MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	MRP AUTORUB PRIVATE LIMITED
Registered Office :	B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.1993
Com. Reg. No.:	18-024468
Capital Investment / Paid-up Capital :	Rs. 6.311 Millions
CIN No.: [Company Identification No.]	U30007TN1993PTC024468
TAN No.: [Tax Deduction & Collection Account No.]	PNEMI12037E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Rubber Components
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 50000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It entered into a joint venture with Mold Diamond Inc, USA in the year September 2009. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be low. 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Balraman
Designation :	Finance Manager
Contact No.:	91- 9940501974
Date :	20.08.2012

LOCATIONS

Registered Office :	B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054, Tamilnadu, India
Tel. No.:	91-44-26581724
Mobile No.:	91-9940501974 (Mr. Balaraman)
Fax No.:	Not Available
E-Mail :	mrp_autorub@yahoo.com
Website :	www.mrpautorub.com
Area :	1700 sq.ft
Location :	Owned
Factory :	G 18, Sidco Industrial Estate, Kakkalur, Thiruvallur District, 602003, Tamilnadu, India
Tel. No.:	91-4427663029/ 4029
Area :	1 Acre
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Krishnamoorthy Ganesh

Designation :

Managing director

Address :

B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600 053, Tamilnadu, India

Date of Birth/Age :

24.05.1976

Date of Appointment :

01.02.2002

DIN No.:

01635149

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30007TN1990PTC018739	HOSES (INDIA) PRIVATE LIMITED	Director	01/02/2002	01/02/2002	-	Active	NO
2	U30007TN1993PTC024468	MRP AUTORUB PRIVATE LIMITED	Managing director	01/02/2002	01/02/2002	-	Active	NO
3	U25191TN2003PTC051151	DIS MRP SEALS PRIVATE LIMITED	Director	08/07/2003	08/07/2003	-	Active	NO
4	U25206TN2009PTC072555	MRP - MDI RUBBER SOLUTIONS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	-	Active	NO
5	U36995TN2010FTC078466	LHSS - MRP SILICONE HOSES PRIVATE LIMITED	Managing director	16/12/2010	16/12/2010	-	Active	NO

Name :

Mr. Mayuram Krishnamoorthy Ganesan

Designation :

Director

Address :

B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600 053, Tamilnadu, India

Date of Birth/Age :

01.03.1945

Date of Appointment :

24.02.1993

DIN No.:

01677020

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30007TN1990PTC018739	HOSES (INDIA) PRIVATE LIMITED	Director	16/02/1990	16/02/1990	-	Active	NO
2	U30007TN1993PTC024468	MRP AUTORUB PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Active	NO
3	U25191TN2003PTC051151	DIS MRP SEALS PRIVATE LIMITED	Director	08/07/2003	08/07/2003	-	Active	NO
4	U25206TN2009PTC072555	MRP - MDI RUBBER SOLUTIONS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	-	Active	NO
5	U36995TN2010FTC078466	LHSS - MRP SILICONE HOSES PRIVATE LIMITED	Director	16/12/2010	16/12/2010	-	Active	NO

Name :

Mrs. Krishnamoorthy Parvathy

Designation :

Director

Address :

B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600 053, Tamilnadu, India

Date of Birth/Age :

06.11.1948

Date of Appointment :

24.02.1993

DIN No.:

02671088

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30007TN1990PTC018739	HOSES (INDIA) PRIVATE LIMITED	Director	16/02/1990	16/02/1990	-	Active	NO
2	U30007TN1993PTC024468	MRP AUTORUB PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Active	NO
3	U25206TN2009PTC072555	MRP - MDI RUBBER SOLUTIONS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	-	Active	NO

Name :

Mrs. Revathy Ganesh

Designation :

Director

Address :

B/42-A, First Main Road, Thiruvengada Nagar, Ambattur, Chennai – 600 053, Tamilnadu, India

Date of Birth/Age :

12.11.1978

Date of Appointment :

24.02.1993

DIN No.:

02671078

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30007TN1993PTC024468	MRP AUTORUB PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Active	NO
2	U25206TN2009PTC072555	MRP - MDI RUBBER SOLUTIONS PRIVATE LIMITED	Director	13/08/2009	13/08/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Balraman
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. M G Krishnamoorthy	15626
Mr. K Ganesh	22508
Mrs. K Parvathy	11626
Mrs. Revathi	13350
TOTAL	63110

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile Rubber Components
Products :	· Engine Mountings and Rubber · Valve Stem Seal · Moulded Rubber Components and Bellows · Air-Intake Hoses · Radiator Hoses · Flexible Hoses · High Temperature Silicone Hoses · Fluorocarbon Lined Silicon Hoses · Reinforced Glossy Finished Hoses
Exports :
Products :	Automobile Rubber Components
Countries :	Middle East Arab Ireland USA Europe Srilanka Dubai UAE
Imports :
Products :	Raw Material and Machinery
Countries :	Korea USA Germany
Terms :
Selling :	Cash/ Credit (30 days/ 60 days/ 90 days)
Purchasing :	Cash/ Credit (30 days/ 60 days/ 90 days)

PRODUCTION STATUS as on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Rubber Products	M. Ton	0.001	0.001	11.848

GENERAL INFORMATION

Customers :

End Users

· Ashok Leyland Limited

· Asia Motor Works Limited

· Fleetguard Filters Private Limited

· Greaves Cotton Limited

· Indian Defence Departments

· Kirloskar Oil Engines Limited

· Mahindra and Mahindra

· Rane Groups

· Same Deutz- Fahr (India) Private Limited

· Simpsons Engines

· Tata Cummins Limited

· Tata Motors Limited

· Advanced Industries of Arabia Company Limited, UAE

No. of Employees :

110 (Approximately)

Bankers :

• Indusind Bank, Chennai, Tamil Nadu, India
• HDFC Bank,
• Punjab National Bank Limited, Banu Nagar, Ambattur, 179 Redhills Road, Ambattur, Chennai – 600053, Tamilnadu, India

Facilities :

BD – Rs.20.000 Millions [per month] ( From Indusind Bank)

BD – Rs.10.000 Millions (From HDFC Bank)

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank - OCC- PNB	8.968	8.414
Term Loan	5.519	9.049
Vehicle Loan	0.000	0.055
lClCl - Vehicle Loan	4.006	4.101
Total	18.493	21.619
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loan From Directors1 Share Holders	2.578	0.217
K.R.Associates - Bills	16.691	12.590
Other Loans	5.656	3.434
Total	24.925	16.241

Banking Relations :	--
Auditors :
Name :	P. Ravishankar and Company Chartered Accountants
Address :	New No.6, Old No.114/1, Jawaharlal Nehru Street, T. Nagar, Chennai – 600017, India
Tel. No.:	91- 44-28140866/ 28144645
PAN No:	AAEPE0985R
Sister Concerns :	Madras Rubber Products Address: B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054, Tamilnadu Line of Business: Manufacturer and Exporter of Automobile Rubber Components MRP MID Rubber Solution Private Limited Address: B 42A, First Main Road, Balaji Nagar, Ambattur, Chennai – 600 054, Tamilnadu Line of Business: Manufacturer and Exporter of Automobile Rubber Components CIN No.: U25206TN2009PTC072555

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- Each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
63110	Equity Shares	Rs.100/- Each	Rs.6.311 Millions

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		6.311	6.311	6.311
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.815	6.969	5.340
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.126	13.280	11.651
LOAN FUNDS
1] Secured Loans		18.493	21.619	56.584
2] Unsecured Loans		24.925	16.241	0.000
TOTAL BORROWING		43.418	37.860	56.584
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.544	51.140	68.235
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.923	49.201	49.483
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	0.000	0.000	10.976
	Sundry Debtors	46.646	36.802	14.999
	Cash & Bank Balances	0.145	0.375	0.569
	Other Current Assets	27.282	3.291	0.000
	Loans & Advances	0.038	0.000	4.058
Total Current Assets		74.111	40.468	30.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	48.821	38.529	11.850
	Provisions	6.669	0.000	0.000
Total Current Liabilities		55.490	38.529	11.850
Net Current Assets		18.621	1.939	18.752
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.544	51.140	68.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010		31.03.2009
	SALES
		Income	335.742	202.118		147.278
		Other Income	3.909	1.646		2.298
		TOTAL	339.651	203.764		149.577
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	331.107	193.580		145.163
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.544	10.184		4.414
Less/ Add	DEPRECIATION/ AMORTISATION		6.499	5.996		4.234
	PROFIT BEFORE TAX		2.045	4.189		0.180
Less	TAX		1.200	1.059		0.107
	PROFIT AFTER TAX		0.845	3.130		0.073
	BALANCE CARRIED TO THE B/S		0.845	3.130		0.073
	EARNINGS IN FOREIGN CURRENCY		7.277	5.725		14.913
	IMPORTS		0.429	0.317	N.A
	Earnings Per Share (Rs.)		32.41	0.00		0.00

Particulars	31.03.2012
Sales Turnover (Approximately)	290.000 (Due to joint venture with MID INC)

Expected Sales (2012-13): Rs. 400.000 Millions

The above information has been parted by Mr. Balraman

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	1.54	0.05
Net Profit Margin (PBT/Sales)	(%)	0.61	2.07	0.12
Return on Total Assets (PBT/Total Assets}	(%)	1.83	4.67	0.22
Return on Investment (ROI) (PBT/Networth)		0.16	0.32	0.02
Debt Equity Ratio (Total Liability/Networth)		7.54	5.75	5.87
Current Ratio (Current Asset/Current Liability)		1.34	1.05	2.58

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE:

The company had achieved a turnover of Rs. 203.764 Millions and the Directors are hopeful of achieving better turnover and better profitability in the ensuing financial year.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Moulds and Dyes
• Furniture and Fixtures
• Electrical Instalation
• Air Conditioner
• Office Equipment
• Fan
• Testing Equipment
• Motor Cycle
• Water Filter
• Car
• Weighing Machine
• Telephone
• Generator
• Motor
• Computer
• Crane / others
• Material Handling

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 exist 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.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.