MIRA INFORM REPORT

Report Date :

28.02.2011

NOTE: The Correct name of the company DYNA – K – AUTOMOTIVE STAMPINGS PRIVATE LIMITED

IDENTIFICATION DETAILS

Name :	DYNA – K – AUTOMOTIVE STAMPINGS PRIVATE LIMITED
Registered Office :	Plot No.450, J block, MIDC Bhosari, Pune-411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.12.1985
Com. Reg. No.:	11-38409
CIN No.: [Company Identification No.]	U28910PN1985PTC038409
Legal Form :	Private Limited liability company
Line of Business :	Manufacturer of Automotive Components.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Badave
Designation :	Finance Head
Contact No.:	91-20-27120189
Date :	26.02.2011

LOCATIONS

Registered Office Factory I:	Plot No.450, J block, MIDC Bhosari, Pune-411 026, Maharashtra, India
Tel. No.:	91-20-30682313
Fax No.:	91-20-27129812
E-Mail :	dynak@vsnl.com info@dynakstamp.com
Website :	www.dynakstamp.com
Area :	3500 sq. ft. (Approximately)
Location :	Owned
Corporate Office/ Factory II:	Plot 6, J Block, MIDC Industrial Estate, Bhosari, Pune-411 026, Maharashtra, India
Tel. No.:	91-20-27120189
Fax No.:	91-20-27129812

DIRECTORS

As on 29.09.2010

Name :	Mr. Bhalchandra B. Hattark
Designation :	Director
Address :	D-4, 221/2, Kalyani Nagar, Pune-411 014, Maharashtra, India
Date of Birth/Age :	10.10.1941
Date of Appointment :	08.06.2009
Name :	Mr. Christopher F. Dias
Designation :	Director
Address :	6, Mangal Apartments, 421/B, Ghokhale Road, Shivaji Nagar, Pune-411 016, Maharashtra, India
Date of Birth/Age :	31.12.1953
Date of Appointment :	20.12.1985
Name :	Ms. Shailaja C. Dias
Designation :	Director
Address :	6, Mangal Apartments, 421/B, Ghokhale Road, Shivaji Nagar, Pune-411 016, Maharashtra, India
Date of Birth/Age :	03.05.1955
Date of Appointment :	20.12.1985
Name :	Mr. Nishant G. Sagar
Designation :	Director
Address :	6, Mangal Apartments, Ghokhale Road, Shivaji Nagar, Pune-411 016, Maharashtra, India
Date of Birth/Age :	25.07.1977
Date of Appointment :	01.10.2008
Name :	Mr. Ramesh D. Shah
Designation :	Director
Address :	601, A Wing Gazdar, Apartment, Juhu Tara road, Mumbai-400 049, Maharashtra, India
Date of Birth/Age :	06.03.1961
Date of Appointment :	16.05.2009

KEY EXECUTIVES

Name :	Mr. Badave
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
C. F. Dias	40429
S. C. Dias	8711
M. C. Dias	718
R. D. Shah	50000
V. D. Kulkarni	142
Total	100000

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.86
Others	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Components.

Products :

Item Code No. (ITC Code)	8708.00
Product Description	Motor Vehicle Parts
Item Code No. (ITC Code)	8207.00
Product Description	Tools

Exports :

Products :

Component Cost Part

Countries :

USA, UK

Imports :

Products :

Shipping Bracket

Countries :

UK

Terms :

Selling :

Cash and Credit (30 to 60 to 90 days)

Purchasing :

Cash and Credit (30 to 60 to 90 days)

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

50 (Approximately)

Bankers :

State Bank of India, Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune - 411034, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From State Bank of India
Term Loan (Secured by mortgage of Immovable Properties, Hypothecation of a Movable Properties and also guaranteed by the two Directors)	5.416	0.973
Cash Credit (Secured by hypothecation of Stock, Book Debts and other Movable Properties and also guaranteed by the two Directors)	18.510	4.038
Customer Bill Discounting (Secured by hypothecation of Stock, Book Debts and other Movable Properties and also guaranteed by the two Directors)	15.576	5.908
Total	39.502	10.919

Banking Relations :	-
Auditors :
Name :	S. B. Sabne Chartered Accountants
Address :	1, Vasant Apartments, 106/2 Erandawana Off. Prabhat road, Opposite Dr. Kalmadi S. H. School, Pune-411 004, Maharashtra, India
Tel. No.:	91-20-25435388/25423302
E-Mail :	sbsabne@vsnl.net

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- Each	Rs.10.000 Millions
25000	Preference Shares	Rs.100/- Each	Rs.2.500 Millions
	Total		Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- Each	Rs.10.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- Each	Rs.7.500 Millions
25000	Preference Shares	Rs.100/- Each	Rs.2.500 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69796	Equity Shares	Rs.100/- Each	Rs.6.980 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.980	6.980	6.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.236	35.673	29.299
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.216	42.653	36.279
LOAN FUNDS
1] Secured Loans		39.502	10.919	26.637
2] Unsecured Loans		0.000	4.590	7.558
TOTAL BORROWING		39.502	15.509	34.195
DEFERRED TAX LIABILITIES		4.178	3.320	3.051
TOTAL		93.896	61.482	73.525
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.835	26.799	24.644
Capital work-in-progress		0.000	0.000	0.063
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.412	7.952	13.632
	Sundry Debtors	68.344	55.405	67.159
	Cash & Bank Balances	0.156	0.532	0.696
	Other Current Assets	0.037	0.036	0.040
	Loans & Advances	5.777	5.634	4.526
Total Current Assets		87.726	69.559	86.053
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.916	32.610	34.158
	Other Current Liabilities	2.947	1.649	1.614
	Provisions	0.802	0.617	1.463
Total Current Liabilities		33.665	34.876	37.235
Net Current Assets		54.061	34.683	48.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		93.896	61.482	73.525

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales, Jobwork receipts etc.	204.387	208.403	218.668
		TOTAL	204.387	208.403	218.668
Less	EXPENSES
		Material Consumed and Manufacturing Expense	147.530	162.393
		Employee’s Emoluments	21.072	18.375	201.973
		Other Expenses	18.422	16.074
		Extraordinary Items	1.401	(0.558)
		TOTAL	188.425	196.284	201.973
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		56.962	12.119	16.695
Less/ Add	DEPRECIATION/ AMORTISATION		3.441	3.033	2.610
	PROFIT BEFORE TAX		12.521	9.086	14.085
Less	TAX		4.958	2.712	5.376
	PROFIT AFTER TAX		7.563	6.374	8.709
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.948	16.075	17.531
Less	APPROPRIATIONS
		Interim Dividend	0.000	0.000	6.980
		Proposed Dividend	0.000	0.000	14.186
		Transfer to General Reserve	1.000	1.500	2.000
	BALANCE CARRIED TO THE B/S		27.512	20.948	16.075
	EARNINGS IN FOREIGN CURRENCY		42.996	49.507	51.836
	Earnings Per Share (Rs.)		108	91	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.70	3.06	3.98
Net Profit Margin (PBT/Sales)	(%)	6.13	4.36	6.44
Return on Total Assets (PBT/Total Assets}	(%)	9.82	9.43	12.72
Return on Investment (ROI) (PBT/Networth)		0.25	0.21	0.39
Debt Equity Ratio (Total Liability/Networth)		1.46	1.18	4.08
Current Ratio (Current Asset/Current Liability)		2.61	1.99	2.31

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	29.916	32.610	34.158

MANAGEMENT DISCUSSION and ANALYSIS

Economy and Industry Overview:

The financial year 2009-10 began amidst global financial slowdown. They were grave uncertainties and the sentiment was very weak. In Indian context there was added uncertainty on account of sub-normal south-west monsoon. To counter these negatives, the Indian Government implemented fiscal stimulus packages to boost demand and Increase expenditure on public projects. The RBI took a number of monetary easing aid liquidity enhancing measures. As a result, Indian weathered these crises well and Indian economy Is In a far better position than it was 12-14 months ago. The Indian economy fared better than most developed economies. This recovery was achieved despite a negative growth in the agricultural sector Manufacturing sector was the growth -driver for this recovery.

The world economy which was affected by slow-down towards the end of 2008 continued for greater pad of the year 2009.

However during the year the Indian economy recorded a growth of around 7.2% as compared to 6.75% in the earlier year. The Domestic Auto Industry achieved an at time high sale of around 12.2 million units in financial year 2009-10 as against the sale of 10.1 million units in 2006-07. The strong growth has been from the passenger car volumes, two wheeler and commercial vehicles. This represents a growth of 25.48% as against 9.7 million units sold in 2008-09.

The Indian Economy is expected to grow more than 8% in 2010-11.

Company Performance:

During the year, the Company achieved the gross revenue (net of Excise and VAT) of Rs.204.386 millions as against Re. 208.403 millions in the previous year.

Profit for the year before Taxation and extra ordinary items has been increased to Rs.13.922 millions from Rs.8.528 millions in the previous year.

The Company believes that costs have to be continuously brought down white improving product performance. Towards this objective, several Initiatives have started in the year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U28910PN1985PTC038409
Name of the company	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.450, J block, MIDC Bhosari, Pune-411 026, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	90090604
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune - 411034, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan-cum-Hypothecation
Date of instrument Creating the charge	20.12.2010
Amount secured by the charge	Rs.98.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: 11.60% p.a., Term Loan Facility of Rs.30.000 Millions: 12.10% p.a. or rate prescribed by Bank from time to time. Terms of Repayment As per Agreement with the Bank Margin Raw Material, Semi-Finished and Finished Goods, Domestic Receivables, Term Loan 25%, Letter of Credit and Bank Guarantee 10% Extent and Operation of the charge Details of Facilities (Rs .in Millions) - Demand Cash Credit 45.000, Export Packing Credit (5.000), Export Bill discounting(200), Inland Bill Discounting(25.000), Old Term Loan(Outstanding) 3.600, New Term Loan 30.000, Letter of Credit 15.000, Bank Guarantee 5.000, Total Facilities Rs.98.600 Millions. The charge on hypothecated and mortgaged assets continues till full repayment of Loan. Others As per Agreement with the Bank
Short particulars of the property charged	Hypothecplacation of existing as well as future stocks of raw materials, finished goods, stocks-in-process, stores and spares, packing materials of the unit at their factory premises or at some other places including goods in transit, outstanding moneys, book debts, receivables, current assets, movable fixed assets purchased out of Bank Finance. Hypothecation of movable assets purchased out of Bank Finance. Equitable Mortgage of Immovable Properties of Company – 1) Factory Land and Building at Plot No.J-6, MIDC, Bhosari, Pune.( Plot Area 4050 Sq.Mtrs, Built up Area 1700 Sq. Mtrs.) together with construction thereon and to be constructed thereto. 2) Factory Land and Building at Plot No.J-450, MIDC, Bhosari, Pune.( Plot Area 1250 Sq. Mtrs, Built up Area 1250 Sq. Mtrs.) together with construction thereon and to be constructed thereto.
Date of latest modification prior to the present modification	20.11.2008
Particulars of the present modification	The facilities enhanced upto Rs.98.600 Millions. The present facility structure stands as - Demand Cash Credit 450, Export Packing Credit (50), Export Bill discounting(200), Inland Bill Discounting(250), Old Term Loan(Outstanding) 36, New Term Loan 300, Letter of Credit 150, Bank Guarantee.

Trade Reference:

· Rane (Madras) Limited

· Bajaj Tempo Limited

· Hindustan Motors

Fixed Assets:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicle

· Library Books

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.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.