MIRA INFORM REPORT

Report No. :	327348
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	OMR BAGLA AUTOMOTIVE SYSTEMS INDIA LIMITED (w.e.f. 19.12.2007)
Formerly Known As :	ASSOCIATED BRAKES LIMITED
Registered Office :	Plot No.B-7, MIDC Chakan, Village Mahalunge, Taluka – Khed, Pune – 410 501, Maharashtra
Tel. No.:	91-2431-329457
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.08.2006
Com. Reg. No.:	11-128851
Capital Investment / Paid-up Capital :	Rs.55.350 Million
CIN No.: [Company Identification No.]	U31904PN2006PLC128851
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEA08575A
PAN No.: [Permanent Account No.]	AAFCA8402N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of aluminum die cast parts for automobiles and other applications.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. It was incorporated in 2008 as a joint venture between “Aurangabad Electricals Limited” (Part of the Bagla Group) and OMR Holding Italy (Part of OMR Group). Subject manufactures finished aluminum pressure die casted automotive components such as brackets, bed plates oil pans etc. mainly for use in passenger cars. Rating takes into consideration, healthy financial risk profile marked by comfortable capital structure and healthy operating profitability. Rating also takes into consideration company’s established market position in the automotive component industry, extensive experience of promoters and established relationship with the customers. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The subject can be considered for 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	CRISIL
Rating	Long term rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.10.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	13.10.2014

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. Aniket Kulkarni
Designation :	Company Secretary
Contact No.:	91-2431-329457
Date :	15.06.2015

LOCATIONS

Registered Office :	Plot No.B-7, MIDC Chakan, Village Mahalunge, Taluka – Khed, Pune – 410 501, Maharashtra, India
Tel. No.:	91-2431-329457
Fax No.:	91-2431-329458
E-Mail :	kulkarni.aa@baglagroup.com pasawa@baglagroup.com
Website :	http://www.baglagroup.com http://www.omrbagla.com
Factory :	Gut No.217, Village Chitegaon, Mpaithan Road, Near Chitegaon Toll Naka, Aurangabad – 431 105, Maharashtra, India
Tel. No.:	91-2431-251789/ 329457/ 329458
Fax No.:	91-2431-251789
E-Mail :	tannu.ak@baglagroup.com agarwal.pc@baglagroup.com
Area :	10 Acre
Location :	Owned

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Rishi Kumar Rajnarayan Bagla

Designation :

Managing Director

Address :

Gut No.40, Golwadi, Paithan Road, Aurangabad – 431 005, Maharashtra, India

Date of Birth/Age :

02.08.1959

Qualification :

B.Com

Date of Appointment :

01.01.2015

DIN No.:

00002020

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	U31909PN1985PLC037539	AURANGABAD ELECTRICALS LIMITED	Managing director	25-02-2011	23-09-1985	-	Active	NO
2	U34300MH1991PLC061007	AURANGABAD MOTOR MANUFACTURERS LIMITED	Director	05-07-1992	05-07-1992	-	Active	NO
3	U67110PN1993PTC074896	WALUJ INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	03-11-1993	03-11-1993	-	Active	NO
4	U21098PN1991PLC060509	DECCAN CARBON PRODUCTS LIMITED	Director	01-04-1994	01-04-1994	-	Active	NO
5	U31200MH1999PLC130298	BG LI-IN ELECTRICALS LIMITED	Director	28-10-1999	28-10-1999	-	Active	NO
6	U32100MH2004PTC144083	GRAN ELECTRONICS PRIVATE LIMITED	Director	20-01-2004	20-01-2004	10-02-2009	Active	NO
7	U51395MH2004PTC146495	MANSHI ELECTRONICS PRIVATE LIMITED	Director	24-05-2004	24-05-2004	-	Active	NO
8	U31909MH2005PTC151679	BG-DAE-LIN ELECTRONICS PRIVATE LIMITED	Director	01-03-2005	01-03-2005	-	Amalgamated	NO
9	U34300HR2006PTC036013	HARYANA AUTO COMP PRIVATE LIMITED	Director	23-01-2006	23-01-2006	-	Active	NO
10	U31904PN2006PLC128851	OMR BAGLA AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	21-01-2015	04-08-2006	-	Active	NO
11	U34300MH2007PLC250865	BMR HVAC LIMITED	Director	04-12-2007	04-12-2007	-	Active	NO
12	U01403MH2008PTC181606	AURANGABAD BIOTECH PRIVATE LIMITED	Director	10-01-2013	15-12-2011	-	Active	NO
13	U74999MH2006NPL164710	WALUJ EFFLUENT TREATMENT PROJECTS	Director	30-09-2013	30-09-2013	-	Active	NO
14	U28910MH2014PLC258044	BG FASTENING AND ENGINEERING INDUSTRIES LIMITED	Director	12-09-2014	12-09-2014	-	Active	NO
15	U31100MH2014PLC258555	BAGLA INDUSTRIES LIMITED	Director	07-10-2014	07-10-2014	-	Active	NO

Name :

Mrs. Mamta Bagla

Designation :

Director

Address :

Gut No.40, Golwadi, Paithan Road, Opposite St. John High School, Aurangabad – 431 005, Maharashtra, India

Date of Birth/Age :

12.07.1963

Qualification :

Matriculation

Date of Appointment :

20.09.2010

DIN No.:

00002031

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	U67110PN1993PTC074896	WALUJ INVESTMENTS AND TRADING COMPANY PVT LTD	Whole-time director	01-07-2012	03-11-1993	-	Active	NO
2	U31909PN1985PLC037539	AURANGABAD ELECTRICALS LIMITED	Director	01-09-2011	01-04-1994	-	Active	NO
3	U31200MH1999PLC130298	BG LI-IN ELECTRICALS LIMITED	Director	01-12-2010	24-09-2007	-	Active	NO
4	U21098PN1991PLC060509	DECCAN CARBON PRODUCTS LIMITED	Director	30-09-2008	20-10-2007	-	Active	NO
5	U34300MH2007PLC250865	BMR HVAC LIMITED	Director	18-03-2012	17-01-2009	27-02-2013	Active	NO
6	U34300HR2006PTC036013	HARYANA AUTO COMP PRIVATE LIMITED	Director	18-03-2012	17-01-2009	-	Active	NO
7	U31909MH2005PTC151679	BG-DAE-LIN ELECTRONICS PRIVATE LIMITED	Director appointed in casual vacancy	01-04-2009	01-04-2009	-	Amalgamated	NO
8	U31904PN2006PLC128851	OMR BAGLA AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	20-09-2010	26-07-2009	-	Active	NO
9	U34300MH1991PLC061007	AURANGABAD MOTOR MANUFACTURERS LIMITED	Director	23-08-2012	23-08-2012	-	Active	NO
10	U28910MH2014PLC258044	BG FASTENING AND ENGINEERING INDUSTRIES LIMITED	Director	12-09-2014	12-09-2014	-	Active	NO
11	U31100MH2014PLC258555	BAGLA INDUSTRIES LIMITED	Director	07-10-2014	07-10-2014	-	Active	NO

Name :

Mr. Marco Bonometti

Designation :

Managing Director

Address :

Via Nino Bixio No.8, Rezzato, Brescia, Italy 25086

Date of Birth/Age :

06.09.1954

Qualification :

Degree on Engineering University

Date of Appointment :

17.06.2013

DIN No.:

01914783

Name :

Mr. Francesco Bonometti

Designation :

Director

Address :

Via Gaetano, Donizetti No.6, Rezzato, Brescia, Italy 25086

Date of Birth/Age :

26.02.1956

Qualification :

Secondary School specializing in Scientific Subjects

Date of Appointment :

30.09.2008

DIN No.:

01914784

Name :

Mr. Stefano Allocchio

Designation :

Director

Address :

Via Giovanni, Bertacchi No.1, Rezzato, Brescia, Italy 25123

Date of Birth/Age :

24.03.1961

Qualification :

Degree on Economics University

Date of Appointment :

30.09.2008

DIN No.:

01914787

KEY EXECUTIVES

Name :	Mr. Aniket Ashokrao Kulkarni
Designation :	Secretary
Address :	Shalaka, Plot No.30, Behind Tandoor Hotel, Bansilal Nagar, Aurangabad – 431 001, Maharashtra, India
Date of Birth/Age :	08.06.1982
Date of Appointment :	10.08.2009
PAN No.:	AQTPK6869J

MAJOR SHAREHOLDERS

AS ON 27.09.2014

Names of Shareholders	No. of Shares
Aurangabad Electricals Limited, India	2767440
OMR Holding SPA, Italy	2767500
Aurangabad Electricals Limited Jointly with Rishi Kumar Bagla	20
Aurangabad Electricals Limited Jointly with Mamta Bagla	10
Aurangabad Electricals Limited Jointly with Neha Bagla	10
Aurangabad Electricals Limited Jointly with Devanshi Bagla	10
Aurangabad Electricals Limited Jointly with Mr. Praveen Tulshan	10
Total	5535000

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of aluminum die cast parts for automobiles and other applications.

Products :

Item Code No.	Product Description
84099990	Parts of Engine
87141090	Part of Motor Vehicle
84804100	INJCTN/CMPRSN Type Moulds FR MTL/MTL CRBD

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• USA
• Canada
• Italy

Imports :

Countries :

Italy

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Idra Sri, Italy
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Chrysler, USA
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	The Saraswat Co-Operative Bank Limited
Branch Address	Gajanan Maharaj Mandir Branch, Garkheda Parisar, Aurangabad – 431 001, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Loan Form Banks	28.159	122.851
Total	28.159	122.851

Auditors :
Name :	Price Waterhouse and company Chartered Accountants
Address :	I-501 Ruturang, Phase 2, Pune Satara Road, Near City Pride Theatre, Pune – 411009, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	Aurangabad Electricals Limited, India (U31909PN1985PLC037539) Officine Meccaniche Rezzatesi Srl, Italy F.M.B. srl, Italy OMR Componentes Automotivos LTDa, Italy
Ventures in respect of which the reporting enterprise is a joint venture:	OMR Holding SpA
Enterprise over which any person described below is able to exercise significant influence:	Aurangabad Motor Manufacturers Limited, India [U31909PN1985PLC037539]

CAPITAL STRUCTURE

AS ON 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5535000	Equity Shares	Rs.10/- each	Rs.55.350 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	55.350	55.350	55.350
(b) Reserves & Surplus	535.399	494.693	458.204
(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)	590.749	550.043	513.554
(3) Non-Current Liabilities
(a) long-term borrowings	49.695	44.942	0.000
(b) Deferred tax liabilities (Net)	22.077	30.704	13.613
(c) Other long term liabilities	0.000	0.000	29.197
(d) long-term provisions	1.279	1.323	1.017
Total Non-current Liabilities (3)	73.051	76.969	43.827
(4) Current Liabilities
(a) Short term borrowings	28.159	122.851	101.169
(b) Trade payables	110.978	179.828	137.805
(c) Other current liabilities	58.526	70.684	131.211
(d) Short-term provisions	4.765	1.739	1.005
Total Current Liabilities (4)	202.428	375.102	371.190
TOTAL	866.228	1002.114	928.571
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	489.978	578.997	526.666
(ii) Intangible Assets	0.858	1.467	2.255
(iii) Capital work-in-progress	22.083	0.000	68.259
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.249	17.329	9.870
(e) Other Non-current assets	17.971	0.000	4.916
Total Non-Current Assets	532.164	597.818	611.991
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	187.031	184.016	125.113
(c) Trade receivables	92.033	164.463	136.818
(d) Cash and cash equivalents	4.036	13.531	7.859
(e) Short-term loans and advances	49.890	40.285	44.963
(f) Other current assets	1.074	2.001	1.827
Total Current Assets	334.064	404.296	316.580
TOTAL	866.228	1002.114	928.571

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	891.949	884.380	805.666
	Other Income	7.142	13.016	3.470
	TOTAL (A)	899.091	897.396	809.136
Less	EXPENSES
	Cost of Materials Consumed	368.645	417.758	349.403
	Purchases of Stock-in-Trade	15.598	43.436	38.788
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.861	(52.671)	16.123
	Employees benefits expense	84.231	75.538	61.058
	Other expenses	274.846	263.136	209.331
	TOTAL (B)	747.181	747.197	674.703
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	151.910	150.199	134.433
Less	FINANCIAL EXPENSES (D)	4.324	13.370	20.299
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	147.586	136.829	114.134
Less/ Add	DEPRECIATION/ AMORTISATION (F)	93.087	90.451	86.837
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	54.499	46.378	27.297
Less	TAX (H)	17.635	17.077	13.623
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	36.864	29.301	13.674
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	19.252	(10.049)	(23.723)
	Balance Carried to the B/S (J+K+L-M)	56.116	19.252	-10.049
	Earnings / (Loss) Per Share (Rs.)	6.66	5.29	2.47

Particulars	31.03.2015
Sales Turnover (Approximately)	950.000

Expected Sales (2015-2016): Rs.1200.000 Million

The above information has been parted by Mr. Aniket Kulkarni (Company Secretary)

.

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	69.429
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.13	3.31	1.70
Operating Profit Margin (PBIDT/Sales)	(%)	17.03	16.98	16.69
Return on Total Assets (PBT/Total Assets}	(%)	6.46	4.63	3.17
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.05
Debt Equity Ratio (Total Debt /Networth)		0.13	0.31	0.33
Current Ratio (Current Asset/Current Liability)		1.65	1.08	0.85

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	55.350	55.350	55.350
Reserves & Surplus	458.204	494.693	535.399
Net worth	513.554	550.043	590.749
long-term borrowings	0.000	44.942	49.695
Short term borrowings	101.169	122.851	28.159
Total borrowings	170.598	167.793	77.854
Debt/Equity ratio	0.332	0.305	0.132

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	805.666	884.380	891.949
		9.770	0.856

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	805.666	884.380	891.949
Profit	13.674	29.301	36.864
	1.70%	3.31%	4.13%

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	Yes
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	Yes
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 five 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

GENERAL INFORMATION:

The subject is engaged in the business of manufacturing of aluminum die cast Parts for automobiles and other applications. The Company has its manufacturing facility at Aurangabad, Maharashtra (India) and sells primarily in India, Europe and the USA.

BUSINESS EXCELLENCE AND IMPROVEMENT INITIATIVES:

The Company has been using the philosophies of Total Productivity Management (TPM) as the foundation of its management. The Company implemented the best practices of Total Productivity Management (TPM) in its manufacturing facility located at Aurangabad. It also has in place best-in-class practices for safety, pollution control, work environment, water and energy conservation.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWING
Other Loans and Advances, Others	49.695	44.942
Total	49.695	44.942

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320640	17/11/2011	90,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GAJANAN MAHARAJ MANDIR BRANCH,GARKHEDA PARISAR,  AURANGABAD, 431001, MAHARASHTRA -, INDIA	B26609362
2	10140126	22/01/2009	50,000,000.00	THE SARASWAT COOPERATIVE BANK LIMITED	GAJANAN MAHARAJ MANDIR BRANCH, GARKHEDA, AURANGABAD, MAHARASHTRA - 431001, INDIA	A55719199
3	10126746	23/10/2008	150,000,000.00	THE SARASWAT COOPERATIVE BANK LIMITED	GAJANAN MAHARAJ MANDIR BRANCH,, GARKHEDA, AURANGABAD, MAHARASHTRA - 431001, INDIA	A49373251
4	10172098	19/06/2008	100,000,000.00	THE SARASWAT COOPERATIVE BANK LIMITED	GAJANAN MAHARAJ MANDIR BRANCH,, GARKHEDA, AURANGABAD, MAHARASHTRA - 431001, INDIA	A50355114
5	10105724	18/02/2008	140,000,000.00	THE SARASWAT COOPERATIVE BANK LIMITED	GAJANAN MAHARAJ MANDIR BRANCH,, GARKHEDA, AURANGABAD, MAHARASHTRA - 431001, INDIA	A39093653

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	23.599	71.833
TOTAL	23.599	71.833

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other 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.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SAN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.