MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED
Registered Office :	Plot No. 341-344, Sector – 10, Kandla Special Economic Zone, Kutch Gandhidham – 370230, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.08.2004
Com. Reg. No.:	04-044604
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U25191GJ2004PLC044604
TAN No.: [Tax Deduction & Collection Account No.]	AHMW00153G
PAN No.: [Permanent Account No.]	AAACW5398B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in manufacture and exports of rubber, rubber to metal and rubber to plastic bonded parts as well as thermoplastic elastomer parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1420000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Woco Franz Josef Wolf Holding GmbH, Germany and Motherson Sumi Systems Limited, India. It is an established company having good track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	Plot No. 341-344, Sector – 10, Kandla Special Economic Zone, Kutch Gandhidham – 370230, Gujarat, India
Tel. No.:	91-2836-395010
Fax No.:	91-2836253371
E-Mail :	corporate@wmart.motherson.com

DIRECTORS

As on 14.07.2011

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H 1 A, 141, DLF Westend Heights, Phase V, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment :

16.08.2004

DIN No.:

00032733

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	19/05/2003	19/05/2003	-	Active	NO
U74999DL2002NPL116010	Motherson Innovative Technologies and Research	Director	23/05/2003	23/05/2003	13/02/2007	Active	NO
U55101DL1997PLC090104	Kyungshin Industrial Motherson Limited	Director	28/05/2003	28/05/2003	-	Active	NO
U74999DL1998PLC093544	CTM India Limited	Director	12/06/2003	12/06/2003	-	Active	NO
U74999DL1992PLC049607	Motherson Techno Tools Limited	Director	18/12/2003	18/12/2003	-	Active	NO
U18109DL1999PTC099074	Sisbro Motor and Workshop Private Limited	Director	1/04/2004	1/04/2004	10/05/2007	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	16/08/2004	16/08/2004	-	Active	NO
U67120DL1997PLC085879	Sumi Motherson Innovative Engineering Limited	Director	16/08/2004	16/08/2004	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	16/08/2004	16/08/2004	-	Active	NO
U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Director	9/12/2004	9/12/2004	-	Active	NO
U34300DL2004PLC131121	Nachi Motherson Tool Technology Limited	Director	9/12/2004	9/12/2004	-	Active	NO
U74140DL2004PTC131119	Motherson Consultancy Private Limited	Director	9/12/2004	9/12/2004	-	Amalgamated	NO
U74899DL2004PLC131122	Motherson Auto Solutions Limited	Director	9/12/2004	9/12/2004	30/11/2007	Active	NO
U74899DL2004PLC131099	Motherson Machinery and Automations Limited	Director	9/12/2004	9/12/2004	15/01/2007	Active	NO
U74900DL2004PLC131118	Samvardhana Motherson Finance Limited	Director	9/12/2004	9/12/2004	14/09/2011	Active	NO
U29199DL2005PLC139659	Samvardhana Motherson Virtual Analysis Limited	Director	12/08/2005	12/08/2005	1/03/2009	Active	NO
U64201DL2005PLC142759	Balda Motherson Solution India Limited	Director	21/11/2005	21/11/2005	25/08/2006	Amalgamated	NO
U74102DL2001PLC112560	Field Motor Limited	Director	29/09/2006	3/12/2005	-	Active	NO
U34300DL2006PLC151292	Tigers Connect Travel Systems And Solutions Limited	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
U27310DL2006PLC151361	Motherson Molds And Diecasting Limited	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	8/11/2006	8/11/2006	25/12/2006	Active	NO
U34300DL1996PLC084072	Webasto Roofsystems India Limited	Alternate director	1/06/2010	14/02/2007	27/12/2010	Active	NO
U74899DL1995PLC074884	SMR Automotive Systems India Limited	Director	19/06/2009	4/09/2007	-	Active	NO
U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Director	28/09/2007	28/09/2007	2/10/2007	Active	NO
U31908DL2007PLC169556	Motherson Zanotti Refrigeration System Limited	Director	21/04/2008	18/10/2007	-	Active	NO
U24211DL2007PLC169557	Nissin Advanced Coating Indo Company Limited	Director	11/06/2008	18/10/2007	-	Active	NO
U51109DL2007PLC170331	Air Factory Energy Limited	Director	19/05/2008	12/11/2007	17/09/2010	Active	NO
U31500DL2008PLC174123	Magneti Marelli Motherson Auto System Limited	Director	14/08/2009	15/02/2008	-	Active	NO
U45400DL2007PLC169491	Motherson Advanced Tooling Solutions Limited	Director	1/09/2008	1/09/2008	20/03/2009	Active	NO
U29199DL2006PLC156494	Matsui Technologies India Limited	Alternate director	1/09/2008	1/09/2008	3/02/2009	Active	NO
U34300KA2004PLC060158	Yaskawa Robotics India Limited	Alternate director	24/11/2008	24/11/2008	13/02/2009	Active	NO

Name :

Mr. Vivek Avasthi

Designation :

Director

Address :

B 16, Vasant Vihar, Delhi – 110057, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

30.08.2006

DIN No.:

00033876

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	5/12/2000	5/12/2000	25/12/2006	Active	NO
U74999DL1995PLC070634	ASI Motherson Communication Solutions Limited	Director	23/01/2004	23/01/2004	9/04/2008	Strike off	NO
U34300DL1996PLC084072	Webasto Roofsystems India Limited	Director	18/12/2007	27/02/2004	4/04/2011	Active	NO
U28910DL2004PLC126353	Motherson Auto Engineering Service Limited	Director	13/05/2004	13/05/2004	-	Active	NO
U34300KA2004PLC060158	Yaskawa Robotics India Limited	Director	16/07/2005	16/07/2005	2/02/2011	Active	NO
U29199DL2005PLC139659	Samvardhana Motherson Virtual Analysis Limited	Director	12/08/2005	12/08/2005	-	Active	NO
U29199DL2005PLC141008	AES (India) Engineering Limited	Alternate director	20/02/2008	21/09/2005	15/03/2010	Active	NO
U74999DL1992PLC049607	Motherson Techno Tools Limited	Director	27/09/2005	27/09/2005	-	Active	NO
U64201DL2005PLC142759	Balda Motherson Solution India Limited	Director	21/11/2005	21/11/2005	-	Amalgamated	NO
U74899DL1994PLC058171	Motherson Air Travel Agencies Limited	Director	27/09/2006	3/03/2006	-	Active	NO
U34300DL2006PLC151292	Tigers Connect Travel Systems And Solutions Limited	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
U27310DL2006PLC151361	Motherson Molds And Diecasting Limited	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	13/09/2006	30/08/2006	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	13/09/2006	30/08/2006	-	Active	NO
U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	8/11/2006	8/11/2006	25/12/2006	Active	NO
U29199DL2006PLC156494	Matsui Technologies India Limited	Director	30/07/2007	12/12/2006	-	Active	NO
U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Director	15/05/2010	28/09/2007	-	Active	NO
U31908DL2007PLC169556	Motherson Zanotti Refrigeration System Limited	Director	21/04/2008	18/10/2007	-	Active	NO
U74899DL1983PLC016995	Motherson Auto Limited	Director	27/07/2009	29/06/2009	-	Active	NO

Name :

Chandra Shekhar Panda

Designation :

Alternate director

Address :

E 24, First Floor, Green Park, New Delhi – 110016, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

11.12.2008

DIN No.:

00196041

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U65993DL1979PLC010018	Quick Investment (India) Ltd.	Director appointed in casual vacancy	7/03/2007	7/03/2007	12/11/2008	Active	NO
U65993DL1979PLC010060	Good Investments(India)Limited	Director appointed in casual vacancy	7/03/2007	7/03/2007	12/11/2008	Active	NO
U64201DL2005PLC142759	Balda Motherson Solution India Limited	Director	12/07/2010	1/09/2008	-	Amalgamated	NO
U74900DL2004PLC131118	Samvardhana Motherson Finance Limited	Director	30/09/2008	1/09/2008	27/09/2011	Active	NO
U45400DL2007PLC169491	Motherson Advanced Tooling Solutions Limited	Director	19/08/2009	10/11/2008	-	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Alternate director	11/12/2008	11/12/2008	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Alternate director	11/12/2008	11/12/2008	-	Active	NO
U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Alternate director	17/12/2008	17/12/2008	4/03/2009	Active	NO
U50100DL2009PLC190516	Spirited Auto Cars (India) Limited	Director	21/05/2009	21/05/2009	-	Active	NO
U50500DL2009PLC190729	Style Motors Limited	Director	19/07/2010	29/05/2009	-	Active	NO
U74899DL2004PLC131122	Motherson Auto Solutions Limited	Director	14/05/2010	23/12/2009	-	Active	NO
U29130DL2004PLC131100	Motherson Climate System Limited	Director	19/07/2010	4/01/2010	-	Active	NO
U29199DL2005PLC141008	AES (India) Engineering Limited	Alternate director	15/03/2010	15/03/2010	-	Active	NO
U74999DL1992PLC049607	Motherson Techno Tools Limited	Alternate director	10/09/2010	15/03/2010	30/04/2011	Active	NO
U28910DL2004PLC126353	Motherson Auto Engineering Service Limited	Director	4/07/2011	18/03/2010	-	Active	NO
U34300KA2004PLC060158	Yaskawa Robotics India Limited	Alternate director	6/05/2010	6/05/2010	2/02/2011	Active	NO
U27109DL2000PTC108067	A Basic Concepts Designs India Private Limited	Additional director	19/06/2010	19/06/2010	-	Strike off	NO
U31909DL1987PLC029151	Systematic Conscom Limited	Director	3/07/2010	19/06/2010	-	Active	NO
U74102DL2001PLC112560	Field Motor Limited	Director	21/07/2010	19/06/2010	-	Active	NO
U25209DL1998PLC092635	Southcity Motors Limited	Director	4/08/2010	19/06/2010	-	Active	NO
U29199DL2005PLC139659	Samvardhana Motherson Virtual Analysis Limited	Alternate director	21/06/2010	21/06/2010	2/07/2011	Active	NO
U31908DL2007PLC169556	Motherson Zanotti Refrigeration System Limited	Alternate director	16/08/2010	16/08/2010	27/12/2010	Active	NO
U51109DL2007PLC170331	Air Factory Energy Limited	Director	3/05/2011	17/09/2010	-	Active	NO
U34300DL1996PLC084072	Webasto Roofsystems India Limited	Alternate director	28/09/2010	28/09/2010	29/07/2011	Active	NO
U29253DL2010PLC209702	Nachi Motherson Precision Limited	Director	9/07/2011	22/10/2010	-	Active	NO
U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Alternate director	10/11/2011	1/03/2011	-	Active	NO
U31908DL1999PLC098531	India Nails Manufacturing Limited	Additional director	31/03/2011	31/03/2011	-	Active	NO
U29292DL2011PLC222184	Samvardhana Motherson Polymers Limited	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Manoj Maheshwari

Designation :

Alternate director

Address :

A 5/B – 129, A 5 – B, SFS Flats, Near Avtar Enclave, Paschim Vihar, Delhi – 110063, India

Date of Birth/Age :

13.11.1971

Date of Appointment :

16.05.2011

DIN No.:

00517503

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1994PLC058171	Motherson Air Travel Agencies Limited	Director	10/09/2007	3/10/2006	-	Active	NO
U73100DL1999PLC098508	Motherson Engineering Research and Integrated Technologies Limited	Director	2/07/2007	5/10/2006	-	Active	NO
U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Alternate director	15/12/2009	28/02/2007	9/03/2010	Active	NO
U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Director	28/09/2007	28/09/2007	24/12/2007	Active	NO
U31908DL2007PLC169556	Motherson Zanotti Refrigeration System Limited	Alternate director	16/08/2010	18/10/2007	-	Active	NO
U24211DL2007PLC169557	Nissin Advanced Coating Indo Company Limited	Director	18/10/2007	18/10/2007	28/11/2007	Active	NO
U51109DL2007PLC170331	Air Factory Energy Limited	Director	12/11/2007	12/11/2007	17/03/2008	Active	NO
U74899DL2004PLC131122	Motherson Auto Solutions Limited	Director	2/06/2008	30/11/2007	23/12/2009	Active	NO
U27109DL2000PTC108067	A Basic Concepts Designs India Private Limited	Director	2/06/2008	1/12/2007	-	Strike off	NO
U34300DL1996PLC084072	Webasto Roofsystems India Limited	Alternate director	18/12/2007	18/12/2007	31/03/2008	Active	NO
U34300DL2006PLC151292	Tigers Connect Travel Systems And Solutions Limited	Director	2/06/2008	28/01/2008	-	Active	NO
U31500DL2008PLC174123	Magneti Marelli Motherson Auto System Limited	Director	15/02/2008	15/02/2008	16/04/2008	Active	NO
U27310DL2006PLC151361	Motherson Molds and Diecasting Limited	Director	3/06/2008	21/03/2008	-	Active	NO
U74999DL1995PLC070634	ASI Motherson Communication Solutions Limited	Director	2/06/2008	9/04/2008	-	Strike off	NO
U25209DL2008PLC210792	MSSL Global Wiring Limited	Director	12/06/2008	12/06/2008	-	Active	NO
U29130DL2004PLC131100	Motherson Climate System Limited	Director	19/07/2010	4/01/2010	-	Active	NO
U74899DL2004PLC131099	Motherson Machinery and Automations Limited	Director	18/07/2011	31/08/2010	-	Active	NO
U28910DL2004PLC126353	Motherson Auto Engineering Service Limited	Director	4/07/2011	6/09/2010	-	Active	NO
U29253DL2010PLC209702	Nachi Motherson Precision Limited	Director	22/10/2010	22/10/2010	29/11/2010	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Alternate director	16/05/2011	16/05/2011	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Alternate director	16/05/2011	16/05/2011	-	Active	NO

Name :

Joachim Fraas

Designation :

Alternate director

Address :

Flat No. 18, Plot No. F5, Sector – 50, Noida – 201301, India

Date of Birth/Age :

08.10.1958

Date of Appointment :

26.09.2009

DIN No.:

02336560

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Alternate director	26/09/2009	1/09/2008	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Alternate director	16/03/2010	1/09/2008	16/03/2010	Active	NO

Name :

Mr. Martin Kremser

Designation :

Director

Address :

Freseniusstr 7, Wesbaden, Germany – 65193

Date of Birth/Age :

11.09.1966

Date of Appointment :

14.05.2009

DIN No.:

02660959

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	6/07/2009	14/05/2009	-	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	16/07/2009	14/05/2009	-	Active	NO

Name :

Uwe Franz Bergmann

Designation :

Director

Address :

IM Lochseif 80, Rodenbach, Germany – 63517

Date of Birth/Age :

23.06.1964

Date of Appointment :

14.05.2009

DIN No.:

02660974

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	6/07/2009	14/05/2009	30/09/2011	Active	NO
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	16/07/2009	14/05/2009	30/09/2011	Active	NO

Name :

Hans Jurgen Owe Kracht

Designation :

Additional director

Address :

Romerstrasse 51, Paderborn, Germany - 33106

Date of Birth/Age :

06.06.1962

Date of Appointment :

11.01.2011

DIN No.:

03390693

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	14/07/2011	11/01/2011	-	Active	NO
U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	15/07/2011	11/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2011

Names of Shareholders	No. of Shares
Wolf Franz Josef Woco	1333333
Ashok Tandon	100
Pankaj Mital	100
Ramesh Dhar	100
Gaya Nand Gauba	100
Rajesh Kumar Agarwal	100
Motherson Sumi Systems Limited, India	764867
Sunil Vijay	100

Equity Share Break up (Percentage of Total Equity)

As on 14.07.2011

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	66.67
Bodies corporate	33.33
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacture and exports of rubber, rubber to metal and rubber to plastic bonded parts as well as thermoplastic elastomer parts.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Rubber Products	3129

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Rubber Components	Pcs	*	46827653

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi – 110001, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, 8^th Floor, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India
PAN.:	AAEFP5579P
Holding Company :	Woco Franz Josef Wolf Holding GmbH
Joint Venture :	Motherson Sumi Systems Limited
Fellow Subsidiaries Company :	· Woco Motherson Elastomer Limited · Woco Industrietechnik GmbH · Woco IPS GmbH · Wuxi Woco Motor Acoustic Systems Company Limited · Polymer Technik Elbe GmbH
Companies in which Key Management personnel or their relatives have significant influence :	· Motherson Auto Limited · Motherson Air Travel Agencies Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions
14000000	6% Non-cumulative Redeemable Preference Shares	Rs.10/- each	Rs.140.000 Millions
	Total		Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Note:

[Out of above, 1,333,333 (Previous year 1,333,333) Equity Shares of Rs.10 each are held by Woco Franz Josef Wolf Holding GmbH the Holding Company]

The Company has redeemed 5268600 6% Non-Cumulative Redeemable Preference Shares on July 21, 2010 which were redeemable/convertible at par not later than 20 years from the date of the allotment.

The date of earlier redemption of the 6% Non-Cumulative Redeemable Preference Shares were as under:

- For 2000000 6% Non-Cumulative Redeemable Preference Shares Redeemed on March 30, 2011

- For 6000000 6% Non-Cumulative Redeemable Preference Shares Redeemed on December 04, 2009

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.000	72.686	152.686
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		335.891	275.934	154.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		355.891	348.620	307.526
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		10.294	9.205	9.175
TOTAL		366.185	357.825	316.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		238.446	230.591	254.340
Capital work-in-progress		2.263	3.546	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.756	37.987	45.542
	Sundry Debtors	58.393	42.222	22.425
	Cash & Bank Balances	34.810	63.205	7.882
	Other Current Assets	0.176	0.257	0.167
	Loans & Advances	7.171	7.930	5.156
Total Current Assets		168.306	151.601	81.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.089	24.733	17.724
	Other Current Liabilities	0.768	0.582	0.554
	Provisions	0.973	2.598	0.533
Total Current Liabilities		42.830	27.913	18.811
Net Current Assets		125.476	123.688	62.361
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		366.185	357.825	316.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	528.360	475.146	374.514
		Other Income	23.680	4.879	10.998
		TOTAL (A)	552.040	480.025	385.512
Less	EXPENSES
		Raw Material Consumption	214.269	179.264	175.235
		Increase/ Decrease in Finished Goods and Work in Progress	(1.006)	14.132	(10.255)
		Personal cost	37.872	29.951	26.034
		Manufacturing and other expenses	116.413	101.552	93.602
		TOTAL (B)	367.548	324.899	284.616
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		184.492	155.126	100.896
Less	FINANCIAL EXPENSES (D)		0.000	0.000	3.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.492	155.126	96.957
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.935	27.095	27.310
	PROFIT BEFORE TAX (E-F) (G)		155.557	218.031	69.647
Less	TAX (I)		1.398	0.430	(0.693)
	PROFIT AFTER TAX (G-I) (J)		154.159	127.601	70.340
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		195.934	154.840	84.500
Less	APPROPRIATIONS
		Interim Dividend on Equity and Preference Share Capital	80.790	3.981	0.000
		Proposed Dividend on Preference Share Capital	0.000	1.581	0.000
		Tax on Dividend on Equity and Preference Share Capital	13.412	0.945	0.000
		Transfer to Capital Redemption Reserve	52.686	80.000	0.000
		Transfer to General Reserve	16.500	0.000	0.000
	BALANCE CARRIED TO THE B/S		186.705	195.934	154.840
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	527.043	475.023	374.374
		Cash Discount Received	5.129	2.567	2.296
		Reimbursement of Expenses	2.299	0.630	1.211
	TOTAL EARNINGS		534.471	478.220	377.881
	IMPORTS
		Raw Materials	202.771	169.023	153.675
		Capital Goods	0.000	1.994	2.685
		Consumables/ Spare Parts	4.633	3.367	3.225
	TOTAL IMPORTS		207.404	174.384	159.585
	Earnings Per Share (Rs.)
	Basic		77.08	63.80	35.17
	Diluted		46.47	9.58	4.61

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	27.92	26.58	18.25
Net Profit Margin (PBT/Sales)	(%)	29.44	45.88	18.59
Return on Total Assets (PBT/Total Assets}	(%)	38.24	57.05	20.75
Return on Investment (ROI) (PBT/Networth)		0.43	0.62	0.23
Debt Equity Ratio (Total Liability/Networth)		0.12	0.08	0.06
Current Ratio (Current Asset/Current Liability)		3.93	5.43	4.31

LOCAL AGENCY FURTHER INFORMATION

Note : The registered address of the company has been shifted from 7, 8, Premchand House, Annexe Ashram Road, Ahmedabad – 380009, Gujarat, India to present address w.e.f 02.09.2005

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Total Outstanding dues of Micro and Small Enterprises	0.000	0.000	0.000
Total Outstanding Creditors other than Micro and Small Enterprises	41.089	24.733	17.724
Total	41.089	24.733	17.724

Results of Operations

The Company is engaged in manufacture and exports of rubber, rubber to metal and rubber to plastic bonded parts as well as thermoplastic elastomer parts at Kandla Special Economic Zone, Gandhidham, Gujarat primarily for automotive industry. This is the fifth year of production. Exports have been higher as compared to previous year due to improvement in order position. Exports during current year is Rs.526.952 million (Previous year Rs.475.068 million). Domestic Sales during the current year is Rs.1.409 million (Previous year Rs.0.078 million).

Note on the Performance

Performance of the company in financial year 2010-11 exceeded the performance in past years in all the areas. Company achieved higher sales during the year despite lower realization of export proceeds at low euro-rupee conversion rate compared to previous year. Company also exceeded on all financial performance parameters like CP/EBIT/PBT/ ROCE as compared to previous year. Company also cleared the certification audit of TS16949 : 2009 and ISO14001: 2004; and was also successful in achieving the target production at lower internal rejection rate than the previous year.

Future Outlook and Business Plan

Company is targeting growth of 15% for year 2011-12. Increase in production capacity is planned by adding more injection moulding machines, mixing mill and a bonding plant. Steps are being taken to have direct coordination with VW-India for new business enquiries for European market. Development of rubber and Plastic moulds in India and development of indigenous compound with support of WOCO Germany and starting new product range of Rubber to Plastic bonded parts has been planned for 2011-12.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	As on 31.03.2011
Service Tax Matters	0.401

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	80010046
Corporate identity number of the company	U25191GJ2004PLC044604
Name of the company	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED
Address of the registered office or of the principal place of business in India of the company	7, 8 Premchand House, Annexe Ashram Road, Ahmedabad – 380009, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi – 110001, India Email Id : sbi.04803@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Indenture of Mortgage dated 13.09.2006 executed by the company in favour of State Bank of India
Date of instrument Creating the charge	13.09.2006
Amount secured by the charge	Rs.180.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Export Packing Credit- Rs.25.000 Millions, Interest- As per extent instructions regarding Export, Finance. FCNRB Term Loan- Rs.140.000 Millions Interest- as applicable to units with SBTL-1 rating. At present 3.75% above 6m-LIBOR, Stand by limit under SBI Exporters Gold Card Scheme- Rs.5.000 Millions Interest- EPC/FBP upto 180 days/365 days: 6.50 %. Bank Guarantee- Rs.10.000 Millions. Interest- Not Applicable Terms of Repayment EPC- Rs.25.000 Millions, No repayment schedule, Stand by limit under SBI Exporters Gold Card Scheme- Rs.5.000 Millions, No repayment schedule, Bank Guarantee- Rs.10.000 Millions, Not Applicable, FCNRB Term Loan- Rs.140.000 Millions, After a one year moratorium period subsequent to the commencement of commercial production i.e. commencing w.e.f. 1st Oct.2006 with schedules as for 2006-07- Rs.14.000 Millions, 2007-08- Rs.35.000 Millions., 2008-09- Rs.56.000 Millions, 2009-10- Rs.35.000 Millions Margin Export Packing Credit- Rs.25.000 Millions, Drawing under EPC will be permitted to the maximum extent of LC or firm export order subject to availability of adequate drawing power against stocks held by the company, Margin against inventories shall be as under: Indigenous raw material- 25%, Stocks in process-25%, Finished goods-25%, Packing Materials-25%, FCNRB Term Loan- Rs.140.000 Millions :10%., Stand by limit under SBI Exporters Gold Card Scheme- Rs.5.000 Millions: As applicable to EPC,Bank Guarantee- Rs.10.000 Millions 10% Extent and Operation of the charge Export Packing Credit- Rs.25.000 Millions: Stocks/ book debts, FCNRB Term Loan- Rs.140.000 Millions: 1st charge on fixed assets and 2nd charges on land, Stand by limit under SBI Exporters Gold Card Scheme- Rs.5.000 Millions : Stocks/ book debts,. Bank Guarantee- Rs.10.000 Millions : Stocks/ book debts
Short particulars of the property charged	First Hypothecation charge on entire current assets of the company including stocks of raw materials, stocks in process and finished goods and consumables as also movable plant and machinery etc. lying in the company's godowns, factories, goods in transit and book debts, present and future. First change on entire fixed assets of the company
Date of latest modification prior to the present modification	13.09.2006
Particulars of the present modification	The Loan amount is hereby increased from Rs.170.000 Millions to Rs.180.000 Millions by additional Bank Guarantee (Non- Fund Based) limit of Rs.10.000 Millions

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture, Fixture and Office Equipment

· Computers

· Vehicles

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 records 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 records 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
TOTAL		49

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.