MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED
Registered Office :	Plot No.450, J Block, MIDC, Bhosari, Pune – 411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.12.1985
Com. Reg. No.:	11-038409
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U28910PN1985PTC038409
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of sheet metal stampings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 319900
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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	CRISIL
Rating	Long Term Rating: BB+
Rating Explanation	Moderate risk of default.
Date	September 18, 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.

LOCATIONS

Registered Office :	Plot No.450, J Block, MIDC, Bhosari, Pune – 411 026, Maharashtra, India
Tel. No. :	91-20-30682331
Fax No. :	91-20-27129812
E-Mail :	dynak@vsnl.com
Website :	http://www.dynakstamp.com
Corporate Office :	Plot # J/6 Block, MIDC, Industrial Estate, Bhosari, Pune – 411 026, Maharashtra, India
Tel. No. :	91-20-30682327/ 30682311
Plant :	Located at: · Pune in Maharashtra

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Bhalachandra Basappa Hattarki

Designation :

Director

Address :

211/2, 4D, Hiremath Park, Kalyani Nagar, Pune – 411 006, Maharashtra, India

Date of Birth/Age :

10.10.1941

Date of Appointment :

30.09.2009

DIN No. :

00145710

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	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	30-09-2009	12-02-1990	-	Active	NO
2	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Director	22-05-2006	29-06-1992	-	Active	NO
3	U70101PN1993PLC074993	KALYANI INTERNATIONAL LIMITED	Director	08-11-1993	08-11-1993	-	Active	NO
4	U29299MH1996PTC103010	KALYANI EDUCATION FOUNDATION	Director	01-10-1996	01-10-1996	-	Active	NO
5	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	31-01-2001	31-01-2001	-	Active	NO
6	U27100MH1988PLC049731	KALYANI MUKUND LIMITED	Director	31-01-2001	31-01-2001	-	Active	NO
7	U65993PN1983PLC029157	CHAKRAPANI INVESTMENTS AND TRADES LIMITED	Director	10-03-2001	10-03-2001	-	Amalgamated	NO
8	U65929PN1994PLC082854	GLADIOLLA INVESTMENTS LIMITED	Director	10-03-2001	10-03-2001	-	Amalgamated	NO
9	U65993PN1987PLC045156	SURAJMUKHI INVESTMENT AND FINANCE LIMITED	Director	10-03-2001	10-03-2001	-	Amalgamated	NO
10	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	16-06-2001	16-06-2001	-	Active	NO
11	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	12-01-2007	12-01-2007	-	Active	NO
12	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04-01-2008	04-01-2008	-	Active	NO
13	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21-02-2008	21-02-2008	-	Active	NO
14	L65993PN2009PLC134021	BF INVESTMENT LIMITED	Director	16-09-2014	26-05-2009	-	Active	NO
15	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	24-11-2010	25-06-2009	-	Active	NO
16	U74999PN2011PTC141365	KHED TEXTILE PARK PRIVATE LIMITED	Director	17-11-2011	17-11-2011	-	Active	NO

Name :

Shailaja Christopher Dias

Designation :

Director

Address :

Flat No.105, Solitaire One Apartments, Baner Residency Society, Near Sakal Nagar, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

03.05.1955

Date of Appointment :

20.12.1985

DIN No. :

00145913

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	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	20-12-1985	20-12-1985	-	Active	NO
2	U28999PN1996PTC102347	SAM PRECISION PRIVATE LIMITED	Director	04-09-1996	04-09-1996	-	Active	NO
3	U35204MH1996PTC103680	CAPRICORN COMPONENTS PRIVATE LIMITED	Director	31-10-1996	31-10-1996	-	Active	NO

Name :

Mr. Christopher Francis Dias

Designation :

Director

Address :

6, Manali Apartment, 421/B, Off Gokhale Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

31.12.1953

Date of Appointment :

20.12.1985

DIN No. :

00165680

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	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	20-12-1985	20-12-1985	-	Active	NO
2	U28999PN1996PTC102347	SAM PRECISION PRIVATE LIMITED	Director	04-09-1996	04-09-1996	-	Active	NO
3	U35204MH1996PTC103680	CAPRICORN COMPONENTS PRIVATE LIMITED	Director	31-10-1996	31-10-1996	-	Active	NO
4	U29299PN2005PTC021027	EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Managing director	25-07-2005	25-07-2005	-	Active	NO
5	U28113PN2012PTC142238	DYNA-K AUTO PARTS PRIVATE LIMITED	Director	10-02-2012	10-02-2012	-	Active	NO

Name :

Mr. Ramesh Shah

Designation :

Director

Address :

702, 7^th Floor, Jay Maharashtra Vastu Vikas CHS, Gulmohar Cross Road No.5, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

06.03.1961

Date of Appointment :

30.09.2009

DIN No. :

00297557

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	U27108MH1991PLC064383	ETCO TELECOM LIMITED	Managing director	10-12-1991	10-12-1991	17-10-2011	Active	NO
2	U45102MH1995PTC085653	ETCO INDUSTRIES PRIVATE LIMITED	Director	16-02-1995	16-02-1995	-	Active	NO
3	U70102MH1995PTC085560	ETCO PROPERTIES PRIVATE LIMITED	Director	24-02-1995	24-02-1995	02-05-2012	Active	NO
4	U67190MH1996PLC096348	MASITIA CAPITAL SERVICES LIMITED	Director	17-01-1996	17-01-1996	-	Active	NO
5	U17100MH1989PTC051978	SHILPKAR WEAVES PRIVATE LIMITED	Director	23-04-1997	23-04-1997	30-09-2010	Active	NO
6	U55101MH2000PTC128047	WEST -SIDE HOTELS PRIVATE LIMITED	Director	09-05-2003	09-05-2003	-	Strike off	NO
7	U67120MH1995PTC088358	MOOLSONS HOLDINGS PRIVATE LIMITED	Director	01-03-2004	01-03-2004	-	Active	NO
8	U55101MH1991PTC061460	MAREDIA RESORTS PRIVATE LIMITED	Director	16-09-2004	16-09-2004	-	Active	NO
9	U29299PN2005PTC020511	ENCORE ENGINEERING PRIVATE LIMITED	Director	05-04-2005	05-04-2005	02-05-2012	Converted to LLP and dissolved	NO
10	U18109MH2005PTC152771	ETCO DENIM PRIVATE LIMITED	Director	21-04-2005	21-04-2005	-	Active	NO
11	U65910MH1995PTC216500	CREATIVE MARKETING AND INVESTMENT PRIVATE LIMITED	Director	11-07-2005	11-07-2005	15-07-2009	Active	NO
12	U45200MH2005PTC152312	ABHAR PROPERTIES PRIVATE LIMITED	Director	12-01-2006	12-01-2006	21-04-2008	Active	NO
13	U45201MH2006PTC163809	SAI ETCO DEVELOPERS AND REALTY PRIVATE LIMITED	Director	17-08-2006	17-08-2006	-	Active	NO
14	U45200MH2005PTC153353	S.P.ERECTORS AND DEVELOPERS PRIVATE LIMITED	Director	02-04-2007	02-04-2007	-	Active	NO
15	U45400MH2008PTC184626	SAGACIOUS REALTORS PRIVATE LIMITED	Director	14-07-2008	14-07-2008	-	Strike off	NO
16	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	30-09-2009	16-05-2009	-	Active	NO
17	U70102MH2008PTC184049	ENSO INFRASTRUCTURES PRIVATE LIMITED	Director	22-10-2009	22-10-2009	07-11-2011	Active	NO
18	U63040HR2008PLC039089	IL&FS RAIL LIMITED	Director	15-06-2010	09-02-2010	18-01-2012	Active	NO
19	U17119GJ2002PTC040498	SUPERNOVA POLYFAB PRIVATE LIMITED	Additional director	31-07-2010	31-07-2010	09-05-2012	Active	NO
20	U45200MH2008PTC186191	SAMBHAVSOLE ENTERPRISE PRIVATE LIMITED	Additional director	04-09-2010	04-09-2010	-	Active	NO
21	U45400MH2007PTC175429	ENSO REALTORS PRIVATE LIMITED	Additional director	10-09-2010	10-09-2010	01-03-2011	Active	NO
22	U45400MH2011PTC215250	ETCO TEXTILES PRIVATE LIMITED	Director	24-03-2011	24-03-2011	-	Active	NO
23	U28113PN2012PTC142238	DYNA-K AUTO PARTS PRIVATE LIMITED	Director	10-02-2012	10-02-2012	-	Active	NO
24	U70102MH2012PTC232503	INFINITE BUILDCON PRIVATE LIMITED	Director	22-06-2012	22-06-2012	20-12-2013	Active	NO
25	U72300MH2011PTC223435	ETCO DIGITAL PRIVATE LIMITED	Director	26-09-2012	26-09-2012	-	Active	NO
26	U30000MH2013PTC239756	JULONG ETCO AUTOMATION PRIVATE LIMITED	Director	17-01-2013	17-01-2013	-	Active	NO
27	U50102MH2013PTC246896	ETCO MOTORS PRIVATE LIMITED	Director	12-08-2013	12-08-2013	21-09-2013	Active	NO

Name :

Mr. Nishant G. Sagar

Designation :

Director

Address :

SR No.6/1/1, Plot No.16, Solitaire Three Apartments, Flat No.301, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

25.07.1977

Date of Appointment :

30.09.2009

DIN No. :

02765009

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	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	30-09-2009	01-10-2008	-	Active	NO

Name :

Mr. Umesh Brijdinesh Sharma

Designation :

Director

Address :

A-703, Kamla Vihar, Mahavir Nagar, Dahanukarwadi, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

30.09.1950

Date of Appointment :

30.09.2013

DIN No. :

05338253

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	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	30-09-2013	12-12-2012	-	Active	NO
2	U30000MH2013PTC239756	JULONG ETCO AUTOMATION PRIVATE LIMITED	Director	17-01-2013	17-01-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Badave
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
C.F. Dias	161718	40.43
S.C. Dias	34842	8.71
M.C. Dias	3440	0.86
R.D. Shah	200000	50.00
Total	400000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of sheet metal stampings.
Products :	· Stampings · Pressed Parts and Mouldings
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune – 411 034, 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 LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks	41.079	29.814
Less: Current Maturities of Long Term Loan	(16.857)	(7.518)
Interest accrued included in above	(0.469)	(0.080)
SHORT TERM BORROWINGS
Loans repayable on demand Cash Credit facility availed from State Bank of India	51.173	42.623
Total	74.926	64.839

Auditors :
Name :	S.B. Sabne Chartered Accountant
Address :	1, Vasant Apartments, 106/2, Dr. Ketkar Marg, Opposite Dr. Kalmadi Shamrao High School, Erandawane, Pune – 411 004, Maharashtra, India
Tel. No. :	91-20-25435388/ 25423302
E-Mail :	sbsabne@gmail.com
PAN No.:	ADXPS4414L
Memberships :	Not Available
Collaborators :	Not Available
Associate Company :	Dyna-K Auto Parts Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
475000	Equity Shares	Rs.100/- each	Rs.47.500 millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 millions
	Total		Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 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	40.000	40.000	18.000
(b) Reserves & Surplus	71.962	70.499	71.358
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	111.962	110.499	89.358
(3) Non-Current Liabilities
(a) Long-term borrowings	23.753	22.216	6.934
(b) Deferred tax liabilities (Net)	7.385	6.947	6.240
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.138	29.163	13.174
(4) Current Liabilities
(a) Short term borrowings	51.173	42.623	25.744
(b) Trade payables	55.881	54.662	63.943
(c) Other current liabilities	27.358	16.704	19.752
(d) Short-term provisions	5.558	3.797	4.873
Total Current Liabilities (4)	139.970	117.786	114.312
TOTAL	283.070	257.448	216.844
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.934	89.800	67.975
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	72.829	63.633	13.072
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.272	5.473	1.048
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	171.045	158.916	82.095
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.336	19.239	17.965
(c) Trade receivables	82.952	69.346	106.042
(d) Cash and cash equivalents	3.931	2.202	2.107
(e) Short-term loans and advances	9.597	7.639	8.554
(f) Other current assets	0.209	0.106	0.081
Total Current Assets	112.025	98.532	134.749
TOTAL	283.070	257.448	216.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	298.264	309.879	374.512
		Other Income
		TOTAL	298.264	309.879	374.512
Less	EXPENSES
		Office Expenses	283.327	300.365	338.493
		Administrative Expenses
		Advertising Expenses
		TOTAL	283.327	300.365	338.493
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14.937	9.514	36.019
Less/ Add	DEPRECIATION/ AMORTISATION		9.777	6.746	6.076
	PROFIT/ (LOSS) BEFORE TAX		5.160	2.768	29.943
Less	TAX		1.590	2.276	10.730
	PROFIT/ (LOSS) AFTER TAX		3.570	0.492	19.213
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.573	51.533	36.705
Less	APPROPRIATIONS
		Transfer to General Reserve	0.200	0.100	2.000
		Proposed Dividend	1.800	1.163	2.052
		Corporate Tax on Dividend	0.306	0.189	0.333
	BALANCE CARRIED TO THE B/S		51.837	50.573	51.533
	EARNINGS IN FOREIGN CURRENCY		126.316	89.400	97.052
	IMPORTS
		Raw Materials	0.000	0.407	0.087
	TOTAL IMPORTS		0.000	0.407	0.087
	Earnings / (Loss) Per Share (Rs.)
	- Basic		8.92	1.23	NA
	- Diluted		8.92	1.90	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.43	14.69
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.34
Debt Equity Ratio (Total Debt/Networth)		0.67	0.59	0.37
Current Ratio (Current Asset/Current Liability)		0.80	0.84	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	18.000	40.000	40.000
Reserves & Surplus	71.358	70.499	71.962
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	89.358	110.499	111.962
Long Term borrowings	6.934	22.216	23.753
Short Term borrowings	25.744	42.623	51.173
Total borrowings	32.678	64.839	74.926
Debt/Equity ratio	0.366	0.587	0.669

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	374.512	309.879	298.264
		(17.258)	(3.748)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	374.512	309.879	298.264
Profit	19.213	0.492	3.570
	5.13%	0.16%	1.20%

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)	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

MANAGEMENT DISCUSSION AND ANALYSIS

Economy and Industry Overview

The global economical growth at 2.9 percent for the year 2013 was the slowest since 2009. However, a recovery in developed economies is likely to boost global growth to 3.6 percent in 2014 and expected to further improve to 4 percent in 2015

During the current fiscal, the Indian Economy has experienced an adverse mix of slow growth and high inflation.

Growth in second half of 2013-14 is marginally higher than first half, mainly due to a rebound in agriculture output and improved export performance. However, industrial growth continues to stagnate and leading indicators of the services sector exhibit a mixed picture. Durable recovery remains contingent on addressing persistent inflation, and the bottlenecks facing the infrastructure sectors.

The Government, in recent months, has been taking several policy initiatives to speed up infrastructure investment but these measures will take some time to fructify.

A combination of factors - the general economic slowdown, high interest rates and increasing fuel prices - affected the Indian automobile industry to a large extent, resulting in a slide in sales volumes this calendar year. According to Industry body Society of Indian Automobiles Manufacturers (SIAM), the sales of passenger vehicle declined by 5.34 percent during April-November 2013 over the same period last year.

Automobile sales in India continue to remain sluggish until the middle of 2014 as a slowing economy and high ownership costs buyers postpone car purchases. Annual car sales dropped for the first time in 11 years in 2013.

Company Performance:

Even though sluggish market conditions prevailed in auto Industry, the Company managed to minimize the impact of Ute same. During the year, the Company achieved the revenue (net of Excise and VAT) of Rs.298.264 millions as against Rs.309.879 millions in the previous year. The profit before tax for the year stood at Rs.5.159 millions as compared to Rs.2.768 millions of the previous year.

To meet product up-gradation needs, the Company continues to invest adequately in Plants and Machinery. The capital expenditure is targeted to expand capacity, develop new products and improve quality and reduce costs.

Current Year's Prospects and Future Outlook:

Given the current environment where the growth in industrial activity remains low and the operating environment for fleet operator remains weak. With a stable Government at the centre, expectations are adrift that a lot of infrastructural projects which are on hold earlier, may get cleared and the industry which is presently down may bounce back to normalcy to record 10% growth over previous year.

Outlook for 2014-15 is subject to number of risks, such as uncertain outlook for global commodity prices, large government borrowings and inflation. Auto Components industry faces added challenges in form of threat of low-cost imports and ability to invest on product development to move up the value chain

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90091965	31/10/2005 *	3,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411034, INDIA	-
2	90090604	18/06/2014 *	157,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,NEAR KALASAGAR HOTEL, KASARWADI, PIMPRI, PUNE, MAHARASHTRA - 411034, INDIA	C14005722
3	90087624	11/11/1991 *	1,175,000.00	STATE BANK OF INDIA	CHINCHWAD, POONA, MAHARASHTRA - 411019, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Octroi refund-the decision rendered by the Local Court in favour of the Company granting the refund along with interest has been contested by PCMC in the Mumbai High Court	0.510	0.510
Total	74.926	64.839

FIXED ASSETS:

· Leasehold Land

· Buildings

· Furniture and Fixtures

· Vehicles

· Library Books

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.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.