MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	CENTURY AUTO ENGINEERING (PRIVATE) LIMITED

Registered Office :	Plot No.5, 100 Feet Road, Opposite Farm House-s4, Village Ghitorni, New Delhi – 110 030

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	28.06.1999

Com. Reg. No.:	55-100424

Capital Investment / Paid-up Capital :	Rs.0.209 Million

CIN No.: [Company Identification No.]	U34300DL1999PTC100424

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Sheet Metal, Tubular and Machined Components for Automobile and Other Industries.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 43000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company has incurred a loss during the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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 :	Plot No.5, 100 Feet Road, Opposite Farm House-s4, Village Ghitorni, New Delhi – 110 030, India
Tel. No.:	91-11-42215518
Fax No.:	Not Available
E-Mail :	ac@omaxauto.com

Factory 1 :	Behrampur Road, Village Begampur Khotola, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-2215518/ 2215519/ 2215520/ 4748600
Fax No.:	91-124-2215073

Factory 2 :	Plot No.66, Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Varinder Kumar Talwar
Designation :	Managing Director
Address :	Q-1/7, DLF Phase – II, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	26.01.1954
Date of Appointment :	01.10.2001
DIN No. :	00037055

Name :	Mr. Karun Talwar
Designation :	Director
Address :	225, Sector 17-A, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	12.09.1982
Date of Appointment :	30.09.2009
DIN No. :	00055250

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Varinder Kumar Talwar		12038
Sanjay Bajaj		6910
Kewal Krishan Talwar		2000
Total		20948

As on 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal, Tubular and Machined Components for Automobile and Other Industries.

Products :

Item Code No. (ITC Code)	73269019
Product Description	Sheet Metal, Tubular and Machined Components

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Sheet Metal, Tubular

Tubular and Machined Components

Tonnes

8974.31

GENERAL INFORMATION

Suppliers :	Milap Industrial Corporation Gentech Toolings Private Limited

No. of Employees :	Not Available

Bankers :	Canara Bank State Bank of India HDFC Bank Limited Dhanlaxmi Bank

Facilities :	--


Banking Relations :

Auditors :
Name :	A.B. Sanwalka and Company Chartered Accountants
Address :	3J, Gopala Towers, Rajindra Place, New Delhi – 110 008, India
Income-tax PAN of auditor or auditor's firm :	AALFA5215A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20948	Equity Shares	Rs.10/- each	Rs.0.209 Million

Note:

The company vide Court Order Dated 22.09.2011 cl 2.2.2 in respect of Demerger Scheme u/s 391 and 394 of the Companies Act, 1956 has cancelled the original shares 209475 and has issued fresh shares fully paid up in the ratio of 1 shares for every 10 shares held by the existing shareholders in the existing demerged company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.209	0.000	2.095
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.421	8.829	0.000
4] (Accumulated Losses)		0.000	0.000	(14.369)
NETWORTH		10.630	8.829	(12.274)
LOAN FUNDS
1] Secured Loans		0.000	0.000	2.227
2] Unsecured Loans		0.000	38.849	106.825
TOTAL BORROWING		0.000	38.849	109.052
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		10.630	47.678	96.778

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		33.453	31.219	79.574
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		10.900	10.900	13.773
DEFERREX TAX ASSETS		0.232	0.000	12.446

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.727	8.295	19.691
	Sundry Debtors	43.585	65.820	34.910
	Cash & Bank Balances	1.683	1.981	11.703
	Other Current Assets	0.078	0.093	0.000
	Loans & Advances	14.770	18.049	57.796
Total Current Assets		70.843	94.238	124.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	97.123	84.149	118.477
	Other Current Liabilities	7.675	4.530	14.340
	Provisions	0.000	0.000	0.406
Total Current Liabilities		104.798	88.679	133.223
Net Current Assets		(33.955)	5.559	(9.123)

MISCELLANEOUS EXPENSES		0.000	0.000	0.108

TOTAL		10.630	47.678	96.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	335.320	272.081	560.176
		Other Income	0.025	0.064
		TOTAL (A)	335.345	272.145	560.176

Less	EXPENSES
		Cost of materials consumed	282.591	227.814	571.475
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.354)	(0.914)
		Employee benefit expense	31.045	25.775
		Other expenses	15.301	13.072
		Prior Period Item	1.237	0.026
		TOTAL (B)	328.820	264.773	571.475 (including financial expenses)

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.525	7.372

Less	FINANCIAL EXPENSES (D)		5.207	5.541

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.318	1.831	(11.299)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.843	1.356	4.626

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.525)	0.475	(15.925)

Less	TAX (H)		(0.232)	0.000	(4.826)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.293)	0.475	(11.099)

	Earnings/ (Loss) Per Share (Rs.)		(13.99)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.09)	0.17	(1.98)

Net Profit Margin (PBT/Sales)	(%)	(0.16)	0.17	NA

Return on Total Assets (PBT/Total Assets}	(%)	(0.50)	0.38	(7.82)

Return on Investment (ROI) (PBT/Networth)		(0.05)	0.05	1.30

Debt Equity Ratio (Total Debt/Networth)		0.00	4.40	(8.88)

Current Ratio (Current Asset/Current Liability)		0.68	1.06	0.93

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	No
17) Major suppliers	Yes
18) Major customers	No
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	Yes
24) Banking facility details	No
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 Oshu House, 344/3, Lado Sarai, New Delhi – 110 030, India to the present address w.e.f. 01.11.2008.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loan from Omax Auto Limited	0.000	38.849
Loans and Advances from Related Parties
Total	0.000	38.849

FIXED ASSETS

· Land

· Building Temp

· Plant and Machinery

· Tools and Dies

· Rack, Bins and Trolley

· Electric Fitting

· Electric Fan and Cooler

· Generator

· Office Equipment

· Testing Equipment

· Computer and Printer

· Furniture and Fixtures

· Vehicle

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 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.54.39
UK Pound	1	Rs.82.05
Euro	1	Rs.69.59

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

10.727

19.691

43.585

34.910

1.683

11.703

0.078

0.000

14.770

57.796

70.843

97.123

118.477

7.675

14.340

0.000

0.406

104.798

(33.955)

(9.123)

(1.98)

NA

(7.82)

1.30

(8.88)

0.93

Unit