1. Summary Information

		Country	India
Company Name	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Principal Name 1	Mr. Malik Kulbhushan
Status	Moderate	Principal Name 2	Mr. Puneet Saxena
		Registration #	55-067296
Street Address	B-92, Himalaya House, 23, Kasturba Gandhi Marg, Delhi-110001, New Delhi India
Established Date	07.04.1995	SIC Code	--
Telephone#	91-12-46439600	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Trader
Homepage	http://www.delphi.com	Product Name 1	Automobile Components
# of employees	Not Available	Product Name 2	Software Systems
Paid up capital	Rs.4068,235,000/-	Product Name 3	Catalytic Converter
Shareholders	Foreign holdings- 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	17 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B(28)
Related Company
Relation	Country	Company Name	CEO
Holding Company :	Luxembourg	Delphi International SARL (w.e.f 6.10.2009)	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2418,522,000	Current Liabilities	1192,793,000
Inventories	453,645,000	Long-term Liabilities	000
Fixed Assets	648,671,000	Other Liabilities	49,122,000
Deferred Assets	000	Total Liabilities	1241,915,000
Invest& other Assets	215,754,000	Retained Earnings	000
		Net Worth	2494,677,000
Total Assets	3736,592,000	Total Liab. & Equity	3736,592,000
Total Assets (Previous Year)	3322,313,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	4294,570,000]	Net Profit	211,320,000
Sales(Previous yr)	5855,621,000	Net Profit(Prev.yr)	387,903,000

MIRA INFORM REPORT

Report Date :

02.01.2013

IDENTIFICATION DETAILS

Name :	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED
Registered Office :	B-92, Himalaya House, 23, Kasturba Gandhi Marg, Delhi-110001, New Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.1995
Com. Reg. No.:	55-067296
Capital Investment / Paid-up Capital :	Rs.4068.235 millions
CIN No.: [Company Identification No.]	U74899DL1995PTC067296
PAN NO.:	AAACD0226E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures and Traders in Automobile Components and also Develops Embedded Software Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B(28)

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

Maximum Credit Limit :	USD 9970000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Delphi Automotive Systems (Holding) Inc., U.S.A. It is an established company having moderate track. Latest financial i.e. 2011-2012 are missing from the government department. From the financial available i.e. 2011 it seems that there appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow.

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.

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 :	B-92, Himalaya House, 23, Kasturba Gandhi Marg, Delhi-110001, New Delhi, India
Tel. No.:	91-12- 46249600
Fax No.:	Not Available
E-Mail :	sanjeeb.subudhi@delphi.com
Website :	http://www.delphi.com
Headquarter :	Delphi Corporation, World Headquarters, 5725 Delphi Drive, Troy, Michigan 48098-2815 USA
Tel. No.:	(1) 248-813-2000
Fax No.:	(1) 248-813-26570
Corporate Office/ factory 1:	240, Phase – I, Udyog Vihar, Gurgaon, Haryana, India
Tel. No.:	91-124-2345054/2345055/2345056/2345557/2345558/2345556
Fax No.:	91-124-2345053
Area :	Industrial
Factory 2:	Plot No. 3, Sector 41, Industrial Development Area, Greater Noida, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2341381/95
Fax No.:	91-120-2341383
Factory 3:	Plot No. 98-A, KIADB Industrial Area-II, Jigani Anekal Taluk, Bangalore-562106, Karnataka, India
Branch Office:	A- 22, Sipcot Industrial Growth Center Orgadam, Sriperumbudur Taluk, Kanchipuram District ,Tamilnadu, India.
Tel. No.:	91-44-37282400

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok B Ramaswamy

Designation :

Director

Address :

Flat No. H – 107 – S1, 2^nd Floor, Third Seawood Road, Valmiki Nagar, Tiruvanmiyur,, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

09.09.1956

Date of Appointment :

11.07.2007

DIN No.:

01729488

Name :

Mr. Ravi Mohan Damodaran

Designation :

Director

Address :

Flat No. E 101, Goplan Splendor Apartment, Book Field, Kundan Hallinull, Bengaluru – 560037, Karnataka, India

Date of Birth/Age :

05.04.1966

Date of Appointment :

21.09.2009

DIN No.:

02844306

Name :

Mr. Malik Kulbhushan

Designation :

Director

Address :

House No. 78, Block No.18, Gita Colony, Delhi – 110031, Delhi, India

Date of Birth/Age :

28.11.1977

Date of Appointment :

30.09.2011

DIN No.:

02944568

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	30/09/2010	10/04/2010	-	Active	NO

Name :

Mr. Reji Varghese

Designation :

Managing Director

Address :

Elamathyil House, Vazhappally West, P. O. Changanacherry, Kerala – 686103, India

Date of Birth/Age :

21.07.1960

Date of Appointment :

30.09.2011

DIN No.:

03279577

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Managing director	30/09/2011	08/10/2010	-	Active	NO

Name :

Mr. Puneet Saxena

Designation :

Director

Address :

C -233, Ground Floor, Defence Colony, New Delhi – 110024, Delhi, India

Date of Birth/Age :

15.03.1972

Date of Appointment :

30.09.2011

DIN No.:

03312004

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	30/09/2011	13/11/2010	-	Active	NO

Name :

Mr. Nowtej Singh

Designation :

Director

Address :

Flat No. 303 Tower – 6, Unitech Fresco, Nirvana Country, South City – Ii ,Gurgaon - 122018 Haryana India

Date of Birth/Age :

19.12.1970

Date of Appointment :

30.09.2011

DIN No.:

03424987

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	30/09/2011	05/02/2011	-	Active	NO

Name :

Mr. Nambi Ganesh Guruvel

Designation :

Director

Address :

203, Keerthi Manor, 2^nd Phade4, 3^rd Main, G.M. Playa Bangalore – 560075 Karnataka

Date of Birth/Age :

26.10.1964

Date of Appointment :

30.09.2011

DIN No.:

03503357

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	30/09/2011	16/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeeb Kumar Subudhi
Designation :	Secretary
Address :	148, DDA Flats, Sector – 17 A, Dwarka, New Delhi – 110075, Delhi, India
Date of Birth/Age :	22.06.1974
Date of Appointment :	01.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Delphi International Sarl, Luxembourg	28499997
Delphi Global Holdings Sarl, Luxembourg	3
Total	28500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporters of Automotive Systems and Components like Catalytic Converter, Drive Shafts and Wiring Harness.
Products :	Item Code No. – 84.21 Product Description - Catalytic Converter. Item Code No. – 87.08 Product Description - Drive Shafts Accessories Of Motor Vehicles. Item Code No. – 85.44 Product Description - Wiring Harness Insulated Wire Cable.

PRODUCTION STATUS

AS ON 31^ST MARCH 2010

Particulars	Unit	Installed Capacity	Actual Production
Wiring sets	Nos	3600000	2422453
Drive shafts and intermediate shafts	Nos	-	435583
Steering columns	Nos	-	163120
Catalytic columns	Nos	-	4820
Canister	Nos	750000	383248
Shock absorber assemblies and struts	Nos	-	2236895
Heat ventilating and air conditioning parts	Nos	800000	347508
Throttle body	Nos	310000	--
Fuel module	Nos	150000	83732

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Axis Bank Limited, Shop No. 1-6 And 8-10, Ground Floor, Suncity, Ninex Time Center, Sector – 54, Golf Course Road, Gurgaon – 122002 Haryana India · Yes Bank Limited, 9^th Floor, Nehru Center, Discovery Of India, dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra , India

Banking Relations :	----
Financial Institution:		Bank Of America National Trust And Savings Association, Hansalaya, 15, Barakhamba Road, New Delhi – 110001 Delhi India
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	Golf View, Corporate Tower – B, Sector 42, Gurgaon - 122002 Haryana, India
PAN No.:	AABFS3421N
Ultimate Holding Company :	Delphi Automotive LLP, United Kingdom (w.e.f. 06.10.2009)
Holding Company :	Delphi International SARL (Luxembourg) (w.e.f 6.10.2009)
Fellow Subsidiaries :	· Delphi Automotive Systems Australia Limited., Australia · Delphi Packard Austria GmbH, Austria · Delphi Automotive Systems do Brasil Limiteda, , Brazil · Delphi Packard Electric s.r.l, Czwch Republic* · Delphi Diesel Systems France S.A.S, France · Delphi France SAS, France · Delphi France SAS (Mechatronice), France · Delphi Deutschland Gmbh, Germany · Delphi Del Company Electronics Europe GMBH, Germany* · PT .Delphi Automotive Systems, Indonesia · Delphi Italia Automotive Systems SRL, Italy · Delphi Automotive Systems Japan Limited, Japan · Delphi Korea Corp., Korea · Korea Delphi Automotive Systems Corporation, Korea* · Delphi Automotive Systems Luxembourg SARL,Luxembourg · Packard Electric (Malaysia) Sdn.Bhd, Malaysia · Delphi Automotive Systems S.A. de C.V., Mexico · Delphi Automotive Systems Poland Sp.z.o.o, Poland · Delphi Automotive Systems, Potugal, S.A., Portugal* · Delphi Diesel Systems Romania SRL, Romania · Delphi Automotive Systems Singapore Pte Limited, Singapore · Delphi Automotive Systems Espana, S.L., Spain · Delphi Automotive Systems(Thailand) Limited., Thailand · Delphi Otomotiv Sistemleri Sanayi Ve Ticaret Anonim Sirketi, Turkey · Delphi Diesel Systems Limited, UK · Delphi Lockheed Automotive Limited , UK · Delphi Automotive Systems, LLC, USA · Delphi Technologies Inc, USA · Beijing Delphi Technology Development Company. Limited., China · Beijing Delphi Wan Yuan Engineering Management · System Company, China · Delphi (China) Technical Center Company. Limited., China · Delphi (Shanghai) Dynamics Propulsion System Co Limited, China · Delphi Automotive Systems (China) · Holding Company Limited , China · Delphi Electrical Centers (Shanghai) Company. Limited., China · Delphi Packard Electric Systems Company Limited, China · Delphi Lockheed Automotive SA, France · Delphi Trading Shanghai Company., Limited, China · Delphi Hungary Kft., Hungary

* No transactions have taken place with these parties in the current year.

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
28500000	Equity Shares	Rs.100/- each	Rs. 2850.000 Millions
16500000	8% Non Cumulative Optionally Convertible Redeemable Preference Shares	Rs.100/- each	Rs.1650.000 Millions
	Total		Rs. 4500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28500000	Equity Shares	Rs.100/- each	Rs. 2850.000 Millions
12182349	8% Non Cumulative Optionally Convertible Redeemable Preference Shares	Rs.100/- each	Rs.1218.235 Millions
	Total		Rs. 4068.235 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		4068.235	4068.235	4068.235
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1573.558)	(1784.879)	(2172.780)
NETWORTH		2494.677	2283.356	1895.455
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	129.573
TOTAL BORROWING		0.000	0.000	129.573
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2494.677	2283.356	2025.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		648.671	678.034	1214.605
Capital work-in-progress		215.754	55.845	73.920
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	635.926	453.645	702.725
	Sundry Debtors	718.463	610.924	916.536
	Cash & Bank Balances	1110.549	1079.955	602.636
	Other Current Assets	12.368	92.515	60.210
	Loans & Advances	394.862	351.395	504.451
Total Current Assets		2872.168	2588.434	2786.558
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1146.366	934.584	1446.005
	Other Current Liabilities	46.427	70.722	134.620
	Provisions	49.122	33.651	469.430
Total Current Liabilities		1241.915	1038.957	2050.055
Net Current Assets		1630.252	1549.477	736.503
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2494.677	2283.356	2025.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4294.570	5855.621	6814.779
		Other Income	NA	390.818	431.492
		TOTAL (A)	NA	6246.439	7246.271
Less	EXPENSES
		Raw Material Consumed		2969.964	3685.643
		Purchase of Trading Goods		305.394	286.728
		Personal Expenses		1046.244	1200.605
		Operating and Other Expenses	NA	1141.703	1630.654
		Provision for onerous Contact		0.000	270.140
		Increased / Decreased in Stock		42.760	51.772
		Loss on sale of discontinued business		155.517	0.000
		TOTAL (B)	NA	5661.582	7125.542
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	584.857	120.729
Less	FINANCIAL EXPENSES (D)		NA	13.011	16.178
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	571.846	104.551
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	183.943	280.502
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		211.320	387.903	(175.951)
Less	TAX (I)		0.000	0.000	11.335
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		211.320	387.903	(187.286)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1784.877)	(2172.780)	(1985.495)
	BALANCE CARRIED TO THE B/S		(1573.557)	(1784.877)	(2172.781)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export of Goods		537.390	1030.408
		Software Development Services		950.904	960.387
		Income from engineering and business support service	NA	0.000	128.293
		Reimbursement of Expenses		26.370	38.913
	TOTAL EARNINGS			1514.664	2158.002
	IMPORTS
		Raw Materials	1252.013	1332.043	1482.081
		Stores & Spares	4.250	6.643	95.240
		Capital Goods	86.591	92.919	51.074
	TOTAL IMPORTS		1342.854	1431.605	1628.395
	Earnings Per Share (Rs.)		7.41	13.61	(6.57)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	6.21	(2.58)
Net Profit Margin (PBT/Sales)	(%)	4.92	6.62	(2.58)
Return on Total Assets (PBT/Total Assets}	(%)	6.00	11.88	(4.40)
Return on Investment (ROI) (PBT/Networth)		0.08	0.17	(0.09)
Debt Equity Ratio (Total Liability/Networth)		0.50	0.45	1.15
Current Ratio (Current Asset/Current Liability)		2.31	1.67	1.36

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	No
19]	Payments terms	No
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	No
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

NATURE OF OPERATIONS

Subject was incorporated in India on April 7, 1995 to manufacture and trade in automotive components. It has manufacturing locations at Greater Noida, Dharuhera, Gurgaon and Bengaluru (till October 26, 2009). The Company also operates a technology centre under the Software Technology Park scheme at Bengaluru for development of embedded software systems for the automotive components industry. The ultimate parent Company is Delphi Automotive LLP; United Kingdom with effect from October 6, 2009.Previously Delphi Corporation Inc., USA was the ultimate parent Company (the "Predecessor").

BUSINESS OPERATIONS:

The performance of the company during the financial year 2010-11 has not been as planned. There has been marginal growth across all divisions. However, the projection for the next few years is positive, and the Company expects good growth in revenues, operating income and cash flow. The Indian economy is growing at a steady pace and this momentum is likely to continue in the coming years also; and Delphi India is well positioned to take advantage of it. The Company had taken some significant steps for expanding its operations to add more capacities and footprints. The construction of the new E&S manufacturing plant in Chennai was started in September' 2010. The construction activities have been completed and the plant has started its commercial production after the period. The new molding line of connection systems in Packard plant at Dharuhera has also started its commercial production during the financial year. DPSS division of the Company opened its first Authorized Wholesale Distributor Outlet in Delhi which is fifth wholesale distributor outlet in India after four outlets in Coimbatore, Guwahati and Kanpur. TCI division also started the third phase of its new facility located in Bangalore's Whitefield area, during the period. The Company is also planning of further expansion to increase its footprints in India. The Company has won some good businesses during the period. The Company has won new businesses from Cooper Corporation, Tata Motors, Mahindra, Volkswagen, Ashok Leyland/Nissan, Maruti Suzuki, General Motors India, Honda and others. The Company also expects to win new businesses in the coming years also.

OUTLOOK AND FUTURE PROSPECTS:

The good run of the automobile industry was also continued in the last fiscal also. In 2010-11 India's automobile industry has reported around 30 per cent growth in sales. Considering that Indian Economy is also growing at a steady rate, the future prospects of automobile industry is very good. However, the low demand for vehicles in the initial months of the current Financial Year has dampened the spirit a bit. With the beginning of the new financial year, the growth rate has gone down. Demand for vehicles in India, is mainly driven by the fuel economy of the vehicles and easy access to vehicle loans. But in recent times, the fuel prices have been raised several times. Further the central bank has also pushed up policy rates frequently in recent times to curb inflation which has led to increase in interest rates of auto loans. These factors have impacted the automotive sales adversely. Further, other factors like inflation, labor unrests have also added to the woes. However some turnaround is expected during the festival season beginning September end and the industry expects the sales volume will catch momentum by such time. Buoyed by the good growth in automobile industry, the auto component industry had also witnessed a growth of more than 30 per cent in the last fiscal, taking its total turnover to around $ 40 billion. However, in current financial year, due to slow down in vehicle consumption, the growth rate in the auto component industry is also expected to be in the range of 12-15 per cent. Notwithstanding this slowdown, the industry is still in a positive mood and likely to see an investment of about $ 3 billion during the fiscal to enhance capacities across the country. The auto component industry had already spent $ 2-2.25 billion on several green-field and brown-field capacity addition projects in 2010-11. The Automotive Component Manufacturers Association (ACMA) is very bullish on the market performance in the long-term as it is expecting a compound annual growth rate of 14 per cent for the next 3-5 years.

Despite the momentary slow down in the automotive industry in the current year, the Company expects to do good business in the current year. The Company has won some valuable businesses in the current year and expects to carry on the momentum in future also. Focus on excellence and value proposition makes the company well positioned for the future.

AWARDS & RECOGNITIONS:

Delphi has always strived not just meet, but to exceed customers' expectation. Awards and recognitions received from esteemed customers are ample testimony of the fact that the Company strive to achieve what it believes. Customers' recognitions provide the Company valuable impetus to serve them better. During the year, various divisions of the Company won various awards and recognitions from the customers.

Packard India had won the global platinum quality award for 2nd Half of 2009. It has scored zero PPM and zero worldwide formal customer complaints. It had also received the Platinum level 2010 1st Half year Quality Award. Packard plant has also passed the TS 16949 recertification audit successfully with ZERO non conformances in September. TUV SUD South Asia conducted the 2nd Surveillance Audit for ISO 14001 EMS: 2004 at Packard India site. Packard successfully passed this audit. Packard division had also won runner up certificate under energy cost reduction project. Packard Plant has also received the highest rating in Asia Pacific (98.9 %) in an EOS audit conducted by US team. GM India had conducted a QSB audit at Thermal plant. Thermal site was awarded a green rating which is considered to be the highest as per General Motors standards. Thermal Systems had also won Maruti Suzuki business award for providing cost effective technology that meets their performance standards. EHS Audit Team had carried out comprehensive audit of the Noida Site. Thermal plant successfully passed this audit. TCI received appreciation from Volvo for the in-depth knowledge and execution of the TCI engineers on the Volvo program. Audi too had expressed their appreciation of Delphi's global Audi Infotainment project team which includes engineers from TCI. Department of Scientific and Industrial Research had awarded R&D certification to TCI division. This is a pre-requisite to apply for various incentive schemes offered by government of India for research and development projects. Power train Gurgaon site won the prestigious "Greentech Safety Award"-Gold Award under the Automobile Category for the Year 2010. There was an EHS audit at Power train facility in Gurgaon during 2nd week of November. It went well successfully and showed no repeat issues. The recognition given by the customers recast the faith in the ability and performance.

FIXED ASSETS

· Factory building

· Office building

· Plant machinery

· Office equipments

· Computer equipments

· Furniture 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.54.85
UK Pound	1	Rs.88.93
Euro	1	Rs.72.24

INFORMATION DETAILS

Report Prepared by :

SPN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		28

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.