MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	TACO COMPOSITES LIMITED (w.e.f.05.03.2010)
Formerly Known As :	AUTOMOTIVE COMPOSITES SYSTEMS (INTERNATIONAL) LIMITED
Registered Office :	Taco House, Damle Path, Off Law College Road, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.02.2000
Com. Reg. No.:	11-015253
Capital Investment/ Paid-up Capital:	Rs.268.826 Millions
CIN No.: [Company Identification No.]	U34300PN2000PLC015253
TAN No.: [Tax Deduction & Collection Account No.]	PNEA03067B
PAN No.: [Permanent Account No.]	AACCA8141M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Parts and components
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1310000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Tata Autocomp Systems Limited’. It is a well established and reputed company having fine track. Trade relations are reported as trustworthy. Business is active. Payments are reported to be trustworthy. The company can be considered good 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.06.2012

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	20.06.2012

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.

LOCATIONS

Registered Office :	Taco House, Damle Path, Off Law College Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-66743147
Fax No.:	Not Available
E-Mail :	harmeetkaur.chhabra@tacogroup.com janhvie.khele@tacogroup.com
Factory:	Located At: · Pune (Maharashtra) · Rudrapur (Uttarakhand) · Jamshedpur (Jharkhand)

DIRECTORS

AS ON 18.06.2012

Name :

Mr. Rameshwar Singh Thakur

Designation :

Director

Address :

Flat No. 205, Burlington, Hiranandani Estate, Patlipada, Thane (West), Mumbai – 400607, Maharashtra, India

Date of Birth/Age :

06.09.1948

Qualification :

Bacheelor's Degree in Mechnical Enfineering, Masters Degree in Business Management form XLRI, Chartered Management Accountant from

CIMA

Date of Appointment :

0605.2008

Din No.:

00020126

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	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	06/07/2010	Active	NO
2	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
3	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	16/12/2005	16/12/2005	24/10/2007	Active	NO
4	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	27/04/2006	27/04/2006	21/01/2008	Active	NO
5	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	07/07/2007	17/07/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	01/07/2010	Active	NO
7	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Managing director	09/12/2010	28/12/2007	-	Active	NO
8	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Additional director	09/04/2008	09/04/2008	26/08/2008	Active	NO
9	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	21/06/2010	09/04/2008	-	Active	NO
10	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Nominee director	09/04/2008	09/04/2008	04/02/2009	Active	NO
11	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	21/07/2008	10/04/2008	26/08/2008	Active	NO
12	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	29/04/2008	-	Active	NO
13	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Director	25/09/2008	06/05/2008	26/12/2008	Active	NO
14	U34300PN2000PLC015253	TACO Composites Limited	Director	30/12/2008	06/05/2008	-	Active	NO
15	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Director	23/09/2009	08/07/2008	-	Active	NO
16	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	11/07/2008	11/07/2008	17/11/2008	Active	NO
17	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	14/07/2009	25/12/2008	-	Under liquidation	NO
18	U34300PN1996PLC015038	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	29/09/2009	05/01/2009	-	Active	NO
19	U72900MH2000PLC126195	Drive India Enterprise Solutions Limited	Director	08/08/2011	30/09/2010	-	Active	NO
20	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	22/06/2012	01/09/2011	-	Active	NO

Name :

Mr. Ajay Tandon

Designation :

Director

Address :

07.01.1959

Date of Birth/Age :

B -404, Bhadralok Apartments, old padra road, Vadodra -390020, Gujarat, India

Qualification :

PGDM from IIM, Ahmeddabad , BE- Mechanical from IIT, Madras

Experience :

Date of Appointment :

06.06.2010

Din No.:

00128667

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	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Additional director	10/04/2008	10/04/2008	15/02/2010	Active	NO
2	U32109PN2005PTC020334	Trimble Mobility Solutions India Private Limited	Director	29/12/2008	10/04/2008	14/12/2010	Active	NO
3	U74999MH1998PLC112992	TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED	Director	29/09/2008	10/04/2008	-	Active	NO
4	U34300PN1996PLC015038	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	29/09/2008	12/04/2008	-	Active	NO
5	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	16/07/2008	29/04/2008	25/12/2008	Under liquidation	NO
6	U29299PN2008PLC132935	ISRI TJC AUTOMOTIVE SEATING LIMITED	Director	08/04/2009	16/10/2008	-	Active	NO
7	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Nominee director	25/12/2008	25/12/2008	04/02/2009	Active	NO
8	U29299PN2005PTC020907	Visteon Engineering Center (India) Private Limited	Director	04/09/2009	01/09/2009	15/02/2010	Active	NO
9	U34300PN2000PLC015253	TACO Composites Limited	Director	06/06/2010	04/05/2010	-	Active	NO
10	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	17/07/2012	27/07/2011	-	Active	NO
11	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Additional director	31/07/2012	31/07/2012	-	Active	NO

Name :

Mr. Gajendra Pal Singh Chandel

Designation :

Director

Address :

144, Delmar Towers, Clover Village, Wanorie, Pune – 411040, Maharashtra, India

Date of Birth/Age :

30.06.1961

Qualification :

MA( Public Administration), PGDBA , Diploma in Labour Law

Date of Appointment :

06.06.2010

Din No.:

01639435

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	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Additional director	27/04/2007	27/04/2007	19/10/2007	Active	NO
2	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	01/09/2009	28/06/2007	-	Active	NO
3	U74999MH1998PLC112992	TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED	Director	10/07/2012	28/06/2007	-	Active	NO
4	U34300PN1996PLC015038	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED	Additional director	14/11/2008	14/11/2008	05/01/2009	Active	NO
5	U32109PN2005PTC020334	Trimble Mobility Solutions India Private Limited	Director	24/06/2009	29/12/2008	14/12/2010	Active	NO
6	U34300PN2000PLC015253	TACO Composites Limited	Director	06/06/2010	22/01/2010	-	Active	NO
7	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Additional director	01/02/2010	01/02/2010	15/02/2010	Active	NO

Name :

Mr. Sunil Kumar Sinha

Designation :

Director

Address :

Flat No. A -1, Landmark Gardens, 78 Kalyani Nagar, Pune – 411006, Maharashtra, India

Date of Birth/Age :

30.06.1959

Qualification :

BE in Mechanical Engineering , Alumnus of ISEAD, France as a participant of Advance Management Programme (AMP) in 2004

Date of Appointment :

27.06.2007

Din No.:

01648203

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	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Director	09/06/2007	09/06/2007	23/01/2009	Active	NO
2	U29299PN2005PTC020907	Visteon Engineering Center (India) Private Limited	Director	19/09/2007	11/06/2007	15/02/2010	Active	NO
3	U34300PN2000PLC015253	TACO Composites Limited	Director	28/09/2007	27/06/2007	-	Active	NO
4	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	01/09/2009	30/12/2008	-	Active	NO

Name :

Mr. Arvind Hari Goel

Designation :

Director

Address :

Flat No.6, Praniti Apartments, Baner Road, Ganeshkind, Pune – 411007, Maharashtra, India

Date of Birth/Age :

13.10.19.57

Qualification :

BE Mechanical from Regional College of Engineering, Krukshetra

Date of Appointment :

30.12.2008

Din No.:

02300813

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	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Additional director	11/04/2008	11/04/2008	06/05/2008	Active	NO
2	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2009	25/12/2008	01/12/2009	Active	NO
3	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	25/07/2009	30/12/2008	-	Active	NO
4	U34300PN2000PLC015253	TACO Composites Limited	Director	27/07/2009	30/12/2008	-	Active	NO
5	U93090MH2007PLC173035	Tata Industrial Services Limited	Director	12/08/2011	18/06/2010	-	Active	NO
6	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Additional director	22/05/2012	22/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sukanta Usharanjan Bhattacharyya
Designation :	Manager
Address :	B -801, Vatsalya Vihar, DP Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	10.12.1966
Date of Appointment :	01.06.2010
Pan No.:	AAQPB5951K
Name :	Janhavi Kishore Khele
Designation :	Secretary
Address :	49/2B, ‘Utkasha’, Maharashtra Co – Operative Housing Society, Pune –Satara Road, Pune – 411009, Maharashtra, India
Date of Birth/Age :	17.01.1984
Date of Appointment :	25.01.2012
Pan No.:	AQZPK0174A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.06.2012

Names of Equity Shareholders	No. of Shares
Tata Autcomp Systems Limited, India	18881202
Tata Autcomp Systems Limited joint holder Noshir Jal Driver	228
Tata Autcomp Systems Limited joint holder Rajiv Dhar	228
Tata Autcomp Systems Limited joint holder S.H. Rajadhayksha	228
Tata Autcomp Systems Limited joint holder Amitabha Mukhopadhyay	191
Tata Autcomp Systems Limited joint holder R.S. Thakur	341
Tata Autcomp Systems Limited joint holder Ajay Nagle	150
Total	18882568

Names of Preference Shareholders	No. of Shares
Tata Autcomp Systems Limited, India	8000000

AS ON 18.06.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Parts and components

Products :

ITEM CODE NUMBER	PRODUCT DESCRIPTION
87089900	Moulded Components of Sheet Moulding Compound
87089900	Tools and fixtures
87089900	Engineering Services
39079190	Bulk Moulded Compounds

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity
Moulded Components of Sheet Moulding	MT/Nos Note 2	3960
Bulk Moulding Compounds (Note 3)	Kgs.	360000
Tools and Fixtures	No.s	NA*

Notes:

1 The installed capacity has been certified by the Management and relied upon by the auditors without verification this being a technical matter.

2 Although the installed capacities in respect of" Moulded Components of Sheet Moulding Compound" above is stated in tonnes the actual production etc. has been stated in numbers as this is the form of measurement in which these are normally produced/sold. It has not been possible to indicate the installed capacities in numbers as the same will depend on product mix from year to year.

3 Production includes 2 nos (previous year -6034) of finished goods scrapped- Moulded components and 937 kgs (Previous year- Nil) of Bulk Moulding compounds scrapped.

4 Figures in brackets are in respect of the corresponding previous year

*As production is sub-contracted to third parties

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Bank, Deccan Gyamkhana Branch, 759/62, Prabhat Road, Pune -411004, Maharashtra, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	0.000	182.533
Rupee term loans others secured	0.000	8.250
Working capital loans banks secured	0.000	8.452
Loans taken for vehicles secured	0.000	0.066
Interest accrued due other debt secured	0.000	1.734
Total	0.000	201.035

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Other debt unsecured	26.003	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B Wing , ICC Trade Tower, International Convention Centre, Senapati Bapat Road Pune – 411016, Maharashtra, India
Pan No.:	AABFD7919A
Holding Company :	Tata AutoComp Systems Limited CIN No.:U34100MH1995PLC093733
Investing Party:	IPM Inc

CAPITAL STRUCTURE

As on 18.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
29600000	Equity Shares	Rs.10/- each	Rs.296.000 Millions
10400000	Preference Shares	Rs.10/- each	Rs.104.000 Million
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18882568	Equity Shares	Rs.10/- each	Rs.188.826 Million
8000000	Preference Shares	Rs.10/- each	Rs.80.000 Millions
	Total		Rs.268.826 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		268.826	228.826	228.826
2] Share Application Money		0.000	40.000	40.000
3] Reserves & Surplus		57.635	0.000	0.000
4] (Accumulated Losses)		0.000	(101.995)	(282.281)
NETWORTH		326.461	166.831	(13.455)
LOAN FUNDS
1] Secured Loans		0.000	201.035	360.783
2] Unsecured Loans		26.003	0.000	0.000
TOTAL BORROWING		26.003	201.035	360.783
DEFERRED TAX LIABILITIES		5.300	0.000	0.000
TOTAL		357.764	367.866	347.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		268.197	296.618	309.238
Capital work-in-progress		34.804	24.358	16.240
INVESTMENT		25.081	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CAPITAL ADVANCES		0.000	0.000	10.851
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.147	126.828	79.417
	Sundry Debtors	63.088	62.485	57.241
	Cash & Bank Balances	11.287	75.035	43.323
	Other Current Assets	0.129	0.236	0.521
	Loans & Advances	40.528	48.374	91.114
Total Current Assets		250.179	312.958	271.616
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.396	159.016	170.842
	Other Current Liabilities	93.729	99.642	85.085
	Provisions	13.372	7.410	4.690
Total Current Liabilities		220.497	266.068	260.617
Net Current Assets		29.682	46.890	10.999
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		357.764	367.866	347.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1257.896	1026.689	683.003
		Other Income	12.630	8.227	2.949
		TOTAL (A)	1270.526	1034.916	685.952
Less	EXPENSES
		Consumption materials changes inventories	604.907	463.176
		Manufacturing service costs	152.909	116.779
		Employee related expenses	93.725	80.066
		Administrative selling other expenses	148.301	89.740
		TOTAL (B)	999.842	749.761	685.029
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		270.684	285.155	0.923
Less	FINANCIAL EXPENSES (D)		14.515	35.997	49.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		256.169	249.158	(48.612)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.812	49.494	46.311
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		203.357	199.664	(94.923)
Less	TAX (H)		43.526	19.378	1.188
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		159.831	180.286	(96.111)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(103.451)	(283.737)	(187.626)
Less	APPROPRIATIONS		0.201	0.000	0.000
		Transfer to General Reserve
		Dividend
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		56.179	(103.451)	(283.737)
	IMPORTS
		Raw Materials	34.663	21.610	19.359
	TOTAL IMPORTS		34.663	21.610	19.359
	Earnings Per Share (Rs.)		8.63	13.91	(7.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.58	14.42	(14.01)
Net Profit Margin (PBT/Sales)	(%)	16.17	19.45	(14.04)
Return on Total Assets (PBT/Total Assets}	(%)	39.23	32.75	(15.51)
Return on Investment (ROI) (PBT/Networth)		0.62	1.20	7.05
Debt Equity Ratio (Total Liability/Networth)		0.76	2.80	(46.18)
Current Ratio (Current Asset/Current Liability)		1.13	1.18	1.04

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
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	No
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	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

FORM 8

Corporate identity number of the company	U34300PN2000PLC015253
Name of the company	TACO COMPOSITES LIMITED
Address of the registered office or of the principal place of business in India of the company	Taco House, Damle Path, Off Law College Road, Pune – 411004, Maharashtra, India Email: amit.kumbhare@tacogroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90088441
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Indian Bank, Deccan Gyamkhana Branch, 759/62, Prabhat Road, Pune -411004, Maharashtra, India Email: deccangymkhana@indianbank.co.in
Nature of instrument creating charge	Letter of Indian Bank dated September 04, 2010.
Date of instrument Creating the charge	04.09.2010
Amount secured by the charge	Rs.170.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BPLR - 1.50% on Overdraft Cash Credit and as per Bank's Norms on Guarantee and Imp/Inland LC/DP/DA. Term of Payment: Repayable on demand. Margin 25% for Overdraft Cash Credit and 10% for Guarantee and Imp/Inland LC/DP/DA. Extent and operation of the charge 1. In case of Overdraft Cash Credit - Charge on Stocks and Receivables within 90 days. 2. In case of Guarantee and Imp/Inland LC/DP/DA - Unsecured.
Short particulars of the property charged (Including location of the property)	All Stock of inventory. Accounts Receivables within 90 days.
Particulars of the present modification	By the present modification the amount of charge has been reduced to Rs.170.000 Millions from Rs.463.700 Millions

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.55.52
UK Pound	1	Rs.88.85
Euro	1	Rs.70.85

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		51

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.