MIRA INFORM REPORT

Report Date :

28.02.2012

IDENTIFICATION DETAILS

Name :	MAHABAL AUTO ANCILLARIES PRIVATE LIMITED
Registered Office :	Brahminipuri, Miraj-416410, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.08.1990
Com. Reg. No.:	11-57548
Capital Investment / Paid-up Capital :	Rs.4.635 Millions
CIN No.: [Company Identification No.]	U34300MH1990PTC057548
TAN No.: [Tax Deduction & Collection Account No.]	KLPM01787C
PAN No.: [Permanent Account No.]	AABCM8805D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Components
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (57)

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

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track financial position of the company appears to be sound. Trade relations reported as fair. Business us active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INFORMATION DECLINED BY

Name :	Mr. Hemal
Designation :	Finance Department
Contact No.:	91-9823029098
Date :	24.02.2012

LOCATIONS

Registered Office :	Brahminipuri, Miraj-416410, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9823029098 (Mr. Hemal)
Fax No.:	Not Available
E-Mail :	amrutparakh@rediffmail.com
Website :	www.mahabalgroup.com
Corporate Office / Unit I :	Plot No. DU- 17/20 G. M. Industrial Estate, Miraj-146 410, Maharashtra, India
Tel. No.:	91-233-2211101 / 211103 / 211104 / 211201
Fax No.:	91-233-211106
E-Mail :	san_smahabal@sancharnet.in san_mmpl@sancharnet.in san_mahabal@sancharnet.in
Unit II :	Plot No.9, Sector -12, Sidcul Industrial Area, Pantnagar, Uttranchal-263145, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Shrikant Madhav Mahabal
Designation :	Director
Address :	Brahminpuri, Miraj, Sangali-416 410, Maharashtra, India
Date of Birth/Age :	08.03.1962
Qualification :	Graduate
Date of Appointment :	01.08.1990
DIN No.:	00314421
Name :	Mr. Hemant Madhav Mahabal
Designation :	Director
Address :	Brahminpuri, Miraj, Sangali-416 410, Maharashtra, India
Date of Appointment :	01.08.1990
Date of Birth/Age :	01.03.1959
Qualification :	Graduate
DIN No.:	00314483
Name :	Mr. Nishikant Madhav Mahabal
Designation :	Director
Address :	Brahminpuri, Miraj, Sangali-416 410, Maharashtra, India
Date of Birth/Age :	29.12.1966
Qualification :	Graduate
Date of Appointment :	01.08.1990
DIN No.:	00314567
Name :	Mr. Sanjay Gopalrao Damale
Designation :	Director
Address :	Near R. M. High school, Brahminpuri, Miraj, Sangali-416 410, Maharashtra, India
Date of Birth/Age :	15.07.1961
Qualification :	Graduate
Date of Appointment :	10.08.2008
DIN No.:	02392776

KEY EXECUTIVES

Name :	Mr. Hemal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shrikant Madhav Mahabal	1210
Hemant Madhav Mahabal	1210
Nishikant Madhav Mahabal	1210
Shantanu Shrikant Mahabal	168
Deovrati Shrikant Mahabal	168
Samir Hemant Mahabal	168
Jay Hemant Mahabal	166
Akash Shrikant Mahabal	165
Shamik Shrikant Mahabal	165
Sanjay Gopalrao Damale	5
Total	4635

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Components.

Products :

Product or Service Description	ITC Code
Machined Auto Components	87085000

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• IDBI Bank Limited, Datta Chowk, Miraj Branch,Mlraj-416410, Maharashtra, India
• The United Western Bank Ltd, Branch Miraj, Miraj - 416410, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	39.856	91.946
Working capital loans secured	67.149	46.507
Other debt secured	26.820	26.820
Total	133.825	165.273
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deferred sales tax loan unsecured	2.952	2.952
Other debt unsecured	0.300	0.300
Total	3.252	3.252

Banking Relations :	--
Auditors :
Name :	Y.P. Lele and Company Chartered Accountants
Address :	F-5, Jilebi Cowk, Brahminpuri, Miraj-416 410, Maharashtra, India
Tel. No.:	91-233-2222700
PAN.:	AAJPL6040J
Associates:	Mahabal Metals Private limited Trinitas Engineers and Founders Private Limited

CAPITAL STRUCTURE

As on 31.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4635	Equity Shares	Rs.1000/- each	Rs.4.635 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		4.635	4.630	4.630
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		270.924	238.868	193.191
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		275.559	243.498	197.821
LOAN FUNDS
1] Secured Loans		133.825	165.273	17.120
2] Unsecured Loans		3.252	3.252	3.252
TOTAL BORROWING		137.077	168.525	20.372
DEFERRED TAX LIABILITIES		26.642	26.256	8.128
TOTAL		439.278	438.279	226.321
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		273.473	310.712	114.668
Capital work-in-progress		0.000	0.000	3.805
INVESTMENT		47.311	47.600	45.212
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.168	46.214	29.612
	Sundry Debtors	123.525	81.245	72.849
	Cash & Bank Balances	33.797	5.391	5.791
	Other Current Assets	38.843	55.962	7.499
	Loans & Advances	27.096	21.935	32.018
Total Current Assets		295.429	210.747	147.769
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	158.250	112.171	58.758
	Other Current Liabilities	1.079	1.937	0.000
	Provisions	17.605	16.672	26.375
Total Current Liabilities		176.934	130.780	85.133
Net Current Assets		118.494	79.967	62.636
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		439.278	438.279	226.321

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	972.455	663.903	352.651
		Other Income	43.286	27.939	52.897
		TOTAL (A)	1015.741	691.842	405.548
Less	EXPENSES
		Office Expenses	868.549	579.409	334.140
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	868.549	579.409	334.140
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		147.192	112.433	71.408
Less	FINANCIAL EXPENSES (D)		15.239	2.269	2.563
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		131.953	110.164	68.845
Less/ Add	DEPRECIATION/ AMORTISATION (F)		76.583	28.992	26.102
	PROFIT BEFORE TAX (E-F) (G)		55.370	81.172	42.743
Less	TAX (I)		12.585	32.822	14.723
	PROFIT AFTER TAX (G-I) (J)		42.785	48.350	28.020
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.078	0.000	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	32.100	45.600	NA
		Dividend	4.635	2.315	NA
		Tax on Dividend	0.769	0.357	NA
	BALANCE CARRIED TO THE B/S		5.359	0.078	NA
	Earnings Per Share (Rs.)		9230.85	--	6051.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.21	7.00	6.91
Net Profit Margin (PBT/Sales)	(%)	5.69	12.22	12.12
Return on Total Assets (PBT/Total Assets}	(%)	9.73	15.57	16.29
Return on Investment (ROI) (PBT/Networth)		0.20	0.33	0.22
Debt Equity Ratio (Total Liability/Networth)		1.14	1.23	0.53
Current Ratio (Current Asset/Current Liability)		1.67	1.61	1.74

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due others	158.250	112.171	58.758
Total	158.250	112.171	58.758

PERFORMANCE APPRAISAL

The performance of the Company has increased during the year. The total income registered during the year was Rs.1015.741 millions as against Rs.691.842 millions in the previous year. There has been good improvement in overall turnover in both units.

THE FUTURE

The year in retrospect was satisfactory. The turnover improved marginally and profitability constrained. Board is optimistic to attain reasonable and sustainable growth in the current financial year

The management is trying hard to adopt best technology available in the foundry and cut down the cost of production drastically

OPERATION

The Company has run two units namely G. M. Industrial Estate Miraj and SIDCUL, Pantnagar, Uttranchal Unit

(i) Miraj G. M. Industrial Estate Unit

The Miraj G. M. Industrial Estate Unit production during the year increased by about 7% and sale of manufactured goods by about 35% over the previous year.

(ii) SIDCUL, Pantnagar, Uttranchal Unit

The performance of Uttaranchal unit has improved slightly in terms of production. Company has expanded this unit by additional investment of Rs.17 6.500 millions, has includes bank finance and internal accruals. Said expansion has been completed before March, 2010. Trial Production has been started in this month and in full capacity will be started in the coming financial year. Over all result of expansion will be seen in the coming years.

FINANCIAL PERFORMANCE:

The profit before tax is Rs.55.370 millions. The profit after tax is Rs.42.785 millions which is increased comparatively last year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U34300PN1990PTC057548
Name of the company	MAHABAL AUTO ANCILLARIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Brahminipuri Mlraj-416410 Maharashtra India amrutparakh@rediffmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10302473
Type of charge	Immovable property
Particular of charge holder	IDBI Bank Limited, Datta Chowk, Miraj Branch,Mlraj-416410, Maharashtra, India manodarshi.naveen@idbi.co.in
Nature of instrument creating charge	Agreement relating to extend of mortgage by deposits of title deeds ,pawn, pledge or hypothecation
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.39.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Agreement Terms of repayment As per Agreement Margin As per Agreement Extent and operation of the charge First charge on the property
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Situated at Sangli Miraj and Kupwad city municipal corporation in govindraoji marathe industrial estate miraj, two plots bearing no.17 and 20 having total area 1940.10 sq. mtrs. Situated at Sangli Miraj and Kupwad city municipal corporation in govindraoji marathe industrial estate miraj, plot bearing no 8 having total area 537.7 sq. mtrs. Situated at Sangli Miraj and Kupwad city municipal corporation in govindraoji marathe industrial estate miraj, plot bearing no 23 having total area 331.2 sq. mtrs. Situated at Sangli Miraj and Kupwad city municipal corporation in govindraoji marathe industrial estate miraj, plot bearing no 26 having total area 331.2 sq. mtrs. Situated at village biranwadi, an industrial plot in gat no 580(location g 360), having area of h 0-80 r (8097 sq. mtrs.)
Particulars of the present modification	Secured with additional security by way of Mortgage.

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Plant and Machinery (KIKVI)

v Electrical Installation

v Furniture and fixture

v Vehicles

v Office Equipments

v Computer Machinery

v Factory Building at Miraj City

v Electrical Equipment at Miraj City

v Wind Mill Projects

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.49.05
UK Pound	1	Rs.77.78
Euro	1	Rs.65.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

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.