MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	AUTO SONICS (INDIA) PRIVATE LIMITED
Registered Office :	Unit No. 204 A, B Wing, Phoenix House, Phoenix Mills Compound, 462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.2009
Com. Reg. No.:	11-195324
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74900MH2009PTC195324
TAN No.: [Tax Deduction & Collection Account No.]	MUMA36100B
PAN No.: [Permanent Account No.]	AAICA0399R
Legal Form :	Private Limited Liability Company
Line of Business :	Marketing and distribution of auto spares, accessories and audio related products.
No. of Employees :	Information denied by 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 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Samir
Designation :	Account Executive
Contact No.:	91-22-24988844
Date :	25.09.2014

LOCATIONS

Registered Office :	Unit No. 204 A, B Wing, Phoenix House, Phoenix Mills Compound, 462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24900098 / 24988844
Fax No.:	91-22-26406726
E-Mail :	info@autosonics.in
Website :	http://www.autosonics.in
Warehouse :	Rajlaxmi Commercial Complex, Kalher, Bhiwandi, Thane – 421302, Maharashtra, India

DIRECTORS

As on 29.08.2013

Name :

Mrs. Jyoti Rahul Devjani

Designation :

Director

Address :

Prabhu Kutir, 71, Nagvarpalya, C.V. Ramannagar, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

25.10.1971

Date of Appointment :

29.08.2009

DIN No.:

02376361

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	U74140KA1998PTC023250	ALLIANCE BUSINESS AND MANAGEMENT CONSULTANCY PRIVATE LIMITED	Director	08/01/1998	08/01/1998	-	Strike off	NO
2	U74900MH2009PTC195324	AUTO SONICS (INDIA) PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO

Name :

Mr. Pankaj Deepak Jagwani

Designation :

Director

Address :

409, Olympus Apartments, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

18.02.1954

Date of Appointment :

29.08.2009

DIN No.:

02731453

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	U74900MH2009PTC195324	AUTO SONICS (INDIA) PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
2	U74120MH2012FTC229097	BLAUPUNKT INDIA PRIVATE LIMITED	Director	18/09/2013	04/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 29.08.2013

Names of Shareholders	No. of Shares	% of Holding
Pankaj Jagwani	3000	30.00
Jogita Jagwani	2000	20.00
Rahul Devjani	3000	30.00
Jyoti Devjani	2000	20.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.08.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Marketing and distribution of auto spares, accessories and audio related products.
Products :	Auto Spares, Accessories and Audio Related Products
Imports :
Products :	Decorative Films
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· Citibank N. A., Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · ICICI Bank Limited · Punjab National Bank · State Bank of India

Banking Relations :	--
Auditors :
Name :	C.B. Chhajed and Company Chartered Accountants
Address :	DGP House, Ground Floor, 88, Old Prabhadevi Road, Mumbai – 400025, Maharashtra, India
PAN No.:	AAAFC3565E
Enterprises in which Key Management Personnel / their relatives are able to exercise significant influence or control :	· Motor House · Blaupunkt India Private Limited (w.e.f.02.04.2012) · Blaupunkt Malaysia Sdn. Bhd (w.e.f.02.04.2012) · Blaupunkt Brand Management GmbH (w.e.f.02.04.2012)

CAPITAL STRUCTURE

As on 29.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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	0.100	0.100	0.100
(b) Reserves & Surplus	32.224	34.070	26.205
(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)	32.324	34.170	26.305
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	36.061	69.474	57.934
(b) Trade payables	3.595	195.176	115.073
(c) Other current liabilities	1.079	10.659	40.197
(d) Short-term provisions	0.000	0.000	3.343
Total Current Liabilities (4)	40.735	275.309	216.547
TOTAL	73.059	309.479	242.852
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.445	3.371	3.199
(ii) Intangible Assets	0.371	0.618	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.000	0.000	0.000
(c) Deferred tax assets (net)	0.894	0.112	0.075
(d) Long-term Loan and Advances	0.411	3.017	0.652
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.121	7.118	3.926
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.045	166.108	136.474
(c) Trade receivables	15.580	120.261	66.434
(d) Cash and cash equivalents	4.790	8.543	27.791
(e) Short-term loans and advances	7.523	7.255	7.900
(f) Other current assets	0.000	0.194	0.327
Total Current Assets	58.938	302.361	238.926
TOTAL	73.059	309.479	242.852

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		486.117	1016.261
		Other Income		0.301	0.359
		TOTAL (A)		486.418	1016.620	797.140
Less	EXPENSES
		Purchase of Stock-in-trade		300.723	941.979
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		135.062	(26.634)
		Employee Benefits Expenses		13.328	24.479
		Other Expenses		30.133	58.622
		TOTAL (B)		479.247	992.446	767.061
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			7.171	24.174	(Including Finance and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)			8.449	11.217
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(1.278)	12.957
Less	DEPRECIATION/ AMORTISATION (F)			1.418	1.206
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(2.696)	11.751	30.079
Less	TAX (H)			(0.850)	3.886	10.392
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(1.846)	7.865	19.687
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			34.070	26.205	6.518
	BALANCE CARRIED TO THE B/S			32.224	34.070	26.205
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	3.234	1.518	0.000
	TOTAL EARNINGS			3.234	1.518	0.000
	IMPORTS
			Traded Goods	129.744	638.000	536.060
	TOTAL IMPORTS			129.744	638.000	536.060
	Earnings / (Loss) Per Share (Rs.)			(184.62)	786.49	1968.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.38)	0.77	2.47
Net Profit Margin (PBT/Sales)	(%)	(0.55)	1.16	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.27)	3.80	12.39
Return on Investment (ROI) (PBT/Networth)		(0.08)	0.34	1.14
Debt Equity Ratio (Total Debt /Networth)		1.12	2.03	2.20
Current Ratio (Current Asset/Current Liability)		1.45	1.10	1.10

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	0.100	0.100	0.100
Reserves & Surplus	26.205	34.070	32.224
Net worth	26.305	34.170	32.324
long-term borrowings	0.000	0.000	0.000
Short term borrowings	57.934	69.474	36.061
Total borrowings	57.934	69.474	36.061
Debt/Equity ratio	2.202	2.033	1.116

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
Sales	797.140	1,016.620	486.418
		27.533	(52.153)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	797.140	1,016.620	486.418
Profit	19.687	7.865	(1.846)
	2.47%	0.77%	(0.38%)

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans from related parties	36.061	69.474
Total	36.061	69.474

Note - Unsecured loans from related parties carries interest @ 12 % and is repayable on demand.

OPERATING AND FINANCIAL RESULTS: -

During the year the company has incurred Loss of Rs.2.696 Millions which the company proposed to carry forward.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402251	11/02/2013	35,000,000.00	Citibank N. A.	Trent House, 2nd Floor, G Block, Plot No.C60, Ban Dra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India	B67809459
2	10296218	01/03/2012 *	46,500,000.00	Citibank N. A.	Trent House, 2nd Floor, G Block, Plot No.C60, Ban Dra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India	B33790239

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· 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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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.