MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110 044
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.02.2008
Com. Reg. No.:	55-174123
Capital Investment / Paid-up Capital :	Rs.1300.000 Millions
CIN No.: [Company Identification No.]	U31500DL2008PLC174123
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM4110M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into Design Develop and Manufacturer Automotive Lighting Products and Air Intake Manifold Assemblies.
No. of Employees :	270 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Magneti Marelli Motherson Auto System Limited is a joint venture between SMIL and Magneti Mareli Holding S.P.A., Italy. It is an established company having satisfactory track record. There are accumulated loss recorded by the company during 2014. However, the rating takes into consideration joint venture support presence in the automotive industry and strong relationship with original equipment manufacturers (OEMs). Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Issuer Rating = INDBBB
Rating Explanation	Have Moderate degree of safety and carry moderate credit risk
Date	25.06.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Anupam
Designation :	Finance Manager
Contact No.:	91-9764004753
Date :	13.12.2014

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110 044, India
Tel No.:	91-11-40555940
Mobile No.:	91-9764004753 (Mr. Anupam)
Fax No.:	Not Available
E-Mail :	corporate@marelli.motherson.com anupam@marelli.motherson.com
Website :	http://www.motherson.com
Location :	Owned
Factory 1 :	Gat No.148-150, Village Ambethan, Taluka Khed, Near Dwarka School, Pune-410 501, Maharashtra, India
Tel. No.:	91-2135-675800 / 675824
Factory 2 :	Plot No.195-196, Sector 1, IMT Manesar, Gurgaon-122 050, Haryana, India

DIRECTORS

As on 11.08.2014

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H1A-141, DLF Westend Heights, Phase – V, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment:

15.02.2008

DIN No.:

00032733

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	19-05-03	19-05-03	-	Active	NO
2	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	23-05-03	23-05-03	13-02-07	Active	NO
3	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	28-05-03	28-05-03	-	Active	NO
4	U74999DL1998PLC093544	CTM INDIA LIMITED	Director	12-06-03	12-06-03	-	Active	NO
5	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	18-12-03	18-12-03	-	Active	NO
6	U18109DL1999PTC099074	SISBRO MOTOR AND WORKSHOP PRIVATE LIMITED	Director	01-04-04	01-04-04	10-05-07	Active	NO
7	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	16-08-04	16-08-04	-	Active	NO
8	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	16-08-04	16-08-04	-	Active	NO
9	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	16-08-04	16-08-04	-	Active	NO
10	U74899DL2004PLC131101	SPHEROS MOTHERSON THERMAL SYSTEM LIMITED	Director	09-12-04	09-12-04	-	Active	NO
11	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	09-12-04	09-12-04	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09-12-04	09-12-04	-	Amalgamated	NO
13	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	09-12-04	09-12-04	30-11-07	Active	NO
14	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	09-12-04	09-12-04	15-01-07	Active	NO
15	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	14-09-11	Active	NO
16	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12-08-05	12-08-05	01-03-09	Active	NO
17	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21-11-05	21-11-05	25-08-06	Amalgamated	NO
18	U74102DL2001PLC112560	FIELD MOTOR LIMITED	Director	29-09-06	03-12-05	-	Active	NO
19	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30-05-07	26-07-06	28-01-08	Active	NO
20	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31-05-07	28-07-06	21-03-08	Active	NO
21	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08-11-06	08-11-06	25-12-06	Active	NO
22	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Alternate director	01-06-10	14-02-07	27-12-10	Active	NO
23	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	19-06-09	04-09-07	-	Active	NO
24	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	28-09-07	28-09-07	02-10-07	Active	NO
25	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21-04-08	18-10-07	-	Active	NO
26	U24211DL2007PLC169557	NISSIN ADVANCED COATING INDO CO. LIMITED	Director	11-06-08	18-10-07	-	Active	NO
27	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	19-05-08	12-11-07	17-09-10	Active	NO
28	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	15-02-08	-	Active	NO
29	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	01-09-08	01-09-08	20-03-09	Active	NO
30	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	01-09-08	01-09-08	03-02-09	Active	NO
31	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	24-11-08	24-11-08	13-02-09	Active	NO

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwin Gana Crescent, Glen Waverly, Victoria 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

16.04.2008

DIN No.:

00291126

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22-11-83	22-11-83	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19-12-86	19-12-86	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20-07-92	20-07-92	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22-12-95	22-12-95	05-12-06	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09-10-97	09-10-97	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05-12-00	05-12-00	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30-01-01	30-01-01	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15-05-03	15-05-03	23-12-06	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19-02-04	19-02-04	10-05-07	Active	NO
10	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Director	27-02-04	27-02-04	04-04-11	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22-07-04	22-07-04	-	Active	NO
12	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	-	Active	NO
13	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09-12-04	09-12-04	-	Amalgamated	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03-03-06	03-03-06	01-02-11	Active	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26-06-06	26-06-06	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08-11-06	08-11-06	25-12-06	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08-05-08	23-04-07	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29-08-08	02-10-07	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	16-04-08	-	Active	NO

Name :

Mr. Saju Mookken

Designation :

Director

Address :

6411, F - 6, Alok Vihar 2, Sector 50, Noida - 201 303, Uttar Pradesh, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

16.04.2008

DIN No.:

01644940

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300DL2007PTC169579	MAGNETI MARELLI POWERTRAIN INDIA PRIVATE LIMITED	Director	17-04-09	18-10-07	Active	NO
2	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	16-04-08	Active	NO
3	U51109DL2008PTC178458	MAGNETI MARELLI SKH EXHAUST SYSTEMS PRIVATE LIMITED	Director	22-05-08	22-05-08	Active	NO
4	U34300DL2008PTC178680	SKH MAGNETI MARELLI EXHAUST SYSTEMS PRIVATE LIMITED	Director	27-05-08	27-05-08	Active	NO
5	U74900PN2008PTC132425	ENDURANCE MAGNETI MARELLI SHOCK ABSORBERS (INDIA) PRIVATE LIMITED	Director	14-07-08	14-07-08	Active	NO
6	U32204DL2008PTC184578	MAGNETI MARELLI UM ELECTRONIC SYSTEMS PRIVATE LIMITED	Nominee director	16-01-09	16-01-09	Active	NO
7	U74120DL2008PTC186054	FIAT PARTECIPAZIONI INDIA PRIVATE LIMITED	Director	08-03-10	01-04-09	Active	NO
8	U34102DL2009FTC195890	MAGNETI MARELLI INDIA PRIVATE LIMITED	Managing director	26-11-09	10-11-09	Active	NO

Name :

Ermanno Ferrari

Designation :

Director

Address :

Corso Turati 70, Colleffrro, Italy

Date of Birth/Age :

02.01.1956

Date of Appointment :

20.09.2011

Din No.:

03643407

Name :

Mr. Vivek Awasthi

Designation :

Director

Address :

B-1/6, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

02.08.2013

Din No.:

00033876

Name :

Mr. Albert Montanar Alberto

Designation :

Director

Address :

VI A, Pasubio 28, Bologna, UNE-40010, Italy

Date of Birth/Age :

20.03.1957

Date of Appointment :

02.08.1913

Din No.:

06609667

KEY EXECUTIVES

Name :	Mr. Vishal Swaruphyam Kabadi
Designation :	Manager
Address :	3, Swarup, 260/1, Shahik Park, Baner, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	26.12.1978
Date of Appointment :	01.04.2010
Pan No.:	ABIPK5285A
Name :	Mr. Rakesh Kumar Mishra
Designation :	Secretary
Address :	B-86, Pandav Nagar, Delhi-110092, India
Date of Birth/Age :	02.02.1973
Date of Appointment :	03.02.2012
Pan No.:	AJJPM3921C

MAJOR SHAREHOLDERS

As on 11.08.2014

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Magneti Marelli Motherson India Holdings BV, Netherlands	3799994	34200000
Ashok Tandon	1	---
Gianpaolo Accossato	1	---
Fabrizio Righetti	1	---
Mookken Saju	1	---
Vivek Avasthi	1	---
Vivek Chaand Sehgal	1	---
Magneti Marelli S.P.A., Italy	---	4900000
Samvardhana Motherson International Limited, India	---	4900000
TOTAL	136000000	132200000

As on 20.10.2014

Names of Shareholders	No. of Equity Shares
Magneti Marelli S.P.A., Italy	2000000
Samvardhana Motherson International Limited, India	2000000
TOTAL	4000000

As on 11.08.2014

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 :

The company to Design Develop and Manufacture Automotive Lighting Products and Air Intake Manifold Assemblies.

Products :

Product Description	Item Code
Air Intake Manifold	8708000
Lamps	85122020
Pedal Box Assembly	82051000

AUTOMOTIVE LIGHTING

• Head Lamps

• Rear Lamps

• Auxiliary Lamps, Other Products

• POWERTRAIN
• Air Intake Module
• LPG / CNG Intake Module
• PEDAL BOX MODULE

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Italy
• Russia
• Poland

Imports :

Products :

Raw Material and Machinary

Countries :

• China
• Italy
• France

Terms :

Selling :

Cash, L/C, Credit

Purchasing :

Cash, L/C, Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity** of	Actual Production
Automotive Lamps	Nos.	3132000	479431
Plastic Air Intake Manifold	Nos.	1276650	459342
Pedal Box Assembly	Nos.	230400	21606
Tools	Sets	*	9

NOTE

* Tools are manufactured predominantly by third parties on behalf of the company and very few finishing activities are carried out by the company.

** On three shift basis, as certified by the management and relied upon by the management and relied upon by the auditors, this being a technical matter.

GENERAL INFORMATION

Suppliers :

Reference :	Continental Automotive Components Private Limited (India)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Ford India Limited, Chennai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

270 [Approximately]

Bankers :

Banker Name	Axis Bank Limited
Branch Address	S. No. 186, CTS No. 3189, Opposite PCMC, Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune-411033, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN

Particulars	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
LONG TERM BORROWINGS
Term loans from banks	29.250	63.750
SHORT TERM BORROWINGS
Rupee term loans from banks	37.264	0.471
Other loans and advances	36.171	87.356
TOTAL	102.685	151.577

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, International Convention Center, Senapati Bapat Road, Pune-411016, Maharashtra, India
Tel. No.:	91-20-66244600
Fax No.:	91-20-66244605
PAN No:	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Magneti Marelli Motherson India Holding B.V.
Associates :	Automotive Lighting Italia SPA Automotive Lighting Rear Lamps France SAS Calsonic Kansei Motherson Auto Products Limited Magneti Marelli Powertrain SPA [MMP SPA] Magneti Marelli Mako Electric Sanayi Ve Ticarat A.s. [MAKO] Motherson Air Travel Agencies Limited [MATA] Motherson Auto Ltd [MAL] Motherson Moulds and Diecasting Ltd [MMDL] Motherson Sumi Infotech and Designs Limited [MIND] Motherson Sumi Systems Limited [MSSL] MSSL Polymers GmbH [MSSL GMBH] Anest Iwata Motherson Limited Samvardhana Mother son International Limited [SMIL] (earlier known as Samvardhana Motherson Finance Limited [SMFL] Sistemi Comandi Mecanici [SCM] SMR Automotive Systems India Limited Woco Motherson Elastomer Limited [WMEL] Magneti Marelli India Pvt. Limited Motherson Lease Solutions Limited (Earlier Known as Style Motors Limited) Magneti Marelli SPA [MMH SPA] Automotive Lighting Brotterode GMBH Automotive Lighting China Automotive Lighting Gmbh (Reutlingen) [AL GMBH] Automotive Lighting Malaysia [ALMA] Automotive Lighting Japan Automotive Lighting Polaska Sp Z.o.o Automotive Lighting Rear Lamps Italia Spa Automotive Lighting, LLC North America

CAPITAL STRUCTURE

After 11.08.2014

Authorised Capital : Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1400.000 Millions

As on 11.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
146200000	Preferences Shares	Rs.10/- each	Rs.1462.000 Millions
	TOTAL		Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs. 38.000 Millions
132200000	Preferences Shares	Rs.10/- each	Rs. 1322.000 Millions
	TOTAL		Rs. 1360.000 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs. 38.000 Millions
146200000	Preferences Shares	Rs.10/- each	Rs. 1462.000 Millions
	TOTAL		Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs. 38.000 Millions
126200000	Preferences Shares	Rs.10/- each	Rs. 1262.000 Millions
	TOTAL		Rs. 1300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1300.000	1150.000	1120.000
(b) Reserves & Surplus	(595.363)	(610.074)	(575.133)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	30.000	50.000	0.000
Total Shareholders’ Funds (1) + (2)	734.637	589.926	544.867
(3) Non-Current Liabilities
(a) Long-term borrowings	29.250	63.750	142.750
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.312	2.191	2.159
(d) Long-term provisions	4.341	3.192	1.344
Total Non-current Liabilities (3)	35.903	69.133	146.253
(4) Current Liabilities
(a) Short term borrowings	158.435	87.827	44.799
(b) Trade payables	291.476	288.010	333.232
(c) Other current liabilities	261.857	374.404	160.040
(d) Short-term provisions	0.177	0.195	0.144
Total Current Liabilities (4)	711.945	750.436	538.215
TOTAL	1482.485	1409.495	1229.335
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	679.337	592.843	531.314
(ii) Intangible Assets	16.259	11.831	3.163
(iii) Capital work-in-progress	19.630	41.462	28.784
(iv) Intangible assets under development	7.154	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	49.688	53.814	54.891
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	772.068	699.950	618.152
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	244.366	260.047	199.412
(c) Trade receivables	167.304	186.504	157.304
(d) Cash and cash equivalents	2.531	8.170	2.928
(e) Short-term loans and advances	281.250	249.537	245.398
(f) Other current assets	14.966	5.287	6.141
Total Current Assets	710.417	709.545	611.183
TOTAL	1482.485	1409.495	1229.335

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1930.262	1655.992	1257.991
		Other Income	4.186	24.844	9.628
		TOTAL (A)	1934.448	1680.836	1267.619
Less	EXPENSES
		Cost of materials consumed	1377.251	1336.819	976.731
		Employee benefit expense	7.483	129.565	95.218
		Other expenses	147.059	206.539	161.970
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	248.240	(84.259)	36.313
		TOTAL (B)	1780.033	1588.664	1270.232
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		154.415	92.172	(2.613)
Less	FINANCIAL EXPENSES (D)		28.732	39.428	56.423
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		125.683	52.744	(59.036)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		110.972	87.684	72.341
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		14.711	(34.940)	(131.377)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		14.711	(34.940)	(131.377)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(610.074)	(575.134)	(443.757)
	BALANCE CARRIED TO THE B/S		(595.363)	(610.074)	(575.134)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	140.173	75.166	102.523
	IMPORTS
		Raw Materials		301.399	340.480
		Components and Spare Parts		182.254	42.585
		Capital Goods		42.537	117.750
	TOTAL IMPORTS		NA	526.190	500.815
	Earnings / (Loss) Per Share (Rs.)		3.87	(9.19)	(34.57)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.76	(2.11)	(10.44)
Operating Profit Margin (PBDIT / Sales)	(%)	8.00	5.57	(0.21)
Return on Total Assets (PBT/Total Assets}	(%)	1.01	(2.55)	(10.94)
Return on Investment (ROI) (PBT/Networth)		0.02	-0.06	-0.24
Debt Equity Ratio (Total Debt /Networth)		0.26	0.26	0.34
Current Ratio (Current Asset/Current Liability)		1.00	0.95	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1120.000	1150.000	1300.000
Reserves & Surplus	(575.133)	(610.074)	(595.363)
Share Application money pending allotment	0.000	50.000	30.000
Net worth	544.867	589.926	734.637
long-term borrowings	142.750	63.750	29.250
Short term borrowings	44.799	87.827	158.435
Total borrowings	187.549	151.577	187.685
Debt/Equity ratio	0.344	0.257	0.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1257.991	1655.992	1930.262
		31.638	16.562

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1257.991	1655.992	1930.262
Profit	(131.377)	(34.940)	14.711
	(10.44%)	(2.11%)	0.76%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
SHORT TERM BORROWINGS
Other loans and advances, Others	85.000	0.000
TOTAL	85.000	0.000

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10246606	23/09/2010	30,000,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG  OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, MAHARASHTRA - 410501, INDIA	A97048169
2	10238312	31/07/2010	45,000,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG  OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, MAHARASHTRA - 410501, INDIA	A93982775
3	10135986	18/12/2012 *	565,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH,214/215,CITY MALL, 2ND FLOOR, PLOT NO.1,S.NO.132,GANESHKHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B65781163

* Date of charge modification

FIXED ASSETS:

• Plant and machinery
• Electrical Installation / Instruments
• Tools and Dies
• Factory Equipments
• Office Equipments
• Furniture and Fixtures
• Computers
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.01

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		44

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.