MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	AUTOTECH INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	SP 114, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.1997
Com. Reg. No.:	18-039348
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U29309TN1997PTC039348
PAN No.: [Permanent Account No.]	AABCA9902B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automotive Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3040000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file financial with government department for the year 2013. As per available financial of 2012, the rating reflect company’s established position in the automotive components industry, supported by its sole supplier status for rocker assemblies to its major customers and sound financial risk profile, marked by a conversative financial policy and adequate debt protection metrics. Trade relations are reported as fair. Business is active. Payments are reported to be regular. The company can be considered 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.

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January 17, 2013

Rating Agency Name	CRISIL
Rating	A2+ (Short Term Rating)
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 17, 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.

LOCATIONS

Registered Office :	SP 114, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India
Tel. No.:	91-44-26259151/  26520890
Fax No.:	91-44-26357827
E-Mail :	subramanian.saravanan@autotechindustries.com autotech@md3.vsnl.net.in
Website :	http://www.autotechindustries.com

DIRECTORS

As on: 29.09.2012

Name :	Jeyaraman Kalakad Sundareswaraiyer
Designation :	Whole-Time Director
Address :	Old No. 53, New No. 19, AC Block, 5^th Avenue, Anna Nagar, Chennai – 600040, Tamilnadu, India
Date of Birth/Age :	28.08.1950
Date of Appointment :	31.10.1997
PAN No.:	AADPJ4376R
DIN No.:	01922126
Name :	Shanmugam Rajarathinam
Designation :	Director
Address :	No. 63, Mukundan Streekri, shnapuram, Ambattur, Chennai – 600053, Tamilnadu, India
Date of Birth/Age :	12.11.1949
Date of Appointment :	31.10.1997
PAN No.:	AADPR1111Q
DIN No.:	00817023

KEY EXECUTIVES

Name :	S. Saravanan
Designation :	Secretary
Address :	No. 142/16, Kailash Colony, Anna Nagar, Chennai – 600101, Tamilnadu, India
Date of Birth/Age :	12.02.1958
Date of Appointment :	01.11.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jeyaraman Kalakad Sundareswaraiyer	15000000
Shanmugam Rajarathinam	15000000
Total	30000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automotive Components.

Products :

ITC Code	Product Description
84831099	Crank Shafts
84099199	ICP Engine Parts
87084000	Motor Vehicle Parts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, 232, N.S.C. Bose Road, Chennai - 600001, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Rupee term loans from banks	158.170	81.457
Deferred payment liabilities	0.000	1.400
Other loans and advances	(51.123)	(42.395)
SHORT-TERM BORROWINGS
Rupee term loans from banks	285.983	167.542
Total	393.030	208.004

Banking Relations :	--
Auditors :
Name :	Thirugnanam and Company Chartered Accountants
Address :	25/11, Bhimasena Garden Road, Mylapore, Tamilnadu, India
PAN No.:	AAAFT0403G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Mechtech Industries

CAPITAL STRUCTURE

As on: 31.03.2012

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
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	300.000	150.000
(b) Reserves & Surplus	460.550	485.774
(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)	760.550	635.774
(3) Non-Current Liabilities
(a) long-term borrowings	107.047	40.461
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	11.970	9.047
Total Non-current Liabilities (3)	119.017	49.508
(4) Current Liabilities
(a) Short term borrowings	285.983	167.543
(b) Trade payables	215.666	194.011
(c) Other current liabilities	137.669	99.123
(d) Short-term provisions	76.348	14.856
Total Current Liabilities (4)	715.666	475.533
TOTAL	1592.233	1160.815
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	519.542	377.811
(ii) Intangible Assets	0.558	0.878
(iii) Capital work-in-progress	61.078	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	27.942	17.844
(d) Long-term Loan and Advances	70.053	63.289
(e) Other Non-current assets	0.299	0.828
Total Non-Current Assets	679.472	460.651
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	180.913	152.780
(c) Trade receivables	652.519	471.498
(d) Cash and cash equivalents	0.839	1.068
(e) Short-term loans and advances	81.410	74.388
(f) Other current assets	0.080	0.430
Total Current Assets	915.761	700.164
TOTAL	1592.233	1160.815

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		150.000
2] Share Application Money		0.000
3] Reserves & Surplus		431.684
4] (Accumulated Losses)		0.000
NETWORTH		581.684
LOAN FUNDS
1] Secured Loans		119.145
2] Unsecured Loans		0.000
TOTAL BORROWING		119.145
DEFERRED TAX LIABILITIES		0.000
TOTAL		700.829
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		314.334
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		8.173
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.233
	Sundry Debtors	394.919
	Cash & Bank Balances	1.806
	Other Current Assets	0.427
	Loans & Advances	220.937
Total Current Assets		720.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.476
	Other Current Liabilities	68.927
	Provisions	149.597
Total Current Liabilities		342.000
Net Current Assets		378.322
MISCELLANEOUS EXPENSES		0.000
TOTAL		700.829

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover (including Labour Charges received)	2460.445	1865.371	1219.740
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		339.707	170.159	189.717
Less/ Add	DEPRECIATION/ AMORTISATION		74.444	64.532	44.985
	PROFIT BEFORE TAX		265.262	105.627	144.732
Less	TAX		94.902	25.329	50.258
	PROFIT AFTER TAX		170.360	80.298	94.474
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.152	69.062	69.289
Less	APPROPRIATIONS
		Transfer to General Reserve	150.000	50.000	50.000
		Dividend at 15% (15%) on equity shares	39.221	22.500	38.250
		Tax on Dividend	6.363	3.708	6.451
	BALANCE CARRIED TO THE B/S		47.928	73.152	69.062
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1825.049	1349.412	882.385
	TOTAL EARNINGS		1825.049	1349.412	882.385
	Earnings Per Share (Rs.)		6.52	5.35	7.41

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	17.61	9.24	13.99
Return on Investment (ROI) (PBT/Networth)		0.35	0.17	0.25
Debt Equity Ratio (Total Debt/Networth)		0.52	0.33	0.20
Current Ratio (Current Asset/Current Liability)		1.28	1.47	2.11

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80022063	28/03/2012 *	608,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 232, N.S.C. BOSE ROAD, CHENNAI, TAMILNADU - 600001, INDIA	B37815750

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Computer Software

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 records 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 records 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.63.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.