MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	PRASHANT AUTO PARTS PRIVATE LIMITED
Registered Office :	Plot No. West 46, MIDC Baramati, Pune - 413133, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.03.2004
Com. Reg. No.:	11-019044
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U34300PN2004PTC019044
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Parts
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

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 of the company 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 safe and 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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (General Details)

Name :	Mr. Madhav
Designation :	Director
Contact No.:	91-9545458621
Date :	17.05.2012

LOCATIONS

Registered Office :	Plot No. West 46, MIDC Baramati, Pune - 413133, Maharashtra, India
Tel. No.:	91-2112-244731
Mobile No.:	91-9545458621 (Mr. Madhav)
Fax No.:	Not Available
E-Mail :	prashantauto@yahoo.co.in prashanteng@mhbr.chiraag.com
Location :	Owned

DIRECTORS

As on: 06.11.2010

Name :

Mr. Madhav Tukaram Khedekar

Designation :

Director

Address :

R-99, MIDC, Baramati, Pune - 413133, Maharashtra, India

Date of Birth/Age :

04.10.1966

Date of Appointment :

24.03.2004

DIN No.:

01902253

Other Directorships :

S.No.	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
1	U34300PN2004PTC019044	PRASHANT AUTO PARTS PRIVATE LIMITED	Director	24-03-04	24-03-04	-	Active	NO
2	U35113PN2012PTC142397	PRESTOGEM VEHICLES PRIVATE LIMITED	Managing director	28-02-12	28-02-12	-	Active	NO

Name :

Mrs. Nanda Madhav Khedekar

Designation :

Director

Address :

R-99, MIDC, Baramati, Pune - 413133, Maharashtra, India

Date of Birth/Age :

30.06.1970

Date of Appointment :

24.03.2004

DIN No.:

01903100

Name :

Mr. Prashant Khedekar

Designation :

Director

Name :

Mr. Madhav Khedekar

Designation :

Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 06.11.2010

Names of Shareholders	No. of Shares
Madhav Tukaram Khedekar	700
Nanda Madhav Khedekar	300
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on: 06.11.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Auto Parts
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

150 (Approximately)

Bankers :

• The Cosmos Co-Operative Bank Limited Baramati Branch, 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India
• State Bank of India Baramati

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Cosmos Cooperative Bank - Overdraft (BD)	4.000	4.000
Cosmos Cooperative Bank - CC/10189	3.982	4.487
Cosmos Cooperative Bank – A/c No. 180408 T/L	0.281	0.447
Cosmos Cooperative Bank – A/c No. 5463	0.000	0.988
Cosmos Cooperative Bank – A/c No. 01014	0.000	0.342
Cosmos Cooperative Bank – A/c No. 01021	0.000	1.370
Total	8.263	11.634
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Nandlal N Chatrala	0.200	0.400
Mr. M. T. Khedekar	1.445	0.000
Mrs. N. M. Khedekar	1.025	0.000
Miss Dipalli M Khedekar	0.099	0.000
M T Khedekar HUF	0.370	0.00
Total	3.139	0.400

Banking Relations :
Auditors :
Name :	S.H. Doshi and Associates Chartered Accountants
Address :	Office No. 405, Ackruti Chambers, Opposite Laxminnaryan Cinema, Pune Satara Road, Pune – 411037, Maharashtra, India
PAN.:	AAYFS1522M
Sister Concern :	· Prashant Agritech · Baramati Electromech

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.647	0.647	0.647
3] Reserves & Surplus		1.720	1.728	1.693
4] (Accumulated Losses)		(5.132)	(2.508)	0.000
NETWORTH		(2.664)	(0.033)	2.440
LOAN FUNDS
1] Secured Loans		8.263	11.634	9.541
2] Unsecured Loans		3.139	0.400	0.970
TOTAL BORROWING		11.402	12.034	10.511
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.738	12.001	12.951
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.229	3.749	3.239
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.148	3.549	2.416
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.908	11.756	9.938
	Sundry Debtors	1.960	3.586	6.779
	Cash & Bank Balances	0.172	0.206	0.140
	Other Current Assets	0.044	.045	0.045
	Loans & Advances	1.506	2.358	2.922
Total Current Assets		14.590	17.951	19.824
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.375	8.037	7.210
	Other Current Liabilities	0.073	0.052
	Provisions	6.781	5.159	5.327
Total Current Liabilities		9.229	13.248	12.537
Net Current Assets		5.361	4.703	7.287
MISCELLANEOUS EXPENSES		0.000	0.000	0.009
TOTAL		8.738	12.001	12.951

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	59.163	69.214	51.050
		Other Income	0.225	1.003	0.333
		TOTAL	59.388	70.217	51.383
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	61.492	72.161	50.584
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.104)	(1.944)	0.799
Less/ Add	DEPRECIATION/ AMORTISATION		0.520	0.564	0.511
	PROFIT BEFORE TAX		(2.624)	(2.508)	0.288
Less	TAX		0.000	0.011	0.103
	PROFIT AFTER TAX		(2.624)	(2.519)	0.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.915)	1.454	2.265
	BALANCE CARRIED TO THE B/S		(3.539)	(0.915)	2.450
	Earnings Per Share (Rs.)		(2624)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.42)	(3.59)	0.36
Net Profit Margin (PBT/Sales)	(%)	(4.44)	(3.62)	0.56
Return on Total Assets (PBT/Total Assets}	(%)	(14.73)	(11.56)	1.25
Return on Investment (ROI) (PBT/Networth)		0.98	76.00	0.12
Debt Equity Ratio (Total Liability/Networth)		(7.74)	(766.12)	9.45
Current Ratio (Current Asset/Current Liability)		1.58	1.35	1.58

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes

PERFORMANCE:

This year, the company has experienced heavy set back due to recent market recession, particularly in automobile sector. This has effected in decrease in there overall turnover by 14.52% as compared to previous year. Still, as compared to industry average, the company have performed well due its continuation of long term material supply contract coupled with there company's committed performance for delivery of goods to its customers - mainly Piaggio Vehicles Private Limited.

However, on financial front, this has led to there experiencing of huge loss of Rs.2.624 Millions in Profit before Tax (PBT) - amounting to 4.44% of total sales of the company as compared to previous year's loss of Rs.2.508 Millions amounting to 3.62% of total sales. Once again like previous year, this is mainly due to factors like hike in raw material and consumables prices (mainly steel) not supported by commensurate hike in sales price as well as pressure on margins.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U34300PN2004PTC019044
Name of the company	PRASHANT AUTO PARTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. West 46 MIDC, Baramati, Pune, Maharashtra, India E-Mail: prashantauto@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	The Cosmos Co-Operative Bank Limited Baramati Branch, 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India E-Mail: mandevazecs@gmail.com
Nature of instrument creating charge	Composite deed of further charge (consisting of mortgage and hypothecation of stock etc.
Date of instrument Creating the charge	04.07.2011
Amount secured by the charge	Rs.3.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest 1. Cash Credit - 13% P.A 2. Working Capital Term Loan - 13.25% P.A Terms of repayment Period - 1. Cash Credit - repayable on demand 2. Working Capital Term Loan - 36 months with EMI Rs.0.034 Million Margin Margin - 1. Cash Credit - 25% in Banks favour 2. Working Capital Term Loan - 25% in Banks favour Extent and operation of the charge The charge shall continue to operate until the full repayment of loan by the company Others Facility - 1. Cash Credit OF Rs.2.000 Millions 2. WORKING CAPITAL TERM LOAN OF Rs.1.000 Million (Both the facilities availed by Prashant Agritech, a registered partnership firm )
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No. E-210, Midc Baramati Industrial Area, Village Wanjarwadi, Baramati and as more described in schedule I of composite deed ( owned by Prashant Agritech, a registered partnership firm ) Plot No. W-46, Baramati Industrial Area, Village Tandulwadi, Baramati and as more described in schedule ii of composite deed ( owned by company ) Hypothecated stock, debtors and assets at factory and building as per list attached in the composite deed (owned by Prashant Agritech, partnership firm)

FIXES ASSETS:

• Building
• Electrical Fitting
• Furniture
• Machinery
• Tools Jigs
• Mobile
• Computer and Peripherals

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.54.39
UK Pound	1	Rs.86.56
Euro	1	Rs.69.30

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.