MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	INDIA FORGE AND DROP STAMPINGS LIMITED
Registered Office :	54, Facit Avenue, Kandanchavadi, Old Mahabalipuram Road, Chennai - 600096, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.06.1960
Com. Reg. No.:	18-004192
Capital Investment / Paid-up Capital :	Rs. 29.788 Millions
CIN No.: [Company Identification No.]	U28910TN1960PLC004192
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Forge and Drop Stampings.
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Mr. V. Swaminathan
Designation :	Secretary
Contact No.:	91-9884870223
Date :	30.05.2014

LOCATIONS

Registered Office / Corporate Office/ Factory :	54, Facit Avenue, Kandanchavadi, Old Mahabalipuram Road, Chennai - 600096, Tamilnadu, India
Tel. No.:	91-44-24964980
Contact No.:	91-9884870223 (Mr. V. Swaminathan)
Fax No.:	91-44-24960380
E-Mail :	ifdsifm@sancharnet.in roc@chachanlath.in info@chachanlath.in indiaforge@vsnl.com
Website :	http://www.indiaforge.com
corporate office 2 :	5 Srinivasnagar, Kottivakam, Chennai - 600096, Tamilnadu, India
Tel. No.:	91-44-24961156
Fax No.:	91-44-24960380
E-Mail :	swami@indiaforge.in
Manufacturing Units 1:	28, Sector 6, Faridabad - 121006, Haryana, India
Manufacturing Units 2:	T 76 MIDC Bhosari, Pune 400026, Maharashtra
Tel. No.:	91-20-27122841
Fax No.:	91-20-27122287
E-Mail :	pune@indiaforge.in
Manufacturing Units 3 :	15 Sector 11, IIE Pantnagar, Rudrapur – 263153 , India
E-Mail :	rudrapur@indiaforge.in
Manufacturing Units 4 :	A1, J Industrial Area, Maraimalai Nagar – 603209, Tamilnadu, India
Tel. No.:	91-44-27452263
Fax No.:	91-44-27452248
E-Mail :	mmnagar@indiaforge.in

DIRECTORS

AS ON 30.09.2013

Name :	Samir Sood
Designation :	Managing director
Address :	G-10, Maharani Bagh, New Delhi – 110065, India
Date of Birth/Age :	26.01.1969
Date of Appointment :	01.10.2012
DIN No. :	02627166

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	U28910TN1960PLC004192	INDIA FORGE & DROP STAMPINGS LIMITED	Managing director	01/10/2012	27/02/2009	-	Active	NO
2	U74899DL1975PTC007661	SUDTRAC LINKAGES PRIVATE LIMITED	Director	30/09/2010	18/11/2009	-	Active	NO
3	U70102TN2009PTC073971	SAMIR REALTORS (INDIA) PRIVATE LIMITED	Director	23/09/2013	17/12/2009	-	Converted to LLP	NO
4	U27107RJ1973PTC001511	ALWAR ALLOYS AND STEELS Private Limited	Director	20/05/2010	21/12/2009	-	Active	NO
5	U51505TN2008PTC069650	TRACK SYSTEMS INDIA PRIVATE LIMITED	Director	25/08/2010	01/02/2010	01/09/2011	Active	NO
6	U34300TN2008PTC068064	FORGETECH AUTO PARTS PRIVATE LIMITED	Director	23/09/2013	26/02/2010	-	Active	NO
7	U51909DL1976PTC008189	TRIDENT AXLES PVT.LTD.	Director	29/09/2010	26/02/2010	-	Active	NO
8	U85100DL2008PTC179640	SEVEN SIS HEALTH AND EDUCATION PRIVATE LIMITED	Director	16/08/2011	01/10/2010	-	Active	NO
9	U72900DL2010PTC207175	GENEXT SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	12/08/2011	01/10/2010	-	Active	NO
10	U51909DL2005PTC138224	D S N EXPORTS PRIVATE LIMITED	Director	26/09/2011	02/11/2010	-	Active	NO
11	U45400DL2011PTC214903	VENTURE HIGHWAY PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Converted to LLP and dissolved	NO
12	U72900DL2011PTC216217	VENTURE HIGHWAY TECHNOLOGIES PRIVATE LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO
13	U34300DL2011PTC216592	PRECISION MACHTECH PRIVATE LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
14	U34100TN2012PTC084926	INDIA FORGE AUTO PRODUCTS PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
15	U85100MH2008PTC188729	BIOSENSE TECHNOLOGIES PRIVATE LIMITED	Nominee director	24/09/2012	14/03/2012	-	Active	NO
16	U34200TN2012PTC084927	SUDTRAC AUTO COMPONENTS PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO
17	AAA-8179	VENTURE HIGHWAY LLP	Designated Partner	29/02/2012	29/02/2012	-	Active	NO

Name :

Dipak Raj Sood

Designation :

Director

Address :

G-10, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

07.01.1942

Date of Appointment :

29.12.1967

DIN No. :

01516073

Name :

Amarnath Lulla

Designation :

Director

Address :

Flat 3, Gurukrupa Flats, No 7, Vellaiyan Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

28.11.1937

Date of Appointment :

10.10.2006

DIN No. :

00007490

Name :

Varanasi Dwarakanath Reddy

Designation :

Director

Address :

Kaivalya, Palamaner Road, Chittoor, Chittoor – 517001, Andhra Pradesh, India

Date of Birth/Age :

26.10.1924

Date of Appointment :

30.09.1980

DIN No. :

00313442

Name :

Sesh Subramaniam

Designation :

Whole-Time Director

Address :

A/ 15, Chaitraban Residency, I.T.I. Road, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.10.1943

Date of Appointment :

01.08.2012

DIN No. :

00329246

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	U74210PN2003PTC017565	KATANA TECH-CON PRIVATE LIMITED	Director	08/01/2003	08/01/2003	09/09/2009	Strike off	NO
2	U73100PN2007PTC129997	JP RESEARCH INDIA PRIVATE LIMITED	Director	30/11/2012	18/04/2007	-	Active	NO
3	U28910TN1960PLC004192	INDIA FORGE & DROP STAMPINGS LIMITED	Whole-time director	01/08/2012	31/07/2012	-	Active	NO

Name :

Gopalan Krishnan

Designation :

Director

Address :

63f,Greenways Road, R.A.Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

11.06.1938

Date of Appointment :

27.12.1980

DIN No. :

00974200

Name :	Rupa Sood
Designation :	Director
Address :	5, Adyar Glub Gate Road, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India
Date of Birth/Age :	01.08.1948
Date of Appointment :	23.05.1998
DIN No. :	01310946
Name :	Vadakkencheri Ramanathan Ramakrishnan
Designation :	Director
Address :	7, Jeevan Dhara, Dr.Ambedkar Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	03.08.1940
Date of Appointment :	03.12.2001
DIN No. :	02482162

KEY EXECUTIVES

Name :	Mr. V. Swaminathan
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Name of Shareholders	No. of Shares
Promoter’s holding
Dipak Raj Sood	688,208
Rupa Sood	509,669
Samir Sood	706,870
Malini Sood	356,869
Kunal Sood	606,869
Non-Promoters Holding
Banks, Financial Institutions, Insurance Companies (Central/State Govt. Institutions/Non-government Institutions)	71,574
Indian Public	38,744
Total	2,978,803

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government (Central and State)	2.39
Directors or relatives of Directors	96.30
Other top fifty shareholders	1.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Forge and Drop Stampings

GENERAL INFORMATION

Customers :

• Maruti Suzuki
• Tata
• Hoerbiger
• Mahindra
• Gabriel
• AVTEC

No. of Employees :

Information declined by the management.

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans taken for fixed assets	2.324	1.273
Total	2.324	1.273

Banking Relations :	-
Financial Institution :	The Industrial Credi and Investment, Corporation of India Limited, 163, Back bay Reclamation, Mumbai – 400020, Maharashtra, India
Auditors :
Name :	Kannan and Ram Chartered Accountant
Address :	1, Basudev Street, Chennai, Tamilnadu-600017, India
PAN No.:	AAAPI1389N
Others :	Track Systems India Private Limited [U51505TN2008PTC069650] · Sudtrac Linkages Private Limited [U74899DL1975PTC007661] Precision Machtech Private Limited [U34300DL2011PTC216592] · Forgetech Auto Parts Private Limited [U34300TN2008PTC068064]
Subsidiaries :	India Forge Auto Products Private Limited [U34100TN2012PTC084926]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,750,000	Equity Shares	Rs.10/- each	Rs. 47.500 Millions
25,000	Preference shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
3,391,247	Equity Shares	Rs.10/- each	Rs.33.912 Millions

Paid-up Capital

No. of Shares	Type	Value	Amount
2,978,803	Equity Shares	Rs.10/- each	Rs. 29.788 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	29.788	29.788	29.788
(b) Reserves & Surplus	151.905	128.959	103.063
(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)	181.693	158.747	132.851
(3) Non-Current Liabilities
(a) long-term borrowings	2.324	1.273	0.377
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.951	9.054	8.364
Total Non-current Liabilities (3)	13.275	10.327	8.741
(4) Current Liabilities
(a) Short term borrowings	34.207	2.813	43.382
(b) Trade payables	118.135	95.341	127.239
(c) Other current liabilities	83.276	58.083	50.212
(d) Short-term provisions	28.047	19.745	9.405
Total Current Liabilities (4)	263.665	175.982	230.238
TOTAL	458.633	345.056	371.830
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.417	124.125	126.658
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.026	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	1.000	0.000
(c) Deferred tax assets (net)	7.626	5.665	1.795
(d) Long-term Loan and Advances	35.128	20.129	25.948
(e) Other Non-current assets	0.000	0.000	0.788
Total Non-Current Assets	167.171	150.945	155.189
(2) Current assets
(a) Current investments	53.754	0.000	0.000
(b) Inventories	59.634	45.939	79.610
(c) Trade receivables	130.584	115.415	114.439
(d) Cash and cash equivalents	15.271	12.046	8.664
(e) Short-term loans and advances	30.593	20.214	12.037
(f) Other current assets	1.626	0.497	1.891
Total Current Assets	291.462	194.111	216.641
TOTAL	458.633	345.056	371.830

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue Form Operation	1,109.998	1,209.785	1,082.804
	Other Income	10.479	4.122	9.072
	TOTAL (A)	1,120.477	1,213.907	1,091.876
Less	EXPENSES
	Cost of Materials Consumed	646.301	683.092	677.208
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.761)	33.308	(18.955)
	Employees benefits expense	62.524	51.778	43.676
	Other expenses	370.127	383.422	367.115
	TOTAL (B)	1,063.191	1,151.600	1,069.044
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	57.286	62.307	22.832
Less	FINANCIAL EXPENSES (D)	1.767	4.188	5.510
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	55.519	58.119	17.322
Less/ Add	DEPRECIATION/ AMORTISATION (F)	28.033	26.218	25.759
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	27.486	31.901	(8.437)
Less	TAX (I)	4.540	6.005	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I)	22.946	25.896	(8.437)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	45.000	78.500	39.300
	TOTAL EARNINGS	45.000	78.500	39.300
	Earnings / (Loss) Per Share (Rs.)	7.70	8.69	(2.83)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.05	2.13	(0.77)
Net Profit Margin (PBT/Sales)	(%)	2.48	2.64	(0.78)
Return on Total Assets (PBT/Total Assets}	(%)	6.11	9.43	(2.28)
Return on Investment (ROI) (PBT/Networth)		0.151	0.201	(0.064)
Debt Equity Ratio (Total Debt /Networth)		34.22	2.82	43.38
Current Ratio (Current Asset/Current Liability)		1.11	1.10	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	29.788	29.788	29.788
Reserves & Surplus	103.063	128.959	151.905
Net worth	132.851	158.747	181.693
long-term borrowings	0.377	1.273	2.324
Short term borrowings	43.382	2.813	34.207
Total borrowings	43.759	4.086	36.531
Debt/Equity ratio	0.329	0.026	0.201

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	1,082.804	1,209.785	1,109.998
		11.727	(8.248)

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	1,082.804	1,209.785	1,109.998
Profit After Tax	(8.437)	25.896	22.946
	(0.78%)	2.14%	2.07%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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	No

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90299529	13/03/1985	2,426,372.00	THE COMMISSIONER OF INCOM TAX	MADRAS, MADRAS, Tamil Nadu, INDIA	-
2	90299524	11/02/1985	93,300.00	THE SYNDICATE BANK	69;ARMENIANSTREET, MADRAS, Tamil Nadu - 600001, INDIA	-
3	90299506	23/11/1984	3,230,027.00	THE COMMISSIONER OF INCOM TAX	MADRAS, MADRAS, Tamil Nadu, INDIA	-
4	90299479	04/07/1984	3,500,000.00	STATE INDUSTRIES PROMOTION CORP. OF TAMILNADU LTD.	51 AND 52 GREAMS ROAD; THOUSAND LIGHTS, MADRAS, Tamil Nadu - 600006, INDIA	-
5	90299438	07/11/1983	1,800,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORP.OF INDIA  LTD.	163 BACKBAY RECLAMATION, BOMBAY, Tamil Nadu - 4000  20, INDIA	-
6	90299432	14/10/1983	6,200,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORP.OF INDIA  LTD.	163 BACKBAY RECLAMATION, BOMBAY, Tamil Nadu - 4000  20, INDIA	-
7	90299375	11/01/1983	2,456,000.00	THE GRINDLAYS BANK	19; RJAJI SALAI, MADRAS, Tamil Nadu - 600001, INDI  A	-
8	90299374	07/01/1983	1,500,000.00	SYNDICATE BANK LTD.	69; ARMEIAN STREET, MADRAS, Tamil Nadu - 600001, I  NDIA	-
9	90299343	06/07/1982	750,000.00	STATE INDUSTRIES PROMOTION CORP. OF TAMILNADU LTD.	51 AND 52 GREAMS ROAD; THOUSANDS LIGHT, MADRAS, Tamil Nadu - 600006, INDIA	-
10	90299305	06/10/1981	1,000,000.00	SYNDICATE BANK	69 ARMENIANSTREET, MADRAS, Tamil Nadu - 600001, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from bank	34.207	0.000
Loans and advances from others	0.000	2.814
Total	34.207	2.814

NOTE:

The registered office of the company has been shifted from 5, Srinivasa Nagar, Kottivakkam, Chennai – 600096, Tamilnadu, India to the present address w.e.f. 31.07.2012.

PERFORMANCE:

Sales, witnessed a decline during the year under consideration. There have been setbacks in all segments of their sales. The Profit after tax is Rs. 23.000 Millions for current year against Rs. 25.900 Millions recorded in the previous year.

MARKET SCENARIO AND OUTLOOK

The total car sales for the Indian Automotive Industry stood at 26,86,429 units in FY 2012-13 compared to 26,18,072 units FY 2011-12.

Continuing Labour unrest and steep drop in sales for their principal customer Maruti has caused serious in-roads into our sales. Fortunately volumes from some of their customers picked-up enabling us to maintain a reasonable sales figure. High interest rates, inflation, rising fuel prices and volatility in exchange rates continue to plague the Industry.

Passenger car sales in India are forecast to grow at a rate of 3-5 percent in the on-going fiscal. However, despite the market volatility, the Company has successfully expanded its relationships with global OEMs across various geographies.

The Company is working to enhance its global presence, acquire new customers and develop new value-added products.

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 records 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.59.14
UK Pound	1	Rs.99.02
Euro	1	Rs.80.63

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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.