MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	VICTOR REINZ INDIA PRIVATE LIMITED
Registered Office :	Plot No. A-20, Navalakh Umbre, Taluka Maval, M.I.D.C, Talegaon, Pune – 410506, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	13.05.2004
Com. Reg. No.:	11-019249
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U29299PN2004PTC019249
PAN No.: [Permanent Account No.]	AABCV9633L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gaskets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an subsidiary of “Reinz-Dichtungs BH”. It is an established company having satisfactory track record. The company has performed well as compared to previous year. There appear an increase in the sales turnover as well as net profitability during 2011. Trade relations are fair. Business is active. Payment terms are usually correct. 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.

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 DECLINED BY

Contact No.:	91-2114-392100
Date :	02.08.2013

LOCATIONS

Registered Office :	Plot No. A-20, Navalakh Umbre, Taluka Maval, M.I.D.C, Talegaon, Pune – 410506, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Aakash.dave@dana.com

DIRECTORS

As on : 20.03.2013

Name :	Mr. Aakash Jayant Dave
Designation :	Managing director
Address :	Sindoor Plot No. 15, S. No. 81, Giriraj Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	13.01.1984
Date of Appointment :	01.01.2007
PAN No :	AFIPD4423R
DIN No.:	00084536
Name :	Mr. Jayant Avinash Dave
Designation :	Director
Address :	Sindoor Plot No. 15, S. No. 81, Giriraj Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	19.08.1956
Date of Appointment :	13.05.2004
PAN No :	AAQPD6875J
DIN No.:	00084628
Name :	Mr. Franz Xaver Hieble
Designation :	Director
Address :	14 Holderstrasse Senden 89250 Germany
Date of Birth/Age :	27.12.1952
Date of Appointment :	01.12.2006
DIN No.:	00803873
Name :	Mr. Robert David Pyle
Designation :	Additional director
Address :	No. 4, Gao Road, Xuhui District, Shanghai - 200030, China
Date of Birth/Age :	12.12.1966
Date of Appointment :	01.01.2013
DIN No.:	03622775

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 20.03.2013

Names of Shareholders	No. of Shares
Jayant Avinash Dave	3499900
Pragya Jayant Dave	100
Aakash Jayant Dave	1400000
Reinz Dichtungs GMBH, Germany	5100000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on : 20.03.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gaskets.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, 917/918, Dinshaw House, Synagogue Street, Camp, Pune – 411001, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.12.2012	As on 31.12.2011
Short term borrowings :
Working capital loans from Banks	22.796	25.802
Total	22.796	25.802

Note :

Secured by way of hypothecation of inventory & trade receivables. The facility is collaterally secured by equitable / registered mortgage of land and building situated at Plot No A-20, Navalakh Umbre, M.I.D.C, Talegaon, Maval, Pune 410 506 and first charge over the entire tangible assets of the company.

Auditors :
Name :	V S Potdar and Company Chartered Accountants
Address :	C-9, Beverly Estate, 8 5 2 / 5 & 6, Bhandarkar Road, Pune – 411004, Maharashtra, India
PAN No.:	AAGFV8161P
Holding Company :	Reinz-Dichtungs GMBH, Germany

CAPITAL STRUCTURE

As on : 20.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

After : 20.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 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	100.000	100.000
(b) Reserves & Surplus	34.015	23.840
(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)	134.015	123.840
(3) Non-Current Liabilities
(a) long-term borrowings	79.487	113.686
(b) Deferred tax liabilities (Net)	0.274	5.055
(c) Other long term liabilities	3.140	2.241
(d) long-term provisions	1.497	0.226
Total Non-current Liabilities (3)	84.398	121.208
(4) Current Liabilities
(a) Short term borrowings	22.796	25.802
(b) Trade payables	65.695	93.997
(c) Other current liabilities	57.144	46.564
(d) Short-term provisions	4.439	13.686
Total Current Liabilities (4)	150.074	180.049
TOTAL	368.487	425.097
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.228	250.303
(ii) Intangible Assets	0.556	0.927
(iii) Capital work-in-progress	0.000	3.269
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.248	2.567
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	206.032	257.066
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	47.561	48.131
(c) Trade receivables	48.047	52.248
(d) Cash and cash equivalents	51.040	43.339
(e) Short-term loans and advances	13.366	20.540
(f) Other current assets	2.441	3.773
Total Current Assets	162.455	168.031
TOTAL	368.487	425.097

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		21.507
4] (Accumulated Losses)		0.000
NETWORTH		121.507
LOAN FUNDS
1] Secured Loans		26.562
2] Unsecured Loans		131.582
TOTAL BORROWING		158.144
DEFERRED TAX LIABILITIES		10.716
TOTAL		290.367
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		254.781
Capital work-in-progress		1.318
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.395
	Sundry Debtors	54.626
	Cash & Bank Balances	13.335
	Other Current Assets	15.781
	Loans & Advances	6.868
Total Current Assets		127.005
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.423
	Other Current Liabilities	72.196
	Provisions	11.118
Total Current Liabilities		92.737
Net Current Assets		34.268
MISCELLANEOUS EXPENSES		0.000
TOTAL		290.367

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income
		Other Income
		TOTAL	327.716	279.173	220.812
Less	EXPENSES
		TOTAL	272.054	232.988	144.830
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		55.662	46.185	75.982
Less/ Add	DEPRECIATION/ AMORTISATION		36.130	39.664	38.396
	PROFIT BEFORE TAX		19.532	6.521	37.586
Less	TAX		9.358	(1.624)	8.119
	PROFIT AFTER TAX		10.174	8.145	29.467
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.402	21.257	(8.211)
	BALANCE CARRIED TO THE B/S		39.576	29.402	21.257
	EARNINGS IN FOREIGN CURRENCY		0.563	0.014	NA
	Earnings Per Share (Rs.)		1.02	0.81	NA

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	3.10	2.34	17.02
Return on Total Assets (PBT/Total Assets}	(%)	11.86	3.82	139.18
Return on Investment (ROI) (PBT/Networth)		0.15	0.05	0.31
Debt Equity Ratio (Total Debt /Networth)		0.76	1.13	1.30
Current Ratio (Current Asset/Current Liability)		1.10	0.95	1.37

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	No
10]	Designation of contact person	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.12.2012	31.12.2011
Long term borrowings :
Term Loan	79.487	113.686
Total	79.487	113.686

NOTE :

The Company has taken an unsecured loan in the form of External Commercial Borrowings from Reinz Dichtungs GMBH (Germany) of Euros 22,00,000/- in the year ended 31.03.2010. The repayment of the loan has to be done in 4 equal annual installments commencing from 15.01.2012. Interest on loan is payable quarterly @ 6 Months EURIBOR + 1%

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT :

Rs in Millions

PARTICULARS	As on 31.12.2012	As on 31.12.2011	As on 31.12.2010
Current Maturities of Long term debt	39.743	37.895	NA
Total	39.743	37.895	NA

FIXED ASSETS :

v Land

v Office Equipments

v Computer Motor Car

v Factory Building

v Electrical Installation

v Fire Fighting System

v Furniture and Fixture

v Plant and Machinery

v Dies and Fixtures

v Factory Equipments

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. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.37

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.