MIRA INFORM REPORT

Report Date :

28.07.2012

IDENTIFICATION DETAILS

Name :	BRIGHT AUTOPLAST LIMITED (w.e.f. 17.12.2007)
Formerly Known As :	BRIGHT AUTOPLAST PRIVATE LIMITED
Registered Office :	Abhijeet –I, 7^th Floor, Mithakali Six Roads, Ellisbridge, Ahmedabad - 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2007
Com. Reg. No.:	04-051364
Capital Investment / Paid-up Capital :	Rs.550.100 Millions
CIN No.: [Company Identification No.]	U25199gj2007ptc051364
TAN No.: [Tax Deduction & Collection Account No.]	AHMB03957C
PAN No.: [Permanent Account No.]	AADCB1921F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Air Induction System
No. of Employees :	519 (Approximately) (In Office 18 and In Factory 501)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 4200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established having moderate track. Even though the company has recorded a better increase in its sales turnover, the profitability appears to be low. However, trade relations are related as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARF
Rating	Bank loan rating = A-
Rating Explanation	Low credit risk
Date	2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Abhijeet – I, 7^th Floor, Mithakali Six Roads, Ellisbridge, navrangpura, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26407110/26420683/26420045
Fax No.:	91-79-26403446
E-Mail :	brightauto@sintex.co.in hitesh.mehta@sintex.co.in lmrathod@sintex.co.in info@brightautoplast.com hr@brightautoplast.com
Website :	http://www.brightautoplast.com
Factory / Corporate Office:	501/502, Pressman Housel 70-A, Nehru Road, Vile Parle (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-26124920
Fax No.:	91-22-26124923
Email:	info@brightautoplast.com
Branch Office:	Located At: Sohna Nasik Chennai Pune Pithampur Chennai

DIRECTORS

As on 30.09.2011

Name :

Mr. Amit Dineshbhai Patel

Designation :

Director

Address :

Vrindavan, B/H Atira and apang Manav Mandal, Near Manali Apartment, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.01.1966

Date of Appointment :

23.07.2007

DIN No.:

00171035

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1983PTC006081	DENIS TRADES AND INVESTMENTS PRIVATE LIMITED	Director	07/12/1988	07/12/1988	-	Active	NO
2	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Managing director	01/05/2010	21/10/1993	-	Active	NO
3	U65990MH1993PTC074666	KOLON INVESTMENTS PRIVATE LIMITED	Director	22/10/1993	22/10/1993	-	Active	NO
4	U65910GJ1995PTC028055	OPEL SECURITIES PRIVATE LIMITED	Director	13/03/1997	13/03/1997	03/02/2011	Active	NO
5	U17115GJ2001PLC039370	SINTEX POWER LIMITED	Director	30/03/2001	30/03/2001	25/03/2009	Active	NO
6	U74899GJ1994PLC050189	ZEP INFRATECH LIMITED	Director	04/05/2006	04/05/2006	-	Active	NO
7	U01122GJ2007PTC050881	BRAHMA FARMS AND CULTIVATORS PRIVATE LIMITED	Director	21/05/2007	21/05/2007	-	Active	NO
8	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Director	23/07/2007	23/07/2007	-	Active	NO
9	U01403GJ2007PTC052432	ALOKIK AGRI FARMS PRIVATE LIMITED	Director	26/12/2007	26/12/2007	13/02/2012	Active	NO
10	U45201GJ2008PTC053601	ATIK LAND DEVELOPERS PRIVATE LIMITED	Director	16/04/2008	16/04/2008	13/02/2012	Active	NO
11	U45201GJ2008PTC053606	ATIRE LAND DEVELOPERS PRIVATE LIMITED	Director	16/04/2008	16/04/2008	-	Active	NO
12	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Director	29/09/2009	29/09/2009	-	Active	NO
13	U45201GJ2009PLC058702	SINTEX INFRA PROJECTS LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
14	U45201GJ2010PTC060326	PATEL DWELLERS PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Active	NO
15	U17122GJ2007PTC049823	SAUMYA TEXTILES PRIVATE LIMITED	Director	27/04/2010	27/04/2010	13/02/2012	Active	NO

Name :

Mr. Rahul Arunprasad Patel

Designation :

Director

Address :

112, Sunrise Apartment, Drive In Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

04.10.1959

Date of Appointment :

23.07.2007

DIN No.:

00171198

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909GJ1984PLC007374	SOM SHIVA (IMPEX) LIMITED	Director	21/02/1986	21/02/1986	01/02/2009	Active	NO
2	U24299GJ1958PTC000910	MAS CHEMICALS INDUSTRIES PRIVATE LIMITED	Director	03/03/1992	03/03/1992	-	Active	NO
3	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Managing director	01/05/2010	21/10/1993	-	Active	NO
4	U45201GJ1994PTC023361	AKSHAR ESTATES PRIVATE LIMITED	Director	20/10/1994	20/10/1994	-	Active	NO
5	U65910GJ1994PTC023647	SAMURAI HOLDINGS PRIVATE LIMITED	Director	23/11/1994	23/11/1994	02/03/2009	Active	NO
6	U65910GJ1995PTC028055	OPEL SECURITIES PRIVATE LIMITED	Director	08/11/1995	08/11/1995	-	Active	NO
7	U17115GJ2001PLC039370	SINTEX POWER LIMITED	Director	30/03/2001	30/03/2001	25/03/2009	Active	NO
8	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Director	23/07/2007	23/07/2007	-	Active	NO
9	U70101GJ2008PTC053084	ARRIS ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	30/03/2009	Active	NO
10	U45201GJ2008PTC053103	BILLET ESTATES PRIVATE LIMITED	Director	29/02/2008	29/02/2008	30/03/2009	Active	NO
11	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Director	29/09/2009	29/09/2009	30/03/2011	Active	NO
12	U45201GJ2009PLC058702	SINTEX INFRA PROJECTS LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
13	U17122GJ2007PTC049823	SAUMYA TEXTILES PRIVATE LIMITED	Director	27/04/2010	27/04/2010	13/02/2012	Active	NO

Name :

Mr. Vidyut Anubhai Sheth

Designation :

Director

Address :

103-Shraddha Flat, Parijat Society, Fatehpura, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

10.11.1957

Date of Appointment :

18.02.2010

DIN No.:

00239371

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909GJ1992PLC017896	EUROKNIT INTERNATIONAL LIMITED	Director	26/06/1992	26/06/1992	-	Active	NO
2	U65990MH1993PTC074666	KOLON INVESTMENTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
3	U45201GJ1995PLC028525	CHANDAN INFRATECH LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
4	U17122GJ2007PTC049823	SAUMYA TEXTILES PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
5	U74140GJ2008PTC053988	LOVELY CONSULTANTS PRIVATE LIMITED	Director	23/05/2008	23/05/2008	-	Active	NO
6	U67120GJ2008PTC054012	CROMA FINANCIAL SERVICES PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Active	NO
7	U51909GJ2008PTC054008	QUILON CHEMICALS PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Active	NO
8	U65910GJ1994PTC022164	BVM FINANCE PRIVATE LIMITED	Director	30/10/2008	30/10/2008	06/12/2008	Active	NO
9	U17115GJ2001PLC039370	SINTEX POWER LIMITED	Director	25/03/2009	25/03/2009	-	Active	NO
10	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Additional director	18/02/2010	18/02/2010	-	Active	NO
11	U65910GJ1995PTC028055	OPEL SECURITIES PRIVATE LIMITED	Director	29/10/2010	29/10/2010	15/11/2011	Active	NO
12	U27209DL1986PTC023662	ZILLION INFRAPROJECTS PRIVATE LIMITED	Director	10/12/2010	10/12/2010	02/02/2011	Active	NO
13	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Additional director	30/03/2011	30/03/2011	-	Active	NO
14	U40100MH2005PTC155522	SHIRPUR POWER PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
15	U01403GJ2007PTC052432	ALOKIK AGRI FARMS PRIVATE LIMITED	Director	12/02/2012	12/02/2012	-	Active	NO

Name :

Mr. Pradip Kantilal Patel

Designation :

Director

Address :

1-Laxmi Nivas, Shanthinagar Society, Vadaj, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

19.11.1946

Date of Appointment :

18.02.2010

DIN No.:

00245134

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1993PTC074666	KOLON INVESTMENTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
2	U45201GJ1995PLC028525	CHANDAN INFRATECH LIMITED	Director	27/07/1999	27/07/1999	-	Active	NO
3	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Additional director	18/02/2010	18/02/2010	-	Active	NO

Name :

Mr. Laxmiraj Manishji Rathod

Designation :

Director

Address :

24, Heritage Homes, Thaltej Shilaj Road, Thaltej, Ahmedabad – 380 054, Gujarat, India

Date of Birth/Age :

11.02.1962

Date of Appointment :

23.07.2007

DIN No.:

00495270

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1994PLC021715	DENIS FINANCE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
2	U74140GJ1980PLC003820	AKSHAT CONSULTANCY LIMITED	Director	11/08/1996	11/08/1996	-	Active	NO
3	U17115GJ2001PLC039370	SINTEX POWER LIMITED	Director	30/03/2001	30/03/2001	01/01/2009	Active	NO
4	L24132UP1990PLC012391	HINDUSTAN BIO-TECH- LIMITED	Director	16/07/2001	16/07/2001	01/01/2009	Active	NO
5	U45201GJ2004PTC044797	SARAL REALTY PRIVATE LIMITED	Director	24/09/2004	24/09/2004	13/07/2011	Active	NO
6	U74899GJ1994PLC050189	ZEP INFRATECH LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
7	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Director	23/07/2007	23/07/2007	02/04/2012	Active	NO
8	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Director	29/09/2009	29/09/2009	30/03/2011	Active	NO

Name :

Mr. Madhusudan Ambalal Patel

Designation :

Director

Address :

94-B, Swastik Society, Navrangpura, Ahmedabad-380009, Gujarat, India

Date of Birth/Age :

26.06.1944

Date of Appointment :

18.02.2010

DIN No.:

01434206

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1994PTC023646	FUJI FINANCE PRIVATE LIMITED	Director	23/11/1994	23/11/1994	-	Active	NO
2	U65993GJ2005PTC046408	BAR MAGNATE HOLDINGS PRIVATE LIMITED	Director	11/07/2005	11/07/2005	-	Active	NO
3	U65910GJ1994PTC022164	BVM FINANCE PRIVATE LIMITED	Director	08/12/2008	08/12/2008	-	Active	NO
4	L24132UP1990PLC012391	HINDUSTAN BIO-TECH- LIMITED	Additional director	20/07/2009	20/07/2009	-	Active	NO
5	U25199GJ2007PLC051364	BRIGHT AUTOPLAST LIMITED	Additional director	18/02/2010	18/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Indru Advani
Designation :	President and Chief Executive Officer
Name :	Mr. A. Khan
Designation :	Head Technology
Name :	Mr. Ashok Sanmukhani
Designation :	Sr. Vice President and Unit Head Pithampur
Name :	Mr. Mr.Vivek Hanss
Designation :	Vice President and Unit Head Sohna (Gurgaon)
Name :	Mr. G.Raju
Designation :	Vice President - Business Development
Name :	Mr. Kapil Birla
Designation :	Vice President and Unit Head Chennai
Name :	Mr. Shailendra K Tripathi
Designation :	Vice President – Strategy and Corporate Planning

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Sintex Industries Limited, India	5009400
Dinesh B. Patel jointly with Sintex Industries Limited, India	100
Arun P. Patel jointly with Sintex Industries Limited, India	100
Rahul A. Patel jointly with Sintex Industries Limited, India	100
Amit D. Patel jointly with Sintex Industries Limited, India	100
S. B. Dangayach jointly with Sintex Industries Limited, India	100
L. M. Rathod jointly with Sintex Industries Limited, India	100
Total	5010000

Names of Shareholders (Preferences Shares)	No. of Shares
Sintex Industries Limited, India	5000000
Total	5000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Air Induction System.

Products :

Product Description	Item Code
Parts of Two Wheeler	8714.91
Parts of Four Wheeler	8708.109

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Moulding / Injection Moulding	(Kgs. in lacs)	196.49	135.33

GENERAL INFORMATION

No. of Employees :

519 (Approximately) (In Office 18 and In Factory 501)

Bankers :

· Syndicate Bank, Navrangpura, Ahmedabad-380009, Gujarat, India

· Citi Bank

· Export-Import Bank of India, Floor 21, Centre One Building, World Trade Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

· Axis Bank Limited, Trishul 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	908.717	623.397
Rupee term loans financial institutions secured	350.000	450.000
Rupee term loans others secured	26.182	27.636
Hire purchase installment payable secured	2.700	3.466
Total	1287.599	1104.499
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	752.386	663.912
Total	752.386	663.912

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, B/H Gujarat, Vidyapeth, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27582542 / 27582543 / 66073100
Fax No.:	91-79-27582551
PAN.:	AABFD7919A
Holding Company:	Sintex Industries Limited CIN NO.: L17110GJ1931PLC000454

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5100000	Equity Shares	Rs.10/- each	Rs.51.000 Millions
5000000	Preferences Shares	Rs.100/- each	Rs.500.000 Millions
	Total		Rs.551.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5010000	Equity Shares	Rs.10/- each	Rs.50.100 Millions
5000000	Preferences Shares	Rs.100/- each	Rs.500.000 Millions
	Total		Rs.550.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
SHAREHOLDERS FUNDS
1] Share Capital		550.100	550.100	550.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		514.588	458.282	452.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1064.688	1008.382	1002.149
LOAN FUNDS
1] Secured Loans		1287.599	1104.499	708.644
2] Unsecured Loans		752.386	663.912	742.304
TOTAL BORROWING		2039.985	1768.411	1450.948
DEFERRED TAX LIABILITIES		62.403	10.327	6.261
TOTAL		3167.076	2787.120	2459.358
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2705.701	2472.444	2230.940
Capital work-in-progress		157.834	60.900	80.619
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	236.244	177.118	69.996
	Sundry Debtors	379.232	235.872	123.666
	Cash & Bank Balances	83.757	235.025	354.463
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.302	99.153	95.850
Total Current Assets		824.535	747.168	643.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	446.923	396.838	248.995
	Other Current Liabilities	2.484	1.673	100.158
	Provisions	71.587	94.881	147.023
Total Current Liabilities		520.994	493.392	496.176
Net Current Assets		303.541	253.776	147.799
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3167.076	2787.120	2459.358

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
	SALES
		Income	2750.851	1911.295	1590.887
		Other Income	6.413	7.194	17.076
		TOTAL	2757.264	1918.489	1607.963
Less	EXPENSES
		Raw material consumed	1461.298	1079.546	825.111
		Employees emoluments	254.339	172.999	128.424
		Manufacturing and other expenses	592.897	451.981	408.641
		Increase in stock of finished and process goods	14.580	(48.110)	(5.973)
		TOTAL	2323.114	1656.416	1356.203
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		434.150	262.073	251.760
Less	FINANCIAL EXPENSES		127.533	96.834	58.373
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		306.617	165.239	193.387
Less/ Add	DEPRECIATION/ AMORTISATION		169.376	152.717	175.657
	PROFIT / (LOSS) BEFORE TAX		137.241	12.522	17.730
Less	TAX		80.935	6.289	9.633
	PROFIT / (LOSS) AFTER TAX		56.306	6.233	8.097
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.384	6.151	(1.946)
	BALANCE CARRIED TO THE B/S		68.690	12.384	6.151
	IMPORTS
		Raw Materials	85.895	95.395	75.559
		Stores & Spares	49.737	2.592	2.025
		Capital Goods	180.638	116.369	96.670
	TOTAL IMPORTS		316.270	214.356	174.254
	Earnings Per Share (Rs.)		6.25	(8.93)	(753.70)

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
PAT / Total Income	(%)	2.04	0.32	0.50
Net Profit Margin (PBT/Sales)	(%)	4.99	0.65	1.11
Return on Total Assets (PBT/Total Assets}	(%)	3.89	0.39	0.62
Return on Investment (ROI) (PBT/Networth)		0.13	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		2.41	2.25	1.94
Current Ratio (Current Asset/Current Liability)		1.58	1.51	1.30

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	(Yes)
9]	Name of person contacted	(No)
10]	Designation of contact person	(No)
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	(No)
15]	Capital in the business	(Yes)
16]	Details of sister concerns	(Yes)
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]	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)

NOTES:

The registered office of the company has been shifted from 7^th Floor, Abhijeet Building, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat, India to the present address w.e.f. 03.12.2007.

BUSINESS REVIEW AND DIVISIONAL PERFORMANCE

The Company s focus on under- the- Hood products comprising HVAC ducts, 2 Wheeler fuel tank bodies etc. yielded a good start to this product range. This product segment contributed to 8.50 of the sales. It is planned that in the year 2011-12, this product group will constitute 11-12 of sales. In the pursuit of leveraging group strengths, BAPL established a new SBU in the division. The Company started the manufacture and sale of precitech components. The customers were Schneider, Areva and others. Though the value of business was small, a new dedicated manufacturing set-up in Oragadam, in the Chennai 2 campus will go on stream by May 11. With this the volume in this segment will rise significantly. Through world renowned global tier -1 suppliers, the company has added components for the Nissan vehicle to its product range. The Company has participated in a range of new models for Mand M. For this customer a new range of parts comprising Instrument panels, pillars, trims etc have been developed. Product introduction is staggered, starting from Dec 10 and spreading through 2011. To meet the growing demand from the OEM customers, that BAPL attain the quality standard of global Tier-1 companies, BAPL has embarked on a Transformation Strategy, the acronym of which is LEAP. L - Leadership in Quality E - Excellence in manufacturing A - Advancement in technology P - Passion for people this programme was initiated in 2010-11 and will gain full momentum in 2011-12.

FUTURE OUTLOOK

The Automotive Industry is likely to continue with a robust growth in the year 2011-12. The Company has new business at hand and will expand its footprint across regions. The Company also plans to exploit the synergies of the group Companies viz. Nief Plastics, WCI and Sintex to maximize the opportunities available. COVERSION INTO A PUBLIC COMPANY Consequent upon passing of a Special Resolution at Extra Ordinary General Meeting held on 1st November, 2010, the Company was converted into a Public Company and its name was changed to Bright Autoplast Limited and a fresh certificate of incorporation, consequent upon conversion of the Company into a Public Company was issued by ROC, Gujarat on 28th December, 2010 SUBSIDIARY COMPANY The Company is a Wholly Owned Subsidiary of Sintex Industries Limited w.e.f. 30th November, 2009 and the entire equity share capital and Preference Share Capital is held by the holding Company along with its nominees.

CONTINGENT LIABILITIES IN RESPECT OF

Rs. In Millions

Particular	31.03.2011	31.03.2010
a) Disputed demands/claims not acknowledged as debts against which the Company has preferred appeals
i) Excise Duty	14.691	14.691
ii) Customs Duty	2.768	2.768
iii) Sales Tax	0.154	0.154
iv) Others	0.066	0.066
b) Performance Guarantees given to Customers by Banks	0.102	0.000
c) Letter of Credit Facilities provided by banks	19.009	36.327
d) Arrears of dividend of 5 Cumulative Redeemable Preference Shares	75.959	50.959

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25199GJ2007PTC051364
Name of the company	BRIGHT AUTOPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Abhijeet – I, 7^th Floor, Mithakali Six Roads, Ellisbridge, navrangpura, Ahmedabad-380006, Gujarat, India hiteshmehta@sintex.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10150853
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Trishul 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India uma1.shankar@axisbank.com
Nature of instrument creating charge	Link document cum amendment agreement
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs. 2070.410
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on Working Capital Limit at Base Rate+ 3% and on Term Loan I Base Rate + 2.60% Pa. Terms of Repayment Term Laon Repaybel In 24 Quarterly Instalments after 8 Quarters of Moratorium From The Date of Disbursment As Under: 23 Equial Instalment of Rs. 53.6 Millions and 24th Installment of Rs. 53.200 Millions. Margin 30.69% Extent and Operation of the charge Pari Passu First Charge Over Entire Fixed Assets Of The Company Present And Future And Pari Passu Second Charge Over Entire Current Assets of The Company Present and Future as Collatoral Security for Term Loan And Vice Versa For Working Capital.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Term Loan: Pari Passu First Charge Over Entire Fixed Assets of The Company Present and Future and Pari Passu Second Charge Over Entire Current Assets of The Company Present and Future Working Capital Limit: Pari Passu First Charge Over Entire Current Assets of The Company Present and Future. Collatoral: Pari Passu Second Charge Over Entire Fixed Assets of The Company, Present and Future.
Date of instrument modifying the charge	30.12.2011
Particulars of the present modification	The Term Loan II Limits Has Been Reduced From Rs. 2000.000 Millions To Rs. 1286.000 Millions and Capex LC Limit From Rs. 300.000 Millions To Rs. 250.000 Millions Within The Term Laon II. WCDL of Rs. 100.000 Millions Within The Overall Cash Credit Limit Of Rs. 125.000 Millions Has Been Sanctioned and Term Loan I Has Been Reduced To Rs. 589.410 Millions On Run Down Liability Basis. The Entire Limits Of Rs. 2862.900 Millions From Axis Bank Limited Has Been Reduced to Rs. 2070.409 Millions.

Fixed assets:-

· Land

· Buildings

· Plant and machinery

· Furniture, Fixtures, and Office Equipments

· Vehicles

WEB SITED DETAILS

PROFILE

Subject is incorporated in the year 2007 as the fully owned subsidiary of Sintex Holding B V, Netherlands. It was formerly known as the automotive division of Bright Brothers Limited. On July 11, 1947 Bright Brothers Limited was incorporated in Mumbai. In 1948- pioneered Injection Molding technology in the India. They are passionate about automobiles and they use plastic as a medium to provide innovative solutions to the automotive industry. Their vision is to offer value to their customers at each stage and to be a Supplier of Choice for automotive industry, with commitment to Quality, Cost and Delivery.

Subject has acquired the knowledge with the developing automotive industry in India for the past 34 years and have been offering innovative solutions to its customers. Subject has established a process for integrating the design engineering and manufacturing through which knowledge acquired in different platforms are deployed across the locations. Today, they are a preferred Full Solution Supplier. The company employs range of plastic technologies like Injection moulding with gas assisted PEP and Sequential flow technology , Blow moulding, Vacuum forming , PU foaming , Vibration welding , Ultrasonic welding , PU painting and sub-assemblies

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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	-

1

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.