MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	MINDA SAI LIMITED
Registered Office :	2659/2 Gurudwara Road, Karol Bhag, New Delhi – 110005, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.04.1981
Com. Reg. No.:	55-127345
Capital Investment / Paid-up Capital :	Rs.255.711 Millions
CIN No.: [Company Identification No.]	U31905DL1981PLC127345
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive parts and accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2200000
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.

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 :	2659/2 Gurudwara Road, Karol Bhag, New Delhi – 110005, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shifa.sharma@minda.co.in Nitish.kumar@hdfcbank.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Minda

Designation :

Director

Address :

A- 15, Ashok Vihar, Phase – I, Delhi – 110052, India

Date of Birth/Age :

29.06.1961

Qualification :

B.Com (H)

Date of Appointment :

09.04.2003

DIN No.:

00054727

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	Whole-time director	5/7/2011	22/07/1987	-	Active	NO
2	U74899DL1995PLC066645	MINDA STONERIDGE INSTRUMENTS LIMITED	Director	20/05/1995	20/05/1995	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	9/11/1995	9/11/1995	21/03/2009	Active	NO
4	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	12/12/1996	12/12/1996	14/04/2011	Active	NO
5	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	9/4/2003	9/4/2003	-	Active	NO
6	U74140DL2004PLC125552	MINDA MANAGEMENT SERVICES LIMITED	Director	20/07/2011	1/4/2004	-	Active	NO
7	U34102DL1999PLC098741	MINDA S.M. TECHNOCAST LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
8	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	3/1/2007	12/9/2011	Active	NO
9	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	10/1/2007	10/1/2007	-	Active	NO
10	U74899DL1992PTC049657	DORSET KABA SECURITY SYSTEMS PRIVATE LIMITED	Director	29/04/2008	8/2/2007	-	Active	NO
11	U93090DL2007PLC158964	MINDA INTERNATIONAL LIMITED	Director	17/02/2007	17/02/2007	-	Active	NO
12	U29253DL2007PTC168593	MARS MECH-TECH PRIVATE LIMITED	Director	24/09/2007	24/09/2007	25/09/2007	Active	NO
13	U34300DL2002PLC116824	MINDA SILCA ENGINEERING LIMITED	Director	5/12/2007	4/12/2007	-	Active	NO
14	U31300DL1996PLC083438	MINDA CAPITAL LIMITED	Director	30/09/2009	15/06/2008	-	Active	NO
15	U25194DL2009PLC188691	MINDA SCHENK PLASTIC SOLUTIONS INDIA LIMITED	Director	20/03/2009	20/03/2009	-	Active	NO
16	U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED.	Director	8/5/2009	8/5/2009	-	Active	NO

Name :

Mr. Praveen Gupta

Designation :

Director

Address :

Flat No. F/1003, 10^Th FLOOR, Great Eastern Gardens, L.B.S Marg Kanjur Marg, West Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

09.09.1955

Qualification :

MBA (IIM), IIT

Date of Appointment :

28.07.2008

DIN No.:

01885287

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	L29220MH1986PLC041214	BIRLA PRECISION TECHNOLOGIES LIMITED	Additional director	30/10/2007	30/10/2007	18/09/2008	Active	NO
2	U31905DL1981PLC127345	MINDA SAI LIMITED	Managing director	2/9/2008	28/07/2008	-	Active	NO

Name :

Mr. Avinash Parkash Gandhi

Designation :

Director

Address :

C- 2/14, Safdurjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

01.10.1938

Qualification :

B.E Mechanical

Date of Appointment :

09.04.2011

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	12/5/2005	12/5/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	6/10/2005	6/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	1/9/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	3/5/2008	-	Active	NO
15	U34102AP1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	-	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	3/3/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	-	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	6/3/2010	6/3/2010	-	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	5/8/2011	9/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Shifa Sharma
Designation :	Secretary
Address :	22 – H Pocket – 4, Mayur Vihar, Phase – I, Delhi – 110091, India
Date of Birth/Age :	31.10.1981
PAN No :	BKHPS4991L
Date of Appointment :	01.03.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.08.2011

Names of Shareholders	No. of Shares
M/s Minda Corporation Limited	2557102
Mr. Ashok Minda	1
Mrs. Sarika Minda	1
Mr. Aakash Minda	1
Mr. D. C. Sharma	1
Mr. Ajay Sancheti	1
Mr. Atul Kumar Jain	1
Total	2557108

As on 11.02.2012

Names of Shareholders	No. of Shares
M/S Minda corporation Limited	520000
Total	520000

As on 05.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive parts and accessories.

PRODUCTION STATUS As on (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Class of Goods Writing Harness / Wire Sets / Terminal / Others	No.	Not Applicable	Not Available	180.08

Note:

* As certify by the anagement, the quantity of manufacturing of final product varies based on customers requirement being of different sizes and numbers making it difficult to identify the installed capacity.

GENERAL INFORMATION

Customers :

· Hero

· Bajaj

· YAMHA

· TVS

· Honda

· Mahindra

· TATA

· AMW

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank , F- 47, Malhotra Buildinds, Janpath, New Delhi – 110001, India

· HDFC Bank Limited, Hdfc Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	(A) 43.333	(B)10.541
Rupee term loans others secured	(C)195.817	(D)203.149
Loans taken for vehicles secured	(E)1.169	(F)0.266
Deferred sales tax loan secured	(G)19.572	(H)28.013
Total	259.891	241.969
Footnotes (A) a) Term Loan from Banks include:- Rs. 43.333 millions secured by first pari passu charge on all existing and future movable and immovble fixed assets of the Company situated at Noida to be shared with PICUP. The loan is further secured by first charge on all existing and future movable and immovable fixed assets of the company situated at Kakkalur and Murbad and also second charge on entire existing and future current assets of the company. + Repayable within one year = Rs. 10000000 (B) a) Term Loan from Banks include:- Rs.10.500 millions secured by exclusive first charge on the entire movable block of assets of the Company(both present & future) situated at all the places other than Noida unit. These loans are also secured by personal gurantee provided by a director of the company. + Repayble within one year = Rs. 10.540883 millions (C) Cash Credit :- Cash Credit loan from banks are secured by first pari passu charge on the entire current assets of the company (both present and future ) and second parri passu charge on the entire fixed assets of the company (both present and future) situated at all the places. (D) Cash Credit:- Cash Credit loan from banks are secured by first pari passu charge on the entire current assets of the company (both present and future ) and second parri passu charge on the entire fixed assets of the company (both present and future) situated at all the places. (E) From bank- Vehicle loan 672852 + From Finance Company- Vehicle Loan 496022 + Repayable within one year :- from banks :- Rs. 477017 + From finance Company = Rs. 0.112 millions (F) From Finance Company - Vehicle Loan 266041 + Repayable within one year = Rs. 0.089 (G) Repayable within one year = Rs. 10.558 millions (H) Repayable within one year = Rs. 8.440 millions
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	0.000	(A)38.526
Deferred sales tax loan unsecured	(B)73.792	(C)74.000
Total	73.792	112.526
Footnotes (A) Short Term Loan from -Finance Company (Repayable within one year) (B) Repayable within one year - Deferred Sales Tax Liabilities 1407707 (C) Repayable within one year - Deferred Sales Tax Liabilities 267862

Banking Relations :	--
Auditors :
Name :	R.N SARAF and Company Chartered Accountant
Address :	2659/2, Gurudwara Road, Karol Bagh, New Delhi - 110005, India
PAN.:	AATPS5918C
Subsidiary Company :	Mayank Auto Engineers Private Limited
Related Party :	· Minda Furukawa Electric Private Limited · CIN - U29253DL2006PTC155275 · Minda Stoneridge Instruments Limited · CIN - U74899DL1995PLC066645 · Minda Rika Private Limited CIN - U74899DL1995PTC073692 · · Minda Capital Limited · CIN - U31300DL1996PLC083438 · Minda Valeo Security System Private Limited · Minda Management Services Limited CIN - U74140DL2004PLC125552 · Electical Private Limited
Holding Company :	· Minda Corporation Limited · CIN - L74899DL1985PLC020401
Subsidiaries Company :	· Mayank Auto Engineers Private Limited · CIN - U34300DL2000PTC103407

CAPITAL STRUCTURE

After As on 05.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.100/- each	Rs.320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3077108	Equity Shares	Rs.100/- each	Rs.307.711 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.100/- each	Rs.280.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2557108	Equity Shares	Rs.100/- each	Rs.255.711 millions

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		255.711	255.711	255.711
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		295.082	121.879	81.472
4] (Accumulated Losses)		0.000	0.000	(26.326)
NETWORTH		550.793	377.590	310.857
LOAN FUNDS
1] Secured Loans		259.891	241.969	274.476
2] Unsecured Loans		73.792	112.526	73.483
TOTAL BORROWING		333.683	354.495	347.959
DEFERRED TAX LIABILITIES		43.693	41.095	24.775
TOTAL		928.169	773.180	683.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		483.294	397.381	376.265
Capital work-in-progress		2.844	14.399	38.424
INVESTMENT		119.601	40.045	40.045
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	282.450	182.166	154.015
	Sundry Debtors	513.351	405.411	223.471
	Cash & Bank Balances	7.339	10.295	16.519
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	114.827	104.800	67.090
Total Current Assets		917.967	702.672	461.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	465.610	306.220	193.241
	Other Current Liabilities	26.545	32.104	13.318
	Provisions	103.382	42.993	25.679
Total Current Liabilities		595.537	381.317	232.238
Net Current Assets		322.430	321.355	228.857
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		928.169	773.180	683.591

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2582.510	1694.637	1183.617
		Other Income		24.584	72.698	37.711
		TOTAL (A)		2607.094	1767.335	1221.328
Less	EXPENSES
		Consumption materials changes inventories		1809.544	1247.874
		Manufacturing service costs		72.130	73.519
		Employee related expenses		281.304	195.520
		Administrative selling other expenses		111.500	73.173
		TOTAL (B)		2274.478	1590.086	1139.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			332.616	177.249	82.251
Less	FINANCIAL EXPENSES (D)			42.679	39.860	39.633
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			289.937	137.389	42.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)			47.581	35.603	32.872
	PROFIT BEFORE TAX (E-F) (G)			252.356	101.786	9.746
Less	TAX (I)			79.067	34.841	7.100
	PROFIT AFTER TAX (G-I) (J)			173.289	66.945	2.646
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			40.618	(26.326)	(0.076)
	BALANCE CARRIED TO THE B/S			213.908	40.618	(26.326)
	EARNINGS IN FOREIGN CURRENCY
			F.O.B Value of Export Earnings	0.298	8.112	243.221
	TOTAL EARNINGS			0.298	8.112	243.221
	IMPORTS
			Raw Materials	129.430	103.437	55.954
			Stores & Spares	2.482	2.226	0.614
			Capital Goods	23.568	25.050	1.931
	TOTAL IMPORTS			155.480	130.713	58.499
	Earnings Per Share (Rs.)			67.77	26.1	1.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.65	3.78	0.22
Net Profit Margin (PBT/Sales)	(%)	9.77	6.01	0.82
Return on Total Assets (PBT/Total Assets}	(%)	18.01	9.25	1.16
Return on Investment (ROI) (PBT/Networth)		0.46	0.27	0.03
Debt Equity Ratio (Total Liability/Networth)		1.69	1.95	1.87
Current Ratio (Current Asset/Current Liability)		1.54	1.84	1.99

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U31905DL1981PLC127345
Name of the company	MINDA SAI LIMITED
Address of the registered office or of the principal place of business in India of the company	2659/2 Gurudwara, Roadkarolbagh, New Delhi – 110005, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10271501
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, Hdfc Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Nature of instrument creating charge	Affidavit-cum-Indemnity by Director / Authorised Signatory of Minda Sai Limited
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs.190.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction terms Terms of Repayment Repayable on demand Margin As per Sanction terms Extent and Operation of the charge Second pari-passu charge by way of equitable mortgage on property at DP No. - G-42,SIDCO Industrial Estate , Kakkalur in SF No. 89 part , 90 part and 96 part of Putlur Village in Tiruvallur Taluk , Kancheepuram and property at Village Dhanivalli , Taluka Murbad, Thane to secure the due repayment of the credit facilities along with interest, costs, charges and other dues that may any time hereafter become due and owing to the bank in respect of and under the credit facilities
Short particulars of the property or asset(s) charged (including complete address and location of the property)	property at DP No. - G-42,SIDCO Industrial Estate , Kakkalur in SF No. 89 part , 90 part and 96 part of Putlur Village in Tiruvallur Taluk , Kancheepuram Gut No. 221,222,235,270,272,249,253,254,268,269,271,278 , 282,283 at Village Dhanivalli , Taluka Murbad, Thane
Particulars of the present modification	By this modification, the facilities granted by HDFC Bank are further secured on Second pari-passu charge basis by way of equitable mortgage on property at DP No. - G-42,SIDCO Industrial Estate , Kakkalur in SF No. 89 part , 90 part and 96 part of Putlur Village in Tiruvallur Taluk , Kancheepuram and property at Village Dhanivalli , Taluka Murbad, Thane

PERFORMANCE

In line with the revival of the economy, the Company has shown excellent performance during the year .Sales for the year were Rs.2582.500 millions as against Rs.1694.600 millions during the previous year, registering growth of 52.40% over previous year. The volume increase in sales coupled with cost savings initiatives undertaken by the management had a positive impact on the profitability of the Company and the profit after tax for the current year is Rs. 173.300 Millions as against Rs.67.000 Millions for the previous year.

3) ACQUISITION OF 55.56% STAKE IN M/S. MAYANK AUTO ENGINEERS PRIVATE LIMITED

During the year, the Company has acquired 55.56% stake in M/s Mayank Auto Engineers Private Limited. Consequently, M/s. Mayank Auto Engineers Private Limited has become a subsidiary of the Company w.e.f. February 09, 2011. Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary Company is annexed at Annexure – III and forming part of this report.

4) ACQUISITION OF 100% STAKE IN THE COMPANY BY M/S MINDA CORPORATION LIMITED

During the year, M/s. Minda Corporation Limited, a company incorporated under the provisions of Companies Act, 1956, and listed at Delhi and Madras Stock Exchanges acquired 100% shares of the Company. Consequently, the Company has become a subsidiary of M/s Minda Corporation Limited w.e.f March 25, 2011.

CONTINGENT LIABILITIES

(Rs. In Millions)

Contingent Liabilities at the year-end not provided for in respect of:	As at 31 st March 2011	As at 31 st March 2010
Demands raised by the Sales Tax and Central excise Authorities for which the Company has preferred appeals and not provided in books.	0.003	0.002
Bond issued in favour of the President of India through Assistant Commissioner of Customs against custom duty payable on import of goods.	0.084	0.084
Estimated cost of the contract remaining to be ted executed on Capital accounts and not provided for. (Net of payments)	0.007	0.013
Sales Bills Discounted from Bank.	0.124	0.058
Bank guarantees.	0.012	0.012

FIXED ASSETS

· Land

· Buildings

· Plant Machinery

· Furniture and fittings

· Office Equipment

· Vehicles

· Computer software

WEBSITE DETAILS:

PROFILE:

Subject is one of the leading manufacturer of broad range of Wiring Harnesses, Battery Cables, Wiring Sets, Connectors and Terminals .

Subject provides connective solutions to each vertical of the automotive world and off Road Vehicles.

As a connective system provider Subject give its customers, a complete solution from design to sequenced delivery with an expertise in process and product management.

HISTORY

Feb' 2011 Set up Pune unit

Apr' 2008 Acquired HMSI and Hero Honda business

Feb' 2005 Recommended for TS-16949 -2002

May' 2003 Acquired Sylea Automotive India Limited Formed Subject (through merger of Sylea and Minda Wirelinks)

1985 Established Minda Wirelinks

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.54.29
UK Pound	1	Rs.86.61
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--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		44

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.