1. Summary Information

		Country	India
Company Name	SHARDA MOTOR INDUSTRIES LIMITED	Principal Name 1	Mr. Narinder Dev Relan
Status	Good	Principal Name 2	Mr. Ajay Relan
		Registration #	55-023202
Street Address	D-188, Okhla Industries Area, Phase-1, New Delhi;110020, India
Established Date	29.01.1986	SIC Code	--
Telephone#	91-11-47334100	Business Style 1	Manufacturer
Fax #	91-11-26811676	Business Style 2	Supplier
Homepage	http://www.shardamotor.com	Product Name 1	Independent Front Suspensions
# of employees	--	Product Name 2	Canopies
Paid up capital	Rs. 59,463,000/-	Product Name 3	Seat Covers
Shareholders	Bodies corporate 1.88%, Directors or relatives of directors 80.91%, Other top fifty shareholders 15.87%, Others 1.34%	Banking	Punjab National Bank
Public Limited Corp.	Yes	Business Period	25 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	A (60)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Sharda Sejong Auto components (India) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	949,627,000	Current Liabilities	1,467,621,000
Inventories	656,614,000	Long-term Liabilities	1,081,705,000
Fixed Assets	1,814,500,000	Other Liabilities	168,506,000
Deferred Assets	000	Total Liabilities	2,717,832,000
Invest& other Assets	552,174,000	Retained Earnings	1,195,620,000
		Net Worth	1,255,083,000
Total Assets	3,972,915,000	Total Liab. & Equity	3,972,915,000
Total Assets (Previous Year)	3,085,059,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	7,001,978,000	Net Profit	209,675,000
Sales(Previous yr)	4,661,967,000	Net Profit(Prev.yr)	211,561,000

MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	SHARDA MOTOR INDUSTRIES LIMITED
Registered Office :	D-188, Okhla Industries Area, Phase-1, New Delhi-110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1986
Com. Reg. No.:	55-023202
Capital Investment / Paid-up Capital :	Rs.59.463 Millions
CIN No.: [Company Identification No.]	L74899DL1986PLC023202
TAN No.: [Tax Deduction & Collection Account No.]	DELS03725B
Legal Form :	Public Limited Liability Company. The company shares are listed on the stock exchange.
Line of Business :	Manufacturing and Assembly of Auto Components and White Goods Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5000000
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 good 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 :	D-188, Okhla Industries Area, Phase-1, New Delhi-110020, India
Tel. No.:	91-11-47334100
Mobile No. :	91-9910102984 (Mr. Udayan Banerjee)
Fax No.:	91-11-26811676
E-Mail :	smil@shardamotor.com udayan.banerjee@shaedamotor.com
Website :	http://www.shardamotor.com
Factory :	v Plot No.4, Sector 31, Kasna Industrial Area, Greater Noida, Uttar Pradesh, India Tel. No: 91-120-2341258/9 Fax No: 91-120-2341257 Email: smilkorin@shardamotor.com v Plot No. 558-559, Surajpur Bypass Industrial Area, Greater Noida, Uttar Pradesh, India v Exhaust System Division: G-20, SIPCOT Industrial Park, Irrungattukottai, Sriperumbudur-602105, Tamilnadu, India Email: smilchennai@shardamotor.com v Exhaust and Suspension Division: Plot No. 112, M.I.D.C. Satpur, Near Mahindra and Mahindra Plant, Nashik, Maharashtra, India Tel. No: 91-253-2364451/2364452/2364453 Email: smilnsk@shardamotor.com v Plot No. 276, Udyog Vihar, Phase – VI, Gurgaon, Haryana, India
Working Units :	Sheet Metal Division, Greater Noida, Uttar Pradesh, India Exhaust System Division, Chennai, Tamilnadu, India Export Division, Chennai, Tamilnadu, India R and D Centre, Chennai Tamilnadu, India Exhaust   Division, Nashik, Maharashtra, India Suspension Division, Nashik, Maharashtra, India Buying House Centre, Nashik, Maharashtra, India Soft Top / Plastic Division, Surajpur Automotive Upholstery Division, Gurgaon, Haryana, India White Goods Division, Haridwar, Uttarakhand, India Seat Frame Division, Binola Pro -Acoustics Division, New Delhi, India Exhaust and Seat Frame Division Singur
International Office :	103-102, Hyundai I Park, 2048, Namyang-Dong, Hwasung City, Kyeonggi-Do, Korea
Tel No.:	082-(0)70-8700-4874

DIRECTORS

As on 08.08.2011

Name :

Mr. Narinder Dev Relan

Designation :

Chairman

Address :

S-233, Panchshila Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

31.05.1929

Date of Appointment :

29 .08.1986

Din No.:

00240280

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	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	06-03-86	06-03-86	-	Active	NO
2	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Whole-time director	01-07-08	29-08-86	-	Active	NO
3	U65923DL1987PLC026603	RELAN INDUSTRIAL FINANCE LIMITED.	Director	07-01-87	07-01-87	-	Active	NO
4	L67120WB1971PLC029802	PEBCO MOTORS LIMITED	Director	28-09-93	28-09-93	-	Active	NO
5	U34300DL2004PLC131462	YMTR AUTOTECH INDIA LIMITED	Director	21-12-04	21-12-04	-	Strike off	NO
6	U32304DL2004PLC131523	HI TEK PRO ACOUSTICS LIMITED	Director	22-12-04	22-12-04	13-11-09	Active	NO
7	U34300DL2005PLC141214	SHARDA SEJONG AUTO COMPONENTS (INDIA )LIMITED	Director	28-09-05	28-09-05	-	Active	NO
8	U34300DL2005PTC142017	PROGRESSIVE ENGINEERING AND AUTOMATION PRIVATE LIMITED	Director	21-10-05	21-10-05	-	Active	NO
9	U27310DL2007PLC170972	NEW INTERNATIONAL STAINLESS PIPE COMPANY LIMITED	Director	03-12-07	03-12-07	18-02-09	Active	NO
10	U70101DL2008PTC179413	A G M PROPERTIES PRIVATE LIMITED	Director	12-06-08	12-06-08	20-03-09	Active	NO
11	U34100DL2012PTC231568	SHARDA INOAC PRIVATE LIMITED	Director	15-02-12	15-02-12	-	Active	NO

Name :

Mr. Ajay Relan

Designation :

Managing Director

Address :

S-233, Panchshila Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

03.12.1961

Date of Appointment :

29.011986

Din No.:

00257584

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	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Managing director	01-09-11	29-01-86	-	Active	NO
2	U65923DL1987PLC026603	RELAN INDUSTRIAL FINANCE LIMITED	Director	07-01-87	07-01-87	-	Active	NO
3	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	05-04-88	05-04-88	-	Active	NO
4	U34300DL2004PLC131462	YMTR AUTOTECH INDIA LIMITED	Director	21-12-04	21-12-04	-	Strike off	NO
5	U32304DL2004PLC131523	HI TEK PRO ACOUSTICS LIMITED	Director	22-12-04	22-12-04	13-11-09	Active	NO
6	U34300DL2005PLC141214	SHARDA SEJONG AUTO COMPONENTS (INDIA )LIMITED	Director	28-09-05	28-09-05	-	Active	NO
7	U34300DL2005PTC142017	PROGRESSIVE ENGINEERING AND AUTOMATION PRIVATE LIMITED	Director	21-10-05	21-10-05	-	Active	NO
8	U27310DL2007PLC170972	NEW INTERNATIONAL STAINLESS PIPE COMPANY LIMITED	Director	03-12-07	03-12-07	18-02-09	Active	NO
9	U70101DL2008PTC179413	A G M PROPERTIES PRIVATE LIMITED	Director	12-06-08	12-06-08	20-03-09	Active	NO
10	U34100DL2012PTC231568	SHARDA INOAC PRIVATE LIMITED	Director	15-02-12	15-02-12	-	Active	NO

Name :

Sharda Relan

Designation :

Director

Address :

S-233, Panchshila Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

11.08.1935

Date of Appointment :

29.01.1986

Din No.:

00252181

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	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	29-01-86	29-01-86	-	Active	NO
2	U65923DL1987PLC026603	RELAN INDUSTRIAL FINANCE LIMITED	Director	07-01-87	07-01-87	-	Active	NO
3	U34300DL2002PTC117723	SHARDA AUTO SOLUTIONS PRIVATE LIMITED	Director	20-11-02	20-11-02	-	Active	NO
4	U32304DL2004PLC131523	HI TEK PRO ACOUSTICS LIMITED	Director	06-06-05	06-06-05	13-11-09	Active	NO

Name :

Mr. Rohit Relan

Designation :

Director

Address :

S-233, Panchshila Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

02.07.1955

Date of Appointment :

25 .05.1991

Din No.:

00257572

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	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Managing director	06-03-86	06-03-86	-	Active	NO
2	U65923DL1987PLC026603	RELAN INDUSTRIAL FINANCE LIMITED	Director	07-01-87	07-01-87	-	Active	NO
3	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	25-05-91	25-05-91	-	Active	NO
4	U28991DL2003PLC120413	RELAN ENGINEERING AND AUTOMATION LIMITED	Director	20-05-03	20-05-03	-	Dissolved	NO
5	U34300DL2004PLC131462	YMTR AUTOTECH INDIA LIMITED	Director	21-12-04	21-12-04	-	Strike off	NO
6	U32304DL2004PLC131523	HI TEK PRO ACOUSTICS LIMITED	Director	22-12-04	22-12-04	13-11-09	Active	NO
7	U34300DL2005PLC141214	SHARDA SEJONG AUTO COMPONENTS (INDIA )LIMITED	Director	28-09-05	28-09-05	-	Active	NO
8	U34300DL2005PTC142017	PROGRESSIVE ENGINEERING AND AUTOMATION PRIVATE LIMITED	Director	21-10-05	21-10-05	-	Active	NO
9	U27310DL2007PLC170972	NEW INTERNATIONAL STAINLESS PIPE COMPANY LIMITED	Director	03-12-07	03-12-07	18-02-09	Active	NO
10	U70101DL2008PTC179413	A G M PROPERTIES PRIVATE LIMITED	Director	12-06-08	12-06-08	20-03-09	Active	NO
11	U34100DL2012PTC231568	SHARDA INOAC PRIVATE LIMITED	Director	15-02-12	15-02-12	-	Active	NO

Name :

Mr. Ram Prakash Chowdhry

Designation :

Director

Address :

10, Anand Lok, New Delhi-110049, Delhi, India

Date of Birth/Age :

11.05.1925

Date of Appointment :

29.08.1986

Din No.:

00337775

Other Directorship:

S. 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	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	29-08-86	29-08-86	Active	NO
2	U34300DL2005PLC141214	SHARDA SEJONG AUTO COMPONENTS (INDIA )LIMITED	Nominee director	28-06-09	28-06-09	Active	NO

Name :

Mr. Gulshan Lal Tandon

Designation :

Additional Director

Address :

B-7/111 A, (F F), Extension, Safdar Jung Enclave, New Delhi-110029

Date of Birth/Age :

09.11.1930

Date of Appointment :

16.12.2005

Din No.:

00047033

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	L28113AP1971PLC001437	VBC INDUSTRIES LIMITED	Director	21-04-92	21-04-92	-	Active	NO
2	U74899DL1998PLC068120	UTKAL COAL LIMITED	Director	02-05-95	02-05-95	-	Active	NO
3	U74899DL1960PLC217233	RUBBER RECLAIM CO OF INDIA LIMITED	Director	25-08-95	25-08-95	28-03-09	Active	NO
4	U74140DL1996PTC076774	TANISHQ CONSULTANCY PRIVATE LIMITED	Director	29-02-96	29-02-96	-	Active	NO
5	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	25-08-06	16-12-05	-	Active	NO
6	L27101OR1961PLC000428	INDIAN METALS AND FERRO ALLOYS LIMITED	Director	15-12-06	28-10-06	-	Active	NO

Name :

Mr. Om Prakash Khaitan

Designation :

Additional Director

Address :

N-12, Panchsheel Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

21.11.1943

Date of Appointment :

16.12.2005

Din No.:

00027798

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	L67120WB1951PLC019430	JK TYRE AND INDUSTRIES LIMITED	Director	30-08-74	30-08-74	-	Active	NO
2	L31500DL1945PLC008279	ECE INDUSTRIES LIMITED	Director	23-06-77	23-06-77	-	Active	NO
3	U27109DL1901PLC022060	HONDA SIEL POWER PRODUCTS LIMITED	Director	30-03-88	30-03-88	-	Not Available for eFiling	NO
4	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	31-03-88	31-03-88	-	Active	NO
5	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	27-11-89	27-11-89	-	Active	NO
6	U91200DL1990NPL041439	JKI EMPLOYEES WELFARE ASSOCIATION LIMITED	Director	10-09-90	10-09-90	-	Active	NO
7	U65993DL1992PLC048390	W G F FINANCIAL SERVICES LIMITED	Director	15-10-92	15-10-92	14-01-09	Active	NO
8	U22110DL1988PTC031416	NIPSHELL BUILDERS PRIVATE LIMITED	Director	14-03-95	14-03-95	-	Active	NO
9	U25209DL1996PLC082810	ILPEA PARAMOUNT LIMITED	Director	10-04-97	10-04-97	-	Active	NO
10	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Director	01-01-02	01-01-02	-	Active	NO
11	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	25-08-06	16-12-05	-	Active	NO
12	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	30-09-08	14-12-07	-	Active	NO
13	L67120DL1947PLC116830	BENGAL AND ASSAM COMPANY LIMITED	Director	22-09-09	02-02-09	-	Active	NO

Name :

Mr. Kishan N Parikh

Designation :

Additional Director

Address :

Panchsheel, No. II, Inner Circle Road, Contractors' Area, Jamshedpur-831001

Date of Birth/Age :

15.04.1967

Date of Appointment :

16.12.2005

Din No.:

00453209

Other Directorship:

S. 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	L67120WB1971PLC029802	PEBCO MOTORS LIMITED	Managing director	01-07-11	25-06-85	Active	NO
2	U65921WB1991PLC050815	PEBCO INDUSTRIES LIMITED	Director	01-02-91	01-02-91	Active	NO
3	U52206WB1992PTC054540	AERSOFT TRADING AND MARKETING PRIVATE LIMITED	Director	26-02-92	26-02-92	Active	NO
4	U27109WB1965PTC026562	CALCUTTA COMMODITIES (1965) PRIVATE LIMITED	Director	20-09-97	20-09-97	Active	NO
5	U51900WB1965PTC162063	BRISCO PRIVATE LIMITED	Director	18-08-98	18-08-98	Active	NO
6	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	25-08-06	16-12-05	Active	NO
7	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	16-07-09	04-06-08	Active	NO
8	U62200WB2010PTC142977	JAMSHEDPUR AIR-CONNECT PRIVATE LIMITED	Director	05-03-10	05-03-10	Active	NO

Name :

Mr. Udayan Banerjee

Designation :

Executive Director

Address :

E-222, Greater Kailash, Part II, New Delhi-110048, India

Date of Birth/Age :

15.01.1947

Date of Appointment :

01.06.2004

Din No.:

00339754

Other Directorship:

S. 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	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Whole-time director	01-04-10	01-06-04	Active	NO
2	U34300DL2005PLC141214	SHARDA SEJONG AUTO COMPONENTS (INDIA) LIMITED	Whole-time director	01-06-09	01-06-09	Active	NO

Name :

Mr. Ashok Kumar Bhattacharya

Designation :

Director

Address :

46 Wake Green Road, Moseley, Birmingham, B139PF

Date of Birth/Age :

14.02.1946

Date of Appointment :

28.10.2009

Din No.:

02804551

KEY EXECUTIVES

Name :	Mr. Nitin Vishnoi
Designation :	Company Secretary
Address :	13/91, Raj Nagar, Gaziabad-201002, Utter Pradesh, India
Date of Birth/Age :	18.01.1970
Date of Appointment :	01.07.2002
Pan No.:	AAYPV5238R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2011

Names of Shareholders	No. of Shares
Sharda Relan	634400
Ajay Relan	600600
Ritu Relan	474000
Mala Relan	470200
Narinder Dev Relan	452400
Aashim Relan	291200
Rohit Relan	158400
Rishab Relan	148800
Rohit Relan	141000
Ritu Relan	136400
Pranav Relan	126200
Ajay Relan	108120
Ritu Relan	108120
Sharda Relan	108120
Ayush Relan	104000
Mala Relan	101060
Ajay Relan	100100
Rohit Relan	100000
Indra Chowdhary	90000
Vinod Kantilal Shah	80000

As on 08.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	1.88
Directors or relatives of directors	80.91
Other top fifty shareholders	15.87
Others	1.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Assembly of Auto Components and White Goods Components.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Exhaust System For Automobiles	87089200
Seat Cover For Automobiles	940120
Part and Accessories For Motor Vehicles	87.08

v Exhaust Systems

v Catalytic Converters (for four wheelers)

v Independent Front Suspensions

v Canopies

v Seat Covers

v Seat Frames (for four wheelers)

v Assembly of Rear Automotive Suspensions

v Powder Coated Pressed Parts

v Plastic Flexible Hose Pipes

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Automotive Components
– Metal Parts	Pcs	16320202
– Fabric	Pcs	4501056
White Goods	Pcs	3304575

NOTE: Licensed and Installed Capacity:

As certified by the Management and as per the norms laid down by the Central Government, no licence is required for the class of goods manufactured by the Company; hence information pertaining to the licensed capacity is not given. The Company is of the view that the installed capacity of its machinery in terms of measurable units cannot be determined as it varies, based on the design / process of its heterogeneous range of products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Axis Bank Limited, Fort Branch, Universal Insurance Building, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India

v Yes Bank Limited, 9^th Floor, Nehru Centre Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

v Canara Bank

v Citi Bank

v Punjab National Bank

v Industrial Development Bank of India

v ICICI Bank

v State Bank of India

v HDFC Bank

v ABN Amro Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks
Cash Credit	258.435	162.814
Buyers’ Credit	95.096	0.000
Bills Discounted	30.588	37.056
Term Loan
External Commercial Borrowing *	225.686	354.054
Short Term Loan *	0.000	150.000
Rupee Term Loan	105.381	0.000
Total	715.186	703.924
* Repayable within one year Rs.128.368 Millions (P.Y. Rs. 224.393 Millions) NOTE: The above Loans are secured against : 1) Cash Credit/ Buyers’ Credit (a) Secured by charge on Inventories and Book Debts at Company’s Godowns, yards and Premises situated at Noida, Greater Noida, Haridwar, Gurgaon, Nasik and Chennai (Mahindra World City). (b) Equitable mortgage of Leasehold Land and Building and Plant and Machinery and other assets situated at Plot No.4, Sector 31, Kasna Industrial Area, Greater Noida, U.P 2) Bill Discounted First hypothecation charge on pre-accepted hundies by Tata Motors Limited and bill discounting under the bill discounting /Express vendor discounting scheme and recievables of Tata Motors Limited both present and future. 3) Term Loan (External Commercial Borrowing) Mortgage in favour of the Security Trustee in a form satisfactory to the Security Trustee of the Borrower’s immovable properties pertaining to the Project Situated at : i) Mahindra World City, Changalpattu Taluk, Kanchepuram Dist. Industrial Park, Tamilnadu-603002, ii) An exclusive charge by way of hypothecation in favour of the Security Trustee of the Borrower’s movables pertaining to the Projects Situated at: a) Mahindra World City, Changalpattu Taluk, Kanchepuram Dist. Industrial Park, Tamilnadu-603002, b) Plot No. 52/1,52/2,53/2A,54A,54B,54C and 54D, Behind Ceat Company, Satpur, Nashik-422007 c) Plot No. C-8, TML Vendor Park, Sanand Road, North Cotepura, Sanand, Ahmedabad d) 58 KM, Delhi - Jaipur Highway, P.O. Binola, Haryana. Being financed out of the proceeds of the Facility (save and except book debts), including movable machinery, machinery spares, tools and accessories, both present and future. 4) Short Term Loan First charge on current assets (both present and future) and first charge on all movable fixed assets (except those which are exclusively charged to existing lenders) 5) Rupee Term Loan Mortgage in favor of bank in respect of Plot No. C - 8, TML VENDER PARK, Sanand Road, Kotepura, Sanand, Ahemdabad.
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors	342.200	259.200
From Corporate	24.319	0.000
Total	366.519	259.200

Banking Relations :	--
Auditors :
Name :	S R Dinodia and Company Chartered Accountants
Address :	K-39, Connaught Place, New Delhi – 110001, India
Collaborators :	Sejong Industrial Company Limited, Korea – Exhaust Systems Chasys Company Limited, Korea – Suspension Systems Bosal NV., Belgium – Exhaust Systems Ricardo Plc., The UK – R and D Center
Associates/Subsidiaries :	· Sharda Sejong Auto components (India) Limited · Relan Industrial Finance Limited · Bharat Seats Limited · Progressive Engineering and Automation Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5946326	Equity Shares	Rs.10/- each	Rs.59.463 Millions

NOTE:

* Out of the above Shares

i) 4,953,163 (P. Y. 4,953,163) equity share of Rs. 10/- each are issued as fully paid up bonus shares by way of capitalization of General Reserve.

ii) 3,161 (P. Y. 3,161) equity shares allotted for consideration other than cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		59.463	59.463	59.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1195.620	1055.284	913.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1255.083	1114.747	972.800
LOAN FUNDS
1] Secured Loans		715.186	703.924	658.500
2] Unsecured Loans		366.519	259.200	258.100
TOTAL BORROWING		1081.705	963.124	916.600
DEFERRED TAX LIABILITIES		115.034	65.492	54.900
TOTAL		2451.822	2143.363	1944.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1814.500	1103.231	962.000
Capital work-in-progress		337.774	226.323	291.500
INVESTMENT		214.400	214.413	214.400
DEFERREX TAX ASSETS		0.000	0.000	6.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	656.614	389.829	277.100
	Sundry Debtors	761.433	409.642	358.300
	Cash & Bank Balances	23.970	79.871	21.300
	Other Current Assets	21.849	12.364	0.000
	Loans & Advances	142.375	649.386	847.100
Total Current Assets		1606.241	1541.092	1503.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1048.244	763.598	634.471
	Other Current Liabilities	419.377	135.972	228.829
	Provisions	53.472	42.126	170.200
Total Current Liabilities		1521.093	941.696	1033.500
Net Current Assets		85.148	599.396	470.300
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2451.822	2143.363	1944.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7001.978	4661.967	3397.658
		Other Income	52.344	42.316	30.172
		TOTAL (A)	7054.322	4704.283	3427.830
Less	EXPENSES
		Cost of Raw Material	420.915	353.213	302.833
		Manufacturing and Other Expenses	6028.300	3805.365	2863.076
		TOTAL (B)	6449.215	4158.578	3165.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		605.107	545.705	261.921
Less	FINANCIAL EXPENSES (D)		80.818	82.517	29.536
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		524.289	463.188	232.385
Less/ Add	DEPRECIATION/ AMORTISATION (F)		241.821	149.204	126.321
	PROFIT BEFORE TAX (E-F) (G)		282.468	313.984	106.064
Less	TAX (H)		72.793	102.423	29.114
	PROFIT AFTER TAX (G-H) (I)		209.675	211.561	76.950
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		157.552	215.559	308.177
Less	APPROPRIATIONS
		Transfer to General Reserve	150.000	200.000	100.000
		Proposed Dividend	29.732	29.732	29.732
		Interim Dividend	29.732	29.732	29.732
		Tax on Interim Dividend	4.938	5.052	5.052
		Tax on Proposed Dividend	4.938	5.052	5.052
	BALANCE CARRIED TO THE B/S		147.887	157.552	215.559
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	26.240	15.269	11.777
	IMPORTS
		Raw Materials	1126.532	701.213	676.588
		Capital Goods	83.172	11.345	29.970
		Machinery Spares and Consumables	44.753	8.149	0.000
	TOTAL IMPORTS		1254.457	720.707	706.558
	Earnings Per Share (Rs.)		35.26	35.58	12.94

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.97	4.49	2.21
Net Profit Margin (PBT/Sales)	(%)	4.03	6.73	3.10
Return on Total Assets (PBT/Total Assets}	(%)	8.26	11.87	4.27
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.11
Debt Equity Ratio (Total Liability/Networth)		2.07	0.17	2.00
Current Ratio (Current Asset/Current Liability)		1.06	1.63	1.45

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject (“the Company”) together with its subsidiary is primarily engaged in the manufacturing and assembly of Auto Components and White Goods Components. The company serves as a ‘Tier I’ vendor for some of the major Automobiles and Electronics Original Equipment Manufacturers (OEMs). It has got a ‘State of Art’ manufacturing facilities across eight locations in India. Their production range includes Exhaust Systems, Catalytic Convertors, Suspension Systems, Sheet Metal Components and Plastic parts for the Automotive and White Goods Industries.

OPERATIONS

During the year the Company achieved yet another milestone as Turnover Inter-Unit Transfers touched an all time high of Rs.9828.000 Millions as against Rs. 5481.100 Millions for the previous Financial Year registering an increase of 79.31% over the previous year’s turnover.

Since, the current year results include the figure pertaining to Sipcot Unit situated at G-20, Sipcot Industrial Park, Kancheepuram, Chennai due to cancellation of transfer of business vide cancellation deed dated November 20, 2009. All assets and liabilities pertaining to Sipcot Unit hitherto hived off to wholly owned subsidiary Sharda Sejong Auto Components India Limited have returned back to the company at their respective book values as on commencement of business on 1st April, 2010. Hence current year’s figures are not comparable with previous year’s figures.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE, DEVELOPMENTS AND OUTLOOK

The automobile Component industry in India is emerging as hub which is creating to requirement of all major auto industry players. It is supplying entire rang of auto components which serves to the requirement of automobile industry. India is preferred destination for major auto manufacturers due to cost competitiveness and government support for the industry. Growth in the automobile industry generates more demand for the auto components. Indian auto component sector is capable of producing internationally accepted quality of auto components, which is evident from the continuous outsourcing of their products by the worldwide automobile companies. SMIL’s operations span across eleven manufacturing units located across the Country. In order to meet the market opportunity, the Company has continuously been working with philosophy for providing the highest quality products and services to its existing as well as new customers. The company believes that innovative new product being developed will preserve and grow its market share and this action will continue to position “SMIL’s” as a market leader. SMIL’s operations span across eleven manufacturing unite located across the Country. In order to meet the market opportunity, the Company has continuously been working with philosophy for providing the highest quality products and services to its existing as well as new customers. The company believes that innovative new product being developed will preserve and grow its market share and the s action will continue to position “SMIL’s” as a market leader. The Company has registered strong sales growth in fiscal 2011, continued growth excepted in fiscal 2012.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Foreign Letters of Credit	135.124	86.335
Entry tax of for the financial year 2000-01, 2001-02 and 2002-03 against which the company has filed an appeal before Appellate Authority UP Trade Tax	0.227	0.227
Excise duty of under Central Excise Rules, which is pending before the Adjucating Authority. The company has executed a bank guarantee of Rs 175,000 against such liability.	0.097	0.097
Excise duty of under Central Excise Rules, which is pending before ‘The Commissioner, Central Excise Large Tax Payer Unit	44.000	44.000
Excise duty of under Central Excise Rules, which is pending before ‘The Additional Commissioner, Central Excise Large Tax Payer Unit	4.072	4.072
Service Tax of under Service Tax Rules which is pending before the Additional Commissioner of Service Tax, Delhi	1.107	0.000
Total	184.627	134.731

FIXED ASSETS:

· Land

· Leasehold

· Freehold

· Plant and Machinery

· Office Equipments

· Electric Fittings

· Vehicles

· Buildings

AS PER WEB DETAILS:

RELAN GROUP:

Relan Group is a diversified, multi-product group of Companies, with expertise in manufacturing and supply of components to automotive and White Goods Manufacturers. The group is also one of the pioneers in financial services.

Relan Group believes that our responsibility is to satisfy all our customers and those who use our products and services by meeting their needs promptly and accurately by maintaining the highest quality standards. There must be equal opportunity for development, advancement and growth.

Relan Group has state of the art manufacturing facilities with continuous focus on new product, innovation and technology upgradation. Under the dynamic leadership and vision of Mr. N.D. Relan, the Chairman of the Group, Shri Rohit Relan, the Managing Director Bharat Seats Limited and Mr. Ajay Relan, the Managing Director of the Sharda Motor Industries Limited and it's units, the RELAN GROUP, with its successful track record and desire for excellence is today an industrial force to reckon with in the Automotive Supplier Industry.

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.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.