MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	BANCO PRODUCTS (INDIA) LIMITED
Registered Office :	BIL, Near Bhaili Railway Station, Padra Road, District Baroda – 391410, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.03.1961
Com. Reg. No.:	04-001039
Capital Investment / Paid-up Capital :	Rs.143.037 Millions
CIN No.: [Company Identification No.]	L51100GJ1961PTC001039
TAN No.: [Tax Deduction & Collection Account No.]	BRDB00588A
PAN No.: [Permanent Account No.]	AAACB8630L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers and Sellers of Auto Ancillaries such as Gaskets and Radiators.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track record. Performance capacity of the company appears to be good. Financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. 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	ICRA
Rating	A1+ (Commercial Paper)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	05.12.2012

Rating Agency Name	ICRA
Rating	A+ (Long term fund based limits)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	05.12.2012

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/ Factory 1 :	BIL, Near Bhaili Railway Station, Padra Road, District Baroda – 391410, Gujarat, India
Tel. No.:	91-265-2330220/ 21/ 22/ 23/ 2343183/ 84
Fax No.:	91-265-2332433/ 2338430
E-Mail :	feedback@bancoindia.com mitesh@bancoindia.com sec@bancoindia.com mail@bancoindia.com exports@bancoindia.com imp@bancoindia.com
Website :	http://www.bancoindia.com
Factory 2:	At Ankhi, Taluka Jambusar, District Bharuch, Gujarat, India (upto 30.03.2012)
Factory 3:	At Zone No.11, Holding No.1, Birsanagar, Jamshedpur – 831004, India
Factory 4:	Located at Rudrapur
Corporate Office :	Post Box 2562, Sayajigunj, Baroda – 390005, Gujarat, India
Tel No.:	91-265-2680220/1/2/3

DIRECTORS

As on: 04.08.2012

Name :	Mr. Manubhai Gokalbhai Patel
Designation :	Director appointed in casual vacancy
Date of Appointment :	07.11.2009
DIN No.:	00001662
Name :	Mr. Mukesh D Patel
Designation :	Director
Date of Appointment :	27.03.2009
DIN No.:	00009605
Name :	Mr. Atul G. Shroff
Designation :	Director
Date of Appointment :	15.04.1986
DIN No.:	00019645
Name :	Mr. Samir K. Patel
Designation :	Director
Date of Appointment :	25.09.1983
DIN No.:	00161448
Name :	Mrs. Vimal K. Patel
Designation :	Whole-time director
Date of Appointment :	15.04.1986
DIN No.:	00161625
Name :	Mr. Ramkisan Amirchand Devidayal
Designation :	Director
Date of Appointment :	30.07.2001
DIN No.:	00238853
Name :	Mr. Sudesh Kumar Duggal
Designation :	Director
Date of Appointment :	23.09.2009
DIN No.:	00566943
Name :	Mr. Mehul Kanubhai Patel
Designation :	Managing director
Date of Appointment :	08.02.1990
DIN No.:	01772099
Name :	Mr. Shailesh Anantrai Thakker
Designation :	Whole-time director
Date of Appointment :	19.07.2008
DIN No.:	02271833
Name :	Mr. Kiran Kumar Shetty
Designation :	Whole-time director
Date of Appointment :	31.07.2010
DIN No.:	03129699

KEY EXECUTIVES

Name :	Mr. Dinesh Dattatraya Kavthekar
Designation :	Secretary
PAN No.:	ACGPK8852L
Date of Appointment :	22.08.2006

SHAREHOLDING PATTERN

As on: 30.09.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	18072763	25.27
Any Others (Specify)	3567269	4.99
Persons Acting in Concert	3567269	4.99
Sub Total	21640032	30.26
(2) Foreign
Bodies Corporate	26909960	37.63
Sub Total	26909960	37.63
Total shareholding of Promoter and Promoter Group (A)	48549992	67.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1834424	2.56
Financial Institutions / Banks	2000	0.00
Foreign Institutional Investors	199000	0.28
Any Others (Specify)	3089640	4.32
Overseas Corporate Bodies	600	0.00
Foreign Bodies Corporate	3089040	4.32
Sub Total	5125064	7.17
(2) Non-Institutions
Bodies Corporate	1432519	2.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10485056	14.66
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	2248732	3.14
Any Others (Specify)	3677287	5.14
Clearing Members	79015	0.11
Non Resident Indians	3552272	4.97
Trusts	46000	0.06
Sub Total	17843594	24.95

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Auto Ancillaries such as Gaskets and Radiators.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank Of India - Industrial Finance Branch Lead Bank, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· Standard Chartered Bank, Abhijeet Ii, Ground Floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India

· Bank Of Baroda Cfs Branch, Gujarat, India

· HDFC Bank Ltd, Alkapuri Branch, Vadodara - 390007, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Foreign Currency Term Loans from Banks	458.672	1126.106
Short Term Borrowing	0
Cash Credit form bank	327.318
Packing credit from bank	0.000
Short term Loans and Advances	0.000
Total	785.990	1126.106

Banking Relations :	--
Auditors :
Name :	Shah and Company Chartered Accountants
Address :	Shah and Company Chartered Accountants, Maker Bhavan No. 218, New Marine Line, Mumbai, Maharashtra, India
PAN.:	AABFS2985F
Under Common Control :	· Banco Alluminium Limited
Subsidiary Company :	· Nederlandse Radiateuren Fabriek B.V Netherlands · Banco Gaskets (India) Limited · Lake Mineral (Maurtious) Limited
Indirect Subsidiary Company :	· Kilimanjaro Biochem Limited Tanzania

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
152000000	Equity Shares	Rs.2/- each	Rs.304.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71519000	Equity Shares	Rs.2/- each	Rs.143.037 Millions

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		143.037	143.037	143.037
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3022.840	2505.610	2167.629
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3165.877	2648.647	2310.666
LOAN FUNDS
1] Secured Loans		785.990	1126.106	187.815
2] Unsecured Loans		226.099	2.260	776.023
TOTAL BORROWING		1012.089	1128.366	963.838
DEFERRED TAX LIABILITIES		81.432	97.408	89.973
TOTAL		4259.398	3874.421	3364.477
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		933.925	1055.857	809.899
Capital work-in-progress		22.069	51.393	48.949
INVESTMENT		1317.999	1319.044	1305.065
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	758.443	1039.776	759.331
	Sundry Debtors	781.972	946.002	878.993
	Cash & Bank Balances	85.765	85.037	55.038
	Other Current Assets	0.202	0.000	0.000
	Loans & Advances	1190.151	120.348	102.316
Total Current Assets		2816.331	2191.163	1795.678
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	338.933	375.847	360.233
	Other Current Liabilities	180.893	85.032	39.746
	Provisions	310.898	282.157	195.135
Total Current Liabilities		830.724	743.036	595.114
Net Current Assets		1985.607	1448.127	1200.564
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4259.600	3874.421	3364.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	5596.327	4678.801	4071.498
		Other Income	246.915	22.574	60.366
		TOTAL (A)	5843.242	4701.375	4131.864
Less	EXPENSES
		Cost of materials consumed	3175.504	2630.742	3032.195
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	28.006	(75.913)
		Employee benefit expense	253.230	208.147
		Other expenses	1227.373	977.301
		Exceptional items	(3.951)	0.000
		TOTAL (B)	4680.162	3740.277	3032.195
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1163.080	961.098	1099.669
Less	FINANCIAL EXPENSES (D)		79.530	87.180	21.520
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1083.550	873.918	1078.149
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.709	129.682	95.366
	PROFIT BEFORE TAX (E-F) (G)		930.841	744.236	982.783
Less	TAX (H)		206.524	155.935	198.708
	PROFIT AFTER TAX (G-H) (I)		724.317	588.301	784.075
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	1275.136	1233.303	0.000
	TOTAL EARNINGS		1275.136	1233.303	0.000
	IMPORTS
		Raw Materials	996.603	1060.407	0.000
		Stores & Spares	30.230	34.041	0.000
		Capital Goods	78.545	139.971	0.000
	TOTAL IMPORTS		1105.378	1234.419	0.000
	Earnings Per Share (Rs.)		10.07	8.23	10.96

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012	30.09.2012
	1^st Quarter	2^nd Quarter
Sales Turnover	1113.590	1188.300
Total Expenditure	938.910	1013.800
PBIDT	174.680	174.500
Other Income	13.020	25.100
Operating Profit	187.700	199.600
Interest	14.110	25.600
PBDT	173.590	174.000
Depreciation	33.900	41.500
Profit Before Tax	139.680	132.500
Tax	39.930	42.000
Profit After Tax	99.750	90.500
Net Profit	99.750	90.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	12.39	12.51	18.98
Net Profit Margin (PBT/Sales)	(%)	16.63	15.91	24.14
Return on Total Assets (PBT/Total Assets}	(%)	24.82	22.92	37.72
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.43
Debt Equity Ratio (Total Debt/Networth)		0.32	0.43	0.42
Current Ratio (Current Asset/Current Liability)		3.39	1.51	3.02

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	No
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	No
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	Yes

OPERATIONS:

Both Radiator and Gasket product groups have sound manufacturing facilities which have been constantly upgraded and are supported by sophisticated Research and Development facilities for new projects or models OEM and other customers come up with. Banco has experienced overall growth of 18 % as compared to previous year.

Unsecured Loan

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Deposits	1.260	2.260
Short term Borrowing	0
Packing credit from bank	79.229
Short term Loans and Advances	130.000
Buyers Credit	15.610
Total	226.099	2.260

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L51100GJ1961PLC001039
Name of the company	BANCO PRODUCTS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	BIL, Near Bhaili Railway Station, Padra Road, District Baroda – 391410, Gujarat, India sec@bancoindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10298321
Type of charge	Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank, Abhijeet Ii, Ground Floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India shivan.umashankar@sc.com
Nature of instrument creating charge	NOC dated 19th June 2012 with Annexure I
Date of instrument Creating the charge	19.06.2012
Amount secured by the charge	Rs.664.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate of interest on each utilization will be subject to negotiation with the Bank and such rate will include the Bank's margin of 200 bps per annum added to LIBOR (including liquidity premium) Terms of Repayment Repayment will be made on each repayment date with an amount which reduces the base currency amount of the outstanding aggregate Utilization by an amount equal to 6.25% in 16 quarterly installments after a moratorium of 1 year (1st installment will become due in 15th month from the date of drawdown) of all Utilizations borrowed by the Borrower as at close of business in London on the last day of Availability period Margin 200 bps per annum added to LIBOR (including liquidity premium) for the period of Utilization Extent and Operation of the charge The Bank is having first exclusive charge by way of hypothecation of moveable fixed assets including moveable plant and machinery of the Borrower at .Bhaili and Anakhi plants,more specifically described in the Schedule of the Unattested Memorandum of Hypothecation dated 26th July 2011 Others Security by way of Hypothecation has been created in f/o of the Bank for the purpose of securing ECB Facility of USD 14.6 Mio granted to Banco Products (India) Ltd. For the purpose of filing form 8, it is clarified that the facility amount is repayable in USD, hence any repayment from sale/enforcement proceeds of above said assets shall be made at prevailing foreign currency exchange rate, for conversion from Indian Rupees to USD at the time of repayment to ensure full repayment of the Facility Amt
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Bank is having first exclusive charge by way of hypothecation of the moveable fixed assets as more specifically mentioned in the Schedule of Unattested Memorandum of Hypothecation dated 26.07.2011
Particulars of the present modification	By the present modification Movable Fixed Assets pertaining to the Gaskets division at Anakhi and Gaskets division at Bhaili mentioned in the Annexure 1 of NOC dated 19th June 2012 which were offered as Security for the ECB Facility of USD 14.6 Mio are now being released. The charge on the other movable fixed assets mentioned in the Annexure of Unattested Memorandum of Hypothecation dated 26.07.2011 will continue

UNAUDITED FINANCIAL RESULT FOR THE QUARTER/ HALF ENDED ON 30.09.2012

(Rs. In Millions)

Particulars		STANDALONE
		Quarter Ended			Half Year Ended		Previous Year Ended
		31.03.2012	30.06.2012	31.09.2011	30.09.2012	30.09.2011	31.03.2012
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Income from operations
	Net sales / income from operations (Net of excise duty)	1151.500	1079.700	1357.7500	2231.200	2747.300	5441.200
	Other operating Income (Net)	36.800	33.900	63.800	70.700	114.700	155.100
Total Income from Operations		1188.300	1113.600	1421.300	2301.900	2862.000	5596.300
Expenses
	Cost of materails consumed	699.300	650.900	846.200	1350.200	1649.300	3175.500
	Purchase of stock-in-trade	--	--	--	--	--	--
	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.100)	(22.500)	(15.800)	(34.600)	(8.100)	28.000
	Employee benefits expenses	57.900	60.400	61.800	118.300	121.300	253.200
	Depreciation and amortization expenses	41.500	33.900	39.900	75.400	79.200	152.700
	Other expenses	268.700	25.010	311.400	518.800	574.200	122.274
Total expenses		1055.300	972.800	1243.300	2028.100	2415.900	4836.800
Profit / (Loss) from operations before other income,		133.000	140.800	177.800	273.800	446.100	759.500
Other income		25.100	11.000	10.500	38.100	18.300	246.900
Profit / (Loss) from ordinary activities before finance		158.100	153.800	188.300	311.900	464.400	1006.400
Finance cost		25.600	14.100	25.200	39.700	46.000	79.500
Profit / (Loss) from ordinary activities after finance costs and		132.500	139.700	163.100	272.200	418.400	926.900
Exceptional items		--	--	--	--	--	--
Profit / (Loss) from ordinary activities before tax		132.500	139.700	163.100	272.200	418.400	926.900
Tax expenses		42.000	39.900	52.300	81.900	102.800	206.500
Net Profit / (Loss) from ordinary activities after tax		90.500	99.800	110.800	190.300	315.600	724.300
Extraordinary items (Net of expenses Rs. Nil Lakhs)		--	--	--	--	--	--
Net Profit / (Loss) for the period		90.500	99.800	110.800	190.300	315.600	724.300
Share of profit / (loss) of associates		--	--	--	--	--	--
Minority interest		--	--	--	--	--	--
Net Profit / (Loss) after taxes, minority interest and share of		90.500	99.800	110.800	190.300	315.600	724.300
Paid-up equity share capital		143.000	143.000	143.000	143.000	143.000	143.000
Reserves excluding Revaluation Reserve		--	--	--	--	--	--
Earning per share (before extraordinary items) (of Rs. 2 /- each) (not annualised):
Basic		1.27	1.39	1.55	2.66	4.41	10.07
Diluted		--	--	--	--	--	--
Earning per share (after extraordinary items)
Basic		1.27	1.39	1.55	2.66	4.41	10.13
Diluted		--	--	--	--	--	--

(Rs. In Millions)

Particulars		STANDALONE
		Quarter Ended			Half Year Ended		Previous Year Ended
		30.09.2012	30.06.2012	30.09.2011	30.09.2012	30.09.2011	31.03.2012
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
PARTICULARS OF SHAREHOLDING
Public Shareholding
-	Number of shares	22986858	22986858	23193426	229686058	23193426	23036836
-	Percentage of shareholding	3212	3212	3243	3212	3243	3221
Promoters and Promoters Group Shareholding
	Pledged / Encumbered
-	Number of shares
	Percentage of shareholding (as a % of the tota] shareholding of promoter and promotor group)
	Percentage of shareholding (as a % of the total share capital of of the Company)
	Non - Encumbered
	Number of shares	48549992	48549992	48325224	48549592	48325224	48481814
	Percentage of shareholding (as a % of the tota! shareholding of promoter and promotor group)	10000	10000	10000	10000	10000	10000
	Percentage of shareholding (as a % of the total share capital of of the Company)	67.88	67.88	67.88	67.88	67.88	67.88

Particulars	3 Months ended (30.09.2012)
Investor Complaints	-
Pending at the beginning of the quarter	-
Received during the quarter	-
Disposed of during the quarter	-
Remaining under solved ar the end of quarter	-

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars	STANDALONE
	As at 30.09.2012
	(Unaudited)
EQUITY AND LIABILITIES
Shareholders' Fund
Share Capital	143.000
Reserves and Surplus	3213.200
Sub-total - Shareholders' funds	3356.200
Share application money parting allotment (0.04)	-
Minority interest	-
Non-current liabilities
Long-term Loans and Advances	509.600
Deferred tax liabilities (net)	94.200
Other Long-term liabilities	0.200
Long-term provisions	22.500
Sub-total - Non-current liabilities	626.500
Current liabilities
Short-term Borrowings	675.000
Trade payables	391.300
Other Current Liabilities	126.800
Shun term provisions	87.800
Sub-total - Current liabilities	1280.900
TOTAL EQUITY AND LIBILITIES	5263.600
ASSETS
Non-current Assets
Fixed Assets	1243.100
Goodwill On Consolidation	-
Non- Current investment	1729.900
Deferred tax assets (net)	-
Long-term Loans and advances	347.200
Other Current assets	-
Sub-total - Non-current assets	3320.200
Current Assets
Current Investments	9.200
Inventories	892.800
Trade Receivables	810.400
Cash and cash equivalents	79.100
Short-term Loans and advances	151.900
Other current assets	-
Sub-total - Current assets	1943.400
TOTAL ASSETS	5263.600

NOTES:

1. Previous period's figures sire regrouped/ recast wherever necessary to confirm to the current period's classifications which arc as per revised Schedule VI of the Companies Act, 1956.

2. The Company is engaged in Automobile Ancillary business only and therefore reporting under AS-17 is not required.

3. During tin; Quarter and Financial Year ended on 31.03.2012 the Company has transferred its Gasket Division of the Company by way of Slump Sale to its Own 100% Subsidiary viz. Banco Gaskets (India) Limited w.e.f, 31.03.2012 in terms of approvals, previously obtained and hence the Financial information of the current permit may not be comparable with that of corresponding previous period quarter.

4. The Company has not received any investor's complaint, during the period.

5. The Statutory Auditors have earned out a limited review of the results for the Period and quarter ended 30.09.2012.

6. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 10.11.2012.

FIXED ASSETS:

· Goodwill

· Freehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.