MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	KISHAN AUTOPARTS PRIVATE LIMITED [w.e.f.17.01.2012]
Formerly Known As :	KISHAN AUTOPARTS LIMITED
Registered Office :	GIDC Lodhika, Plot No. 1324/25, Kalawad Road, Post Khirasra District, Rajkot – 360003, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.2000
Com. Reg. No.:	04-038264
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U29219GJ2000PTC038264
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Connecting Rod.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 367000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit Limit : (BBB-)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	March 13, 2013

Rating Agency Name	ICRA
Rating	Short term rating : (A3)
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	March 13, 2013

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 BY

Name :	Mr. Hemant
Designation :	Chartered Accountant
Contact No.:	91-281-2468164
Date :	09.05.2013

LOCATIONS

Registered Office/ Factory :	GIDC Lodhika, Plot No. 1324/25, Kalawad Road, Post Khirasra District, Rajkot – 360003, Gujarat, India
Tel. No.:	91-2827-287761/ 62/ 63
Fax No.:	91-2827-287764/ 287853
E-Mail :	cdcfc@rediffmail.com connectingrod@gmail.com info@kishanauto.com audit@klaria-sampat.com
Website :	www.kishanauto.com
Corporate Office :	4/10, Alka Industrial Area, Weldor Street, Dhebarbhai Road (South), Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2361043
Fax No.:	91-281-2361501

DIRECTORS

AS ON 28.08.2012

Name :	Mr. Shantilal Parsotambhai Changela
Designation :	Managing Director
Address :	Block No. A-101, 1^st Floor, Shyamal Paradise, B/h Rajshringar Party, Plot 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Date of Appointment :	26.06.2000
DIN No.:	01522288
Name :	Mr. Hirenkumar Rameshbhai Dedakia
Designation :	Whole-time director
Address :	“Radhe” Plot No. 1-A, Silver Sand Society, B/h Parijat Party Plot 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Date of Appointment :	26.06.2000
DIN No.:	01375292
Name :	Mr. Vrajlal Narsinghbhai Changela
Designation :	Whole-time director
Address :	“Vrujbhumi” 4-New Collegewadi, Near Prasang Hall, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Date of Appointment :	14.12.2001
DIN No.:	02757369
Name :	Mr. Rajeshbhai Narshibhai Changela
Designation :	Whole-time director
Address :	Block-301, Pushpak Apartment, Near Amarnath Mahadev Temple, B/h Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Date of Appointment :	26.06.2000
DIN No.:	01102587
Name :	Mr. Sureshbhai Narshibhai Changela
Designation :	Whole-time director
Address :	Block-201, Pushpak Apartment, Near Amarnath Mahadev Temple, B/h Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India
Date of Appointment :	14.12.2001
DIN No.:	01375271

KEY EXECUTIVES

Name :	Mr. Hemant
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Connecting Rod.

Products :

ITC Code	Product Descriptions
84099119	Auto Parts

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Connecting Rod	Pcs.	N.A.	450000	373420

Note:

As certified by the Directors and being a technical matter accepted by the Auditors as correct.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Ø Corporation Bank

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan
Term Loan from Corporation Bank [Loan is repayable in 18 Quarterly Instalments of Rs.0.667 Million each. Interest Rate : Base Rate + 5%. Maturity Period from the balance sheet date is 16 Months] [Secured by Equitable Mortgage of Factory Land & Building and Hypothecation of Assets of the company as well as personal Guarantee of Directors]	1.117	3.785
Cash Credit from Corporation Bank [Secured by Hypothecation of Stock and Book Debts and also by extension of charge on Equitable Mortgage of Factory Land & Building and as well as personal guarantee of Directors]	35.550	32.002
Total	36.667	35.787

Banking Relations :	--
Auditors :
Name :	Kalaria and Sampat Chartered Accountants
Address :	302-305, Star Avenue, Dr. Radhakrishnan Road, Rajkot – 360001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFK2045F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.833	64.519	51.870
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.833	74.519	61.870
LOAN FUNDS
1] Secured Loans		36.667	35.787	39.248
2] Unsecured Loans		34.661	31.677	28.140
TOTAL BORROWING		71.328	67.464	67.388
DEFERRED TAX LIABILITIES		1.376	0.672	0.650
TOTAL		164.537	142.655	129.908
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.717	51.632	47.714
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.358	65.772	59.057
	Sundry Debtors	39.812	41.363	40.381
	Cash & Bank Balances	0.505	1.820	0.841
	Other Current Assets	0.022	0.046	0.000
	Loans & Advances	26.908	16.111	17.811
Total Current Assets		143.605	125.112	118.090
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.250	26.211	27.702
	Other Current Liabilities	13.429	6.004	2.914
	Provisions	2.106	1.874	5.280
Total Current Liabilities		44.785	34.089	35.896
Net Current Assets		98.820	91.023	82.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		164.537	142.655	129.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operation	280.901	249.452	211.338
		Other Income	5.287	0.689	2.373
		TOTAL (A)	286.188	250.141	213.711
Less	EXPENSES
		Cost of Material Consumed	152.649	130.915
		Change in Inventories of WIP and Finished Goods	(8.945)	(2.986)
		Employee Benefit Expenses	39.818	37.513
		Other Expenses	59.715	50.033
		TOTAL (B)	243.237	215.475	183.584
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.951	34.666	30.127
Less	FINANCIAL EXPENSES (D)		10.023	8.833	8.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.928	25.833	21.527
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.075	6.858	6.800
	PROFIT BEFORE TAX (E-F) (G)		25.853	18.975	14.727
Less	TAX (H)		8.539	6.326	5.127
	PROFIT AFTER TAX (G-H) (I)		17.314	12.649	9.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.519	51.870	42.267
Less/ Add	EXCESS/ (SHORT) PROVISION OF EARLIER YEAR WRITTEN BACK		0.000	0.000	0.003
	BALANCE CARRIED TO THE B/S		81.833	64.519	51.870
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	178.650	140.962	88.439
	IMPORTS
		Capital Goods	2.129	0.000	0.000
	Earnings Per Share (Rs.)		17.31	12.65	9.60

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.05	5.06	4.49
Net Profit Margin (PBT/Sales)	(%)	9.20	7.61	6.97
Return on Total Assets (PBT/Total Assets}	(%)	12.35	10.74	8.88
Return on Investment (ROI) (PBT/Networth)		0.28	0.25	0.24
Debt Equity Ratio (Total Debt/Networth)		0.78	0.91	1.09
Current Ratio (Current Asset/Current Liability)		3.21	3.67	3.29

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
Trade Payables	(Rs. In Millions)
Trade Payables for Goods	25.467	24.726	26.185
Trade Payables for Expenses	3.783	1.485	1.517
Total	29.250	26.211	27.702
Note: The company has requested the suppliers to give information about their status as Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006. In the absence of this information, company is unable to provide the details regarding the over dues to such Enterprises.

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	Yes
8]	No. of employees	No
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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advances from Related Parties [No terms and conditions are stipulated for repayment of loan. Interest Rate : 15% p.a.]	34.661	31.677
Total	34.661	31.677

PERFORMANCE

During the year, the Company achieved an higher Revenue from Operation of Rs.280.900 Millions as compared to Rs.249.500 Millions in the previous year and Profit after tax of Rs.17.300 Millions as compared to Rs.12.600 Millions in the previous year.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Corporate Guarantee to Bank against loan taken by Associate Company The company has given Corporate Guarantee to Bank for and on behalf of Associate Company "Kishan Forge Private Limited" in respect of loan availed by the company.
Outstanding Guarantee as on Balance sheet Date	29.376	34.409

FIXED ASSETS

Ø Leasehold Land

Ø Buildings

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Office Equipments

Ø Computers

Ø 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. 54.24
UK Pound	1	Rs. 84.30
Euro	1	Rs. 71.36

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.