MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	RINDER INDIA PRIVATE LIMITED
Formerly Known As :	FIEM RINDER PRIVATE LIMITED HALOGEN AUTO AND ELECTRICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Gat No.148, Mahalunge Ingale, Off Chakan, Talegaon Road, Tal Khed, Pune – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	18.01.1988
Com. Reg. No.:	11-045915
Capital Investment / Paid-up Capital :	Rs. 8.500 Millions
CIN No.: [Company Identification No.]	U31506PN1988PTC045915
TAN No.: [Tax Deduction & Collection Account No.]	PNER06605E
PAN No.: [Permanent Account No.]	AAACH4211R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of auto components (lighting and signaling equipments).
No. of Employees :	700 (Approximately) [In Office – 200 and In Factory – 500]

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 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Rinder Industrial S.A’. It is an established company having a satisfactory track record. Even though sales turnover of the company has increased in 2012, profit of the company has marginally dipped in 2012. However, trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 PARTED BY

Name :	Mr. Raj Kumar
Designation :	Assistant Manager - Finance
Contact No.:	91-9850984086
Date :	01.08.2013

LOCATIONS

Registered Office :	Gat No.148, Mahalunge Ingale, Off Chakan, Talegaon Road, Tal Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-20-30616100 / 200
Mobile No.:	91-9850984086 (Mr. Raj Kumar)
Fax No.:	91-20-30616161 / 62
E-Mail :	rinder@rinder.in rinder.in@rinder.com marketing@rinder.in
Website :	http://www.rinder.in
Area :	1 Hectare
Location :	Owned
Corporate Office :	Plot No. 74-74A, F-II Block, MIDC, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-66114461/ 27470481/ 27472508
Fax No.:	91-20-27472435
E-Mail :	rinder@vsnl.com marketing@rinder.in rinder.in@rinder.com
Website :	www.rinder.com
Area :	15000 Sq. ft.
Location :	Owned
Branch Office :	Plot No.12-13, Sector – 16, HSIIDC Industrial Estate, Bahadurgarh - 124507, Haryana, India
Tel No :	91-1276-215727
Fax No :	91-1276-244964
E mail:	schaudhary@rinder.in

DIRECTORS

AS ON 29.06.2013

Name :	Mr. Fernando Echevarria
Designation :	Director
Address :	C. Particular Del Club, 4-5, Fi Lasarenas, Getxo Vizcaya, Spain – 48930
Date of Birth/Age :	07.03.1958
Date of Appointment :	23.01.1998
DIN No.:	00380088
Name :	Mr. Carlos Marzana
Designation :	Director
Address :	C. Senorio De Vizcaya 32 D, Gernika Lumo, Vizcaya, Spain – 48300
Date of Birth/Age :	10.10.1959
Date of Appointment :	23.01.1998
DIN No.:	00389077
Name :	Mr. Rafael Azcarreta
Designation :	Director
Address :	C/ Iparraguirre, 18-4 – E, Vizcaya, Gernica, Spain – 48300
Date of Birth/Age :	24.11.1954
Date of Appointment :	24.06.2002
DIN No.:	00364312
Name :	Ms. Maria Concepcion Marzana
Designation :	Director
Address :	C. Egana, 13 3 B, Bilbao, Vizcaya, Spain – 48010
Date of Birth/Age :	08.12.1947
Date of Appointment :	24.06.2002
DIN No.:	00389443
Name :	Mr. Antonio Basterrechea
Designation :	Director
Address :	C. Egana, 13 3 B, Bilbao, Vizcaya, Spain – 48010
Date of Birth/Age :	16.05.1947
Date of Appointment :	24.06.2002
DIN No.:	00388940

KEY EXECUTIVES

Name :	Mr. Raj Kumar
Designation :	Assistant Manager - Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2013

Names of Shareholders	No. of Shares
Rinder Industrial S.A., Spain	84986
Carlos Marzana, Spain	10
TOTAL	84996

AS ON 29.06.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of auto components (lighting and signaling equipments).

Products :

Product Description	Item Code No.
Head Lamps, Tail Lamps, Blinkers	8512.00

Exports :

Products :

• Lighting Equipment
• Automobile Parts

Countries :

• Spain
• Thailand
• Japan

Imports :

Products :

Raw Materials

Countries :

• Singapore
• Spain

Terms :

Selling :

L/C/ Cash/ Credit ( 30 – 60 days)

Purchasing :

L/C/ Cash/ Credit ( 30 – 60 days)

PRODUCTION STATUS (AS ON : 31.12.2011)

Particulars	Unit	Production
Auto Components	Nos.	9587294

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

• TVS
• TATA
• Royal Enfield
• Hero
• Mazda
• Maruti Suzuki
• Nisan
• Mahindra Rise
• Yamaha
• Piaggio

No. of Employees :

700 (Approximately) [In Office – 200 and In Factory – 500]

Bankers :

• Citi Bank N A, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
• Citi Bank, 2413, Parmar House, Kumar Capital, East Street, Pune – 411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.12.2012	Rs. In Millions 31.12.2011
Short Term Borrowings
Working Capital Loans from Banks	69.160	16.935
TOTAL	69.160	16.935

Banking Relations :	--
Auditors :
Name :	Suresh Surana and Associates Chartered Accountant
Address :	13^th Floor, Bakhtawar, 228, Nariman Point, Mumbai-400021, Maharashtra, India
PAN No.:	AAQFS7647M
Ultimate Holding Company :	Corporacion Rinder S.L.
Holding Company :	Rinder Industrial S.A.
Subsidiaries :	Rinder Tools India Private Limited (Fellow Subsidiary up to 20.12.2011) CIN No.:- U29299PN2004PTC019276
Fellow Subsidiaries :	Light and Systems Technical Centre S L Lampsys Light Systems S L Rinder Trading S L

CAPITAL STRUCTURE

AS ON 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84996	Equity Shares	Rs.100/- each	Rs. 8.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.500	8.500
(b) Reserves & Surplus	566.017	562.714
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	574.517	571.214
(3) Non-Current Liabilities
(a) long-term borrowings	40.425	29.780
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	3.790
Total Non-current Liabilities (3)	40.425	33.570
(4) Current Liabilities
(a) Short term borrowings	69.160	16.935
(b) Trade payables	312.651	251.000
(c) Other current liabilities	70.931	82.023
(d) Short-term provisions	9.600	13.302
Total Current Liabilities (4)	462.342	363.260
TOTAL	1077.284	968.044
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	425.742	395.961
(ii) Intangible Assets	6.472	4.327
(iii) Capital work-in-progress	11.227	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	13.590	14.411
(d) Long-term Loan and Advances	29.263	12.684
(e) Other Non-current assets	1.056	0.966
Total Non-Current Assets	487.350	428.349
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	109.102	78.510
(c) Trade receivables	361.710	349.280
(d) Cash and cash equivalents	51.646	48.140
(e) Short-term loans and advances	47.333	57.768
(f) Other current assets	20.143	5.997
Total Current Assets	589.934	539.695
TOTAL	1077.284	968.044

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.500
2] Share Application Money		0.000
3] Reserves & Surplus		521.055
4] (Accumulated Losses)		0.000
NETWORTH		529.555
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		74.210
TOTAL BORROWING		74.210
DEFERRED TAX LIABILITIES		0.000
TOTAL		603.765
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		342.515
Capital work-in-progress		6.760
INVESTMENT		0.000
DEFERREX TAX ASSETS		4.985
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.715
	Sundry Debtors	273.685
	Cash & Bank Balances	90.587
	Other Current Assets	0.709
	Loans & Advances	180.977
Total Current Assets		621.673
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	210.593
	Other Current Liabilities	35.431
	Provisions	126.144
Total Current Liabilities		372.168
Net Current Assets		249.505
MISCELLANEOUS EXPENSES		0.000
TOTAL		603.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	1918.961	1772.172	1511.463
		Other Income	NA	NA	19.431
		TOTAL	NA	NA	1530.894
Less	EXPENSES
		Office Expenses	NA	NA	1465.525
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	1465.525
	PROFIT / (LOSS) BEFORE TAX		13.205	55.427	65.369
	TAX		9.721	13.574	24.895
	PROFIT / (LOSS) AFTER TAX		3.484	41.853	40.474
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	498.470	301.746	286.932
	TOTAL EARNINGS		498.470	301.746	286.932
	IMPORTS
		Raw Materials	276.564	163.829	169.778
		Components and Spare Parts	5.344	46.554	10.133
		Capital Goods	18.547	115.058	8.268
	TOTAL IMPORTS		300.455	325.441	188.179
	Earnings / (Loss) Per Share (Rs.)		40.99	492.41	476.19

Expected Sales (2013-2014) : Rs. 2000.000 Millions

The above information has been parted by Mr. Raj Kumar.

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	NA	NA	2.64
Net Profit Margin (PBT/Sales)	(%)	0.69	3.13	4.32
Return on Total Assets (PBT/Total Assets}	(%)	1.25	5.81	6.78
Return on Investment (ROI) (PBT/Networth)		0.02	0.10	0.12
Debt Equity Ratio (Total Debt /Networth)		0.19	0.08	0.14
Current Ratio (Current Asset/Current Liability)		1.28	1.49	1.67

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	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%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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
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

Unsecured Loan	Rs. In Millions 31.12.2012	Rs. In Millions 31.12.2011
Long Term Borrowings
Term Loans from Others	40.425	29.780
TOTAL	40.425	29.780

CURRENT MATURITIES OF LONG TERM DEBT

(Rs. In Millions)

Particulars	31.12.2012	31.12.2011	31.12.2010
Current maturities of long-term debt	22.050	28.028	NA
TOTAL	22.050	28.028	NA

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90088734	12/12/2008 *	100,000,000.00	CITIBANK N. A.	2413 PARMAR HOUSE, EAST STREET, PUNE, MAHARASHTRA - 411001, INDIA	A53238234
* Date of charge modification

GENERAL INFORMATION

Subject is a manufacturer of auto components (lighting and signaling equipments). The Company operates near automobile producing companies and the products are directly supplied to them. Presently, the Company manufactures products as per specifications given / accepted by the customers. The Company has manufacturing plant at Chakan, Pimpari and Bhadurgarh.

OPERATIONS

The Company has registered increase in turnover as compared to the previous year. However, the profits of the Company have gone down due to increase in cost of inputs, financial cost and expenses. The Directors however feel that in the current situation the overall performance of the Company is satisfactory.

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Moulds
• Dies
• Electrical Installations
• Furniture and Fixtures
• Office Equipments
• Technical know-how
• Vehicles
• Computers

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. 60.74
UK Pound	1	Rs. 92.05
Euro	1	Rs. 80.60

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPT

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	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.