MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	MEENA ELASTOMERS PRIVATE LIMITED
Registered Office :	A-36/37, MIDC, Sinnar, Nashik – 422103, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.11.2009
Com. Reg. No.:	11-197419
Capital Investment / Paid-up Capital :	Rs. 1.108 Millions
CIN No.: [Company Identification No.]	U36998MH2009PTC197419
TAN No.: [Tax Deduction & Collection Account No.]	MUMM39124B
PAN No.: [Permanent Account No.]	AAGCM3886M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of rubber moulded automotive products, bushes, oil seals, o rings
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 350000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. The company has recorded some accumulated loss during 2011. The company has incurred loss in its first year of operation. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Profit and loss of the company is not available.

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.

LOCATIONS

Registered Office :	A-36/37, MIDC, Sinnar, Nashik – 422103, Maharashtra, India
Tel. No.:	91-2551-230151
Fax No.:	Not Available
E-Mail :	agharkar.co@rediffmail.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Amod Yeshwant Ketkar

Designation :

Managing director

Address :

F12, Manohar Gardens, Jai Bhawani Road, Nashik Road, Nashik – 422102, Maharashtra, India

Date of Birth/Age :

02.02.1972

Date of Appointment :

30.11.2009

DIN No.:

02706840

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	sCompany/ LLP Status	Defaulting status
1	U36998MH2009PTC197419	MEENA ELASTOMERS PRIVATE LIMITED	Managing director	30/11/2009	30/11/2009	Active	NO
2	U25202MH2010PTC208692	MEENA HOSES PRIVATE LIMITED	Director	06/10/2010	06/10/2010	Active	NO

Name :

Mrs. Meena Yeshwant Ketkar

Designation :

Director

Address :

F12, Manohar Gardens, Jai Bhawani Road, Nashik Road, Nashik – 422102, Maharashtra, India

Date of Birth/Age :

04.11.1942

Date of Appointment :

30.11.2009

DIN No.:

02706852

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	Company/ LLP Status	Defaulting status
1	U36998MH2009PTC197419	MEENA ELASTOMERS PRIVATE LIMITED	Director	30/11/2009	30/11/2009	Active	NO
2	U25202MH2010PTC208692	MEENA HOSES PRIVATE LIMITED	Director	06/10/2010	06/10/2010	Active	NO

Name :

Mr. Yeshwant Shankar Ketkar

Designation :

Director

Address :

F12, Manohar Gardens, Jai Bhawani Road, Nashik Road, Nashik – 422102, Maharashtra, India

Date of Birth/Age :

22.04.1938

Date of Appointment :

30.11.2009

DIN No.:

02706859

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Amod Yeshwant Ketkar	5000
Meena Yeshwant Ketkar	103273
Yeshwant Shankar Ketkar	2500
Total	110773

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of rubber moulded automotive products, bushes, oil seals, o rings

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø The Thane Janata Sahakari Bank Limited, 1, Atmaviswas C.H.S. Pathardi Road, Indira Nagar, Nashik – 422009, Maharashtra, India

Ø H.D.F.C Bank Limited

Ø State Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
H.D.F.C. Car Loan(15908478)	0.581	0.000
H.D.F.C. Car Loan(3285123)	0.194	0.000
The Thane Janata Sahakari Bank (ADVHYP/1)	0.726	0.000
The Thane Janata Sahakari Bank (ADVHYP/2)	0.172	0.000
The Thane Janata Sahakari Bank (ADVHYP/3)	0.789	0.000
The Thane Janata Sahakari Bank (AMF-M-7)	1.150	0.000
The Thane Janata Sahakari Bank (CC/10)	19.223	0.000
The Thane Janata Sahakari Bank (WCTL-M/1)	10.152	0.000
Sales Tax (DIC) Loan	1.053	0.000
SIDBI Loan	1.634	0.000
State Bank of India (31234839109)	1.644	0.000
Total	37.318	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Mr.Ajit Ketkar	0.246	0.000
Mrs.Meena Ketkar	0.027	0.027
Total	0.273	0.027

Banking Relations :	--
Auditors :
Name :	Agharkar and Company Chartered Accountants
Address :	31, B J P Nagar Road No. 3, Goregaon East, Mumbai – 400063, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPA7330B

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110,773	Equity Shares	Rs.10/- each	Rs. 1.108 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.108	0.100
2] Share Application Money		18.000	0.000
3] Reserves & Surplus		74.572	0.000
4] (Accumulated Losses)		(3.733)	0.000
NETWORTH		89.947	0.100
LOAN FUNDS
1] Secured Loans		37.318	0.000
2] Unsecured Loans		0.273	0.027
TOTAL BORROWING		37.591	0.027
DEFERRED TAX LIABILITIES		0.318	0.000
TOTAL		127.856	0.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.247	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		5.033	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.124	0.000
	Sundry Debtors	44.923	0.000
	Cash & Bank Balances	0.906	0.102
	Other Current Assets	1.561	0.000
	Loans & Advances	2.546	0.000
Total Current Assets		58.060	0.102
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.235	0.000
	Other Current Liabilities	0.805	0.000
	Provisions	4.464	0.000
Total Current Liabilities		32.504	0.000
Net Current Assets		25.556	0.102
MISCELLANEOUS EXPENSES		0.020	0.025
TOTAL		127.856	0.127

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	0.78	0.27
Current Ratio (Current Asset/Current Liability)	1.79	3.78

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	No
12]	Profitability for last two years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36998MH2009PTC197419
Name of the company	MEENA ELASTOMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-36/37, MIDC, Sinnar, Nashik - 422103, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	The Thane Janata Sahakari Bank Limited, 1, Atmaviswas C. H. S., Pathardi Road, Indira Nagar, Nashik – 422009, Maharashtra, India Email ID: tjsb@bom5.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	Nature of Agreement: Deed of Hypothecation of Goods, Plant & Machinery and Debts
Date of instrument Creating the charge	03.11.2010
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.50% p. a. i. e. 1.50% below PLR Terms of Repayment Facility granted for 12 months; shall be reviewed on yearly basis. Margin 30% Extent and Operation of the charge Hypothecation by way of first charge in favour of the Bank of all stocks of finished goods, raw materials, semi finished goods, sores and spares, other merchandise, all tangible movable machinery, all book debts, monies receivable, present and future, as continuing security in favour of the Bank for payment and discharge of borrower's present and future indebtedness and liabilities to the Bank, together with interest, discount, commission, charges, costs and expenses payable to the Bank.
Short particulars of the property charged	All stocks of finished goods, raw materials, semi finished goods, sores and spares, other merchandise, present and future. All tangible movable machinery, plant machinery spares, machinery stores, accessories, present and future and wherever situated. All book debts, monies receivable, claims and bills, outstanding decrees, present and future.

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. 55.38
UK Pound	1	Rs. 87.80
Euro	1	Rs. 69.48

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		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

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.