MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Name :	JBM AUTO LIMITED (w.e.f. 17.1.2005)

Formerly Known As :	PRECIOUS ESTATES LIMITED

Registered Office :	703-B, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	05.11.1996

Com. Reg. No.:	55-083073

CIN No.: [Company Identification No.]	L74899DL1996PLC083073

Legal Form :	Public Limited Liability Company. Company’s Shares are listed on the stock Exchange.

Line of Business :	Manufacturer of Sheet Metal Components, Tools and Dies for Automotive Applications.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 3767000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

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

INFORMATION DECLINED BY

Management non-cooperative

LOCATIONS

Registered Office :	703-B, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26427104/ 26427105/ 26427106/ 26427107
Fax No:	91-11-26427100
E-Mail :	nkgoel@jbm.co.in corp@jbm.co.in
Website :	http://www.jbm-group.com

Corporate Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India
Fax No:	91-11-26427100

Factory:	Plot No.71-72, MIDC, Satpur, Nashik – 422 007, Maharashtra, India Also Located at: v Faridabad v Noida

DIRECTORS

As on 20.09.2010

Name :	Mr. Surendra Kumar Arya
Designation :	Director
Address :	Neelanchal # 7, Bandh Road, Chandanhula Mehrauli, New Delhi – 110 030, India
Date of Birth/Age :	10.11.1957
Date of Appointment :	01.08.2000
DIN No.:	00004626

Name :	Mr. Ashok Kumar Agarwal
Designation :	Director
Address :	C – 335, Saraswati Vihar, Pitampura, New Delhi, India
Date of Birth/Age :	05.07.1958
Date of Appointment :	01.08.2000
DIN No.:	00003988

Name :	Mr. Mahesh Kumar Aggarwal
Designation :	Director
Address :	D – 4, BHEL Township, Sector – 17, Noida, Uttar Pradesh, India
Date of Birth/Age :	06.05.1943
Date of Appointment :	07.06.2002
DIN No.:	00004982

Name :	Mr. Hans Raj Saini
Designation :	Whole Time Director
Address :	House No.160, Sector – 14, Faridabad – 121 007, Haryana, India
Date of Birth/Age :	01.03.1938
Date of Appointment :	07.06.2002
DIN No.:	00004665

Name :	Mr. Nishant Surendra Arya
Designation :	Director
Address :	Neelanchal # 7, Bandh Road, Chandanhula Mehrauli, New Delhi – 110 030, India
Date of Birth/Age :	01.11.1986
Date of Appointment :	04.09.2009
DIN No.:	00004954

KEY EXECUTIVES

Name :	Mr. Naresh Kumar Goel
Designation :	Chief Financial Officer and Company Secretary
Address :	House No.2154, Sector – 9, Faridabad – 121 006, Haryana, India
Date of Birth/Age :	28.07.1964
Date of Appointment :	22.06.2001

Audit Committee :	- Mr. Ashok Kumar Agarwal, Chairman - Mr. M. K. Aggarwal, Member - Mr. S. K. Arya, Member

Remuneration Committee :	- Mr. M. K. Aggarwal, Chairman - Mr. Ashok Kumar Aggarwal, Member - Mr. S. K. Arya, Member

Shareholders'/Investors' Grievance Committee :	- Mr. S. K. Arya, Chairman - Mr. Ashok Kumar Agarwal, Member - Mr. H. R. Saini, Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	290,171	2.85
Bodies Corporate	6,032,415	59.15
Sub Total	6,322,586	61.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6,322,586	61.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	300	-
Financial Institutions / Banks	273,907	2.69
Insurance Companies	1,080	0.01
Foreign Institutional Investors	120	-
Sub Total	275,407	2.70
(2) Non-Institutions
Bodies Corporate	2,416,086	23.69
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	862,343	8.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	278,662	2.73
Any Others (Specify)	43,757	0.43
Non Resident Indians	43,757	0.43
Sub Total	3,600,848	35.31
Total Public shareholding (B)	3,876,255	38.01
Total (A)+(B)	10,198,841	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	10,198,841	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Components, Tools and Dies for Automotive Applications.

Products :

Item Code No. (ITC Code)	8708
Product Description	Sheet Metal Components Assemblies and Sub-Assemblies
Item Code No. (ITC Code)	8462
Product Description	Tools, Dies and Moulds for Automobile Industry
Item Code No. (ITC Code)	8704
Product Description	Special Purpose Vehicle

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Installed Capacity (Per Annum)	Actual Production (Nos.)
Components, Assemblies, Sub-assemblies	30000 MT	13298118*
Special Purpose Vehicles	N.A.	1,094
Tools, Dies and Moulds	N.A.	322**

* Includes 1471958 Components produced on Job Work

** Includes 10 Tools produced on Job Work

GENERAL INFORMATION

No. of Employees :

4000 (Approximately)

Bankers :

ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110 001, India
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Central Bank of India, S. M. Road, Ahmedabad – 380 015, Gujarat, India
Canara Bank
ABN Amro Bank
Citi Bank N.A., Jeevan Vihar, 3, Sansad Marg, New Delhi – 110 001, India
Yes Bank Limited
Standard Chartered Bank
Bank of Baroda
ICICI Bank Limited

Facilities :

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Working Capital Loans from Banks :
- Cash Credit*	554.218	564.370
- Buyers credit / External Commercial Borrowing**	161.306	113.107
Term Loan from Banks :
- Foreign Currency Loans***	183.551	224.867
- Other Term Loan****	211.200	0.000
Vehicle Loan*****	2.402	1.736
Total	1112.677	904.080

Unsecured Loans

31.03.2009

Rs. In Millions

31.03.2008

Rs. In Millions

From Body Corporate

267.000

95.000

Total

267.000

95.000

* Secured by hypothecation on pari passu interse between banks by way of first charge on current assets and by way of second charge on entire fixed assets both present and future.

** Buyers credit / External Commercial Borrowings are secured by guarantee of Indian Banks.

*** Secured by first pari passu charge on all fixed assets both moveable and immovable and second charge on all current assets.

**** First Charge on specific project Fixed Assets including EMT of factory land and building

***** Secured by hypothecation of specific Vehicles.


Banking Relations :	--

Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505, Chiranjiv Tower, Nehru Place, New Delhi – 110 019, India

Subsidiaries :	JBM Ogihara Automotive India Limited CIN No.: U27100DL2009PLC187584 JBM Auto System Private Limited CIN No.: U34300TN1998PTC046810

CAPITAL STRUCTURE

As on 20.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions
5000000	Preference Shares	Rs.10/- each	Rs.50.000 millions
	Total		Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10198841	Equity Shares	Rs.10/- each	Rs.101.988 millions
5000000	Preference Shares	Rs.10/- each	Rs.50.000 millions
	Total		Rs.151.988 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		151.988	101.988	101.988
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		789.791	476.520	358.448
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		941.779	578.508	460.436
LOAN FUNDS
1] Secured Loans		1310.663	1112.677	904.080
2] Unsecured Loans		191.000	267.000	95.000
TOTAL BORROWING		1501.663	1379.677	999.080
DEFERRED TAX LIABILITIES		117.735	131.453	104.582

TOTAL		2561.177	2089.638	1564.098

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		822.439	883.258	681.795
Capital work-in-progress		182.332	276.201	198.990

INVESTMENT		662.323	180.500	0.050
Foreign Currency Monetary item Translation Difference Account		1.025	2.050	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	619.549	452.975	565.186
	Sundry Debtors	681.710	741.085	430.806
	Cash & Bank Balances	5.606	6.102	7.782
	Other Current Assets	150.199	190.779	180.831
	Loans & Advances	299.374	76.570	75.539
Total Current Assets		1756.438	1467.511	1260.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	830.238	390.663	332.641
	Other Current Liabilities		322.384	276.793
	Provisions	33.142	6.835	18.033
Total Current Liabilities		863.380	719.882	576.881
Net Current Assets		893.058	747.629	683.263

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2561.177	2089.638	1564.098

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2378.047	2163.638	1862.051
		Other Income	14.481	0.857	10.512
		TOTAL (A)	2392.528	2164.495	1872.563

Less	EXPENSES
		Raw Material Consumed	1734.257	1416.697	1323.408
		Employee Remuneration and Benefits	176.616	169.575	146.197
		Manufacturing, Administrative and Other Expenses	365.395	316.104	313.062
		Expenditure transferred to capital assets	(0.981)	(14.802)	(5.172)
		Exceptional Items	0.000	(122.425)	0.000
		Increase/ Decrease in Stock	(177.584)	25.365	(100.576)
		TOTAL (B)	2097.703	1790.514	1676.919

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		294.825	373.981	195.644

Less	FINANCIAL EXPENSES (D)		97.829	113.632	49.525

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		196.996	260.349	146.119

Less/ Add	DEPRECIATION/ AMORTISATION (F)		74.606	59.600	54.325

	PROFIT BEFORE TAX (E-F) (G)		122.390	200.749	91.794

Less	TAX (H)		39.991	72.239	26.417

	PROFIT AFTER TAX (G-H) (I)		82.399	128.510	65.377

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--	--

Less	APPROPRIATIONS
		Proposed Dividend
		- Preference Shares	1.052	--	--
		- Equity Shares	15.298	--	15.298
		Dividend Tax
		- Preference Shares	0.179	--	--
		- Equity Shares	2.600	--	2.601
		Transferred to General Reserve	10.000	--	10.000
	BALANCE CARRIED TO THE B/S		53.270	128.510	37.478

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	54.824	146.105
	TOTAL EARNINGS		NA	54.824	146.105

	IMPORTS
		Raw Materials	NA	183.462	111.408
		Consumable stores and spares	NA	1.713	0.000
		Repair & Maintenance (Plant & Machinery)	NA	0.365	0.818
		Capital Goods	NA	43.149	2.760
	TOTAL IMPORTS		NA	228.689	114.986

	Earnings Per Share (Rs.)		7.96	12.60	6.41

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010
Type	1^st Quarter	2^nd Quarter
Net Sales	776.070	900.600
Total Expenditure	681.660	782.990
PBIDT (Excl OI)	94.410	117.610
Other Income	1.380	0.880
Operating Profit	95.790	118.490
Interest	26.360	33.200
Exceptional Items	0.000	0.000
PBDT	69.430	85.290
Depreciation	21.320	18.710
Profit Before Tax	48.120	66.580
Tax	15.500	22.610
Provisions and contingencies	0.000	0.000
Profit After Tax	32.620	43.980
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	32.620	43.980

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.44	5.94	3.49

Net Profit Margin (PBT/Sales)	(%)	5.15	9.28	4.93

Return on Total Assets (PBT/Total Assets}	(%)	4.75	8.54	4.73

Return on Investment (ROI) (PBT/Networth)		0.13	0.35	0.20

Debt Equity Ratio (Total Liability/Networth)		2.51	3.63	3.42

Current Ratio (Current Asset/Current Liability)		2.03	2.04	2.18

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

390.663

332.641

Note:

The registered office of the company has been shifted from Neel House, Lado Sarai, Opposite Qutab Minar, New Delhi – 110 030 to the present address w.e.f. 01.08.2007.

HISTORY

Mr. Surendra Kumar Arya founded the JBM Industries in 1983 with the launch of Gurera Gas Cylinders Limited at Faridabad that has now grown to JBM Group with 28 modern plants all over India.

The business history of Arya family has roots in the decision of Seth Shri Rameshwar Das of village Gurera in Hissar, Haryana. About seven decades back he started the textile business under the name of Jay Bharat Fabrics after getting inspired by Mahatma Gandhi’s ‘Swadeshi Movement (Use of indigenous product). With its qualitative production and market acceptability the venture flourished leaps and bounds opening wings in various cities especially in the Eastern and Western parts of the India. However, this rapid growth did not divert the industry’s enthusiasm of producing quality products of international standards upholding the rich Indian values.

The patriotism of the family has received strength with the growth of the family business. In line with this spirit the family has contributed in the villages by way of establishing hospitals, schools, community centers, drinking water facilities, religious places, etc.

Some 50 years earlier, a stalwart of the family, Shri Ram Richhpal Agarwal moved to Mumbai to carry forward the family business. His son Surendra Kumar Arya, a Science graduate from Bombay University, with bigger dreams of diversifying, expanding and consolidating the business, moved to Faridabad and launched LPG cylinders manufacturing plant in 1983.

In the year 1986 a joint venture with Maruti Suzuki was signed for manufacturing sheet metal components and sub assemblies. This proved to be the turning point in the development of JBM Group and its march towards achieving new highs continued with confidence and commitment.

OPERATIONAL AND FINANCIAL REVIEW

The Company is engaged mainly in the manufacturing of Sheet metal components, welded assemblies and tool and dies primarily for the Automobile Industry. Automotive Industry, globally, as well in India, is one of the key sectors of the economy. Due to its deep forward and backward linkages with several key segments of the economy, automotive industry has a strong multiplier effect and acts as one of the drivers of economic growth.

The automotive Industry in India is now working in terms of the dynamics of an open market. Many joint ventures have been set up in India with foreign collaboration, both technical and financial with leading global manufacturers. Also a very large number of joint ventures have been set up in the auto-components sector and the pace is expected to pick up even further. The Government of India is keen to provide a suitable economic and business environment conducive to the success of the established and prospective foreign partnership ventures.

During the Year ended March 31st, 2010, the Indian Automotive Industry performed extremely well and the overall sale of Vehicles increased by 25.26% over the previous year with the sale of 140.97 lacs vehicles (Domestic and Exports both) in 2009-10. The passenger vehicle and commercial vehicle registered a double digit growth and also the sale of three wheelers and two wheelers increased over the previous Year.

The company recorded sales and other income (excluding exceptional items) of Rs.2604.781 millions as against Rs.2473.402 millions recorded in the previous year, registering a growth of 5.32%.

The Profit before Tax (excluding exceptional item) is increased to Rs.122.390 millions from Rs.78.324 millions in the previous year.

ALLOTMENT OF 8% NON-CUMULATIVE REDEEMABLE PREFERENCE SHARES

Pursuant to the approval by the Shareholders in the 13th Annual General Meeting (AGM) held on 4th September 2009, the Company has allotted 5000000(Fifty Lacs) 8% Non-Cumulative Redeemable Preference Shares of Rs.10/- (Rs. Ten only) each, at the premium of Rs. 50/- (Rs. Fifty only) each to Neel Metal Products Limited.

SUBSIDIARIES

The Company has two subsidiaries namely M/s JBM Ogihara Automotive India Limited and M/s JBM Auto System Private Limited.

EXPANSION

At present, the Company has manufacturing facilities at Faridabad, Greater Noida, Nashik and Kosi. The Company has been selected by Tata Motors Limited (TML) as one of supplier of components for their small car Project “NANO”. After decision by TML to shift their small car project “NANO” from Singur, West Bengal to Sanand, Gujarat, the Company has also decided to relocate its manufacturing facilities from Singur to Sanand. All salvageable machineries and equipments at Singur Project have been/are being shifted to Sanand unit of the Company. Negotiation with Tata Motors has been finalized to partly compensate the relocation cost and Facilitation Agreement has been executed. The project at Sanand is expected to start commercial production during the Financial Year 2010-11.

UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE PERIOD ON SEPTEMBER 30, 2010

(Rs. in millions)

Particulars	2^nd Quarter Ended	Hal Year Ended
	30.09.2010	30.09.2010
	(Unaudited)	(Unaudited)
1. Net Sales / Income from operations	900.601	1676.670

2. Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	(69.055)	(70.357)
b) Consumption of raw materials	675.482	1205.109
c) Employees cost	54.520	102.828
d) Depreciation	18.705	40.026
e) Other expenditure	122.041	227.056
Total Expenditure	801.693	1504.663

3. Profit from operations before other income, interest and exceptional Items	98.908	172.007
4. Other income	0.877	2.258
5. Profit before Financial Charges (3+4)	99.785	174.265
6. Financial Charges	33.201	59.560
7. Profit (+)/Loss(-) from Ordinary Activities before tax (5-6)	66.584	114.705
8. Tax expense	22.605	38.104
9. Net Profit (+)/Loss(-)for the period after Tax (7-8)	43.980	76.601
10. Paid up equity share capital (Face value of Rs.10/- per share)	101.988	101.988
11. Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--
12. Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items	4.31	7.51
(a) Basic and diluted EPS after Extraordinary items	4.31	7.51
13. Public shareholding
Number of shares	3876255	3876255
Percentage of shareholding	38.00%	38.00%

14. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL
Percentage of shares (as a % of total share capital of the company)	NIL	NIL

b) Non Encumbered
Number of shares	6322586	6322586
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	62.00%	62.00%

REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Particulars	2^nd Quarter Ended	Hal Year Ended
	30.09.2010	30.09.2010
	(Unaudited)	(Unaudited)
1. Segment Revenue
a) Sheet Metal Division	772.177	1401.522
b) Tool Room Division	101.898	229.068
c) SPV Division	26.526	46.080
Total Income	900.601	1676.670
Less: Inter Segment Revenue	--	--
Total Segment Income	900.601	1676.670

2. Segment Results (Profit before tax and financial charges from each segment)
a) Sheet Metal Division	81.880	134.504
b) Tool Room Division	27.435	58.952
c) SPV Division	(1.016)	(5.293)
d) Un-allocable Income	(0.000)	(0.000)
Total	108.298	188.162
Less:
a) Financial Charges	33.201	59.550
b) Other un-allocable expenditure (net)	8.513	13.897
Profit Before Tax	66.584	114.705

3. Capital Employed (Segment Assets – Segment Liabilities)
a) Sheet Metal Division	830.961	830.961
b) Tool Room Division	497.238	497.238
c) SPV Division	47.380	47.380
d) Un-allocable Income	318.301	318.301
Total	1693.880	1693.880

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) (STANDALONE)

(Rs. in millions)

Particulars	Half Year Ended
	30.09.2010
	(Unaudited)
SHAREHOLDERS FUNDS
a) Share Capital	151.988
b) Share Application Money	--
c) Reserves & Surplus	866.391
	1018.380
LOAN FUNDS	1831.983
DEFERRED TAX LIABILITIES	121.539
TOTAL	2971.902

FIXED ASSETS	1285.141
INVESTMENT	662.323
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT	0.512

CURRENT ASSETS, LOANS & ADVANCES
a) Inventories	696.836
b) Sundry Debtors	897.156
c) Cash & Bank Balances	22.126
d) Loans & Advances	413.260
	2029.377
Less : CURRENT LIABILITIES & PROVISIONS
a) Current Liabilities	998.079
b) Provisions	7.373
	1005.451
Net Current Assets	1023.926

TOTAL	2971.902

Corporate identity number of the company	L74899DL1996PLC083073
Name of the company	JBM AUTO LIMITED
Address of the registered office or of the principal place of business in India of the company	703-B, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India E-Mail: nkgoel@jbm.co.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	CIN No.: L85110KA1930PLC000124 ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110 001, India E-Mail: giridharvvrn@ingvysyabank.com
Nature of description of the instrument creating or modifying the charge	General Hypothecation Agreement – 60.000 millions
Date of instrument Creating the charge	22/09/2010
Amount secured by the charge	Rs.60.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC : IVBR+3.75% WCDL (sub limit): At negotiable rate. Terms of Repayment: CC :On Demand (WCDL sub limit): On Demand. Margin: CC: 25% on stocks and 40% on book debts (Upto 90 days). WCDL (sub limit): 25% on stocks and 40% on book debts (Upto 90 days). Extent and Operation of the charge: CC/WCDL Exclusive first charge on the entire current assets on the Sanand unit of the company. Second charge on the moveable fixed assets and plant and machinery both present and future at the Sanand unit of the company. Second charge on plant and machinery, both present and future at Sanand unit of the company Others: CC : Rs.60.000 Millions WCDL(sub limit) : (60.000 Millions)
Short particulars of the property charged	Entire current assets, moveable fixed assets and plant and machinery both present and future at Plot No.B-2, Vendors Park, Sanand, District Ahmedabad, Gujarat.

CONTINGENT LIABILITIES:-

Particulars	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
i) Letter of Credit outstanding	71.932	139.739
ii) Guarantees issued by the Bank on behalf of the Company	27.100	6.070
iii) Claims against the Company not acknowledged as debt	23.132	23.132

FIXED ASSETS:

Tangible Assets

· Land (Freehold)

· Land (Lease Hold)

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

Intangible Assets

· Computer Software

WEBSITE DETAILS

PROFILE:

Subject was originally set up in the year 1990, mainly to manufacture Tools, Dies and Moulds at Faridabad. In the year 1993, the Company established a Press Shop for manufacturing Sheet Metal Components and Welded Sub-assemblies to meet the growing stringent quality requirements of automobile industry. The company went for its first public issue in March 1994.

PLANT PARTICULARS

· Faridabad Plant -Press shops suitable for manufacturing components for car, tractor and truck industry. Current product range includes BIW parts and sub-assemblies for cars, skin panels and axles for tractors and body components, bumpers, axles and suspension components for trucks. Components are being also exported to various truck manufacturers in Europe.

· Greater Noida Plant - In 2003, keeping in view the growth opportunities for domestic auto components industry and exports, JBMA decided to go for expansion by putting up a green field project at Greater Noida (U.P.) and expansion of its existing facilities at Faridabad by adding sophisticated machinery and equipments, which bring in latest technologies.

· Faridabad Tool room - The world-class tool room set up on the requirements of the automotive industry can produce tools weighing up to 10 T and suitable for the presses with the bed size of 2.4m x 1.4m. With in-house design facilities, they can develop tools at much faster rate.

· Nashik Plant - In the year 2006 the Company decided to go for expansion by putting up a new manufacturing unit at Nashik.

· SPV Division - In the year 2006, the Company also decided to diversify into Special Purpose Vehicles. Products manufactures are Tippers, trailers, Tip-Trailers, Reefer Vans, Garbage Compactors.

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.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.

MIRA INFORM REPORT

619.549

452.975

681.710

741.085

5.606

6.102

150.199

190.779

299.374

76.570

1756.438

830.238

322.384

33.142

6.835

863.380

719.882

893.058

747.629

3.44

5.94

5.15

9.28

4.75

8.54

0.13

0.35

2.51

3.63

2.03

2.04

Unit