MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	EXOTECH ZANINI INDUSTRIES PRIVATE LIMITED (w.e.f 18.12.2009)
Formerly Known As :	EXOTECH PLASTICS PRIVATE LIMITED
Registered Office :	Gat No 1102 Village Pirangut Taluka Mulshi, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.07.1996
Com. Reg. No.:	11-101162
Capital Investment / Paid-up Capital :	Rs. 28.000 Millions
CIN No.: [Company Identification No.]	U25206MH1996PTC101162
TAN No.: [Tax Deduction & Collection Account No.]	PNEE00556D
PAN No.: [Permanent Account No.]	AAACE2275Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Components and Spare Parts of Various Applications Especially for the Automobiles
No. of Employees :	Information not given by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION DECLINED BY

Name :	Mr. Shri Rangdgali
Designation :	Finance Manager
Contact No.:	91-22-66758511
Date :	13.06.2012

LOCATIONS

Registered Office :	Gat No 1102 Village Pirangut Taluka Mulshi, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-66758511 / 66758515
Fax No.:	91-20-66758599
E-Mail :	devendracs@gmail.com md@exotechplastics.com admin@exotechzanini.com

DIRECTORS

AS ON 04.07.2012

Name :

Mr. Rajiv Dinesh Kothari

Designation :

Managing Director

Address :

4, Alpana, 60, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

20.06.1964

Date of Appointment :

01.04.2009

DIN No. :

00165707

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	U25206MH1996PTC101162	EXOTECH ZANINI INDUSTRIES PRIVATE LIMITED	Managing director	01/04/2009	09/05/1997	-	Active	NO

Name :

Mr. Umesh Dinesh Kothari

Designation :

Director

Address :

125, clover Hill Undri Pisoli Rd, Kondhva KD, Pune 411048, Maharashtra, India

Date of Birth/Age :

17.02.1959

Date of Appointment :

27.09.2010

DIN No. :

00165640

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	U51109MH1991PTC062875	EXOTECH EXPORTS AND INVESTMENTS PRIVATE LIMITED	Director	09/08/1991	09/08/1991	-	Active	NO
2	U34300MH1996PTC102306	MGI COUTIER EXOTECH INDUSTRIES PRIVATE LIMITED	Director	02/09/1996	02/09/1996	-	Active	NO
3	U34300PN2005PTC021478	MGI Coutier Engineering Private Limited	Director	01/01/2012	26/10/2005	-	Active	NO
4	U34300PN2006PTC021867	VOSS Exotech Automotive Private Limited	Managing director	18/01/2006	18/01/2006	-	Active	NO
5	U25206MH1996PTC101162	EXOTECH ZANINI INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	24/07/2010	-	Active	NO

Name :

Luca Laudicina

Designation :

Director

Address :

Via Correggio , 67,Milano Me, Italy

Date of Birth/Age :

14.10.1970

Date of Appointment :

27.09.2010

DIN No. :

02671515

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	U25206MH1996PTC101162	EXOTECH ZANINI INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	24/07/2010	-	Active	NO

Name :

Simone Giovanni Giuseppe Zanini

Designation :

Director

Address :

Piazza Castello, 22, Milano – 20121, Italy

Date of Birth/Age :

25.01.1970

Date of Appointment :

27.09.2010

DIN No. :

02793096

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	U25206MH1996PTC101162	EXOTECH ZANINI INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	24/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shri Rangdgali
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.07.2012

Names of Shareholders	No. of Shares
Umesh D Kothari	559941
Rajiv Kothari	560040
Dinesh Kothari	280019
Zanini Holding Spa – Italia	1400000
TOTAL	2800000

AS ON 04.07.2012

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	50.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Components and Spare Parts of Various Applications Especially for the Automobiles
Products :	Automotive Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Automobile Components	Nos.	1566000	8134352
Plating	Sq. Ft.	791250	832500

GENERAL INFORMATION

Customers :

• TATA
• GM
• FIAT
• Mahindra
• John Deere
• Force
• Swaraj Mazda
• Renault
• Fird
• Ashok Leyland

No. of Employees :

Information not given by the management

Bankers :

• Dena Bank, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
FROM BANK
Term Loan (Secured by hypothecation of present and future plant and machinery and further secured by collateral security from a director by way of his residential flat at Peddar Road, Mumbai)	0.000	1.728
Cash Credit Facility (Secured by hypothecation of stock and book debts)	0.000	9.324
Vehicle Loan (Secured by hypothecation of vehicles)	0.483	0.809
Total	0.483	11.861
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others
From Directors/Shareholders	0.000	7.200
Deferred Sales Tax	11.248	11.248
Total	11.248	18.448
Notes: The deferred liability shall be repaid in equal annual installments not exceeding five such installments at the expiry of 10th year. The deferment scheme started from October 2001 and installments will start from 01.10.2011.

Banking Relations :	--
Auditors :
Name :	Sudit K Parekh and Company Chartered Accountant
Address :	Ballard House, 2^nd Floor, Ali Marzban Path, Ballard Pier, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66178000
Fax No.:	91-22-66178002
E-Mail :	admin@skparekh.com
Pan No. :	AAPB9017P
Related Parties :	Zanini Holding SPA, Italy MGI Coutier Exotech Industries Private Limited Dinesh and Compnay (Firm)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.10/- each	Rs. 28.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.10/- each	Rs. 28.000 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		28.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		93.347	49.176	28.062
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.347	69.176	48.062
LOAN FUNDS
1] Secured Loans		0.483	11.861	15.968
2] Unsecured Loans		11.248	18.448	19.756
TOTAL BORROWING		11.731	30.309	35.724
DEFERRED TAX LIABILITIES		1.685	0.863	1.344
TOTAL		134.763	100.348	85.130
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.627	38.895	43.541
Capital work-in-progress		0.592	0.675	0.675
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.765	19.983	17.432
	Sundry Debtors	67.582	58.236	51.182
	Cash & Bank Balances	28.308	20.907	5.790
	Other Current Assets	3.080	2.994	4.781
	Loans & Advances	18.867	13.570	20.919
Total Current Assets		152.602	115.690	100.104
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.382	38.643	44.549
	Other Current Liabilities	8.029	7.340	14.972
	Provisions	6.647	8.929	(0.331)
Total Current Liabilities		59.058	54.912	59.190
Net Current Assets		93.544	60.778	40.914
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		134.763	100.348	85.130

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
TOTAL INCOME INCLUDING OTHER INCOME		331.222	281.412	179.628
TOTAL EXPENSES INCLUDING DEPRECATION		299.277	247.369	175.829
PROFIT BEFORE TAX		31.992	33.946	3.870
PROFIT AFTER TAX		21.370	21.227	2.195
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	20.530	23.199	0.000
TOTAL EARNINGS		20.530	23.199	0.000
IMPORTS
	Raw Materials and Components	5.931	3.847	3.310
	Capital Goods	0.226	0.000	0.000
	Machinery	0.000	0.000	2.737
TOTAL IMPORTS		6.157	3.847	6.047
Earnings Per Share (Rs.)		10.34	10.61	1.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.45	7.54	1.22
Return on Total Assets (PBT/Total Assets}	(%)	16.56	21.96	2.69
Return on Investment (ROI) (PBT/Networth)		0.26	0.49	0.08
Debt Equity Ratio (Total Liability/Networth)		0.60	1.24	2.00
Current Ratio (Current Asset/Current Liability)		2.58	2.11	1.69

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

• Land
• Building
• Building temporary structure
• Plant and machinery
• Furniture and fixtures
• Computer
• Vehicles
• Computer software

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 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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.