MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	SPICER INDIA LIMITED
Registered Office :	29 Milestone Pune Nasik Highway, Village Kuruli, Taluka Khed Pune - 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.07.1993
Com. Reg. No.:	11-073227
Capital Investment / Paid-up Capital :	Rs. 978.300 Millions
CIN No.: [Company Identification No.]	U34300MH1993PLC073227
TAN No.: [Tax Deduction & Collection Account No.]	PNES11424A
PAN No.: [Permanent Account No.]	AAECS1869C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Auto Part Components.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established as a Joint Venture between Dana Holding Corporation USA and Anand Automotive Limited. It is a well established company having fine track record. The company is progressing well. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY

Name :	Mr. Rupesh
Designation :	Finance Department
Contact No.:	91-2135-301100
Date :	05.08.2013

LOCATIONS

Registered Office :	29, Milestone, Pune Nashik Highway, Village Kuruli Taluka Khed, Pune- 410501, Maharashtra, India
Tel. No.:	91-2135-301100 / 301125 91-20-24102501/ 02 / 03/ 04 / 05 / 562501 / 2135-2301125 / 301100
Mobile No. :	91-9623121814 [Mr. Pravin]
Fax No.:	91-2135-301122 91-20-24102516 / 2135-252229/24120516 / 562516 / 2301122 (General office) / 301133 (Axle Office)
E-Mail :	rk.jain@dana.com krishna.kumar@dana.com rajarshi.daharwd@dana.com
Website :	www.dana.com www.spicerindia.com
Location :	Owned
Corporate Office:	Survey No. 24/P and 29 /9 Village, Jodalli – 580 114, Karnataka, India
Factory 1:	Village, Jodalli, Taluka Kalghatgi, District Dharwad, Jodalli - 580 114, Karnataka, India.
Tel No:	91-836-2310482/3
Fax No:	91-836-2310481
Factory 2:	Plot 144, Sipcot Industrial Comples, Phase – I, Hosur - 635126, Tamilnadu, India.
Tel No:	91-4344-277026
Fax No:	91-4344-277803
Factory 3:	Gat No. 74/A, Tulja Bhavani Industrial Estate, Near to Additional M. I. D. C. Karandwadi, Satara –415004, Maharashtra, India.
Tel No:	91-2162-246503/4/6
Fax No:	91-2162-246505
Factory 4:	622-626, Kuruli, Chakan, Pune- 410 501, Maharashtra, India.
Tel No:	91-2135-252228
Factory 5:	Santnagar, Uttarakhand, India
Factory 6:	Hobli Uttarakhand, India

DIRECTORS

As on: 09.07.2012

Name :

Mr. Deepak Chopra

Designation :

Managing Director

Address :

7 and 8, Anfilco Housing Colony, Palam Gurgaon Road, Dundhara, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

15.12.1954

Date of Appointment :

19.01.2009

DIN No.:

00028770

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	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director	24/09/2012	26/06/1997	10/06/2013	Active	NO
2	U74899DL1996PLC076149	ECHLIN INDIA LIMITED	Director	17/08/1999	17/08/1999	-	Strike off	NO
3	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	31/01/2000	31/01/2000	04/09/2009	Amalgamated	NO
4	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	19/07/2001	19/07/2001	08/02/2010	Active	NO
5	U74899DL1994PLC062873	AFM INDIA LIMITED	Director	15/11/2001	15/11/2001	-	Active	YES
6	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Managing director	01/04/2002	01/04/2002	20/01/2009	Active	NO
7	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director	22/05/2002	22/05/2002	20/05/2013	Active	NO
8	U65993MH1966PTC206200	ASIA INVESTMENTS PRIVATE LIMITED	Director	20/06/2002	20/06/2002	24/06/2010	Active	NO
9	U51909DL1992PLC049978	CHANG YUN INDIA LIMITED	Director	24/06/2002	24/06/2002	26/09/2011	Active	NO
10	U85110DL1981PLC191868	DYTEK INDIA LIMITED	Director	19/12/2002	19/12/2002	-	Active	NO
11	U33699DL1980PLC010179	ANSYSCO LIMITED	Director	13/03/2004	13/03/2004	-	Amalgamated	NO
12	U29197DL1997PTC163461	MAHLE FILTER SYSTEMS (INDIA) PRIVATE LIMITED	Director	23/03/2005	23/03/2005	-	Amalgamated	NO
13	U34300MH1993PLC073227	SPICER INDIA LIMITED	Managing director	19/01/2009	27/09/2005	-	Active	NO
14	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	05/06/2006	05/06/2006	04/01/2012	Active	NO
15	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Alternate director	01/09/2010	17/07/2006	03/10/2010	Active	NO
16	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director appointed in casual vacancy	15/06/2012	16/05/2007	14/06/2013	Active	NO
17	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Director	04/03/2008	04/03/2008	12/08/2011	Active	NO
18	U29130TN2008PTC066530	C Y MYUTEC AUTOMOTIVE INDIA PRIVATE LIMITED	Director	15/05/2008	15/05/2008	29/06/2011	Active	NO
19	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO
20	U34300PN1997PLC107619	BEHR INDIA LIMITED	Director	29/09/2009	27/03/2009	-	Active	NO
21	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Alternate director	25/03/2013	02/06/2009	25/03/2013	Active	NO
22	U50100TN2012PTC084043	Valeo Service India Auto Parts Private Limited	Alternate director	13/04/2012	13/04/2012	07/12/2012	Active	NO

Name :

Mr. Deep Chand Anand

Designation :

Chairman

Address :

No. 1, Sri Aurobindo Marg, Hauz Khas, New Delhi - 110 016, India

Date of Birth/Age :

26.08.1933

Date of Appointment :

29.07.1993

DIN No.:

00090123

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	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	24/02/1961	24/02/1961	21/05/2008	Active	NO
2	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director	06/04/1962	06/04/1962	22/05/2008	Active	NO
3	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Director	16/04/1966	16/04/1966	-	Active	NO
4	U99999DL1983PTC016655	ANAND AND ANAND PRIVATE LIMITED.	Director	29/09/1983	29/09/1983	-	Amalgamated	NO
5	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Director	18/02/1986	18/02/1986	-	Active	NO
6	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	15/07/1989	15/07/1989	07/12/2010	Active	NO
7	U74899DL1991PTC043765	DEEP C.ANAND HOLDINGS PRIVATE LIMITED	Director	02/04/1991	02/04/1991	-	Active	NO
8	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director	29/07/1993	29/07/1993	-	Active	NO
9	U34300PN1997PLC107619	BEHR INDIA LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
10	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director	15/09/1997	15/09/1997	09/06/2009	Active	NO
11	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	08/10/1997	08/10/1997	23/05/2008	Amalgamated	NO
12	U99999MH1998PLC118876	HALDEX INDIA LIMITED	Director	15/05/2002	15/05/2002	29/08/2007	Active	NO
13	U65993MH1966PTC206200	ASIA INVESTMENTS PRIVATE LIMITED	Additional director	28/12/2010	21/05/2010	-	Active	NO

Name :

Mr. Bharat Dev Singh Kanwar

Designation :

Director

Address :

A-701, Eves Garden, Baner Road, Baner, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

08.11.1956

Qualification :

B.E. Chemical

Date of Appointment :

06.12.2010

DIN No.:

00428180

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	U74999PN2000PTC015131	DANA INDIA PRIVATE LIMITED	Managing director	17/12/2010	27/09/2005	04/01/2013	Active	NO
2	U74210PN2001PTC129657	DANA INDIA TECHNICAL CENTRE PRIVATE LIMITED	Managing director	13/12/2010	15/06/2007	04/01/2013	Active	NO
3	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director	06/12/2010	06/12/2010	04/01/2013	Active	NO
4	U74899DL1995PLC070604	DRIVETECH ACCESSORIES LIMITED	Director	28/06/2013	14/03/2013	-	Active	NO
5	U74999HR1985PLC034079	GKN DRIVELINE (INDIA) LIMITED	Managing director	28/06/2013	14/03/2013	-	Active	NO

Name :

Mr. Mahendra Kumar Goyal

Designation :

Director

Address :

Building A/3, Flat No.201, Kunal Icon Pimple Saudagar, Aundh Annex, Pune – 411 027, Maharashtra, India

Date of Birth/Age :

01.11.1969

Qualification :

ACA, ACS, CWA

Date of Appointment :

08.12.2009

DIN No.:

02605616

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	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Managing director	01/04/2012	20/01/2009	-	Active	NO
2	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director	29/07/2009	27/05/2009	-	Active	NO
3	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
4	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director appointed in casual vacancy	28/03/2013	09/06/2009	-	Active	NO
5	U34300PN1997PLC107619	BEHR INDIA LIMITED	Alternate director	07/08/2010	13/08/2009	15/12/2010	Active	NO
6	U99999MH1998PLC118876	HALDEX INDIA LIMITED	Director	30/09/2009	30/09/2009	14/06/2013	Active	NO
7	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director	08/12/2009	08/12/2009	25/06/2013	Active	NO
8	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Additional director	20/05/2013	10/12/2009	-	Active	NO
9	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	27/07/2010	08/02/2010	-	Active	NO
10	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Alternate director	29/11/2012	02/06/2010	29/11/2012	Active	NO
11	U51909DL1992PLC049978	CHANG YUN INDIA LIMITED	Director	25/07/2012	30/03/2011	-	Active	NO
12	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director appointed in casual vacancy	27/05/2011	27/05/2011	-	Active	NO
13	U50100TN2012PTC084043	Valeo Service India Auto Parts Private Limited	Additional director	24/06/2013	13/04/2012	-	Active	NO
14	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director appointed in casual vacancy	14/06/2013	14/06/2013	-	Active	NO

Name :

Mr. Robert David Pyle

Designation :

Director Appointed in Casual Vacancy

Address :

No.4, Gao An Road, Xuhui District, Shanghai 200030, China

Date of Birth/Age :

12.12.1966

Date of Appointment :

05.06.2012

DIN No.:

03622775

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	U34300GJ2011PTC067703	Yanfeng Visteon India Automotive Trim Systems Private Limited	Director	02/11/2011	02/11/2011	20/06/2012	Active	NO
2	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director appointed in casual vacancy	05/06/2012	05/06/2012	-	Active	NO
3	U29299PN2004PTC019249	VICTOR REINZ INDIA PRIVATE LIMITED	Additional director	01/01/2013	01/01/2013	-	Active	NO
4	U74210PN2001PTC129657	DANA INDIA TECHNICAL CENTRE PRIVATE LIMITED	Director	09/07/2013	12/06/2013	-	Active	NO
5	U74999PN2000PTC015131	DANA INDIA PRIVATE LIMITED	Additional director	20/06/2013	20/06/2013	-	Active	NO

Name :

Mr. Mark Emerson Wallace

Designation :

Director appointed in casual vacancy

Address :

790 Broad CT N, Naples Fl, 34102, United States of America

Date of Birth/Age :

16.01.1967

Date of Appointment :

16.09.2011

DIN No.:

03645546

Name :

Mr. Jason Wesley Johnson

Designation :

Director appointed in casual vacancy

Address :

2311 Gibley Park Road, Toledo OH, 43617, United States of America

Date of Birth/Age :

15.03.1972

Date of Appointment :

07.03.2012

DIN No.:

05226025

KEY EXECUTIVES

Name :	Mr. Rajendra Kumar Jain
Designation :	Company Secretary
Address :	R 5, Gulmohar Park, Vishal Nagar, Pimple Nilakh, Chinchwad, Pune - 411027, Maharashtra, India
Date of Birth/Age :	12.09.1972
Date of Appointment :	28.03.2012
PAN No.:	AEAPJ8408D
Name :	Mr. Rajarshi
Designation :	Account Manager
Name :	P. Arul Kumar
Designation :	Chief Operating Officer
Name :	R K Jain
Designation :	Finance, IT and Costing
Name :	NN Vakil
Designation :	Operations
Name :	MR Raghu
Designation :	Application Engg. and Central Quality
Name :	P Duvedi
Designation :	Strategic Sourcing and VA/VE
Name :	Kaushik Trivedi
Designation :	SCMG
Name :	A Soman
Designation :	Business Development and Project Management
Name :	Manoj Sharma
Designation :	Human Resources
Name :	Gagan Bindra
Designation :	Managerial Flow Management

MAJOR SHAREHOLDERS

As on: 09.07.2012

Names of Shareholders	No. of Shares
Dana World Trade Corporation, USA	73274670
Asia Investments Limited, New Delhi, India	24555325
Praveshkumar Srivastava	1
Chandrakant Somabhai Patel	1
K. K. Jaggi	1
Deepak R. Chopra	1
Charanjit Singh	1
Total	97830000

Equity Share Break up (Percentage of Total Equity)

As on: 09.07.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.90
Bodies corporate	25.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Part Components.

Products :

Item Code No.	Product Description
87085000	Axles
87089900	Propeller Shaft Assembly
87089900	Yokes
87089900	Companion Flanges
87089900	Diff-Cases

· Light Axles

· Driveshaft

· Compact 2000 Series

Imports :

Products :

Raw Material

Countries :

· USA

· UK

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (as on 31.03.2011):-

Particulars	Unit	Installed Capacity [ 000’Per Annum]	Actual Production**
Yokes	Nos.	3500	1951297
Propeller Shaft Assembly	Nos.	975	588279
Axles	Nos.	375	264848
Companion Flanges	Nos.	1980	1311073
Diff-Cases	Nos.	420	288840

Notes : * *Actual Production includes items used as components in own production.

GENERAL INFORMATION

Suppliers :

Mungi Engineers Private Limited

Customers :

Wholesalers and Retailers

· Ashok Leyland Limited

· Asia Motor Works Limited

· Bharat Earth Movers Limited

· Caterpillar India

· Force Motors

· Ford

· General Motors India

· International Cars and Motors Limited

· Man Force Trucks Private Limited

· Mahindra and Mahindra

· Tata Motors

No. of Employees :

2500 (Approximately)

Bankers :

· Deutsche Bank, Hazarimal Somani Marg, Fort, Mumbai – 400001, Maharashtra, India

· Bank of Nova Scotia, Mittal Towers, 'B' Wing, Nariman Point, Mumbai - 400 021, Maharashtra, India

· Standard Charted Grindlays Bank Limited

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India

Tel. No.: 91-20-61606161 / 66034332

· Yes Bank

· Kotak Mahindra Bank

Facilities :

CC, OD, TL Rs.1500.000 Millions (From HDFC Bank Limited)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Borrowings (Buyers Import Credit for Capital Goods are secured by hypothecation of specific Plant and Machinery procured using the loan)	152.653	107.268
Total	152.653	107.268

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerawada, Pune – 411 006, Maharashtra, India
Pan No.:	AAEFP3641G
Holding Company :	DANA World Trade Corporation, USA
Ultimate Holding Company:	DANA Holding Corporation, USA
Fellow Subsidiaries :	Dana Austria GmBH Dana Automotive Systems Group, LLC Dana Global Products, Inc Dana GmbH Dana Heavy Vehicle Systems Group, LLC Dana India Private Limited Dana Italia, SpA Dana Japan Limited Dana Spicer (Thailand) Limited Dana Spicer Europe Limited Dana Spicer Industria e Commercio Antopeca Limited Dana UK Driveshaft Limited Fujian Spicer Drivestrain Systems Company Limited Industria de Ejes y Transmissiones S.A. ROC Spicer, Limited Spicer Axle Australia Pty Limited Spicer Ayra Cardon, S.A. Spicer France S.A.S. Spicer Gelenkwellenbau GmbH Spicer Nordiska Kardan AB
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Asia Investments Private Limited CIN : U65993MH1966PTC206200

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
109000000	Equity Shares	Rs. 10/- each	Rs.1090.000 Millions
100000	Redeemable Preference Shares	Rs. 100/- each	Rs. 10.000 Millions
	Total		Rs. 1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
97830000	Equity Shares	Rs. 10/- each	Rs.978.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	978.300	978.300
(b) Reserves & Surplus	1065.641	829.362
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2043.941	1807.662
(3) Non-Current Liabilities
(a) long-term borrowings	152.653	107.268
(b) Deferred tax liabilities (Net)	20.665	6.682
(c) Other long term liabilities	6.992	1.565
(d) long-term provisions	10.201	8.946
Total Non-current Liabilities (3)	190.511	124.461
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2231.418	2027.089
(c) Other current liabilities	198.468	144.534
(d) Short-term provisions	375.256	162.902
Total Current Liabilities (4)	2805.142	2334.525
TOTAL	5039.594	4266.648
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1612.275	1024.402
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	127.146	327.446
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.007	0.012
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	257.283	341.469
(e) Other Non-current assets	9.192	67.592
Total Non-Current Assets	2005.903	1760.921
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	929.669	842.084
(c) Trade receivables	1403.044	1141.922
(d) Cash and cash equivalents	450.165	322.402
(e) Short-term loans and advances	246.587	197.395
(f) Other current assets	4.226	1.924
Total Current Assets	3033.691	2505.727
TOTAL	5039.594	4266.648

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		978.300
2] Share Application Money		0.000
3] Reserves & Surplus		808.651
4] (Accumulated Losses)		0.000
NETWORTH		1786.951
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		4.660
TOTAL BORROWING		4.660
DEFERRED TAX LIABILITIES		12.172
TOTAL		1803.783
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1034.524
Capital work-in-progress		18.999
INVESTMENT		0.012
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	556.456
	Sundry Debtors	851.365
	Cash & Bank Balances	1006.943
	Other Current Assets	5.292
	Loans & Advances	214.211
Total Current Assets		2634.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	913.601
	Other Current Liabilities	756.190
	Provisions	214.228
Total Current Liabilities		1884.019
Net Current Assets		750.248
MISCELLANEOUS EXPENSES		0.000
TOTAL		1803.783

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	10438.479	8582.501	6428.311
		Other Income	26.635	104.967	81.167
		TOTAL (A)	10465.114	8687.468	6509.478
Less	EXPENSES
		Cost of materials consumed	7347.130	6326.073
		Purchases of stock-in-trade	6.756	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(15.716)	(137.392)	5764.729
		Employee benefit expense	488.204	360.510
			1674.437	1414.632
		TOTAL (B)	9500.811	7963.823	5764.729
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		964.303	723.645	744.749
Less	FINANCIAL EXPENSES (D)		14.479	4.981	1.128
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		949.824	718.664	743.621
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.344	109.815	120.834
	PROFIT BEFORE TAX (E-F) (G)		797.480	608.849	622.787
Less	TAX (H)		220.100	75.163	123.962
	PROFIT AFTER TAX (G-H) (I)		577.380	533.686	498.825
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		470.309	502.966	339.598
Less	APPROPRIATIONS
		Transfer to General Reserve	58.000	53.369	49.883
		Proposed Dividend on Equity	294.000	97.830	146.745
		Interim Dividend – Equity	48.000	342.405	97.830
		Tax on Proposed Dividend		15.870	24.373
		Tax on Interim Dividend		56.869	16.626
	BALANCE CARRIED TO THE B/S		647.689	470.309	502.966
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1510.695	1231.084
	TOTAL EARNINGS		NA	1510.695	1231.084
	IMPORTS
		Raw Materials	NA	625.865	386.516
		Stores & Spares	NA	15.440	1.846
		Capital Goods	NA	210.007	4.236
	TOTAL IMPORTS		NA	851.312	392.598
	Earnings Per Share (Rs.)		5.91	5.46	5.10

Particulars	31.03.2013
Sales Turnover (Approximately)	11530.000

The above information has been parted by Mr. Rupesh.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.52	6.14	7.66
Net Profit Margin (PBT/Sales)	(%)	7.64	7.09	9.69
Return on Total Assets (PBT/Total Assets}	(%)	16.23	15.46	16.98
Return on Investment (ROI) (PBT/Networth)		0.39	0.34	0.35
Debt Equity Ratio (Total Debt/Networth)		0.07	0.06	0.00
Current Ratio (Current Asset/Current Liability)		1.08	1.07	1.40

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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
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

TRADE REFERENCES

· Mungi Engineers Private Limited

· Tata Motors

INDIAN ECONOMY

The Indian GDP grew around 7.0% after having grown at 8.4% in preceding two years. The Industrial sector witnessed a growth of 3.6% as against 8.3% in previous year. Growth in Service sector continues to broad based 9.4% as against 9.3% in previous year. Agricultural sector grew by 2.5% against 7.0% previous years. The Indian rupee has depreciated by 5.5% against the US $ in 2011-12.

AUTOMOTIVE INDUSTRY

The overall auto industry recorded a growth of around 14% in the financial year 2011-12, as compared to the previous year. Utility Vehicle, LCV and M and HCV segments in which the Company has presence, registered an increase of 20% compared to the previous year. While Utility Vehicle and LCV segments recorded an increase of 19% and 27%, respectively, M and HCV segment recorded an increase of 11% in comparison to the previous year.

PERFORMANCE ANALYSIS

During the financial year, the Company achieved the highest ever sales turnover of Rs.10438.000 millions, as compared to Rs.8583.000 millions in the previous year registering a growth of 21.6 %. Domestic sales recorded an increase of 21.6% during the financial year aligned to overall market in its business segment and export sales were up by 21.7% as compared to the previous year. The Company continues to be a market leader in its domestic product range. The Directors wish to inform that despite major challenges of global market recession, higher input costs and increase in conversion costs due to high inflation, the Company has been successful in improving its profitability and cash flow through effective cost control, and improvement in conversion cost and working capital management. Consequently, during the financial year, the Profit before Tax and Profit after Tax were at Rs.797.480 millions and Rs.577.380 millions, respectively, as compared to Rs.608.849 millions and Rs.533.686 millions, respectively in the previous year. Maximising stakeholders’ value and managing of the changing auto market dynamics and cost factors and successfully sustaining the margins shall be the key focus of the Company and the Company is committed and well poised to continue all efforts in this direction. The Company continues to measure and improve operational excellence through KPI, DOS, 5S, Reduction in conversion cost and COPQ (Cost of Poor Quality) across all its plants. The manufacturing work culture imbibes continuous and productivity improvement process through Dana Operating System and (DOS) and Anand Production System (APS) implemented and regularly monitored as a key KPI at all manufacturing locations. These KPIs are integrated in to the Employees Performance Measurement System to sustain operational excellence and continuous improvement. The Company has continued to take various initiatives and to focus its efforts towards quality/Safety/Productivity improvement, thereby targeting to achieve zero PPM and Accidents, while assuring that their processes are cost effective. Supply Chain management is the key factor for the Company’s success. Visionary small and medium enterprises (VSME) initiatives have been extended to the suppliers and vendors of the Company to ensure manufacturing excellence at suppliers’ end, towards improving quality, cost and delivery. The Company is constantly exploring the supply chain area to enter into strategic alliances with key suppliers to ensure uninterrupted supplies of key raw parts and components. The Company is committed and is confident to improve supply chain management, quality, productivity and effective utilization of capacity, while ensuring the growth of the key supplier. Light Axle During the financial year, the Company’s light axle sales were at Rs.5964.000 millions, as compared to Rs.4753.000 millions in previous year, thus recording an increase of 25.5%, with the domestic sales and exports increasing @ 21.5% and 45.1% based on the auto industry recovery both in the domestic and export markets. The directors are pleased to record that the Company has won MandM U-203 Axle, In addition to this, in the LCV segment range, the Company expects to win the Ashok Leyland Nissan CNG Dost, Dost 1 Ton and JLR 660. During 2011-12 Chakan plant developed JLR defender Diffcase with this, the Company expects to maintain and continue this growth momentum. During financial year 2011-12, Pantnagar plant produced 175789 Axles and record 275075 Driveshafts for Tata Ace vehicle. The directors are also happy to inform that State of the art Gear Manufacturing plant at Chakan facility commenced operations during Quarter III of 2011 for the manufacture of “advantek” series of gears to be used in axle manufacturing. Drive Shaft During the financial year, Drive Shafts sales were at Rs.4400.000 millions, as compared to Rs.3768.000 millions in the previous year, thus registering an increase of 16.8%. Domestic business was increased by 19.8% due to sustained increase in the heavy and medium commercial vehicle segments. Export sales were, decreased by 1% as compared to previous year. The Directors are pleased to note that the Company has won Force One Driveshaft and Daimler HDT Driveshafts business Satara Plant developed Proto Samples for TML Y1 and Daimler HD and LD, Mahindra Navistar 40T for M and MHCV Segment. The Company continues its efforts on after-market sales and is targeting to grow @ 40% in 2011-12. The Company is also expecting further export orders for the supply of inter axle shafts and T6 drive shaft components in the ensuing year. People continue to be the most focused and valuable asset and the Company believe that business is 90% people. The Company focuses on their personal and professional development to align individual and organizational goals. The Company also believes in continuous development of people through multi skilling, mentoring program, ALDP, VLFM, 40 hours training per person in a year, higher education, internal transfers, ideas schemes, 30% women employment etc. During the financial year, deserving employees are also sent abroad for short/long duration training at Dana manufacturing facilities, technical centers and business schools, helping them to upgrade knowledge with the latest technology and methodology. Apart from this, the employees are also motivated to self study by offering sponsorship in professional colleges. Depending upon capabilities and potential, employees were also given opportunities within the organization by upgrading their profile and enriching jobs. Management Development Dialogue, ALDP and Identification of Key Talent are the concept used for appraising employees to nurture their strength and overcome weaknesses so that people are assigned right jobs and perform their best. This has helped the Company to retain key talent, resulting into employee satisfaction, competency and job commitment enhancing organizational efficiencies. During the financial year, the Company has sustained and accelerate the Great Place to Work (GPTW) initiative at all its locations. Employee relations at all locations remained very cordial and employees remained motivated, resulting in higher productivity and significant contribution towards all round improvements, including quality, cost, delivery and productivity.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10324297	14/07/2011	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI, Maharashtra - 400013, INDIA	B21728845
2	10027654	31/07/2009 *	525,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	A68980234
3	90084925	31/10/2000 *	180,000,000.00	DEUTSCHE BANK	HARARIMAL SAMANI MARG FORT, MUMBAI, Maharashtra - 400001, INDIA	-
4	90084549	18/11/1996	70,000,000.00	DEUTSCHE BANK	HAZARIMAL SOMANI MARG, FORT, BOMBAY, Maharashtra - 400001, INDIA	-
5	90084503	02/08/1996	50,000,000.00	ANZ GRINDLAYS BANK	P.I.C. FORT BRANCH, MUMBAI, Maharashtra, INDIA	-
6	90084495	24/07/1996	100,000,000.00	ANZ GRINDLAYS BANK	P.I.C. FORT BRANCH, MUMBAI, Maharashtra, INDIA	-
7	90090308	14/05/1996	50,000,000.00	THE BANK OF NOVA SCOTIA	MITTAL TOWERS; 'B' WING; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
8	90084332	04/10/1995	160,000,000.00	SOCIETE GENERALE MAKER CHAMBERS IV	NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-

* Date of charge modification

CONTINGENT LIABILITY

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Income Tax Appeal	137.488	107.802
Central Excise	1.056	1.681

Fixed Assets:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· 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 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.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.