MIRA INFORM REPORT

Report Date :

03.09.2012

IDENTIFICATION DETAILS

Name :	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS 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 :	28.09.2007
Com. Reg. No.:	55-168779
Capital Investment / Paid-up Capital :	Rs. 243.000 millions
CIN No.: [Company Identification No.]	U34102DL2007PLC168779
TAN No.: [Tax Deduction & Collection Account No.]	DELC09884A
PAN No.: [Permanent Account No.]	AADCC1932F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and sale of automotive components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 980000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company have successful wipe out their losses but reserve seems to be insufficient. However, trade relation are reported to be fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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.:	91-11-40555940
E-Mail :	manojmaheshwari@mass.motherson.com kosaku_hosokawa@ck-mail.com

DIRECTORS

As on 06.08.2012

Name :

Mr. Kosaku Hosokawa

Designation :

Director

Address :

2-22-2, Sengendai Higashi, Koshigaya – SHI, Saitama – KEN, 343-0042, Japan

Date of Birth/Age :

10.08.1955

Date of Appointment :

06.08.2012

DIN No.:

05260919

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, GwinganaCrescent, Glen Waverly, Victoria, Australia - 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

29.08.2008

DIN No.:

00291126

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22/11/1983	22/11/1983	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19/12/1986	19/12/1986	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20/07/1992	20/07/1992	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22/12/1995	22/12/1995	05/12/2006	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09/10/1997	09/10/1997	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15/05/2003	15/05/2003	23/12/2006	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19/02/2004	19/02/2004	10/05/2007	Active	NO
10	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Director	27/02/2004	27/02/2004	04/04/2011	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03/03/2006	03/03/2006	01/02/2011	Active	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26/06/2006	26/06/2006	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LTD.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29/08/2008	02/10/2007	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14/08/2009	16/04/2008	-	Active	NO

Name :

Mr. Vivek Avasthi

Designation :

Director

Address :

B – 1/6, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

15.05.2010

DIN No.:

00033876

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	25/12/2006	Active	NO
2	U74999DL1995PLC070634	ASI MOTHERSON COMMUNICATION SOLUTIONS LIMITED	Director	23/01/2004	23/01/2004	09/04/2008	Strike off	NO
3	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Director	18/12/2007	27/02/2004	04/04/2011	Active	NO
4	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	13/05/2004	13/05/2004	-	Active	NO
5	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Director	16/07/2005	16/07/2005	02/02/2011	Active	NO
6	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
7	U29199DL2005PLC141008	AES (INDIA) ENGINEERING LIMITED	Alternate director	20/02/2008	21/09/2005	15/03/2010	Active	NO
8	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
9	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21/11/2005	21/11/2005	-	Amalgamated	NO
10	U74899DL1994PLC058171	MOTHERSON AIR TRAVEL AGENCIES LIMITED	Director	27/09/2006	03/03/2006	-	Active	NO
11	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
12	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
13	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	13/09/2006	30/08/2006	-	Active	NO
14	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	13/09/2006	30/08/2006	-	Active	NO
15	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LTD.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
16	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	30/07/2007	12/12/2006	-	Active	NO
17	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	15/05/2010	28/09/2007	-	Active	NO
18	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21/04/2008	18/10/2007	-	Active	NO
19	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	27/07/2009	29/06/2009	-	Active	NO

Name :

Mr. Yasuhiko Kenjo

Designation :

Whole-time director

Address :

2-5-1, Nakacho Urawa, KU Saitama SHI, Saitama, Japan

Date of Birth/Age :

11.06.1969

Date of Appointment :

10.05.2011

DIN No.:

03477492

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Whole-time director	10/05/2011	01/04/2011	-	Active	NO

Name :

Mr. Chandra Shekhar Panda

Designation :

Alternate director

Address :

E 24, First Floor, Green Park, New Delhi – 110 016, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

10.11.2011

DIN No.:

00196041

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993DL1979PLC010018	QUICK INVESTMENT (INDIA) LTD.	Director appointed in casual vacancy	07/03/2007	07/03/2007	12/11/2008	Active	NO
2	U65993DL1979PLC010060	GOOD INVESTMENTS(INDIA)LTD.	Director appointed in casual vacancy	07/03/2007	07/03/2007	12/11/2008	Active	NO
3	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	30/09/2008	01/09/2008	27/09/2011	Active	NO
4	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	12/07/2010	01/09/2008	-	Amalgamated	NO
5	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	19/08/2009	10/11/2008	-	Active	NO
6	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Alternate director	11/12/2008	11/12/2008	-	Active	NO
7	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Alternate director	11/12/2008	11/12/2008	-	Active	NO
8	U74899DL2004PLC131101	SPHEROS MOTHERSON THERMAL SYSTEM LIMITED	Alternate director	17/12/2008	17/12/2008	04/03/2009	Active	NO
9	U50100DL2009PLC190516	SPIRITED AUTO CARS (I) LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
10	U50500DL2009PLC190729	STYLE MOTORS LIMITED	Director	19/07/2010	29/05/2009	-	Active	NO
11	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	14/05/2010	23/12/2009	-	Active	NO
12	U29130DL2004PLC131100	MOTHERSON CLIMATE SYSTEM LIMITED	Director	19/07/2010	04/01/2010	-	Active	NO
13	U29199DL2005PLC141008	AES (INDIA) ENGINEERING LIMITED	Alternate director	15/03/2010	15/03/2010	27/04/2012	Active	NO
14	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Alternate director	26/04/2012	15/03/2010	-	Active	NO
15	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	04/07/2011	18/03/2010	-	Active	NO
16	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	06/05/2010	06/05/2010	02/02/2011	Active	NO
17	U27109DL2000PTC108067	A BASIC CONCEPTS DESIGNS INDIA PRIVATE LIMITED	Additional director	19/06/2010	19/06/2010	-	Strike off	NO
18	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	04/08/2010	19/06/2010	-	Active	NO
19	U74102DL2001PLC112560	FIELD MOTOR LIMITED	Director	21/07/2010	19/06/2010	-	Active	NO
20	U31909DL1987PLC029151	SYSTEMATIC CONSCOM LIMITED	Director	03/07/2010	19/06/2010	-	Active	NO
21	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Alternate director	21/06/2010	21/06/2010	02/07/2011	Active	NO
22	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Alternate director	16/08/2010	16/08/2010	27/12/2010	Active	NO
23	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	03/05/2011	17/09/2010	-	Active	NO
24	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Alternate director	28/09/2010	28/09/2010	29/07/2011	Active	NO
25	U29253DL2010PLC209702	NACHI MOTHERSON PRECISION LIMITED	Director	09/07/2011	22/10/2010	-	Active	NO
26	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Alternate director	10/11/2011	01/03/2011	-	Active	NO
27	U31908DL1999PLC098531	INDIA NAILS MANUFACTURING LIMITED	Additional director	31/03/2011	31/03/2011	-	Amalgamated	NO
28	U29292DL2011PLC222184	SAMVARDHANA MOTHERSON POLYMERS LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
29	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Alternate director	27/03/2012	10/12/2011	01/05/2012	Active	NO
30	U28990DL2011PLC229148	MOTHERSON SINTERMETAL TECHNOLOGY LIMITED	Director	22/12/2011	22/12/2011	-	Active	NO
31	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	23/05/2012	23/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Maheshwari
Designation :	Secretary
Address :	A5 / B – 129, A5 – B, SFS Flats, Near Avtar Enclave, Paschim Vihar, New Delhi – 110 063, India
Date of Birth/Age :	13.11.1971
Date of Appointment :	01.06.2011
PAN No.:	ABGPM2611N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2012

Names of Shareholders	No. of Shares
Motherson Sumi Systems Limited, India	11906400
Ashok Tandon	100
Vivek Avasthi	100
Gaya Nand Gauba	100
Geeta Soni	100
Rohitash Gupta	100
Manoj Maheshwari	100
Calsonic Kansei Corporation, India	12392996
Calsonic Kansei Corporation and Nakanishi, Keiji, Japan	1
Calsonic Kansei Corporation and Osawa, Hiroyaki, Japan	1
Calsonic Kansei Corporation and Hosokawa, Kosaku, Japan	1
Calsonic Kansei Corporation and Yamasaki, Yoshiaki, Japan	1
TOTAL	24300000

Equity Share Break up (Percentage of Total Equity)

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 :	Manufacture and sale of automotive components.
Products :	· HVAC · Compressor · Auto Control · Heating Vetilation and Air Conditioning

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans	(A)111.199	(B)115.156
Total	111.199	115.156
Notes: (A) i) Short term Loans 25000000 ii) Working Capital demand loan 40000000, External commercial borrowing 46198668 Total 111198668 The loan amount is to be repaid in three years from the date of disbursement. The loan is repayable in Japanese yen. Interest is payable half-yearly. (B) i) Short term Loans ii) Working Capital demand loan External commercial borrowing 115155582 Total 115155582 The loan amount is to be repaid in three years from the date of disbursement. The loan is repayable in Japanese yen. Interest is payable half-yearly.

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower – B, Sector – 42, Sector Road, Gurgaon, Haryana – 122 002, India
PAN No.:	AALFS0506L
Holding Company:	· Calsonic Kansei Corporation, Japan
Joint Ventures:	· Motherson Sumi Systems Limited
Fellow subsidiaries:	· Calsonic Kansei Romania SRL · Calsonic Kansei (Thailand) Company Limited, Thailand · Calsonic Kansei Mexico, Mexico · Calsonic Kansei (Guanghou) Corp, China · Calsonic Kansei Malesia SDN BHD, Malaysia
Enterprises owned or significantly influenced by group of individuals or their relatives who have control or significant influence over the Company :	· Motherson Sumi Systems Limited, India · Kyunghin Industrial Motherson Limited · Woco Motherson Elastomer Limited, india · Motoman Motherson Robotics Limited, India · Motherson Sumi Infotech & Design Limited, India · Magneti Marelli Motherson Auto System Limited, India · Motherson Auto Limited, India · Samvardhana Motherson Finance Limited, India · Motherson Air Travel Agencies Limited, India · Sumi Motherson Innovative Engineering Limited

CAPITAL STRUCTURE

As on 06.08.2012

Authorized Capital:

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
24300000	Equity Shares	Rs. 10/- each	Rs. 243.000 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		243.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.338	0.000	0.000
4] (Accumulated Losses)		0.000	(38.672)	(52.546)
NETWORTH		246.338	61.328	47.454
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		111.199	115.156	69.700
TOTAL BORROWING		111.199	115.156	69.700
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		357.537	176.484	117.154
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.955	91.196	64.120
Capital work-in-progress		0.000	3.813	9.616
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.079	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	310.417	146.035	59.713
	Sundry Debtors	197.923	56.014	0.439
	Cash & Bank Balances	40.297	33.584	3.451
	Other Current Assets	0.030	0.021	0.010
	Loans & Advances	136.232	74.094	31.609
Total Current Assets		684.899	309.748	95.222
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	400.928	214.887	46.178
	Other Current Liabilities	13.287	12.657	5.316
	Provisions	6.181	0.729	0.310
Total Current Liabilities		420.396	228.273	51.804
Net Current Assets		264.503	81.475	43.418
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		357.537	176.484	117.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1437.340	610.444	3.210
		Other Income	14.333	43.679	3.493
		TOTAL (A)	1451.673	654.123	6.703
Less	EXPENSES
		Increase / (Decrease) in inventories		(1.563)	1.235
		Raw Material consumed		569.600	10.773
		Personnel expenses		15.278	6.801
		Operating and other expenses		39.629	27.173
		TOTAL (B)	1383.678	622.944	45.982
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.995	31.179	(39.279)
Less	FINANCIAL EXPENSES (D)		6.691	4.969	0.150
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		61.304	26.210	(39.429)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.711	12.337	5.936
	PROFIT BEFORE TAX (E-F) (G)		45.593	13.873	(45.365)
Less	TAX (I)		3.583	0.000	0.202
	PROFIT AFTER TAX (G-I) (J)		42.010	13.873	(45.567)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(38.673)	(52.546)	(6.979)
	BALANCE CARRIED TO THE B/S		3.337	(38.673)	(52.546)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	0.564	0.075	NA
	TOTAL EARNINGS		0.564	0.075	NA
	IMPORTS
		Raw Materials	1199.022	503.116	NA
		Capital Goods	8.751	59.338	NA
	TOTAL IMPORTS		1207.773	562.454	NA
	Earnings Per Share (Rs.)		2.75	1.39	(4.56)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.89	2.12	(676.78)
Net Profit Margin (PBT/Sales)	(%)	3.17	2.12	(1413.23)
Return on Total Assets (PBT/Total Assets}	(%)	5.86	3.46	(28.47)
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	(0.95)
Debt Equity Ratio (Total Liability/Networth)		2.15	5.59	2.56
Current Ratio (Current Asset/Current Liability)		1.62	1.35	1.83

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 3^rd Floor, 43, Community Centre, New Friends Colony, New Delhi, India to the present address w.e.f. 14.01.2009

OPERATIONS

During the year the Company earned an Total income of Rs. 1,451.673 millions as compared to the previous year to Rs. 654.182 millions. The company has earned a profit after tax of Rs. 42.010 millions as compared to a profit after tax of Rs. 13.873 millions in the previous year.

FIXED ASSETS:

· Plant and Machinery

· Equipments

· Furniture and Fixtures

· Vehicles

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 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.55.72
UK Pound	1	Rs.87.95
Euro	1	Rs.69.65

INFORMATION DETAILS

Report Prepared by :

NID

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.