MIRA INFORM REPORT

Report Date :

04.06.2014

IDENTIFICATION DETAILS

Name :	MINDA SAI LIMITED
Formerly Known As :	TARAPUR CABLES (INDIA) PRIVATE LIMITED
Registered Office :	2659/2, Gurudwara Road, Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.04.1981
Com. Reg. No.:	55-127345
Capital Investment / Paid-up Capital :	Rs.557.711 Millions
CIN No.: [Company Identification No.]	U31905DL1981PLC127345
PAN No.: [Permanent Account No.]	AAAFT4536E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturer of Automotive Parts, Accessories, Stores and Spares, Assembly and Sub-Assembly Including Locks, Ignition Switches etc.
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 3700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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

Management is non-cooperative (Tel. No. 91-120-4723300)

LOCATIONS

Registered Office :	2659/2, Gurudwara Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shifa.badri@minda.co.in
Website :	http://www.minda.co.in
Corporate Office / Factory 1:	Plot No. 45 and 46, Toy City, District : Gautam Buddh Nagar, Greater Noida – 201306, Uttar Pradesh, India
Tel. No.:	91-120-4723300 / 2580290
E-Mail :	sanjay.malik@mindasai.com sanjoy.dhar@mindasai.com
Factory 2 :	Pithampur (Indore) Plant
	S-2(8) Sector - I, Pithampur, District : Dhar, Indore – 454775, Madhya Pradesh India
Tel. No.:	91-7292-253415
E-Mail :	pawan.jain@mindasai.com
Factory 3 :	Murbad (Mumbai) Plant
	Dhanivli Village, Murbad Town Kalyan-Murbad Road, Murbad Taluka, Thane – 421401, Maharashtra, India
E-Mail :	dhananjay.joshi@mindasai.com
Factory 4 :	Kakkalur (Chennai) Plant
	Plot No-G 42, SIDCO Industrial Estate, Kakkalur, Thiruvallur – 602003, Tamilnadu, India
Tel. No.:	91-44-27662551
E-Mail :	daswamy@mindasai.com
Factory 5 :	Pune
	Gat No. 53/1, Pune-Nashik Highway, Kukuruli, Taluka - Khed, District Pune – 410501, Maharashtra, India
E-Mail :	manoj.tyagi@mindasai.com

DIRECTORS

As on: 20.09.2013

Name :

Mr. Ashok Minda

Designation :

Director

Address :

17 OLOF Palme Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

29.06.1961

Qualification :

B.Com (H)

Date of Appointment :

09.04.2003

PAN No.:

AOEPM1451M

DIN No.:

00054727

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	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Whole-time director	05/07/2011	22/07/1987	-	Active	NO
2	U74899DL1995PLC066645	MINDA STONERIDGE INSTRUMENTS LIMITED	Director	20/05/1995	20/05/1995	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	09/11/1995	09/11/1995	21/03/2009	Active	NO
4	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	12/12/1996	12/12/1996	14/04/2011	Active	NO
5	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	09/04/2003	09/04/2003	-	Active	NO
6	U74140DL2004PLC125552	MINDA MANAGEMENT SERVICES LIMITED	Director	20/07/2011	01/04/2004	-	Active	NO
7	U34102DL1999PLC098741	MINDA S.M. TECHNOCAST LIMITED	Director	24/08/2006	24/08/2006	19/02/2014	Active	NO
8	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Additional director	04/04/2013	03/01/2007	-	Active	NO
9	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	10/01/2007	10/01/2007	-	Active	NO
10	U74899DL1992PTC049657	DORSET KABA SECURITY SYSTEMS PRIVATE LIMITED	Director	29/04/2008	08/02/2007	-	Active	NO
11	U93090DL2007PLC158964	MINDA INTERNATIONAL LIMITED	Director	17/02/2007	17/02/2007	-	Active	NO
12	U29253DL2007PTC168593	MARS MECH-TECH PRIVATE LIMITED	Director	24/09/2007	24/09/2007	25/09/2007	Active	NO
13	U34300DL2002PLC116824	MINDA SILCA ENGINEERING LIMITED	Director	05/12/2007	04/12/2007	-	Active	NO
14	U31300DL1996PLC083438	MINDA CAPITAL LIMITED	Director	30/09/2009	15/06/2008	-	Active	NO
15	U25194DL2009PLC188691	MINDA PLASTIC SOLUTIONS INDIA LIMITED	Director	20/03/2009	20/03/2009	-	Active	NO
16	U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED.	Director	08/05/2009	08/05/2009	-	Active	NO

Name :

Mr. Praveen Gupta

Designation :

Managing Director

Address :

B-/11 2^nd Floor, DLF City Phase – 1, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

09.09.1955

Qualification :

MBA (IIM), IIT

Date of Appointment :

28.07.2008

PAN No.:

ADWPG9118L

DIN No.:

01885287

Name :

Mr. Avinash Parkash Gandhi

Designation :

Director

Address :

C- 2/14, Safdurjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

01.10.1938

Qualification :

B.E Mechanical

Date of Appointment :

05.08.2011

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	14/03/2014	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	05/10/2012	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	12/05/2005	12/05/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	06/10/2005	06/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	01/09/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	05/10/2012	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	03/05/2008	18/03/2014	Active	NO
15	U34102TG1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	10/11/2012	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	15/03/2013	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	06/03/2010	06/03/2010	07/03/2014	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	05/08/2011	09/04/2011	-	Active	NO

Name :

Mr. Ramesh Chandra Jain

Designation :

Director

Address :

House No. 5305, DLF, Phase IV, DLF City, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

22.12.1946

Date of Appointment :

20.09.2011

DIN No.:

00038529

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	U74140DL1991PTC046601	ECS PRIVATE LIMITED	Director	26/08/2002	26/08/2002	18/06/2008	Active	NO
2	U34300DL1997PTC087224	GRAZIANO TRASMISSIONI INDIA PRIVATE LIMITED	Whole-time director	25/03/2008	01/02/2005	01/03/2013	Active	NO
3	U28999RJ2004PLC019662	HI-TECH ROBOTIC SYSTEMZ LIMITED	Director	30/09/2009	25/04/2009	-	Active	NO
4	L27109PB1973PLC003358	MODERN STEEL LIMITED	Director	16/07/2011	14/02/2011	-	Active	NO
5	L29130RJ1986PLC004536	HI-TECH GEARS LIMITED	Director	27/09/2011	10/08/2011	-	Active	NO
6	L74899HR1962PLC002618	FRICK INDIA LIMITED	Director	29/12/2012	27/01/2012	-	Active	NO
7	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	20/09/2013	13/12/2012	-	Active	NO
8	U72900DL2010PTC209245	INDOI SYSTEMS PRIVATE LIMITED	Director	28/09/2013	16/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Shifa Badri
Designation :	Secretary
Address :	A – 507, Sector – 19, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	31.10.1981
Date of Appointment :	01.03.2010
PAN No.:	BKHPS4991L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.09.2013

Names of Shareholders	No. of Shares
Minda Corporation Limited, India	3077102
Ashok Minda (Nominee for Minda Corporation Limited)	1
Sarika Minda (Nominee for Minda Corporation Limited)	1
Aakash Minda (Nominee for Minda Corporation Limited)	1
D. C. Sharma (Nominee for Minda Corporation Limited)	1
Ajay Sancheti (Nominee for Minda Corporation Limited)	1
Atul Kumar Jain (Nominee for Minda Corporation Limited)	1
Total	3077108

As on: 20.09.2013

Names of Allottees	No. of Shares Allotted
Minda Corporation Limited, India	2500000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on: 20.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturer of Automotive Parts, Accessories, Stores and Spares, Assembly and Sub-Assembly Including Locks, Ignition Switches etc.

Products :

Product Description	ITC Code
Wiring Harness	85443000

GENERAL INFORMATION

Customers :

• Hero
• Bajaj
• Yamaha
• TVS
• Honda
• Mahindra
• TATA
• AMW

No. of Employees :

Not Divulged

Bankers :

• Kotak Mahindra Bank Limited, 7^th Floor, Ambadeep Building, K G Marg, Mumbai – 400001, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Bara Khamba Road, New Delhi – 110001, India
• Karnataka Bank Limited, F-27/28, Sector – 28, Noida – 201301, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loans from banks	13.334	23.334
Rupee term loans from others	0.058	0.192
Short Term Borrowings
Other loans and advances (Cash credit from banks are secured by first pari passu charge on all existing and future current assets of the Company and second pari passu charge on all existing and future movable and immovable fixed assets of the Company)	178.999	181.691
Total	192.391	205.217

Banking Relations :

--

Auditors :

Name :

B S R and Company

Chartered Accountants

Address :

Building No. 10, 8Th Floor, Tower - B, DLF Cyber City, Phase - II, Gurgaon - 122002, Haryana, India

PAN No.:

AAAFB9852F

Holding and Ultimate Holding Company :

Minda Corporation Limited

CIN No.: L74899DL1985PLC020401

Subsidiary Company :

Mayank Auto Engineers Private Limited

CIN No.: U34300DL2000PTC103407

Fellow Subsidiary :

Minda Management Services Limited

CIN No.: U74140DL2004PLC125552

Enterprises Over Which Directors of the Company are Able to Exercise Significant Influence :

• Minda Stoneridge Instruments Limited

CIN No.: U74899DL1995PLC066645

• Minda Rika Private Limited

CIN No.: U74899DL1995PTC073692

• Minda Capital Limited

CIN No.: U31300DL1996PLC083438

• Minda Valeo Security Systems Private Limited

CIN No.: U34300DL2007PTC157344

• Minda Furukawa Electric Private Limited

CIN No.: U29253DL2006PTC155275

• Minda Industries Limited

CIN No.: L74899DL1992PLC050333

CAPITAL STRUCTURE

After: 20.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
5700000	Equity Shares	Rs.100/- each	Rs.570.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5577108	Equity Shares	Rs.100/- each	Rs.557.711 Millions

As on: 20.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.100/- each	Rs.320.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3077108	Equity Shares	Rs.100/- each	Rs.307.711 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	307.711	307.711	255.711
(b) Reserves & Surplus	629.565	478.475	295.082
(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)	937.276	786.186	550.793
(3) Non-Current Liabilities
(a) long-term borrowings	77.130	92.446	115.280
(b) Deferred tax liabilities (Net)	44.221	39.248	43.693
(c) Other long term liabilities	1.490	1.390	1.290
(d) long-term provisions	25.221	19.450	14.299
Total Non-current Liabilities (3)	148.062	152.534	174.562
(4) Current Liabilities
(a) Short term borrowings	894.968	584.748	408.221
(b) Trade payables	614.180	585.790	496.295
(c) Other current liabilities	108.346	87.965	72.862
(d) Short-term provisions	19.694	40.680	38.056
Total Current Liabilities (4)	1637.188	1299.183	1015.434
TOTAL	2722.526	2237.903	1740.789
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	619.138	517.273	473.758
(ii) Intangible Assets	14.942	10.231	9.537
(iii) Capital work-in-progress	40.692	4.920	2.844
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	171.556	171.556	119.601
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.300	83.039	84.566
(e) Other Non-current assets	0.833	0.000	0.000
Total Non-Current Assets	880.461	787.019	690.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	439.394	369.825	282.450
(c) Trade receivables	845.318	704.965	706.730
(d) Cash and cash equivalents	8.925	17.767	15.954
(e) Short-term loans and advances	531.821	344.365	33.300
(f) Other current assets	16.607	13.962	12.049
Total Current Assets	1842.065	1450.884	1050.483
TOTAL	2722.526	2237.903	1740.789

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3622.128	3302.221	2582.539
	Other Income	46.091	23.050	26.840
	TOTAL	3668.219	3325.271	2609.379
Less	EXPENSES
	Cost of Materials Consumed	2621.641	2342.697	1831.005
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(13.786)	(41.430)	(29.753)
	Employees benefits expense	448.361	380.400	289.420
	Other expenses	269.164	258.679	184.627
	TOTAL	3325.380	2940.346	2275.299
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	342.839	384.925	334.080
Less	FINANCIAL EXPENSES	49.967	51.958	44.143
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	292.872	332.967	289.937
Less/ Add	DEPRECIATION/ AMORTISATION	67.299	55.322	47.581
	PROFIT/ (LOSS) BEFORE TAX	225.573	277.645	242.356
Less	TAX	74.397	94.167	69.067
	PROFIT/ (LOSS) AFTER TAX	151.176	183.478	173.289
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	NA	213.907	40.618
	Balance Carried to the B/S	NA	NA	213.907
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.042	6.589	0.298
	IMPORTS
	Raw Materials	234.087	210.214	129.429
	Stores and Spares	2.051	3.768	2.482
	Capital Goods	33.266	23.648	23.568
	TOTAL IMPORTS	269.404	237.630	155.479
	Earnings / (Loss) Per Share (Rs.)	49.13	59.63	56.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.12	5.52	6.64
Net Profit Margin (PBT/Sales)	(%)	6.23	8.41	9.38
Return on Total Assets (PBT/Total Assets}	(%)	8.99	13.47	14.98
Return on Investment (ROI) (PBT/Networth)		0.24	0.35	0.44
Debt Equity Ratio (Total Debt/Networth)		1.04	0.86	0.95
Current Ratio (Current Asset/Current Liability)		1.13	1.12	1.03

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	255.711	307.711	307.711
Reserves & Surplus	295.082	478.475	629.565
Net worth	550.793	786.186	937.276
long-term borrowings	115.280	92.446	77.130
Short term borrowings	408.221	584.748	894.968
Total borrowings	523.501	677.194	972.098
Debt/Equity ratio	0.950	0.861	1.037

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	2582.539	3302.221	3622.128
		27.867	9.688

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	2582.539	3302.221	3622.128
Profit	173.289	183.478	151.176
	6.71%	5.56%	4.17%

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	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE

The Indian auto and auto components industry is currently facing an unprecedented challenge of slowing demand across the board. After a frenzied period of 2009-10 and 2010-11 when all automotive sections have shown considerable growth, the year 2011-12 marked the commencement of a slowdown phase as volumes in the Medium & Heavy Commercial Vehicle (M&HCV) segments began to slide down. This slowdown has continued in the year 2012-13, with other segments too, including the domestic Two-Wheeler (2W) segment, slowing down. While the revenue growth had been steady till Q1 2012-13, the across the board weakness in demand witnessed during the last two quarters has badly impacted the revenue growth of our company.

However, despite of above, the turnover of the Company for the year was Rs.3622.100 Millions as against Rs.3302.200 Millions during the previous year, registering growth of 9.69%. Growth has been mainly in two-Wheeler (2W) segment, while the off-take in other segments, specially Commercial Vehicles has been low as compared to previous year, thereby impacting profit for the year. Profit before tax was Rs.225.500 Millions as against Rs.277.600 Millions during the previous year. After provision for tax of Rs.69.400 Millions net profit after tax is at Rs.151.100 Millions as against Rs.183.500 Millions for the previous year.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Deferred Payment liabilities	63.738	68.920
Short Term Borrowings
Rupee term loans from others	454.200	268.300
Other loans and advances (Bills Payable)	261.769	134.757
Total	779.707	471.977

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481250	03/03/2014	150,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B97912091
2	10486089	26/02/2014	65,000,000.00	KARNATAKA BANK LIMITED	F-27/28, SECTOR-18, NOIDA - 201301 , Uttar Pradesh, INDIA	C00910257
3	10447162	29/08/2013	200,000,000.00	INDUSIND BANK Limited	DR. GOPAL DAS BUILDING, 28, BARAKHAMBA ROAD, NEW DELHI - 110001, Delhi, INDIA	B84086685
4	10432485	24/05/2013	142,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B77684280
5	10308078	05/09/2011	143,300,000.00	KOTAK MAHINDRA BANK LIMITED	15-16 UGF, AMBAEEP BUILDING, 14 KG MARG, DELHI - 110001, INDIA	B21411806
6	10271501	27/12/2013 *	382,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B93199461
7	10261544	04/12/2010	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B03295383
8	10216281	07/03/2014 *	145,800,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeep Building, K G Marg, MUMBAI - 110001,  Maharashtra, INDIA	C01216357

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant Machinery
• Furniture and fittings
• Office Equipment
• Vehicles
• Computer software

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.59.21
UK Pound	1	Rs.99.17
Euro	1	Rs.80.56

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	VNK

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.