1. Summary Information

		Country	India
Company Name	AGILE ELECTRIC SUB ASSEMBLY PRIVATE LIMITED	Principal Name 1	Mr. Rajagopalan Chandrasekaran
Status	Moderate	Principal Name 2	Mr. Nathamuni Rangaswamy Venkatesan
		Registration #	18-057151
Street Address	Plot Nos. A-33 and A-36, Phase I, MEPZ, Tambaram, Chennai-600045, Tamilnadu, India
Established Date	10.08.2005	SIC Code	--
Telephone#	91-44-22628199	Business Style 1	Manufacturer
Fax #	91-44-22628143	Business Style 2	-
Homepage	Not Available	Product Name 1	DF Motors
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.406,894,000/-	Product Name 3	-
Shareholders	Foreign holdings - 1.85% Bodies corporate - 63.58% Other top fifty shareholders - 34.57%	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (36)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Agile Electric Drives technologies and Holdings Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	890,060,000	Current Liabilities	618,468,000
Inventories	189,726,000	Long-term Liabilities	419,244,000
Fixed Assets	833,757,000	Other Liabilities	79,183,000
Deferred Assets	0,000	Total Liabilities	1,116,895,000
Invest& other Assets	122,921,000	Retained Earnings	512,675,000
		Net Worth	919,569,000
Total Assets	2,036,464,000	Total Liab. & Equity	2,036,464,000
Total Assets (Previous Year)	1088,139,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	2,017,317,000	Net Profit	147,656,000
Sales(Previous yr)	1,141,745,000	Net Profit(Prev.yr)	48,554,000

MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	AGILE ELECTRIC SUB ASSEMBLY PRIVATE LIMITED (w.e.f 24.01.2008)
Formerly Known As:	IGARASHI BRUSH CARDS PRIVATE LIMITED
Registered Office :	Plot Nos. A-33 and A-36, Phase I, MEPZ, Tambaram, Chennai-600045, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.2005
Com. Reg. No.:	18-57151
Capital Investment/ Paid-up Capital:	Rs.406.894 Millions
CIN No.: [Company Identification No.]	U34300TN2005PTC057151
TAN No.: [Tax Deduction & Collection Account No.]	CHEI05319G
PAN No.: [Permanent Account No.]	AABCI3929C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of DF Motors.
No. of Employees:	1800 (Approximately)

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 3680000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial for the year 2012 is not available. As per previous year’s, the company seems to be performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with slight 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

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. Shivaram
Designation :	Company Secretary
Contact No.:	91-44-22628199
Date :	30.07.2013

LOCATIONS

Registered Office / Factory :	Plot Nos. A-33 and A-36, Phase I, MEPZ, Tambaram, Chennai-600045, Tamilnadu, India
Tel. No.:	91-44-22628199 / 42998403
Fax No.:	91-44-22628143 / 42998429
E-Mail :	investorservices@igarashimotors.co.in igarashimotors@igarashimotors.com
Website :	www.igarshimotors.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Rajagopalan Chandrasekaran

Designation :

Director

Address :

No.7, Thiruvengadam Street, Adyar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

22.09.1964

Date of Appointment :

15.09.2011

DIN No.:

00012643

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	U34300TN2005PTC057151	AGILE ELECTRIC SUB ASSEMBLY PRIVATE LIMITED	Director	15/09/2011	10/08/2005	-	Active	NO
2	U91110TN2005PTC055125	AGILE CORPORATE AND MANAGEMENT SERVICES (CHENNAI) PRIVATE LIMITED	Director	27/07/2006	27/07/2006	26/04/2010	Active	NO
3	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	29/02/2008	15/11/2008	Amalgamated	NO
4	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA Private Limited	Additional director	27/10/2010	27/10/2010	28/03/2011	Active	NO

Name :

Mr. Nathamuni Rangaswamy Venkatesan

Designation :

Director

Address :

Plot No. 44, Kamakodi Street, Hasthinapuram, Chrompet, Chennai – 600044, Tamilnadu, India

Date of Birth/Age :

26.07.1961

Date of Appointment :

29.09.2012

DIN No.:

05127253

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	U34300TN2005PTC057151	AGILE ELECTRIC SUB ASSEMBLY PRIVATE LIMITED	Director	29/09/2012	09/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shivaram
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Igaarashi Motors India Limited, India	2451900
HBL Power Systems Limited, India	27375200
Jose K Joseph	6280640
Igarshi Electric Works (H.K.) Limited, India	866400
P Mukund	9178308
K K Nohria	760000
Total	46912448

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.85
Bodies corporate	63.58
Other top fifty shareholders	34.57
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of DF Motors.
Exports :
Products :	Finished Goods
Countries :	· USA · China
Imports :
Products :	Finished Good / Raw Material
Countries :	· Korea · Japan · Thaiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1800 (Approximately)

Bankers :

· ICICI Bank Limited, Land Mark, Race Course Circle, Vadodara – 390007, Gujarat, India

· Axis Bank Limited, Corporate Branch, 192, Karumuttu Nilayam Anna Salai, Chennai – 600002, Tamilnadu, India

· State Bank of India, Leather and International Branch, “M.V Towers 177/1, Poonamalee High Raod, Chennai – 600010, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks secured	128.308	59.580
Rupee term loans financial institutions secured	60.000	150.000
Working capital loans banks secured	220.936	82.018
Total	409.244	291.598

Note:

Term loans from banks are secured by charge on specific assets acquired out of the loan and by paripassu charge on the entire moveable fixed assets of the company, present and future and Equitable mortgage of superstructures constructed on lease hold lands

Working capital loans representing packing credit and cash credit from banks are secured by charge on the entire current assets of the company, present and future The charge extends to bills discounted amounting to INR.144,466,577

Term Loan from financial Institutions are secured by paripassu charge by way of mortgage / hypothecation of the entire fixed assets of the Company, both present and future and corporate guarantee given by Igarashi Motors India Limited, a fellow subsidiary.

Banking Relations :	--
Financial Institution :	Sicom Limited, "Nirmal", First Floor, Nariman Point, Mumbai - 400021, Maharashtra, India
Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Parsn Manere, A-Wing, 602 Anna Salai, Chennai-600006, Tamilnadu, India
Tel. No.:	91-44-28274368 / 28229534 / 28228386
Fax No.:	91-44-28266858
Pan No.:	AAAFS2512D
E-Mail :	sharp@vsnl.com Chennai@sharpndtannam.com
PAN No.:	AAAFS2512D
Holding Company :	· Agile Electric Drives technologies and Holdings Private Limited, India CIN No.: U31102TN2003PTC052057
Ultimate Holding Company:	· HBL Power System Limited (from 11.11.2010)
Fellow Subsidiaries :	· Igarashi Motors India Limited · Igarashi Motors Sales Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
172000000	Equity Share	Rs.10/- each	Rs.1720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46912448	Equity Share	Rs.10/- each	Rs.469.124 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
41000000	Equity Share	Rs.10/- each	Rs.410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40689390	Equity Share	Rs.10/- each	Rs.406.894 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		406.894	230.000	230.00
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		512.675	72.604	24.050
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		919.569	302.604	254.050
LOAN FUNDS
1] Secured Loans		409.244	291.598	233.028
2] Unsecured Loans		10.000	0.000	0.000
TOTAL BORROWING		419.244	291.598	233.028
DEFERRED TAX LIABILITIES		65.859	21.375	16.268
TOTAL		1404.672	615.577	503.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		833.757	322.341	272.173
Capital work-in-progress		122.921	16.302	84.092
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.521	0.444
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	189.726	107.459	79.197
	Sundry Debtors	556.251	206.200	224.554
	Cash & Bank Balances	61.098	43.312	10.092
	Other Current Assets	0.000	0.000	0.036
	Loans & Advances	272.711	392.004	5.301
Total Current Assets		1079.786	748.975	319.180
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	418.542	328.218	172.202
	Other Current Liabilities	199.926	130.782	0.000
	Provisions	13.324	13.562	0.341
Total Current Liabilities		631.792	472.562	172.543
Net Current Assets		447.994	276.413	146.637
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1404.672	615.577	503.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2017.317	1141.745	975.932
		Other Income	5.953	2.789	1.667
		TOTAL (A)	2023.270	1144.534	977.599
Less	EXPENSES
		Material and Manufacturing Expenses		898.896	830.646
		Staff Expenses		61.298	43.112
		Selling and Administration Expenses		63.019	27.488
		TOTAL (B)	1767.549	1023.213	901.246
			(Including
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Financial Expenses)	121.321	76.353
Less	FINANCIAL EXPENSES (D)			28.604	20.662
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		255.721	92.717	55.691
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.935	23.951	16.913
	PROFIT BEFORE TAX (E-F) (G)		185.786	68.766	38.778
Less	TAX (H)		38.130	20.212	5.595
	PROFIT AFTER TAX (G-H) (I)		147.656	48.554	33.183
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.604	24.050	(9.133)
	BALANCE CARRIED TO THE B/S		NA	72.604	24.051
	EARNINGS IN FOREIGN CURRENCY		1626.579	1114.895	975.932
	IMPORTS
		Raw Materials	NA	14.561	60.594
		Components	NA	710.368	679.981
		Stores & Spares	NA	18.294	35.631
		Capital Goods	NA	44.800	160.207
	TOTAL IMPORTS		NA	788.023	936.413
	Earnings Per Share (Rs.)		3.63	2.11	1.44

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	22624.384	2560.000

The above information has been parted by Mr. Shivaram (Company Secretary)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.30	4.24	3.39
Net Profit Margin (PBT/Sales)	(%)	9.21	6.02	3.97
Return on Total Assets (PBT/Total Assets}	(%)	9.71	6.42	6.56
Return on Investment (ROI) (PBT/Networth)		0.20	0.23	0.15
Debt Equity Ratio (Total Debt/Networth)		0.46	0.96	0.92
Current Ratio (Current Asset/Current Liability)		1.71	1.58	1.85

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 five 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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10361215	03/09/2012 *	330,000,000.00	ICICI BANK LIMITED	LAND MARK, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT , INDIA	B58527268
2	10359918	27/09/2012 *	330,000,000.00	ICICI BANK LIMITED	LAND MARK, RECE COURSE CIRCLE, VADODARA - 390007, GUJARAT , INDIA	B58527649
3	10360588	09/09/2012 *	55,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, NO.192 ANNA SALAI, KARU MUTHU NILAYAM, CHENNAI - 600002, TAMILNADU, INDIA	B61417507
4	10302622	29/10/2012 *	200,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, NO.192 ANNA SALAI, KARU MUTHU NILAYAM, CHENNAI - 600002, TAMILNADU, INDIA	B61900403
5	10119759	07/09/2012 *	585,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, NO.192 ANNA SALAI, KARU MUTHU NILAYAM, CHENNAI - 600002, TAMILNADU, INDIA	B57937369

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. In Millions)
Other debt unsecured	10.000	0.000
Total	10.000	0.000

BUSINESS REVIEW

During the year, the Company launched its new business in the following areas:(1).Armatures and Stator Can Sub Assembly for Black and Decker power. (2).High speed Fuel pump Armature for Delphi. (3).NAM Stator can project for Inteva.Further the Company is progressing with sample making for Delphi and Bosch products. Detailed business plan is under progress and it is planned to launch these products by 2011-12

FIXED ASSETS

· Buildings

· Plant and Equipments

· Furniture and Fixture

· 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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

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