MIRA INFORM REPORT

Report No. :	324914
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	HITKARI HITECH FIBRES PRIVATE LIMITED (w.e.f. 14.08.2014)
Formerly Known As :	HITKARI HITECH FIBRES LIMITED (w.e.f. 06.02.2014) HITKARI HITECH FIBRES PRIVATE LIMITED (w.e.f. 28.05.2008) HITKARI HITECH FILTERS PRIVATE LIMITED
Registered Office :	51, 1^st Floor, 19A, Grants Building Annex, Bhaskar, Rao Kargatkar Marg, Off Arthur Bunder Road, Colaba, Mumbai – 400005, Maharashtra
Tel. No.:	91-22-67473784
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.1993
Com. Reg. No.:	11-072492
Capital Investment / Paid-up Capital :	Rs.26.247 Million
CIN No.: [Company Identification No.]	U16003MH1993PTC072492
IEC No.:	0399038019
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACH5946F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Non-Woven Fabric.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject company incorporated in the year 1985 as Hitkari Fibers Limited and was renamed as Hitech Fibers Private Limited in 2009 and having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margin and leverage structure of the company. However, its trade relations are reported to be fair. Business is active, payments terms are slow but correct. In view of company’s long presence in the non-woven textile industry and its established relationship with customers, 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 – 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	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Moderate risk of default
Date	January 2015

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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

Name :	Ms. Saba Khan
Designation :	Accounts Department
Contact No.:	91-22-67473784
Date :	29.05.2015

LOCATIONS

Registered Office Corporate / Administrative Office :	51, 1^st Floor, 19A, Grants Building Annex, Bhaskar, Rao Kargatkar Marg, Off Arthur Bunder Road, Colaba, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-67473784
Fax No.:	Not Available
E-Mail :	accounts@hitkarihitechfibres.com
Website :	www.hitkarihitechfibres.com
Location :	Rented
Locality :	Commercial
Factory :	B-10, MIDC, Mahad, District – Raigad – 421301, Maharashtra, India
Tel. No. :	91-2145-232404
Fax No. :	91-2145-233858
E-Mail :	contactus@hitkarihitechfibres.com

DIRECTORS

AS ON 30.09.2014

Name :

Veera Subba Reddy

Designation :

Director

Address :

273, Jupiter Apartments, 27th Floor, Cuffe Parade – Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

01.07.1948

Date of Appointment :

30.09.2013

DIN No.:

00353530

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	U67120MH1996GOI097783	CANARA BANK SECURITIES LIMITED	Nominee director	16/04/2003	16/04/2003	19/10/2007	Active	NO
2	L65110TN1926PLC001377	LAKSHMI VILAS BANK LIMITED	Managing director	26/09/2007	26/09/2007	23/01/2010	Active	NO
3	U74140MH1998PLC113704	CONCEPT MANAGEMENT CONSULTING LIMITED	Additional director	04/12/2010	04/12/2010	-	Active	NO
4	U72900HR2013PTC048997	RYDBERG INFRATECHNICS PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO
5	U16003MH1993PTC072492	HITKARI HITECH FIBRES Private Limited	Director	30/09/2013	28/05/2013	-	Active	NO
6	U26960MH2012PLC235201	SHRIVALLABH PITTIE INDUSTRIES LIMITED	Additional director	01/10/2014	01/10/2014	-	Active	NO
7	U52399MH2010PLC201977	HELIOS MERCANTILE LIMITED	Additional director	01/10/2014	01/10/2014	-	Active	NO
8	U52206MH2013PLC242631	HELIOS EXPORTS LIMITED	Additional director	01/10/2014	01/10/2014	-	Active	NO
9	U17120MH1993PLC073419	PLATINUM TEXTILES LIMITED	Additional director	05/01/2015	05/01/2015	-	Active	NO

Name :

Mr. Narendra Rameshchandra Gupta

Designation :

Director

Address :

Premesh, 6B, Turner Road,, Bandra (West), Mumbai - 400050, Maharashtra, INDIA

Date of Birth/Age :

14.08.1948

Date of Appointment :

30.09.2014

DIN No.:

00535619

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	U28920MH1942PTC003569	COPPER COUNELL AND CLIFFORD PRIVATE LIMITED	Director	17/02/1977	17/02/1977	-	Active	NO
2	L29220MH1982PLC027046	TRIDENT TOOLS LIMITED	Director	29/04/1982	29/04/1982	-	Active	NO
3	U29130MH1975PTC018360	POPULAR BRASS PRIVATE LIMITED	Director	17/06/1991	17/06/1991	-	Active	NO
4	U27200MH1994PLC081868	SHRI HARI METAL EXTRUDERS (INDIA) LIMITED	Director	10/10/1994	10/10/1994	-	Active	NO
5	U27200MH2000PTC127194	SHRI HARI EXTRUSION PRIVATE LIMITED	Director	14/06/2000	14/06/2000	01/03/2010	Active	NO
6	U27100MH1969PTC014442	METAL EXTRUDERS INDIA PRIVATE LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
7	U28939MH2003PTC140521	TRIDENT TOOLS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Amalgamated	NO
8	U17120MH1988PTC047274	ENAKSHI SILK MILLS PRIVATE LIMITED	Director	19/09/2009	19/09/2009	-	Active	NO
9	U27200MH2010PTC203169	QUICKCUT ENGINEERING COMPANY PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Amalgamated	NO
10	U28910MH2010PTC206271	MAGICUT DRILLS PRIVATE LIMITED	Director	05/08/2010	05/08/2010	-	Active	NO
11	U27100MH2010PTC207169	MAGICUT CARBIDES PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
12	L28933MH1994PLC081857	SERVOTECH ENGINEERING INDUSTRIES LIMITED	Additional director	07/10/2010	07/10/2010	-	Active	NO
13	U70200MH2010PTC202507	SPYCADE REALITY PRIVATE LIMITED	Director	11/06/2011	11/06/2011	-	Active	NO
14	U70102MH2010PTC200032	BEAUTIFULSTONE REAL ESTATE PRIVATE LIMITED	Director	11/06/2011	11/06/2011	-	Active	NO
15	U51109MH2009PTC189859	SNEHAL MULTITRADE PRIVATE LIMITED	Director	11/06/2011	11/06/2011	-	Active	NO
16	U70101MH2011PTC222095	WISTERIA CONSTRUCTION PRIVATE LIMITED	Director	24/02/2012	24/02/2012	07/10/2013	Converted to LLP	NO
17	U70101MH2011PTC222586	BARRETTE CONSTRUCTIONS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	07/10/2013	Converted to LLP	NO
18	U51101WB2009PTC132637	BHOLA COMMODEAL PRIVATE LIMITED	Director	02/01/2013	02/01/2013	-	Active	NO
19	U51101WB2010PTC147137	KOMAL DEALTRADE PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO
20	U74140WB2010PTC142375	GAGAN MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	10/01/2013	10/01/2013	-	Active	NO
21	U16003MH1993PTC072492	HITKARI HITECH FIBRES PRIVATE LIMITED	Director	30/09/2014	13/06/2014	-	Active	NO
22	AAB-0670	NARENDRA AND SONS STRIPS LLP	Designated Partner	14/08/2012	14/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Saba Khan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Snehlata Bajaj	2347900
Morris Investment Pty Limited	276330
Pradeep Jain	100
Bhagwan Prasad J. Sharma	100
Ramesh C. Dave	100
Shayam Sunder Shah	100
Ganesh Maheshwari	100
Total	2624730

AS ON 30.09.2014

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]	10.53
Others	89.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Non-Woven Fabric.
Products :	· Moulded Passenger Floor Carpets Wheel Arch Moulded Carpets Moulded Dicky Carpet Composite Moulded (Carpet & Ins) Moulded Floor Carpet Dicky Carpet With Insulation Dicky Insulation( Felt), etc.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Spare Parts
Countries :	Germany
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Maruti Suzuki India Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	91-22-26590165
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Continuously Ringing

Customers :

Wholesalers and Retailers

Reference:	Pacific Harish Industries Limited
Name of the Person (Designation):	Mr. Brendan Vaz (Account Head)
Contact Number:	91-9821068152
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Continuously Ringing

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Lokhandwal Branch Andheri, Mumbai, Maharashtra, India
Person Name (with Designation):	Mr. Manish Tripati (Relationship Manager)
Contact Number:	91-7506177622
Name of Account Holder:	Hitkari Hitech Fibers Limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	February 2015
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit =135.000 Million
Account Operation:	Satisfactory
Remarks: Mr. Manish gave positive response for subject company in term of payment behavior overall its good company.

· Oriental Bank of Commerce, Overseas Branch, Dalamal Towers,211, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan
From Banks	17.267
SHORT TERM BORROWINGS
Working Capital Loans	75.597
Total	92.864

Auditors :
Name :	Pratap B. Sheth and Company Chartered Accountants
Address :	D-25, Rameshwar, 1167, Murar Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP8460H
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,624,730	Equity Shares	Rs.10/- each	Rs. 26.247 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	26.247	26.243	25.000
(b) Reserves & Surplus	18.908	17.105	9.620
(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)	45.155	43.348	34.620
(3) Non-Current Liabilities
(a) Long-term borrowings	35.410	40.994	57.542
(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	0.590	1.937	1.503
Total Non-current Liabilities (3)	36.000	42.931	59.045
(4) Current Liabilities
(a) Short term borrowings	75.597	67.453	58.047
(b) Trade payables	9.635	5.214	7.094
(c) Other current liabilities	18.058	14.008	12.747
(d) Short-term provisions	1.418	0.196	0.031
Total Current Liabilities (4)	104.708	86.871	77.919
TOTAL	185.863	173.150	171.584
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.347	48.517	54.549
(ii) Intangible Assets	14.242	16.277	16.277
(iii) Capital work-in-progress	0.000	3.324	3.453
(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	0.916	0.437	0.394
(e) Other Non-current assets
Total Non-Current Assets	59.505	68.555	74.673
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.786	41.149	41.964
(c) Trade receivables	74.752	57.630	47.616
(d) Cash and cash equivalents	0.758	4.469	4.486
(e) Short-term loans and advances	0.420	0.905	2.317
(f) Other current assets	5.642	0.442	0.528
Total Current Assets	126.358	104.595	96.911
TOTAL	185.863	173.150	171.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	354.726	323.183	250.456
		Other Income	1.722	1.691	0.416
		TOTAL (A)	356.448	324.874	250.872
Less	EXPENSES
		Cost of Materials Consumed	293.231	261.342	197.213
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.901)	(4.191)	(4.651)
		Retrenchment Competition	1.383	0.000	0.000
		Goodwill W/off	2.035	0.000	0.000
		Employees benefits expense	11.862	13.511	11.756
		Other expenses	29.788	32.372	30.847
		TOTAL (B)	334.398	303.034	235.165
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.050	21.840	15.707
Less	FINANCIAL EXPENSES (D)		13.776	12.151	9.627
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.274	9.689	6.080
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.418	7.247	5.972
	PROFIT BEFORE TAX (E-F) (G)		1.856	2.442	0.108
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		1.856	2.442	0.108
	IMPORTS
		Capital Goods	0.000	0.363	0.000
	Earnings Per Share (Rs.)
	Basic		0.74	0.98	0.04
	Diluted		0.74	0.98	0.04

PARTICULARS	31.03.2016	31.03.2015
Sales Turnover (Approximately)	400.000	382.800

The above information has been parted by Ms Saba Khan (Accounts Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.52	0.76	0.04
Operating Profit Margin (PBDIT/Sales)	(%)	6.22	6.76	6.27
Return on Total Assets (PBT/Total Assets}	(%)	1.00	1.44	0.06
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.00
Debt Equity Ratio (Total Liability/Networth)		2.46	2.50	3.34
Current Ratio (Current Asset/Current Liability)		1.21	1.20	1.24

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	25.000	26.243	26.247
Reserves & Surplus	9.620	17.105	18.908
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34.620	43.348	45.155
Long-term borrowings	57.542	40.994	35.410
Short term borrowings	58.047	67.453	75.597
Total borrowings	115.589	108.447	111.007
Debt/Equity ratio	3.339	2.502	2.458

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)
Sales	250.456	323.183	354.726
		29.038	9.760

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	250.456	323.183	354.726
Profit	0.108	2.442	1.856
	0.04%	0.76%	0.52%

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	No
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	No
18	Major suppliers	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10565538	16/03/2015	135,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR  , WADIA INTERNATIONAL CENTRE, WORLI, MUMBAI - 400025, MAHA  RASHTRA, INDIA	C51708626
2	10260136	29/11/2010	37,500,000.00	ORIENTAL BANK OF COMMERCE	FORT BRANCH, JASH CHAMBERS, GROUND FLOOR, SIR P. M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B03109238
3	10113940	12/02/2014 *	112,500,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, DALAMAL TOWERS,211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B98865512

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Other Loan and Advances	18.143
Total	18.143

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 36/37, Mittal Chamber, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 14.07.2010

BACKGROUND

The company was among the first few companies to introduce non-woven carpets and automotive carpets in India by installing the DILLO make machines imported from Germany. The brand name of the company is well known to all leading car manufactures in India as all these companies have dealt with the company. The company enjoy good reputation and all its products are well received in the market. The company has already updated the technology and the plant upkeep and maintenance is also up-to-date. Consequently, speed of most of the machines has increased to a great extent and economies of scale have been achieved. They are now deriving commensurate benefits.

OPERATIONS

As started in the previous report, the company has infused funds from promoters by way of equity shares and unsecured interest free loans to meet the working capital requirements. The company has made all efforts at the operation levels to keep up production as well as productivity with active involvement of employees. As a result of the above steps, the turnover of the company has increased from Rs. 337.713 million during the previous year to Rs. 369.055 million. Net profit after tax has increased from 2.442 million to Rs. 5.339 million during the year.

The company has also adopted a board based sales strategy which helped to add a number of new customers to its fold. Strenuous and systematic marketing efforts initiated by the company in the domestic market, apart from OEM’s, is giving good results as a number of domestic/local parties have shown positive response and are taking interest in their products and buying them.

Presently, the company also sell its products to IT tier companies, and in domestic market, all around the country.

FUTURE OUTLOOK

The automobile industry is one of the fastest growing industries. This gives cascading growth potential to OEM suppliers like them, throwing up opportunities for repaid growth. Huge investments are being made by automobile companies. They have already invested sizable amount during last couple of years to increase the production capacity of vehicles. Modern life style and growing passion for luxury are opening the high end use among rich and affluent trendy youth giving good stimulus to demand for vehicles. This leads to increasing demand for Non-Woven Fabric and it is expected to grow many folds in the years to come. They have also developed a few new products which have got good response after almost 2 to3 years of their efforts and they will be launch shortly.

In April 2014 alone, passenger car sales stood at 1,786,899 units while utility vehicles sales stood at 525,942 units, as per data from society of Indian Mobile Manufactures (SIAM). Export of utility vehicles showed an improvement of 298 percent with 41,550 u8nits.

The cumulative foreign direct investment (FDI) inflows into the Indian automobile industry during the period April 2000 May 2014 was recorded at USS 9,885.210 million, according to data published by department of industrial policy and promotion (DIPP). All the major car manufacturers have made heavy investments.

FIXED ASSETS:

· Building

Plant and Machinery

Furniture

Vehicles

Computer

Office Equipment’s

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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.