MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	ANEST IWATA MOTHERSON LIMITED (w.e.f. 01.06.2001)
Formerly Known As :	ANEST IWATA MOTHERSON PRIVATE LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110 044
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.12.2000
Com. Reg. No.:	55-108736
Capital Investment / Paid-up Capital :	Rs.435.000 millions
CIN No.: [Company Identification No.]	U34107DL2000PLC108736
IEC No.:	0500059071
TAN No.: [Tax Deduction & Collection Account No.]	DELA08400A
PAN No.: [Permanent Account No.]	AACCA8985F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter, Importer and Distributor of Lubricated Reciprocating/ Reciprocating Oil-free/ Scroll/ Vacuum/ High Pressure Industrial Air Compressors.
No. of Employees :	Approximately 175 (In Office – 30, In Factory – 122, In Branch – 23)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. No complaints have been heard from the market sources. The company can be considered for business dealings with some caution.

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

INFORMATION PARTED BY

Name :	Mr. Anirvan Gupta
Designation :	General Manager (Sales and Marketing)
Date :	28.02.2012

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110 044, India
Tel. No.:	91-11-40555940
Fax No.:	Not Available
E-Mail :	corporate@aim.motherson.com
Website :	http://www.motherson.com
Factory 1 :	B-123-124, Sector - 63, District Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2401410-12/ 4600517/ 4600500
Fax No.:	91-120-2401398/ 4600509
Area :	23000 sq ft
Location :	Owned
Factory 2 :	B 5, Site C, Surajpur Industrial Estate, Surajpur, Greater Noida – 201 306, Uttar Pradesh, India
Tel. No.:	91-120-4600503/ 4600514
Fax No.:	91-120-2401398
Area :	50000 sq ft
Location :	Owned

DIRECTORS

As on 03.05.2011

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwin Gana, Crescent Glen Waverly, Victoria – 3150, Australia 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

05.12.2000

DIN No.:

00291126

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	U74899DL1983PLC016995	Motherson Auto Limited	Director	22-11-83	22-11-83	-	Active	NO
2	L34300DL1986PLC026431	Motherson Sumi Systems Limited	Director	19-12-86	19-12-86	-	Active	NO
3	U74999DL1992PLC049607	Motherson Techno Tools Limited	Director	20-07-92	20-07-92	-	Active	NO
4	U74899DL1995PLC074884	SMR Automotive Systems India Limited	Director	22-12-95	22-12-95	05-12-06	Active	NO
5	U55101DL1997PLC090104	Kyungshin Industrial Motherson Limited	Director	09-10-97	09-10-97	-	Active	NO
6	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	05-12-00	05-12-00	-	Active	NO
7	U67120DL1985PLC020695	Mothersonsumi Infotech and Designs Limited	Director	30-01-01	30-01-01	-	Active	NO
8	U25209DL1998PLC092635	Southcity Motors Limited	Director	15-05-03	15-05-03	23-12-06	Active	NO
9	U74899DL1989PTC036396	Moon Meadows Private Limited	Director	19-02-04	19-02-04	10-05-07	Active	NO
10	U34300DL1996PLC084072	Webasto Roofsystems India Limited	Director	27-02-04	27-02-04	04-04-11	Active	NO
11	U28910DL2004PLC126353	Motherson Auto Engineering Service Limited	Director	22-07-04	22-07-04	-	Active	NO
12	U74140DL2004PTC131119	Motherson Consultancy Private Limited	Director	09-12-04	09-12-04	-	Amalgamated	NO
13	U74900DL2004PLC131118	Samvardhana Motherson Finance Limited	Director	09-12-04	09-12-04	-	Active	NO
14	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Alternate director	03-03-06	03-03-06	01-02-11	Active	NO
15	U64201DL2005PLC142759	Balda Motherson Solution India Limited	Director	26-06-06	26-06-06	-	Amalgamated	NO
16	U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	08-11-06	08-11-06	25-12-06	Active	NO
17	U31908DL2007PLC162125	Fritzmeier Motherson Cabin Engineering Limited	Director	08-05-08	23-04-07	-	Active	NO
18	U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Director	29-08-08	02-10-07	-	Active	NO
19	U31500DL2008PLC174123	Magneti Marelli Motherson Auto System Limited	Director	14-08-09	16-04-08	-	Active	NO

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H1A-141, DLF Westend Heights, Phase – VI, DLF City, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment :

19.05.2003

DIN No.:

00032733

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	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	19-05-03	19-05-03	-	Active	NO
2	U74999DL2002NPL116010	Motherson Innovative Technologies and Research	Director	23-05-03	23-05-03	13-02-07	Active	NO
3	U55101DL1997PLC090104	Kyungshin Industrial Motherson Limited	Director	28-05-03	28-05-03	-	Active	NO
4	U74999DL1998PLC093544	CTM India Limited	Director	12-06-03	12-06-03	-	Active	NO
5	U74999DL1992PLC049607	Motherson Techno Tools Limited	Director	18-12-03	18-12-03	-	Active	NO
6	U18109DL1999PTC099074	Sisbro Motor and Workshop Private Limited	Director	01-04-04	01-04-04	10-05-07	Active	NO
7	U25191GJ2004PLC044604	Woco Motherson Advanced Rubber Technologies Limited	Director	16-08-04	16-08-04	-	Active	NO
8	U67120DL1997PLC085879	Sumi Motherson Innovative Engineering Limited	Director	16-08-04	16-08-04	-	Active	NO
9	U34300DL2004PLC125216	Woco Motherson Elastomer Limited	Director	16-08-04	16-08-04	-	Active	NO
10	U74899DL2004PLC131099	Motherson Machinery and Automations Limited	Director	09-12-04	09-12-04	15-01-07	Active	NO
11	U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Director	09-12-04	09-12-04	-	Active	NO
12	U74900DL2004PLC131118	Samvardhana Motherson Finance Limited	Director	09-12-04	09-12-04	14-09-11	Active	NO
13	U74140DL2004PTC131119	Motherson Consultancy Private Limited	Director	09-12-04	09-12-04	-	Amalgamated	NO
14	U34300DL2004PLC131121	Nachi Motherson Tool Technology Limited	Director	09-12-04	09-12-04	-	Active	NO
15	U74899DL2004PLC131122	Motherson Auto Solutions Limited	Director	09-12-04	09-12-04	30-11-07	Active	NO
16	U29199DL2005PLC139659	Samvardhana Motherson Virtual Analysis Limited	Director	12-08-05	12-08-05	01-03-09	Active	NO
17	U64201DL2005PLC142759	Balda Motherson Solution India Limited	Director	21-11-05	21-11-05	25-08-06	Amalgamated	NO
18	U74102DL2001PLC112560	Field Motor Limited	Director	29-09-06	03-12-05	-	Active	NO
19	U34300DL2006PLC151292	Tigers Connect Travel Systems and Solutions Limited	Director	30-05-07	26-07-06	28-01-08	Active	NO
20	U27310DL2006PLC151361	Motherson Molds and Diecasting Limited	Director	31-05-07	28-07-06	21-03-08	Active	NO
21	U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	08-11-06	08-11-06	25-12-06	Active	NO
22	U34300DL1996PLC084072	Webasto Roofsystems India Limited	Alternate director	01-06-10	14-02-07	27-12-10	Active	NO
23	U74899DL1995PLC074884	SMR Automotive Systems India Limited	Director	19-06-09	04-09-07	-	Active	NO
24	U34102DL2007PLC168779	Calsonic Kansei Motherson Auto Products Limited	Director	28-09-07	28-09-07	02-10-07	Active	NO
25	U24211DL2007PLC169557	Nissin Advanced Coating Indo Company Limited	Director	11-06-08	18-10-07	-	Active	NO
26	U31908DL2007PLC169556	Motherson Zanotti Refrigeration System Limited	Director	21-04-08	18-10-07	-	Active	NO
27	U51109DL2007PLC170331	Air Factory Energy Limited	Director	19-05-08	12-11-07	17-09-10	Active	NO
28	U31500DL2008PLC174123	Magneti Marelli Motherson Auto System Limited	Director	14-08-09	15-02-08	-	Active	NO
29	U29199DL2006PLC156494	Matsui Technologies India Limited	Alternate director	01-09-08	01-09-08	03-02-09	Active	NO
30	U45400DL2007PLC169491	Motherson Advanced Tooling Solutions Limited	Director	01-09-08	01-09-08	20-03-09	Active	NO
31	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Alternate director	24-11-08	24-11-08	13-02-09	Active	NO
32	U28990DL2011PLC229148	Motherson Sintermetal Technology Limited	Director	22-12-11	22-12-11	-	Active	NO

Name :

Mr. Parthasarathy Srinivasan

Designation :

Director

Address :

6322, Alok Vihar, Sector – 50, Noida, Uttar Pradesh, India

Date of Birth/Age :

16.11.1956

Date of Appointment :

25.12.2006

DIN No.:

01039931

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	U34300DL2004PLC131121	Nachi Motherson Tool Technology Limited	Director	26-05-07	16-10-06	Active	NO
2	U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	30-06-07	20-11-06	Active	NO
3	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	30-06-07	25-12-06	Active	NO
4	U74899DL2004PLC131099	Motherson Machinery and Automations Limited	Director	30-05-07	20-04-07	Active	NO
5	U24211DL2007PLC169557	Nissin Advanced Coating Indo Company Limited	Director	11-06-08	18-10-07	Active	NO
6	U45400DL2007PLC169491	Motherson Advanced Tooling Solutions Limited	Director	19-08-09	20-03-09	Active	NO
7	U29253DL2010PLC209702	Nachi Motherson Precision Limited	Director	09-07-11	22-10-10	Active	NO
8	U28990DL2011PLC229148	Motherson Sintermetal Technology Limited	Director	22-12-11	22-12-11	Active	NO

Name :

Mr. Takahiro Tsubota

Designation :

Director

Address :

3-2-15-501, Komaoka-Cho, Tsurumi-Ku, Yokohama, Japan 2300071

Date of Birth/Age :

15.05.1957

Date of Appointment :

11.05.2009

DIN No.:

01104764

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	U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Director	30-06-07	25-12-06	Active	NO
2	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	11-05-09	23-06-08	Active	NO
3	U51109DL2007PLC170331	Air Factory Energy Limited	Director	11-05-09	16-03-09	Active	NO

Name :

Akira Hirase

Designation :

Director

Address :

3-4-62, Miyashimohoncho, Sagamihara, Japan 2291111

Date of Birth/Age :

26.05.1953

Date of Appointment :

11.05.2009

DIN No.:

02261935

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	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	11-05-09	23-06-08	Active	NO

Name :

Mr. Shinya Tsukamoto

Designation :

Director

Address :

Section – 308, Green Court, Fujigaoka Exceeds, Aoba-Ku, Chigusa-Dai, Yokohama, Japan 2270051

Date of Birth/Age :

22.01.1966

Date of Appointment :

11.05.2009

DIN No.:

02608615

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	U34107DL2000PLC108736	Anest Iwata Motherson Limited	Director	11-05-09	16-03-09	Active	NO
2	U29298DL2006PLC155317	Anest Iwata Motherson Coating Equipment Limited	Alternate director	08-12-11	08-12-11	Active	NO

KEY EXECUTIVES

Name :	Ms. Ritu Seth
Designation :	Secretary
Address :	621, Sector – 29, Noida – 201 303, Uttar Pradesh, India
Date of Birth/Age :	26.09.1979
Date of Appointment :	02.01.2006
PAN No.:	AVYPS9758C
Name :	Manjul Mohan Kulshrestha
Designation :	Manager
Address :	B-5 and 6/4622, Vasant Kunj, New Delhi – 110 070, India
Date of Birth/Age :	04.11.1957
Date of Appointment :	10.09.2004
PAN No.:	AAGPK5959C
Name :	Mr. Anirvan Gupta
Designation :	General Manager (Sales and Marketing)
Name :	Mr. M.M. Kulshrestha
Designation :	Co-Ordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.05.2011

Names of Shareholders (Equity Shares)	No. of Shares
Anest Iwata Corporation, Japan	13260000
Samvardhana Motherson Finance Limited, India	12739600
Ashok Tandon	100
Vivek Chaand Sehgal	100
Chandra Shekhar Panda	50
Vivek Avasthi	100
Laksh Vaaman Sehgal	50
Total	26000000

Names of Shareholders (Preference Shares)	No. of Shares
Anest Iwata Corporation, Japan	8925000
Samvardhana Motherson Finance Limited, India	8575000
Total	17500000

As on 03.05.2011

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]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter, Importer and Distributor of Lubricated Reciprocating/ Reciprocating Oil-free/ Scroll/ Vacuum/ High Pressure Industrial Air Compressors.

Products :

Item Code No. (ITC Code)	8414.40.14
Product Description	Air Compressor

Exports :

Products :

Lubricating Compressors and Lube/ Scroll/ Oil-free Spares

Countries :

v Japan

v USA

v Thailand

Imports :

Products :

Oil-free and Scroll Spares

Countries :

Japan

Terms :

Selling :

Credit (30 days)

Purchasing :

Credit (60 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Air Compressors	Nos.	N.A.	4800	4186

GENERAL INFORMATION

Customers :	Wholesalers, Retailers, End Users, OEM’s and Institutional
No. of Employees :	Approximately 175 (In Office – 30, In Factory – 122, In Branch – 23)
Bankers :	Axis Bank, Sector – 16, Noida – 201 301, Uttar Pradesh, India

Banking Relations :	--
Auditors :
Name :	R.K.J.K. Khanna and Company Chartered Accountants
Address :	D-41, New Delhi South Extension, Part-II, New Delhi – 110 049, India
Tel. No.:	91-11-41644996/ 26253522
Fax No.:	91-11-46014099
E-Mail :	khanna.rk@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFR9497E
Holding Company :	Anest Iwata Corporation, Japan
Subsidiary Company :	Air Factory Energy Limited, India CIN No.: U51109DL2007PLC170331
Fellow Subsidiary Company :	Anest Iwata Motherson Coating Equipments Limited
Joint Venturer :	Samvardhana Motherson Finance Limited
Companies in which Key Management Personnel or their relatives have significant influence :	v Motherson Sumi Systems Limited v Motherson Sumi Infotech and Designs Limited v South City Motors Limited v Motherson Techno Tools Limited v Motherson Auto Limited v Motherson Zanotti Refrigeration System Limited v Motoman Motherson Robotics Limited (Till February 1, 2011) v Sumi Motherson Innovative Engineering Limited v SMR Automotive Systems India Limited v Motherson Advanced Tooling Solutions Limited v Spirited Auto Car (India) Limited v Motherson Air Travel Agencies Limited v NACHI Motherson Precision Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
27500000	Equity Shares	Rs.10/- each	Rs.275.000 millions
17500000	Redeemable Preference Shares	Rs.10/- each	Rs.175.000 millions
	Total		Rs.450.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares Of the above 13,260,000 equity shares are allotted to Anest Iwata Corporation, Japan (AIJ), the Holding Company	Rs.10/- each	Rs.260.000 millions
3000000	6% Redeemable Preference Shares Of the above 1,530,000 Preference Shares are allotted to AIJ, the Holding Company	Rs.10/- each	Rs.30.000 millions
4000000	1% Redeemable Preference Shares Of the above 2,040,000 Preference Shares are allotted to AIJ, the Holding Company	Rs.10/- each	Rs.40.000 millions
10500000	3% Redeemable Preference Shares Of the above 5,355,000 Preference Shares are allotted to AIJ, the Holding Company	Rs.10/- each	Rs.105.000 millions
	Total		Rs.435.000 millions

Notes:

Above shares are convertible into one equity share of Rs.10/- each fully paid up after the expiry of 3 years, but on or before the expiry of 10 years from the date of allotment as under:

(i) 1,000,000 6%	18^th December, 2002
(ii) 2,000,000 6%	21^st August, 2003
(iii) 2,000,000 1%	10^th February, 2004
(iv) 1,000,000 1%	7^th June, 2004
(v) 1,000,000 1%	23^rd December, 2004
(vi) 5,500,000 3%	23^rd December, 2004
(vii) 2,000,000 3%	16^th September, 2005
(vii) 1,000,000 3%	17^th October, 2006
(ix) 2,000,000 3%	25^th December, 2006

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		435.000	435.000	355.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(57.208)	(57.445)	(57.726)
NETWORTH		377.792	377.555	297.274
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	14.400
TOTAL BORROWING		0.000	0.000	14.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		377.792	377.555	311.674
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		232.969	135.021	145.669
Capital work-in-progress		0.249	83.536	5.584
INVESTMENT		8.000	8.000	8.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.022	39.157	43.571
	Sundry Debtors	54.562	51.196	45.118
	Cash & Bank Balances	34.862	55.060	62.567
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.172	55.526	38.414
Total Current Assets		176.618	200.939	189.670
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.685	27.186	20.233
	Other Current Liabilities	13.901	13.279	12.301
	Provisions	3.458	9.476	4.715
Total Current Liabilities		40.044	49.941	37.249
Net Current Assets		136.574	150.998	152.421
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		377.792	377.555	311.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales of Finished Goods (Net)	219.422	184.243	184.966
		Other Income	6.522	5.484	10.052
		TOTAL (A)	225.944	189.727	195.018
Less	EXPENSES
		Increase/ Decrease in Stock of Finished Goods	(5.956)	0.729	(2.090)
		Manufacturing and Other Expenses	215.124	168.760	183.287
		TOTAL (B)	209.168	169.489	181.197
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.776	20.238	13.821
Less	FINANCIAL EXPENSES (D)		0.153	0.367	0.819
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.623	19.871	13.002
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.295	13.883	11.031
	PROFIT BEFORE TAX (E-F) (G)		0.328	5.988	1.971
Less	TAX (H)		0.091	0.948	1.019
	PROFIT AFTER TAX (G-H) (I)		0.237	5.040	0.952
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(57.445)	(57.726)	(58.678)
Less	APPROPRIATIONS
		Proposed Dividend	0.000	4.081	0.000
		Tax on Proposed Dividend	0.000	0.678	0.000
	BALANCE CARRIED TO THE B/S		(57.208)	(57.445)	(57.726)
	EARNINGS IN FOREIGN CURRENCY
		fob Value of Exports	34.703	14.132	44.431
		Commission		0.177	5.274
		Development Charges		0.478	0.400
	TOTAL EARNINGS		34.703	14.787	50.105
	IMPORTS
		Purchase of Machinery	NA	0.040	0.019
		Purchase of Raw Material	NA	28.993	43.115
	TOTAL IMPORTS		NA	29.033	43.134
	Earnings Per Share (Rs.)
	- Basic		0.19	0.01	0.24
	- Diluted		0.01	0.12	0.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.10	2.66	0.49
Net Profit Margin (PBT/Sales)	(%)	0.15	3.25	1.07
Return on Total Assets (PBT/Total Assets}	(%)	0.08	1.78	0.59
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		0.11	0.13	0.17
Current Ratio (Current Asset/Current Liability)		4.41	4.02	5.09

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 43, Community Centre, New Friends Colony, New Delhi – 110 065 to the present address w.e.f. 14.01.2009.

OPERATIONAL PROGRESS:

OPERATIONS

With the objective of becoming a world class manufacturer of air compressors, the production facilities at the company's plant have been further upgraded and expanded. The second manufacturing plant of the company was inaugurated in July 2010 and the commercial production was commenced from October 2010. This is located at Greater Noida. A full range of systematic and on-going efforts continue to be executed in the company to further enhance the quality and operational systems, under the guidance of Anest Iwata Corporation, Japan. Two Japanese specialist engineers from Anest Iwata Corporation, Japan are currently deputed to the company to train the technical personnel of the company and to guide the company to improve overall effectiveness of operational systems.

Anest Iwata Japan had deputed two of their well-experienced production experts to the factory to guide the start of production of air receivers at the Greater Noida plant. Further, one more production manager from Anest Iwata Japan's Fukushima plant was deputed to the company to guide the improvements in operational efficiencies.

The company has also deputed two shop-floor members for about nine months training at Anest Iwata Corporation's manufacturing plant at Fukushima, Japan.

VENDOR DEVELOPMENT

In view of the growing production volumes and design and development of additional models, the company has always recognised the need for a reliable vendor base. An on-going programme has been put in to practice to continuously identify the current bottlenecks and thereafter provide guidance to the vendors to upgrade their production capacity, process capabilities, quality systems and cost competitiveness.

DOMESTIC MARKETING AND SALES

A strong and sustained year-on-year growth achieved by the company has been possible due to the consolidation of marketing and sales efforts in key markets and widening of the customer base.

Nurturing of a robust network of target oriented sales channel partners has been a high priority for the company. The company continues to build a strong and efficient network of "3 S" dealers - having facilities for Sales, Service and Spares.

EXPORTS

The company continues to actively pursue export of both compressors and its components.

(i) EXPORT OF COMPONENTS

The company continues to aggressively grow the export of components to Anest Iwata Corporation, Japan. Many of these are produced in the company's plant and remaining components are supplied by the company's vendor base. During the year, development of several new components has been initiated for adding to the current list of components being exported. Under the guidance of specialist engineers from Anest Iwata Corporation, Japan, the company implements a continuous improvement process to achieve the QCDDMSE targets.

This provides an excellent opportunity to the company to better utilise the production capacity and enables the company to work to the international levels of quality standards of Anest Iwata Corporation, Japan.

(ii) EXPORT OF COMPRESSORS

The company has been successfully exporting lubricated type of air compressors to various Asian and western countries. During the year, the company has worked hard with Anest Iwata Corporation, Japan to jointly develop a range of lubricated reciprocating type of air compressor models for Japanese markets.

DESIGN AND DEVELOPMENT

Under the guidance of a specialist designer from Anest Iwata Corporation, engineers from the company have initiated design and development of new models and customised versions of existing models for various applications and customers - both within and outside India. As a result, a growing number of customers are now feeling confident to depend on the company for their complete requirements of air compressors.

Anest Iwata, Japan and the company have jointly decided to further strengthen this function in the company. The company will be deputing their Engineers members for about six months training at Anest Iwata Corporation's Product Engineering Department at Yokohama, Japan.

Hence, the range of products and for that reason, the sales of the company will continue to grow at an unbeatable pace.

CONTINGENT LIABILITIES: (As on 31.03.2011)

A) Bank Guarantees of Rs.7.693 millions furnished by the company to Custom Authority against export obligation under EPCG Scheme and others against performance guarantee/ warranty and Sales Tax.

B) (1) Contingent liabilities on account of Sales Tax and Service tax

Particulars	Nature of demand	Amount involved (Rs. in millions)	Forum where dispute is pending
Entry Tax (2004-05)	Import of Raw material	0.429	Joint Commissioner Appeal, Uttar Pradesh Trade Tax, Noida, Uttar Pradesh
Service Tax (2001-02 and 2002-03)	Service tax on payment technical know how fee and royalty	0.125	Appellate Tribunal Customs, Excise and Service Tax, New Delhi
Sales Tax (2005-06)	Sales tax on non submission of C form and 3 B form	1.436	Joint Commissioner UP Trade Tax, Noida, Uttar Pradesh
Sales Tax (2006-07)	Sales tax on non submission of C form and 3B form	0.555	Joint Commissioner UP Trade Tax, Noida, Uttar Pradesh
Sales Tax (2007-08)	Sales tax on non submission of C form and 3B form	0.532	Joint Commissioner UP Trade Tax, Noida, Uttar Pradesh
Total		3.077

(2) Rs.0.177 million for non submission of Sales Tax/VAT forms.

FIXED ASSETS:

v Leasehold Land

v Building

v Plant and Machinery

v Tools, Dies and Patterns

v Measuring Instruments

v Motors

v Electrical Fittings

v Air Conditioner

v Office Equipments

v Fire Equipments

v Furniture and Fixture

v Vehicles

v Demo Compressor

v Computer Equipment

v Computer Software

WEBSITE DETAILS:

PROFILE:

Subject is a joint venture between Samvardhana Motherson Group and Anest Iwata Corporation Japan.

Subject manufactures Lubricated and Oil-Free Reciprocating Compressors, with patented composite resin made piston and air receivers in sizes ranging from 20 litres to 1000 litres with one, two and three cylinder configurations in single or two stage operations.

In addition subject has capabilities to manufacture customized air compressors to specific customer requirements. It is also marketing in India the world's first Oil Free type Scroll air compressor from Anest Iwata.

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.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		31

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.