MIRA INFORM REPORT

1. Summary Information

		Country	INDIA
Company Name	RUCHA TECHNOLOGIES PRIVATE LIMITED	Principal Name 1	MR. UMESH MARTANDRAO DASHRATHI
Status	MODERATE	Principal Name 2	MRS. JYOTI UMESH DASHRATHI
		Registration #	25-128583
Street Address	102, OM RESIDENCY, 350/7, OPPOSITE FIRODIA HOSTEL, SHIVAJI NAGAR, PUNE – 411 004, MAHARASHTRA
Established Date	12.06.2006	SIC Code	--
Telephone#	NOT AVAILABLE	Business Style 1	MANUFACTURER
Fax #	NOT AVAILABLE	Business Style 2	EXPORTER
Homepage	www.ruchagroup.com	Product Name 1	AUTOMOBILE COMPONENTS
# of employees	100 (APPROXIMATELY)	Product Name 2	TOOLING
Paid up capital	RS.25,100,000/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS-100%	Banking	STATE BANK OF INDIA
Public Limited Corp.	NO	Business Period	5 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ca (15)
Related Company
Relation	Country	Company Name	CEO
Associates	--	RUCHA ENGINEERS PRIVATE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	53,825,000	Current Liabilities	96,556,000
Inventories	76,765,000	Long-term Liabilities	39,518,000
Fixed Assets	55,363,000	Other Liabilities	6,129,000
Deferred Assets	1,190,000	Total Liabilities	142,203,000
Invest& other Assets	0,000	Retained Earnings	(39,989,000)
		Net Worth	44,940,000
Total Assets	187,143,000	Total Liab. & Equity	187,143,000
Total Assets (Previous Year)	166,136,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	195,798,000	Net Profit	(6,121,000)
Total Income (Previous yr)	95,024,000	Net Profit(Prev.yr)	(10,099,000)

MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	RUCHA TECHNOLOGIES PRIVATE LIMITED

Registered Office :	102, Om Residency, 350/7, Opposite Firodia Hostel, Shivaji Nagar, Pune – 411 004, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	12.06.2006

Com. Reg. No.:	25-128583

Capital Investment / Paid-up Capital :	Rs.25.100 millions

CIN No.: [Company Identification No.]	U29299PN2006PTC128583

TAN No.: [Tax Deduction & Collection Account No.]	PNER08603A

PAN No.: [Permanent Account No.]	AADCR3216K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Automobile Components and Tooling.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

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. Manoj Dusad
Designation :	Accounts Head
Contact No.:	91-9960900882

LOCATIONS

Registered Office :	102, Om Residency, 350/7, Opposite Firodia Hostel, Shivaji Nagar, Pune – 411 004, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9960900882 (Mr. Manoj Dusad)
Fax No.:	Not Available
E-Mail :	midusad@ruchagroup.com umesh@ruchagroup.com
Website :	www.ruchagroup.com
Area :	2000 sq ft
Location :	Owned

Factory :	L-23-A, MIDC Waluj, Aurangabad – 431 136, Maharashtra, India
Tel No.:	91-240-2555692/ 2564884/ 2553118
Fax No.:	91-240-2552097
E-Mail :	rtpl@ruchagroup.com
Area :	5 Acre
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Umesh Martandrao Dashrathi

Designation :

Director

Address :

140, Jyoti Nagar, Aurangabad – 431 005, Maharashtra, India

Date of Birth/Age :

01.06.1964

Date of Appointment :

12.06.2006

DIN No.:

00269982

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	U29299PN1997PTC018938	Rucha Engineers Private Limited	Director	01-08-97	01-08-97	Active	NO
2	U29299PN2006PTC128583	Rucha Technologies Private Limited	Director	12-06-06	12-06-06	Active	NO
3	U72200GJ1996PLC028657	Vax Infradevelopers Limited	Director	23-02-07	23-02-07	Active	NO
4	U36900PN2011PLC139372	Aarnava Precision Technologies Limited	Director	29-04-11	29-04-11	Active	NO
5	U91120MH2005NPL158483	Marathwada Auto Cluster	Additional director	18-10-11	18-10-11	Active	NO

Name :

Mrs. Jyoti Umesh Dashrathi

Designation :

Director

Address :

140, Jyoti Nagar, Aurangabad – 431 005, Maharashtra, India

Date of Birth/Age :

18.03.1965

Date of Appointment :

12.06.2006

DIN No.:

00270103

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	U28920MH2000PTC127329	Rohit Exhaust Systems Private Limited	Director	22-06-00	22-06-00	Not Available for eFiling	NO
2	U29299PN2000PTC018939	Rohit Exhaust Systems Private Limited	Director	22-06-00	22-06-00	Active	NO
3	U29299PN2006PTC128583	Rucha Technologies Private Limited	Director	12-06-06	12-06-06	Active	NO
4	U36900PN2011PLC139372	Aarnava Precision Technologies Limited	Director	29-04-11	29-04-11	Active	NO
5	U72200GJ1996PLC028657	Vax Infradevelopers Limited	Additional director	20-12-11	20-12-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Dusad
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Umesh Martandrao Dashrathi		1855000
Jyoti Umesh Dashrathi		655000
Total		2510000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automobile Components and Tooling.

Products :

Item Code No. (ITC Code)	8714
Product Description	Automotive Components

Exports :

Products :

Automotive Components

Countries :

v Brazil

v Germany

v USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

v Tata Steel Limited

Customers :

OEM’s

v Bajaj Auto Limited

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, Industrial Finance Branch, Jaggi's Building, Kranti Chowk, Aurangabad – 431 005, Maharashtra, India

Facilities :

Cash Credit – Rs.30.000 millions and Term Loan – Rs.27.500 millions (From State Bank of India, Industrial Finance Branch)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
State Bank of India Term Loan A/c No.30156153467	31.379	33.288
State Bank of India Cash Credit A/c No.30172436774	8.139	13.629
Total	39.518	46.917

Note:

Cash Credit facility from State Bank of India is secured against hypothecation of inventory and book debts. Term Loan facility from State Bank of India is secured against hypothecation of the Plant and Machinery, Equitable Mortgage of Land and Building at Plot No. L-23 A, M.I.D.C., Waluj, Aurangabad and other immovable assets purchased out of Bank’s Finance. These facilities are being guaranteed by personal guarantees of the Directors of the Company.


Banking Relations :	--

Auditors :
Name :	V.S. Potdar and Company Chartered Accountants
Address :	C- 9, Beverly Estate, 852/5 and 6, Bahndarkar Institute Road, Pune – 411 004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABQPP0877P

Associates :	v Rucha Engineers Private Limited [Sales Turnover (2010-11) Rs.3500.000 millions] v Rohit Exhaust Systems Private Limited (100% Export Oriented) v Rohit Industries (Proprietory of Mr. Umesh M. Dashrathi) v Umesh Dashrathi – Windmill (Proprietory of Mr. Umesh M. Dashrathi) v Aadeesh Service Centre v Roru Logistics v Roru Tool-Tech (Proprietory of Mrs. Jyoti U. Dashrathi)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2510000	Equity Shares	Rs.10/- each	Rs.25.100 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		25.100	25.100	25.100
2] Share Application Money (Pending Allotment)		59.829	20.795	0.695
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(39.989)	(33.868)	(23.769)
NETWORTH		44.940	12.027	2.026
LOAN FUNDS
1] Secured Loans		39.518	46.917	60.047
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		39.518	46.917	60.047
DEFERRED TAX LIABILITIES		0.000	0.000	0.458

TOTAL		84.458	58.944	62.531

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		55.363	67.816	59.198
Capital work-in-progress		0.000	0.000	1.631

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		1.190	0.468	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.765	47.715	10.436
	Sundry Debtors	38.725	34.072	12.078
	Cash & Bank Balances	0.363	0.257	0.128
	Other Current Assets	3.718	2.588	0.154
	Loans & Advances	11.019	13.180	6.199
Total Current Assets		130.590	97.812	28.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.849	50.946	20.609
	Other Current Liabilities	5.707	49.770	4.798
	Provisions	6.129	6.476	1.965
Total Current Liabilities		102.685	107.192	27.372
Net Current Assets		27.905	(9.380)	1.623

MISCELLANEOUS EXPENSES		0.000	0.040	0.079

TOTAL		84.458	58.944	62.531

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	195.798	95.024	58.042
		Other Income
		TOTAL	195.798	95.024	58.042

Less	EXPENSES
		Office Expenses	190.142	94.930	65.589
		Administrative Expenses
		Advertising Expenses
		TOTAL	190.142	94.930	65.589

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.656	0.094	(7.547)

Less/ Add	DEPRECIATION/ AMORTISATION		12.499	11.119	11.010

	PROFIT/ (LOSS) BEFORE TAX		(6.843)	(11.025)	(18.557)

Less	TAX		(0.722)	(0.926)	(1.928)

	PROFIT/ (LOSS) AFTER TAX		(6.121)	(10.099)	(16.629)

	Prior Period Adjustments		0.000	0.000	(0.093)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(33.868)	(23.769)	(7.233)

	BALANCE CARRIED TO THE B/S		(39.989)	(33.868)	(23.769)

	EARNINGS IN FOREIGN CURRENCY		17.775	0.563	0.094

	Earnings/ (Loss) Per Share (Rs.)		(2.44)	(4.02)	(6.63)

Particulars

31.03.2012

Sales Turnover (Approximately)

250.000

Expected Sales (2012-2013): Rs.500.000 millions (Due to more Exports)

The above information has been parted by Mr. Manoj Dusad (Accounts Head).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.13)	(10.63)	(28.65)

Return on Total Assets (PBT/Total Assets}	(%)	(3.68)	(6.66)	(21.04)

Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.92)	(9.16)

Debt Equity Ratio (Total Liability/Networth)		3.16	12.81	43.15

Current Ratio (Current Asset/Current Liability)		1.27	0.91	1.06

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%	Yes
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

TRADE REFERENCES:

v Tata Steel Limited

v Bajaj Auto Limited

FIXED ASSETS:

v Land

v Factory Building

v Plant and Machinery

v Dies and Fixture

v Furniture and Fixture

v Office Equipments

v Computer – Hardware

v Computer – Software

v Tools and Tackles

v Electrical Installation

v Factory Equipments

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.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.87

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		15

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.

53,825,000

96,556,000

76,765,000

6,129,000

MIRA INFORM REPORT

76.765

10.436

38.725

12.078

0.363

0.128

3.718

0.154

11.019

6.199

130.590

5.707

6.129

1.965

102.685

27.905

1.623

(3.13)

(10.63)

(28.65)

(3.68)

(6.66)

(21.04)

(0.15)

(0.92)

(9.16)

3.16

43.15

1.27

1.06

Unit