MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	SUZUKI POWERTRAIN INDIA LIMITED
Registered Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.11.2002
Com. Reg. No.:	55-117679
Capital Investment / Paid-up Capital :	Rs.7760.000 Millions
CIN No.: [Company Identification No.]	U27109DL2002PLC117679
TAN No.: [Tax Deduction & Collection Account No.]	DELS20077B
PAN No.: [Permanent Account No.]	AAGCS7346J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Diesel Engines, Transmissions and other components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 37000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, India
Tel. No.:	91-11-46781000
Fax No.:	91-11-46150275
E-Mail :	anand.praksh@spil.co.in eepak.Jain@spil.com
Website :	http://www.maruti.com
For Retail Investors:	G M (Legal) and Company Secretary, Maruti Udyog Limited 11^th Floor, Jeevan Prakash Building, 25, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel No.:	91-11-23712854 / 23316831 Extension – 323
E-Mail :	Anil.rustgi@maruti.com
Plant :	Gurgaon Plant, Old Palam Gurgaon Road, Gurgaon – 122015, Haryana India
Tel No.:	91-124-2346721
Branch Office :	Plot No. 1, Phase 3A, IMT Manesar, Gurgaon – 122051, Haryana, India
Tel No.:	91-124-2291731 / 32/ 33, 4509700
Fax No.:	91-124-2291734
Branch Office :	Also Located at · Kolkata · Guwahati · Indore · New Delhi · Chandigarh · Lucknow · Jaipur · Chennai · Bangalore · Cochin · Hyderabad · Mumbai · Pune · Ahmedabad

DIRECTORS

AS ON: 20.09.2010

Name :	Mr. Shinzo Nakanishi
Designation :	Chairman
Address :	59-3, Saiwai 2, Chome, Hamamatsu, Shizuoka, Japan – 4338123
Date of Birth/Age :	14.09.1947
Date of Appointment :	27.07.2005
Name :	Mr. Vipin Dang
Designation :	Whole time director
Address :	E-1/F DDA Flats Munikra, New Delhi – 110067, India
Date of Birth/Age :	05.03.1960
Date of Appointment :	14.11.2002
Name :	Mr. Nobuyash Koike
Designation :	Managing Director
Address :	Room No. 411, Japanese Hostel Complex, Opposite MDI Gate 2, Near NH-8, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	06.11.1952
Date of Appointment :	16.05.2008
Name :	Mr. Osamu Suzuki
Designation :	Director
Address :	3-19-18, Shijimizu Ka-Cho, Hamamatsu, Shizuoka, Japan – 4328018
Date of Birth/Age :	30.01.1930
Date of Appointment :	27.07.2005
Name :	Mr. Tsuneo Oshashi
Designation :	Director
Address :	Room No. 211, Jukaso IT Suites, IT Composite Tower 1, IDC Mehruli Road, Gurgaon – 122015, Haryana, India
Date of Birth/Age :	20.06.1951
Date of Appointment :	11.07.2008
Name :	Dr. Yoshitomo Haneda
Designation :	Whole Time Director
Address :	Room No.132, Jukaso IT Suites, IT Composite Tower, 1 IDC Mehruli Road, Gurgaon – 122015, Haryana, India
Date of Birth/Age :	01.04.1960
Date of Appointment :	25.04.2006
Name :	Mr. Shinzo Nakanishi
Designation :	Director
Address :	59-3, Saiwai 2 Chome, Hamamatsu, Shizuoka, Japan
Date of Birth/Age :	14.09.1947
Date of Appointment :	27.07.2005
Name :	Mr. Vineet Agarwal
Designation :	Secretary
Address :	H. No. 10346, Street No.1, West Gorakh Park, Shahdara, Delhi – 110032, India
Date of Birth/Age :	15.02.1977
Date of Appointment :	05.02.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 20.09.2010)

Names of Shareholders	No. of Shares
Suzuki Motor Corporation, Japan	543199995
Maruti Suzuki India Limited, India	232800000
Shinzo Nakanishi	01
Dr. Yoshitomo Haneda	01
Koike Nobuyashu	01
Miki Nakahara	01
Tsuneo Ohashi	01
Total	776000000

(AS ON 20.09.2010)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.00
Bodies corporate	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Diesel Engines, Transmissions and other components.

Products :

Item Code	Product Description
7616.90	Cylinder Head
7616.90	Cylinder Block
7616.90	Transmission Case

PRODUCTION STATUS

Product	Units	Installed Capacity 31.03.2010	Installed Capacity 31.03.2009
Engines	Nos.	200000	130000
Transmission Assembly	Nos.	800000	400000
Transmission Components	Sets	300000	220000
Castings	Mt	8600	8600

NOTE:

1. Licensed Capacity – Not Applicable

2. ** Installed Capacity as Certified by the management and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank N.A.

Facilities :

Unsecured Loan	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks Japan Bank for International Corporation	6247.358	6278.465
The bank of Tokyo – Mitsubishi UFJ Limited	3111.270	4148.360
Citi Bank N.A. (Buyers Credit in Foreign Currency)	880.979	880.979
From Others
Maruti Suzuki India Limited	1862.004	1962.754
Suzuki Motor Corporation, Japan	1318.910	--
Interest Accrued and Due	58.515	--
Short Term
From Banks
Bank of Tokyo Mitsubishi UFJ Limited	--	1000.000
Mizuho Corporation Bank Limited (PCFC)	--	526.032
From Others
Maruti Suzuki India Limited	--	1000.000
Total	13479.036	15796.590

Banking Relations :	--
Auditors :
Name :	V Sankar Aiyar and Company Chartered Accountants
Address :	Satyam Cinema Complex, Ranjit Nagar, Community Centre, New Delhi – 110008, India
Holding Company:	· Suzuki Motor Corporation (SMC), Japan
Fellow Subsidiaries :	· Maruti Suzuki India Limited (MSIL), India · Magyar Suzuki Corporation (MSC), Hungary · Suzuki Motorcycle India Private Limited (SMIPL), India

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
800000000	Equity shares	Rs.10/- each	Rs.8000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
776000000	Equity shares	Rs.10/- each	Rs.7760.000 millions

NOTE:

Of the above

a) 543200000 Equity Shares of Rs.10 each are held by Suzuki Motors Corporation, the holding and its nominees (previous year 543200000 Equity Shares)

b) 232800000 Equity Shares of Rs.10 each are held by Maruti Suzuki India Limited., a fellow subsidiary (previous year 232800000 Equity Shares)

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		7760.000	7760.000	5760.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1494.682	576.636	504.211
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9254.682	8336.636	6264.211
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		13479.036	15796.590	10682.581
TOTAL BORROWING		13479.036	15796.590	10682.581
DEFERRED TAX LIABILITIES		946.800	342.600	285.900
Deferred Credit For Capital Goods		60.655	309.725	396.564
TOTAL		23741.173	24785.551	17629.256
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21670.454	15561.640	9775.934
Capital work-in-progress		667.915	6439.274	3226.681
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2406.271	2590.616	2655.740
	Sundry Debtors	568.343	2259.429	1131.785
	Cash & Bank Balances	1163.625	1590.574	2809.685
	Other Current Assets	288.115	305.124	45.174
	Loans & Advances	1318.049	2040.733	2239.104
Total Current Assets		5744.403	8786.476	8881.488
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	4300.638	5888.362	4008.289
	Provisions	65.048	143.164	246.558
Total Current Liabilities		4365.686	6031.526	4254.847
Net Current Assets		1378.717	2754.950	4626.641
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Pre-operative Expenses Pending Allocation		24.087	29.687	0.000
TOTAL		23741.173	24785.551	17629.256

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	32614.427	22577.944	15284.006
		Other Income	492.763	401.561	656.552
		TOTAL (A)	33107.190	22979.505	15940.558
Less	EXPENSES
		Consumption of Raw Material and Components	22482.879	15539.507	11172.033
		Consumption of stores, spares and tools	875.562	599.087	477.229
		Employees Remuneration and benefits	504.583	435.510	295.947
		Manufacturing, administrative and others	3591.714	3077.332	2088.211
		Increase and decrease in stock	227.293	397.774	(730.074)
		TOTAL (B)	27682.031	20049.210	13303.346
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5425.159	2930.295	2637.212
Less	FINANCIAL EXPENSES (D)		882.475	1195.267	801.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4542.684	1735.028	1835.593
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2695.435	1575.013	1101.810
	PROFIT BEFORE TAX (E-F) (G)		1847.249	160.015	733.783
Less	TAX (H)		929.204	87.591	381.402
	PROFIT AFTER TAX (G-H) (I)		918.045	72.424	352.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		576.636	504.211	151.830
	BALANCE CARRIED TO THE B/S		1494.682	576.636	504.211
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2260.504	3135.398	1831.828
	IMPORTS
		Stores & Spares	5961.484	5580.555	4450.091
		Capital Goods	1315.492	9219.022	3438.987
	TOTAL IMPORTS		7276.976	14799.577	7889.078
	Earnings Per Share (Rs.)		1.18	0.11	1.01

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.77	0.31	2.21
Net Profit Margin (PBT/Sales)	(%)	5.66	0.70	4.80
Return on Total Assets (PBT/Total Assets}	(%)	6.73	0.29	1.88
Return on Investment (ROI) (PBT/Networth)		0.19	0.01	0.11
Debt Equity Ratio (Total Liability/Networth)		1.92	2.61	2.38
Current Ratio (Current Asset/Current Liability)		1.31	1.45	2.08

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from 11^th Floor, Jeevan Prakash, 25, Kasturbha Gandhi Marg, New Delhi – 110001, India to present w.e.f. 15.12.2008

FINANCIAL HIGHLIGHTS:

The sales (net of excise) and other income for the financial year were Rs.33107.190 millions as against Rs.22979.500 millions for the previous financial year registering an impressive increase of 44%.

The Profit before tax (after interest and depreciation charges) of Rs.1847.240 millions (Previous year Rs.160.010 millions) and the Profit after tax of Rs.918.050 millions (Previous year Rs.72.420 millions) for the financial year.

HIGHLIGHT OF OPERATIONS / COMPANY'S AFFAIRS

During the last financial year the Company achieved milestone on manufacturing of one millionth power train unit.

a) Engine Business

The Engine Plant of the Company comprising of Engine Component Machining. Engine Assembly and Engine Testing has performed well. In order to cater the expanding market demand the company successfully commissioned the expansion of new production lines by doubling the capacities of assembly lines and machining lines. The Company introduced upgraded version of the petrol engine equipped with 'Variable Valve Timing’ (VVT) technology and compliant with next generation emission norms (Bharat Stage - IV), which resulting in to better fuel economy, efficiency and improved emission norms. To cater the export market the Company upgraded the production and testing facilities for readiness of production of next generation emission version of Small Diesel Engine (Euro -5). The engines of the company have been well accepted in the market in terms of quality and efficiency.

During the financial year under consideration, the Company has produced aggregate units of 193,021 engines as compared to 138,214 aggregate units of engines in previous year.

b) Transmission Business.

To cater the increase market demand new transmission machining lines and assembly lines were installed resulting in to doubling the production capacities. Additional machines were installed in Forging unit for augmenting the transmission production capacity. The Company introduced various models of transmission assemblies in the financial year under review.

During the financial year under consideration, the company has produce 443.619 units of Transmission Assemblies and 288,588 Transmission Components (sets) as compared to 188,152 units and 167,166 respectively in the previous year.

c) Casting Business

The Company optimized product mix to make it more cost effective and efficient. Efforts were made for improving quality of casting products. During the financial year under consideration; the company has produced 403,521 aggregate units of Casting components as compared to 548,198 during the previous year.

During month of May, 2010, the company successfully achieved ISO/TS 16949 certification for its Quality Management System for manufacturing of engines, transmission units and components. Company's Casting Plant also has an lSO/TS 16949:2002 certification which is subject to re-assessment at regular intervals.

The automotive industry in India has been witnessing impressive growth rate along with aligning itself to the global developments. Considering the growth pace of automobile industry, favorable economic environment, The Company took initiatives for expansion of business activities by initiating new project for manufacturing of various low wheeler parts. The manufacturing of two wheeler parts will pose a good business opportunity. The Company is confident in building a positive future for itself and increase stakeholders' value by continued focus on expanding production base, cost reduction, enhancing plant efficiency, improving quality of products and ultimately resulting in to better Customer Satisfaction. The Company's future strategies and direction continue to revolve around its mission i.e. "To develop products of superior value by focusing on the customer, to Establish a refreshing and Innovative company through team work and to strive for individual excellence through continuous improvement."

FIXED ASSTES:

· Freehold Land

· Building

· Plant And Machinery

· Dies

· EOP Equipment And Software

· Furniture Fixture

· Office Equipments

· Vehicles

· Plant and Machinery

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.