MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	DELTRONIX INDIA LIMITED
Formerly Known As :	DELTRONIX INDIA PRIVATE LIMITED
Registered Office :	A- 323, Sarita Vihar, New Delhi – 110044
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.07.1984
Com. Reg. No.:	55-018787
Capital Investment / Paid-up Capital :	Rs.339.342 Millions
CIN No.: [Company Identification No.]	U51909DL1984PLC018787
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of OEM and OES Alloy Wheels and has commenced the supply of wheels to various OEMs.
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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and decent profitability level of the company. Trade relations are 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

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.

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.

Subject’s name has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Ajay Gulati
Designation :	Not Divulged
Contact No.:	91-120-4621705
Date :	19.06.2014

LOCATIONS

Registered Office :	A- 323, Sarita Vihar, New Delhi – 110044, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@deltronix.in accounts@deltronix.in
Corporate Office:	E-3, Sector 59, Noida – 201301, Uttar Pradesh, India
Manufacturing Unit:	Located at Chennai, Tamilnadu, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Anant Gupta

Designation :

Director

Address :

C-7l, Sector -14l, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

08.01.1965

Date of Appointment :

01.01.1992

DIN No.:

00230908

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Director	01/01/1992	01/01/1992	-	Active	NO
2	U74899DL1993PLC056665	HCL COMNET SYSTEMS AND SERVICES LIMITED	Managing director	25/07/2012	23/01/2003	06/03/2014	Active	NO

Name :

Mr. Kapil Gupta

Designation :

Managing Director

Address :

B-12, Sector-14, Noida, Uttar Pradesh, India

Date of Birth/Age :

16.09.1962

Qualification :

FCA

Experience :

21 Years

Date of Appointment :

24.12.2010

DIN No.:

00631036

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Managing director	24/12/2010	01/04/1993	-	Active	NO
2	U29220DL1996PTC081675	KAYSER INDIA PRIVATE LIMITED	Director	11/08/2001	11/08/2001	-	Active	NO
3	U32109DL2004PTC126833	DELTRONIX AUTOMOTIVE PRIVATE LIMITED	Director	08/06/2004	08/06/2004	03/09/2011	Active	NO
4	U74899DL1994PTC059778	SONIA AND COMPANY PRIVATE LIMITED	Director	14/04/2006	14/04/2006	-	Active	NO
5	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/02/2008	01/02/2008	01/10/2010	Active	NO
6	U74120DL2010PTC205490	WAE CORP INDIA PRIVATE LIMITED	Director	08/07/2010	08/07/2010	03/03/2011	Active	NO
7	U93020MH2006PLC160931	JAWED HABIB HAIR AND BEAUTY LIMITED	Director	30/09/2011	25/10/2010	31/12/2011	Active	NO

Name :

Mrs. Deepali Gupta

Designation :

Managing Director

Address :

B-12, Sector-14, Noida, Uttar Pradesh, India

Date of Birth/Age :

12.05.1967

Date of Appointment :

15.12.2009

DIN No.:

00676382

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	U29220DL1996PTC081675	KAYSER INDIA PRIVATE LIMITED	Director	04/09/1996	04/09/1996	-	Active	NO
2	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Managing director	15/12/2009	24/07/2001	-	Active	NO
3	U32109DL2004PTC126833	DELTRONIX AUTOMOTIVE PRIVATE LIMITED	Director	08/06/2004	08/06/2004	03/09/2011	Active	NO
4	U74899DL1994PTC059778	SONIA AND COMPANY PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
5	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/02/2008	01/02/2008	01/10/2010	Active	NO

Name :

Mr. Kannan Selvaraj

Designation :

Whole Time Director

Address :

W-5, Sai Gardens, BG-2, ICC Block, Annanagar, West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

04.05.1967

Date of Appointment :

28.09.2011

DIN No.:

03292340

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Whole-time director	28/09/2010	11/02/2010	-	Active	NO

Name :

Mr. Satpal Arora

Designation :

Director

Address :

205, Fancy Apartments Vasundhra Enclave, Delhi – 110096, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

19.07.2011

DIN No.:

00061420

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	L74899DL1989PLC035140	DCM SHRIRAM INDUSTRIES LIMITED	Nominee director	27/05/2005	27/05/2005	14/04/2008	Active	NO
2	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LIMITED	Nominee director	30/06/2007	30/06/2007	30/06/2008	Active	NO
3	L17111UP1924PLC000275	J. K. COTTON LIMITED	Nominee director	27/05/2008	27/05/2008	26/05/2010	Active	NO
4	L15249UP1933PLC000511	DHAMPUR SUGAR MILLS LIMITED	Nominee director	28/11/2008	28/11/2008	05/03/2013	Active	NO
5	U65993DL1988PLC030284	IFCI VENTURE CAPITAL FUNDS LIMITED	Managing director	09/03/2013	09/03/2010	09/04/2014	Active	NO
6	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS AND FERTILISERS LIMITED	Nominee director	29/09/2012	09/03/2010	12/10/2012	Active	NO
7	U51506TN2001PLC047919	SHARON SOLUTIONS LIMITED	Nominee director	19/03/2010	19/03/2010	25/02/2013	Active	NO
8	U45201WB2007PTC162847	PALOGIX INFRASTRUCTURE PRIVATE LIMITED	Nominee director	29/06/2010	29/06/2010	09/12/2011	Active	NO
9	L24129TG1976PLC001983	NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED	Nominee director	10/01/2011	10/01/2011	-	Amalgamated	NO
10	L51109UP1987PLC009090	GANESHA ECOSPHERE LIMITED	Nominee director	28/09/2011	07/03/2011	25/02/2013	Active	NO
11	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Director	25/09/2013	08/03/2011	27/11/2013	Active	NO
12	L65910DL1989PLC034812	TOURISM FINANCE CORPORATION OF INDIA LIMITED	Managing director	09/04/2014	18/05/2011	-	Active	NO
13	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Nominee director	10/06/2011	10/06/2011	18/01/2012	Active	NO
14	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Nominee director	19/07/2011	19/07/2011	17/06/2013	Active	NO
15	U24129AP2006PLC076238	NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED	Nominee director	18/08/2011	18/08/2011	30/01/2014	Active	NO
16	U51109TG2002PTC039141	AMRIT JAL VENTURES PRIVATE LIMITED	Nominee director	19/08/2011	19/08/2011	09/12/2011	Active	NO
17	U31200TG1995PLC019206	TITAN ENERGY SYSTEMS LIMITED	Nominee director	22/09/2011	22/09/2011	19/09/2012	Active	NO
18	U74899DL1995PLC064034	IFCI FINANCIAL SERVICES LIMITED	Director	26/07/2012	04/12/2011	18/01/2014	Active	NO
19	U65991TN1989PLC017792	IFIN SECURITIES FINANCE LIMITED	Director	03/08/2012	08/12/2011	06/08/2013	Active	NO
20	U93000TN2009PLC070524	IFIN COMMODITIES LIMITED	Director	03/08/2012	08/12/2011	18/01/2014	Active	NO
21	U40108TG2008PTC057788	GAYATRI ENERGY VENTURES PRIVATE LIMITED	Nominee director	29/05/2012	29/05/2012	-	Active	NO
22	U74999MH2011PTC223668	IFCI SYCAMORE CAPITAL ADVISORS PRIVATE LIMITED	Director	15/12/2012	30/10/2012	-	Active	NO
23	U74899DL1995PLC074649	IFCI FACTORS LIMITED	Director	30/09/2013	08/04/2013	26/12/2013	Active	NO
24	U65993DL2002PLC115769	ASSETS CARE AND RECONSTRUCTION ENTERPRISE LIMITED	Nominee director	26/09/2013	21/05/2013	-	Active	NO
25	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	24/09/2013	23/05/2013	-	Active	NO
26	U40101KA2009PLC049582	RAICHUR POWER CORPORATION LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO
27	U67190MH1986PLC040506	STOCK HOLDING CORPORATION OF INDIA LIMITED	Additional director	28/09/2013	28/09/2013	03/02/2014	Active	NO
28	U40101MP1993PLC007667	SHREE MAHESHWAR HYDEL POWER CORPORATION LIMITED	Nominee director	30/12/2013	30/12/2013	-	Active	NO

Name :

Mr. Waryam Singh Kahlon

Designation :

Director

Address :

110A, B-7, Extension Safdar Jung Enclave, New Delhi – 110029, India

Date of Birth/Age :

08.08.1941

Date of Appointment :

29.09.2012

DIN No.:

01395539

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Director	29/09/2012	01/03/2005	-	Active	NO
2	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/02/2008	01/02/2008	31/10/2010	Active	NO
3	U32109DL2004PTC126833	DELTRONIX AUTOMOTIVE PRIVATE LIMITED	Director	30/09/2008	30/09/2008	31/10/2010	Active	NO

Name :

Mr. Karan Gupta

Designation :

Director

Address :

B-12, Sector -14, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

08.02.1990

Date of Appointment :

30.09.2011

DIN No.:

02053084

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	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/01/2011	01/03/2008	05/01/2011	Active	NO
2	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Director	30/09/2011	08/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Aditya Agarwal
Designation :	Secretary
Address :	B-56, Kendriya Vihar, Sector – 6, Lucknow – 226001, Uttar Pradesh, India
Date of Birth/Age :	13.07.1975
Date of Appointment :	18.08.2011
PAN No.:	AEZPZ3172N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Anant Gupta	82475
Agate International Limited, Malaysia	450000
Deepali Gupta	100450
Deepali Gupta Joint with Kapil Gupta	819750
Krishna Avtar Gupta and Sons	124100
Kapil Gupta and Sons	1162525
Anant Gupta and Sons	500
Kamla Gupta	23575
Kapil Gupta	662325
Karan Gupta	275000
Kunal Gupta	401000
Kayser India Private Limited, India	4000000
Kapil Gupta Join with Deepali Gupta	756875
Kannan Selvaraj Join with Meenakshi Joint with Kapil Gupta	175000
Karan Gupta joint with Kapil Gupta	1000000
Shalini Gupta	575
Sonia and Company Private Limited , India	1370000
Total	11404150

Names of Shareholders (Preference Shares)	No. of Shares
India Automotive Components Manufacturer Private Limited , India	2000000
Total	13404150

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	51.03
Directors or relatives of Directors	48.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of OEM and OES Alloy Wheels and has commenced the supply of wheels to various OEMs.

GENERAL INFORMATION

Customer:

• Maruti Suzuki
• Hyundai
• TATA
• GM
• Ford
• Mhindra
• Hindustan Motors
• Ashok Leyland

No. of Employees :

Information declined by the management

Bankers :

• Punjab and Sind Bank, International Banking Division, 6,Scindia House, New Delhi - 110001, Delhi, India
• State Bank of India, Commercial Branch, Sector-18, Noida - 201301, Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	320.926	139.872
Loans taken for fixed assets	8.653	2.481
Short-term borrowings
Loans repayable on demand from banks	257.036	128.228
Total	586.615	270.581

Banking Relations :	--
Auditors :
Name :	R N Mathur and Company Chartered Accountants
Address :	Gh-13/74, Paschim, Vihar, Delhi, India
Tel. No.:	91-11- 25265384
E-Mail :	rnmcca@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR5504Q
Associates Company :	Kayser India Private Limited, India [U29220DL1996PTC081675] Sonia and Company Private Limited, India [U74899DL1994PTC059778] Wacorp Hyundai India Limited
Subsidiaries Company:	DTX Global FZC, UAE Francaise de Roues, France

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.0000 Millions
2000000	Preference Shares	Rs.100/- each	Rs. 200.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11404150	Equity Shares	Rs.10/- each	Rs. 114.042 Millions
2000000	Preference Shares	Rs.100/- each	Rs. 200.000 Millions
	Total		Rs. 314.042 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	339.342	214.042	50.000
(b) Reserves & Surplus	320.068	268.677	223.604
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.200	100.500	33.796
Total Shareholders’ Funds (1) + (2)	659.610	583.219	307.400
(3) Non-Current Liabilities
(a) long-term borrowings	547.075	333.069	284.235
(b) Deferred tax liabilities (Net)	34.246	27.108	25.688
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	581.321	360.177	309.923
(4) Current Liabilities
(a) Short term borrowings	257.036	128.228	113.481
(b) Trade payables	95.647	18.970	32.081
(c) Other current liabilities	222.274	188.345	43.321
(d) Short-term provisions	19.838	16.330	13.334
Total Current Liabilities (4)	594.795	351.873	202.217
TOTAL	1835.726	1295.269	819.540
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	505.927	404.797	215.486
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	595.477	339.582	202.151
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.496	26.432	26.314
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	210.037	242.791	192.630
(e) Other Non-current assets	0.501	0.501	0.000
Total Non-Current Assets	1338.438	1014.103	636.581
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	226.858	82.321	81.318
(c) Trade receivables	144.379	89.069	66.833
(d) Cash and cash equivalents	12.968	14.948	25.177
(e) Short-term loans and advances	110.956	93.539	8.838
(f) Other current assets	2.127	1.289	0.793
Total Current Assets	497.288	281.166	182.959
TOTAL	1835.726	1295.269	819.540

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	557.740	414.480	397.693
	Other Income	21.025	2.755	2.505
	TOTAL (A)	578.765	417.235	400.198
Less	EXPENSES
	Cost of Materials Consumed	257.224	198.381	194.108
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.993)	(2.740)	0.369
	Employees benefits expense	61.156	38.400	36.080
	Other expenses	120.125	75.988	79.280
	TOTAL (B)	419.512	310.029	309.837
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	159.253	107.206	90.361
Less	FINANCIAL EXPENSES (D)	52.161	34.842	25.934
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	107.092	72.364	64.427
Less/ Add	DEPRECIATION/ AMORTISATION (F)	22.551	19.396	13.649
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	84.541	52.968	50.778
Less	TAX (I)	27.072	12.078	14.209
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	57.469	40.890	36.569
	Total (M)	0.000	0.000	0.000
	EARNINGS IN FOREIGN CURRENCY
	Exports of Goods	183.339	52.040	NA
	Export of Services	106.267	70.356	NA
	TOTAL EARNINGS	289.606	122.396	NA
	IMPORTS
	Raw Materials	183.298	86.855	NA
	Other items	0.419	0.160	NA
	Capital Goods	45.713	285.537	NA
	TOTAL IMPORTS	229.430	372.552	NA
	Earnings / (Loss) Per Share (Rs.)	4.12	3.59	10.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.93	9.80	9.14
Net Profit Margin (PBT/Sales)	(%)	15.16	12.78	12.77
Return on Total Assets (PBT/Total Assets}	(%)	6.97	5.70	8.59
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.17
Debt Equity Ratio (Total Debt /Networth)		1.22	0.79	1.29
Current Ratio (Current Asset/Current Liability)		0.84	0.80	0.90

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	50.000	214.042	339.342
Reserves & Surplus	223.604	268.677	320.068
	33.796	100.5	0.200
Net worth	307.400	583.219	659.610
long-term borrowings	284.235	333.069	547.075
Short term borrowings	113.481	128.228	257.036
Total borrowings	397.716	461.297	804.111
Debt/Equity ratio	1.294	0.791	1.219

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	397.693	414.480	557.740
		4.221	34.564

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	397.693	414.480	557.740
Profit	36.569	40.890	57.469
	9.20%	9.87%	10.30%

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

PERFORMANCE

During the year, Total Income grew by 39% and the Net Profit grew by about 57%. The overall performance of the company during the year was quite satisfactory. Like every year the Directors are committed to put their best efforts to strengthen the overall performance of the company in coming years.

The Company has set up a manufacturing unit in Chennai to manufacture of OEM and OES Alloy Wheels and has commenced the supply of wheels to various OEMs.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other loans and advances, others	217.496	190.716
Total	217.496	190.716

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10422761	09/03/2013	102,500,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, 6,SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B74057480
2	10355736	30/04/2012	4,000,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B39628904
3	10344633	14/03/2012	4,000,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B35911932
4	10349180	05/03/2012	860,924.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B37404514
5	10327819	28/06/2012 *	675,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS, OPP. S UPER BAZAR, NEW DELHI, DELHI - 110001, INDIA	B73925976
6	10265121	07/01/2011	85,000,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, 6, SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B04875100
7	10230424	09/03/2013 *	380,150,765.57	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, 6,SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B74055633
8	10194219	04/06/2010 *	201,765,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DEVISION, 6,SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	A89488035
9	10190681	14/12/2009	1,200,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, MAH ARASHTRA - 410501, INDIA	A75273557
10	10165611	07/01/2011 *	20,000,000.00	PUNJAB AND SIND BANK	INTERNATIONAL BANKING DIVISION, 6, SCINDIA HOUSE, NEW DELHI, DELHI - 110001, INDIA	B04872412

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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 records 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

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	5
--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.