MIRA INFORM REPORT

Report Date :

31.05.2013

IDENTIFICATION DETAILS

Name :	MIJU COMPONENTS PRIVATE LIMITED
Registered Office :	Plot No.282, Hissa No.2, Village Maan, Near Hinjewadi Infotech Park, Phase – II, Taluka Mulshi, Pune – 411 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.2004
Com. Reg. No.:	11-019432
Capital Investment / Paid-up Capital :	Rs.19.900 Millions
CIN No.: [Company Identification No.]	U34300PN2004PTC019432
TAN No.: [Tax Deduction & Collection Account No.]	PNEM08900D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Rubber Components and Moulds
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 55000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Miju SA, Spain’. It is an established company having a moderate track record. The management of the company has failed to file its financials with the government department after the year 2011. A per previous year’s record, there appear huge accumulated losses recorded by the company. The financial position is weak. However, business is active. Payment terms are unknown. The company 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 BY

Management Non Co-operative (91-20-22939119)

LOCATIONS

Registered Office :	Plot No.282, Hissa No.2, Village Maan, Near Hinjewadi Infotech Park, Phase – II, Taluka Mulshi, Pune – 411 057, Maharashtra, India
Tel. No.:	91-20-22939119/ 66507300/ 66527309/ 66527304
Fax No.:	91-20-22939120
E-Mail :	finance@miju.es commercial@indolinkconsulting.com mktgmc@miju.es
Website :	http://www.miju.es

DIRECTORS

As on 30.09.2011

Name :	Mr. Ravi Vyankatesh Patil
Designation :	Alternate Director
Address :	Fl No. 28-D, Plot No. 93, Kamdhenu Mira Apts, Purana Nagar, Chikhali Road, Pune - 411019, Maharashtra, India
Date of Birth/Age :	21.07.1970
Date of Appointment :	20.10.2004
DIN No.:	00214681
Name :	Mr. Aristides Millan Maurel
Designation :	Director
Address :	Plot No. 16, S. No. 282/2, Village Maan, Taluka Mulshi, Pune - 411057, Maharashtra, India
Date of Birth/Age :	25.10.1965
Date of Appointment :	24.06.2004
DIN No.:	00226473
Name :	Mr. Roberto Millan Maurel
Designation :	Director
Address :	Plot No. 16, S. No. 282/2, Village Maan, Taluka Mulshi, Pune - 411057, Maharashtra, India
Date of Birth/Age :	24.09.1970
Date of Appointment :	24.06.2004
DIN No.:	00226624
Name :	Mr. Mario Medrano Gil
Designation :	Director
Address :	C/O Softwick Systems Private Limited, A-26, Kulkarni Complex, Karve Nagar, Pune – 411 052, Maharashtra, India
Date of Birth/Age :	30.05.1969
Date of Appointment :	30.09.2009
DIN No.:	00466270

KEY EXECUTIVES

Name :	Pawan G. Chandak and Associates
Designation :	Company Secretaries
Address :	Office No. 203, Mangalmurti Complex, 990, Shukrawar Peth Tilak Road, Next to Pandit Automobiles, Pune - 411002, Maharashtra, India
Name :	Mr. Samit Prabhakar Shetty
Designation :	Manager
Address :	A – 25, Rohan Prarthana, Opposite Mahatma Gandhi Bhavan, Kothrud, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	01.08.1974
Date of Appointment :	01.04.2006
PAN No.:	BDVPS0863A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Miju S.A., Spain	75122
Indolink Consultancy SL, Spain	22386
Roberto Millan Maurel	50746
Aristides Millan Maurel	50746
Total	199000

As on 10.01.2013

Names of Allottees	No. of Shares Allotted
Miju S.A., Spain	74889
Total	74889

As on 30.09.2011

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 and Seller of Rubber Components and Moulds

Products :

Product Description	Item Code No.
Rubber Components	40169990

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Rubber Components :
Silent Block	Nos.	97908
Pasacable / Cable Guide	Nos.	2339891
Gasket	Nos.	215689
Anti Vibration Pad	Nos.	127404
Conical Top	Nos.	28173
Hood of two throats	Nos.	26521
Radiator Gasket	Nos.	260937
Others $

** Production figures stated above are arrived at as balancing figure. It excludes quantitative data in respect of intermediary items manufactured for captive consumption. Actual figures may differ. However in view of management the discrepancy will not be material.

$ Items of varying grade and nature. Individual item not constituting more than 10 % of total Value.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Citi Bank

Banking Relations :	--
Auditors :
Name :	M.P. Chitale and Company Chartered Accountants
Address :	3, Gurukrupa, Sathe Colony, Near Bajirao Tel Exchange, 1317, Shukrawar Peth, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24475425
E-Mail :	shekhar@mpchitale.com
PAN.:	AAAFM2282Q
Holding Company :	Miju SA Spain

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
273889	Equity Shares	Rs.100/- each	Rs.27.389 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199000	Equity Shares	Rs.100/- each	Rs.19.900 Millions

Out of the above 75,122 (Previous year 75,122) equity shares of Rs.100 each are held by Miju S.A., Spain, the Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.900	19.900	19.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.510	7.510	7.510
4] (Accumulated Losses)		(13.467)	(8.882)	(5.716)
NETWORTH		13.943	18.528	21.694
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		42.725	40.329	52.451
TOTAL BORROWING		42.725	40.329	52.451
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.668	58.857	74.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.190	54.312	58.230
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
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.583	4.557	5.811
	Sundry Debtors	12.793	10.520	5.599
	Cash & Bank Balances	0.468	0.516	3.280
	Other Current Assets	0.033	0.023	1.236
	Loans & Advances	7.784	5.998	7.635
Total Current Assets		26.661	21.614	23.561
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.183	17.069	7.646
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		23.183	17.069	7.646
Net Current Assets		3.478	4.545	15.915
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.668	58.857	74.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	76.796	46.717	42.840
		Other Income
		TOTAL (A)	76.796	46.717	42.840
Less	EXPENSES
		Office Expenses
		Administrative Expenses	75.263	42.833	41.019
		Advertising Expenses
		TOTAL (B)	75.263	42.833	41.019
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.533	3.884	1.821
Less	FINANCIAL EXPENSES (D)		0.551	1.855	2.618
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.982	2.029	(0.797)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.567	5.195	5.034
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4.585)	(3.166)	(5.831)
Less	TAX (H)		0.000	0.000	0.066
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4.585)	(3.166)	(5.897)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(8.882)	(5.716)	0.181
	BALANCE CARRIED TO THE B/S		(13.467)	(8.882)	(5.716)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	53.103	35.011	NA
	TOTAL EARNINGS		53.103	35.011	NA
	IMPORTS
		Materials, Consumables and Parts	0.142	0.231	0.078
		Capital Goods	0.000	0.000	1.400
	TOTAL IMPORTS		0.142	0.231	1.478
	Earnings / (Loss) Per Share (Rs.)		(22.99)	(29.64)	(29.63)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.97)	(6.78)	(13.77)
Return on Total Assets (PBT/Total Assets}	(%)	(5.74)	(4.17)	(7.13)
Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.17)	(0.27)
Debt Equity Ratio (Total Debt /Networth)		3.06	2.18	2.42
Current Ratio (Current Asset/Current Liability)		1.15	1.23	3.08

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	23.183	17.069	7.646
Total	23.183	17.069	7.646

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	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	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

REVIEW OF OPERATIONS AND FUTURE OUTLOOK:

During this year the company has incurred a net loss of Rs.4.585 Millions i.e. there has been an increase in the quantum of loss incurred during the current period as compared to the losses of the previous financial period of Rs.3.166 Millions The Directors wish to take this opportunity to inform its members that the operations of the Company are growing constantly, however owing to increase in the quantum of operating cost, the Company has reported loss for the current period under review. Furthermore we wish to ensure the members of the Company that, the Company shall achieve a quantum of turnover, far above the ground so as to make certain that surplus is generated even after meeting the Expenses of the Company. The conditions for the sector in which the Company is functioning are favorable for growth. The company is also in the process of undertaking various measures for effective cost management and increase the efficiency in the overall business process.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2011	As on 31.03.2010
Foreign Currency Term Loan
From Holding Company *	30.671	31.462
Interest accrued and due on above	2.502	2.534
Advance From a Former Director	5.000	5.000
Interest accrued and due on above	1.833	1.333
Citi Bank - Post Shipment Finance	2.719	0.000
Total	42.725	40.329
* Data under Compilation, hence not disclosed.

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Lab Equipment

· Tools and Equipment

· Mould and Dies

· Computers

· Furniture and Fixture

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.56.10
UK Pound	1	Rs.85.13
Euro	1	Rs.72.80

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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		27

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.