MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	MARUTI PISTON PRIVATE LIMITED
Registered Office :	C-1, B-25/3, GIDC Estate, Kalol – 382725, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.1991
Com. Reg. No.:	04-015320
Capital Investment / Paid-up Capital :	Rs. 0.465 Million
CIN No.: [Company Identification No.]	U74999GJ1991PTC015320
TAN No.: [Tax Deduction & Collection Account No.]	AHMM03953F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Automotive Piston, Automotive Engine Piston, Auto Piston two and three Wheeler Piston, Piston Pin etc.
No. of Employees :	105 (Approximately) [5 In Office and 100 In Factory]

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company having moderate track record. Its scale of activities are limited. There appears slight dip in its turnover during 2012 and it has incurred loss from its operations. There appear external borrowings recorded by the company which heavily exceeds the net worth. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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

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

Name :	Mr. Prashantbhai Sumanchandra Panchal
Designation :	Director
Contact No.:	91-9825304316
Date :	27.02.2013

LOCATIONS

Registered Office/ Factory :	C-1, B-25/3, GIDC Estate, Kalol – 382725, Gujarat, India
Tel. No.:	91-2764-220758
Mobile No.:	91-9825304316 (Mr. Prashantbhai Sumanchandra Panchal)
Fax No.:	91-2764-224617
E-Mail :	info@marutipiston.com
Website :	www.marutipiston.com
Area :	1800 Sq. ft
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Prashantbhai Sumanchandra Panchal

Designation :

Director

Address :

7, Shashtrinagar Society, Behind Ambica Bus Stand, Kalol – 382721, Gujarat, India

Date of Birth/Age :

24.06.1958

Date of Appointment :

01.04.1991

DIN No.:

01530702

Name :

Ms. Apoorva Sumanchandra Panchal

Designation :

Director

Address :

7, Shashtrinagar Society, Behind Ambica Bus Stand, Kalol – 382721, Gujarat, India

Date of Birth/Age :

25.10.1959

Date of Appointment :

10.04.2007

DIN No.:

03361245

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	U51909GJ1999PTC035804	MANAN MARKETING PRIVATE LIMITED	Director	20/04/1999	20/04/1999	-	Active	NO
2	U74999GJ1991PTC015320	MARUTI PISTON PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Prashant S. Panchal	32900
Apoorva S. Panchal	9300
Tapan S. Panchal	2100
Maganbhai B. Gajjar	100
Jasumatiben S. Panchal	100
Vandnaben R. Panchal	1600
Unnatiben R. Panchal	100
Jigna A. Panchal	100
Mamta P. Panchal	100
Vandik A. Panchal	100
Total	46500

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.78
Other top fifty shareholders	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Automotive Piston, Automotive Engine Piston, Auto Piston two and three Wheeler Piston, Piston Pin etc.
Exports :
Products :	Finished Goods
Countries :	Sri Lanka Sudan South Africa
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

Shreya Enterprises

Customers :

Wholesalers

No. of Employees :

105 (Approximately) [5 In Office and 100 In Factory]

Bankers :

State Bank of India, Kalol, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand
From Bank
State Bank of India Kalol-CC	1.194	1.368
(Secured by way of hypothecation of Raw materials, Stock in Process, Finished goods, stores and spares, packing materials, and receivables]
Total	1.194	1.368
Cash Credit

Banking Relations :	--
Auditors :
Name :	Upesh H. Shah and Company Chartered Accountant
Address :	B-4 , Deluxe Appartment , Opposite Sabar Flats, Narayannagar Road , Paldi, Ahmedabad – 380007, Gujarat, India
Tel. No.:	91-79-26632900
Mobile No.:	91-9427710781
E-Mail :	rupeshshah256@yahoo.co.in
PAN.:	APXPS6918R
Associates/Subsidiaries :	Panchal Enterprises Address: K30, GIDC Estate, Kalol, Gujarat, India Line of Business: Manufacturer of Piston Pin

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46500	Equity Shares	Rs.10/- each	Rs. 0.465 Million

Reconciliation of share capital

Rs in Millions

Particular	Number of Shares	Amount
Equity Shares (Face Value Rs. 10.00)
Shares outstanding at the beginning of the year Shares Issued during the year	46500	0.465
Shares bought back during the year Shares outstanding at the end of the year	46500	0.465

Shareholders holding more than 5% of Share

Particular	Number of Shares	% of holding
Prashant S. Panchal	32900	70.75
Apoorva S. Panchal	9300	20

The Company has only one class of equity shares having at par value of Rs. 10/- each. Each holder of equity is entitle to one vote per share.

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		0.465	0.465	0.465
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.098	1.253	1.287
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.563	1.718	1.752
LOAN FUNDS
1] Secured Loans		1.194	1.368	1.373
2] Unsecured Loans		3.892	3.196	3.307
TOTAL BORROWING		5.086	4.564	4.680
DEFERRED TAX LIABILITIES		0.017	0.015	0.005
TOTAL		6.666	6.297	6.437
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.889	1.101	0.955
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON CURRENT ASSETS		0.024	0.007	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.440	3.028	2.759
	Sundry Debtors	1.612	3.544	3.856
	Cash & Bank Balances	0.914	0.212	0.178
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.580	1.376	1.451
Total Current Assets		7.546	8.160	8.244
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.805	1.245	2.762
	Other Current Liabilities	0.963	1.709	0.000
	Provisions	0.025	0.017	0.000
Total Current Liabilities		1.793	2.971	2.762
Net Current Assets		5.753	5.189	5.482
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.666	6.297	6.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	4.999	5.381
		Other Income	0.097	0.044
		TOTAL (A)	5.096	5.425
Less	EXPENSES
		Cost of material consumed	2.221	3.363
		Purchases of stock in trade	0.283	0.000
		Changes in inventories	(0.148)	(0.692)
		Employee Benefit Expenses	1.039	1.248
		Other Expenses	1.507	1.167
		TOTAL (B)	4.902	5.086
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.194	0.339
Less	FINANCIAL EXPENSES (D)		0.207	0.163
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.013)	0.176
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.133	0.182
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.146)	(0.006)
Less	TAX (H)		0.009	0.027
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.155)	(0.033)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.254	1.286
	BALANCE CARRIED TO THE B/S		1.099	1.254
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.723	0.774
	TOTAL EARNINGS		0.723	0.774
	Earnings Per Share (Rs.)		(3.34)	(0.72)

	PARTICULARS		31.03.2010
	SALES
		Net Sales	4.335
		Job work charges received	0.331
		Other Income	0.000
		TOTAL (A)	4.666
Less	EXPENSES
		Manufacturing Expenses	3.216
		Payments to Employee	1.309
		Selling, Administration and Other Expenses	0.317
		Variation in stock	(0.235)
		TOTAL (B)	4.607
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.059
Less	FINANCIAL EXPENSES (D)		0.170
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.111)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.166
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.277)
Less	TAX (H)		0.005
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.282)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.568
	BALANCE CARRIED TO THE B/S		1.286
	Earnings Per Share (Rs.)		(6.07)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.04)	(0.61)	(6.04)
Net Profit Margin (PBT/Sales)	(%)	(2.92)	(0.11)	(6.39)
Return on Total Assets (PBT/Total Assets}	(%)	(1.73)	(0.06)	(3.06)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.01)	(0.16)
Debt Equity Ratio (Total Debt /Networth)		3.25	2.66	2.67
Current Ratio (Current Asset/Current Liability)		4.21	2.75	2.98

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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

Rs in Millions

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from related parties (From Directors and Shareholders)	3.892	3.196
Total	3.892	3.196

TRADE REFERENCES

• Shreya Enterprises, Ahmedabad

FIXED ASSETS

• Building
• Machinery
• Electric Installation
• Furniture and Fixtures
• Motor Vehicles
• Office 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. 54.38
UK Pound	1	Rs. 82.07
Euro	1	Rs. 70.04

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.