MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	ROLEX RINGS PRIVATE LIMITED
Registered Office :	Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 360004, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.02.2003
Com. Reg. No.:	04-041991
Capital Investment / Paid-up Capital :	Rs. 239.810 Millions
CIN No.: [Company Identification No.]	U28910GJ2003PTC041991
TAN No.: [Tax Deduction & Collection Account No.]	RKTR00395D
PAN No.: [Permanent Account No.]	AACCR3790B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Forged and Machined Bearing Races and Automotive Components.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick company
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	The subject company is declared as a sick unit by Board of Industrial and Financial Reconstruction. The management has register case (Case No. 10/2014) with Board of Industrial and Financial Reconstruction under section 3 (1) (0) of sick industrial companies act 1985. The order on which for approval for rehabilitation proposal is pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured trade terms and condition.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating = C [Suspended]
Rating Explanation	Poor credit quality and limited prospects of recovery
Date	February 26, 2013

Rating Agency Name	CRISIL
Rating	Short-term rating = A4 [Suspended]
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	February 26, 2013

Reason for suspension :

Non-cooperation by the company.

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 (GENERAL DETAILS)

Name :	Mr. Hiren Doshi
Designation :	Vice President Finance
Contact No.:	91-281-6699633
Date :	20.06.2014

LOCATIONS

Registered Office/ Factory 1 :	Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 360004, Gujarat, India
Tel. No.:	91-281-2360406/ 2363406
Fax No.:	91-281-2362376
E-Mail :	rolex@rolexrings.com, mjpassociates@gmail.com compliance@rolesrings.com madekam@rolexrings.com
Website :	http://www.rolexrings.com
Area :	1200 Sq. ft
Location :	Owned
Factory 2 :	Opposite Inox Limited, Gondal Road, Vavdi, Rajkot Swami Narayan Gurukul, Rajkot - 360004, Gujarat, India
Tel. No.:	91-281-6699777/ 6699577
Fax No.:	91-281-2362376
E-Mail :	rolex@rolexrings.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Manesh Dayashankar Madeka

Designation :

Managing Director

Address :

"Daya", Street No. 3, Parnakuti Society, Near Vidyut Nagar, Rajkot, Gujarat, India

Date of Birth/Age :

14.05.1958

Date of Appointment :

13.02.2003

PAN No.:

AASPM8191Q

DIN No.:

01629788

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	U45201GJ1996PTC031425	MADEKA PROPERTIES PRIVATE LIMITED	Director	31/12/1996	31/12/1996	01/03/2014	Active	NO
2	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Managing director	13/02/2003	13/02/2003	-	Active	NO
3	U27107GJ2007PTC050368	ROLEX INDUSTRIES PRIVATE LIMITED	Director	29/03/2007	29/03/2007	15/06/2011	Active	NO

Name :

Mr. Bhoutik Dayashankar Madeka

Designation :

Director

Address :

Anand Bhuvan, Bhd. M. V. M College, Setubandh Society, Rajkot, Gujarat, India

Date of Birth/Age :

11.12.1965

Date of Appointment :

13.02.2003

PAN No.:

ABIPM7370C

DIN No.:

01761543

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	U45201GJ1996PTC031425	MADEKA PROPERTIES PRIVATE LIMITED	Director	31/12/1996	31/12/1996	01/03/2014	Active	NO
2	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	13/02/2003	13/02/2003	-	Active	NO

Name :

Mr. Mihir Rupeshkumar Madeka

Designation :

Director

Address :

"Daya", Parnakuti Society, Street No 5, Rajkot, Gujarat, India

Date of Birth/Age :

19.07.1977

Date of Appointment :

13.02.2003

PAN No.:

ACXPM6011E

DIN No.:

01778561

Name :

Mr. Hemal Paresh Madeka

Designation :

Director

Address :

301, Dhara Apartment, Near Parnakuti Society, Rajkot, Gujarat, India

Date of Birth/Age :

25.01.1978

Date of Appointment :

13.02.2003

PAN No.:

AVJPM8349Q

DIN No.:

01629761

Name :

Mr. Bharat Jiten Madeka

Designation :

Director

Address :

"Vasant", 4/5, Parnakuti Society, Near Vidhyut Nagar, Rajkot, Gujarat, India

Date of Birth/Age :

11.07.1984

Date of Appointment :

12.09.2007

PAN No.:

AVJPM8348R

DIN No.:

01761592

Name :

Mr. Vivek Anilchand Sett

Designation :

Director

Address :

1001, Marathon Heights, F.B. Marg, Worli, Mumbai, Maharashtra, India

Date of Birth/Age :

09.01.1955

Date of Appointment :

22.09.2007

DIN No.:

00031084

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	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	29/09/2004	29/09/2004	06/02/2007	Active	NO
2	U93090MH2007PTC167523	New Silk Route Advisors Private Limited	Director	23/11/2007	09/02/2007	-	Active	NO
3	U72900MH2007PTC167883	NEW SILK ROUTE TOWERS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Strike off	NO
4	U70102TG2002PTC038713	ASCEND TELECOM INFRASTRUCTURE PRIVATE LIMITED	Nominee director	24/07/2007	24/07/2007	-	Active	NO
5	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
6	U51109WB1996PTC080816	STARNET MERCHANTS PVT.LTD.	Director	14/12/2007	14/12/2007	14/05/2012	Active	NO
7	L15141MP1985PLC003171	K.S.OILS LIMITED	Director	30/09/2009	01/07/2009	21/05/2011	Active	NO
8	L24232PB1995PLC016664	NECTAR LIFE SCIENCES LIMITED	Director	29/09/2010	18/02/2010	-	Active	NO
9	U99999MH1981PTC025974	DESTIMONEY FINANCIAL SERVICES PRIVATE LIMITED	Director	26/09/2011	22/03/2011	-	Active	NO
10	U70100MH2005PTC155887	DESTIMONEY ENTERPRISES PRIVATE LIMITED	Director	26/09/2011	11/07/2011	-	Active	NO
11	U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	Director	12/10/2011	14/07/2011	-	Active	NO
12	U55101KA2007PTC044097	VASUDEV ADIGAS FASTFOOD PRIVATE LIMITED	Additional director	26/06/2013	26/06/2013	-	Active	NO

Name :

Mr. Shantanu Yeshwant Nalavadi

Designation :

Director

Address :

RM 2903/ 4/ 5/ 6, FL 29, C107, Ashok Towers, 63/74 Dr S, S, Rao Road, Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

27.04.1966

Date of Appointment :

29.09.2012

DIN No.:

02104220

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	U74899DL1995PLC069353	ORTEL COMMUNICATIONS LIMITED	Director	30/09/2008	29/02/2008	-	Active	NO
2	U67190MH2005PTC152063	DESTIMONEY INDIA SERVICES PRIVATE LIMITED	Director	30/09/2009	07/10/2008	-	Active	NO
3	U70100MH2005PTC155887	DESTIMONEY ENTERPRISES PRIVATE LIMITED	Director	30/09/2009	26/12/2008	11/07/2011	Active	NO
4	U67120MH2005PTC156678	DESTIMONEY SECURITIES PRIVATE LIMITED	Director	30/09/2009	22/07/2009	-	Active	NO
5	U99999MH1981PTC025974	DESTIMONEY FINANCIAL SERVICES PRIVATE LIMITED	Director	27/09/2010	03/11/2009	22/03/2011	Active	NO
6	U65923TN2010PTC082751	DESTIMONEY COMMODITIES PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
7	U93090MH2007PTC167523	New Silk Route Advisors Private Limited	Additional director	01/04/2011	01/04/2011	-	Active	NO
8	U74300MH2006PTC163657	9X Media Private Limited	Director	07/09/2011	07/09/2011	-	Active	NO
9	U74999KA2012PTC070772	Gastronomy Management Services Private Limited	Director	26/03/2012	26/03/2012	-	Active	NO
10	U55101KA2007PTC044097	VASUDEV ADIGAS FASTFOOD PRIVATE LIMITED	Director	29/09/2012	09/04/2012	-	Active	NO
11	U92190CH2010PTC032556	PAUL ENTERTAINMENTS PRIVATE LIMITED	Director	29/09/2012	01/06/2012	-	Active	NO
12	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	29/09/2012	17/08/2012	-	Active	NO
13	U15412MH2009PTC189787	MOSHE'S FINE FOODS PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hiren Doshi
Designation :	Vice President (Finance)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Rupesh Dayashankar Madeka	2090667
Jiten Dayashankar Madeka	2090667
Manesh Dayashankar Madeka	2090667
Ashok Dayashankar Madeka	1306666
Pin Akin Dayashankar Madeka	2221334
Bhautik Dayashankar Madeka	1437333
Paresh Dayashankar Madeka	261333
Mihir Rupeshbhai Madeka	392000
Hemal Pareshbhaj Madeka	392000
Sanjay Bhagwanii Bole	392000
Bharat Jitenbhai Madeka	392000
NSR PE Mauritius LLC, Mauritius	10914423
Total	23981090

AS ON 22.02.2014 [Non – Convertible Redeemable Preference Shares]

Names of Allottees	No. of Shares
Manesh Dayashankar Madeka	630000
Bhautik Dayashankar Madeka	250000
Mihir Rupeshbhai Madeka	300000
Bharat Jitenbhai Madeka	250000
Ashok Dayashankar Madeka	250000
Total	1680000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.51
Directors or relatives of directors	54.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Forged and Machined Bearing Races and Automotive Components.
Exports :
Products :	Finished Goods
Countries :	Ø USA Ø France Ø Italy Ø UK
Imports :
Products :	Raw Material
Countries :	Ø Europe Ø USA
Terms :
Selling :	L/C
Purchasing :	L/C

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	UOM Installed Capacity *	UOM Actual Production
Forged Rings	MT	Not Applicable	87,600.00	62,832,196
Machined Rings	Nos.	Not Applicable	450.00	60,923,476
Automobile Parts	Nos.	Not Applicable	--	8,87,423
Scrap	MT	Not Applicable	--	7,891.64

Note:

* Per management's technical evaluation

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

300 (Approximately)

Bankers :

• IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• Corporation Bank, Rajkot Main Branch, Nijanand, Dhebar Road, Rajkot - 360002, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans repayable on demand from banks [Hypothecation of Movable Assets and Equitable Mortgage of Immovable Assets]	2416.970	1461.140
Other loans and advances	76.380	76.380
SHORT TERM BORROWINGS
Loans repayable on demand from banks [Hypothecation of inventories and receivables. These facilities are also guaranteed by directors and group Companies]	2365.990	2387.880
Total	4859.340	3925.400

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Baroda, Gujarat, India
Tel. No.:	91-265-2333776
Fax No.:	91-265-2339729
Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Accurate Industries
Associate :	Rolex Properties Private Limited [U45201GJ1996PTC031425]

CAPITAL STRUCTURE

AFTER 28.09.2013

Authorised Capital : Rs. 350.000 Millions

Issued & Subscribed Paid-up Capital : Rs. 323.411 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,025,000	Equity Shares	Rs. 10/- each	Rs. 250.250 Millions
9975000	Preference Shares	Rs. 10/- each	Rs. 99.750 Millions
	Total		Rs. 350.000 Millions

Issued & Subscribed Paid-up Capital :

No. of Shares	Type	Value	Amount
23,981,090	Equity Shares	Rs. 10/- each	Rs. 239.810 Millions

### As on 28th September, 2013, members have approved reclassification and subdivision of Authorised Share Capital of the Company from Rs. 350.000 Millions divided into 2,50,25,000 Equity Shares of Rs.10/- each and 2,850 Compulsorily Convertible Preference Shares of Rs. 35,000/- each to Rs. 350.000 Millions divided into 2,50,25,000 Equity Shares of Rs.10/- each and 99,75,000 Non – Convertible Redeemable Preference Shares of Rs.10/- each.

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	239.810	239.810	239.810
(b) Reserves & Surplus	(590.910)	(168.390)	172.910
(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)	(351.100)	71.420	412.720
(3) Non-Current Liabilities
(a) long-term borrowings	2,847.940	1,810.020	2,091.820
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.200	59.540	40.430
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2,848.140	1,869.560	2,132.250
(4) Current Liabilities
(a) Short term borrowings	2,365.990	2,387.880	2,339.590
(b) Trade payables	1,059.240	1,018.270	923.440
(c) Other current liabilities	0.610	441.970	369.780
(d) Short-term provisions	11.170	7.470	4.160
Total Current Liabilities (4)	3,437.010	3,855.590	3,636.970
TOTAL	5,934.050	5,796.570	6,181.940
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,194.220	2,662.370	2,718.180
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	154.380	705.890	373.230
(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	13.970	61.830	140.750
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3,362.570	3,430.090	3,232.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	975.910	833.950	1,198.910
(c) Trade receivables	908.130	767.130	980.850
(d) Cash and cash equivalents	391.210	481.010	467.160
(e) Short-term loans and advances	234.510	234.260	231.760
(f) Other current assets	61.720	50.130	71.100
Total Current Assets	2,571.480	2,366.480	2,949.780
TOTAL	5,934.050	5,796.570	6,181.940

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Revenue from operations (Net)	4543.760	4610.220	3339.760
	Other Income	29.780	45.880	37.680
	TOTAL (A)	4573.540	4656.100	3377.440
EXPENSES
	Employee Benefit Expenses			154.460
	Other Expenses			2737.200
	TOTAL (B)	4230.660	4192.650	2891.660
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		342.880	463.450	485.780
FINANCIAL EXPENSES (D)		562.800	615.960	519.170
PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(219.920)	(152.510)	(33.390)
DEPRECIATION/ AMORTISATION (F)		202.600	189.210	424.540
PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(422.520)	(341.720)	(457.930)
TAX (H)		0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(422.520)	(341.720)	(457.930)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1794.530)	(1452.810)	(994.880)
BALANCE CARRIED TO THE B/S		(2217.050)	(1794.530)	(1452.810)
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	2356.952	2125.218	1596.995
TOTAL EARNINGS
Earnings/ (Loss) Per Share (Rs.)		(17.62)	(14.25)	(19.10)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(9.24)	(7.34)	(13.56)
Net Profit Margin (PBT/Sales)	(%)	(9.30)	(7.41)	(13.71)
Return on Total Assets (PBT/Total Assets}	(%)	(7.31)	(6.71)	(7.88)
Return on Investment (ROI) (PBT/Networth)		1.20	(4.78)	(1.11)
Debt Equity Ratio (Total Debt /Networth)		(14.85)	58.77	10.74
Current Ratio (Current Asset/Current Liability)		0.75	0.61	0.81

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	239.810	239.810	239.810
Reserves & Surplus	172.910	(168.390)	(590.910)
Net worth	412.720	71.420	(351.100)
long-term borrowings	2,091.820	1,810.020	2,847.940
Short term borrowings	2,339.590	2,387.880	2,365.990
Total borrowings	4,431.410	4,197.900	5,213.930
Debt/Equity ratio	10.737	58.778	(14.850)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3339.760	4610.220	4543.760
		38.040	(1.442)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3339.760	4610.220	4543.760
Profit/(Loss) After Tax	(457.930)	(341.720)	(422.520)
	(13.71%)	(7.41%)	(9.30%)

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	No
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	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	10456985	14/10/2013	329,600,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B88271473
2	10348822	19/03/2012	50,000,000.00	BANK OF BARODA	M. G. ROAD, MAIN BRANCH, BOB BUILDING, NEAR. G.P.O., RAJKOT, GUJARAT - 360001, INDIA	B37316775
3	10286053	24/03/2011	50,000,000.00	UNION BANK OF INDIA	RACE COURSE CIRCLE BRANCH, RACE COURSE RING ROAD,  RAJKOT - 360001, GUJARAT, INDIA	B12597977
4	10260060	22/11/2010	90,000,000.00	INDIAN OVERSEAS BANK	PAREKH CHAMBERS,, DHEBAR ROAD, RAJKOT-  360001, GUJARAT, INDIA	B03324308
5	10141628	28/03/2013 *	7,242,800,000.00	CORPORATION BANK	RAJKOT MAIN BRANCH, NIJANAND, DHEBAR ROAD, RAJKOT - 360002, GUJARAT, INDIA	B73438483
6	10143781	28/03/2013 *	7,242,800,000.00	CORPORATION BANK	RAJKOT MAIN BRANCH, NIJANAND, DHEBAR ROAD, RAJKOT - 360002  , GUJARAT, INDIA	B73439432
7	10124118	23/09/2008	550,000,000.00	BANK OF BARODA	M. G. ROAD, MAIN BRANCH, BOB BUILDING, NEAR. G.P.O., RAJKOT - 360001, GUJARAT, INDIA	A47261722
8	10118913	18/09/2009 *	1,054,200,000.00	UNION BANK OF INDIA	RACE COURSE CIRCE BRANCH, RACE COURSE ROAD, RAJKOT - 360001, GUJARAT, INDIA	A72825334
9	10104214	20/10/2009 *	1,219,073,000.00	CORPORATION BANK	MAIN BRANCH, "NIJANAND", DHEBAR ROAD, RAJKOT - 360001, GUJARAT, INDIA	A74394990
10	10103480	21/04/2008	230,000,000.00	ORIENTAL BANK OF COMMERCE	'MANGAL BHAVAN', NIRMALA CONVENT SCHOOL ROAD BRACH, RAJKOT - 360001, GUJARAT, INDIA	A38811287

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from others	97.300	54.470
Other loans and advances	257.290	218.030
Total	354.590	272.500

CORPORATE INFORMATION

Subject is a company engaged in manufacturing of forged and machined bearing races and automotive components. The company is situated in the state of Gujarat at District: Rajkot. The company has set up two manufacturing units at Rajkot.

FINANCIALS:

Total revenue from operations amounted to Rs. 4543.760 millions as compared to Rs. 4610.220 millions under Report. The Company reported Net Loss of Rs. 422.520 millions (includes non - cash expenses of depreciation of Rs. 202.600 millions) in fiscal 2012 13, as compared to Net Loss of Rs. 341.720 millions for previous year 2011-12. The increase in loss is mainly attributable to certain abnormal costs such as dispatch of goods through Air Cargo to overseas customers, high cost of imported raw material due to forex currency fluctuations, and expenses related to development of new components which require higher usage of steels and consumable spares. The management will leave no efforts for reduction of overall costs structure and take necessary steps to augment total turnover of the Company in the coming years. Further, the Company’s efforts to explore new markets will also be continued in future.

REFERENCE TO BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTION (BIFR):

The accumulated losses of the Company for the year ended 31st March 2013 has exceeded the net-worth of the company and accordingly, the company has become a sick industrial company within the meaning of Section 3 (1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). In terms of Section 15 of SICA, the company is mandatorily required to make a reference to the Board for Industrial and Financial Reconstruction (BIFR)m within 60 days from the date on which accounts have been adopted by the Members of the Company (i.e. date of Annual General Meeting). Once the accounts are adopted by the Members in the ensuing Annual General Meeting, the Board of Directors of the Company will make a reference to the BIFR under Section 15 of SICA, after getting the same (Reference) approved in the Meeting of Board of Directors.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Other building

Ø Plant and equipment

Ø Other plant and equipment

Ø Furniture and fixture

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer 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. 60.28
UK Pound	1	Rs. 102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	SNT

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.