MIRA INFORM REPORT

Report No. :	316472
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	HONDA CARS INDIA LIMITED (w.e.f 06.09.2012)
Formerly Known As :	HONDA SIEL CARS INDIA LIMITED HONDA SIEL CARS INDIA PRIVATE LIMITED
Registered Office :	409, Tower B, DLF Commercial Complex, Jasola, New Delhi – 110025
Tel No.:	91-11-41680694
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.12.1995
Com. Reg. No.:	55-203983
Capital Investment / Paid-up Capital :	Rs.7743.800 Million
CIN No.: [Company Identification No.]	U15114DL1995PLC203983
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELH08002B
PAN No.: [Permanent Account No.]	AAACH1765Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Motor Cars, Parts and Related Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 29000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “Honda Motor Company Limited, Japan”. It is a well-established and reputed company having satisfactory track record. The company is continuously incurring losses from its operations. However, general financial position of the company is good. Net worth of the company is decent. Directors are well-experienced and knowledgeable businessmen. The rating also takes into consideration company brand name and established market position. Trade relations are reported as trustworthy. 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 (PARTIAL DETAILS)

Name :	Ms. Jhumna
Designation :	Receptionist
Contact No.:	91-22-67895001
Date :	09.04.2015

LOCATIONS

Registered Office :	409, Tower B, DLF Commercial Complex, Jasola, New Delhi – 110025, India
Tel. No.:	91-11-41680694
Fax No.:	91-11-41680696
E-Mail :	apsingh@hondacarindia.com klgupta@hondacarindia.com sajalgoyal@hondacarindia.com corporate@hondacarindia.com
Website :	https://www.hondacarindia.com
Factory 1 / Zonal Office North and East Zone :	Plot No. A-1, Sector 40/ 41, Surajpur-Kasna Road, Greater Noida Industrial Development Area, District Gautam Budh Nagar - 201306, Uttar Pradesh, India
Tel. No.:	91-120-2341313/ 1321/ 1327/ 1801/ 1806
Fax No.:	91-120-2341261
Factory 2 :	SPL-1, Tapukara Industrial Area, Khushkera, District Alwar, Rajasthan, India
Zonal Office – Mumbai :	Zonal Office – West, D-126, TTC Industrial Area, MIDC Shiravane, Nerul,Thane-Belapur Road, Navi Mumbai - 400706, Maharashtra, India
Tel. No.:	91-22-67895000 / 5001 / 5002 / 5003
Zonal Office – Chennai :	Technical Support Centre, Old No 26/ New No.46, Opposite ICICI Bank, Ambattur Industrial Estate, Ambattur, Chennai – 600058, Tamilnadu, India
Tel. No.:	91-44-42083774 / 75 / 76 / 78

DIRECTORS

As on 05.08.2014

Name :

Hironori Kanayama

Designation :

Nominee director

Address :

House No. C-495, First Floor, Defence Colony, New Delhi - 110024, India

Date of Birth/Age :

07.12.1953

Qualification :

Bachelor of Arts (Literature)

Date of Appointment :

31.08.2012

DIN No.:

05235686

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	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Director	31/08/2012	01/04/2012	-	Active	NO
2	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	31/08/2012	01/04/2012	01/04/2013	Active	NO
3	U35912HR2001PTC034649	HONDA MOTORCYCLE AND SCOOTER INDIA PVT LIMITED	Director	31/08/2012	01/04/2012	01/04/2013	Active	NO
4	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	31/08/2012	01/04/2012	-	Active	NO

Name :

Hiroyuki Kachi

Designation :

Whole-time director

Address :

House No. E-123, The Icon DLF City, Phase-V, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

08.07.1963

Date of Appointment :

05.08.2013

DIN No.:

06542784

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	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Whole-time director	05/08/2013	01/04/2013	-	Active	NO

Name :

Mr. Raman Kumar Sharma

Designation :

Nominee director

Address :

House No. 70, Sector- 9, Faridabad- 121006, Haryana, India

Date of Birth/Age :

12.01.1956

Qualification :

B-Tech from IIT Kharagpur, PGDBM from I IM - Ahmedabad

Date of Appointment :

08.09.2007

Voter ID No.:

HR0652630082

DIN No.:

01381382

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	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	08/09/2007	01/04/2007	-	Active	NO
2	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Director	19/08/2010	01/04/2010	-	Active	NO

Name :

Shigeru Yamazaki

Designation :

Nominee director

Address :

House No. D-30, First Floor, Pamposh Enclave, Greater Kailash - I, New Delhi- 110048, India

Date of Birth/Age :

07.01.1958

Qualification :

Bachelor of Economics

Date of Appointment :

31.08.2012

DIN No.:

05237170

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	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	31/08/2012	01/04/2012	-	Active	NO
2	U74120UP2012FTC051511	HONDA ACCESS INDIA PRIVATE LIMITED	Director	24/09/2014	26/08/2014	31/03/2015	Active	NO

Name :

Jiro Morisawa

Designation :

Nominee director

Address :

House No. R-143, Ground Floor, Greater Kailash - I, New Delhi - 110048, India

Date of Birth/Age :

24.02.1967

Qualification :

Bachelor of Economics

Date of Appointment :

10.08.2011

DIN No.:

03493736

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	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Director	10/08/2011	01/04/2011	-	Active	NO
2	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	10/08/2011	01/04/2011	-	Active	NO

Name :

Yoshiyuki Matsumoto

Designation :

Director

Address :

Hotel Le Meridien Windsor Place, Janpath, New Delhi – 110001, India

Date of Birth/Age :

14.01.1958

Date of Appointment :

05.08.2013

DIN No.:

06542714

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	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	05/08/2013	01/04/2013	-	Active	NO
2	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Director	05/08/2013	01/04/2013	-	Active	NO
3	U35912HR2001PTC034649	HONDA MOTORCYCLE AND SCOOTER INDIA PRIVATE LIMITED	Director	05/08/2013	01/04/2013	-	Active	NO
4	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Managing director	05/08/2013	01/04/2013	-	Active	NO

Name :

Shoji Sugamura

Designation :

Director

Address :

House No. S-358, First Floor, Greater Kailash - II, New Delhi - 110048, India

Date of Birth/Age :

08.10.1988

Date of Appointment :

05.08.2014

DIN No.:

06851562

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	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Director	05/08/2014	01/04/2014	-	Active	NO
2	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Whole-time director	05/08/2014	01/04/2014	-	Active	NO

Name :

Shinya Inamura

Designation :

Director

Address :

House No. S-358, First Floor, Greater Kailash - II, New Delhi - 110048, India

Date of Birth/Age :

20.05.1966

Date of Appointment :

05.08.2014

DIN No.:

06851565

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	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Director	05/08/2014	01/04/2014	-	Active	NO
2	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Whole-time director	05/08/2014	01/04/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Pratap Singh
Designation :	Secretary
Address :	614, Mahagun Maple, Sector- 50, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	01.02.1972
Date of Appointment :	20.08.2007
PAN No.:	ANNPS4540D

MAJOR SHAREHOLDERS

As on 05.08.2014

Names of Shareholders	No. of Shares
Honda Motors Company Limited, Japan	569973747
Asian Honda Motor Company Limited, Thailand	204402515
Honda Motor Company Limited, Japan Jointly with Shigeru Yamazaki	1
Honda Motor Company Limited, Japan Jointly with Hiroyuki Kachi	1
Honda Motor Company Limited, Japan Jointly with Jiro Morisawa	1
Honda Motor Company Limited, Japan Jointly with Hironori Kanayama	1
Honda Motor Company Limited, Japan Jointly with Shoji Sugamura	1
Honda Motor Company Limited, Japan Jointly with Shinya Inamura	1
Total	774376268

Equity Share Break up (Percentage of Total Equity)

As on 05.08.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Motor Cars, Parts and Related Services.

Products :

Product Description	Item Code No. (ITC Code)
Motor Cars	87032391

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

· JP Morgan Chase Bank, N.A., J.P. Morgan Tower, Off C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India

· Citi Bank N.A., 3rd Floor, Jeevan Bharti Building, 124, Connaught Circus, New Delhi - 110001, Delhi, India

· Mizuho Corporate Bank Limited, 4th Floor, East Tower, Sood Tower, 25, Barakhamba Road, New Delhi - 110001, India

· HSBC Bank (Mauritius) Limited, HSBC Centre, 18, Cybercity, Ebene, - NA, Mauritius

· Standard Chartered Bank, (Acting as an Security Agent) C D U, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India

· Kotak Mahindra Bank

· Punjab National Bank

· ICICI Bank Limited

· HDFC Bank Limited

· Bank of Tokyo-Mitsubishi UFJ Limited

· State Bank of India

· Deutsche Bank AG

· Punjab National Bank, Custom

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	1078.900	0.000
Foreign currency term loans from banks	11401.000	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	497.400	0.000
Working capital loans from banks	285.400	339.600
Total	13262.700	339.600

Short Term Borrowings

Short term loans are repayable within one year from the year end and carry interest at LIBOR or TIBOR plus interest rate spread of 0.50% per annum to 0.60% per annum.

Cash credits and other demand loans are repayable on demand and carry interest rate ranging from 8.9% to 19% per annum.

Auditors :
Name :	A. F. Ferguson and Company Chartered Accountants
Address :	9, SC India House, Kasturba Gandhi Marg, New Delhi, India
PAN No.:	AABFA5846M
Memberships :	--
Collaborators :	--
Holding Company :	Honda Motor Company Limited
Joint Venture :	Global Auto Parts Alliance India Private Limited Bestex MM India Private Limited Rajasthan Prime Steel Processing Center Private Limited
Fellow Subsidiary Company :	American Honda Motor Company Inc. Asian Honda Motor Company Limited Honda Access Asia and Oceania Company Limited Honda Auto Parts Manufacturing (M) Sdn. Bhd Honda Automobile (Thailand) Company Limited Honda Cars Philippines, Inc Yutaka Autoparts India Private Limited Honda Logistics India Private Limited Honda Kaihatsu Company Limited Honda Malaysia Sdn. Bhd. Honda Motor China Company Limited Honda Motor India Private Limited Honda Motorcycle and Scooter India Private Limited Honda Parts Manufacturing Corporation Honda R & D Asia Pacific Company Limited Honda Trading Philippines Ecozone Corp Honda R&D Company Limited Honda Access India Private Limited CIN No.: U74120UP2012FTC051511 Honda Siel Power Products Limited Honda Trading (Asia) Company Limited formerly known as Honda Trading (Thailand) Co. Limited Honda Trading China Company Limited Honda Trading Corporation India Private Limited Honda Trading Corporation Honda de Mexico S.A. De C.V. Honda Vietnam Company Limited Honda Trading South China Company Limited PT. Honda Prospect Motor PT. Honda Precision Parts Manufacturing Yachiyo India Manufacturing Private Limited CIN No.: U34300RJ2008FTC026306 Honda Engineering Asian Company Limited Honda of the U.K. Mfg Limited Honda Automoveis Do Brasil Limited Honda Motor Southern Africa (PTY) Limited Honda Kaihatsu India Hospitality Private Limited Shanghai Honda Trading Company Limited Taiwan Honda Trading Company Limited Honda Engineering Company Limited Honda Taiwan Motor Company Limited Honda Vietnam Company Limited

CAPITAL STRUCTURE

As on 05.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
774376268	Equity Shares	Rs.10/- each	Rs.7743.763 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	7,743.800	7,743.800	5,699.700
(b) Reserves & Surplus	2,369.400	7,167.000	7,308.300
(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)	10,113.200	14,910.800	13,008.000
(3) Non-Current Liabilities
(a) long-term borrowings	18,037.700	3,111.700	2,533.800
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	209.200	141.700	84.500
Total Non-current Liabilities (3)	18,246.900	3,253.400	2,618.300
(4) Current Liabilities
(a) Short term borrowings	9,816.600	6,560.500	3,852.400
(b) Trade payables	15,360.800	9,416.900	8,514.100
(c) Other current liabilities	4,947.400	4,656.600	1,991.100
(d) Short-term provisions	102.700	31.100	31.800
Total Current Liabilities (4)	30,227.500	20,665.100	14,389.400
TOTAL	58,587.600	38,829.300	30,015.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37,021.400	22,080.200	16,574.900
(ii) Intangible Assets	424.900	265.400	64.700
(iii) Capital work-in-progress	6,462.400	4,665.000	602.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	52.100	52.100	117.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4,680.500	2,982.600	1,553.200
(e) Other Non-current assets	65.100	75.600	84.400
Total Non-Current Assets	48,706.400	30,120.900	18,997.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5,258.800	3,648.500	5,249.300
(c) Trade receivables	1,951.900	763.600	657.800
(d) Cash and cash equivalents	68.800	2,724.800	3,279.900
(e) Short-term loans and advances	2,102.100	1,486.600	1,590.300
(f) Other current assets	499.600	84.900	241.000
Total Current Assets	9,881.200	8,708.400	11,018.300
TOTAL	58,587.600	38,829.300	30,015.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		78,723.900	39,599.100	32,484.600
		Other Income		676.200	764.700	617.300
		TOTAL (A)		79,400.100	40,363.800	33,101.900
Less	EXPENSES
		Cost of materials consumed		65,749.200	36,291.600	26,255.000
		Purchases of stock-in-trade		0.000	0.000	579.800
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		(473.000)	968.500	3,119.100
		Employee benefit expense		3,238.400	2,611.900	1,911.800
		Other expenses		11,596.200	8,860.600	6,633.300
		Exceptional items		0.000	0.000	(2,422.000)
		TOTAL (B)		80,110.800	48,732.600	36,077.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(710.700)	(8,368.800)	(2,975.100
Less	FINANCIAL EXPENSES (D)			1,056.400	862.500	843.100
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(1,767.100)	(9,231.300)	(3,818.200)
Less	DEPRECIATION/ AMORTISATION (F)			3,030.500	1,865.900	2,226.600
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(4,797.600)	(11,097.200)	(6,044.800)
Less	TAX (H)			0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(4,797.600)	(11,097.200)	(6,044.800)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(13,689.200)	(2,592.000)	3,452.800
	BALANCE CARRIED TO THE B/S			(18,486.800)	(13,689.200)	(2,592.000)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	7585.600	4582.500	1556.200
	TOTAL EARNINGS			7585.600	4582.500	1556.200
	IMPORTS
			Raw material and components	13488.800	10066.800	10650.100
			Cars, parts and others	287.800	161.400	469.900
			Capital Goods	5785.200	4342.900	631.500
	TOTAL IMPORTS			19561.800	14571.100	11751.500
	Earnings / (Loss) Per Share (Rs.)			(6.20)	(19.20)	(16.40)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(6.09)	(28.02)	(18.61)
Operating Profit Margin (PBDIT/Sales)	(%)	(0.90)	(21.13)	(9.16)
Return on Total Assets (PBT/Total Assets}	(%)	(9.21)	(32.53)	(20.63)
Return on Investment (ROI) (PBT/Networth)		(0.47)	(0.74)	(0.46)
Debt Equity Ratio (Total Debt /Networth)		2.75	0.65	0.49
Current Ratio (Current Asset/Current Liability)		0.33	0.42	0.77

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	5699.700	7743.800	7743.800
Reserves & Surplus	7308.300	7167.000	2369.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13008.000	14910.800	10113.200
Long Term borrowings	2533.800	3111.700	18037.700
Short Term borrowings	3852.400	6560.500	9816.600
Total borrowings	6386.200	9672.200	27854.300
Debt/Equity ratio	0.491	0.649	2.754

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	32,484.600	39,599.100	78,723.900
		21.901	98.802

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	32,484.600	39,599.100	78,723.900
Profit	-6,044.800	-11,097.200	-4,797.600
	-18.61%	-28.02%	-6.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

OMP No. 945/2014

M/S NODDY AUTO PRIVATE LIMITED..... Petitioner

Through: Mr.A.K. Mishra, Advocate.

versus

M/S HONDA CARS INDIA LIMITED..... Respondent

Through: Mr.Ankit Verma, Advocate.

CORAM:

HON'BLE MS. JUSTICE DEEPA SHARMA

ORDER

20.02.2015

REVIEW PET.418/2014

Learned counsel for the applicant has submitted that he does not want to file any rejoinder to the reply of the respondent to his application.

Written synopsis however have not been filed. Time is sought for filing the written synopsis.

Let the written synopsis be filed before next date of hearing.

List on 27th March, 2015.

DEEPA SHARMA, J

FEBRUARY 20, 2015

sapna

$ 4

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	4643.900	1764.100
Foreign currency term loans from banks	913.900	1347.600
SHORT TERM BORROWINGS
Rupee term loans from banks	9033.800	6220.900
Total	14591.600	9332.600

THE YEAR IN RETROSPECT

Indian Economy

During the year 2013-14, though the global environment remained challenging and a spell of global financial turbulence caused capital outflows and pressure on exchange rate, Indian economy managed to remain relatively less volatile than most of emerging economies with the narrowing of twin deficits both current account and fiscal, replenishment of foreign exchange reserves, adjustment of the Rupee exchange rate and more importantly, setting in motion disinflationary impulses.

However, clear signs of recovery are yet to emerge on account of sluggish Industrial growth, fiscal imbalances, structural impediments, low business confidence and persistent high inflation. The Indian Rupee seems to be bottomed out after hitting all time low in the second quarter and has shown some signs of recovery in the later part of the year. The GDP growth rate is estimated by the Government at around 4.7%.

After growing by a tepid 1.0% in the previous year, the manufacturing sector is estimated to register de-growth of 0.7% in the year 2013-14.

Further, due to industrial slowdown and weak recovery in advanced economies the growth in service sector is likely to drop below 7%.

The consumer price inflation averaged 9.8%, while wholesale price inflation averaged 5.9% during the year 2013-14. However, from December, 2013, inflation decelerated sharply due to a drop in food prices.

Automobile Sector

The year 2013-14 was a difficult year for the Indian automobile industry. The overall domestic sales during the year 2013-14 grew marginally by 3.53% over the previous year on the back of over 7% growth in sales of scooters and motorcycles. However, the domestic passenger vehicle (PV) industry volumes at 2.5 million units during the year 2013-14, had declined by more than 6% over the previous year as all three sub-segments of the industry viz., passenger cars (PCs), utility vehicles (UV) and vans experienced demand contraction. This has happened for the first time in last 12 years that the domestic PV industry had recorded a negative volume growth.

COMPANYS OPERATIONS

While the overall Car sales in India fell for the second consecutive fiscal year with a drop of 4.65% as the growth of auto industry continued to be stagnant with the demand contraction due to a sluggish economy, the Company has managed to post its highest ever annual domestic sales of 134,339 units during the financial year 2013-14, registering an overall YoY growth of 83%. The strong response from the market for the Honda Amaze and All New Honda City has been the driving force for this record achievement.

With the launch of the Honda Amaze in April 2013, the Company has started its journey in the diesel segment with I-DTEC diesel engine technology, which has received an overwhelming response from the market.

India, being a key strategic market for Honda in the Asia and Oceania region, was specifically chosen to be the first country to manufacture the global All New Honda City with the 1.5L i-DTEC diesel engine. While India became the first country to manufacture and sell the All New Honda City, it will eventually be also manufactured in various other Honda factories and sold in 60 markets to help expand Hondas footprint in some of the fastest growing auto markets in the world.

The Company has started car production from its Plant at Tapukara in Rajasthan from February, 2014. Honda Amaze is the first car to roll out from the new plant. Spread over an area of about 450 acres, the state-of-the-art facility is an integrated manufacturing unit with an installed production capacity of 120000 units per annum. This plant is the culmination of the best manufacturing know-how and practices gathered from Hondas global operations. It employs optimum automation, latest equipment and best layout for achieving high quality, best ergonomics, improved operational efficiency and safety. The plant is highly focused on conservation of the environment and efficient use of energy and other natural resources.

MARKET DEVELOPMENT

In order to reach out to newer markets, including smaller cities, the Company expanded its sales and distribution network across the country during the fiscal year 2013-14 to 170 facilities in 107 cities. The network included 150 facilities in 97 cities at the end of 2012-13.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515913	31/07/2014	1,472,500,000.00	CITI BANK N.A.	3RD FLOOR, JEEVAN BHARTI BUILDING, 124 CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	C17263617
2	10515345	31/07/2014	1,795,655,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, - NA, MAURITIUS	C16699647
3	10496683	05/05/2014	609,150,000.00	JP MORGAN CHASE BANK, N.A.	17TH FLOOR, CAPITAL TOWER, 168 ROBINSON ROAD, SINGAPORE, - 068912, SINGAPORE	C05172440
4	10480973	11/02/2014	1,866,600,000.00	CITI BANK N.A.	3RD FLOOR, JEEVAN BHARTI BUILDING, 124 CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B97776553
5	10475851	17/01/2014	1,689,275,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18, CYBERCITY, EBENE, - NA, MAURITIUS	B95591939
6	10477194	17/01/2014	2,461,600,000.00	CITI BANK N.A.	3RD FLOOR, JEEVAN BHARTI BUILDING,, 124 CONNAUGHT  CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B96182092
7	10476103	10/01/2014	1,238,800,000.00	JP MORGAN CHASE BANK N.A. SINGAPORE BRANCH	17TH FLOOR, CAPITAL TOWER, 168 ROBINSON ROAD, SINGAPORE, - 068912, SINGAPORE	B95689196
8	10470174	24/01/2014 *	3,100,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B94591104
9	10453799	23/09/2013	2,481,600,000.00	CITI BANK N.A.	3RD FLOOR, JEEVAN BHARTI BUILDING, 124, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B87021671
10	10167250	22/06/2009	505,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A66043043
11	10164581	10/01/2011 *	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B03931565
12	10101870	24/03/2009 *	750,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A59947283

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.67.00

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		46

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.