MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	ARTHEON BATTERY COMPANY PRIVATE LIMITED
Registered Office :	E-11, MIDC, Malegaon, Sinnar Near Vadilal/ Jindal Steel Road, Nashik – 422103 Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.07.2009
Com. Reg. No.:	11-198974
Capital Investment / Paid-up Capital :	Rs.0.408 Million
CIN No.: [Company Identification No.]	U31402MH2009PTC198974
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is manufactures a complete line of lead-acid batteries.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 subsidiary of NS India Holding AB. It is an established company having a moderate track record. The company has recorded huge accumulated losses. . However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: B-
Rating Explanation	High risk of default.
Date	21.01.2013

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. Rohit Rathi
Designation :	Senior Accounts Executive
Contact No.:	91-2551-230535
Date :	18.02.2014

LOCATIONS

Registered Office/ :	E-11, MIDC, Malegaon, Sinnar Near Vadilal/ Jindal Steel Road, Nashik – 422103 Maharashtra, India
Tel. No.:	91-2551-230535
Fax No.:	91-2551-230977
E-Mail :	ramakant.lad@artheonbattery.in
Head office:	201, Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai – 4000018, Maharashtra, India
Tel. No.:	91-22-40963300
Fax No.:	91-22-24950415

DIRECTORS

As on 28.11.2013

Name :

Mr. Sushilkumar Jiwarajka

Designation :

Director

Address :

Artheon Electronics Limited, 201 Sumer Kendra, Pandurang Bhudhkar Marg, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

26.11.1956

Date of Appointment :

28.07.2009

DIN No.:

00016680

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	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Managing director	28/11/1977	28/11/1977	01/07/2007	Active	NO
2	U74899DL1973PTC006464	VIDEO ELECTRONICS PRIVATE LIMITED	Director	03/07/1984	03/07/1984	30/09/2008	Active	NO
3	U74210MH1980PTC022757	NOVA TELESEC PRIVATE LIMITED	Director	15/07/1985	15/07/1985	-	Active	NO
4	U74999MH1994PTC082470	ARTHEON ENERGY PRIVATE LIMITED	Additional director	28/09/2007	27/10/1994	01/11/2010	Active	NO
5	L65990MH1984PLC033922	VJTF EDUSERVICES LIMITED	Director	27/06/1997	27/06/1997	28/02/2013	Active	NO
6	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	29/09/1999	29/09/1999	-	Active	NO
7	U72900MH1999PLC122849	SALORA CAPITAL LIMITED	Director	01/12/1999	01/12/1999	16/03/2010	Active	NO
8	U70101MH1989PTC050775	ARTHEON EMERGING TECHNOLOGIES PRIVATE LIMITED	Director	31/12/1999	31/12/1999	01/11/2010	Active	NO
9	U85110KA1989PTC010467	ENCOMPASS SOFTWARE AND SYSTEMS PRIVATE LIMITED	Director	24/04/2000	24/04/2000	11/07/2007	Active	NO
10	U72900MH1992PLC065539	ISPRAVA TECHNOLOGIES LIMITED	Director	07/09/2000	07/09/2000	-	Active	NO
11	U65910MH2001PTC130514	HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LIMITED	Director	18/01/2001	18/01/2001	31/10/2008	Active	NO
12	U74899DL1971PTC005492	ESSJAY ERICSSON PRIVATE LIMITED	Managing director	01/07/2012	21/09/2004	-	Active	NO
13	U51100DL2005PLC164948	RAL CONSUMER PRODUCTS LIMITED	Director	18/01/2005	18/01/2005	13/02/2007	Active	NO
14	U00000DL1981NPL011318	ASSOCIATED ELECTRONICS RESEARCH FOUNDATION.	Director	21/03/2005	21/03/2005	-	Active	NO
15	U74899DL1994PLC057392	MOZA HOSIERY INDIA LIMITED	Director	09/07/2005	09/07/2005	-	Strike off	NO
16	U74140TN2004PTC052320	INTEGRATEDDOCUMENTATION CONSULTANTS PRIVATE LIMITED	Director	31/08/2005	29/08/2005	02/11/2007	Active	NO
17	U72900MH2004PTC149993	SKANDSOFT TECHNOLOGIES PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
18	U32301DL2006PLC149584	SALORA COMPONENTS LIMITED	Director	09/06/2006	09/06/2006	16/03/2010	Active	NO
19	U64200MH2005PTC154051	WILCOM TECHNOLOGIES PVT LTD	Director	25/07/2006	25/07/2006	-	Active	NO
20	U85110MH1991PTC062321	ADITYA JYOT EYE HOSPITAL PRIVATE LIMITED	Director	29/09/2006	29/09/2006	14/11/2011	Active	NO
21	U32300MH1980PTC022380	ARTHEON ELECTRONICS PRIVATE LIMITED	Director	19/02/2007	19/02/2007	-	Active	NO
22	U72200MH1999PTC118111	ULTIMEDIA TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2007	15/06/2007	01/11/2010	Active	NO
23	L99999MH1964PLC012835	ASIAN ELECTRONICS LIMITED	Director	27/09/2007	30/07/2007	05/11/2008	Active	NO
24	U74899DL1992PTC047977	ERICSSON INDIA PRIVATE LIMITED	Director	27/04/2009	14/12/2007	-	Active	NO
25	U74990MH2008PTC177402	SHARADA INVENTIONS PRIVATE LIMITED	Director	05/01/2008	05/01/2008	-	Active	NO
26	U31402MH2009PTC198974	ARTHEON BATTERY COMPANY PRIVATE LIMITED	Director	28/07/2009	28/07/2009	-	Active	NO
27	U74999MH2010PTC210785	OMC TELEVENTURES PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
28	U74900MH2010PTC210784	ARTHEON ADVISORS PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
29	U40300MH2011PTC216007	OMNIGRID MICROPOWER COMPANY PRIVATE LIMITED	Director	29/09/2012	15/04/2011	-	Active	NO
30	U40104MH2011PTC218880	FLEXENCLOSURE TELECOM INDIA PRIVATE LIMITED	Director	21/06/2011	21/06/2011	-	Active	NO
31	U10300MH2011PTC225544	ZAMIN INDIA ENERGY COMPANY PRIVATE LIMITED	Additional director	24/01/2012	24/01/2012	-	Strike off	NO
32	U40300MH2011PTC225529	ZAMIN INDIA POWER COMPANY PRIVATE LIMITED	Additional director	24/01/2012	24/01/2012	28/06/2013	Active	NO
33	U93090MH2011PTC223078	SECURUS FIRST INDIA PRIVATE LIMITED	Additional director	16/03/2012	16/03/2012	-	Active	NO
34	U74140DL2010PTC211267	NUAGE ASSOCIATES PRIVATE LIMITED	Director	17/08/2012	17/08/2012	09/11/2013	Active	NO
35	U74120MH2012PTC235170	ESSAY INFRA RESOURCES PRIVATE LIMITED	Director	30/08/2012	30/08/2012	-	Active	NO
36	U70102MH2012PTC238675	ANDHRA PETROLEUM LAND COMPANY PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Active	NO
37	U23203MH2012PTC238673	ANDHRA PETROLEUM COMPANY PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Active	NO
38	U45200MH1998PTC049944	D AND A CONSTRUCTIONS PRIVATE LIMITED	Additional director	17/04/2013	17/04/2013	-	Active	NO
39	U70102MH2013PTC242471	SWABHIMAAN RURAL BAZAARS PRIVATE LIMITED	Director	08/08/2013	08/08/2013	-	Active	NO
40	AAA-9342	ARTHEON ESTATES LLP	Designated Partner	24/05/2012	24/05/2012	-	Active	NO

Name :

Mr. Stephen Austin Saldanha

Designation :

Director

Address :

7202 Ayrshire Lane, Boca Raton, Fl, 33496, , United States of America

Date of Birth/Age :

05.07.1941

Date of Appointment :

22.11.2010

DIN No.:

02583024

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	U31402MH2009PTC198974	ARTHEON BATTERY COMPANY PRIVATE LIMITED	Director	22/11/2010	30/09/2009	-	Active	NO

Name :

Mr. Gerald Richard Hoffman

Designation :

Director

Address :

1357 N Bristol Avenue, Springfield, 65802, United States of America

Date of Birth/Age :

17.04.1959

Date of Appointment :

22.11.2010

DIN No.:

03030437

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	U31402MH2009PTC198974	ARTHEON BATTERY COMPANY PRIVATE LIMITED	Director	22/11/2010	08/06/2010	-	Active	NO

Name :

Mr. Sharad Govind Naik

Designation :

Whole-time director

Address :

Flat No 5, Avantika Apartment, Pl No 425/30 Tmv Colony, Gultekadi, Pune – 411037, Maharashtra, India

Date of Birth/Age :

03.04.1964

Date of Appointment :

29.11.2012

DIN No.:

05151280

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	U31402MH2009PTC198974	ARTHEON BATTERY COMPANY PRIVATE LIMITED	Whole-time director	29/11/2012	24/01/2012	-	Active	NO

Name :

Mr. Hans Eric Liden

Designation :

Director

Address :

Blaklocksvagen 32, Lidingo, 18157, Sweden

Date of Birth/Age :

02.02.1960

Date of Appointment :

29.11.2012

DIN No.:

05151292

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	U31402MH2009PTC198974	ARTHEON BATTERY COMPANY PRIVATE LIMITED	Director	29/11/2012	24/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.11.2013

Names of Shareholders	No. of Shares	%age
NS India Holding AB	20815	51.00
Artheon Energy Private Limited	17000	41.65
MTS Telecommunication USA	3000	7.35
Total	40815	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.11.2013

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	58.35
Bodies corporate	41.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufactures a complete line of lead-acid batteries.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Canara Bank, Worli Branch, Marthanda,84, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
5000000 fully compulsory debenture of Rs. 10 each	50.000	50.000
2294584 fully compulsory debenture of Rs. 10 each	22.946	22.946
From bank	161.916	139.457
Short-term borrowings
Cash credit and overdraft facilities from bank	0.000	34.373
From director – Mr. Sushil Jiwarjka	10.000	10.000
Total	244.862	256.776

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excelus,1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-30902511
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB7357B
Holding company:	NS India Holding AB
Associates Company:	Sitetel Sweden AB
Companies in which directors of the company are able to exercise control or have significant influence:	Artheon Energy Private Limited Artheon Electronics Limited North Star Battery LLC

CAPITAL STRUCTURE

As on 31.03.2013

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
40815	Equity Shares	Rs.10/- each	Rs. 0.408 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.408	0.408	0.408
(b) Reserves & Surplus	(384.624)	(144.024)	(43.430)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(384.216)	(143.616)	(43.022)
(3) Non-Current Liabilities
(a) long-term borrowings	490.518	456.108	308.637
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	21.805	12.443	5.347
(d) long-term provisions	1.543	0.501	0.462
Total Non-current Liabilities (3)	513.866	469.052	314.446
(4) Current Liabilities
(a) Short term borrowings	10.000	44.373	60.058
(b) Trade payables	18.313	37.384	26.479
(c) Other current liabilities	447.995	198.673	35.348
(d) Short-term provisions	4.706	2.855	0.069
Total Current Liabilities (4)	481.014	283.285	121.954
TOTAL	610.664	608.721	393.378
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	454.783	446.805	55.463
(ii) Intangible Assets	2.288	2.070	1.886
(iii) Capital work-in-progress	0.000	0.000	236.170
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.384	1.963	2.005
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	460.455	450.838	295.524
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.054	72.632	39.495
(c) Trade receivables	9.294	29.276	14.001
(d) Cash and cash equivalents	15.983	5.658	4.940
(e) Short-term loans and advances	49.878	50.317	39.418
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	150.209	157.883	97.854
TOTAL	610.664	608.722	393.378

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	230.905	141.617	99.619
		Other Income	27.534	4.886	4.776
		TOTAL (A)	258.439	146.503	104.395
Less	EXPENSES
		Cost of material consumed	233.410	160.494
		Changes in inventories of finished goods and work in progress	(4.851)	(22.213)
		Employee benefits expenses	35.177	27.279
		Other expenses	133.032	54.321
		TOTAL (B)	396.768	219.881	133.929
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(138.329)	(73.378)	(29.534)
Less	FINANCIAL EXPENSES (D)		64.183	16.048	3.280
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(202.512)	(89.426)	(32.814)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		38.088	11.168	2.412
	PROFIT BEFORE TAX (E-F) (G)		(240.600)	(100.594)	(35.226)
Less	TAX (H)		0.000	0.000	0.346
	PROFIT AFTER TAX (G-H) (I)		(240.600)	(100.594)	(35.572)
	IMPORTS
		Raw Materials	52.480	100.156	87.236
		Capital Goods	14.434	15.020	0.000
	TOTAL IMPORTS		66.914	115.176	87.236
	Earnings Per Share (Rs.)
	Basic		(5894.89)	(2464.64)	NA
	Diluted		(32.49)	(13.63)	(5.18)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(93.10)	(68.66)	(34.07)
Net Profit Margin (PBT/Sales)	(%)	(104.20)	(71.03)	(35.36)
Return on Total Assets (PBT/Total Assets}	(%)	(39.40)	(16.53)	(8.95)
Return on Investment (ROI) (PBT/Networth)		(0.63)	(0.70)	(0.82)
Debt Equity Ratio (Total Debt /Networth)		(1.30)	(3.48)	(8.57)
Current Ratio (Current Asset/Current Liability)		0.31	0.56	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.408	0.408	0.408
Reserves & Surplus	(384.624)	(144.024)	(43.430)
Net worth	(384.216)	(143.616)	(43.022)
long-term borrowings	308.637	456.108	490.518
Short term borrowings	60.058	44.373	10.000
Total borrowings	368.695	500.481	500.518
Debt/Equity ratio	(0.960)	(3.485)	(11.634)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	99.619	141.617	230.905
		42.159	63.049

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	99.619	141.617	230.905
Profit	(35.572)	(100.594)	(240.600)
	(35.71%)	(71.03%)	(104.20%)

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	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	Yes

REVIEW OF OPERATION

In the year, the company achieved a higher turnover of Rs. 230.900 Millions as against a turnover of Rs.141.600 Millions in the previous year. However, losses increased from Rs.240.600 Millions in the current year. The loss of the company therefor increased contrary to the transformation promised by the management last year.

The company recorded a substantial increase in sales during the year but was still short of budgeted estimates. The plate making facility look much longer time a stabilize on quality leading to higher material consumption and lower production.

This coupled with high interest cost, sluggish market has led to substantial increase in the losses incurred by the company.

The bankers have been approached for a reschedulment of their term loan and interest payments, costs have been drastically reduced, product mix has been changed and new verities of batteries are under development. The directors are continuously looking for avenues for future growth of the company in battery industry.

COMPANY OVERVIEW

Subject Group of India, Northstar Battery of Sweden and the MTS Group of USA have entered into a Joint venture to incorporate Subject to manufacture and market storage batteries, The Company was incorporated on 28 July 2009 and has started production from 8 January 2010. The company manufactures a complete line of lead-acid batteries.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
External commercial borrowing	255.655	243.705
Total	255.655	243.705

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10257711	22/10/2010	285,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA,84, DR. ANNIE BESANT ROAD, WORL, MUMBAI, MAHARASHTRA - 400018, INDIA	B00585927
2	10239713	22/10/2010 *	285,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA,84, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B00585000

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Office Equipment’s
• Furniture and Fixtures
• Vehicle
• Computers

Intangible Assets

• Goodwill
• 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 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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		14

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.