MIRA INFORM REPORT

Report Date :

21.10.2011

IDENTIFICATION DETAILS

Name :	MINDARIKA PRIVATE LIMITED
Registered Office :	B 64/1, Wazirpur Industrial Area, New Delhi – 110052
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.11.1995
Com. Reg. No.:	55-73692
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC073692
TAN No.: [Tax Deduction & Collection Account No.]	DELM08065B
PAN No.: [Permanent Account No.]	AAACM8583F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Electrical Switches, Dies, Fixtures, Tools and Other Automotive Components.
No. of Employees :	425 [Approximately]

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 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION DECLINED BY

Management non cooperative

LOCATIONS

Registered Office :	B 64/1, Wazirpur Industrial Area, New Delhi – 110052, India
Tel. No.:	91-11-27374882
Fax No.:	91-11-27372620
E-Mail :	bsaini@mindagroup.com bsaini@mindarika.net devendra.malegaonkar@volkswagen.co.in mindarika@mindarika.net.in
Website :	http://www.mindagroup.com
Factory 1 :	T 169, MIDC, Bhosari Industrial Area, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-27122660
Fax No.:	91-20-27122660
Factory 2 :	Village Nawada, Fatehpur P O, Sikaderpur Badda, India
Tel. No.:	91-124-2290317/2290319
Fax No.:	91-124-2290320

DIRECTORS

As on 27.09.2010

Name :

Mr. Nirmal Kumar Minda

Designation :

Managing Director

Address :

J – 10/32-33, DLF Phase – II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.11.1957

Date of Appointment :

09.11.1995

DIN :

00014942

Other Directorship :

S.No.	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
1	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	22/07/1987	22/07/1987	9/4/2011	Active	NO
2	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Managing director	1/4/2008	16/09/1992	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Managing director	9/11/1995	9/11/1995	-	Active	NO
4	U23201DL2001PLC111781	MINDA AUTOGAS LIMITED	Managing director	25/09/2006	24/07/2001	-	Amalgamated	NO
5	U34300DL2003PLC121384	MINDA AUTOMOTIVE LIMITED	Director	18/07/2003	18/07/2003	-	Active	NO
6	U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	Director	7/7/2004	7/7/2004	-	Amalgamated	NO
7	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Director	7/7/2004	7/7/2004	-	Amalgamated	NO
8	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	28/03/2005	28/03/2005	9/4/2011	Active	NO
9	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
10	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
11	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	8/9/2006	8/9/2006	-	Active	NO
12	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
13	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
14	U93090DL2007PLC158964	MINDA INTERNATIONAL LIMITED	Director	17/02/2007	17/02/2007	-	Active	NO
15	U29256DL2007PTC161976	MINDA AUTO LIGHTING PRIVATE LIMITED	Director	9/5/2007	9/5/2007	-	Under Process of Striking off	NO
16	U31908TN2007PTC081836	VALEO ENGINE AND ELECTRICAL SYSTEMS INDIA PRIVATE LIMITED	Director	6/8/2008	24/07/2007	19/05/2010	Active	NO
17	U63090DL2008PTC172298	OM MARUBENI LOGISTICS PRIVATE LIMITED	Director	4/1/2008	4/1/2008	-	Active	NO
18	U34300KA2008PTC047401	TOKAI RIKA MINDA INDIA PRIVATE LIMITED	Director	27/07/2009	25/08/2008	-	Active	NO
19	U45400DL2008PLC185619	MINDA REALTY AND INFRASTRUCTURE LIMITED	Director	9/6/2010	10/12/2008	-	Active	NO
20	U74900DL2009PLC186740	MINDA MINDPRO LIMITED	Director	16/01/2009	16/01/2009	-	Active	NO
21	U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED	Director	8/5/2009	8/5/2009	-	Active	NO
22	U35999DL2010PLC200859	MINDA EMER TECHNOLOGIES LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
23	L67120DL1985PLC021349	MINDA FINANCE LIMITED	Director	14/07/2010	17/04/2010	-	Active	NO
24	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
25	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	5/1/2011	5/1/2011	-	Active	NO
26	U34300DL2010PTC211292	ROKI MINDA COMPANY PRIVATE LIMITED	Additional director	31/01/2011	31/01/2011	-	Active	NO
27	U28910TN2011PLC079581	KOSEI MINDA ALUMINUM COMPANY LIMITED	Director	10/3/2011	10/3/2011	-	Active	NO
28	U31900DL2011PLC217478	MINDA NEXGENTECH LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
29	U51909DL2011PLC223728	MI TORICA INDIA LIMITED	Director	16/08/2011	16/08/2011	-	Active	NO

Name :

Mr. Anand Kumar Minda

Designation :

Director

Address :

N – 2/31, DLF Phase – II, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

06.04.1952

Date of Appointment :

01.01.2003

DIN :

00007964

Other Directorship :

S.No.	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
1	U70101DL1992PLC047656	DELHI SHELTERS LIMITED	Director	1/4/1992	1/4/1992	29/03/2008	Active	NO
2	U65920DL1996PTC081214	AMV INVESTMENT AND FINANCIAL SERVICES PRIVATE LIMITED	Director	16/08/1996	16/08/1996	-	Amalgamated	NO
3	U51311DL1997PLC089363	ASM EXIM LIMITED.	Director	1/9/1997	1/9/1997	16/08/2010	Active	NO
4	U29199DL1999PLC102387	MAA RUKMANI DEVI AUTO LIMITED	Director	11/11/1999	11/11/1999	-	Active	NO
5	U29111DL1999PLC102709	SHANKAR MOULDING LIMITED	Director	7/12/1999	7/12/1999	-	Active	NO
6	U31909DL2000PTC104378	ENERGY LIGHTINGS PRIVATE LIMITED	Director	13/03/2000	13/03/2000	-	Amalgamated	NO
7	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	1/1/2003	1/1/2003	-	Active	NO
8	U74899DL1994PLC063761	MINDA INVESTMENTS LIMITED	Director	1/5/2008	10/2/2004	-	Active	NO
9	U74899DL1985PTC020507	SWITCH AUTO PRIVATE LIMITED	Director	12/9/2005	12/9/2005	-	Amalgamated	NO
10	U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	Alternate director	24/06/2008	10/3/2006	19/11/2008	Amalgamated	NO
11	U70109DL2006PTC149378	SHREEAUMJI CONSTRUCTIONS PRIVATE LIMITED	Director	1/6/2006	1/6/2006	-	Active	NO
12	U70109DL2006PTC149379	SHREEAUMJI PROMOTERS AND BUILDERS PRIVATE LIMITED	Director	1/6/2006	1/6/2006	-	Active	NO
13	U70109DL2006PTC150430	SHREEAUMJI ESTATE DEVELOPERS PRIVATE LIMITED	Director	30/06/2006	30/06/2006	-	Active	NO
14	U70109DL2006PTC150429	SHREEAUMJI HABITATION PRIVATE LIMITED	Director	30/06/2006	30/06/2006	-	Active	NO
15	U70101DL2004PTC127204	CALIBRE BUILDWELL PRIVATE LIMITED	Director	17/08/2007	28/09/2006	-	Active	NO
16	U45201DL2004PTC127039	AKSHAY BUILDWELL PRIVATE LIMITED	Director	17/08/2007	28/09/2006	-	Active	NO
17	U45200DL2006PTC155326	UNIQUE TECHNOPARKS PRIVATE LIMITED	Director	8/11/2006	8/11/2006	-	Active	NO
18	U45200DL2006PTC155342	SPECTRUM TECHNOCONSTRUCTIONS PRIVATE LIMITED	Director	9/11/2006	9/11/2006	-	Active	NO
19	U45200DL2006PTC155883	MIDWAY INFRASTRUCTURE PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
20	U45201DL2006PTC144716	SHREEAUMJI BUILDWELL PRIVATE LIMITED	Director	29/11/2006	29/11/2006	-	Active	NO
21	U45200DL2007PTC160632	SHILPALAYA CONSTRUCTIONS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
22	U45200DL2007PTC160629	PAMPOSH TOWN PLANNERS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
23	U45200DL2007PTC160630	AVANTIKA CONSTRUCTION COMPANY PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
24	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	30/06/2008	Active	NO
25	U45200DL2007PTC162075	GREEN LAND TECHNOBUILDERS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
26	U51909DL1985PLC021049	MINDA AUTOCARE LIMITED	Director	7/7/2007	2/6/2007	15/01/2009	Active	NO
27	U23201DL2001PLC111781	MINDA AUTOGAS LIMITED	Director	18/08/2008	17/12/2007	-	Amalgamated	NO
28	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Alternate director	24/06/2008	24/06/2008	19/11/2008	Amalgamated	NO
29	U74300DL1996PLC083437	MINDA PROJECTS LIMITED	Director	30/09/2009	15/09/2008	-	Active	NO
30	U45400DL2008PLC185619	MINDA REALTY AND INFRASTRUCTURE LIMITED	Director	9/6/2010	10/12/2008	-	Active	NO
31	U74900DL2009PLC186740	MINDA MINDPRO LIMITED	Director	16/01/2009	16/01/2009	-	Active	NO
32	L67120DL1985PLC021349	MINDA FINANCE LIMITED	Director	14/07/2010	20/05/2010	-	Active	NO
33	U31900DL2011PLC217478	MINDA NEXGENTECH LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
34	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	11/8/2011	14/04/2011	-	Active	NO
35	U35122DL2011PLC223819	MINDA KYORAKU LIMITED	Director	17/08/2011	17/08/2011	-	Active	NO

Name :

Mr. Yoshinobu Sugiyama

Designation :

Director

Address :

2-35, Yamajirisakai, Oaza Saito, Fuso-Cho, Niwa-Gun, Aichi – 4800195, Japan

Date of Birth/Age :

09.01.1955

Date of Appointment :

01.10.2008

DIN :

02352894

Name :

Mr. Ashok Kumar Goel

Designation :

Director

Address :

A – 303, GH – 96, Sector – 54, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

29.08.1950

Date of Appointment :

23.03.2009

DIN :

02012971

Other Directorship :

S.No.	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
1	U23201DL2001PLC111781	MINDA AUTOGAS LIMITED	Director	18/08/2008	17/12/2007	-	Amalgamated	NO
2	U34300KA2008PTC047401	TOKAI RIKA MINDA INDIA PRIVATE LIMITED	Director	27/07/2009	25/08/2008	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	26/08/2009	11/12/2008	-	Active	NO
4	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director appointed in casual vacancy	29/07/2009	29/07/2009	29/10/2009	Active	NO
5	U51909DL2011PLC223728	MI TORICA INDIA LIMITED	Director	16/08/2011	16/08/2011	-	Active	NO
6	U35122DL2011PLC223819	MINDA KYORAKU LIMITED	Director	17/08/2011	17/08/2011	-	Active	NO

Name :

Mr. Mikihiro Mori

Designation :

Director

Address :

3-7-3, Aoyama, Handa Shi, Aichi Ken – 4750836, Japan

Date of Birth/Age :

14.11.1953

Date of Appointment :

26.06.2009

DIN :

02688902

KEY EXECUTIVES

Name :	Mr. Brijesh Kumar Saini
Designation :	Company Secretary
Address :	WZ – 79, Hari Singh Park, Multan Nagar, New Delhi – 110056, India
Date of Birth/Age :	03.07.1971
Date of Appointment :	22.06.1998
PAN :	ATVPS0851M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Nirmal K Minda	3292400
Minda Autogas Limited, India	2707600
Tokai Rika Company Limited, Japan	3500000
Sumitomo Corporation, Japan	500000
Total	10000000

Equity share break-up [As on 27.09.2010]

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Bodies corporate	27.08
Directors or relatives of directors	32.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Auto Electrical Switches, Dies, Fixtures, Tools and other Automotive Components.

Products :

ITC Code	Product Description
870800	Parts and Accessories of the Motor Vehicles

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Unit	Actual Production
Switches	Nos.	18649666
ORVM	Nos.	71380
BCU	Nos.	-

GENERAL INFORMATION

Customers :

4 Wheelers

• Mahindra
• Ford
• Eicher
• Tata
• Maruti
• Fiat
• Bajaj

Two Wheelers

• Hero Honda
• Honda
• TVS
• Suzuki
• Yamaha
• Royal Enfield

No. of Employees :

425 [Approximately]

Bankers :

• Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India
• Bank of Tokyo

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From Banks
Term Loan	61.250	70.000
Working Capital Loan	167.927	159.322
Vehicle Loan	0.559	2.043
From Others
Ford India Limited	4.633	5.275
Maruti Suzuki India Limited	18.047	26.906
Deferred Sales Tax
As per last Balance Sheet	0.000	16.664
Less: Paid during the year	0.000	16.664
Total	252.416	263.547

Notes:

1. Term loan of Rs. 61.250 millions (Previous year Rs. 70.000 millions) from Mizuho Corporate Bank is secured by a first pari passu charge on Land, Building and Plant and Machinery situated at Pune. Amount due within one year Rs. 17.500 millions (Previous year Rs. 8.750 millions).
2. Working capital loan of Rs. 12.414 millions (Previous year Rs. Nil) from Bank of Tokyo Limited is secured by a pari passu charge on inventories and book debts, both present and future. The loan is further secured by a guarantee provided by the Managing Director of the company in his personal capacity. Amount due within one year Rs.12.414 millions (Previous year Rs. Nil).
3. Working capital loan of Rs.140.654 millions (Previous year Rs. 151.428 millions) from Mizuho Corporate Bank Limited is secured by a pari passu charge on current assets of the company, both present and future and second charge on all fixed assets, both present and future. Amount due within one year Rs. 140.654 millions (Previous year Rs. 151.428 millions).
4. Working capital loan of Rs. 14.858 millions (Previous year Rs. 7.894 millions) from Citi Bank is secured by a pari passu charge on current assets of the company, both present and future and second charge on all fixed assets, both present and future. Amount due within one year Rs. 14.858 millions (Previous year Rs. 7.893 millions).
5. Loan from Ford lndia Limited of Rs.4.633 millions (Previous year Rs. 5.275 millions) represents deferred payment liability in respect of tools and is secured by hypothecation of the tools that have been acquired or manufactured in house. Amount due within one year Rs.4.633 millions (Previous year Rs. 5.275 millions).
6. Loan from Maruti Suzuki Limited of Rs.2.853 millions (Previous year Rs. 6.148 millions) represents vehicle loan which are secured by hypothecation of the vehicles that have been acquired. Amount due within one year Rs.2.853 millions (Previous year Rs. 6.148 millions).
7. Loan from Maruti Suzuki Limited of Rs.15.194 millions (Previous year Rs.20.758) represents deferred payment liability in respect of tools which is secured by hypothecation of the tools that have been acquired or manufactured in house. Amount due within one year Rs.15.194 millions (Previous year Rs. 20.758 millions).
8. Vehicle loans from banks are secured by hypothecation of the vehicles that have been acquired. Amount due within one year Rs. 0.559 millions (Previous year Rs.1.484 millions).

Unsecured Loans (Rs. in millions)	31.03.2010	31.03.2009
From Others
Ford India Limited	0.000	18.390
Maruti Suzuki India Limited	6.702	25.000
Total	6.702	43.390

Notes: Amount due within one year Rs. 6.702 millions (Previous year Rs. 43.390 millions)

Banking Relations :	--
Financial Institution :	Maruti Suzuki India Limited, 11^th Floor, Jeevan Prakash, 25 Kasturba Gandhi Marg, New Delhi – 110001, India Volkswagen India Private Limited, E-1, MIDC Industrial Area, Phase – III, Village Nigoje Mhalunge Kharabwadi Chakan, Taluka Khed, Pune – 410501, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building No.10, Tower – B, DLF Cyber City Complex, DLF City, Phase – II, Gurgaon – 122002, Haryana, India
PAN :	AABFD2095B
Enterprise in which directors/members of the company exercises significant influence :	v Minda Industries Limited v Minda Sai Limited v Minda Corporation Limited v Minda Autogas Limited v Minda Autocare Limited v Minda Acoustic Limited [Merged entity of erstwhile Fiamm Minda Automotive Limited and Minda Fiamm Acoustic Limited] v Minda Valeo Security Systems India Private Limited v Shankar Moulding Private Limited
Enterprise having substantial interest in the company :	v Minda Investment Limited v Tokia Rika Company Limited, Japan v Tokia Rika Company Limited, Philippines v Tokia Rika [Thailand] Company Limited v Tokai Rika Minda India Private Limited v TRB Limited, UK v TRB Limited, Turkey v Sumitomo Corporation, Japan

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 millions

Notes:

Of the above Equity Shares 4850000 Equity Shares of Rs. 10/- each were allotted as fully paid up for consideration other than cash.

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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		201.603	158.721	170.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		301.603	258.721	270.664
LOAN FUNDS
1] Secured Loans		252.416	263.547	174.562
2] Unsecured Loans		6.702	43.390	26.471
TOTAL BORROWING		259.118	306.937	201.033
DEFERRED TAX LIABILITIES		24.588	25.456	27.134
TOTAL		585.309	591.114	498.831
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		447.858	433.754	345.393
Capital work-in-progress		0.000	0.000	6.526
Capital Advances		12.102	36.695	19.759
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	231.569	173.427	96.211
	Sundry Debtors	227.146	164.863	164.770
	Cash & Bank Balances	11.429	19.874	6.536
	Other Current Assets	0.000	2.153	0.088
	Loans & Advances	146.192	111.669	94.496
Total Current Assets		616.336	471.986	362.101
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	359.972	287.188	157.357
	Current Liabilities	95.323	51.078	31.171
	Provisions	35.692	13.055	46.420
Total Current Liabilities		490.987	351.321	234.948
Net Current Assets		125.349	120.665	127.153
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		585.309	591.114	498.831

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	NET SALES		2095.470	1333.710	1372.590
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		176.270	54.180	139.000
	DEPRECIATION/ AMORTISATION		82.500	66.570	66.570
	PROFIT / [LOSS] BEFORE TAX		93.770	[12.390]	72.430
Less	TAX		34.240	[0.450]	26.970
	PROFIT / [LOSS] AFTER TAX		59.530	[11.940]	45.460
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	48.076	37.942	31.126
	TOTAL EARNINGS		48.076	37.942	31.126
	IMPORTS
		Raw Materials and Components	601.388	373.365	340.039
		Stores & Spares	19.645	2.418	3.104
		Capital Goods	1.956	27.694	20.205
	TOTAL IMPORTS		622.989	403.477	363.348
	Earnings/[Loss] Per Share (Rs.)		5.95	[1.19]	4.55

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	4.47	[0.93]	5.28
Return on Total Assets (PBT/Total Assets}	(%)	8.81	[1.37]	10.24
Return on Investment (ROI) (PBT/Networth)		0.31	[0.05]	0.27
Debt Equity Ratio (Total Liability/Networth)		2.49	2.54	1.61
Current Ratio (Current Asset/Current Liability)		1.25	1.34	1.54

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors :

Rs. In millions

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Due to Micro and small enterprises	2.364	0.000	0.000
Due to others	357.608	287.188	157.357
Total	359.972	287.188	157.357

Note : The Registered Office of the company has been shifted from B 73 Wazirpur, Industrial Area, New Delhi – 110052 to the present w. e. f. 31.07.2007

Performance

During the year the company has achieved net sales of Rs.2095.470 millions [previous year Rs.1333.710 millions], recording a growth of 57% over the last year. The profit after tax for the financial year ended on March 31, 2010 is Rs.59.53 million [previous year losses of Rs.11.940 millions].

Background

Subject was incorporated on November 9, 1995 to manufacture auto electrical switches. Dies, fixtures, tools and other automotive components. The company is closely held with 35% of the shares held by Tokai Rika Company Limited, Japan, 5% of the shares held by Sumitomo Corporation, Japan and the balance 60% of the shares held by Mr. Nirmal K Minda and his associates.

Form 8

Corporate identity number of the company	U74899DL1995PTC073692
Name of the company	MINDARIKA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B 64/1 Wazirpur, Industrial Area, New Delhi – 110052, India
This form is for	Creation of charge
Type of charge	v Movable property v Book debts
Particular of charge holder	Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India Email : ashima.tandon@sc.com
Nature of instrument creating charge	Unattested memorandum of hypothecation.
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per facility advice letter dated 20.01.2011 to be amended from time to time. Terms of repayment - As per facility advice letter dated 20.01.2011 to be amended from time to time Margin - As per facility advice letter dated 20.01.2011 to be amended from time to time Extent and operation of the charge – Second charge over movable fixed assets. First pari passu charge over current assets.
Short Particulars of the property charged	Hypothecation by way of second charge over all present and future movable fixed assets of the company including without limitation its movable plant and machinery, furniture and fittings, equipment, computers hardware, computer software, machinery spares, tools and accessories and other movables and first pari passu charge over all present an future book debts, outstanding moneys receivable, claims and bills etc. And all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise stored or to be stored at company's godowns or premises situated at B-73, Wazirpur, Industrial Area, Delhi-110052 or wherever else the same may be.

FORM 8

Corporate identity number of the company	U74899DL1995PTC073692
Name of the company	MINDARIKA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B 64/1 Wazirpur, Industrial Area, New Delhi – 110052, India
This form is for	Creation of charge
Type of charge	v Movable property
Particular of charge holder	v Volkswagen India Private Limited. E - 1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge Kharabwadi Chakan Tal Khed, Pune – 410501, Maharashtra, India e-mail ID: devendra.malegaonkar@volkswagen.co.in
Nature of instrument creating charge	Deed of charge on tools dated 21.12.2009
Date of instrument Creating the charge	21.12.2009
Amount secured by the charge	Rs. 11.220 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As Per deed of charge on tools Terms of repayment As Per deed of charge on tools Margin As Per deed of charge on tools Extent and operation of the charge 100%
Short Particulars of the property charged	Part No. 6RF 959565 B (Mirror Switch) and 6RF 953503 A/B/C/D/E/F (Combination Switch)

Fixed Assets

v Freehold Land

v Leasehold Land

v Building

v Plant and Machinery

v Computers

v Office Equipments

v Furniture and Fixtures

v Vehicles

v Electrical Installation

v Software

v Technical Know-how

v Dies and Tools

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.49.71
UK Pound	1	Rs.78.08
Euro	1	Rs.68.05

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	YES
--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.