MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	AUTO STEEL AND RUBBER INDUSTRIES PRIVATE LIMITED
Registered Office :	C-2-1, Technicians Block, MIDC, Bhosari Industrial Estate, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.1995
Com. Reg. No.:	11-094456
Capital Investment / Paid-up Capital :	Rs.14.867 Millions
CIN No.: [Company Identification No.]	U25199MH1995PTC094456
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rubber Products.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 72000
Status :	Moderate
Payment Behaviour :	Slow but correct
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 to be fair. Business is active. Payments are reported to be slow but correct. 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 – 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

EXTERNAL AGENCY RATING

Agency Name	Rating
CRISIL	SE 2B

SE 2B means performance capability is high and financial strength is moderate.

INFORMATION PARTED BY

Name :	Mr. Amit Chawan
Designation :	Accounts Assistant
Contact No.:	91-22-27127701
Date :	17.07.2012

LOCATIONS

Registered/Marketing Office :	C-2-1, Technicians Block, MIDC, Bhosari Industrial Estate, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27127701/27127702/27127703/27127719/27127710
Fax No.:	91-20-27127720
E-Mail :	asri@vsnl.com
Website :	http://www.autosteel-rubber.com
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Daulat Tarachand Keswani

Designation :

Director

Address :

A1/A2, Meghmalhar, Raagdari Apartments, D.P. Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

20.01.1940

Date of Appointment :

14.11.1995

Din No.:

00070212

Name :

Mrs. Veena Daulat Keswani

Designation :

Director

Address :

SNO. 156/1B/1, Aundh D P Road, 4AB Building, A2 Meghmalhar, RD, Pune-411007, Maharashtra, India

Date of Birth/Age :

30.05.1944

Date of Appointment :

14.11.1995

Din No.:

01763910

Name :

Ms. Renu Daulat Keswani

Designation :

Director

Address :

A1/A2, Meghmalhar, Raagdari Apartments, D.P. Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

24.04.1970

Date of Appointment :

02.10.2006

Din No.:

00081800

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	U25199MH1993PTC072822	KISHORE RUBBER PRODUCTS PRIVATE LIMITED	Director	13/07/1993	13/07/1993	Active	NO
2	U25199PN2003PTC018550	SHORE AUTO-RUBBER EXPORTS PRIVATE LIMITED	Director	09/06/2006	09/06/2006	Active	NO
3	U25199MH1995PTC094456	AUTO STEEL AND RUBBER INDUSTRIES PRIVATE LIMITED	Director	29/09/2007	02/10/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Chawan
Designation :	Accounts Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Daulat Tarachand Keswani	--	69550
Veena Daulat Keswani	--	3850
Daulat Tarachand Keswani HUF	--	13850
Kavita Keswani	--	14500
Renu Daulat Keswani	--	18500
Deepa Gupta	--	18500
Kishore Rubber Products Limited, India	--	1899
Kishore Keswani	--	3150
Kavita Keswani	1001	--
Renu Daulat Keswani	996	--
Deepa Gupta	1010	--
Kishore Keswani	990	--
Bansi Newandram Manghani	--	350
Kishore Bhojwani	--	350
Pehlajrai Newandram	--	1

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	1.31
Directors or relatives of directors	75.82
Other top fifty shareholders	22.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber Products.
Exports :
Products :	Rubber Products
Countries :	· Belgium · France · Germany · USA · UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULAR	31.03.2011
Installed capacity (As certified by the management, not verified by auditors, being a technical matter)	450 M.T

ACTUAL PRODUCTION

PARTICULAR	31.03.2011
Hoses	303117
‘O’ Ring	10661420

GENERAL INFORMATION

Suppliers :

· Avik Polychem

Customers :

End Users

· URM NV, Belgium

· Tata Motors

No. of Employees :

150 [Approximately]

Bankers :

· Kotak Mahindra Bank Limited

· Citi Bank

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Banks
Canbank Factors Limited [Against plant and machinery]	0.000	3.113
Relegare Finvests Limited [Against plant and machinery]	0.000	0.355
HDFC Bank Limited [Car loan]	0.029	0.135
Total	0.029	3.603
UNSECURED LOAN
Loans From Shareholders
B.N. Manghani	0.021	0.021
Kishore Bhojwani	0.009	0.009
Vimala B Paryani	0.193	0.193
Suparna G Lalchandani	0.654	0.654
Daulat Tarachand Keswani HUF	1.707	1.033
Renu Daulat Keswani	0.014	0.004
Kavita Daulat Keswani	1.097	1.037
Deepa D Keswani	0.901	0.439
Daulat Tarachand Keswani	0.000	0.345
Veena Daulat Keswani	0.653	0.095
Vinesh Mohan Kriplani	3.000	0.000
Pehlajrai Newan Dram	0.500	0.000
Bansi N Manghani	0.500	0.000
Inter-Corporate Loans
Kishore Rubber Products Private Liited	0.236	0.213
Sangam Exports Private Limited	0.053	0.053
Loans From Banks/Financial Institution
Citi Bank Loan 911935	2.398	2.327
Kotak Mahindra Bank Limited	0.000	8.096
Citi Bank Loan 912787	10.395	0.000
Indiabulls Financial Services Limited	1.617	3.241
Total	23.948	17.760

Banking Relations :	--
Financial Institution :	Canbank Factors Limited, No. 17, 1^st Floor, Babbur Kammnahostel Building, Seshadri Road, Bangalore-560009, Karnataka, India
Auditors :
Name :	Shah Parkesh and Sabani Chartered Accountants
Address :	M-2, II Wing, Thakkar House, 2418, East Street, Pune-411001, Maharashtra, India
Pan No.:	AAOFS8789G
Associates/Subsidiaries :	· Shore Auto Rubber Exports Private Limited Address: Chakan, Pune, Maharashtra, India Line of Business: Manufacturer and Exporter of Rubber Products.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
175000	Equity Shares	Rs.100/- each	Rs.17.500 Millions
25000	Preferences Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
144500	Equity Shares	Rs.100/- each	Rs.14.450 Millions
4169	Preferences Shares	Rs.100/- each	Rs.0.417 Million
	Total		Rs.14.867 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		14.867	14.867	14.867
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.117	7.117	7.117
4] (Accumulated Losses)		(3.764)	(3.839)	(5.598)
NETWORTH		18.220	18.145	16.386
LOAN FUNDS
1] Secured Loans		0.029	3.603	5.271
2] Unsecured Loans		23.948	17.760	13.188
TOTAL BORROWING		23.977	21.363	18.459
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.197	39.508	34.845
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.136	18.069	16.981
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.160	4.160	4.160
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.555	3.868	6.002
	Sundry Debtors	29.835	30.094	31.790
	Cash & Bank Balances	0.928	2.543	0.576
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.643	6.381	6.882
Total Current Assets		46.961	42.886	45.250
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.881	22.317	28.344
	Other Current Liabilities	0.000	0.383	0.648
	Provisions	4.179	2.907	2.554
Total Current Liabilities		30.060	25.607	31.546
Net Current Assets		16.901	17.279	13.704
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.197	39.508	34.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	125.174	132.248	119.489
Less	EXPENSES
		Office Expenses
		Administrative Expenses	125.059	130.123	114.311
		Advertising Expenses
		TOTAL	125.059	130.123	114.311
	PROFIT / (LOSS) BEFORE TAX		0.115	2.125	5.178
Less	TAX		0.040	0.365	1.268
	PROFIT / (LOSS) AFTER TAX		0.075	1.760	3.910
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.838)	(5.598)	(8.544)
	BALANCE CARRIED TO THE B/S		NA	(3.838)	(5.598)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	29.727	51.577	NA
	Earnings / (Loss) Per Share (Rs.)		0.50	11.84	26.30

Particulars	31.03.2012
Sales Turnover [Approximately]	135.800

Expected Sales (2012-13) : Rs.150.000 Millions.

The above information has been parted by Mr. Amit Chawan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.06	1.33	3.27
Return on Total Assets (PBT/Total Assets}	(%)	0.17	3.49	8.32
Return on Investment (ROI) (PBT/Networth)		0.01	0.12	0.32
Debt Equity Ratio (Total Liability/Networth)		2.97	2.59	3.05
Current Ratio (Current Asset/Current Liability)		1.56	1.67	1.43

LOCAL AGENCY FURTHER INFORMATION

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%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
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	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) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

FIXED ASSETS:

· Factory Build

· Electrical Installation

· Plant and Machinery

· Moulds

· Electrical Equipments

· Office Equipments

· Type Writer

· Loose Tools

· Computer

· Cycles

· Scooter

· Cars

· Motor Cycles

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.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		27

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.