MIRA INFORM REPORT

Report Date :

03.03.2014

IDENTIFICATION DETAILS

Name :	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110 044
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.02.2008
Com. Reg. No.:	55-174123
Capital Investment / Paid-up Capital :	Rs.1150.000 Millions
CIN No.: [Company Identification No.]	U31500DL2008PLC174123
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company to Design Develop and Manufacture Automotive Lighting Products and Air Intake Manifold Assemblies.
No. of Employees :	270 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2359000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Magneti Maruti Motherson Auto System Limited is a joint venture between SMIL and Magneti Marelli Holding S.P.A., Italy. It is an established company having a moderate track record. There are accumulated loss recorded by the company during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110 044, India
Tel No.:	91-11-40555940
Mobile No.:	91-9673007665 (Mr. Hitesh)
Fax No.:	Not Available
E-Mail :	corporate@marelli.motherson.com
Location :	Owned
Factory 1 :	Gat No.148-150, Village Ambethan, Taluka Khed, Near Dwarka School, Pune-410 501, Maharashtra, India
Tel. No.:	91-2135-675800 / 675824
Factory 2 :	Plot No.195-196, Sector 1, IMT Manesar, Gurgaon-122 050, Haryana, India

DIRECTORS

AS ON 12.07.2013

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H1A-141, DLF Westend Heights, Phase – V, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment:

15.02.2008

DIN No.:

00032733

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	19-05-03	19-05-03	-	Active	NO
2	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	23-05-03	23-05-03	13-02-07	Active	NO
3	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	28-05-03	28-05-03	-	Active	NO
4	U74999DL1998PLC093544	CTM INDIA LIMITED	Director	12-06-03	12-06-03	-	Active	NO
5	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	18-12-03	18-12-03	-	Active	NO
6	U18109DL1999PTC099074	SISBRO MOTOR AND WORKSHOP PRIVATE LIMITED	Director	01-04-04	01-04-04	10-05-07	Active	NO
7	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	16-08-04	16-08-04	-	Active	NO
8	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	16-08-04	16-08-04	-	Active	NO
9	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	16-08-04	16-08-04	-	Active	NO
10	U74899DL2004PLC131101	SPHEROS MOTHERSON THERMAL SYSTEM LIMITED	Director	09-12-04	09-12-04	-	Active	NO
11	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	09-12-04	09-12-04	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09-12-04	09-12-04	-	Amalgamated	NO
13	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	09-12-04	09-12-04	30-11-07	Active	NO
14	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	09-12-04	09-12-04	15-01-07	Active	NO
15	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	14-09-11	Active	NO
16	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12-08-05	12-08-05	01-03-09	Active	NO
17	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21-11-05	21-11-05	25-08-06	Amalgamated	NO
18	U74102DL2001PLC112560	FIELD MOTOR LIMITED	Director	29-09-06	03-12-05	-	Active	NO
19	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30-05-07	26-07-06	28-01-08	Active	NO
20	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31-05-07	28-07-06	21-03-08	Active	NO
21	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08-11-06	08-11-06	25-12-06	Active	NO
22	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Alternate director	01-06-10	14-02-07	27-12-10	Active	NO
23	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	19-06-09	04-09-07	-	Active	NO
24	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	28-09-07	28-09-07	02-10-07	Active	NO
25	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21-04-08	18-10-07	-	Active	NO
26	U24211DL2007PLC169557	NISSIN ADVANCED COATING INDO CO. LIMITED	Director	11-06-08	18-10-07	-	Active	NO
27	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	19-05-08	12-11-07	17-09-10	Active	NO
28	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	15-02-08	-	Active	NO
29	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	01-09-08	01-09-08	20-03-09	Active	NO
30	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	01-09-08	01-09-08	03-02-09	Active	NO
31	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	24-11-08	24-11-08	13-02-09	Active	NO

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwin Gana Crescent, Glen Waverly, Victoria 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

16.04.2008

DIN No.:

00291126

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22-11-83	22-11-83	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19-12-86	19-12-86	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20-07-92	20-07-92	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22-12-95	22-12-95	05-12-06	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09-10-97	09-10-97	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05-12-00	05-12-00	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30-01-01	30-01-01	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15-05-03	15-05-03	23-12-06	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19-02-04	19-02-04	10-05-07	Active	NO
10	U34300DL1996PLC084072	WEBASTO ROOFSYSTEMS INDIA LIMITED	Director	27-02-04	27-02-04	04-04-11	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22-07-04	22-07-04	-	Active	NO
12	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	09-12-04	09-12-04	-	Active	NO
13	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09-12-04	09-12-04	-	Amalgamated	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03-03-06	03-03-06	01-02-11	Active	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26-06-06	26-06-06	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08-11-06	08-11-06	25-12-06	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08-05-08	23-04-07	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29-08-08	02-10-07	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	16-04-08	-	Active	NO

Name :

Mr. Bimal Dhar

Designation :

Director

Address :

Flat No. 507, Almuhatta (Alqasima) BU Daneq, Sharjah 135, United Arab Emirates

Date of Birth/Age :

14.06.1953

Date of Appointment :

16.04.2008

DIN No.:

00297938

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30-01-01	30-01-01	-	Active	NO
2	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15-05-03	15-05-03	-	Active	NO
3	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	30-10-03	30-10-03	13-02-07	Active	NO
4	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	16-01-04	16-01-04	02-09-11	Active	NO
5	U74999DL1995PLC070634	ASI MOTHERSON COMMUNICATION SOLUTIONS LIMITED	Director	23-01-04	23-01-04	09-04-08	Strike off	NO
6	U74899DL1994PLC058171	MOTHERSON AIR TRAVEL AGENCIES LIMITED	Director	23-07-05	23-07-05	-	Active	NO
7	U29199DL2005PLC141008	AES (INDIA) ENGINEERING LIMITED	Director	21-09-05	21-09-05	-	Active	NO
8	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	06-11-06	06-11-06	-	Active	NO
9	U74999DL1998PLC093544	CTM INDIA LIMITED	Director	07-12-06	07-12-06	-	Active	NO
10	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	03-07-07	03-07-07	-	Active	NO
11	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29-08-08	02-10-07	27-02-10	Active	NO
12	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	16-04-08	-	Active	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON FINANCE LIMITED	Director	30-09-08	01-09-08	14-09-11	Active	NO
14	U29292DL2011PLC222184	SAMVARDHANA MOTHERSON POLYMERS LIMITED	Director	12-07-11	12-07-11	-	Active	NO

Name :

Mr. Saju Mookken

Designation :

Director

Address :

6411, F - 6, Alok Vihar 2, Sector 50, Noida - 201 303, Uttar Pradesh, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

16.04.2008

DIN No.:

01644940

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40300DL2007PTC169579	MAGNETI MARELLI POWERTRAIN INDIA PRIVATE LIMITED	Director	17-04-09	18-10-07	Active	NO
2	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14-08-09	16-04-08	Active	NO
3	U51109DL2008PTC178458	MAGNETI MARELLI SKH EXHAUST SYSTEMS PRIVATE LIMITED	Director	22-05-08	22-05-08	Active	NO
4	U34300DL2008PTC178680	SKH MAGNETI MARELLI EXHAUST SYSTEMS PRIVATE LIMITED	Director	27-05-08	27-05-08	Active	NO
5	U74900PN2008PTC132425	ENDURANCE MAGNETI MARELLI SHOCK ABSORBERS (INDIA) PRIVATE LIMITED	Director	14-07-08	14-07-08	Active	NO
6	U32204DL2008PTC184578	MAGNETI MARELLI UM ELECTRONIC SYSTEMS PRIVATE LIMITED	Nominee director	16-01-09	16-01-09	Active	NO
7	U74120DL2008PTC186054	FIAT PARTECIPAZIONI INDIA PRIVATE LIMITED	Director	08-03-10	01-04-09	Active	NO
8	U34102DL2009FTC195890	MAGNETI MARELLI INDIA PRIVATE LIMITED	Managing director	26-11-09	10-11-09	Active	NO

Name :

Ermanno Ferrari

Designation :

Director

Address :

Corso Turati 70, Colleffrro, Italy

Date of Birth/Age :

02.01.1956

Date of Appointment :

20.09.2011

Din No.:

03643407

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	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	09/08/2012	20/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishal Swaruphyam Kabadi
Designation :	Manager
Address :	3, Swarup, 260/1, Shahik Park, Baner, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	26.12.1978
Date of Appointment :	01.04.2010
Pan No.:	ABIPK5285A
Name :	Mr. Rakesh Kumar Mishra
Designation :	Secretary
Address :	B-86, Pandav Nagar, Delhi-110092, India
Date of Birth/Age :	02.02.1973
Date of Appointment :	03.02.2012
Pan No.:	AJJPM3921C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.07.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Magneti Marelli Motherson India Holdings BV, Netherlands	--	34200000
Magneti Marelli S.P.A., Italy	--	41000000
Samvardhana Motherson International Limited, India	--	41000000
Magneti Marelli Motherson India Holdings BV, Netherlands	3799994	--
Ashok Tandon	1	--
Eugenio Razelli	1	--
Sergio Garue	1	--
Mookken Saju	1	--
Bimal Dhar	1	--
Vivek Chaand Sehgal	1	--
TOTAL	3800000	116200000

AS ON 12.07.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

The company to Design Develop and Manufacture Automotive Lighting Products and Air Intake Manifold Assemblies.

Products :

Product Description	Item Code
Air Intake Manifold	8708000
Lamps	85122020
Pedal Box Assembly	82051000

AUTOMOTIVE LIGHTING

• Head Lamps

• Rear Lamps

• Auxiliary Lamps, Other Products

• POWERTRAIN
• Air Intake Module
• LPG / CNG Intake Module
• PEDAL BOX MODULE

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity** of	Actual Production
Automotive Lamps	Nos.	3132000	479431
Plastic Air Intake Manifold	Nos.	1276650	459342
Pedal Box Assembly	Nos.	230400	21606
Tools	Sets	*	9

NOTE

* Tools are manufactured predominantly by third parties on behalf of the company and very few finishing activities are carried out by the company.

** On three shift basis, as certified by the management and relied upon by the management and relied upon by the auditors, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

270 [Approximately]

Bankers :

Axis Bank Limited, S No. 186, CTS No. 3189, Opposite PCMC, Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune-411033, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	63.750	142.750
Short Term Borrowings
Rupee term loans from banks	0.471	32.587
Other loans and advances	87.356	12.212
TOTAL	151.577	187.549

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, International Convention Center, Senapati Bapat Road, Pune-411016, Maharashtra, India
Tel. No.:	91-20-66244600
Fax No.:	91-20-66244605
PAN No:	AACFD4815A
Holding Company :	Magneti Marelli Motherson India Holding B.V.
Associates :	Automotive Lighting Italia SPA Automotive Lighting Rear Lamps France SAS Calsonic Kansei Motherson Auto Products Limited Magneti Marelli Powertrain SPA [MMP SPA] Magneti Marelli Mako Electric Sanayi Ve Ticarat A.s. [MAKO] Motherson Air Travel Agencies Limited [MATA] Motherson Auto Ltd [MAL] Motherson Moulds and Diecasting Ltd [MMDL] Motherson Sumi Infotech and Designs Limited [MIND] Motherson Sumi Systems Limited [MSSL] MSSL Polymers GmbH [MSSL GMBH] Anest Iwata Motherson Limited Samvardhana Mother son International Limited [SMIL] (earlier known as Samvardhana Motherson Finance Limited [SMFL] Sistemi Comandi Mecanici [SCM] SMR Automotive Systems India Limited Woco Motherson Elastomer Limited [WMEL] Magneti Marelli India Pvt. Limited Motherson Lease Solutions Limited (Earlier Known as Style Motors Limited) Magneti Marelli SPA [MMH SPA] Automotive Lighting Brotterode GMBH Automotive Lighting China Automotive Lighting Gmbh (Reutlingen) [AL GMBH] Automotive Lighting Malaysia [ALMA] Automotive Lighting Japan Automotive Lighting Polaska Sp Z.o.o Automotive Lighting Rear Lamps Italia Spa Automotive Lighting, LLC North America

CAPITAL STRUCTURE

AS ON 12.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
129200000	Preferences Shares	Rs.10/- each	Rs.1292.000 Millions
	TOTAL		Rs.1330.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
129200000	Preferences Shares	Rs.10/- each	Rs.1292.000 Millions
	TOTAL		Rs.1330.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
116200000	Preferences Shares	Rs.10/- each	Rs.1162.000 Millions
	TOTAL		Rs.1200.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
129200000	Preferences Shares	Rs.10/- each	Rs.1292.000 Millions
	TOTAL		Rs.1330.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions
111200000	Preferences Shares	Rs.10/- each	Rs.1112.000 Millions
	TOTAL		Rs.1150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1150.000	1120.000	750.000
(b) Reserves & Surplus	(610.074)	(575.133)	(443.757)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	50.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	589.926	544.867	306.243
(3) Non-Current Liabilities
(a) Long-term borrowings	63.750	142.750	192.004
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.191	2.159	1.534
(d) Long-term provisions	3.192	1.344	1.003
Total Non-current Liabilities (3)	69.133	146.253	194.541
(4) Current Liabilities
(a) Short term borrowings	87.827	44.799	143.103
(b) Trade payables	288.010	333.232	247.810
(c) Other current liabilities	374.404	160.040	121.729
(d) Short-term provisions	0.195	0.144	0.097
Total Current Liabilities (4)	750.436	538.215	512.739
TOTAL	1409.495	1229.335	1013.523
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	592.843	531.314	410.536
(ii) Intangible Assets	11.831	3.163	4.860
(iii) Capital work-in-progress	41.462	28.784	46.810
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.814	54.891	94.783
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	699.950	618.152	556.989
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	260.047	199.412	180.593
(c) Trade receivables	186.504	157.304	93.480
(d) Cash and cash equivalents	8.170	2.928	26.655
(e) Short-term loans and advances	249.537	245.398	155.757
(f) Other current assets	5.287	6.141	0.049
Total Current Assets	709.545	611.183	456.534
TOTAL	1409.495	1229.335	1013.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1655.992	1257.991	859.350
		Other Income	24.844	9.628	30.973
		TOTAL (A)	1680.836	1267.619	890.323
Less	EXPENSES
		Cost of materials consumed	1336.819	976.731	798.564
		Employee benefit expense	129.565	95.218	72.425
		Other expenses	206.539	161.970	136.979
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(84.259)	36.313	(87.997)
		TOTAL (B)	1588.664	1270.232	919.971
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.172	(2.613)	(29.648)
Less	FINANCIAL EXPENSES (D)		39.428	56.423	49.709
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.744	(59.036)	(79.357)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.684	72.341	66.358
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(34.940)	(131.377)	(145.715)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(34.940)	(131.377)	(145.715)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(575.134)	(443.757)	(298.041)
	BALANCE CARRIED TO THE B/S		(610.074)	(575.134)	(443.756)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	75.166	102.523	69.280
	IMPORTS
		Raw Materials	301.399	340.480	NA
		Components and Spare Parts	182.254	42.585	NA
		Capital Goods	42.537	117.750	NA
	TOTAL IMPORTS		526.190	500.815	NA
	Earnings / (Loss) Per Share (Rs.)		(9.19)	(34.57)	(38.35)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.07)	(10.36)	(16.37)
Net Profit Margin (PBT/Sales)	(%)	(2.11)	(10.44)	(16.95)
Return on Total Assets (PBT/Total Assets}	(%)	(2.55)	(10.94)	(15.07)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.24)	(0.47)
Debt Equity Ratio (Total Debt/Networth)		0.25	0.34	1.09
Current Ratio (Current Asset/Current Liability)		0.95	1.14	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	750.000	1120.000	1150.000
Reserves & Surplus	-443.757	-575.133	-610.074
Net worth	306.243	544.867	539.926
long-term borrowings	192.004	142.750	63.750
Short term borrowings	143.103	44.799	87.827
Total borrowings	335.107	187.549	151.577
Debt/Equity ratio	1.094	0.344	0.281

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	859.350	1257.991	1655.992
		46.389	31.638

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	859.350	1257.991	1655.992
Profit	(145.715)	(131.377)	(34.940)
	(16.96%)	(10.44%)	(2.11%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10246606	23/09/2010	30,000,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG  OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, MAHARASHTRA - 410501, INDIA	A97048169
2	10238312	31/07/2010	45,000,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG  OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, MAHARASHTRA - 410501, INDIA	A93982775
3	10135986	18/12/2012 *	565,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH,214/215,CITY MALL, 2ND FLOOR, PLOT NO.1,S.NO.132,GANESHKHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B65781163

* Date of charge modification

NOTE:

Registered Office of the company has been shifted from 3^rd Floor, 43, Community Centre, Bhageria House, New Friends Colony, New Delhi-110025, Delhi, India to the present address w.e.f. 14.01.2009

FIXED ASSETS:

• Plant and machinery
• Electrical Installation / Instruments
• Tools and Dies
• Factory Equipments
• Office Equipments
• Furniture and Fixtures
• Computers
• 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 exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.