MIRA INFORM REPORT

Report Date :

12.12.2013

IDENTIFICATION DETAILS

Name :	BADVE AUTOCOMPS PRIVATE LIMITED
Registered Office :	Plot No. D -46 MIDC Area Waluj, Aurangabad – 431133, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.1997
Com. Reg. No.:	11-109848
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U29290MH1997PTC109848
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02372G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Components.
No. of Employees :	800 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1782000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. External borrowing of the company has increased. However, overall financial position of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 [GENERAL DETAILS]

Name :	Mr. Javed Sayyed
Designation :	Accounts Head
Contact No.:	91-240-2551223
Date :	23.11.2013

LOCATIONS

Registered Office :	Plot No. D -46 MIDC Area Waluj, Aurangabad – 431133, Maharashtra, India
Tel. No.:	91-240-2555186 / 2694448
Mobile No.:	91-9881150659 [Mr. Rahul Ganesh]
Fax No.:	91-240-2555337 / 2694463
E-Mail :	badve_agd@sancharnet.in ssbadve@badvegroup.com
Website :	www.badvegroup.com
Area :	2000 sq. ft.
Location :	Owned
Factory :	Unit II, A-3, MIDC Village Mahalunge, Chakan, Pune – 410501, Maharashtra, India
Tel No.:	91-20-4102261/ 2 /3/ 4
Fax No:	91-20-4102265

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Rajiv Vasant Savarkar

Designation :

Chairman cum Managing Director

Address :

Flat No. B-5, R.B. Classic, Bijalinagar, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

07.06.1971

Date of Appointment :

01.12.2000

Din No.:

00371643

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	Company/ LLP Status	Defaulting status
1	U29290MH1997PTC109848	BADVE AUTOCOMPS PRIVATE LIMITED	Director	01/12/2000	01/12/2000	Active	NO
2	U72900MH2000PTC129976	ZOOM INFO SOLUTIONS PRIVATE LIMITED	Director	11/12/2000	11/12/2000	Active	NO
3	U28110PN2012PTC141935	BADVE-CELLINO ENGINEERING PRIVATE LIMITED	Director	26/07/2013	26/07/2013	Active	NO

Name :

Mrs. Yogita Sanjay Badve

Designation :

Director

Address :

Flat No. 1, Shree Malvika Co. op. Hsg. Sty. 53, Erandwana, Pune, Maharashtra

Date of Birth/Age :

25.07.1972

Date of Appointment :

17.11.1997

Din No.:

00370704

Name :

Mr. Shrikant Shankar Badve

Designation :

Director

Address :

6, Shubjkamna Apartment, Dashmesh Nagar, Aurangabad-430 005, Maharashtra, India

Date of Birth/Age :

10.10.1965

Date of Appointment :

02.10.2006

Din No.:

00295505

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	Company/ LLP Status	Defaulting status
1	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Managing director	05/01/2013	01/09/2000	Active	NO
2	U72900MH2000PTC129976	ZOOM INFO SOLUTIONS PRIVATE LIMITED	Director	11/12/2000	11/12/2000	Active	NO
3	U29290MH1997PTC109848	BADVE AUTOCOMPS PRIVATE LIMITED	Director	02/10/2006	02/10/2006	Active	NO
4	U74999MH2006PTC166603	BADVE HELMETS INDIA PRIVATE LIMITED	Director	29/12/2006	29/12/2006	Active	NO
5	U29130PN2011PTC139764	SHREEPRIYA AUTO PARTS PRIVATE LIMITED	Whole-time director	06/06/2011	06/06/2011	Active	NO
6	U29130PN2011PTC139765	SWASTID ENGINEERING PRIVATE LIMITED	Whole-time director	06/06/2011	06/06/2011	Active	NO
7	U28110PN2012PTC141935	BADVE-CELLINO ENGINEERING PRIVATE LIMITED	Director	13/01/2012	13/01/2012	Active	NO
8	U29210PN2013PTC147636	SWASTID AUTO PRODUCTS PRIVATE LIMITED	Director	04/06/2013	04/06/2013	Active	NO
9	U29253PN2013PTC148846	FIVE ESS AUTO PARTS PRIVATE LIMITED	Director	16/09/2013	16/09/2013	Active	NO

Name :

Mr. Sunil Chamanlal Patel

Designation :

Director

Address :

36, Vijay Amar Society, S. No. 44/2, Erandawane, Pune-411004, Maharashtra, India

Date of Birth/Age :

08.07.1949

Date of Appointment :

01.04.2010

Din No.:

02057191

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	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Managing director	02/02/2004	02/02/2004	23/08/2007	Active	NO
2	U31103PN1960PLC011738	GHATGE PATIL INDUSTRIES LIMITED	Director	26/09/2008	22/12/2007	-	Active	NO
3	U29290MH1997PTC109848	BADVE AUTOCOMPS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
4	U28110PN2012PTC141935	BADVE-CELLINO ENGINEERING PRIVATE LIMITED	Director	13/01/2012	13/01/2012	-	Active	NO
5	U34103PN2012PTC142062	ZHENGXING INDO WHEELS PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
6	U29253PN2012PTC145551	SUNDAR ENGINEERING PRIVATE LIMITED	Director	29/11/2012	29/11/2012	-	Active	NO
7	U29210PN2013PTC147636	SWASTID AUTO PRODUCTS PRIVATE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO

Name :

Albenhausen Otto Klein Volker

Designation :

Director

Address :

Von Thuemmel STR.22, 96450, Coburg 96450

Date of Birth/Age :

09.08.1944

Date of Appointment :

01.04.2010

Din No.:

03409398

KEY EXECUTIVES

Name :	Mr. Javed Sayyed
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Badve Shankar Kumud	24390
Badve Prabhakar Shankar	23010
Badve Prabhakar Shankar [HUF]	12600
Badve Shankar Shrikant	16010
Badve Shrikant Supriya	133890
Badve Sanjay Yogita	30000
Creative Tools & Press Components Private Limited, India	100
Badve Shankar Sanjay	32500
Badve Engineering Limited, India	2100
Sumedh Tools Private Limited, India	5000
Savarkar Vasant Rajivprasad	10100
Badve Shankar Sanjay [HUF]	10000
Badve Shankar Shrikant [HUF]	300
TOTAL	300000

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Components.
Terms :
Selling :	Credit [30 to 45 Days]
Purchasing :	Credit [30 to 45 Days]

GENERAL INFORMATION

Suppliers :

Tata Steel Limited

Customers :

Others [Manufacture]

· Bajaj Auto Limited

No. of Employees :

800 [Approximately]

Bankers :

· The Saraswat Co-operative Bank Limited, Plot no. X -23, MIDC Area, Waluj, Aurangabad- 431 136, Maharashtra, India

· Kotak Mahindra Bank

· State Bank of India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	886.067	477.504
Other Loans and Advances	6.135	8.603
Short Term Borrowings
Loans Repayable on Demand	325.295	325.558
TOTAL	1217.497	811.665

Banking Relations :	--
Auditors :
Name :	Ashok Patil And Associates Chartered Accountant
Address :	Veer Shanti, Kranti Chowk, Aurangabad – 431005, Maharashtra, India
PAN No:	AAQFA1326D
Associates/Subsidiaries :	· Badve Engineering Private limited Address: Plot No. D-39, M. I. D. C. Waluj, Aurangabad - 431 136. Maharashtra, India Tel: 91-240-2555186 Fax: 91-240-2555337 E-Mail : ssbadve@badvegroup.com · Badve Autocomps Private Limited Address: A-3, M. I. D. C. Chakan, Pune - 410 501, Maharashtra, India Tel: 91-20-4102261/2/3/4 Fax : 91-20-4102265 · Amit Engineers Address: Gut No. 776, Pawar Vasti, Kudalwadi, Chikhli, Dist. Pune - 412 114, Maharashtra, India Telefax : 91-20-27490411 · Creative Tools And Press components Private Limited Address: Plot No. W-99, M. I. D. C. Waluj, Aurangabad - 431 136, Maharashtra, India. Tel : 91-240-2555334 Fax : 91-240-2555337 · Badve Helmets (India) Private Limited Address: Plot No. A-24, M. I. D. C. Waluj, Aurangabad - 431 136. Maharashtra, India Tel : 91-240-2554941 Fax:91-240-2555337 · Badve Engineering Limited UNIT-II ( 3 WHEELER CHASSIS DIVISION) Address: Gut No. 15, Naigavahan, Khandewadi, Taluka Paithan, District, Aurangabad - 431 105, Maharashtra, India Tel: 91-240-2694463/64/85 Fax: 91-240-2555337 · Badve Engineering Limited Unit-XI ( Paint and Press Shop Division) Address: Plot No. C-11, M. I. D. C. Area, Ranjangaon, Taluka Shirur, District- Pune, Maharashtra, India Tel : +91-2138-232164/232158 · Badve Engineering Limited Unit-Xi ( Mouldshop Division) Address: Plot No. C-11/A, M. I. D. C. Area, Ranjangaon, Taluka Shirur, District- Pune, Maharashtra, India Tel : +91-2138-232164/232158

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED.

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449549	30/08/2013	117,500,000.00	THE SARASWAT CO-OP BANK LIMITED	N-11A, PLOT NO 25 TV CENTRE, HUDCO, AURANGABAD - 431003, AURANGABAD - 431001, MAHARASHTRA, INDIA	B85215077
2	10449545	30/08/2013	167,500,000.00	THE SARASWAT CO-OP BANK LIMITED	N-11A, PLOT NO 25 TV CENTRE, HUDCO, AURANGABAD - 431003, AURANGABAD - 431001, MAHARASHTRA, INDIA	B85213494
3	10445030	31/07/2013	1,166,000.00	THE SARASWAT CO-OP BANK LIMITED	RASEC KANCHAN CHAMBERS, KRANTI CHOWK, STATION ROAD, AURANGABAD - 431005, MAHARASHTRA, INDIA	B83056416
4	10457630	05/06/2013	30,000,000.00	THE SARASWAT CO-OP BANK LIMITED	KANCHAN CHAMBERS,, STATION ROAD BRANCH, AURANGABAD - 431005, MAHARASHTRA, INDIA	B82812314
5	10434762	30/05/2013	5,236,000.00	THE SARASWAT CO-OP BANK LIMITED	RASEC KANCHAN CHAMBERS, KRANTI CHOWK, STATION ROAD, AURANGABAD - 431005, MAHARASHTRA, INDIA	B78699774
6	10434764	23/05/2013	1,686,000.00	THE SARASWAT CO-OP BANK LIMITED	RASEC KANCHAN CHAMBERS, KRANTI CHOWK, STATION ROAD, AURANGABAD - 431005, MAHARASHTRA, INDIA	B78699543
7	10415970	07/03/2013	100,000,000.00	THE SARASWAT CO-OP BANK LIMITED	RASEC KANCHAN CHAMBERS, KRANTI CHOWK, STATION ROAD, AURANGABAD - 431005, MAHARASHTRA, INDIA	B71973416
8	10368568	06/07/2012	830,000.00	THE SARASWAT CO-OP BANK LIMITED	RASEC KANCHAN CHAMBERS, KRANTI CHOWK, STATION ROAD, AURANGABAD - 431005, MAHARASHTRA, INDIA	B44918431
9	10348403	22/03/2012	1,119,000.00	THE SARASWAT CO-OP BANK LIMITED	PLOT NO. X-23, MIDC WALUJ, AURANGABAD - 431005, MAHARASHTRA, INDIA	B37202082
10	10444715	15/10/2011	100,000,000.00	THE SARASWAT CO-OP BANK LIMITED	PLOT NO. X-23, MIDC WALUJ, AURANGABAD - 431005, MAHARASHTRA, INDIA	B60796778
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Deferred Payment Liabilities	119.060	119.624
Loans and Advances From Related Parties	338.429	285.362
TOTAL	457.489	404.986

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.61.33
UK Pound	1	Rs.100.79
Euro	1	Rs.84.37

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	TPT

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.