MIRA INFORM REPORT

Report No. :	336557
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	DMI DRAEXLMAIER MANUFACTURING INDIA PRIVATE LIMITED
Registered Office :	Gat No. 307, Nanekarwadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra
Tel. No.:	91-22-42331849
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.09.2012
Com. Reg. No.:	11-147710
Capital Investment / Paid-up Capital :	Rs.136.870 Million
CIN No.: [Company Identification No.]	U29253PN2012PTC147710
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wiring harnesses, wiring harness systems, LWL (fiber-optic cables), pre-fuse concepts, complete automotive interiors, interior components, cockpits, ceiling/door/side panels,
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (23)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Lisa Draexlmaier Gmbh, Vilsbiburg, Germany, the company established in the year 2012. It has a moderate track record. For the financial year 2014, the company has incurred accumulated losses, which has eroded the net worth position of the company. The rating is constrained because of company’s moderate financial risk profile. However, trade relations are fair. Business is active. Payment terms are slow. In view of limited business track record, the company can be considered for business dealings on fully safe and secure 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DENIED

Unable to Contact (Tel No.:91-22-42331849) - Constantly Ringing

LOCATIONS

Registered Office :	Gat No. 307, Nanekarwadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	91-21-35622052 / 91 -21 - 35622006
E-Mail :	fisher.sandra@draexlmier.de rauchensteiner.sandra@draexmier.de
Factory :	No. 17 and 18, Sengundrum Industrial Area, Melrospuram, S.P. Koil Post, Kancheepuram – 603204, Tamilnadu, India

DIRECTORS

As on 29.09.2014

Name :	Mr. Karl Heinz Richard Eckert
Designation :	Director
Address :	Isarau 19, Niederviehbacherau Niederviehbach 84183, Germany
Date of Birth/Age :	26.08.1966
Date of Appointment :	10.09.2012
DIN No.:	05109540
Name :	Mr. Siegfried Angerer Alois
Designation :	Director
Address :	Spitzenburgstrasse 3a Wolfern 4493, Austria
Date of Birth/Age :	05.09.1961
Date of Appointment :	10.09.2012
DIN No.:	05109649
Name :	Mr. Peter Juegen Leugers
Designation :	Director
Address :	Courtyard Marriot, Plot No. P-7, Midc, Chakan, Phase -1, Khalumbare, Pune, 410501, Maharashtra, India
Date of Birth/Age :	17.11.1975
Date of Appointment :	29.09.2014
DIN No.:	02951561

KEY EXECUTIVE

Name :	Mr. Ashish Arvind Parikh
Designation :	Secretary
Address :	Shree Krupa, Sukhakarta Colony, Near Railway Over Bridge, Kinetic Chowk, Ahmednagar, 414001, Maharashtra, India
Date of Appointment :	26/05/2014
PAN No.:	AXIPP8419P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Lisa Draexlmaier GMBH, Germany	13686970
Fritz Draexlmaier Beteiligungsgesellschaft MBH, Germany	1
Total	13686971

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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 :

Manufacturer of wiring harnesses, wiring harness systems, LWL (fiber-optic cables), pre-fuse concepts, complete automotive interiors, interior components, cockpits, ceiling/door/side panels,

Products :

Item Code No.	Product Description
85441190	Other Winding Wire of Copper

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	B B S R and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road Pune - 411 001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK1415H
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Lisa Draexlmaier GmbH, Vilsbiburg, Germany
Fellow Subsidiary company :	DEM Draexlmaier Automotive systems (M) SDN. BHD, Malaysia DIS Draexlmaier Industrial solutions Gmbh vilsbiburg, Germany Fritz Draexlmaier and co. Kg, vilsbiburg, Germany Draexlmaier (Shenyang) Automotive Components Company Limited, China

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
22400000	Equity Shares	Rs.10/- each	Rs.224.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13686971	Equity Shares	Rs.10/- each	Rs.136.870 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	136.870	42.700
(b) Reserves & Surplus	(156.928)	8.975
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(20.058)	51.675
(3) Non-Current Liabilities
(a) long-term borrowings	335.360	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	4.858	2.948
(d) long-term provisions	0.683	0.000
Total Non-current Liabilities (3)	340.901	2.948
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	218.212	2.382
(c) Other current liabilities	27.104	13.437
(d) Short-term provisions	0.163	0.000
Total Current Liabilities (4)	245.479	15.819
TOTAL	566.322	70.442
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	171.687	0.000
(ii) Intangible Assets	0.080	0.000
(iii) Capital work-in-progress	3.123	24.320
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	47.823	35.630
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	222.713	59.950
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	129.346	0.000
(c) Trade receivables	26.249	0.000
(d) Cash and cash equivalents	153.841	8.432
(e) Short-term loans and advances	34.173	2.060
(f) Other current assets	0.000	0.000
Total Current Assets	343.609	10.492
TOTAL	566.322	70.442

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Turnover	121.750	0.000
	Other Income	0.137	0.000
	TOTAL	121.887	0.000
Less	TOTAL EXPENSES	331.332	18.325 (Including Depreciation)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(209.445)
Less/ Add	DEPRECIATION/ AMORTISATION	26.850
	PROFIT/ (LOSS) BEFORE TAX	(236.295)	(18.325)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(236.295)	(18.325)
	IMPORTS
	Purchase of Raw Materials	184.929	0.000
	Capital Goods	83.181	2.430
	TOTAL IMPORTS	268.110	3.731
	Earnings / (Loss) Per Share (Rs.)	17.26	1.33

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activity	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(194.08)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(41.96)	(39.73)
Return on Investment (ROI) (PBT/Networth)		11.78	(0.35)
Debt Equity Ratio (Total Debt /Networth)		(16.72)	0.00
Current Ratio (Current Asset/Current Liability)		1.40	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	42.700	136.870
Reserves & Surplus	8.975	(156.928)
Net worth	51.675	(20.058)
long-term borrowings	0.000	335.360
Short term borrowings	0.000	0.000
Current Maturities of Long-Term Debts	0.000	0.000
Total borrowings	0.000	335.360
Debt/Equity ratio	0.000	(16.720)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 3^rd Floor, Deb Nibiru, Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India to the present address w.e.f. 05.02.2013

OPERATIONS

During the year, the Company has registered total loss of INR 236.300 Million as this is only the second year of operation and due to various operational set ups, the Company is unable to earn profits.

The Directors are hopeful for the bright future of the Company in the years to come and as a part of business your Company has successfully set up its manufacturing facility at No 17 and 18, Sengundrum Industrial Area, Melrosapuram, S. P. Koil Post, Kancheepuram - 603 204, Tamil Nadu, India. This plant is a state of the art, integrated manufacturing and assembly plant supplying “just-in-time” and “just-in-sequence” to BMW at the initial stage.

FUTURE BUSINESS PROSPECTS

Although the Company is just a years old, a significant interest is being shown in it by the other foreign/domestic passenger car in Draexlmaier’s product and processes because of our unique strengths in technology, product development and operational expertise.

The Indian automobile market has shown a significant growth in recent years and all major global OEM’s are coming here to take advantage of it.

The Company will definitely benefit in the areas of both engineering and manufacturing.

BACKGROUND

DMI Draxelmaier Manufacturing India Private Limited ('DMI India' or 'the Company') was incorporated as a private limited company on 10 September 2012. The Company is a 100% subsidiary of Lisa Draexlmaier GmbH, Vilsbiburg, Germany. The ultimate holding company is Fritz Draexlmaier Beteiligungsgesllschaft mbH Vilsiburg, Germany.

The Company is into the business of design, development and manufacture of automotive wiring harness and interior systems for various automotive industry customers. It has its registered office and manufacturing facility at Chakan, Pune.gh

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

These financial statements have been prepared and presented on the accrual basis of accounting and comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, the relevant provisions of the Companies Act, 1956 and/or the Companies Act, 2013 read with the General Circular 8/2014 dated 4th April 2014 of the Ministry of Corporate Affairs, as appropriate and other accounting principles generally accepted in India, to the extent applicable. The financial statements are presented in Indian rupees rounded off to the nearest thousands.

The Company is a Small and Medium Sized Company ("SMC") as defined in the General Instruction in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

Further, the Company, by virtue of being a SMC, is required to comply with the recognition and measurement principles prescribed by all Accounting Standards, but are given a relaxation in respect of certain disclosure related standards and certain disclosure requirements prescribed by other Accounting Standards.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	335.360	0.000
Total	335.360	0.000

INDEX OF CHARGES : NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Tangible Assets

Plant and equipment

Furniture and fixtures

Office equipment

Computer equipments

Leasehold improvements

Intangible assets

Computer software

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.64.82
UK Pound	1	Rs.101.43
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	TRI
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		23

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.