MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	BENTELER AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	A-3, Phase II, Chakan MIDC Area, Khalumbre, Khed Taluka, Pune-410501, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	17.07.2008
Com. Reg. No.:	11- 132446
Capital Investment / Paid-up Capital :	Rs.192.760 Millions
CIN No.: [Company Identification No.]	U34101PN2008FTC132446
TAN No.: [Tax Deduction & Collection Account No.]	PNEB06013A
PAN No.: [Permanent Account No.]	AABCB1827C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Components for Original Equipment Manufactures (OEMs).
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 550000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of “Benteler Automotive International, Germany”. As per the available financials as on 2011 for 12 months ranging from January 2011 to December 2011, there appears huge accumulated losses recorded which are slowly been wiped. External borrowings seems to be huge and increasing over previous year. However, trade relations are fair. Business is active. Payment terms are unknown. In view of experienced promoters and strong holding company, the subject can be considered for business dealings with great caution.

NOTES :

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

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

Name :	Mr. Ganesh Guruvanna Mane
Designation :	Director
Contact No.:	91-9845162622
Date :	25.06.2013

LOCATIONS

Registered Office / Factory :	A-3, Phase II, Chakan MIDC Area, Khalumbre, Khed Taluka, Pune - 410501, Maharashtra, India
Tel. No.:	91-2135-612200 / 65002822
Mobile No.:	91-9845162622 (Mr. Ganesh Guruvanna Mane)
Fax No.:	91-2135-612201
E-Mail :	rajagopalan.vasudevan@benteler.in rvasu@bentelerindia.com
Website :	http://www.benteler.com
Area :	110000 sq. ft.
Location :	Rented

DIRECTORS

As on 30.06.2012

Name :	Mr. Vasudevan Rajagopalan
Designation :	Managing Director
Address :	Flat No.22, Clover Park Royale 7^th Cross Road, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	24.09.1951
Date of Appointment :	27.03.2010
Din No.:	02959498
Name :	Mr. Ganesh Guruvanna Mane
Designation :	Director
Address :	C001, Terrance Garden Apartments, BSK 3^rd Stage, 3^rd Phase, Ittamadi, Bangalore – 560085, Karnataka, India
Date of Birth/Age :	19.12.1966
Date of Appointment :	17.07.2008
Din No.:	01880727
Name :	Per Jerker Eric Alstrom
Designation :	Director
Address :	Berksher Berg 21 Paderborn Tyskland, Germany – 033104
Date of Birth/Age :	26.01.1956
Date of Appointment :	06.05.2009
Din No.:	02770040
Name :	Mr. Ralf Gottel
Designation :	Additional Director
Address :	Flat 22, Clover Park, Rovale, 7^th Cross Road, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	28.05.1966
Date of Appointment :	30.09.2011
Din No.:	03621522

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Names of Shareholders	No. of Shares
Benteler Automotive International GMBH, Germany	19275955
Benteler AG, Germany	1
Total	19275956

As on 30.06.2012

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Components for Original Equipment Manufactures (OEMs).

Products :

Description of product or services	ITC number of product
Rear Axle Automobile Part	87089900
Front Subframe Automobile Part	87089900
Control Arm Automobile Part	87089900

PRODUCTION STATUS (As on 31.12.2011)

Particulars	Unit	Installed Capacity	Actual Production
Front Sub Frame	Pcs.	75000	69828
Control Arm	Pcs.	150000	136131
Rear Axle	Pcs.	120000	93752
A Pillar	Pcs.	75000	381
B Pillar	Pcs.	75000	1464

Notes:

1. The Company is exempt from licensing provisions of the Industries (Development regulation) Act, 1951.
2. The installed capacity for Rear Axle is given for 8 months and for all other products for 5 months since the production started from May and August 2011 respectively. The installed capacity is certified by the Companys management and relied upon by the auditors, this being a technical matter.
3. Figures in the brackets relate to previous year.

GENERAL INFORMATION

No. of Employees :	250 (Approximately)
Bankers :	Royal Bank of Scotland, Pune, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	703, 7^th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune-411001, Maharashtra, India
Tel. No.:	91-20-30585764 / 30585765
Fax No.:	91-20-30585775
PAN No.:	AAAFB9852F
Ultimate Holding company:	Benteler International AG
Intermediate Holding Companies:	Benteler Deutschland GmbH (former Benteler AG Benteler Automobiltechnik GmbH
Holding Company:	Benteler Automotive International GmbH
Fellow Subsidiaries	Benteler Maschinenbau GmbH Benteler Automotive South Africa (Pty) Limited Shanghai Benteler Huizhong Automotive Company Limited. Benteler Automotive Vigo S.L. Benteler Espana S.A Benteler Componentes Automotivos Ltda. Benteler Iberica Holding S.L Benteler Steel/Tube GmbH Benteler Rothrist GmbH Benteler Automotive Rumburk S.R.O Benteler Automotive S.P.A

CAPITAL STRUCTURE

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19275956	Equity Shares	Rs.10/- each	Rs.192.760 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011 [12^th Months]	31.12.2010 [9 Months]	31.03.2010 [12^th Months]
SHAREHOLDERS FUNDS
1] Share Capital		192.760	192.760	115.114
2] Share Application Money		0.000	0.000	39.825
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(53.103)	(169.515)	0.000
NETWORTH		139.657	23.245	154.939
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1579.873	428.139	0.000
TOTAL BORROWING		1579.873	428.139	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1719.530	451.384	154.939
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		677.393	1.446	0.540
Capital work-in-progress		43.226	305.738	89.853
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	321.930	0.000	0.000
	Sundry Debtors	266.640	0.000	0.000
	Cash & Bank Balances	1.780	2.089	56.540
	Other Current Assets	550.645	228.545	0.000
	Loans & Advances	255.558	94.177	50.231
Total Current Assets		1396.553	324.811	106.771
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	379.291	175.322	40.814
	Other Current Liabilities	12.491	2.986	0.796
	Provisions	5.860	2.303	1.208
Total Current Liabilities		397.642	180.611	42.818
Net Current Assets		998.911	144.200	63.953
MISCELLANEOUS EXPENSES		0.000	0.000	0.593
TOTAL		1719.530	451.384	154.939

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011 [12^th Months]	31.12.2010 [9 Months]	31.03.2010 [12^th Months]
	SALES
		Income	679.299	288.545	NA
		Other Income	20.295	19.540	NA
		TOTAL	699.594	308.085	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1354.850	404.183
		Advertising Expenses
		TOTAL	1354.850	404.183	67.119 (Including Depreciation, Prior Period Items and Subvention Money)
	PROFIT / (LOSS) BEFORE DEPRECIATION, PRIOR PERIOD ITEMS, SUBVENTION MONEY AND TAX		(655.256)	(96.098)
Less/ Add	DEPRECIATION/ AMORTISATION		23.144	0.431
Less	Prior period Items and Preliminary Expenses		0.000	72.987
	Profit / (Loss) before subvention money and Tax		(678.400)	(169.516)
Add	Subvention money received		794.813	0.000
	PROFIT / (LOSS) BEFORE TAX		116.413	(169.516)	NA
Less	TAX		0.000	0.000	NA
	PROFIT / (LOSS) AFTER TAX		116.413	(169.516)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(169.516)	0.000	NA
	BALANCE CARRIED TO THE B/S		(53.103)	(169.516)	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Sale	282.926	NA	NA
	TOTAL EARNINGS		282.926	NA	NA
	IMPORTS
		Raw Materials	306.473	0.000	NA
		Capital Goods	195.806	124.369	NA
	TOTAL IMPORTS		502.279	124.369	NA
	Earnings / (Loss) Per Share (Rs.)		6.04	(11.44)	NA

KEY RATIOS

PARTICULARS		31.12.2011 [12^th Months]	31.12.2010 [9 Months]	31.03.2010 [12^th Months]
PAT / Total Income	(%)	16.64	(55.02)	NA
Net Profit Margin (PBT/Sales)	(%)	17.14	(58.75)	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.91	(51.96)	NA
Return on Investment (ROI) (PBT/Networth)		0.83	(7.62)	NA
Debt Equity Ratio (Total Debt /Networth)		11.31	18.42	0.00
Current Ratio (Current Asset/Current Liability)		3.51	1.80	2.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Rs. In Millions

Particulars	31.12.2011 [12^th Months]	31.12.2010 [9 Months]	31.03.2010 [12^th Months]
Sundry Creditors
Dues to Others	379.291	175.322	40.814
Total	379.291	175.322	40.814

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 two years	Yes
12]	Profitability for last two 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	No
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

NOTE:

The registered office of the company has been shifted from A-103, Mccia Trade Tower, International Convention Centre, Senapati Bapat Road, Pune-411016, Maharashtra, India to the present address w.e.f. 29.11.2010.

OPERATIONS AND FUTURE PROSPECTS:-

The company is engaged in the manufacture of auto components for Original Equipment Manufactures (OEMs). The Company Successfully ramped up production of the chassis lines for VW PQ25 Program and met the Customers requirements at India and Russia with the required Quality and Delivery requirements.

The Hot Forming line has been installed and the tooling and production trails for A and B pillar for VW Polo, VW Vento, and Skoda Fabia have been successfully completed. The plant is ready to commence supply of these components from January 2012.

The Company needs to acquire additional chassis business with reasonable profitability for the plant to improve profitability and utilize the current 30,000 square feet free area in the plant.

The Company plans to upgrade the Hot Forming Press of Laser Cutting so as to increase the plant production capacity to 2,10,000 vehicle parts from January 2013.

UNSECURED LOAN

(Rs. In Millions)

Particular	31.12.2011 [12^th Months]	31.12.2010 [9 Months]
Working capital loans banks	1579.873	428.139
Total	1579.873	428.139

FIXED ASSETS:

• Computers
• Furniture and Fixtures
• Office Equipments
• Land and Building
• Plant and Machinery

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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		29

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

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.