MIRA INFORM REPORT

Report Date :

11.02.2012

IDENTIFICATION DETAILS

Name :	MECAPLAST INDIA PRIVATE LIMITED
Registered Office :	P-43, 8^th Avenue, Mahindra World City, Natham Sub (Po), Chengalpet – 603002, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	31.05.2005
Com. Reg. No.:	18-080198
Capital Investment / Paid-up Capital :	Rs.19.809 Millions
CIN No.: [Company Identification No.]	U74999TN2005FTC080198
TAN No.: [Tax Deduction & Collection Account No.]	CHEM11044F
PAN No.: [Permanent Account No.]	AAECM2854M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Components for Automotive Industry.
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 450000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some 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 with some cautions.

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 :	P-43, 8^th Avenue, Mahindra World City, Natham Sub (Po), Chengalpet – 603002, Tamilnadu, India
Tel. No.:	91-44-374750009
Fax No.:	91-44-374750009
E-Mail :	bsrao@mecaplastindia.com
Website :	www.mecaplast.com

DIRECTORS

As on 30.08.2011

Name :

Mr. Thierry Manni

Designation :

Director

Address :

Block B 1, Et Nigi Gh, Harbour Crest 3, Rue Louis Aureglia, Monaco - 98000

Date of Birth/Age :

07.06.1968

Date of Appointment :

09.03.2006

DIN No.:

01550213

Name :

Mr. Ali Seyhan

Designation :

Director

Address :

11 CD, 2 SK No. 1, Turunc 2 Mah Zakeriyakoy Koyu, Sariyer, Istanbul – 34450, Turkey

Date of Birth/Age :

04.09.1969

Date of Appointment :

31.10.2006

DIN No.:

02950424

Name :

Mr. Sreenivasa Rao Boyapati

Designation :

Director

Address :

A – 204, Sylvan County, Mahindra Worldcity, Nathan (PO), Chengalpet, Kanchipuram – 603002, Tamilnadu, India

Date of Birth/Age :

03.07.1974

Date of Appointment :

02.04.2009

DIN No.:

02601324

Other Directorship :

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
U74999TN2005FTC080198	Mecaplast India Private Limited	Director	7/09/2009	2/04/2009	-	Active	NO

Name :

Mr. Christine Therese Anne Marie Benard

Designation :

Director

Date of Appointment :

30.08.2011

DIN No.:

03542590

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders	No. of Shares
Mecaplast International BV	1980887
Thierry Manni	1
Total	1980888

Equity Share Break up (Percentage of Total Equity)

As on 30.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Components for Automotive Industry.

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Quantity
Licensed Capacity	Nos.	NA
Installed Capacity	Nos.	800000-2000000
Actual Production	Nos.	413445

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Thousand Lights Branch, 5, Greams Road, Chennai – 600006, Tamilnadu, India

Facilities :

Secured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Term Loan	168.096	103.647
Cash Credit	19.869	0.000
Total	187.965	103.647

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	No. 32, Khader Nawaz Khan Road, Nungamabakkam, Chennai – 600006, Tamilnadu, India
PAN.:	AADFP9359C
Holding Company :	Mecaplast International B.V
Fellow Subsidiaries :	· Mecacorp SAS · Amkey B V · Mecaplast Car Components (Shangai) Company Limited · Mecaplast Iberica, Espana · Mecacorp Aries SPA, Italy · Mecaplast Diffusion · Mecaplast Production · Robomat

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980888	Equity Shares	Rs.10/- each	Rs.19.809 Millions

Note: All the shares are held by Mecaplast International BV – the Holding company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009 (9 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.809	19.809	16.281
2] Share Application Money		2.400	2.400	42.587
3] Reserves & Surplus		102.493	102.493	65.634
4] (Accumulated Losses)		(11.842)	(39.746)	(33.610)
NETWORTH		112.860	84.956	90.892
LOAN FUNDS
1] Secured Loans		187.965	103.647	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		187.965	103.647	0.000
DEFERRED TAX LIABILITIES		5.508	2.886	0.000
TOTAL		306.333	191.489	90.892
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		265.621	227.524	79.652
Capital work-in-progress		2.600	8.540	35.623
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.014
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.062	18.685	1.367
	Sundry Debtors	23.841	6.252	1.880
	Cash & Bank Balances	60.275	25.990	62.137
	Other Current Assets	0.219	0.100	0.000
	Loans & Advances	26.660	91.677	40.157
Total Current Assets		128.057	142.704	105.541
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.094	88.151	18.776
	Other Current Liabilities	10.507	98.592	110.329
	Provisions	5.344	0.536	0.833
Total Current Liabilities		89.945	187.279	129.938
Net Current Assets		38.112	(44.575)	(24.397)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		306.333	191.489	90.892

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2010	31.12.2009 (9 Months)	31.03.2009
SALES
	Revenue (Sales)	344.191	11.208	6.305
	Other Income	NA	NA
	TOTAL (A)	NA	NA	6.305
EXPENSES
	Office Expenses
	Administrative Expenses	NA	NA
	Advertising Expenses			8.693
	TOTAL (B)
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.897	(1.687)	(2.388)
FINANCIAL EXPENSES (D)		19.455	0.035	0.053
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.442	(1.722)	(2.441)
DEPRECIATION/ AMORTISATION (F)		18.665	1.135	0.470
PROFIT BEFORE TAX (E-F) (G)		30.776	(3.235)	(3.135)
TAX (H)		2.873	2.900	0.229
PROFIT AFTER TAX (G-H) (I)		27.903	(6.135)	(3.364)
EARNINGS IN FOREIGN CURRENCY
	FOB value of Exports	1.741	0.000	0.000
TOTAL EARNINGS		1.741	0.000	0.000
IMPORTS
	Raw Materials and Components	56.186	24.172	4.841
	Capital Goods	1.913	28.428	0.029
TOTAL IMPORTS		58.099	52.600	4.870
Earnings Per Share (Rs.)		14.09	(3.60)	(3.00)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009 (9 Months)	31.03.2009
PAT / Total Income	(%)	8.10	54.74	53.35
Net Profit Margin (PBT/Sales)	(%)	8.94	28.86	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.82	(0.87)	(1.69)
Return on Investment (ROI) (PBT/Networth)		0.27	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		2.46	3.42	1.43
Current Ratio (Current Asset/Current Liability)		1.42	0.76	0.81

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL OUTLOOK

The Plant was inaugurated formally on 03.06.2010. The Company has achieved an overall sale of Rs. 344.191 million (excluding Excise Duty and VAT). The Company during the year has earned a Profit of Rs. 30.776 million before tax. Out of this, Rs. 17.368 million profit is on account of sale of development/tooling to Ford India Private Limited and remaining Rs.13.408 Million on account of operational profit.

OPERATIONS

Even though 2010 is the first year of full commercial production, the operations have been completely smooth and company achieved "0" PPM and 100% on time delivery to customers. During this year company performed better than the budget. Company got the ISO/TS-16949 system management certificate from UTAC audit which is an important milestone in the automotive business. As a responsible group to protect environment, we have already started implementing 150-14000 systems in lndia plant and expecting to get the necessary certifications before Q4, 2011. During the year, initiations are made to be able to implement SAP in lndia by Q4 2012.

During the year 2010, we have been awarded with a business of around 5.8Mn Euro against a target of 4Mn Euro. This new business is awarded by Renault, Nissan Ashok Leyland and Toyota. To fulfill this new business need, we have planned to invest around 1.1Mn Euro in 2011 to enhance our production capacity, a new filter element manufacturing line, new laboratory, Laser welding facility etc. apart from the work which was already in progress for the first floor office expansion. The team size is now around 50 people. We have several RFQs currently in progress from various customers like Maruti, Renault, Ford, VW, Daimler etc.

The Registered office of the company was shifted from "Mumbai" in the state of Maharashtra to "Chennai" in the state of Tamil Nadu vide company Law Board Notification dated 02/02/2011, which has been notified by the Registrar of companies vide order dated 19/04/2011 under section 18 (3) of the companies Act,

The company also obtained an order from the Company Law Board dated 28/06/2011 for extension of time for a period of three months to convene the Annual General Meeting of the company beyond the period of six months from the date of accounts closure. The company law Board granted time till 3/09/2011 for convening the Annual General Meeting.

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Software

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

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