MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Principal Name 1	Mr. Ashok Tandon
Status	Satisfactory	Principal Name 2	Mr. Laksh Vaaman Sehgal
		Registration #	55-074884
Street Address	2^nd Floor, F – 7, Block B – 1, Mohan Co – operation Industrial Estate, Mathura Road, Delhi – 110044, India
Established Date	22.12.1995	SIC Code	--
Telephone#	91-11-40555940	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	---
Homepage	--	Product Name 1	Mirrors
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.137,000,000/-	Product Name 3	--
Shareholders	Foreign holdings - 51.00% Bodies corporate - 49.00%	Banking	Citibank N.A.
Public Limited Corp.	--	Business Period	17 Years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	SMR Automotive Technology Holding Cyprus limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	564,426,000	Current Liabilities	480,520,000
Inventories	233,009,000	Long-term Liabilities	14,638,000
Fixed Assets	206,817,000	Other Liabilities	17,312,000
Deferred Assets	18,144,000	Total Liabilities	512,470,000
Invest& other Assets	8,849,000	Retained Earnings	381,775,000
		Net Worth	518,775,000
Total Assets	1, 031,245,000	Total Liab. & Equity	1, 031,245,000
Total Assets (Previous Year)	967,643,000
P/L Statement as of	31.03.2011
Sales	2,671,830,000	Net Profit	166,390,000
Sales(Previous yr)	2,212,839,000	Net Profit(Prev.yr)	122,240,000

MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED (w.e.f 24.07.2009)

Formerly Known As :	BRITAX MOTHERSIN PRIVATE LIMITED

Registered Office :	2^nd Floor, F – 7, Block B – 1, Mohan Co – operation Industrial Estate, Mathura Road, Delhi – 110044

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	22.12.1995

Com. Reg. No.:	55-074884

Capital Investment / Paid-up Capital :	Rs.137.000 Millions

CIN No.: [Company Identification No.]	U74899DL1995PLC074884

TAN No.: [Tax Deduction & Collection Account No.]	DELS25829G

PAN No.: [Permanent Account No.]	AAFCS0021D

Legal Form :	A Closely held public limited liability company

Line of Business :	Manufacturer of mirrors for automobile sector and other automotive components for automotive industry.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2100000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	2^nd Floor, F – 7, Block B – 1, Mohan Co – operation Industrial Estate, Mathura Road, Delhi – 110044, India
Tel. No.:	91-11-40555940
Fax No.:	Not Available
E-Mail :	corporate@mass.motherson.com
Website :	Not Available

Branch Office :	Uttar Pradesh Tamilnadu Maharashtra Karnataka

DIRECTORS

AS ON 02.09.2011

Name :	Mr. Ashok Tandon
Designation :	Director
Address :	H1A 141 DLF westend heights, Phase – V, Dlf City, Gurgaon, New Delhi – 122001, India
Date of Birth/Age :	20.02.1951
Date of Appointment :	29.04.2009
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	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	16-08-04	16-08-04	-	Active	NO
8	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	16-08-04	16-08-04	-	Amalgamated	NO
9	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	16-08-04	16-08-04	-	Active	NO
10	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	14-09-11	Active	NO
11	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	09-12-04	09-12-04	15-01-07	Active	NO
12	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	09-12-04	09-12-04	30-11-07	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	U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Director	09-12-04	09-12-04	-	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 LTD.	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 CO. 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	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	01-09-08	01-09-08	20-03-09	Active	NO
30	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	01-09-08	01-09-08	03-02-09	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. Laksh Vaaman Sehgal
Designation :	Director
Address :	B – 300 New Friends Colony, New Delhi – 110025, India
Date of Birth/Age :	29.11.1982
Date of Appointment :	29.04.2009
DIN No.:	00048584

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	01-04-11	25-02-03	-	Active	NO
2	U18109DL1999PTC099074	SISBRO MOTOR AND WORKSHOP PRIVATE LIMITED	Director	01-04-04	01-04-04	10-05-07	Active	NO
3	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	22-04-04	22-04-04	10-05-07	Active	NO
4	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	-	Active	NO
5	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Director	11-07-05	11-07-05	02-02-11	Active	NO
6	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	27-09-05	27-09-05	-	Active	NO
7	U74899DL1994PLC058171	MOTHERSON AIR TRAVEL AGENCIES LIMITED	Director	27-09-06	03-03-06	-	Active	NO
8	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	19-08-09	20-03-09	-	Active	NO
9	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	27-07-09	24-03-09	-	Active	NO
10	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	19-06-09	29-04-09	-	Active	NO
11	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	24-09-09	30-04-09	-	Active	NO

Name :	Mr. Pankaj Kumar Mital
Designation :	Director
Address :	C – 9, Sector – 50, Noida, Uttar Pradesh – 201301, India
Date of Birth/Age :	15.09.1966
Date of Appointment :	25.01.2001
DIN No.:	00194931

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	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	25-01-01	25-01-01	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Whole-time director	03-09-11	29-01-01	-	Active	NO
3	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	28-06-02	28-06-02	13-02-07	Active	NO
4	U25209DL2008PLC210792	MSSL GLOBAL WIRING LIMITED.	Director	12-06-08	12-06-08	-	Amalgamated	NO
5	U31908DL1999PLC098531	INDIA NAILS MANUFACTURING LIMITED	Additional director	31-03-11	31-03-11	-	Amalgamated	NO
6	U31501DL2011PLC221912	MSSL AUTOMOBILE COMPONENT LIMITED	Director	05-07-11	05-07-11	-	Active	NO

Name :	Mr. Ramesh Dhar
Designation :	Director
Address :	J – 43, Sector – 41, Noida, Uttar Pradesh – 201303, India
Date of Birth/Age :	19.04.1952
Date of Appointment :	05.12.2006
DIN No.:	00085046

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	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	27-09-05	27-09-05	-	Active	NO
2	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	20-06-07	05-12-06	-	Active	NO
3	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	26-05-07	20-01-07	-	Active	NO
4	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	30-05-07	10-05-07	-	Active	NO
5	U31501DL2011PLC221912	MSSL AUTOMOBILE COMPONENT LIMITED	Director	05-07-11	05-07-11	-	Active	NO
6	U29292DL2011PLC222184	SAMVARDHANA MOTHERSON POLYMERS LIMITED	Director	12-07-11	12-07-11	-	Active	NO

Name :	Mr. Akihiko Yamauchi
Designation :	Director
Address :	2-21-4 Okadai, Yokkaichi Mie, Japan
Date of Birth/Age :	28.06.1956
Date of Appointment :	29.09.2009
DIN No.:	00323655

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	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Whole-time director	18-01-01	18-01-01	02-06-08	Active	NO
2	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	26-07-10	25-01-01	-	Active	NO
3	U51101DL1996PLC075256	MOTHERSON TRADINGS LIMITED	Director	22-02-01	22-02-01	28-05-08	Amalgamated	NO
4	U79140DL2003PTC121168	SWS INDIA MANAGEMENT SUPPORT AND SERVICE PRIVATE LIMITED	Alternate director	28-01-08	28-01-08	02-06-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashutosh Kumar Singh
Designation :	Secretary
Address :	B – 8, 238, Kendriya Vihar, Vellappanchvadi, Chennai – 600077, Tamilnadu, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	28.12.2009
PAN No.:	AOQPK1333J

Name :	Mr. N. Ramanathan
Designation :	Manager
Address :	2-Medha Apartments, Mayur Vihar Phase – 1, New Delhi, India
Date of Birth/Age :	03.02.1953
Date of Appointment :	22.09.2010
PAN No.:	ACKPN3138Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2011

Names of Shareholders		No. of Shares

Vivek Chaand Sehgal		10
Motherson Sumi Systems Limited, New Delhi		6712590
SMR AutomotiveTechnology Holdings Cyprus Limited (formerly known as Samvardhana Motherson Visiocorp Solution (Cyprus), Cyprus		6987000
Geeta Soni		100
Pankaj Mital		100
Ashok Tandon		100
L. V. Sehgal		100
Total		13700000

Equity Share Break up (Percentage of Total Equity)

AS ON 02.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	49.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of mirrors for automobile sector and other automotive components for automotive industry.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Mirrors	Nos.	--	14734067	6,830,564
Other Automotive components	Nos.	--	17383226	2,666,370

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citibank N.A., Jeevan Bharti Building, Parliament Street, New Delhi - 110001, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010

Rupee Term Loans Banks Secured (Amount repayable within one year Rs. 3.710 Millions (Previous year Rs.7.240 Millions))	3.710	10.950
Working Capital Loans Banks Secured (Amount repayable within one year Rs. 0.098 Million (Previous Year Rs.0.181 Million))	5.282	38.645
Loans Taken For Vehicles Secured	0.098	0.278
Note: I. Working Capital facility from a bank is secured by first pari pass" charge on all present and future stocks and books debts of the Company. Working Capital facility from another bank is secured by first pari-pasnu charge aver present and future current assets after Company and collaterally secured by First pari-passu charge on entire moveable fixed assets of the Company (excluding tools and dies charged to customer. vehicles and leasehold improvements). 2. The car loans are secured by hypothecation of vehicles 3. Term loan from a bank is secured by first pari passu charge an immovable fixed assets of the Company purchased out of loan and plant and machinery of the Cornpany (enc1udlng the assets specifically charged to other vendors).
TOTAL	9.090	49.873

UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010

Other Debt Unsecured	(A)5.548	(B)127.024
TOTAL	5.548	127.024

Notes:

(A) Advance from customers Rs.5.549 Millions

(B) Includes Rs. 120.000 Millions due to Matherson Sumi Systems Limited, the ultimate holding company and Samvardhana Matherson Finance Limited


Banking Relations :	---

Auditors :
Name :	S. R. Batliboi and company Chartered Accountant
Address :	Golf View Corporate Tower – B, Sector 42, Sector Road, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-464-4000
Fax No.:	91-124-464-4050

Ultimate Holding company	Motherson Sumi Systems Limited (MSSL)(from March 6. 2009)

Holding company	SMR Automotive Technology Holding Cyprus limited

Fellow Subsidiaries	MSSL Mauritius Holdings Limited MSSL Mideast (FZE) MSSL Ireland Private Limited MSSL Handels GmbH Motherson Electrical Wires Lanka Private Limited MSSL Tooling (FZE) MSSL (S) Pte Limited MSSL GmbH MSSL Polymers GmbH Samvardhana Motherson Invest Deutschland Gmbh (formerly Mothersonsumi Reiner GmbH) MSSL Advanced Polymers s.r.o MSSL (GB) Limited Global Environment Management (FZC) Global Environment Management Australia Pty Limited Motherson Sumi Wiring System Limited (FZE) MSSL Australia Pty Limited Motherson Elastomers Pty Limited Motherson Investments Pty Limited Motherson Orca Precision Technology GmbH MSSL Global Wiring Limited MSSL s.r.l Unipersonale MSSL Global RSA Module Engineering Limited MSSL Japan Limited Samvardhana Motherson Global Holdings Limited Samvarhana Motherson Reflectec Group Holdings Limited SMR Automotive Holding Hong Kong Limited SMR Automotive Technology Holding Cyprus Limited SMR Automotive Mirror Systems Holding Deutschland GmbH SMR Automotive Parts GmbH SMR Poong Jeong Automotive Mirrors Korea Limited SMR Hyosang Automotive Limited SMR Holding Australia Pty Limited SMR Automotive Australia Pty Limited SMR Automotive Taree Ply Limited SMR Automotive Mirror Technology Hungary Bt SMR Grundbesitz GmbH and Company KG SMR Automotive Services GmbH SMR Automotive Mirror Parts and Holdings UK Limited Portchester Limited SMR Automotive Mirrors UK Limited SMR Automotive Technology Valencia S.A.U. (formerly Visiocorp Automotive Valencia S.A.U.) SMR Automotive Services UK Limited SMR Automotive Technology Holdings USA Partners SMR Automotive Mirror International USA Inc. SMR Automotive Systems USA Inc. SMR Automotive Systems France S. A. SMR Automotive Systems India Limited SMR Automotive Yancheng Company Limited SMR Automotive Beijing Company Limited SMR Automotive Mirror Technology Holding Hungary Kft SMR Automotive Systems Spain S.A.U. SMR Automotive Vision Systems Mexico S.A. de C.V. SMR Automotive Servicios Mexico S.A. de C.V. SMR Automotive Mirrors Stuttgart GmbH SMR Patents S.aR.L. SMR Automotive Beteiligungen Deutschland GmbH SMR Automotive Brasil Ltda SMR Automotive System (Thailand) Limited India Nails Manufacturing Private Limited

Related Parties :	· Motherson Molds and Diecasting Limited CIN No.: U27310DL2006PLC151361 · Air Factory Energy Limited CIN No.: U51109DL2007PLC170331 · Motherson Techno Tools Limited CIN No.: U74999DL1992PLC049607 · Mothersonsumi Infotech and Designs Limited CIN No.: U67120DL1985PLC020695 · Samvardhana Motherson Finance Limited CIN No.: U74900DL2004PLC131118 · Anest Iwata Motherson Limited CIN No.: U34107DL2000PLC108736 · Magneti Marelli Motherson Auto System Limited CIN No.: U31500DL2008PLC174123 · Southcity Motors Limited CIN No.: U25209DL1998PLC092635 · Spirited Auto Cars (India) Limited CIN No.: U50100DL2009PLC190516 · Sumi Motherson Innovative Engineering Limited CIN No.: U67120DL1997PLC085879 · Motherson Air Travel Agencies Limited CIN No.: U74899DL1994PLC058171 · Systematic Conscom Limited CIN No.: U31909DL1987PLC029151 · Woco Motherson Elastomer Limited CIN No.: U34300DL2004PLC125216 · Motherson Auto Limited CIN No.: U74899DL1983PLC016995 · Motoman Motherson Robotics Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13700000	Equity Shares	Rs.10/- each	Rs. 137.000 Millions

Note:

Of the above, during 6,987,000 equity shares have been acquired by SMR Automotive Technology Holding Cyprus Limited (Holding Company),

Cyprus (previous year 6,987,000 equity sharer were held by Visiocorp Pic) and hence. Motherson Sum Systems Limited has become ultimate parent company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (15 months)	31.12.2008 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		137.000	137.000	137.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		381.775	215.385	93.145
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		518.775	352.385	230.145
LOAN FUNDS
1] Secured Loans		9.090	49.873	83.349
2] Unsecured Loans		5.548	127.024	23.694
TOTAL BORROWING		14.638	176.897	107.042
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		533.413	529.282	337.188

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		206.817	162.545	162.114
Capital work-in-progress		8.849	11.873	9.167

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		18.144	16.418	6.328

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	233.009	216.344	110.225
	Sundry Debtors	360.668	274.618	120.521
	Cash & Bank Balances	65.018	122.330	21.822
	Other Current Assets	1.633	4.722	2.229
	Loans & Advances	137.107	158.794	114.369
Total Current Assets		797.435	776.808	369.166
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	391.413	400.246	198.503
	Other Current Liabilities	89.107	18.823	4.537
	Provisions	17.312	19.293	6.547
Total Current Liabilities		497.832	438.362	209.587
Net Current Assets		299.603	338.446	159.579

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		533.413	529.282	337.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (15 months)	31.12.2008 (12 Months)
	SALES
		Income	2671.830	2212.839	1073.124
		Other Income	28.511	16.486	10.394
		TOTAL (A)	2700.341	2229.325	1086.287

Less	EXPENSES
		Consumption Materials Changes Inventories	1944.601	1566.242
		Manufacturing Service Costs	124.326	119.735
		Employee Related Expense	180.137	154.635
		Administrative Selling Other Expenses	147.273	127.316
		TOTAL (B)	2396.337	1967.928	954.027

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		304.004	261.397	129.491

Less	FINANCIAL EXPENSES (D)		6.874	10.613	2.106

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		297.130	250.784	127.385

Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.234	51.846	26.307

	PROFIT BEFORE TAX (E-F) (G)		246.896	198.938	101.078

Less	TAX (I)		80.506	76.698	33.571

	PROFIT AFTER TAX (G-I) (J)		166.390	122.240	67.507

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		213.609	91.369	23.861

	BALANCE CARRIED TO THE B/S		379.999	213.609	91.369

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	133.946	47.897
	TOTAL EARNINGS		NA	133.946	47.897

	IMPORTS
		Raw Materials	NA	444.084	182.253
		Capital Goods		---	45.413
		Traded Goods		187.088	58.712
	TOTAL IMPORTS		NA	631.172	286.378

	Earnings Per Share (Rs.)		12.15	8.92	4.93

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (15 months)	31.12.2008 (12 Months)
PAT / Total Income	(%)	6.16	5.48	6.21

Net Profit Margin (PBT/Sales)	(%)	9.24	8.99	9.42

Return on Total Assets (PBT/Total Assets}	(%)	24.59	21.18	19.03

Return on Investment (ROI) (PBT/Networth)		0.48	0.56	0.44

Debt Equity Ratio (Total Liability/Networth)		0.99	1.75	1.38

Current Ratio (Current Asset/Current Liability)		1.60	1.77	1.76

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 three years	Yes
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	Yes
17) Major suppliers	No
18) Major customers	No
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	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

The Registered office address of the company has been sifted from 43, Community Centre, New Friends Colony , New Delhi – 110005, India to present w.e.f 14.01.2009

OPERATIONAL PERFORMANCE:

The net Turnover of the company during the year is Rs. 2700.341 Millions as against Rs. 2229.325 Millions in the previous year The Profit before tax is Rs. 246.897 Millions as against Rs. 198.938 Millions in previous year.

NATURE OF OPERATIONS

Subject was incorporated on December 22, 1995. The Company operates five plants and manufactures mirrors for automobile sector andother automotive components for the automotive industry.

Samvardhana Motherson Reflectec Group Holdings Limited ('SMRGHL'), a 95% subsidiary of Samvardhana Motherson Global Holdings Limited, which is a joint venture between Motherson Sumi Systems Limited('MSSL') and Samvardhana Motherson Finance Limited ('SMFL') in the ratio of 51:49,acquired all the subsidiaries of the Company's erstwhile parent company, Visiocorp Plc(in administration) on March 6, 2009. As part of the process, SMRGHL acquired 51% shareholding in the Company through its subsidiary, SMR Automotive Technology Holding Cyprus Limited, and accordingly, MSSL became the ultimate parent company of the Company.

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2011 (12 Months)	31.03.2010 (15 Months)

(i) Income tax matters: Income tax matters: in respect of Assessment Years 2003-2004 and 2004-2005, demands were raised for transfer pricing adjustment for arm's length prices, which are pending before High court of Delhi and the Company is of the view that it has reasonable chances of success.	7.203	7.203
(ii) Sales tax	2.275	2.485
(iii) Central Excise Act, 1944	0.214	0.000
(iv) Bank Guarantees Outstanding issued in favor of Central Excise and Sales Tax Authorities	1.309	0.000
Notes: In relation of (ii) and (iii) Sales Tax and Excise cases contested by the Company comprise of: i) In respect of the year 2008-09 and 09-10 , Sales Tax penalty U/S 15 A(i) (o) were levied due ton on availability of Form-XXI and Form-XXXVIII under UP VAT Rule. The Company has done an analysis and is of the opinion that it has fair chance of a favorable decision. Amount involved is Rs. 1.066 Millions (Previous year Rs. 1.168 Millions). ii) In respect of the year 2003-04, additional sales tax demand was raised, against which Company has filed an appeal with Tamil Nadu Sales Tax Appellate Tribunal, Chennai. The Company has done an analysis and is of the opinion that it has fair chance of a favorable decision. Amount involved is Rs. 0.089 Million (Previous year Rs. 0.089 Million). iii) In respect of the year 2005-06, an adverse order No. 311 Dt 29.09.08 passed by Deputy Commissioner(Assessment) regarding form F on Job work material, job work payment and purchase returned to vendors. Company has filed appeal with Tribunal. The Company has done an analysis and is of the opinion that it has fair chance of a favorable decision. Amount involved is Rs. 1.120 Millions (Previous year Rs. 1.120 Millions). iv) In respect of year 2005-06, on account of differences in sales tax rates, (the matter is pending with Appellate deputy commissioner, Kancheepuram.). The Company has done an analysis and is of the opinion that it has fair chance of a favorable decision. Amount involved is Rs. Nil(Previous year Rs. 0.108 Million). v) In respect of the year 2009-10, a Demand Order issued by Deputy Commissioner on removal of Finished Goods (meant for export) outside the factory without payment of duty. Appeal has been filed with commissioner (Appeals), Chennai. The Company has done an analysis and is of the opinion that it has fair chance of a favorable decision. Amount involved is Rs. 0.214 Million (Previous year Rs. Nil).

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1995PLC074884
Name of the company	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	2nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi - 110044 India E-mail : corporate.smg@visiocorp.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80046386
Type of charge	Book Debts Others (Stocks both present and future)
Particular of charge holder	Citibank N.A., Jeevan Bharti Building, Parliament Street, New Delhi – 110001, India E-mail : roc@sdpa.in
Nature of instrument creating charge	Deed of modification for Goods Security Agreement.
Date of instrument Creating the charge	25.02.2012
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction terms and as may be decided by the Bank and Company mutually from time to time. Terms of Repayment: Repayable on demand. Margin: margin of 10% in respect of the goods and 10% in respect of book-debts Extent and Operation of the charge: First pari passu charge on the present and future stocks and book debts of the company.
Short particulars of the property charged	Present and future stocks and book debts of the company.
Date of instrument modifying the charge	11.11.2009
Particulars of the present modification	By this modification the overall limit is enhanced from Rs. 63.500 Millions to Rs. 100.000 Millions. Facilities will be as follows: Fund based and Non fund based facilities aggregating Rs. 100.000 Millions

FIXED ASSETS:

· Land

· Building

· Leasehold Lands

· Plant and Machinery

· Furniture and Fixtures

· Motor Vehicle

· Office Equipments

· Computer Software’s

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 :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.

MIRA INFORM REPORT

233.009

216.344

360.668

274.618

65.018

122.330

1.633

4.722

137.107

158.794

797.435

776.808

391.413

400.246

89.107

18.823

17.312

19.293

497.832

438.362

299.603

338.446

6.16

5.48

9.24

8.99

24.59

21.18

0.48

0.56

0.99

1.75

1.60

1.77

Unit