MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	ANEST IWATA MOTHERSON LIMITED (w.e.f. 01.06.2001)
Formerly Known As :	ANEST IWATA MOTHERSON PRIVATE LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110 044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.12.2000
Com. Reg. No.:	55-108736
Capital Investment / Paid-up Capital :	Rs. 435.000 Millions
CIN No.: [Company Identification No.]	U34107DL2000PLC108736
IEC No.:	0500059071
TAN No.: [Tax Deduction & Collection Account No.]	DELA08400A
PAN No.: [Permanent Account No.]	AACCA8985F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Air Compressors
No. of Employees :	Approximately 175 (In Office – 30, In Factory – 122, In Branch – 23)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Anest Iwata Corporation, Japan. It is an establishing company having a moderate track record. The company has seen a significant increase in its sales turnover as well as net profitability during 2012. However, there appear some accumulated losses recorded in the books of the company during the year under review. Trade relations are fair. Business is active. Payments terms are slow but correct. In view of strong holdings, 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.

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 :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110 044, India
Tel. No.:	91-11-40555940
Fax No.:	Not Available
E-Mail :	corporate@aim.motherson.com
Website :	http://www.motherson.com
Factory 1 :	B-123-124, Sector - 63, District Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2401410-12/ 4600517/ 4600500
Fax No.:	91-120-2401398/ 4600509
Area :	23000 sq ft
Location :	Owned
Factory 2 :	B 5, Site C, Surajpur Industrial Estate, Surajpur, Greater Noida – 201 306, Uttar Pradesh, India
Tel. No.:	91-120-4600503/ 4600514
Fax No.:	91-120-2401398
Area :	50000 sq ft
Location :	Owned

DIRECTORS

AS ON 28.07.2012

Name :	Mr. Vivek Chaand Sehgal
Designation :	Director
Address :	22, Gwin Gana, Crescent Glen Waverly, Victoria – 3150, Australia 3150
Date of Birth/Age :	28.09.1956
Date of Appointment :	05.12.2000
DIN No.:	00291126

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	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22/11/1983	22/11/1983	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19/12/1986	19/12/1986	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20/07/1992	20/07/1992	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22/12/1995	22/12/1995	05/12/2006	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09/10/1997	09/10/1997	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15/05/2003	15/05/2003	23/12/2006	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19/02/2004	19/02/2004	10/05/2007	Active	NO
10	U34300DL1996PTC084072	WEBASTO ROOFSYSTEMS INDIA PRIVATE LIMITED	Director	27/02/2004	27/02/2004	04/04/2011	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03/03/2006	03/03/2006	01/02/2011	Amalgamated	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26/06/2006	26/06/2006	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29/08/2008	02/10/2007	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14/08/2009	16/04/2008	-	Active	NO

Name :	Mr. Ashok Tandon
Designation :	Director
Address :	H1A-141, DLF Westend Heights, Phase – VI, DLF City, Gurgaon – 122 009, Haryana, India
Date of Birth/Age :	20.02.1951
Date of Appointment :	19.05.2003
DIN No.:	00032733

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	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	19/05/2003	19/05/2003	-	Active	NO
2	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	23/05/2003	23/05/2003	13/02/2007	Active	NO
3	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
4	U74999DL1998PLC093544	CTM INDIA LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
5	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
6	U18109DL1999PTC099074	SISBRO MOTOR AND WORKSHOP PRIVATE LIMITED	Director	01/04/2004	01/04/2004	10/05/2007	Active	NO
7	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
8	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	16/08/2004	16/08/2004	-	Amalgamated	NO
9	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
10	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	09/12/2004	09/12/2004	14/09/2011	Active	NO
11	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	09/12/2004	09/12/2004	15/01/2007	Active	NO
12	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	09/12/2004	09/12/2004	30/11/2007	Active	NO
13	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
14	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
15	U74899DL2004PLC131101	SPHEROS MOTHERSON THERMAL SYSTEM LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
16	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12/08/2005	12/08/2005	01/03/2009	Active	NO
17	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21/11/2005	21/11/2005	25/08/2006	Amalgamated	NO
18	U74102DL2001PLC112560	FIELD MOTOR LIMITED	Director	29/09/2006	03/12/2005	-	Active	NO
19	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
20	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
21	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
22	U34300DL1996PTC084072	WEBASTO ROOFSYSTEMS INDIA PRIVATE LIMITED	Alternate director	01/06/2010	14/02/2007	27/12/2010	Active	NO
23	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	19/06/2009	04/09/2007	-	Active	NO
24	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	28/09/2007	28/09/2007	02/10/2007	Active	NO
25	U24211DL2007PLC169557	NISSIN ADVANCED COATING INDO COMPANY LIMITED	Director	11/06/2008	18/10/2007	-	Active	NO
26	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21/04/2008	18/10/2007	-	Active	NO
27	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	19/05/2008	12/11/2007	17/09/2010	Active	NO
28	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14/08/2009	15/02/2008	-	Active	NO
29	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	01/09/2008	01/09/2008	03/02/2009	Active	NO
30	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	01/09/2008	01/09/2008	20/03/2009	Active	NO
31	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	24/11/2008	24/11/2008	13/02/2009	Amalgamated	NO
32	U28990DL2011PLC229148	MOTHERSON SINTERMETAL TECHNOLOGY LIMITED	Director	27/08/2012	22/12/2011	-	Active	NO

Name :	Mr. Parthasarathy Srinivasan
Designation :	Director
Address :	6322, Alok Vihar, Sector – 50, Noida, Uttar Pradesh, India
Date of Birth/Age :	16.11.1956
Date of Appointment :	25.12.2006
DIN No.:	01039931

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	Company/ LLP Status	Defaulting status
1	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	26/05/2007	16/10/2006	Active	NO
2	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	30/06/2007	20/11/2006	Active	NO
3	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	30/06/2007	25/12/2006	Active	NO
4	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	30/05/2007	20/04/2007	Active	NO
5	U24211DL2007PLC169557	NISSIN ADVANCED COATING INDO COMPANY LIMITED	Director	11/06/2008	18/10/2007	Active	NO
6	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	19/08/2009	20/03/2009	Active	NO
7	U29253DL2010PLC209702	NACHI MOTHERSON PRECISION LIMITED	Director	09/07/2011	22/10/2010	Active	NO
8	U28990DL2011PLC229148	MOTHERSON SINTERMETAL TECHNOLOGY LIMITED	Director	27/08/2012	22/12/2011	Active	NO

Name :	Mr. Takahiro Tsubota
Designation :	Director
Address :	3-2-15-501, Komaoka-Cho, Tsurumi-Ku, Yokohama, Japan 2300071
Date of Birth/Age :	15.05.1957
Date of Appointment :	11.05.2009
DIN No.:	01104764

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	Company/ LLP Status	Defaulting status
1	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED.	Director	30/06/2007	25/12/2006	Active	NO
2	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	11/05/2009	23/06/2008	Active	NO
3	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	11/05/2009	16/03/2009	Active	NO

Name :	Akira Hirase
Designation :	Director
Address :	3-4-62, Miyashimohoncho, Sagamihara, Japan 2291111
Date of Birth/Age :	26.05.1953
Date of Appointment :	11.05.2009
DIN No.:	02261935

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	Company/ LLP Status	Defaulting status
1	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	11/05/2009	23/06/2008	Active	NO

Name :	Mr. Shinya Tsukamoto
Designation :	Director
Address :	Section – 308, Green Court, Fujigaoka Exceeds, Aoba-Ku, Chigusa-Dai, Yokohama, Japan 2270051
Date of Birth/Age :	22.01.1966
Date of Appointment :	11.05.2009
DIN No.:	02608615

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	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	11/05/2009	16/03/2009	-	Active	NO
2	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Alternate director	08/12/2011	08/12/2011	27/03/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Ritu Seth
Designation :	Secretary
Address :	621, Sector – 29, Noida – 201 303, Uttar Pradesh, India
Date of Birth/Age :	26.09.1979
Date of Appointment :	02.01.2006
PAN No.:	AVYPS9758C
Name :	Mr. Dhruv Mehra
Designation :	Manager
Address :	B-415, New Friends Colony, New Delhi-110065, India
Date of Birth/Age :	03.03.1976
Date of Appointment :	20.12.2011
PAN No.:	AJWPM2134N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.07.2012

Names of Equity Shareholders	No. of Shares
Anest Iwata Corporation, Japan	13260000
Samvardhana Motherson Finance Limited, India	12739600
Ashok Tandon	100
Vivek Chaand Sehgal	100
Chandra Shekhar Panda	50
Vivek Avasthi	100
Laksh Vaaman Sehgal	50
TOTAL	26000000

Names of Preference Shareholders	No. of Shares
Anest Iwata Corporation, Japan	8925000
Samvardhana Motherson Finance Limited, India	8575000
TOTAL	17500000

AS ON 28.07.2012

Equity Shares Break Up	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	51.00
Bodies corporate	49.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Compressors

Products :

Item Code No. (ITC Code)	8414.40.14
Product Description	Air Compressor

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Air Compressors	Nos.	N.A.	4800	4186

GENERAL INFORMATION

No. of Employees :	Approximately 175 (In Office – 30, In Factory – 122, In Branch – 23)
Bankers :	Axis Bank, Sector – 16, Noida – 201 301, Uttar Pradesh, India

Banking Relations :	--
Auditors :
Name :	R.K.J.K. Khanna and Company Chartered Accountants
Address :	D-41, New Delhi South Extension, Part-II, New Delhi – 110 049, India
Tel. No.:	91-11-41644996/ 26253522
Fax No.:	91-11-46014099
E-Mail :	khanna.rk@gmail.com
PAN No.:	AAAFR9497E
Holding Company :	Anest Iwata Corporation, Japan
Subsidiaries :	Air Factory Energy Limited CIN No.:- U51109DL2007PLC170331
Other Related Parties :	Motherson Auto Limited CIN No.:- U74899DL1983PLC016995 Motherson Air Travel Agencies Limited CIN No.:- U74899DL1994PLC058171 Motherson Advanced Tooling Solutions Limited CIN No.:- U45400DL2007PLC169491 Motherson Techno Tools Limited CIN No.:- U74999DL1992PLC049607 Mothersonsumi Infotech And Designs Limited CIN No.:- U67120DL1985PLC020695 Systematic Conscom Limited CIN No.:- U31909DL1987PLC029151 Spirited Auto Cars (India) Limited CIN No.:- U50100DL2009PLC190516 Magneti Marelli Motherson Auto System Limited CIN No.:- U31500DL2008PLC174123

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
27500000	Equity Shares	Rs.10/- each	Rs. 275.000 Millions
17500000	Convertible Redeemable Preference Shares	Rs.10/- each	Rs. 175.000 Millions
	TOTAL		Rs. 450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs. 260.000 Millions
3000000	6% Optionally Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 30.000 Millions
4000000	1% Optionally Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 40.000 Millions
10500000	3% Optionally Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 105.000 Millions
	TOTAL		Rs. 435.000 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	435.000	435.000
(b) Reserves & Surplus	(52.494)	(57.208)
(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)	382.506	377.792
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.313	2.138
(d) long-term provisions	1.341	0.920
Total Non-current Liabilities (3)	3.654	3.058
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	49.557	23.208
(c) Other current liabilities	10.534	11.240
(d) Short-term provisions	7.381	2.538
Total Current Liabilities (4)	67.472	36.986
TOTAL	453.632	417.836
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	225.376	231.744
(ii) Intangible Assets	1.480	1.225
(iii) Capital work-in-progress	0.249	0.249
(b) Non-current Investments	8.000	8.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1.302	1.332
Total Non-Current Assets	236.407	242.550
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	85.129	58.022
(c) Trade receivables	78.428	54.562
(d) Cash and cash equivalents	24.800	34.862
(e) Short-term loans and advances	16.026	16.439
(f) Other current assets	12.842	11.401
Total Current Assets	217.225	175.286
TOTAL	453.632	417.836

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		435.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(57.445)
NETWORTH		377.555
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		377.555
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.021
Capital work-in-progress		83.536
INVESTMENT		8.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.157
	Sundry Debtors	51.196
	Cash & Bank Balances	55.060
	Other Current Assets	0.000
	Loans & Advances	55.526
Total Current Assets		200.939
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.186
	Other Current Liabilities	13.279
	Provisions	9.476
Total Current Liabilities		49.941
Net Current Assets		150.998
MISCELLANEOUS EXPENSES		0.000
TOTAL		377.555

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	311.966	219.422	184.243
		Other Income	9.901	6.522	5.484
		TOTAL (A)	321.867	225.944	189.727
Less	EXPENSES
		Cost of materials consumed	199.202	137.386	169.489
		Employee benefit expense	42.564	30.846
		Other expenses	62.038	46.823
		Prior Period Items	0.019	0.100
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.239)	(5.956)
		TOTAL (B)	290.584	209.199	169.489
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.283	16.745	20.238
Less	FINANCIAL EXPENSES (D)		0.283	0.153	0.367
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.000	16.592	19.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.038	16.295	13.883
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		11.962	0.297	5.988
Less	TAX (H)		2.399	0.061	0.948
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		9.563	0.236	5.040
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(57.209)	(57.445)	(57.726)
Less	APPROPRIATIONS
		Dividend	4.172	0.000	4.081
		Tax on Dividend	0.677	0.000	0.678
	BALANCE CARRIED TO THE B/S		(52.495)	(57.209)	(57.445)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	81.729	31.812	14.132
		Commission	2.397	0.000	0.177
		Revenue Received from Services	2.429	2.891	0.000
		Development Charges	0.000	0.000	0.478
	TOTAL EARNINGS		86.555	34.703	14.787
	IMPORTS
		Raw Materials	59.678	52.544	28.993
		Machinery	2.254	0.286	0.040
	TOTAL IMPORTS		61.932	52.830	29.033
	Earnings / (Loss) Per Share (Rs.)		0.16	(0.20)	(0.01)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.97	0.10	2.66
Net Profit Margin (PBT/Sales)	(%)	3.83	0.14	3.25
Return on Total Assets (PBT/Total Assets}	(%)	2.69	0.07	1.78
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	0.02
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.22	4.74	4.02

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	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	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The registered office of the company has been shifted from 43, Community Centre, New Friends Colony, New Delhi – 110 065 to the present address w.e.f. 14.01.2009.

OPERATIONS

Implementation of better systems as a part of continuous improvement is helping the company to move towards becoming a world-class manufacturer of Air Compressors.

The company has been implementing all the suggestions from the members of Anest

lwata Corporation Japan (AIJ) for enhancing the overall effectiveness of production processes.

The production facilities with improved synchronization among all the departments have resulted in improved delivery of air compressors to end customers.

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Machinery
• Tools, Dies and Patterns
• Measuring Instruments
• Motors
• Electrical Fittings
• Air Conditioner
• Office Equipments
• Fire Equipments
• Furniture and Fixture
• Vehicles
• Demo Compressor
• Computer Equipment
• 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. 63.78
UK Pound	1	Rs. 100.70
Euro	1	Rs. 84.66

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	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		31

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.