MIRA INFORM REPORT

Report Date :

15.02.2014

IDENTIFICATION DETAILS

Name :	JBM OGIHARA AUTOMOTIVE INDIA LIMITED
Registered Office :	610, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.02.2009
Com. Reg. No.:	55-187584
Capital Investment / Paid-up Capital :	Rs.220.000 Millions
CIN No.: [Company Identification No.]	U27100DL2009PLC187584
PAN No.: [Permanent Account No.]	AACCJ1334P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Metal Sheet.
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 918000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between JBM Auto Limited and Ogihara (Thailand) Company Limited. It is an established company having satisfactory track record. The company has been successful in wiping-off the accumulated losses of the previous years. Trade relations are reported as fair. Business is active. Payments are to be usually 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Terms loans BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	March 2013

Rating Agency Name	ICRA
Rating	Bank guarantee A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	March 2013

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 / Corporate Office :	610, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26427104 / 06
Fax No.:	91-11-26427100
E-Mail :	raviarora@jbm.co.in corp@jbm.co.in skartik@jbm.co.in nehaagarwal.corp@jbm.co.in
Website :	www.jbm.co.in
Location :	Owned
Factory :	Plot No. 1, Bidadi Industries Area Bidai, Ramanagaram, Bangalore – 562109, Karnataka, India NOTE: They have 38 Plants in India

DIRECTORS

As on 30.09.2013

Name :

Mr. Surendra Arya

Designation :

Director

Address :

Neelanchal No. 7, Bandh Road, Chandan-Hulla, Mehrauli, New Delhi – 110030, India

Date of Birth/Age :

10.11.1957

Qualification :

BSC

Date of Appointment :

13.02.2009

DIN No.:

00004626

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	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	18/08/1982	18/08/1982	-	Active	NO
2	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Managing director	10/06/2013	19/03/1987	-	Active	NO
3	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	16/11/1990	16/11/1990	-	Active	NO
4	L74899DL1994PLC063412	A TO Z SECURITIES LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
5	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	05/01/1995	05/01/1995	-	Amalgamated	NO
6	U74899DL1991PTC044376	JBM BUILDERS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
7	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	09/08/1995	09/08/1995	28/07/2009	Amalgamated	NO
9	U74899DL1998PTC095612	ANS HOLDING PRIVATE LIMITED	Director	18/08/1998	18/08/1998	-	Active	NO
10	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	23/12/1999	23/12/1999	11/09/2009	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
12	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
13	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	16/03/2001	16/03/2001	-	Active	NO
14	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	01/05/2002	01/05/2002	-	Active	NO
15	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	29/01/2003	29/01/2003	-	Active	NO
16	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2003	02/09/2003	-	Active	NO
17	U34300DL2003PTC123285	Neel Auto Private Limited	Nominee director	02/12/2003	02/12/2003	-	Active	NO
18	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
19	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
20	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
21	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	22/02/2012	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01/11/2006	01/11/2006	-	Active	NO
23	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
24	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
25	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	20/12/2012	Active	NO
26	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	21/03/2013	Active	NO
27	U92100MH2007PLC172122	VICHAAR TELEVISION NETWORK LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
28	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
29	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
30	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	15/09/2008	30/06/2008	-	Active	NO
31	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
32	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
33	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
34	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Mr. Nishant Arya

Designation :

Director

Address :

Neelanchal No. 7, Bandh Road, Chandan-Hulla, Mehrauli, New Delhi – 110030, India

Date of Birth/Age :

01.11.1986

Qualification :

B.B.A

Date of Appointment :

13.02.2009

DIN No.:

00004954

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	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/07/2013	04/06/2005	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	28/06/2011	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30/08/2008	09/10/2007	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29/09/2008	06/06/2008	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04/09/2009	30/07/2009	-	Active	NO
12	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/09/2009	22/09/2009	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2011	22/07/2011	-	Active	NO
14	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/2012	02/07/2012	-	Active	NO
15	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO
16	U40300DL2013PTC249282	JBM Solar Private Limited	Director	11/03/2013	11/03/2013	-	Active	NO
17	U40106DL2013PTC250286	JBM Solar Power Private Limited	Director	04/04/2013	04/04/2013	-	Active	NO
18	U74140DL2011PTC227157	JBM Corporate Services Private Limited	Additional director	02/05/2013	02/05/2013	-	Active	NO
19	U70101DL2002PTC117107	HN PROPERTIES PRIVATE LIMITED	Additional director	26/07/2013	26/07/2013	-	Active	NO
20	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Additional director	26/07/2013	26/07/2013	-	Active	NO

Name :

Mr. Anand Swaroop Khandelwal

Designation :

Director

Address :

C-5A/ 14, 2^nd Floor, Janakpuri, New Delhi – 110058, India

Date of Birth/Age :

07.10.1960

Qualification :

CA

Date of Appointment :

21.09.2009

DIN No.:

00004816

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	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
2	U34300DL2003PTC123285	Neel Auto Private Limited	Nominee director	15/12/2003	15/12/2003	-	Active	NO
3	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
4	U45201DL2006PTC144716	SHREEAUMJI BUILDWELL PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
5	U45201DL2006PTC144715	SHREEAUMJI PROPERTIES PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
6	U45201DL2006PTC144717	SHREEAUMJI BUILDERS PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
7	U74899DL2006PTC144712	HICOM INFRASTUCTURE PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
8	U70109DL2006PTC149250	SHREEAUMJI BUILDTECH PRIVATE LIMITED	Director	27/05/2006	27/05/2006	-	Active	NO
9	U70109DL2006PTC150431	COMTECH INFRASTRUCTURE PRIVATE LIMIED.	Director	30/06/2006	30/06/2006	-	Active	NO
10	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	30/09/2008	09/12/2006	-	Amalgamated	NO
11	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	17/06/2013	01/11/2007	-	Active	NO
12	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	14/05/2009	12/03/2008	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO
14	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
15	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	04/08/2011	23/02/2009	-	Active	NO
16	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
17	U28931DL2008PTC174381	INDO TOOLINGS PRIVATE LIMITED	Director	20/08/2009	01/07/2009	28/01/2013	Active	NO
18	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	28/07/2010	21/09/2009	-	Active	NO
19	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
20	U34201TN2011FTC079145	Yorozu JBM Automotive Tamil Nadu Private Limited	Director	10/02/2011	10/02/2011	-	Active	NO
21	U74140DL2011PTC227157	JBM Corporate Services Private Limited	Director	08/11/2011	08/11/2011	-	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Alternate director	19/06/2012	19/06/2012	-	Active	NO
23	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Alternate director	17/07/2012	17/07/2012	-	Active	NO
24	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	20/12/2012	20/12/2012	-	Active	NO
25	U40300DL2013PTC249282	JBM Solar Private Limited	Director	11/03/2013	11/03/2013	-	Active	NO
26	U40106DL2013PTC250286	JBM Solar Power Private Limited	Director	04/04/2013	04/04/2013	-	Active	NO
27	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Additional director	26/07/2013	26/07/2013	-	Active	NO
28	U70101DL2002PTC117107	HN PROPERTIES PRIVATE LIMITED	Additional director	26/07/2013	26/07/2013	-	Active	NO

Name :

Mr. Hiroshi Morita

Designation :

Director

Address :

231, Latkrabang Industrial Estate Zone 3, Chalongkrung Road, Lamplathew, Latkrabang, Bangkok 10520, Thailand

Date of Birth/Age :

15.02.1961

Qualification :

Graduate

Date of Appointment :

02.07.2009

DIN No.:

02653966

Name :

Mr. Thanathorn Juangroongruangkit

Designation :

Director

Address :

157 Lakeside Villa II, Pravej, Thailand – 10, Bangkok

Date of Birth/Age :

20.11.1978

Qualification :

Graduate

Date of Appointment :

21.09.2009

DIN No.:

01474342

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	U34300DL2003PTC123285	Neel Auto Private Limited	Director	15/12/2003	15/12/2003	24/09/2012	Active	NO
2	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	28/07/2010	21/09/2009	-	Active	NO
3	U34300KA2011PTC061420	TS INTERSEATS INDIA PRIVATE LIMITED	Director	03/10/2012	03/10/2012	-	Active	NO
4	U29253TN2013PTC089421	Thai Summit Autoparts India Private Limited	Director	18/01/2013	18/01/2013	-	Active	NO

Name :

Channarong Lelanapaparn

Designation :

Director

Address :

69-67, Moo 3 Dokmai Pravej, Bangkok 10250

Date of Birth/Age :

22.01.1952

Qualification :

Graduate

Date of Appointment :

28.03.2012

DIN No.:

01474289

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	U34300DL2003PTC123285	Neel Auto Private Limited	Director	15/12/2003	15/12/2003	24/09/2012	Active	NO
2	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	21/09/2012	28/03/2012	-	Active	NO

Name :

Mr. Pramod Manglik

Designation :

Director

Address :

AA-19, 3^rd Street, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

10.09.1954

Date of Appointment :

10.11.2012

DIN No.:

02743788

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	U28910TN2000PTC049876	NEEL INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	28/07/2009	-	Active	NO
2	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Whole-time director	27/09/2010	02/01/2010	-	Active	NO
3	U34201TN2011FTC079145	Yorozu JBM Automotive Tamil Nadu Private Limited	Alternate director	19/02/2013	09/05/2012	-	Active	NO
4	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	30/09/2013	10/11/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Name of Shareholders	No. of Shares	%age
JBM Auto Limited, Indi	11219994	51.00
Ogihara (Thailand) Company Limited, Bangkok	10780000	49.00
Surendra Kumar Arya	1	0.00
Nishant Arya	1	0.00
Hans Raj Saini	1	0.00
Anand Swaroop	1	0.00
Naresh Kumar Goel	1	0.00
ANS Holding Limited, India	1	0.00
Total	22,000,000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	50.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Metal Sheet.

Products :

ITC Code	Product Descriptions
87081090	Auto Components

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

Ø Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loan from bank	217.023	285.317
Total	217.023	285.317

Banking Relations :	--
Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505 Chiranjiv Tower, 43 Nehru Place, New Delhi – 110019, India
PAN No. :	AAACM7589F
Holding company :	JBM Auto Limited CIN No.: L74899DL1996PLC083073
Joint venture :	Ogihara (Thailand) Company
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	JBM Auto System Private Limited CIN No.: U34300TN1998PTC046810]

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	220.000	220.000	176.000
(b) Reserves & Surplus	9.488	(5.455)	(17.431)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	21.560
Total Shareholders’ Funds (1) + (2)	229.488	214.545	180.129
(3) Non-Current Liabilities
(a) long-term borrowings	217.023	285.317	180.500
(b) Deferred tax liabilities (Net)	6.013	0.000	0.000
(c) Other long term liabilities	1.188	0.000	0.000
(d) long-term provisions	2.343	0.499	0.246
Total Non-current Liabilities (3)	226.567	285.816	180.746
(4) Current Liabilities
(a) Short term borrowings	10.341	1.528	0.017
(b) Trade payables	154.828	125.159	71.317
(c) Other current liabilities	132.135	76.292	72.897
(d) Short-term provisions	1.072	2.596	0.719
Total Current Liabilities (4)	298.376	205.575	144.950
TOTAL	754.431	705.936	505.825
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	497.902	512.034	308.337
(ii) Intangible Assets	0.088	0.549	1.065
(iii) Capital work-in-progress	13.555	0.000	16.584
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	9.874	9.451
(d) Long-term Loan and Advances	7.918	6.478	26.995
(e) Other Non-current assets	33.190	18.913	0.707
Total Non-Current Assets	552.653	547.848	363.139
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.195	31.654	32.494
(c) Trade receivables	145.941	105.513	42.647
(d) Cash and cash equivalents	2.140	1.866	45.126
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	12.502	19.055	22.419
Total Current Assets	201.778	158.088	142.686
TOTAL	754.431	705.936	505.825

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	988.561	706.917	297.416
		Other Income	0.224	0.894	0.380
		TOTAL	988.785	707.811	297.796
Less	EXPENSES
		Cost of Materials Consumed	698.164	486.175	274.571
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.410)	(3.568)	(2.960)
		Employees benefits expense	79.313	63.958	21.830
		Other expenses	102.807	82.852	16.430
		TOTAL	878.874	629.417	309.871
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		109.911	78.394	(12.075)
Less	FINANCIAL EXPENSES		44.690	37.797	7.228
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		65.221	40.597	(19.303)
Less/ Add	DEPRECIATION/ AMORTISATION		34.391	29.044	7.579
	PROFIT/ (LOSS) BEFORE TAX		30.830	11.553	(26.882)
Less	TAX		15.887	(0.422)	(9.451)
	PROFIT/ (LOSS) AFTER TAX		14.943	11.975	(17.431)
	Earnings / (Loss) Per Share (Rs.)		0.68	0.57	(1.31)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.51	1.69	(5.85)
Net Profit Margin (PBT/Sales)	(%)	3.12	1.63)	(9.04)
Return on Total Assets (PBT/Total Assets}	(%)	4.16	5.38	(14.92)
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	(0.15)
Debt Equity Ratio (Total Debt/Networth)		0.99	1.34	1.00
Current Ratio (Current Asset/Current Liability)		0.68	0.77	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	176.000	220.000	220.000
Reserves & Surplus	(17.431)	(5.455)	9.488
Share Application money pending allotment	21.560	0.000	0.000
Net worth	180.129	214.545	229.488
long-term borrowings	180.500	285.317	217.023
Short term borrowings	0.017	1.528	10.341
Total borrowings	180.517	286.845	227.364
Debt/Equity ratio	1.002	1.337	0.991

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	297.416	706.917	988.561
		137.686	39.841

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	297.416	706.917	988.561
Profit	(17.431)	11.975	14.943
	-5.86%	1.69%	1.51%

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)	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

NOTE:

The registered address of the company has been shifted from 703-B, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, India to the present address w.e.f. 31.03.2011

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from bank	10.341	1.528
Total	10.341	1.528

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10268578	07/03/2011 *	150,000,000.00	AXIS BANK LIMITED	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, Delhi - 110002, INDIA	B07691769
2	10207556	04/07/2012 *	100,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B42909069
3	10207547	07/07/2010 *	190,000,000.00	AXIS BANK	STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	A88782362

* Date of charge modification

OPERATIONS

The gross turnover of the Company for the financial year ended 31st March 2012 was Rs. 1117.700 millions as compared to Rs. 785.800 millions in the previous year, an increase of 42% in turnover.

The profit before tax was Rs. 30.800 millions as compared to a loss of Rs.11.600 millions in the previous year. The profit after tax was Rs. 14.900 millions as compared to a loss of Rs. 12.000 millions in the previous year.

FIXED ASSETS

¨ Buildings

¨ Plant and Equipment

¨ Furniture and Fixtures

¨ Vehicles

¨ Office Equipment

¨ Office Equipment

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.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.17

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

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