ss1. Summary Information

		Country	India
Company Name	STEEL STRIP WHEELS LIMITED	Principal Name 1	Mr. R K Garg
Status	Good	Principal Name 2	Mr. Dheeraj Garg
		Registration #	16-006159
Street Address	Village Somalheri/ Lehli, P.O. Dappar, Tehsil Derabassi, District – Mohali -140506, Punjab, India
Established Date	28.02.1985	SIC Code	--
Telephone#	91-172-2790979/ 2793112	Business Style 1	Manufacturer
Fax #	91-172-2794834/ 2790887	Business Style 2	--
Homepage	www.sswlindia.com	Product Name 1	Steel Wheel Rims Catering
# of employees	1000 (Approximately)	Product Name 2	--
Paid up capital	Rs. 1,52,081,700/-	Product Name 3	--
Shareholders	Total shareholding of Promoter and Promoter Group (A) = 57.15% Total Public shareholding (B) = 42.85%	Banking	Axis Bank Limited
Public Limited Corp.	Yes	Business Period	29 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (53)
Related Company
Relation	Country	Company Name	CEO
Related Party	--	Steel Strips Financial Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2014		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,559,290,000	Current Liabilities	1,289,575,000
Inventories	1,363,599,000	Long-term Liabilities	6,578,155,000
Fixed Assets	6,918,633,000	Other Liabilities	328,762,000
Deferred Assets	0,000	Total Liabilities	8,196,492,000
Invest& other Assets	1,664,000	Retained Earnings	3,494,612,000
		Net Worth	3,646,694,000
Total Assets	11,843,186,000	Total Liab. & Equity	11,843,186,000
Total Assets (Previous Year)	10,855,263,000
P/L Statement as of	31.03.2014		(Unit: Indian Rs.)
Sales	10,679,300,000	Net Profit	243.300,000
Sales(Previous yr)	9,699,325,000	Net Profit(Prev.yr)	250.474.000

MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	STEEL STRIP WHEELS LIMITED
Registered Office :	Village Somalheri/ Lehli, P.O. Dappar, Tehsil Derabassi, District – Mohali -140506, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.1985
Com. Reg. No.:	16-006159
Capital Investment / Paid-up Capital :	Rs. 152.082 Millions
CIN No.: [Company Identification No.]	L27107PB1985PLC006159
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Steel Wheel Rims Catering.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. P.R. Shahu
Designation :	Account Manager
Contact No.:	91-172-2790979
Date :	05.09.2014

LOCATIONS

Registered Office / Plant 1 :	Village Somalheri/ Lehli, P.O. Dappar, Tehsil Derabassi, District – Mohali -140506, Punjab, India
Tel. No.:	91-172-2790979/ 2793112
Fax No.:	91-172-2794834/ 2790887
E-Mail :	ssl_ssg@glide.net.in
Website :	www.sswlindia.com
Head/ Corporate Office :	S.C.O.49-50, Sector – 26, Madhya Marg, Chandigarh – 160019, Punjab, India
Tel. No.:	91-172-2790979/ 2792385/ 2793112
Fax No.:	91-172-2794834/ 2790887
E-Mail :	info@sswlindia.com
Plant 2 :	Plot No. A-10, Sipcot Industrial Growth Centre, Oragadam, Vallam Village, Sriperumbudur Taluk, District – Kandhipuram, Tamil Nadu – 602105, India
Tel. No.:	91-44-27192804/ 30998910
Plant 3 :	Plot No. 733, 734, 735, 747 Moja, Jojobera, P.O. Chhota, Govindpur, Jamshedpur, District East Singhbhum – 831015, Jharkhand, India
Tel. No.:	91-657-2277753/ 2276053
Sales Office 1 :	Room No. 1487, Building No. 83, Shrirang Co-operative Society, Samata Nagar, Kandivali (East) – 400101, Mumbai, Maharashtra, India
Tel. No.:	91-9324631086
Sales Office 2 :	S – 2, Second Floor, Vasant Square Mall, Community Center, Pocket V, Plot No. A, Sector B, Vasant Kunj, New Delhi – 110070, India
Tel. No.:	91-11-40000376/ 40000377
	91-11-40000378
Sales Office 3 :	RL – 58, Indirai, MIDC, Sambhaji Nagar, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-32402332

DIRECTORS

As on 31.03.2013

Name :

Mr. R K Garg

Designation :

Chairman

Name :

Mr. Dheeraj Garg

Designation :

Managing Director

Name :

Ms. Ute Mayr

Designation :

Whole-time Director

Name :

Mr. A. V. Unnikrishnan

Designation :

Dy. Managing Director

Name :

Mr. Ajit Singh Chatha

Designation :

Director

Name :

Mr. M. L. Jain

Designation :

Director

Name :

Mr. Rajeev Singhal

Designation :

Director

Name :

Mr. S K Bansal

Designation :

Director

Name :

Mr. S. S. Grewal

Designation :

Director

Name :

Mr. S. S. Jha

Designation :

Director

Name :

Mr. Vijay Narayan Bedekar

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Shaman Jindal
Designation :	Company Secretary
Name :	Mr. P.R. Shahu
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5001714	32.89
Bodies Corporate	3689872	24.26
Sub Total	8691586	57.15
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8691586	57.15
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10400	0.07
Financial Institutions / Banks	84686	0.56
Sub Total	95086	0.63
(2) Non-Institutions
Bodies Corporate	3118595	20.51
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1624967	10.68
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	228901	1.51
Any Others (Specify)	1449035	9.53
Non Resident Indians	40542	0.27
Clearing Members	141733	0.93
Hindu Undivided Families	30460	0.20
Trusts	9300	0.06
Foreign Corporate Bodies	1227000	8.07
Sub Total	6421498	42.22
Total Public shareholding (B)	6516584	42.85
Total (A)+(B)	15208170	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	15208170	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Wheel Rims Catering.

Products :

ITC Code No.	Product Description
8708	Automotive Wheel Rim

Exports :

Countries :

• Germany
• Japan
• Thailand

Imports :

Countries :

UK

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

1000 (Approximately)

Bankers :

• Axis Bank Limited
• Bank of Baroda
• Canara Bank
• DEG, Germany
• Export-Import Bank of India
• HDFC Bank
• ICICI Bank Limited
• Punjab National Bank
• State Bank of India
• Tata capital Financial Services
• United Bank of India
• Yes Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
Long term Borrowings
Loans from Banks
- Rupee Term Loans		156.250
- Foreign Currency Term Loan		1527.098
- From NBFC		71.579
Short term Borrowings	NA
Working Capital Loans :
- Current Maturities of Long Term Debts		575.372
- From Banks		1962.223
Loan Against Fixed Deposits		225.634
Buyers Credit for Raw Material		353.405
Total	NA	4871.561

Banking Relations :	---
Auditors :
Name :	S.C. Dewan and Company Chartered Accountants
Address :	SCO-90, 1^st Floor, Swastik Vihar, Panchkula – 135109, India
Enterprises over which key management personnel (KMP) are able to exercise significant control with which transactions have taken place during the year. (As on 31.03.2013)	SAB Industries Limited SAB Udyog Limited Malwa Chemtex Udyog Limited Steel Strips Financial Private Limited Munak International Private Limited S.S. Credits Private Limited S.J. Mercantile Private Limited Malwa Holdings Private Limited Munak Investment Private Limited Steel Strips Holding Private Limited Chandigarh Developer Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.152.082 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Millions
1200000	Preference Shares	Rs.145/-each	Rs.174.000 Millions
	Total		Rs.364.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15208170	Equity Shares	Rs.10/- each	Rs.152.082 Millions

NOTE:

Shares out of the issued, subscribed and paid up Share Capital were alloted as Bonus Shares in the last five years by capitalisation of Securities Premium Reserves

Shares out of the issued, subscribed and paid up Share Capital were alloted in the last five years pursuant to the various scheme of amalgamation without payment being received in cash.

The Company has issued only one class of shares i.e equity shares. All equity shares rank pari passu and carry equal rights with respect to voting and dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The details of Shareholders holding more than 5% shares

Name of the Shareholder	March 31,2013
	No. of Shares	% held
Mr. Dheeraj garg	46,40,228	30.51
Sab Industries Limited	12,93,686	8.51
Sab Udyog Limited	11,42,582	7.51
Kalimati Investments Private Limited	12,55,856	8.26
Sumitomo Metal Industries Limited	8,50,000	5.59

The reconciliation of number of shares outstanding is set out below:

Particulars	March 31,2013 No. of Shares
Equity Shares at the beginning of the year	1,48,43,170.00
Add: Shares issued	3,65,000.00
Less: Shares Cancelled	--
Equity Shares at the end of the year	1,52,08,170.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	152.082	152.082	148.432
(b) Reserves & Surplus	3494.612	3272.217	2942.466
(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)	3646.694	3424.299	3090.898
(3) Non-Current Liabilities
(a) long-term borrowings`	3303.402	2854.953	2757.222
(b) Deferred tax liabilities (Net)	240.921	243.681	230.999
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	53.649	40.678	27.732
Total Non-current Liabilities (3)	3597.972	3139.312	3015.953
(4) Current Liabilities
(a) Short term borrowings	3274.753	3264.553	2292.143
(b) Trade payables	1205.663	908.768	1060.073
(c) Other current liabilities	83.912	85.677	91.010
(d) Short-term provisions	34.192	32.654	40.977
Total Current Liabilities (4)	4598.520	4291.652	3484.203
TOTAL	11843.186	10855.263	9591.054
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6918.633	5743.826	5639.788
(ii) Intangible Assets		0.000	0.000
(iii) Capital work-in-progress		945.986	484.268
(iv) Intangible assets under development		19.872	19.872
(b) Non-current Investments	1.664	3.561	2.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	127.579	96.271	61.530
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7047.876	6809.516	6208.358
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1363.599	1263.410	1349.098
(c) Trade receivables	2151.134	1495.799	1374.820
(d) Cash and cash equivalents	454.992	636.719	227.629
(e) Short-term loans and advances	796.386	633.745	428.002
(f) Other current assets	29.199	16.074	3.147
Total Current Assets	4795.310	4045.747	3382.696
TOTAL	11843.186	10855.263	9591.054

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	10679.300	9699.325	9572.399
		Prior Period Income		0.642	0.841
		Other Income	151.100	108.668	101.687
		TOTAL (A)	10830.400	9808.635	9674.927
Less	EXPENSES
		Cost of Material Consumed	6560.300	6432.538	6750.887
		Increase/(Decrease) in Stocks	124.700	97.835	(151.421)
		Employees Benefits Expenses	756.400	626.440	524.224
		Other Expenses	2202.400	1592.963	1517.327
		Prior Period Expenses	--	0.000	0.485
		Exceptional items	1.300	--	--
		TOTAL (B)	9645.100	8749.776	8641.502
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1185.300	1058.859	1033.425
Less	FINANCIAL EXPENSES (D)		407.900	296.979	275.891
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		777.400	761.880	757.534
Less/ Add	DEPRECIATION/ AMORTISATION (F)		525.800	496.214	426.067
	PROFIT BEFORE TAX (E-F) (G)		251.600	265.666	331.467
Less	TAX (H)		8.300	15.192	43.833
	PROFIT AFTER TAX (G-H) (I)		243.300	250.474	287.634
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		569.460	663.133	620.549
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	287.634	219.173
		Dividend	NA	22.812	22.265
		Tax on Dividend	NA	3.701	3.612
	BALANCE CARRIED TO THE B/S		NA	569.460	663.133
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1363.843	1044.897
	TOTAL EARNINGS		NA	1363.843	1044.897
	IMPORTS
		Raw Materials	NA	755.719	760.639
		Stores & Spares	NA	85.324	113.869
		Capital Goods	NA	98.064	175.959
	TOTAL IMPORTS		NA	939.107	1050.467
	Earnings Per Share (Rs.)		16.00	16.55	18.91

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	2.25	2.55	2.97
Net Profit Margin (PBT/Sales)	(%)	2.36	2.73	3.46
Return on Total Assets (PBT/Total Assets}	(%)	2.12	1.71	2.26
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.11
Debt Equity Ratio (Total Debt /Networth)		1.80	1.67	1.78
Current Ratio (Current Asset/Current Liability)		1.04	0.94	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	148.432	152.082	152.082
Reserves & Surplus	2942.466	3272.217	3494.612
Net worth	3090.898	3424.299	3646.694
long-term borrowings	2757.222	2854.953	3303.402
Short term borrowings	2292.143	3264.553	3274.753
Total borrowings	5049.365	6119.506	6578.155
Debt/Equity ratio	1.634	1.787	1.804

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9572.399	9699.325	10679.300
		1.326	10.104

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9572.399	9699.325	10679.300
Profit	287.634	250.474	243.300
	3.00%	2.58%	2.28%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2014	As on 31.03.2013
Long term Borrowings
Payables for Capital Goods - Long Term		1100.026
Short term Borrowings
Loan against Bills Receivables		147.919
Total	NA	1247.945

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396924	18/12/2012	250,000,000.00	STATE BANK OF INDIA	SCO 103-106,, SECTOR - 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B65863722
2	10339774	08/06/2013 *	4,465,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR 17 B,, CHANDIGARH, CHANDIGARH - 160017, INDIA	B80856925
3	10341305	29/02/2012	3,420,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR 17 B,, CHANDIGARH, CHANDIGARH - 160017, INDIA	B34595058
4	10332499	23/01/2012	150,000,000.00	BANK OF BARODA	LARGE CORPORATE BRANCH, SECTOR 17 B,, CHANDIGARH, CHANDIGARH - 160017, INDIA	B30798516
5	10298897	27/07/2011	390,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE,  CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B17555160
6	10282836	14/08/2012 *	1,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B45539772
7	10282834	28/04/2011	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B11654035
8	10280670	25/05/2012 *	90,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B40576589
9	10267998	23/02/2011	2,300,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH SECTOR 17 B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B07030588
10	10266281	06/02/2012 *	425,000,000.00	CANARA BANK	SCO 311-312, SECTOR 35-B, CHANDIGARH, CHANDIGARH - 160035, INDIA	B31435522
11	10240651	01/09/2010	170,000,000.00	CANARA BANK	SECTOR - 35 B,, CHANDIGARH, CHANDIGARH - 160035, INDIA	A95114500
12	10224257	08/12/2012 *	1,105,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR - 17 -B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B67243105
13	10224260	21/05/2010 *	90,000,000.00	PUNJAB NATIONAL BANK	SECTOR 17 B, CHANDIGARH, CHANDIGARH, CHANDIGARH - 160017, INDIA	A89132120
14	10189275	11/12/2009	100,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE,  CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A74866047
15	10177605	29/03/2010 *	496,090,000.00	DEG -DEUTSCHE INVESTITIONS-UND ENTWICKLUNGSGESELLS  CHAFT MBH (DEG)	KAMMERGASSE - 22, COLOGNE, - 50676, GERMANY	B41404468
16	10169360	19/07/2010 *	300,000,000.00	EXPORT - IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A90578394
17	10143558	28/07/2010 *	100,000,000.00	UNITED BANK OF INDIA	SCO 32/33/34, SECTOR 17C, CHANDIGARH, CHANDIGARH  - 160017, INDIA	A90723925
18	10120310	14/05/2012 *	760,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B41149899
19	10108055	18/06/2008	100,000,000.00	AXIS BANK LIMITED	SCO 343-344, SECTOR - 35B, CHANDIGARH, CHANDIGARH - 160022, INDIA	A40323248
20	10087335	30/01/2008	50,000,000.00	AXIS BANK LIMITED (ERSTWHILE UTI BANK LIMITED)	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	A32023491
21	10087337	04/03/2011 *	20,000,000.00	AXIS BANK LIMITED	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	B08320780
22	10065753	30/07/2007	25,000,000.00	AXIS BANK LIMITED (ERSTWHILE UTI BANK LIMITED)	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	A22170310
23	10052367	19/11/2008 *	200,000,000.00	DEG- DEUTSCHE INVESTITIONS-UND ENTWICKLUNGSGESELLS  CHAFT MBH (DEG)	KAEMMERGASSE 22, 50676, KOELN, - 50933, GERMANY	A54285580
24	10029000	04/03/2011 *	800,000,000.00	AXIS BANK LIMITED	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	B08320269
25	10028231	26/10/2006	160,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A07384647
26	10020666	17/09/2007 *	250,000,000.00	AXIS BANK LIMITED (ERSTWHILE UTI BANK LIMITED)	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	A23009699
27	80016090	19/07/2010 *	1,332,500,000.00	AXIS BANK LIMITED	SCO 343-344, SECTOR 35-B, CHANDIGARH, CHANDIGARH  - 160022, INDIA	A90776766
28	90183465	19/12/2005 *	365,000,000.00	DEG - DEUTSCHE INVESTITIONS	UND ENTWICKLUNGSGESELLSCHAFT MBH, BELVEDERESTRABE  4050933 KOLN, GERMANY, - 50933, GERMANY	-

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2014

Rs. In Millions

Sr. No	PARTICULARS	QUARTER ENDED 30.06.2014 (UNAUDITED)
1.	Income from Operations
	a) Gross Sales	3074.300
	Less:- Excise Duty	310.900
	b) Net Sales/Income from operations	2763.400
	c) Other operating income	--
	Total income from operations (net)	2763.400
2.	Expenses
	a) Cost of materials consumed	1822.900
	b) Purchases of stock-in-trade	--
	c) Change in inventories of Finished goods, work-in-progress and stock-in-trade	(46.000)
	d) Employees Benefit Expenses	217.100
	e) Depreciation/Amortization Expenses	137.600
	f) Other expenses	533.900
	Total Expenses	2665.600
3.	Profit/(Loss) from operations before other income, finance Costs and exceptional items (1-2)	97.900
4.	Other income	73.000
5.	Profit from ordinary activities before finance costs and exceptional items (3+4)	170.800
6.	Finance costs	107.200
7.	Profit from ordinary activities after finance costs but before exceptional items (5-6)	63.600
8.	Exceptional items	--
9.	Profit from ordinary activities before tax (7+8)	63.600
10.	Tax Expense	12.700
	MAT Credit entitlement	(7.300)
	Provision for DeferedTax( Assets)/Liability and Other Tax	(4.200)
11.	Net Profit from Ordinary Activities after Tax (9-10)	62.300
12.	Extraordinary items	--
13.	Net profit for the period (11+12)	62.300
14.	Paid-up equity share capital (face value of the share Rs.10/-Each	152.082
15.	Reserve excluding revaluation reserves as per Balance Sheet of Previous accounting year	--
16.	(I) Earnings per Share (before extraordinary items) (of Rs. 10/-each) (not annualised)
	a) - Basic (Rs.)	4.10
	b) -Diluted (Rs.)	4.08
	(ii)Earnings per Share (After extraordinary items) (of Rs. 10/-each) (not annualised)
	a) - Basic (Rs.)	4.10
	b) - Diluted (Rs.)	4.08
A.	PARTICULARS OF SHAREHOLDING
	Public Shareholding
	- Number of Shares	6516584
	- Percentage of Shareholding Promoters and promoter group Shareholding**	42.85%
	a) Pledged/Encumbered
	- Number of Shares	500000
	- Percentage of Shares (as a % of the total Shareholding of promoter and promoter group)	5.75%
	- Percentage of Shares (as a % of the total Share capital of the company)	3.29%
	b) Non-encumbered
	- Number of Shares	8191586
	- Percentage of Shares (as a % of the total Shareholding of promoter and Promoter group)	94.25%
	- Percentage of Shares (as a % of the total Share capital of the company)	53.86%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining Unresolved at the end of the Quarter	Nil

'NOTES:

1. The unaudited results for the quarter ended June 30, 2014 have been reviewed by audit committee and approved by the Board of Directors in their meeting held on August 14, 2014.

2. The statutory Auditors have carried out a limited review of the accounts for quarter ended June 30, 2014.

3. Depreciation on the fixed assets has been computed on the basis of the existing policy of the Company being followed upto March 31, 2014 as per Companies Act 1956.However as per the Companies Act 2013, in reference to schedule II, with effect from April 01, 2014 onwards fixed assets requires to be depreciated as per new provisions of the Act or on the basis of remaining useful life of the assets based on the proper justification and technical evaluations of assets. Company has already been in process to review the technical evaluation of each assets. The difference between the current and revised computation if any will be recognized in the subsequent quarters.

4. The above results pertain to the Automotive Wheel Rim manufacturing segment which is the only business segment of the Company in terms of Accounting Standard 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India.

5. The figures for the corresponding previous periods have been restated / regrouped, wherever necessary to make them comparable.

6. Pursuant to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) guidelines 1999, the Board of Directors in their meeting heid on August 27, 2013 and subsequently Share Holders of the Company in their AGM held on September 30, 2013 had approved to issue upto 51,000 Options excercisable into equivalent nos of Equity Shares of the face value of Rs. 10/- each to Sh. A.V. Unnikrishnan DMD of the Company. Date of grant is January 01, 2014. For Diluted EPS the effect of this 51,000 Option have been considered.

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Plant and Machinery – R and D

· Furniture and Fixture

· Data Processing Equipments

· Data Processing Equipments – R and D

· Motor Vehicles

· Die Toolings – New Products R and D

· Die Tooling’s

Intangible Assets:

· Packages and Software

· Drawing and Copyrights

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.