MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	AUTO STEEL AND RUBBER INDUSTRIES PRIVATE LIMITED
Registered Office :	C-2-1, Technicians Block, MIDC, Bhosari Industrial Estate, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.11.1995
Com. Reg. No.:	11-094456
Capital Investment / Paid-up Capital :	Rs.14.867 Millions
CIN No.: [Company Identification No.]	U25199MH1995PTC094456
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rubber Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 74000
Status :	Moderate
Payment Behaviour :	Slow bur correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The reserves appear to be low. The profit margin is also low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

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

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. Aniket
Designation :	Head Marketing
Contact No.:	91-20-27127710
Date :	24.07.2013

LOCATIONS

Registered/Marketing Office / Factory :	C-2-1, Technicians Block, MIDC, Bhosari Industrial Estate, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27127701/27127702/27127703/27127719/27127710
Fax No.:	91-20-27127720
E-Mail :	asri@vsnl.com admin@autostel.in sales@autosteel.in account@autosteel.in
Website :	http://www.autosteel-rubber.com
Area:	3500 Sq ft
Location:	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Daulat Tarachand Keswani

Designation :

Director

Address :

A1/A2, Meghmalhar, Raagdari Apartments, D.P. Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

20.01.1940

Date of Appointment :

14.11.1995

Din No.:

00070212

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	U25199MH1993PTC072822	KISHORE RUBBER PRODUCTS PRIVATE LIMITED	Director	13/07/1993	13/07/1993	-	Active	NO
2	U25199MH1995PTC094456	AUTO STEEL AND RUBBER INDUSTRIES PRIVATE LIMITED	Director	14/11/1995	14/11/1995	-	Active	NO
3	U25199PN2003PTC018550	SHORE AUTO-RUBBER EXPORTS PRIVATE LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO

Name :

Mrs. Veena Daulat Keswani

Designation :

Director

Address :

SNO. 156/1B/1, Aundh D P Road, 4AB Building, A2 Meghmalhar, RD, Pune-411007, Maharashtra, India

Date of Birth/Age :

30.05.1944

Date of Appointment :

14.11.1995

Din No.:

01763910

Name :

Ms. Renu Daulat Keswani

Designation :

Director

Address :

A1/A2, Meghmalhar, Raagdari Apartments, D.P. Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

24.04.1970

Date of Appointment :

29.09.2007

Din No.:

00081800

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	U25199MH1993PTC072822	KISHORE RUBBER PRODUCTS PRIVATE LIMITED	Director	13/07/1993	13/07/1993	Active	NO
2	U25199PN2003PTC018550	SHORE AUTO-RUBBER EXPORTS PRIVATE LIMITED	Director	09/06/2006	09/06/2006	Active	NO
3	U25199MH1995PTC094456	AUTO STEEL AND RUBBER INDUSTRIES PRIVATE LIMITED	Director	29/09/2007	02/10/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Aniket
Designation :	Head Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Equity Shares
Daulat Tarachand Keswani	69550
Veena Daulat Keswani	3850
Daulat Tarachand Keswani HUF	13850
Kavita Keswani	14500
Renu Daulat Keswani	18500
Deepa Gupta	18500
Kishore Rubber Products Limited, India	1899
Bansi Newandram Manghani	350
Kishore Bhojwani	350
Kishore Keswani	3150
Pehlajrai Newandram	01
Total	144500

Names of Shareholders	No. of Preferences Shares
Kavita Keswani	1001
Renu Daulat Keswani	996
Deepa Gupta	1010
Kishore Keswani	990
Preeti Ahuja	10
Nandlal Chhabria	10
Sunita Bhatija	10
Prerana Kripalani	01
Vikas Manghani	10
Vanita Sakhrani	05
Mohan Kriplani	01
B N Manghani HUF	01
Amarjit Singh	10
Neesha Meerchandani	10
Moti Mirchandani	01
Sujara Mirchandani	01
Suparna Lalchandani	01
Mohan Kriplani HUF	02
Deepak Raheja	01
Vandana Raheja	01
Vimala Pariyani	10
Shilpa Pariyanij	10
Ramesh Chhabria HUF	01
Ashok Chhabria HUF	01
M T Keswani	71
Divya Vikas Manghani	01
Komal Sanjay Manghani	01
Pooja Ramesh Chhabria	01
Vinesh Mohan Kriplani	01
Total	4169

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	1.31
Directors or relatives of Directors	75.82
Other top fifty shareholders	22.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULAR	31.03.2011
Installed capacity (As certified by the management, not verified by auditors, being a technical matter)	450 M.T

ACTUAL PRODUCTION

PARTICULAR	31.03.2011
Hoses	303117
‘O’ Ring	10661420

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited

· Citi bank

Facilities:

SECURED LOAN	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Banks
Canbank Factors Limited [Against plant and machinery]		0.000
Relegare Finvests Limited [Against plant and machinery]		0.000
HDFC Bank Limited [Car loan]		0.029
Total	NA	0.029

Banking Relations :
Financial Institution :	Canbank Factors Limited, No. 17, 1^st Floor, Babbur Kammnahostel Building, Seshadri Road, Bangalore-560009, Karnataka, India
Auditors :
Name :	Shah Parkesh and Sabani Chartered Accountants
Address :	M-2, II Wing, Thakkar House, 2418, East Street, Pune-411001, Maharashtra, India
Pan No.:	AAOFS8789G
Related Party:	· Kishore Rubber Products Private Limited · Kishore Elastomers · Keswani Elastomers · Keshwani Polymers · Here Elastomers · Vinayak Industries

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
175000	Equity Shares	Rs.100/- each	Rs.17.500 Millions
25000	Preferences Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
144500	Equity Shares	Rs.100/- each	Rs.14.450 Millions
4169	Preferences Shares	Rs.100/- each	Rs.0.417 Million
	Total		Rs.14.867 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.867	14.867
(b) Reserves & Surplus	3.643	3.354
(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)	18.510	18.221
(3) Non-Current Liabilities
(a) long-term borrowings	24.130	23.977
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	24.130	23.977
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	33.105	25.881
(c) Other current liabilities	1.980	2.222
(d) Short-term provisions	2.026	1.957
Total Current Liabilities (4)	37.111	30.060
TOTAL	79.751	72.258
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.711	21.136
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.160	4.160
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.501	0.474
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	27.372	25.770
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.448	9.556
(c) Trade receivables	33.652	29.835
(d) Cash and cash equivalents	1.186	0.928
(e) Short-term loans and advances	7.093	6.169
(f) Other current assets	0.000	0.000
Total Current Assets	52.379	46.488
TOTAL	79.751	72.258

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.867
2] Share Application Money		0.000
3] Reserves & Surplus		7.117
4] (Accumulated Losses)		(3.839)
NETWORTH		18.145
LOAN FUNDS
1] Secured Loans		3.603
2] Unsecured Loans		17.760
TOTAL BORROWING		21.363
DEFERRED TAX LIABILITIES		0.000
TOTAL		39.508
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.069
Capital work-in-progress		0.000
INVESTMENT		4.160
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.868
	Sundry Debtors	30.094
	Cash & Bank Balances	2.543
	Other Current Assets	0.000
	Loans & Advances	6.381
Total Current Assets		42.886
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.317
	Other Current Liabilities	0.383
	Provisions	2.907
Total Current Liabilities		25.607
Net Current Assets		17.279
MISCELLANEOUS EXPENSES		0.000
TOTAL		39.508

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	135.874	117.622
		Other Income		7.552
		TOTAL		125.174	132.248
Less	EXPENSES
		Office Expenses
		Administrative Expenses		125.059	130.123
		Advertising Expenses
		TOTAL	NA	125.059	130.123
	PROFIT / (LOSS) BEFORE TAX		NA	0.115	2.125
Less	TAX		NA	0.040	0.365
	PROFIT / (LOSS) AFTER TAX		0.290	0.075	1.760
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(3.838)	(5.598)
	BALANCE CARRIED TO THE B/S		NA	NA	(3.838)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	31.999	29.727	51.577
	Earnings / (Loss) Per Share (Rs.)		2.00	0.50	11.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.06	1.33
Net Profit Margin (PBT/Sales)	(%)	NA	0.10	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.17	4.95
Return on Investment (ROI) (PBT/Networth)		NA	0.01	0.12
Debt Equity Ratio (Total Debt /Networth)		1.30	1.61	1.18
Current Ratio (Current Asset/Current Liability)		1.41	1.55	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	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

PARTICULARS	As on 31.03.2012 [Rs. in Millions]	31.03.2011 (Rs. In Millions)
Loans From Shareholders
B.N. Manghani		0.021
Kishore Bhojwani		0.009
Vimala B Paryani		0.193
Suparna G Lalchandani		0.654
Daulat Tarachand Keswani HUF		1.707
Renu Daulat Keswani		0.014
Kavita Daulat Keswani		1.097
Deepa D Keswani		0.901
Daulat Tarachand Keswani		0.000
Veena Daulat Keswani		0.653
Vinesh Mohan Kriplani		3.000
Pehlajrai Newan Dram		0.500
Bansi N Manghani		0.500
Inter-Corporate Loans
Kishore Rubber Products Private Liited		0.236
Sangam Exports Private Limited		0.053
Loans From Banks/Financial Institution
Citi Bank Loan 911935		2.398
Kotak Mahindra Bank Limited		0.000
Citi Bank Loan 912787		10.395
Indiabulls Financial Services Limited		1.617
Total	NA	23.948

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80004979	06/06/2006 *	11,500,000.00	Canbank Factors Limited	# 67/1, Kanakapura Main Road, Basavanagudi, Bangalore- 560004, Karnataka, India	-
2	90085087	16/06/1999	4,909,500.00	National Small Industries Corporation Limited.	Prestige Chamber Kalyan East, Masjid, Mumbai- 400009, Maharashtra, India	-

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		31

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.