MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	RV EXHAUST SYSTEMS PRIVATE LIMITED
Registered Office :	G-89/G-90, M. I. D.C., Gokul Shirgaon, Kolhapur – 416234, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.01.2009
Com. Reg. No.:	11-133386
Capital Investment / Paid-up Capital :	Rs. 0.990 Million
CIN No.: [Company Identification No.]	U29299PN2009PTC133386
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silencers and their parts.
No. of Employees :	Information Denied By Management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 8000
Status :	Moderate
Payment Behaviour :	Slow but correct.
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has achieved better growth in its income during 2012. However, the financial strength of the company is moderate. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DENIED BY

Name :	Mr. Suresh Todkar
Designation :	Director
Contact No.:	91-9011054754
Date :	20.04.2013

LOCATIONS

Registered Office :	G-89/G-90, M. I. D.C., Gokul Shirgaon, Kolhapur – 416234, Maharashtra, India
Tel. No.:	91-231-2672078
Mobile No.:	91-9011054754 (Mr. Suresh Todkar)
Fax No.:	Not Available
E-Mail :	rvexhaust@gmail.com smitaeng@rediffmail.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Vilas Rajaram Todkar
Designation :	Managing Director
Address :	221, B1C Ground Floor, Pleasant Homes, Tarabai Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	06.03.1950
Date of Appointment :	01.04.2012
DIN No.:	02053063
Name :	Mr. Rahul Vilas Todkar
Designation :	Managing Director
Address :	221, Pleasant Homes, Tarabai Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	19.12.1982
Date of Appointment :	01.04.2012
DIN No.:	02053035
Name :	Mr. Suresh Todkar
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Vilas Rajaram Todkar	49500
Rahul Vilas Todkar	49500
Total	99000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silencers and their parts.

GENERAL INFORMATION

No. of Employees :

Information Denied By Management

Bankers :

Shree Mahalaxmi Co-Operative Bank Limited, Main Branch, Shree Bhavan,167 B, Kolhapur - 416012, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loan Mahalaxmi Bank A/c No. 70/1135	0.432	1.306
Loan Mahalaxmi Bank A/c No. 70/1137	0.459
Total	0.891	1.306

Banking Relations :	--
Auditors :
Name :	C. T. Chougule and Company Chartered Accountant
Address :	1 Silver Oak Park, MSEB Road, Vishrambaug, Sangli – 416415, Maharashtra, India
Tel. No.:	91-231-2301022
Mobile No.:	91-9423868622
Fax No.:	91-231-2300022
Qualification:	M. Com, F. C. A.
PAN.:	AANPC0749B

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.10/- each	Rs. 0.990 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.990	0.100	0.100
2] Share Application Money		0.375	1.265	0.245
3] Reserves & Surplus		0.850	0.283	0.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.215	1.648	0.420
LOAN FUNDS
1] Secured Loans		0.891	1.306	0.741
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.891	1.306	0.741
DEFERRED TAX LIABILITIES		0.031	0.022	0.023
TOTAL		3.137	2.976	1.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.958	2.285	1.030
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.953	0.000	0.000
	Sundry Debtors	5.470	0.000	0.038
	Cash & Bank Balances	0.693	0.505	0.111
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.351	0.387	0.013
Total Current Assets		7.467	0.892	0.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.063	0.137	0.020
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.250	0.093	0.020
Total Current Liabilities		22.313	0.230	0.040
Net Current Assets		(14.846)	0.662	0.122
MISCELLANEOUS EXPENSES		0.025	0.029	0.032
TOTAL		3.137	2.976	1.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	50.683	2.557	1.314
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.523	0.445	0.126
Less/ Add	DEPRECIATION/ AMORTISATION		2.697	0.148	0.007
	PROFIT BEFORE TAX		0.826	0.297	0.119
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	Earnings Per Share (Rs.)		NA	NA	NA

Note: There is a type of error in the 2012 annual report. The year mentioned in the annual report is 2011 whereas the correct year should be 2012.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.63	11.62	9.06
Return on Total Assets (PBT/Total Assets}	(%)	3.25	9.35	9.98
Return on Investment (ROI) (PBT/Networth)		0.37	0.18	0.28
Debt Equity Ratio (Total Debt /Networth)		0.40	0.79	1.76
Current Ratio (Current Asset/Current Liability)		0.33	3.88	4.05

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Payable to C. T. Chaugule	0.035	0.025	0.015
Payable to Chaugule and Associates	0.035	0.000	0.000
Payable to Mrs. Pangaonkar	0.000	0.008	0.005
Payable to Rahul Todkar	0.479	0.082	0.000
Payable to Vilas Todkar	0.537	0.022	0.000
Payable to Smita Engineering Company	0.287	0.000	0.000
Sundry Creditors	17.746	0.000	0.000
TDS Payable	0.042	0.000	0.000
VAT Payable	2.902	0.000	0.000
Total	22.063	0.137	0.020

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	No
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]	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

NOTE:

The registered office of the company has been shifted from 14/1B, Nagala Park, Near St. Xavier High School,

Bawada Road, Kolhapur – 416003, Maharashtra, India to present address w.e.f. 15.06.2011

OPERATIONS:

Company is formed to manufacture the silencers and their parts and to take Contract of Engineering works. During the year Company has started manufacturing activity from July, 2011 and earned Income from Sales is Rs. 50.683 Millions. The Company has earned Profit of Rs. 0.826 after deducting depreciation of Rs 2.694 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299PN2009PTC133386
Name of the company	RV EXHAUST SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-89/G-90, M. I. D.C., Gokul Shirgaon, Kolhapur – 416234, Maharashtra, India rvexhaust@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Shree Mahalaxmi Co-Operative Bank Limited, Main Branch, Shree Bhavan,167 B, Kolhapur - 416012, Maharashtra, India mahalaxmibankkop@rediffmail.com
Nature of instrument creating charge	Mortgage Deed
Date of instrument Creating the charge	12.04.2012
Amount secured by the charge	Rs. 7.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.5% P.A. Terms of Repayment Period:35 Months Extent and Operation of the charge Charge to secure cash credit of Rs.7.500 Millions Others Guarantors: 1.Rahul Vilas Todkar 2.Sushma Vilas Todkar
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Plot No. G- 89 Admeasuring About 832 Sq. Mtrs. Bounded As Follows : To The East: Plot No. G- 90, To The West: Plot No. G-88 To The North: M.I.D.C. Boundry , To The South : M.I.D.C. Road · Plot No. G- 90 Admeasuring About 770 Sq. Mtrs. Bounded As Follows : To The East: Road , To The West : M.I.D.C. Boundrv To The North: Plot No. G- 91, To The South: Plot No. G- 89 · Both Situated Within Limits of Gokul Shirgaon M.I.D.C., Taluka Karveer, District Kilhapur and Constructed Building Thereon · Stock, Furniture, Book Debts

FIXED ASSETS

· Borewell Pump

· Factory Building

· Furniture and Fixtures

· Plant and Machinery

· Tools and Equipments

· Vehicles – Honda City

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 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. 54.30
UK Pound	1	Rs. 82.88
Euro	1	Rs. 70.80

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.