MIRA INFORM REPORT

Report Date :

08.03.2014

IDENTIFICATION DETAILS

Name :	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi - 110044
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.2007
Com. Reg. No.:	55-168779
Capital Investment / Paid-up Capital :	Rs.243.000 Millions
CIN No.: [Company Identification No.]	U34102DL2007PLC168779
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and assembly of auto parts of integrated HVAC (Heating, Ventilation, and Air-Conditioning), Interior (Injection and Assembling), ECM (Engine Cooling Module), Exhaust System (Press and Welding), CCM (Cross Car Beam), Compressor, BCM (Body Control Module), Instrument Cluster (Meter, Electronics) and CPM (Cockpit Module).
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Calsonic Kansei Corporation Japan. It is an established company having a satisfactory track record. Profits of the company dipped during 2013. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of strong holding the company can be considered normal 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 – 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.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-11-40555940)

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate, Mathura Road, Delhi – 110044, India
Tel. No.:	91-11-40555940
Fax No.:	91-11-40555940
E-Mail :	manojmaheshwari@mass.motherson.com

DIRECTORS

As on 07.08.2013

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwingana Crescent, Glen Waverly, Victoria – 3150, Australia

Date of Birth/Age :

28.09.1956

Date of Appointment :

29.08.2008

DIN No.:

00291126

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	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22/11/1983	22/11/1983	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19/12/1986	19/12/1986	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20/07/1992	20/07/1992	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22/12/1995	22/12/1995	05/12/2006	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09/10/1997	09/10/1997	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15/05/2003	15/05/2003	23/12/2006	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19/02/2004	19/02/2004	10/05/2007	Active	NO
10	U34300DL1996PTC084072	WEBASTO ROOFSYSTEMS INDIA PRIVATE LIMITED	Director	27/02/2004	27/02/2004	04/04/2011	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03/03/2006	03/03/2006	01/02/2011	Amalgamated	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26/06/2006	26/06/2006	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29/08/2008	02/10/2007	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14/08/2009	16/04/2008	-	Active	NO

Name :

Mr. Vivek Avasthi

Designation :

Director

Address :

B-1/6, vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

15.05.2010

DIN No.:

00033876

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	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	25/12/2006	Active	NO
2	U74999DL1995PLC070634	ASI MOTHERSON COMMUNICATION SOLUTIONS LIMITED	Director	23/01/2004	23/01/2004	09/04/2008	Strike off	NO
3	U34300DL1996PTC084072	WEBASTO ROOFSYSTEMS INDIA PRIVATE LIMITED	Director	18/12/2007	27/02/2004	04/04/2011	Active	NO
4	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	13/05/2004	13/05/2004	-	Active	NO
5	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Director	16/07/2005	16/07/2005	02/02/2011	Amalgamated	NO
6	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
7	U29199DL2005PLC141008	AES (INDIA) ENGINEERING LIMITED	Alternate director	21/08/2013	21/09/2005	-	Active	NO
8	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
9	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21/11/2005	21/11/2005	-	Amalgamated	NO
10	U74899DL1994PLC058171	MOTHERSON AIR TRAVEL AGENCIES LIMITED	Director	27/09/2006	03/03/2006	-	Active	NO
11	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
12	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
13	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	13/09/2006	30/08/2006	-	Active	NO
14	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	13/09/2006	30/08/2006	-	Active	NO
15	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LIMITED	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
16	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	30/07/2007	12/12/2006	-	Active	NO
17	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	15/05/2010	28/09/2007	-	Active	NO
18	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21/04/2008	18/10/2007	-	Active	NO
19	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	27/07/2009	29/06/2009	-	Active	NO
20	U50100DL2009PLC190516	SPIRITED AUTO CARS (I) LIMITED	Director	30/09/2013	01/08/2013	-	Active	NO
21	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Additional director	02/08/2013	02/08/2013	-	Active	NO
22	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	30/09/2013	05/08/2013	-	Active	NO
23	U29253DL2010PLC209702	NACHI MOTHERSON PRECISION LIMITED	Additional director	18/09/2013	18/09/2013	-	Active	NO

Name :

Mr. Yasuhiko Kenjo

Designation :

Whole-time director

Address :

2-5-1, Nakacho, Urawa KU, Saitamashi, Saitama, Japan

Date of Birth/Age :

11.06.1969

Date of Appointment :

10.05.2011

DIN No.:

03477492

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	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Whole-time director	10/05/2011	01/04/2011	-	Active	NO

Name :

Mr. Kosaku Hosokawa

Designation :

Director

Address :

2-22-2, Sangandai, Higashi, Koshigaya, Shi, Saitama – Ken, Japan 3400342

Date of Birth/Age :

10.08.1955

Date of Appointment :

06.08.2012

DIN No.:

05260919

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	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	06/08/2012	08/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Maheshwari
Designation :	Secretary
Address :	A5/B-129, A5-B, SFS Flats, Near Avtar Enclave, Paschim Vihar, New Delhi – 110063, India
Date of Birth/Age :	13.11.1974
Date of Appointment :	01.06.2011
PAN No.:	ABGPM2611N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.08.2013

Names of Shareholders	No. of Shares
Motherson Sumi Systems Limited, India	21898557
Ashok Tandon	100
Vivek Avasthi	100
Gaya Nand Gauba	100
Geeta Soni	100
Rohitash Gupta	100
Manoj Maheshwari	100
Kansei Calsonic Corporation	22792996
Calsonic Kansei Corporation Limited, Japan	1
Calsonic Kansei Corporation and Osawa Hiroyuki	1
Calsonic Kansei Corporation and Hosokawa Kosaku	1
Calsonic Kansei Corporation and Yamasaki Yoshiaki	1
Total	44692157

As on 16.09.2013

Names of Allotttees	No. of Shares
Calsonic Kansei Corporation	5200000
Motherson Sumi Systems Limited, India	4996078
Total	10196078

As on 16.12.2013

Names of Allotttees	No. of Shares
Calsonic Kansei Corporation	4200319
Motherson Sumi Systems Limited, India	4035601
Total	8235920

Equity Share Break up (Percentage of Total Equity)

As on 07.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and assembly of auto parts of integrated HVAC (Heating, Ventilation, and Air-Conditioning), Interior (Injection and Assembling), ECM (Engine Cooling Module), Exhaust System (Press and Welding), CCM (Cross Car Beam), Compressor, BCM (Body Control Module), Instrument Cluster (Meter, Electronics) and CPM (Cockpit Module).

Products :

Item Code No.	Product Description
87080000	Compressor

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon - 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding company:	Calsonic Kansei Corporation, Japan
Enterprises which are owned, or have significant influence of or are partners wi t h Ke y management personnel and their relatives:	Anest Iwata Motherson Limited, India Kyungshin Industrial Motherson India CTMIL India Limited, India Woco Motherson Elastomer Limited, India Systematic Conscom Limited, India Motherson Auto Limited, India Motherson Air Travel Agencies Limited, India Mother son Automotive Elastomers Technology Spirited Auto Cars (India) Limited Air Factory Energy Limited Magneti Marelli Motherson Auto System Limited Samvardhana Motherson Finance Limited Motherson Moulds and Diecasting Limited
Fellow Subsidiary Company:	Calsonic Kansei Mexico Calsonic Kansei (Thailand) Company Limited, Thailand Calsonic Kansei Romania Calsonic Kansei Malesia SDN BHD Motherson Sumi Infotech and Design Limited, Inda Calsonic Kansei (Guanghou) Corp Calsonic Kansei Iwate CK Trading De Mexico S DE RL DE CV Daihan Calsonic
Joint venture:	Motherson Sumi Systems Limited, India Calsonic Kansei Wuxi Corp.

CAPITAL STRUCTURE

As on 07.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
66000000	Equity Shares	Rs.10/- each	Rs. 660.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63124155	Equity Shares	Rs.10/- each	Rs. 631.242 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
46000000	Equity Shares	Rs.10/- each	Rs. 460.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24300000	Equity Shares	Rs.10/- each	Rs. 243.000 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	243.000	243.000	243.000
(b) Reserves & Surplus	83.144	45.327	3.338
(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)	326.144	288.327	246.338
(3) Non-Current Liabilities
(a) long-term borrowings	40.792	40.792	46.199
(b) Deferred tax liabilities (Net)	0.000	1.605	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.417	2.347	2.303
Total Non-current Liabilities (3)	45.209	44.744	48.502
(4) Current Liabilities
(a) Short term borrowings	346.500	153.000	65.000
(b) Trade payables	649.814	583.827	401.258
(c) Other current liabilities	12.305	18.318	13.820
(d) Short-term provisions	16.479	4.172	3.929
Total Current Liabilities (4)	1025.098	759.317	484.007
TOTAL	1396.451	1092.388	778.847
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.001	81.880	92.955
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.357	0.000	0.000
(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)	1.878	0.000	0.079
(d) Long-term Loan and Advances	240.985	176.353	106.122
(e) Other Non-current assets	0.127	0.127	0.127
Total Non-Current Assets	311.348	258.360	199.283
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	454.350	472.414	310.417
(c) Trade receivables	556.994	314.775	197.923
(d) Cash and cash equivalents	15.500	39.321	40.170
(e) Short-term loans and advances	58.238	7.463	31.023
(f) Other current assets	0.021	0.055	0.031
Total Current Assets	1085.103	834.028	579.564
TOTAL	1396.451	1092.388	778.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2622.856	1888.568	1437.457
		Other Income	3.726	8.394	14.216
		TOTAL (A)	2626.582	1896.962	1451.673
Less	EXPENSES
		Cost of materials consumed	2392.739	1668.154	1296.085
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(11.981)	(4.774)	(4.365)
		Employee benefit expense	66.010	47.526	24.586
		Other expenses	83.256	95.205	67.387
		TOTAL (B)	2530.024	1806.111	1383.693
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.558	90.851	67.980
Less	FINANCIAL EXPENSES (D)		21.090	10.806	6.691
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.468	80.045	61.289
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.189	17.632	15.712
	PROFIT BEFORE TAX (E-F) (G)		57.279	62.413	45.577
Less	TAX (H)		19.462	20.424	3.567
	PROFIT AFTER TAX (G-H) (I)		37.817	41.989	42.010
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.327	3.338	(38.672)
	BALANCE CARRIED TO THE B/S		83.144	45.327	3.338
	Earnings Per Share (Rs.)		1.56	1.73	2.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.44	2.21	2.89
Net Profit Margin (PBT/Sales)	(%)	2.18	3.30	3.17
Return on Total Assets (PBT/Total Assets}	(%)	4.11	5.71	5.85
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	0.19
Debt Equity Ratio (Total Debt /Networth)		1.19	0.67	0.45
Current Ratio (Current Asset/Current Liability)		1.06	1.10	1.20

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	243.000	243.000	243.000
Reserves & Surplus	83.144	45.327	3.338
Net worth	326.144	288.327	246.338
long-term borrowings	46.199	40.792	40.792
Short term borrowings	65.000	153.000	346.500
Total borrowings	111.199	193.792	387.292
Debt/Equity ratio	0.341	0.672	1.572

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	1437.457	1888.568	2622.856
		31.383	38.881

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	1437.457	1888.568	2622.856
Profit	42.010	41.989	37.817
	2.92%	2.22%	1.44%

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	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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS

During the year the company has achieved a total net income of Rs. 2626.583 Millions as compared to Rs. 1896.963 Millions during the previous year and has earned profits after tax of Rs.37.818 Millions as compared to Rs. 41.989 Millions during the previous year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Foreign currency term loans from others	40.792	40.792
Short-term borrowings
Other loans and advances, others	346.500	153.000
Total	387.292	193.792

FIXED ASSETS

Tangible assets

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		43

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.