	3.563	2.775	0.361
		Freight	2.919	1.609	0.629
		Employment Expenses	22.955	17.178	11.768
		Repairs & Manitenance	0.484	0.973	0.656
		Administrative Expenses	14.388	14.687	6.944
		Selling & Marketing Expenses	0.181	0.000	0.128
		Sales Tax	0.000	0.000	0.160
		Export Related Expenses	0.414	0.150	0.043
		Preliminary Expenses w/off	0.010	0.010	0.010
		TOTAL (B)	144.680	153.002	98.260
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.373	(43.370)	(18.156)
Less	FINANCIAL EXPENSES (D)		10.627	11.830	6.878
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.746	(55.200)	(25.034)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.920	14.732	6.883
	PROFIT BEFORE TAX (E-F) (G)		(2.174)	(69.932)	(31.917)
Less	TAX (I)		(0.528)	(0.871)	0.415
	PROFIT AFTER TAX (G-I) (J)		(1.656)	(69.061)	(32.332)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(99.746)	(30.685)	1.647
	BALANCE CARRIED TO THE B/S		(101.402)	(99.746)	(30.685)
	Earnings Per Share (Rs.)		(5.72)	(238.51)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.99)	(62.99)	(40.36)
Net Profit Margin (PBT/Sales)	(%)	(1.32)	(64.24)	(41.12)
Return on Total Assets (PBT/Total Assets}	(%)	(1.32)	(41.42)	(21.80)
Return on Investment (ROI) (PBT/Networth)		(0.20)	(5.01)	(1.68)
Debt Equity Ratio (Total Liability/Networth)		1.52	1.86	2.95
Current Ratio (Current Asset/Current Liability)		1.52	1.86	2.95

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90247937
Corporate identity number of the company	U35123WB1995PTC071381
Name of the company	RAHUL SPRINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G T Road Po Panagarh Bazardist-Burdwan, Dist-Burdwan – 713148, West Bengal, India
Type of charge	Book Debts Immovable Property
Particular of charge holder	Oriental Bank of Commerce
Nature of description of the instrument creating or modifying the charge	Supplementary Agreement to secure credit facilities
Date of instrument Creating the charge	03/03/2009
Amount secured by the charge	Rs.107.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest At PLR, presently - 12.5% Terms of Repayment Term Loan repayable in 60 months, Cash Credit repayable on demand Margin Cash credit - 25% on Stocks, 50% on Book debts, Packing Credit - 25%, Bank Guarantee - 25% Extent and Operation of the charge Exclusive first charge on entire immoveable and moveable assets including Land and Building, Plant and Machinery, other fixed assets, stocks and book debts. Others
Short particulars of the property charged	First exclusive charge on entire movable and immovable assets including land and Building, plant and machinery, other fixed assets, stock and book debts located at G T Road, Panagarh Bazaar, Dist.: Burdwan, North Bengal Road, Panagarh Bazaar, Dist.: Burdwan, 27, Mirza Ghalib Street, Kolkata - 16 and 21, Princep Street, 1st Floor, Kolkata.
Date of latest modification prior to the present modification	22/04/2008
Particulars of the present modification	By this modification, the total amount secured has been increased to Rs. 107.500 Millions (CC - Hyp. – 27.500 Millions, CC - Book Debt - 200 Lac, Packing Credit – 2.500 Millions, FDBP – 2.500 Millions, LC / LG – 5.000 Millions, TL – 50.000 Millions), charge remaining same.

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.51.27
UK Pound	1	Rs.81.38
Euro	1	Rs.67.01

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	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.