MIRA INFORM REPORT

Report Date :

13.08.2013

IDENTIFICATION DETAILS

Name :	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi, Taluka Khed, Chakan, Pune – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.05.2008
Com. Reg. No.:	11-132030
Capital Investment / Paid-up Capital :	Rs.30.892 Millions
CIN No.: [Company Identification No.]	U28990PN2008FTC132030
TAN No.: [Tax Deduction & Collection Account No.]	PNEG08517F
PAN No.: [Permanent Account No.]	AADCG1520D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of various auto 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 2840000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between “Gestamp Polska, SP.Z. O. O., Poland” and “Gonvarri Corporacion Financiera S.L., Spain”. It is an established company having a moderate track record. There appear continuous losses recorded by the company. The external borrowing appears to be huge. However, the company gets strong support from its holding companies. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Bank Facilities (CARE has suspended its rating “A-” due to lack of information.
Date	April, 2013

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/ Factory :	E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi, Taluka Khed, Chakan, Pune – 410 501, Maharashtra, India
Tel No.:	91-2135-396302/ 396300
Fax No.:	Not Available
E-Mail :	sdas@in.gestamp.com
Website :	http://www.in.gestamp.com
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Francisco Joes Riberas Mera

Designation :

Director

Address :

Calle Alfonso XII – 16, Madrid, Spain - 28014

Date of Birth/Age :

01.06.1964

Date of Appointment :

16.05.2008

DIN No.:

01732230

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	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	01/10/2007	10/12/2010	Active	NO
2	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Managing director	05/12/2011	28/04/2008	-	Active	NO
3	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
4	U27100PN2008FTC133001	GONVAUTO PUNE STEEL SERVICE CENTRE PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
5	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Director	29/09/2009	04/02/2009	-	Active	NO
6	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
7	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Director	29/09/2009	31/07/2009	-	Active	NO
8	U40108MH2010FTC203703	GESTAMP SOLAR INDIA PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
9	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO
10	U28932GJ2012FTC070930	GESTAMP AUTOMOTIVE SANAND PRIVATE LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO

Name :

Mr. Francisco Lopez Pena

Designation :

Director

Address :

Calle Buho, 7 Pozuelo De Alarcon, Madrid, Spain – 28223

Date of Birth/Age :

05.03.1959

Date of Appointment :

30.09.2009

DIN No.:

01790019

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	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	01/10/2007	29/04/2009	Active	NO
2	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Alternate director	05/07/2012	04/02/2009	-	Active	NO
3	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	30/09/2009	24/03/2009	-	Active	NO
4	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
5	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Alternate director	05/07/2012	30/03/2010	-	Active	NO
6	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO
7	U28932GJ2012FTC070930	GESTAMP AUTOMOTIVE SANAND PRIVATE LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO

Name :

Mr. Juan Maria Riberas Mera

Designation :

Director

Address :

Prolongacion De Embajadores S/N, Madrid, Spain – 28053

Date of Birth/Age :

06.10.1968

Date of Appointment :

16.05.2008

DIN No.:

02146671

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	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Director	30/09/2008	28/04/2008	25/05/2012	Active	NO
2	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
3	U27100PN2008FTC133001	GONVAUTO PUNE STEEL SERVICE CENTRE PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
4	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Nominee director	04/02/2009	04/02/2009	06/05/2009	Active	NO
5	U40108MH2010FTC203703	GESTAMP SOLAR INDIA PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
6	U74990TN2011PTC080844	GESTAMP POWERGEAR WINDSTEEL PRIVATE LIMITED	Director	29/11/2012	04/07/2011	-	Active	NO
7	U28113GJ2011PTC064272	GESTAMP KALPATARU SOLAR STEEL STRUCTURES PRIVATE LIMITED	Director	05/03/2012	02/12/2011	-	Active	NO
8	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Additional director	30/05/2012	30/05/2012	-	Active	NO

Name :

Jeffrey Winston Wilson

Designation :

Additional Director

Address :

723, Ann St Birmingham, USA MI 480009

Date of Birth/Age :

01.04.1960

Date of Appointment :

11.04.2012

DIN No.:

05150375

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	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Additional director	11/04/2012	11/04/2012	-	Active	NO
2	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Additional director	24/05/2012	24/05/2012	-	Active	NO
3	U28932GJ2012FTC070930	GESTAMP AUTOMOTIVE SANAND PRIVATE LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO
4	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Additional director	05/07/2012	05/07/2012	-	Active	NO
5	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Alternate director	05/07/2012	05/07/2012	-	Active	NO
6	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Alternate director	05/07/2012	05/07/2012	-	Active	NO
7	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Director	28/09/2012	05/07/2012	-	Active	NO

Name :

Mr. Raman Nanda

Designation :

Additional Director

Address :

V-16, Sacred Heart Town, Wanowri, Pune – 411 040, Maharashtra, India

Date of Birth/Age :

15.03.1956

Date of Appointment :

11.04.2012

DIN No.:

00078198

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	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2002	02/09/2002	03/09/2008	Active	NO
2	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	06/05/2003	06/05/2003	04/04/2008	Active	NO
3	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Director	19/09/2003	19/09/2003	04/04/2008	Active	NO
4	U34300KA2003PTC031615	KNORR-BREMSE SYSTEMS FOR COMERCIAL VEHICLES INDIA PRIVATE LIMITED	Director	19/09/2003	19/09/2003	-	Not Available for eFiling	NO
5	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	08/09/2006	08/09/2006	04/04/2008	Active	NO
6	U32109PN2005PTC020334	TRIMBLE MOBILITY SOLUTIONS INDIA PRIVATE LIMITED	Director	23/09/2006	23/09/2006	04/04/2008	Active	NO
7	U34300PN1997PLC015436	YAZAKI INDIA LIMITED	Director	19/09/2007	25/09/2006	16/10/2007	Active	NO
8	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Director	30/09/2006	30/09/2006	08/06/2007	Active	NO
9	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Additional director	04/11/2006	04/11/2006	08/06/2007	Active	NO
10	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	23/02/2007	23/02/2007	12/04/2008	Active	NO
11	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Director	28/09/2012	08/06/2007	-	Active	NO
12	U90001AP2001PLC037829	MUMBAI WASTE MANAGEMENT LIMITED	Director	28/09/2010	15/03/2010	02/09/2011	Active	NO
13	U74920AP2007PLC054147	RAMKY RECLAMATION AND RECYCLING LIMITED	Director	28/09/2010	15/03/2010	02/09/2011	Active	NO
14	U90001AP2009PLC063407	HYDERABAD INTEGRATED MSW LIMITED	Director	30/09/2010	15/03/2010	02/09/2011	Active	NO
15	U74140AP1994PLC018833	RAMKY ENVIRO ENGINEERS LIMITED	Managing director	29/03/2010	29/03/2010	02/09/2011	Active	NO
16	U74999AP2008PLC058138	RAMKY E-WASTE MANAGEMENT LIMITED	Director	29/09/2010	26/07/2010	02/09/2011	Active	NO
17	U40109AP2007PTC052271	CHHATTISGARH ENERGY CONSORTIUM (INDIA) PRIVATE LIMITED	Additional director	27/09/2010	27/09/2010	02/09/2011	Active	NO
18	U37100AP2010PTC071850	EAST COAST INDUSTRIES (INDIA) PRIVATE LIMITED	Director	23/12/2010	23/12/2010	02/09/2011	Active	NO
19	U29248PN2004PTC136969	GESTAMP SERVICES INDIA PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
20	U28112TN2011FTC081706	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED	Additional director	01/12/2011	01/12/2011	-	Active	NO
21	U28939PN2008PTC132576	SUNGWOO GESTAMP HITECH (PUNE) PRIVATE LIMITED	Additional director	01/12/2011	01/12/2011	-	Active	NO
22	U27105TN2005PTC057263	GESTAMP SUNGWOO HITECH (CHENNAI) PRIVATE LIMITED	Director	28/09/2012	15/12/2011	-	Active	NO
23	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Additional director	11/04/2012	11/04/2012	-	Active	NO
24	U28932GJ2012FTC070930	GESTAMP AUTOMOTIVE SANAND PRIVATE LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Gestamp Polska, SP. Z. O. O., Poland	1544595
Gonvarri Corporacion Financiera S.L., Spain	1544595
Total	3089190

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of various auto components.

Products :

Products Description	ITC Code No.
Auto Component Parts	87082900

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Automobile Components	Nos.	NA	14691000	7281536

Notes:

a. Licensed Capacity not being applicable, has not been indicated

b. Installed Capacity has been certified by the Management and has been accepted as correct by the auditors without verification, this being a technical matter.

c. As manufactured components are intermediate production, in view of practical difficulties, the disclosure in relation to production and stock has not been furnished.

d. Production includes scrap/ rejections at quality and customer end.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	BNP Paribas, Branch Pune, Maharashtra, India
Facilities :	--

Banking Relations :	---
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yervade (Near Don Bosco School), Pune – 411 006, Maharashtra, India
Tel No.:	91-20-66036000
Fax No.:	91-20-66015900
PAN No.:	AALFS0506L
Joint Venture Partners :	· Gestamp Polska, SP.Z.O.O, Poland · Gonvarri Corporacion Financiera S.L., Spain
Ultimate Holding Company:	Corporacion Gestamp S.L., Spain
Fellow Subsidiary Companies :	Gestamp Servicios S.L., Spain ArcelorMittal Flat Carbon Europe S.A., Luxembourg Solblank S. A., Spain Gestamp Vigo S.A., Spain Araluse S. A., Spain Gonvarri I. Centero De Servicios S. L., Spain Gestamp Kartek Corporation, Korea Gonvarri Produtos Sidervrgicos S. A., Spain Adral Matriciria Y Puesta A Punto S. L., Spain · Gestamp Palencia S. A., Spain · Matriceria Deusto S. L, Spain

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4999998	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3089190	Equity Shares	Rs.10/- each	Rs.30.892 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	30.892	30.892
(b) Reserves & Surplus	679.143	807.392
(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)	710.035	838.284
(3) Non-Current Liabilities
(a) Long-term borrowings	4955.160	4576.176
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.450	0.358
Total Non-current Liabilities (3)	4955.610	4576.534
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1948.827	1349.752
(c) Other current liabilities	554.349	618.972
(d) Short-term provisions	1.556	1.046
Total Current Liabilities (4)	2504.732	1969.770
TOTAL	8170.377	7384.588
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3621.645	4038.386
(ii) Intangible Assets	16.137	20.015
(iii) Capital work-in-progress	0.000	10.843
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	904.115	994.679
(e) Other Non-current assets	70.812	0.000
Total Non-Current Assets	4612.709	5063.923
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1085.548	685.281
(c) Trade receivables	710.139	688.391
(d) Cash and cash equivalents	1244.489	545.987
(e) Short-term loans and advances	111.408	42.625
(f) Other current assets	406.084	358.381
Total Current Assets	3557.668	2320.665
TOTAL	8170.377	7384.588

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.892
2] Share Application Money		0.000
3] Reserves & Surplus		1232.621
4] (Accumulated Losses)		(86.817)
NETWORTH		1176.696
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		4333.255
TOTAL BORROWING		4333.255
DEFERRED TAX LIABILITIES		36.150
TOTAL		5546.101
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4272.498
Capital work-in-progress		1.540
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	303.224
	Sundry Debtors	33.451
	Cash & Bank Balances	1346.605
	Other Current Assets	8.214
	Loans & Advances	977.693
Total Current Assets		2669.187
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1231.791
	Other Current Liabilities	164.032
	Provisions	1.301
Total Current Liabilities		1397.124
Net Current Assets		1272.063
MISCELLANEOUS EXPENSES		0.000
TOTAL		5546.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5444.696	2627.022	667.557
		Other Income
		TOTAL	5444.696	2627.022	667.557
Less	EXPENSES
		Office Expenses	5140.190	2597.395	632.954
		Administrative Expenses
		Advertising Expenses
		TOTAL	5140.190	2597.395	632.954
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		304.506	29.627	34.603
Less/ Add	DEPRECIATION/ AMORTISATION		432.756	404.188	82.375
	PROFIT/ (LOSS) BEFORE TAX		(128.250)	(374.561)	(47.772)
Less	TAX		0.000	(36.150)	36.156
	PROFIT/ (LOSS) AFTER TAX		(128.250)	(338.411)	(83.928)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(425.228)	(86.817)	(2.889)
	BALANCE CARRIED TO THE B/S		(553.478)	(425.228)	(86.817)
	IMPORTS
		Raw Materials and Components	NA	1627.412	331.854
		Capital Goods (including intangible assets)	NA	49.062	2368.019
		Spares and Consumables	NA	8.506	26.187
	TOTAL IMPORTS		NA	1684.980	2726.060
	Earnings/ (Loss) Per Share (Rs.)		(41.52)	(109.55)	(31.21)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.36)	(12.88)	(12.57)
Return on Total Assets (PBT/Total Assets}	(%)	(1.57)	(5.07)	(0.69)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.45)	(0.04)
Debt Equity Ratio (Total Debt/Networth)		6.98	5.46	3.68
Current Ratio (Current Asset/Current Liability)		1.42	1.18	1.91

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	Yes
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 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	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from others	4955.160	4576.176
Total	4955.160	4576.176

Note:

The registered office address of the company has been shifted from C/o. C.S. Kelkar and Associates, 279, Shivaji Nagar, Behind Congress House, Pune – 411 005, Maharashtra, India to present w.e.f. 01.10.2009.

BACKGROUND:

Subject is a private limited company incorporated under the provisions of the Companies Act, 1956. The Company is jointly controlled by Gestamp Polska, Sp.z.o.o, Poland and Gonvarri Corporacion Financiera, S.L. Spain, and its ultimate holding company is Corporacion Gestamp S.L., Spain. The Company is engaged in manufacturing of various auto components.

FIXED ASSETS:

Tangible Assets

· Plant and Machinery

· Building

· Computer Equipments

· Furniture and Fixtures

· Office Equipments

Intangible Assets

· Computer Software

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.60.80
UK Pound	1	Rs.94.21
Euro	1	Rs.81.03

INFORMATION DETAILS

Report Prepared by :

SMN

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.