MIRA INFORM REPORT

Report Date :

11.07.2014

IDENTIFICATION DETAILS

Name :	HEMA ENGINEERING INDUSTRIES LIMITED
Registered Office :	Sachidanand Farm, Hou. Kishangarh Village, Opposite Swimming Pool, DDA Sport Complex, Lane- Green Avenue, Vasant Kunj, New Delhi-110070, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.09.1987
Com. Reg. No.:	55-29299
Paid-up Capital :	Rs.239.930 Millions
CIN No.: [Company Identification No.]	U74210DL1987PLC029299
TAN No.: [Tax Deduction & Collection Account No.]	DELH03631F
PAN No.: [Permanent Account No.]	AAACH0118F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Supplier of Sheet Metal and Tubular Parts.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5970000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered for normal 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB – [Long Term]
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	11.06.2014

Rating Agency Name	CRISIL
Rating	BBB – [Long Term]
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	11.06.2014

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Ms. Anju Agarwal
Designation :	Accountant
Contact No.:	91-124-2370740
Date :	09.07.2014

LOCATIONS

Registered Office :	Sachidanand Farm, Hou. Kishangarh Village, Opposite Swimming Pool, DDA Sport Complex, Lane-Green Avenue, Vasant Kunj, New Delhi- 110070, India
Tel. No.:	91-11-26802764
Fax No.:	Not Available
E-Mail :	skalra@hemaengineering.com
Website :	www.hemaengineering.com
Correspondence Office / Factory 1 :	1/3, K.M Stone, Khandsa Road, Gurgaon- 122001, Haryana, India
Tel No. :	91-124-2370740 -44
Fax No.:	91-124-4032115
E- Mail:	info@hemaengineering.com
Factory 2 :	Upparapalli Village, Mathagondapalli P.O, Hosur- 635114, Tamilnadu, India
Tel No. :	91-4347-233476/ 33764 / 33798
E- Mail:	info@hemaengineering.com
Factory 3 :	Plot No.15, Sector -3, IMT, Manesar, Gurgaon District, Harayana, India
Tel No. :	91-124-2290440 / 2290441
Fax No.:	91-124-2290165
Factory 4 :	69 KM, Delhi-Jaipur Highway, Dharuhera, Rewari District- 122100, Haryana, India
Tel No. :	91-127-242289 / 242370 / 71 / 72 / 73 / 74
Fax No.:	91-127-242375
E- Mail:	info@hemaengineering.com
Factory 5:	No. 713 and 717, Poonapalli Village, Hosur-635114, Tamilnadu, India
Email:	info@hemaengineering.com
Factory 6:	Plot No. 4 Salempur, Mehdood, IP-2, Hadiwar, Uttarkhand, India
Tel No.:	91-133-4235514
Email:	info@hemaengineering.com
Design Office :	6^th Floor, Panchshi Tech Park, Plot No.43/1, 43/2 and 44/2, Lahrgaon, Vimannagar, Pune, Maharashtra, India
Tel No. :	91-20-66201887
E-Mail:	dc@hemaengineering.com
Delhi Office :	170-A, Sainik Farm, Western Avenue, New Delhi- 110062, India
Tel No. :	91-11-26527628/ 26565839
Overseas Office :	Le Forum, 5 rue Albert Thomas, 25000 Besan Con, France
Tel No. :	33-381535710
Fax No.:	33-331537395

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chandresh Jajoo

Designation :

Managing Director

Address :

Sachidanand Farm, Hou. Kishangarh Village, Opposite Swimming Pool, DDA Sport Complex, Lane-Green Avenue, Vasant Kunj, New Delhi- 110070, India

Date of Birth/Age :

21.11.1969

Date of Appointment :

19.07.1994

Din No.:

00040218

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	U74210DL1987PLC029299	HEMA ENGINEERING INDUSTRIES LIMITED	Managing director	01-07-2012	19-07-1994	-	Active	NO
2	L65910DL1984PLC018922	KAY JAY LEASING LIMITED	Director	01-01-1995	01-01-1995	-	Active	NO
3	U34102DL1986PLC026143	KAY JAY FINCAP LIMITED	Director	27-09-2013	30-11-1999	-	Active	NO
4	U35921DL2002PTC115560	WANDO INDIA PRIVATE LIMITED	Director	30-05-2002	30-05-2002	10-07-2013	Active	NO
5	U80211DL2004NPL127406	RUPTECH EDUCATIONAL INDIA	Director	06-07-2004	06-07-2004	-	Active	NO
6	U28133DL2004PLC128719	EUROTHERM HEMA RADIATORS INDIA LIMITED	Director	10-02-2009	01-10-2004	-	Active	NO
7	U50102DL2006PLC151758	HEMA OVERSEAS CORPORATION LIMITED	Director	08-08-2006	08-08-2006	-	Strike off	NO
8	U34100DL2008PTC183730	SABO HEMA AUTOMOTIVE PRIVATE LIMITED	Managing director	16-02-2009	25-09-2008	-	Active	NO
9	U34100DL2009PTC189789	VERLICCHI HEMA AUTOMOTIVE PRIVATE LIMITED	Managing director	25-05-2009	28-04-2009	-	Active	NO
10	U29200DL2010PLC202617	EUROTHERM HEATING SYSTEMS LIMITED	Director	13-05-2010	13-05-2010	-	Active	NO
11	U74140DL2010PTC205224	PEACOCK GLOBAL QUALITY ASSURANCE PRIVATE LIMITED	Director	05-07-2010	05-07-2010	09-11-2010	Active	NO
12	U31909DL2003PTC120094	MAXOP SYNERGIES PRIVATE LIMITED	Director	02-08-2010	02-08-2010	27-10-2010	Active	NO
13	U40101HP2007PTC030660	BHARMANI HYDRO POWER PRIVATE LIMITED	Additional director	21-08-2010	21-08-2010	20-09-2011	Active	NO
14	U36900GJ2011FTC080029	CVG SEATING (INDIA) PRIVATE LIMITED	Director	06-04-2011	06-04-2011	-	Active	NO
15	U34102DL2011PTC220210	VERLICCHI AUTOMOBILES INDIA PRIVATE LIMITED	Director	01-06-2011	01-06-2011	-	Active	NO
16	U74900DL2009PLC190759	JAJOO ENGINEERING LIMITED	Director	16-06-2014	16-06-2014	-	Active	NO

Name :

Mr. Atul Swaroop

Designation :

Whole Time Director

Address :

House No. K -18, Second Floor, South City-1, Gurgaon, India

Date of Birth/Age :

18.05.1960

Date of Appointment :

10.09.2006

Din No.:

00793122

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	U34102DL1986PLC026143	KAY JAY FINCAP LIMITED	Director	24-09-2010	10-09-2006	-	Active	NO
2	U74210DL1987PLC029299	HEMA ENGINEERING INDUSTRIES LTD	Whole-time director	01-11-2010	10-09-2006	-	Active	NO
3	U28133DL2004PLC128719	EUROTHERM HEMA RADIATORS INDIA LIMITED	Managing director	10-02-2009	10-02-2009	31-03-2014	Active	NO
4	U29200DL2010PLC202617	EUROTHERM HEATING SYSTEMS LIMITED	Director	27-07-2010	17-05-2010	-	Active	NO
5	U74900DL2009PLC190759	JAJOO ENGINEERING LIMITED	Director	16-06-2014	16-06-2014	-	Active	NO

Name :

Mr. Kartikay Saini

Designation :

Additional Director

Address :

B-428, Sushant Lok-I, Gurgaon- 122002, Haryana, India

Date of Birth/Age :

21.02.1967

Date of Appointment :

05.06.2009

Din No.:

00167891

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U80211DL2004NPL127406	RUPTECH EDUCATIONAL INDIA	Director	06-07-2004	06-07-2004	Active	NO
2	U74210DL1987PLC029299	HEMA ENGINEERING INDUSTRIES LTD	Director	31-12-2012	05-06-2009	Active	NO

Name :

Mr. Sailesh Arora

Designation :

Independent Director

Address :

S-337, First Floor, Grater Kailash II, New Delhi-110048, India

Date of Birth/Age :

23.05.1968

Date of Appointment :

02.04.2010

Din No.:

00106486

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	U31300DL1994PTC060704	MAXOP ENGINEERING COMPANY PRIVATE LIMITED	Managing director	05-08-1994	05-08-1994	-	Active	NO
2	U74899DL1995PTC071677	ADVANCE MATERIALS PRIVATE LIMITED	Managing director	28-10-1998	28-10-1998	-	Active	NO
3	U65991DL1995PTC112819	TUNGSTEN INDIA PRIVATE LIMITED	Managing director	12-02-2009	15-10-2001	26-11-2012	Active	NO
4	U31909DL2003PTC120094	MAXOP SYNERGIES PRIVATE LIMITED	Director	29-04-2003	29-04-2003	-	Active	NO
5	U72200DL2005PTC132857	MAXONIC INDIA PRIVATE LIMITED	Director	10-02-2005	10-02-2005	-	Active	NO
6	U34300DL2005PTC140707	TRUMP COMPONENTS PRIVATE LIMITED	Director	14-09-2005	14-09-2005	31-03-2008	Active	NO
7	U72200DL2005PTC140842	SCS IT TECHNOLOGIES PRIVATE LIMITED	Director	16-09-2005	16-09-2005	-	Active	NO
8	U74210DL1987PLC029299	HEMA ENGINEERING INDUSTRIES LIMITED	Director	30-09-2010	02-04-2010	-	Active	NO
9	U74140DL2010PTC205224	PEACOCK GLOBAL QUALITY ASSURANCE PRIVATE LIMITED	Director	05-07-2010	05-07-2010	09-11-2010	Active	NO
10	U74140DL2010PTC207439	QUALITY AUSTRIA CENTRAL ASIA PRIVATE LIMITED	Director	23-08-2010	23-08-2010	09-11-2010	Active	NO
11	U45200DL2011PTC214868	REIN CONSTRUCTIONS PRIVATE LIMITED	Additional director	03-03-2011	03-03-2011	14-11-2011	Active	NO
12	U34300DL1999PLC099507	TRACK COMPONENTS LIMITED	Director	26-09-2011	23-05-2011	29-09-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Kumar
Designation :	Company Secretary
Address :	Flat No.79, 4^th Floor, Block-5, Meghdoot Apartment, Sector-10A, Gurgaon- 122001, Haryana, India
Date of Birth/Age :	26.07.1972
Date of Appointment :	02.01.2001
Pan No.:	AIEPK1937G
Name :	Ms. Anju Agarwal
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Chandresh Jajoo	83210000	21.01
Monica Jajoo	74953000	18.93
Kay Jay Leasing Limited, India	11200000	2.83
Chandresh Jajoo HUF	14340000	3.62
Krishan Kumar Jajoo	32280000	8.15
Vijaya Jajoo	22280000	5.63
Hema Agarwal	56000	0.01
K. K. Jajoo HUF	16084000	4.06
Kay Jay Fincap Limited	121097000	30.58
Chandresh Jajoo in the capacity as Trustee of Upasana Family Trust	20500000	5.18
TOTAL	396000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	37.81
Directors or relatives of directors	62.19
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Supplier of Sheet Metal and Tubular Parts.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Swing Arm Assembly (or Rear Fork Assembly) (For Motor Cycles and Mopeds but mainly for Hero Honda Motors Cycles)	732690.19
Fork Top Bridge Assembly (For Hero Honda Motors Cycles Only)	732690.19
Spokes and Nipples (For Hero Honda Motors Cycles Only)	732690.19

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· IDBI Bank Limited, 3^rd Floor, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110001, India

· Vijaya Bank, Payal Cinema Building, Sector 14, Gurgaon – 122001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	208.172	203.007
Term loans from others	37.895	77.399
Other loans and advances	21.274	15.565
Short Term Borrowings
Loans repayable on demand	1236.312	1088.754
TOTAL	1503.653	1384.725

Banking Relations :	--
Financial Institution :	Hero Honda Finlease Limited, 34, Community Centre, Basant Lok Vasant Lok, Vasant Vihar, New Delhi – 110057, India
Auditors :
Name :	Wahi and Company Chartered Accountants
Address :	K-1, Kailash Colony, 1^st Floor, New Delhi- 110070, India
Tel. No.:	91-11-41734728/ 41734732 / 41734738
Fax No.:	91-11-29231411
E-Mail :	info@wahiandcomapny.com wahico@gmail.com wahico_1978@yahoo.com
Website :	http://www.wahiandcompany.com
PAN No:	AAAFW0375N
Associates/Subsidiaries :	· Eurotherm Hema Radiators India Limited [U28133DL2004PLC128719] · Venkateshwar Auto Components Private Limited [U50401DL2004PTC127147] · Kay Jay Leasing Limited [L65910DL1984PLC018922] · Kay Jay Fincap Limited [U34102DL1986PLC026143]
Joint Venture :	· Eurotherm Heating Systems Limited [U29200DL2010PLC202617] · Sabo Hema Automotive Private Limited [U34100DL2008PTC183730] · Verlicchi Hema Automotive Private Limited [U34100DL2009PTC189789] · Verlicchi Automobiles India Private Limited [U34102DL2011PTC220210] · CVG Seating (India) Private Limited [U36900DL2011FTC217142]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Re.1/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
396000000	Equity Shares	Re.1/- each	Rs.396.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	396.000	396.000
(b) Reserves & Surplus	1096.593	1093.866
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1492.593	1489.866
(3) Non-Current Liabilities
(a) long-term borrowings	1238.385	1261.196
(b) Deferred tax liabilities (Net)	85.839	68.162
(c) Other long term liabilities	208.397	106.618
(d) long-term provisions	17.272	14.667
Total Non-current Liabilities (3)	1549.893	1450.643
(4) Current Liabilities
(a) Short term borrowings	1446.312	1228.754
(b) Trade payables	919.442	779.841
(c) Other current liabilities	765.540	404.642
(d) Short-term provisions	23.440	19.767
Total Current Liabilities (4)	3154.734	2433.004
TOTAL	6197.220	5373.513
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2403.795	1831.728
(ii) Intangible Assets	0.675	0.000
(iii) Capital work-in-progress	94.957	221.315
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	228.115	212.479
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	77.856	105.626
(e) Other Non-current assets	49.244	43.316
Total Non-Current Assets	2854.642	2414.464
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1160.620	995.476
(c) Trade receivables	934.913	822.452
(d) Cash and cash equivalents	56.262	51.016
(e) Short-term loans and advances	597.609	586.638
(f) Other current assets	593.174	503.467
Total Current Assets	3342.578	2959.049
TOTAL	6197.220	5373.513

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		396.000
2] Share Application Money		0.000
3] Reserves & Surplus		1026.803
4] (Accumulated Losses)		0.000
NETWORTH		1422.803
LOAN FUNDS
1] Secured Loans		1344.119
2] Unsecured Loans		506.520
TOTAL BORROWING		1850.639
DEFERRED TAX LIABILITIES		0.000
TOTAL		3273.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1558.003
Capital work-in-progress		120.895
INVESTMENT		252.485
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	858.632
	Sundry Debtors	751.997
	Cash & Bank Balances	36.280
	Other Current Assets	0.000
	Loans & Advances	1020.472
Total Current Assets		2667.381
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	760.957
	Other Current Liabilities	473.833
	Provisions	91.426
Total Current Liabilities		1326.216
Net Current Assets		1341.165
MISCELLANEOUS EXPENSES		0.894
TOTAL		3273.442

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	6002.373	5895.439	5532.255
	Other Income	171.755	99.760	151.308
	TOTAL (A)	6174.128	5995.199	5683.563
Less	EXPENSES
	Cost of Materials Consumed	4370.605	4362.238
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(59.312)	(27.784)	5216.544
	Employees benefits expense	379.224	355.760
	Other expenses	809.780	759.212
	TOTAL (B)	5500.297	5449.426	5216.544
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	673.831	545.773	467.019
Less	FINANCIAL EXPENSES (D)	399.732	315.079	279.171
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	274.099	230.694	187.848
Less/ Add	DEPRECIATION/ AMORTISATION (F)	157.542	138.024	112.53
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	116.557	92.670	75.318
Less	TAX (I)	40.176	68.251	22.306
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	76.381	68.251	53.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	199.690	132.239	NA
Add	EARLIER YEAR ADJUSTMENTS	(0.224)	(0.801)	NA
	Balance Carried to the B/S (J+K+L-M)	275.847	199.689	53.012
	Earnings / (Loss) Per Share (Rs.)	0.19	0.17	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.24	1.14	0.93
Net Profit Margin (PBT/Sales)	(%)	1.94	1.57	1.36
Return on Total Assets (PBT/Total Assets}	(%)	1.98	1.88	1.78
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.05
Debt Equity Ratio (Total Debt/Networth)		1.80	1.67	1.30
Current Ratio (Current Asset/Current Liability)		1.06	1.22	2.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	396.000	396.000
Reserves & Surplus	1093.866	1096.593
Net worth	1489.866	1492.593
long-term borrowings	1261.196	1238.385
Short term borrowings	1228.754	1446.312
Total borrowings	2489.950	2684.697
Debt/Equity ratio	1.671	1.799

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5532.255	5895.439	6002.373
		6.565	1.814

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5532.255	5895.439	6002.373
Profit	53.012	68.251	76.381
	0.96%	1.16%	1.27%

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	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	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]	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

NOTE:

The registered office of the company has been shifted from Sachidanand Farm House, Khasra No. 95/8, 9, 10, 11, 12, Kishan Garh Vill. Near DDA Sports Complex, Mehrauli, New Delhi, India to the present address w.e.f. 01.11.2008

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	98.494	0.000
Borrowing from government semi-government bodies	15.000	15.000
Loans and advances from related parties	857.550	950.225
Short Term Borrowings
Loans repayable on demand	210.000	140.000
TOTAL	1181.044	1105.225

PERFORMANCE REVIEW AND OPERATION:

This year in spite of downtrend in the Auto Industry throughout the country and cut-throat competition in the two wheelers automobile component manufacturing sector, continuous hike in oil price(s) and bank lending rates, the company has been able to achieve its steady growth and profits. The Directors are hopeful that the company shall be able to improve its performance in the coming year and shall continue to retain its present positions as leading two wheelers automobile sheet metal and tubular component manufacturer. During the year, the company with the continuous efforts of becoming India’s one of leading auto sheet metal and tubular components manufacturer and with the most prominent Research and Development center for Engineering and Automotive Component Design and Manufacturing Sector, has incurred an expenditure of Rs. 75.600 Millions in its Research and Development activities. During the year, the total revenue of the company was Rs. 6174.128 Millions as compared to Rs. 5997.290 Millions in the previous financial year showing an increase in revenue by 2.95% (approx) over the previous year. The Profit before Depreciation and Taxation during the year was Rs.274.099 Millions as compared to Rs. 230.695 Millions in the previous financial year, showing an increase by 18.81% over the previous year.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR:

During the current financial year, management has set a target to achieve turnover of more than Rs. 7000.000 Millions. Seeking the sales trends and continuous increase in the demand of the Auto Products especially in two wheeler vehicle segments, the Directors are quite confident that the said target of the company shall be comfortably achieved.

FIXED ASSETS:

· Land

· Building

· Machinery

· Furniture and Fixture

· Electrical Installation

· Vehicles

· Office Equipments

· Plantation

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.59.87
UK Pound	1	Rs.102.59
Euro	1	Rs.81.69

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	TPT

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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		50

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.