MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	UMW DONGSHIN MOTECH PRIVATE LIMITED (w.e.f. 19.11.2009 )
Formerly Known As :	DONGSHIN MOTECH PRIVATE LIMITED
Registered Office :	Plot No.: A – 19, Talegaon Industrial Area, Village Navlakhumbre, Tal. Maval, Pune - 410507, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.2007
Com. Reg. No.:	11-133046
Capital Investment / Paid-up Capital :	Rs.306.336 millions
CIN No.: [Company Identification No.]	U29255PN2007PTC133046
TAN No.: [Tax Deduction & Collection Account No.]	PNEU06667D
PAN No.: [Permanent Account No.]	AACCD5858L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Automobile Body Parts.
No. of Employees :	150 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1230000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Amol
Designation :	Accounts Manager
Contact No.:	91-2114-306035
Date :	18.10.2011

LOCATIONS

Registered Office :	Plot No.: A – 19, Talegaon Industrial Area, Village Navlakhumbre, Tal. Maval, Pune - 410507, Maharashtra, India
Tel. No.:	91-20-26608813 91-2114-306035
Fax No. :	91-2114-206010
E-Mail :	millind@dst-india.com amol.mule79@yahoo.com amol.mule@dst-india.com
Factory :	Talegaon, Pune, Maharashtra, India

DIRECTORS

AS ON 01.09.2010

Name :

Mr. Choon Woo Lim

Designation :

Director

Address :

29, Devadi Street, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

06.12.1964

Date of Appointment :

16.04.2007

DIN :

01381510

Name :

Mr. Muthukumar Ayarpadde

Designation :

Additional Director

Address :

No.66, Jalan Setiajaya Bukit Damansara, Kualalumpur, Malaysia - 50490

Date of Birth/Age :

13.07.1972

Date of Appointment :

27.07.2007

DIN :

01799039

Other Directorship :

Sr.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120TN2007PTC062493	A-RANK HOLDINGS PRIVATE LIMITED	Director	23/02/2007	23/02/2007	Active	YES
2	U24221WB2006PTC112168	MULTICOAT COATING TECHNOLOGIES PRIVATE LIMITED	Director	6/4/2007	6/4/2007	Active	NO
3	U50101TN2005PTC056529	SATHYA AUTO PRIVATE LIMITED	Director	11/4/2007	11/4/2007	Active	NO
4	U29299TN2005PTC058228	CASTWEL AUTO PARTS PRIVATE LIMITED	Director	6/5/2007	6/5/2007	Active	NO
5	U29255PN2007PTC133046	UMW DONGSHIN MOTECH PRIVATE LIMITED	Additional director	27/07/2007	27/07/2007	Active	NO
6	U26922AP1997PTC027909	UNITED SEAMLESS TUBULAAR PRIVATE LIMITED	Director	23/08/2007	23/08/2007	Active	NO
7	U14108AS1990PTC003429	JAYBEE DRILLING PRIVATE LIMITED	Director	30/09/2009	19/03/2009	Active	NO
8	U28910TN2009PTC073165	ACME FAB - CON INDIA PRIVATE LIMITED	Director	12/10/2009	12/10/2009	Active	NO

Name :

Mr. Jong Soo Rhee

Designation :

Director

Address :

59620/5], 105401, Singaegeum LG Aptartment,105401596 [20/5], gaegeum Dong Busanjin - GU

Date of Birth/Age :

04.12.1965

Date of Appointment :

27.07.2007

DIN :

02483978

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.09.2010

Names of Shareholders	No. of Shares
Dongshin Motech Company Limited, Korea	12253439
M K Automotive Industries Limited, Malaysia	18380159
Total	30633598

AS ON 25.01.2011

Names of Allottees	No. of Shares Allotted
Dongshin Motech Company Limited, Korea	7746561
M K Automotive Industries Limited, Malaysia	11619841
Total	19366402

AS ON 27.09.2011

Names of Allottees	No. of Shares Allotted
Dongshin Motech Company Limited, Korea	4165560
M K Automotive Industries Limited, Malaysia	6248340
Total	10413900

AS ON 01.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Automobile Body Parts.
Terms :
Purchasing :	Cash

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
1200 T Tandem Press Line	Nos.	1584000	242000
250 T Medium Press Line	Nos.	2640000	286000
150 T Small Press Line	Nos.	3168000	506000
250 T Auto Blanking Line	Nos.	4224000	814000
Assly Weld Shop	Nos.	1512000	198000

GENERAL INFORMATION

Suppliers :

Pas Company

Customers :

General Motors

No. of Employees :

150 [Office + Factory] Approximately

Bankers :

Standard Chartered Bank, 90, M G Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Over Draft – Rs.195.000 millions [From Standard Chartered Bank]

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
From Bank
Standard Chartered Bank – Cash Credit / Bank OD (secured by hypothecation of book debts and inventory present and future and a negative pledge on all assets)	173.024	63.545
ECB long term loan – SCB (pari pasu charge over movable fixed and current assets and exclusive first charge on all manies at present and in future in the DSRA with the bank / security agent and mortgage of leasehold land)	674.700	0.000
ECB Byers Credit – SCB (hypothecation by way of first charge on all present, future book debts and on outstanding monies receivable)	134.940	0.000
TOTAL	982.664	63.545
UNSECURED LOAN
Short Term Loans
From Bank – Standard Chartered Bank	0.000	308.000
Other Loans
From Bank
ECB Loan from Shareholders
MK Automotive Industries Limited	13.494	0.000
Dongshin Motech Company Limited	8.996	0.000
TOTAL	22.490	308.000

Banking Relations :	--
Auditors :
Name :	SNDA and Associates Chartered Accountants
Address :	2 Alankar Apartments, S No. 26/14, Shivajinagar, Near Sakhar Sankul, Pune 411005, Maharashtra, India
Pan :	ABLFS4120K
Holding Company:	M K Automotive Industries Limited, Malaysia
Associates/Subsidiaries :	UMW Corporation SDN. BHD.

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10 each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,633,598	Equity Shares	Rs. 10 each	Rs.306.336 millions

After 01.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10 each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,413,900	Equity Shares	Rs. 10 each	Rs.604.139 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		306.336	245.069	152.910
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.925	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		308.261	245.069	152.910
LOAN FUNDS
1] Secured Loans		982.664	63.545	0.000
2] Unsecured Loans		22.490	308.000	0.000
TOTAL BORROWING		1005.154	371.545	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1313.415	616.614	152.910
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1100.548	2.866	1.654
Capital work-in-progress		0.000	671.368	7.564
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.157	2.103	0.000
	Sundry Debtors	193.256	0.071	0.000
	Cash & Bank Balances	5.869	100.396	94.486
	Other Current Assets	118.714	0.000	0.161
	Loans & Advances	0.000	0.000	51.402
Total Current Assets		341.996	102.570	146.049
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.410	153.309	0.685
	Other Current Liabilities	72.191	5.736	1.140
	Provisions	1.528	1.626	0.532
Total Current Liabilities		129.129	160.671	2.357
Net Current Assets		212.867	(58.101)	143.692
MISCELLANEOUS EXPENSES		0.000	0.481	0.000
TOTAL		1313.415	616.614	152.910

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Sales and Other Income	90.780
		TOTAL	90.780
Less	EXPENSES
		Office Expenses
		Administrative Expenses	105.730
		Advertising Expenses
		TOTAL	105.730
	OPERATING PROFIT/[LOSS] BEFORE TAX AND DEPRECIATION		[14.950]
	Unrealized gain on foreign currency fluctuations		30.976
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		16.026
Less/ Add	DEPRECIATION/ AMORTISATION		14.149
	PROFIT / [LOSS] BEFORE TAX		1.877
Less	TAX		[0.048]
	PROFIT / [LOSS] AFTER TAX		1.925
	BALANCE CARRIED TO THE B/S		1.925
	IMPORTS
	Raw Materials		29.986
	Capital Goods		249.234
	TOTAL IMPORTS		279.220
	Earnings Per Share (Rs.)		0.06

Particulars	31.03.2011
Sales Turnover [Approximately]	210.000

Expected Sales (2011-2012) : Rs.500.000 millions

The above information has been parted by Mr. Amol [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.12	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.13	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.01	NA	NA
Debt Equity Ratio (Total Liability/Networth)		3.68	2.17	0.02
Current Ratio (Current Asset/Current Liability)		2.65	0.64	61.96

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors :

Rs. In millions

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Due to small and medium scale enterprises	0.000	0.000
Due to others	55.410	153.309
Total	55.410	153.309	0.685

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	-
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Trade References :

• Pas Company
• General Motors

NOTE: Registered office of the company has been shifted from No 29 Devadi Street, Mylapore Chennai 600004, Tamilnadu, India to the present address w.e.f. 23.10.2008

BUSINESS:

The Company has set up a state of the Art facility for production of Automobile body parts to be supplied to automobile manufacturers. The factory is set up at Talegaon, about 50 kms. from Pune, Maharashtra The Company Commenced commercial production from January 1't, 2010 and currently supplies mainly to General Motors India.

OPERATIONS AND FUTURE PROSPECTS:

The Company during the 3 months period ended on March 31^st, 2010 incurred an Operating Loss of Rs. 29.100 millions and due to unrealized gain on account of foreign currency fluctuation amounting to Rs. 30.977 millions posted Net Profit after tax Rs. 1.925 millions The Board of Directors however, are confident that there is enough potential for growth and with aggressive marketing and business development, the company should break even by the end of next year.

Contingent Liabilities : [As on 31.03.2010]

Company has issued SVB bonds for a sum of Rs.650.000 millions in favor of president of India, through the commissioner of customs, valid till the finalization of valuation of imported goods.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29255PN2007PTC133046
Name of the company	UMW DONGSHIN MOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No: - A-19, Talegaon Industrial Area, Village, Navlakhumbre, Tal., Maval, Pune – 410507, Maharashtra, India Email : milind@dst-india.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10190443
Type of charge	Book Debts Movable Property Floating Charge Others – Stock
Particular of charge holder	Standard Chartered Bank, 90, M G Road, Fort, Mumbai 400001, Maharashtra, India
Nature of instrument creating charge	Supplement to unattested memorandum of Hypothecation
Date of instrument Creating the charge	14.05.2011
Amount secured by the charge	Rs.311.740 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – As agreed by and with the Bank from time to time. Terms of Repayment - As agreed by and with the Bank from time to time. Margin – As applicable, if any. Extent and Operation of the charge – The Bank is having first charge on the security given by the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by first charge on a) all present and future book debts, outstanding moneys receivables, claims and bills b) all present and future stock in trade consisting of raw material, finished goods, goods in process of manufacturing and other merchandise.
Particulars of the present modification	By present modification, the existing charge amount of Rs.143.880 millions enhanced to Rs.311.740 millions [equivalent to USD 6.5 million] against hypothecation by first charge on a) all present book debts, outstanding moneys receivables, claims and bills b) all present and future stock in trade consisting of raw material, finished goods, goods in process of manufacturing and other merchandise.

FORM 8

Corporate identity number of the company	U29255PN2007PTC133046
Name of the company	UMW DONGSHIN MOTECH PRIVATE LIMITED (w.e.f. 19.11.2009 )
Address of the registered office or of the principal place of business in India of the company	Plot No.: A – 19, Talegaon Industrial Area, Village Navlakhumbre, Maval, Pune 410507, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, 90, M G Road, Fort, Mumbai 400001, Maharashtra, India Email: Jagdish.Pathak@sc.com
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	07.04.2010
Amount secured by the charge	Rs. 750.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and operation of the charge The Bank is having first charge on assets Other The Bank sanctioned the facility of 15 Mn which is equivalent to INR 750.000 millions (USD 1 = INR 50). For the purpose of filing Form 8, the facility amount equivalent in Indian Rupees has been calculated at the prevailing foreign currency exchange rate i.e. (1 USD = INR 50).
Short particulars of the property charged (Including location of the property)	Property beaing Plot bearing no. A-19, admeasuring 32,001 sq mtrs. situated at Talegaon Industrial Area within the village limits of Umbre and outside the limits of Municipal Council, Taluka and Registration sub District Pune, District Pune.

FIXED ASSETS:

· Building

· Plant and Machinery

· Electrical Machinery

· Vehicle

· Computer

· Furniture

· Leasehold Land

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.50.06
UK Pound	1	Rs.79.15
Euro	1	Rs.69.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.