MIRA INFORM REPORT

Report No. :	330727
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	RELIABLE AUTOTECH PRIVATE LIMITED
Registered Office :	Plot No.F-80, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra
Tel. No.:	91-253-2387696
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.07.1996
Com. Reg. No.:	11-101050
Capital Investment / Paid-up Capital :	Rs.99.197 million
CIN No.: [Company Identification No.]	U74994MH1996PTC101050
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00741G
PAN No.: [Permanent Account No.]	AABCR0897A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and exporting of heavy pressed parts, automotive components and tools and dies for the automotive sector.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1782000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is in the business of manufacturing heavy pressed parts, automotive components and tools and dies for the automotive sector. It is a well-established company having fine track record. For the financial year ended 2014, company has reported healthy operational performance along with stagnant growth in its sales turnover and achieved profitability margins at 7.71%. Rating takes into consideration established track record of the promoters in the auto components industry backed by long-standing business relationship with its key customer and segmental and geographic diversification. Moreover, rating also takes into consideration company healthy financial risk profile along with adequate networth base and sound debt protection metrics. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Short-Term, Non-Fund Based Working Capital Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August, 2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Dhananjay Gore
Designation :	Senior Finance Manager
Contact No.:	91-253-3918536

LOCATIONS

Registered Office/ Corporate Office :	Plot No.F-80, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2387696/ 3918553/ 3918545/ 8536/ 3918550/ 3918526
Mobile No.:	91-9850066560 (Mr. Dhananjay Gore) 91-9881408534 (Mr. Sachin)
Fax No.:	91-253-2384470
E-Mail :	sales@reliableautotech.com skrajansk@gmail.com dhananjay.gore@religroup.com devendra.bapat@religroup.com Purchase: purchase@reliableautotech.com Sales and Marketing: mktg@reliableautotech.com salesmktg-div1@reliableautotech.com salesmktg-div2@reliableautotech.com salesmktg-div3@reliableautotech.com salesmktg-div4@reliableautotech.com salesmktg-div5@reliableautotech.com
Website :	http://reliableautotech.com
Factory 1 :	Plot No.F-79/80, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Factory 2 :	H-101/102, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Tel No.:	91-253-2385262
Fax No.:	91-253-2384470
Factory 3 :	E-65/ E-65-1, M.I.D.C., Ambad, Nashik – 422 010, Maharashtra, India
Factory 4 :	C-2, M.I.D.C., Chakan, Pune – 410 501, Maharashtra, India
Factory 5 :	C/O Swift Support Services, No.9 and 10, Sidco Industrial, Thirumazhisa, Chennai – 600 124, Tamilnadu, India
Factory 6 :	Plot No.AV-27, Sanand-II, GIDC, BOL Industrial Estate, Near BOL Village Sanand – 382 110, District Ahmadabad, Gujarat, India
Overseas Office :	Reliable Autotech USA LLC City–Chenoa, State Illinois (IL), Country – USA
Tel No.:	+01-815-945-7838
Fax No.:	+01-815-945-7839
E-Mail :	usa.sales@reliableautotech.com

DIRECTORS

AS ON 02.08.2014

Name :

Mr. Devendra Dattatray Bapat

Designation :

Director

Address :

5, Manas, Near Ganesh Mandir, Savarkar Nagar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

22.08.1959

Date of Appointment :

15.07.1996

DIN No.:

00129623

PAN No.:

AEOPB3729D

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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/04/1989	12/04/1989	-	Amalgamated	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
3	U74200MH2007PTC174479	RELIABLE TECHNO-DESIGNS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Amalgamated	NO
4	U31100MH1982PTC028406	RISHABH INSTRUMENTS PRIVATE LIMITED	Director	11/07/2009	17/04/2009	03/03/2015	Active	NO
5	U85100MH2009NPL196568	ADVANTAGE NASHIK FOUNDATION	Director	21/10/2009	21/10/2009	-	Active	NO
6	U34100MH2000PTC125510	UMASONS AUTO COMPO PRIVATE LIMITED	Additional director	20/01/2015	20/01/2015	-	Active	NO

Name :

Mr. Amol Bhalchandra Chitnis

Designation :

Director

Address :

Isha, 9, Savarkar Nagar, Mate Nursery Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

08.07.1960

Date of Appointment :

15.07.1996

DIN No.:

00121460

PAN No.:

ACWPC2194H

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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/04/1989	12/04/1989	-	Amalgamated	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO

Name :

Mr. Rajendra Bhaskar Bagwe

Designation :

Director

Address :

8, “Arohan”, Palm Spring, Savarkar Nagar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

07.08.1959

Date of Appointment :

15.07.1996

DIN No.:

00121238

PAN No.:

ADYPB9120F

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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/04/1989	12/04/1989	-	Amalgamated	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO

Name :

Mr. Shaji Varghese

Designation :

Nominee Director

Address :

A/702, 7^th Floor, Aster, Evershine Park, Prathmesh Comp, Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

15.12.1970

Date of Appointment :

21.04.2010

DIN No.:

03081298

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	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	-	Active	NO
2	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	-	Amalgamated	NO
3	U28920PN1995PTC091232	MANTRI METALLICS PRIVATE LIMITED	Director	30/09/2011	10/11/2010	-	Active	NO
4	U67190MH2012PTC228931	EQ INVESTMENT ADVISORS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhananjay Gore
Designation :	Senior Finance Manager
Name :	Mr. Sachin Durve
Designation :	Business Head – Design and Development
E-Mail :	sachin.durve@reliableautotech.com
Name :	Mr. T. V. Thombre
Designation :	Business Head - Reliable Business Excellence Solutions (Training and Consultancy
E-Mail :	thakchand.thombre@reliableautotech.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.08.2014

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Devendra Dattatray Bapat (Jointly with Seema D. Bapat)	2400000	137766
Amol Bhalchandra Chitnis (Jointly with Gauri A. Chitnis)	2400000	137766
Rajendra Bhaskar Bagwe (Jointly with Shailaja R. Bagwe)	2400000	137766
Seema Devendra Bapat (Jointly with Devendra D. Bapat)	200000	13140
Shailaja Rajendra Bagwe (Jointly with Rajendra B. Bagwe)	200000	13140
Gauri Amol Chitnis (Jointly with Amol B. Chitnis)	200000	13140
BTS India Private Equity Fund Limited, Mauritius	1667000	0
Total	9467000	452718

AS ON 02.08.2014

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]	17.61
Directors or relatives of directors	82.39
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and exporting of heavy pressed parts, automotive components and tools and dies for the automotive sector.

Products :

Item Code No.	Product Description
87089900	Auto Components

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

· Finished Goods

Countries :

· United States of America

· China

· European Countries

· Brazil

· Romania

· South Africa

Imports :

Not Available

Terms :

Selling :

Cash, Advance Payment and Credit

Purchasing :

Cash, Advance Payment and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference :

Daimler

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Bosch

· Benteler

· Renault Nissan

· Mahindra Rise

· Magna Cosma International

· Godrej

· John Deere

· Bajaj

· Skoda

· Volkswagen

No. of Employees :

450 (Approximately)

Bankers :

Banker Name	TJSB Sahakari Bank Limited
Branch Address	2, Suyojit Sankul, Sharanpur Road, Nashik – 422 002, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Citibank NA, CITI Group Centre, C-61, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· State Bank of India, IFB Branch, The Arcade, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee Term Loans from Banks	317.035	282.704
Loans Taken for Vehicles	0.741	5.260
Loans taken for other fixed assets [Asset Finance Loan amounting to Rs.1.303 million (Previous Year: Rs.2.055 million) is secured by hypothecation of assets underlying the loan.]	0.459	2.055
SHORT TERM BORROWINGS
Working Capital Loans from Banks	283.011	263.621
Total	601.246	553.640

Banking Relations :	--
Auditors :
Name :	Price Water house Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	· BTS India Private Equity Fund Limited, Mauritius · Reliable Techno-Designs Private Limited, India (CIN No.: U74200MH2007PTC174479)

CAPITAL STRUCTURE

AS ON 02.08.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
11100000	Equity Shares	Rs.10/- each	Rs.111.000 million
500000	Preferences Shares	Rs.10/- each	Rs.5.000 million
	Total		Rs.116.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
9467000	Equity Shares	Rs.10/- each	Rs.94.670 million
452718	Preferences Shares	Rs.10/- each	Rs.4.527 million
	Total		Rs.99.197 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	99.197	99.197	94.670
(b) Reserves & Surplus	524.594	393.224	246.353
(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)	623.791	492.421	341.023
(3) Non-Current Liabilities
(a) Long-term borrowings	334.038	309.661	348.806
(b) Deferred tax liabilities (Net)	83.092	81.919	22.925
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	21.263	17.764	15.305
Total Non-current Liabilities (3)	438.393	409.344	387.036
(4) Current Liabilities
(a) Short term borrowings	294.411	275.021	316.594
(b) Trade payables	238.883	210.509	410.221
(c) Other current liabilities	248.727	257.791	200.090
(d) Short-term provisions	32.512	20.133	6.508
Total Current Liabilities (4)	814.533	763.454	933.413
TOTAL	1876.717	1665.219	1661.472
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	918.592	875.107	790.656
(ii) Intangible Assets	13.560	6.568	5.436
(iii) Capital work-in-progress	44.988	6.894	14.307
(iv) Intangible assets under development	0.000	0.000	0.919
(b) Non-current Investments	0.500	1.209	2.163
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.772	9.747	8.933
(e) Other Non-current assets	6.936	0.304	0.296
Total Non-Current Assets	1059.348	899.829	822.710
(2) Current assets
(a) Current investments	0.000	0.000	21.822
(b) Inventories	248.645	222.533	255.638
(c) Trade receivables	442.734	359.141	399.086
(d) Cash and cash equivalents	36.706	58.527	65.179
(e) Short-term loans and advances	88.534	124.571	96.337
(f) Other current assets	0.750	0.618	0.700
Total Current Assets	817.369	765.390	838.762
TOTAL	1876.717	1665.219	1661.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2873.697	2803.108	2727.249
		Other Income
		TOTAL	2873.697	2803.108	2727.249
Less	EXPENSES
		TOTAL	2591.064	2588.909	2574.997
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		282.633	214.199	152.252
Less/ Add	DEPRECIATION/ AMORTISATION		76.492	59.402	51.254
	PROFIT/ (LOSS) BEFORE TAX		206.141	154.797	100.998
Less	TAX		72.837	69.384	13.631
	PROFIT/ (LOSS) AFTER TAX		133.304	85.413	87.367
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		124.914	62.283	(25.084)
Add	ON ACCOUNT OF CHANGE IN ACCOUNTING POLICY		0.000	18.310	0.000
Less	TRANSFERRED FROM AMALGAMATION RESERVE		0.000	30.089	0.000
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares for the year	9.467	9.467	0.000
		Dividend Distribution Tax on Proposed Divided on Equity Shares	1.682	1.536	0.000
	BALANCE CARRIED TO THE B/S		247.069	124.914	62.283
	EARNINGS IN FOREIGN CURRENCY		417.905	491.816	261.480
	IMPORTS
		Raw Materials	11.435	12.411	8.462
		Stores & Spares	2.104	1.902	5.440
		Capital Goods	15.256	7.066	3.126
	TOTAL IMPORTS		28.795	21.379	17.028
	Earnings/ (Loss) Per Share (Rs.)		14.08	9.02	9.23

Particulars	31.03.2015
Sales Turnover (Approximately)	2950.000

The above information has been parted by Mr. Dhananjay Gore (Senior Finance Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	124.410	157.367	131.117
Net cash flows from (used in) operating activities	204.805	210.379	107.416

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	4.64	3.05	3.20
Return on Total Assets (PBT/Total Assets}	(%)	11.26	9.34	6.14
Return on Investment (ROI) (PBT/Networth)		0.33	0.31	0.30
Debt Equity Ratio (Total Debt /Networth)		1.21	1.51	2.34
Current Ratio (Current Asset/Current Liability)		1.00	1.00	0.90

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	94.670	99.197	99.197
Reserves & Surplus	246.353	393.224	524.594
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	341.023	492.421	623.791
Long-term borrowings	348.806	309.661	334.038
Short term borrowings	316.594	275.021	294.411
Current maturities of long-term debts	131.117	157.367	124.410
Total borrowings	796.517	742.049	752.859
Debt/Equity ratio	2.336	1.507	1.207

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2727.249	2803.108	2873.697
		2.782	2.518

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2727.249	2803.108	2873.697
Profit	87.367	85.413	133.304
	3.20%	3.05%	4.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

SCHEME OF AMALGAMATION BETWEEN THE COMPANY AND RELIABLE TECHNOCRATS PRIVATE LIMITED (RTPL):

During the previous year, Reliable Technocrats Private Limited (RTPL), incorporated with the main object to manufacturing Tools and Dies was amalgamated into the Company pursuant to the Scheme of Amalgamation (Scheme) as on and from April 1, 2012, being the appointed date pursuant to the approval of Board of the Directors of the Company and sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated December 20, 2012 which was filed with Registrar of Companies on February 17, 2013.

The Company had carried out the accounting treatment prescribed in the Scheme as approved by the Hon'ble High Court of Judicature at Bombay. The required disclosures as per paragraph 42 of Accounting Standard 14 (AS 14) 'Accounting for Amalgamations' as prescribed under the Companies (Accounting Standards) Rules, 2006 had been provided. The said accounting treatment was carried out in line with the Scheme approved by the Hon'ble High Court of Judicature at Bombay.

Hence, in accordance with the Scheme:

a) The Company had taken over all the assets aggregating to Rs.52.725 million and liabilities aggregating to Rs.89.526 million at their respective book values.

The difference aggregating to Rs.36.802 million being the excess arising on transfer of assets and liabilities had been debited to General Reserve (arising pursuant to the Scheme).

b) The difference in accounting policy with regard to depreciation on fixed assets between RTPL and the Company aggregating to Rs.18.310 million had been adjusted to the General Reserve of the Company.

Had the Scheme not prescribed the above accounting treatments, the treatment in accordance with AS 14 would have been: Rs.36.802 million being the excess arising on transfer of assets and liabilities debited to General Reserve (arising pursuant to the Scheme), would have been debited to Goodwill, which could have been amortised over a period of 5 years.

Impact on the Profit for the previous year and on the net worth of the Company as at March 31, 2013 as per Scheme was that the previous year profit would have been higher by Rs.7.360 million and net worth would have been higher by Rs.7.360 million.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deferred Sales Tax Loan	15.803	19.642
SHORT TERM BORROWINGS
Loans and Advance from directors	11.400	11.400
Total	27.203	31.042

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508982	07/07/2014	101,900,000.00	TJSB SAHAKARI BANK LIMITED	NASHIK BRANCH, 2, SUYOJIT SANKUL, SHARANPUR ROAD,  NASHIK, MAHARASHTRA - 422002, INDIA	C11267622
2	10454148	04/10/2013	160,000,000.00	TJSB SAHAKARI BANK LIMITED	SCC NASHIK BRANCH, KESHAR PLAZA, DGP NAGAR, AMBAD, NASHIK, MAHARASHTRA - 422010, INDIA	B87140513
3	10418712	26/03/2013	28,500,000.00	TJSB SAHAKARI BANK LIMITED	SCC NASHIK BRANCH, KESHAR PLAZA, DGP NAGAR, AMBAD, NASHIK, MAHARASHTRA - 422010, INDIA	B72886575
4	10320609	20/10/2011	100,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	NASHIK BRANCH, 2, SUYOJIT SANKUL, SHARANPUR ROAD,  NASHIK, MAHARASHTRA - 422002, INDIA	B26595611
5	10248464	22/10/2010	90,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	NASHIK BRANCH, SUYOJIT SANKUL, SHARANPUR ROAD, NASHIK, MAHARASHTRA - 422002, INDIA	A97493274
6	10090016	08/02/2008	70,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	SUYOJIT SANKUL, SHARANPUR ROAD, NASHIK, MAHARASHTRA - 422002, INDIA	A33475195
7	10076167	27/03/2015 *	1,279,700,000.00	TJSB SAHAKARI BANK LIMITED	2, SUYOJIT SANKUL, SHARANPUR ROAD, NASHIK, MAHARASHTRA - 422002, INDIA	C50458595

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipments

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office 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 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.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.