MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	CLASSIC AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 62, Block F – II, MIDC Pimpri, Pune 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.08.1981
Com. Reg. No.:	025073
Capital Investment / Paid-up Capital :	Rs. 1.375 millions
CIN No.: [Company Identification No.]	U99999MH1981PTC025073
TAN No.: [Tax Deduction & Collection Account No.]	PNEC05099D
PAN No.: [Permanent Account No.]	AAACC7017L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hydraulic Machinery and Automobile Components
No. of Employees :	55 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 63036
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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. Sandip
Designation :	Accounts
Contact No.:	91-20-67302413
Date :	25.01.2012

LOCATIONS

Registered Office /Factory:	Plot No. 62, Block F – II, MIDC Pimpri, Pune 411018, Maharashtra, India
Tel. No.:	91-20-66111823
Mobile No.:	91-9881236500 (Mr.Javed) 91-9822796114 (Mr. Rakesh)
Fax No.:	91-20-66111825
E-Mail :	iut@eth.net sales@arcowhitney.com arcowhitney@sify.com
Website :	www.arcowhitney.com
Location :	Owned
Administrative Office :	Plot No. 64/4, Block D – II, MIDC Pimpri, Pune 411018, Maharashtra, India
Tel. No.:	91-20-27470381 / 27474169
Fax No.:	91-20-27470382

DIRECTORS

AS ON 03.08.2010

Name :	Mr. Basant Kumar Jain
Designation :	Director
Date of Birth/Age :	23.01.1950
Qualification :	B.E.
Date of Appointment :	03.07.1992
DIN No.:	01656398

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	U99999MH1981PTC025073	Classic Automotive Industries Pvt Ltd	Director	03/07/1992	03/07/1992	-	Active	NO
2	U28939MH1996PTC099307	Anheena Engineering Private Limited	Managing director	25/02/1997	25/02/1997	-	Active	NO
3	U70101PN2002PTC016753	Bijlani Kanayalal Development Company Private Limited	Director	14/02/2002	14/02/2002	-	Active	NO

Name :	Mr. Rajesh Dhannalal Jain
Designation :	Director
Date of Birth/Age :	22.04.1968
Qualification :	B.E.
Date of Appointment :	01.04.1993
DIN No.:	01075431

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	U99999MH1981PTC025073	Classic Automotive Industries Pvt Ltd	Director	01/04/1993	01/04/1993	-	Active	NO
2	U28939MH1996PTC099307	Anheena Engineering Private Limited	Director	01/07/1996	01/07/1996	-	Active	NO
3	U70101PN2002PTC016753	Bijlani Kanayalal Development Company Private Limited	Director	14/02/2002	14/02/2002	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandip
Designation :	Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.08.2010

Names of Shareholders	No. of Shares
Mr. Basant Kumar Jain	10175
Mr. Rajesh Dhannalal Jain	3575
Anheena Enhikeering Private Limited, Pune, Maharashtra	1
Total	13751

AS ON 03.08.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Hydraulic Machinery and Automobile Components

Products :

· Bus Bar Shearing

· Bus Bar Punching

· Bus Bar Bending

· Bus Bar Notching

· Angle/Channel Shearing

· Angle/Channel/I-beam  Punching

· Angle/Channel  Notching

· Portable Hydraulic Equipment

· Special Purpose Presses.

ITC Code	Products Description
960200-02	Automobile Components

Brand Names :

Arco Whitney

Exports :

Countries :

Saudi Arabia, Nigeria

Terms :

Selling :

Credit 60-90 Days

Purchasing :

L/C, Credit 60-90 Days

GENERAL INFORMATION

Suppliers :

· Kirti Alloys

· Brisk Marketing Services

· Parikh Udyog

· Alma Steel

Customers :

· Manufacturer

· CNS Electric Limited

· Amitasha Enterprises Private Limited

· Nalko Company

· KEC International Private Limited

No. of Employees :

55 Approximately

Bankers :

· HDFC Bank, Pune, Maharashtra, India

· Indian Overseas Bank, Pune

· IDBI Bank, Pimpri, Pune

· Religare Finvest Limited, D 3, P3B, District Centre, Saket, New Delhi 110017, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Loans and Advances From Banks
IDBI Bank (Cash Credit} (Secured against hypothecation of stocks and book debts, further secured by personal Guarantees of the directors of the company.)	3.472	5.413
SIDBI (Term Loan) (Secured against mortgage of Machinery and Factory Building, further secured by personal Guarantees of the directors of the company.)	9.181	9.990
ICICI Bank Ltd. (Vehicle Loans)	0.184	0.386
Citi Finance (Vehicle Loans) (Secured against hypothecation of Vehicles.)	0.168	0.230
Total	13.007	16.019
UNSECURED LOAN
Loans From Banks and Financial Institutions (Business Loans)	0.322	1.510
Loans From Shareholders, Directors and their Relatives	2.959	2.710
Total	3.281	4.220

Banking Relations :	--
Auditors :
Name :	S Gautam and Associates Chartered Accountant
Address :	25 B Wing (Rear), 1^st Floor, Kamala Cross Road, Opposite PCMC Building, Pimpri, Pune 411018, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 03.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100 each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13751	Equity Shares	Rs. 100 each	Rs. 1.375 millions

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		1.375	1.375	1.375
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.384	10.705	10.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.759	12.080	11.863
LOAN FUNDS
1] Secured Loans		13.007	16.019	9.750
2] Unsecured Loans		3.281	4.220	4.315
TOTAL BORROWING		16.288	20.239	14.065
DEFERRED TAX LIABILITIES		1.564	1.229	1.173
TOTAL		33.611	33.548	27.101
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.797	26.738	21.511
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	9.431	14.733	10.240
	Sundry Debtors	4.339	1.339	4.786
	Cash & Bank Balances	2.567	0.503	0.526
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.156	1.001	2.991
Total Current Assets		18.493	17.576	18.543
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.592	7.166	7.500
	Other Current Liabilities	1.628	1.204	1.729
	Provisions	2.459	2.396	3.724
Total Current Liabilities		10.679	10.766	12.953
Net Current Assets		7.814	6.810	5.590
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.611	33.548	27.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	55.710	28.891	51.382
		TOTAL (A)	55.710	28.891	51.382
Less	EXPENSES
		Cost of Materials
		Manufacturing Expenses	50.153	28.826	39.978
		Employees Remuneration
		Administrative Expenses
		TOTAL (B)	50.153	28.826	39.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.557	0.065	11.404
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.557	0.065	11.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		5.557	0.065	11.404
Less	TAX (H)		1.886	0.158	3.931
	PROFIT AFTER TAX (G-H) (I)		3.671	(0.093)	7.473
	Earnings Per Share (Rs.)		267.58	15.77	--

Expected Sales (2011-2012) : Rs.65.000 millions

The above information has been parted by Mr. Sandip

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.58	(0.32)	14.54
Net Profit Margin (PBT/Sales)	(%)	9.97	0.22	22.19
Return on Total Assets (PBT/Total Assets}	(%)	12.54	0.14	28.47
Return on Investment (ROI) (PBT/Networth)		0.35	0.01	0.96
Debt Equity Ratio (Total Liability/Networth)		1.81	2.66	2.37
Current Ratio (Current Asset/Current Liability)		1.73	1.63	1.43

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year ended 31^st March, 2010 Sales and Other income amounted Rs. 55.710 millions in comparison to Rs. 28.891millions in the previous year. Company has made net profit of RS. 3.671 millions in comparison to net loss of Rs. 0.093 million in the previous year. Company is taking necessary steps to increase its profitability further by imposing strict control over overheads.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Moulds and Dies

· Electrical Installation

· Computer, Peripherals and Softwares

· Office Equipments

· Furniture and Fixtures

· Vehicles

FORM 8

Corporate identity number of the company	U99999MH1981PTC025073
Name of the company	CLASSIC AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 62, Block F – II, MIDC Pimpri, Pune 411018, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Religare Finvest Limited, D 3, P3B, District Centre, Saket, New Delhi 110017, India Email: corporateaffairs@religare.com
Nature of instrument creating charge	Facility Agreement for loan of Rs.48000000/-[Loan + interest of Rs102.631 millions] for immovable property as per terms of the agreement with Religare Finvest Limited attached alongwith the schedule and repayable in 144 equal monthly installments of Rs 0.712 million each at interest of 14.75%[19.50%-4.75%].
Date of instrument Creating the charge	31.10.2011
Amount secured by the charge	Rs. 48.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14.75%[19.50%-4.75%]. Terms of repayment 144 equal monthly installments of Rs 712716/- each Extent and operation of the charge 100%
Short particulars of the property charged (Including location of the property)	Plot no 62; Block F II; MIDC; Pimpri; Pune - 411018

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	--
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	No
17) Major suppliers	Yes
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.