MIRA INFORM REPORT

Report No. :	353107
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	TATA FICOSA AUTOMOTIVE SYSTEMS PRIVATE LIMITED (w.e.f. 11.04.2015)
Formerly Known As :	TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED
Registered Office :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, Maharashtra
Tel. No.:	91-20-66745300
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.01.1998
Com. Reg. No.:	11-112992
Capital Investment / Paid-up Capital :	Rs. 375.000 Million
CIN No.: [Company Identification No.]	U74999MH1998PTC112992
IEC No.:	0397093667
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT5755A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobiles Parts like Interior and Exterior Rear View Mirror, Cables And Transmission Systems. (From Confirm by Management)
No. of Employees :	450 (Approximately)

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 868000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Tata Ficosa Automotive Systems is a 50:50 joint venture between “Tata AutoComp Systems Limited, India” and “Ficosa International S.A., Spain”. It was incorporated in January 1998 and is engaged in business as the manufacturer of automobiles parts like interior and exterior rear view mirror, cables and transmission systems. It is an established company having satisfactory track The company possesses decent revenue profile by recording total income of Rs.1361.85 million for the year 2015 as against Rs.1240.19 million for the previous year which further resulted to rise in net profit of the company. Further, the rating also factor in company’s acceptable financial risk profile with comfortable capital structure and fair debt protection metrics. Moreover, the rating also considers company’s established business and strong operational and financial support from its joint venture entities. These rating strengths are partially offset by company’s moderate scale of operations and vulnerability to competitive pressures. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	CRISIL
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	08.06.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	08.06.2015

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Paresh
Designation :	Finance Department
Contact No.:	91-8554984141
Date :	04.12.2015

LOCATIONS

Registered Office/ Factory :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, Maharashtra, India
Tel. No.:	91-20-66745300
Mobile No.:	91-8554984141 (Mr. Paresh)
Fax No.:	91-20-39232127
E-Mail :	michelle.martin@tataficosa.com amit.deshpande@tataficosa.com ketki.gandham@tataficosa.com
Location:	Owned
Locality:	Residential

DIRECTORS

AS ON 30.07.2015

Name :

Mr. Gajendra Pal Singh Chandel

Designation :

Director

Address :

144 Delmar Towers Clover Village, Wanowrie, Pune - 411040, Maharashtra, India

Date of Birth/Age :

30.06.1961

Date of Appointment :

10.07.2012

DIN No.:

01639435

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	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Additional director	27/04/2007	27/04/2007	19/10/2007	Active	NO
2	U74999MH1998PTC112992	TATA FICOSA AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	10/07/2012	28/06/2007	-	Active	NO
3	U29130PN2006PTC128649	TATA AUTOCOMP HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	01/09/2009	28/06/2007	-	Active	NO
4	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Additional director	14/11/2008	14/11/2008	05/01/2009	Active	NO
5	U32109PN2005PTC020334	TRIMBLE MOBILITY SOLUTIONS INDIA PRIVATE LIMITED	Director	24/06/2009	29/12/2008	14/12/2010	Active	NO
6	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	06/06/2010	22/01/2010	-	Amalgamated	NO
7	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Additional director	01/02/2010	01/02/2010	15/02/2010	Active	NO

Name :

Mr. Arvind Hari Goel

Designation :

Director

Address :

S. No. 206/1, Fl. No. 10, Baner Shahik, Park Behind Chaitraban Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

13.10.1957

Date of Appointment :

16.07.2014

DIN No.:

02300813

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	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA PRIVATE LIMITED	Additional director	11/04/2008	11/04/2008	06/05/2008	Active	NO
2	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2009	25/12/2008	01/12/2009	Active	NO
3	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	25/07/2009	30/12/2008	-	Active	NO
4	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	27/07/2009	30/12/2008	-	Amalgamated	NO
5	U74999MH2007PLC173035	TATA UNISTORE LIMITED	Director	12/08/2011	18/06/2010	06/10/2014	Active	NO
6	U29130PN2006PTC128649	TATA AUTOCOMP HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	02/05/2013	22/05/2012	-	Active	NO
7	U80903PN2012NPL145231	AUTOMOTIVE SKILLS TRAINING FOUNDATION	Additional director	29/11/2012	29/11/2012	-	Active	NO
8	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	22/07/2014	09/09/2013	-	Active	NO
9	U74999MH1998PTC112992	TATA FICOSA AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	16/07/2014	20/09/2013	-	Active	NO
10	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	11/09/2014	11/09/2014	-	Active	NO
11	U29222PN2014PLC152758	AIR INTERNATIONAL TTR THERMAL SYSTEMS LIMITED	Director	10/10/2014	10/10/2014	-	Active	NO
12	U34100PN2015PTC154431	TM AUTOMOTIVE SEATING SYSTEMS PRIVATE LIMITED	Director	20/03/2015	20/03/2015	-	Active	NO
13	U35900HR2009PTC038884	TATA AUTOCOMP KATCON EXHAUST SYSTEMS PRIVATE LIMITED	Director	30/09/2015	01/04/2015	-	Active	NO

Name :

Mr. Harish Girish Pathak

Designation :

Director

Address :

Duplex-17, Sr. No. 2/2/2/6 The Woods, Near. Kalewadi Phata, Wakad, Pune - 411057, Maharashtra, India

Date of Birth/Age :

30.12.1958

Date of Appointment :

16.07.2014

DIN No.:

02426760

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	U45209PN2005PLC020270	TATA BLUESCOPE STEEL LIMITED	Whole-time director	01/09/2013	15/07/2008	31/10/2013	Active	NO
2	U51109PN2013PTC148668	TRACTO METAL PRIVATE LIMITED	Director	02/09/2013	02/09/2013	-	Active	NO
3	U31300PN2005PTC021394	TATA AUTOCOMP GY BATTERIES PRIVATE LIMITED	Director	11/07/2014	14/11/2013	-	Active	NO
4	U74999MH1998PTC112992	TATA FICOSA AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	16/07/2014	04/01/2014	-	Active	NO

Name :

Mr. Francisco Javier Artigas Pujol

Designation :

Director

Address :

Avda Pedralbes, 30 2-2, Barcelona, 08034, Spain

Date of Birth/Age :

16.05.1962

Date of Appointment :

31.09.1999

DIN No.:

02815896

Name :

Mr. Jose Maria Permanyer Serra

Designation :

Director

Address :

C. Josep Pallach, 2-6 2, Sant Cugat Del Valles - 08173, Spain

Date of Birth/Age :

27.05.1965

Date of Appointment :

28.03.2000

DIN No.:

02816324

Name :

Mr. Jose Del Rey Escriva

Designation :

Director

Address :

Avda. Pla Vinyet 12 B, Sant Cugat Del Valles -Barcelona, 08172, Spain

Date of Birth/Age :

25.03.1961

Date of Appointment :

16.07.2014

DIN No.:

06844990

KEY EXECUTIVES

Name :	Mr. Paresh Deviprasad Padhya
Designation :	Chief Finance Officer
Address :	S. No. 139/2 to 4, Rajveer Palace, Pimpale Saudagar, Building J Fl. 303, Pune - 411027, Maharashtra, India
Date of Appointment :	08.05.2014
PAN No.:	AHZPP6916C
Name :	Mr. Sureshnarayanan Sundaresan
Designation :	Manager
Address :	B3 - 201, Montvert Finesse Society, Baner Pashan Link Road, Village Pashan, Pune - 411021, Maharashtra, India
Date of Birth/Age :	06.09.1974
Date of Appointment :	01.02.2014
PAN No.:	AVIPS4792A
Name :	Mr. Michelle Martin
Designation :	Secretary
Address :	"Joyvilla" Plot No 17, Jai Vishwa Bharati Colony, Aurangabad - 431005, Maharashtra, India
Date of Appointment :	19.03.2015
PAN No.:	BCVPM9930K
Name :	Mr. Paresh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.07.2014

Names of Shareholders	No. of Shares
Tata Autocomp Systems Limited, India	18749400
Ficosa International S.A, Spain	18750000
Tata Autocomp Systems Limited, India Jointly with Gajrndra Chandel	100
Tata Autocomp Systems Limited, India Jointly with Ajay Tandon	100
Tata Autocomp Systems Limited, India Jointly with Harish Pathak	300
Tata Autocomp Systems Limited, India Jointly with Deepak Rastogi	50
Tata Autocomp Systems Limited, India Jointly with Tarun Gupta	50
Total	37500000

AS ON 16.07.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobiles Parts like Interior and Exterior Rear View Mirror, Cables And Transmission Systems. (From Confirm by Management)

Products :

ITC Code No.	Product Descriptions
87089900	Outer and inner rear view mirror
87089900	Command Cable System
87089900	Gear Shifter Lever
87089900	Washer System

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Spain

· Russia

Imports :

Products :

Raw Material

Countries :

· China

· Japan

· Turkey

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

450 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Industrial Finance Branch, Tara Chambers, Wakdewadi, Pune Mumbai Highway, Pune - 411003, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-20-26134824 (No one is responding)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Indian Bank

759/62, Prabhat Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	12.970	10.430
Other loans and advances, others	42.030	35.710
Total	55.000	46.140

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, DR. Annie Besant Road Opposite Shiv Sagar Estate Worli Mumbai – 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	--
Collaborators :	--
Venture of the Companies :	· Tata Autocomp Systems Limited (U34100MH1995PLC093733) · Ficosa International S.A

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37,500,000	Equity Shares	Rs. 10/- each	Rs. 375.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	375.000	375.000	375.000
(b) Reserves & Surplus	(71.240)	(101.740)	(119.030)
(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)	303.760	273.260	255.970
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	11.380
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.590	2.110
(d) long-term provisions	8.280	6.430	3.500
Total Non-current Liabilities (3)	8.280	7.020	16.990
(4) Current Liabilities
(a) Short term borrowings	55.000	46.140	38.880
(b) Trade payables	391.490	234.710	206.440
(c) Other current liabilities	52.520	50.790	70.060
(d) Short-term provisions	3.980	3.080	5.120
Total Current Liabilities (4)	502.990	334.720	320.500
TOTAL	815.030	615.000	593.460
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	257.310	256.380	274.560
(ii) Intangible Assets	4.750	2.190	3.020
(iii) Capital work-in-progress	0.200	1.150	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	3.410	0.000	0.000
(d) Long-term Loan and Advances	26.350	19.150	13.830
(e) Other Non-current assets	17.290	18.410	14.370
Total Non-Current Assets	309.310	297.280	305.780
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	198.510	125.650	123.920
(c) Trade receivables	133.000	124.110	126.890
(d) Cash and cash equivalents	48.510	18.630	6.550
(e) Short-term loans and advances	74.030	47.820	29.960
(f) Other current assets	51.670	1.510	0.360
Total Current Assets	505.720	317.720	287.680
TOTAL	815.030	615.000	593.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	1358.860	1237.370	1333.790
		Other Income	2.990	2.820	4.620
		TOTAL (A)	1361.850	1240.190	1338.410
Less	EXPENSES
		Cost of Materials Consumed	1019.990	889.980	947.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(41.740)	(2.860)	(5.240)
		Employees benefits expense	153.470	138.530	140.100
		Other expenses	150.940	141.650	151.540
		TOTAL (B)	1282.660	1167.300	1233.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.190	72.890	104.510
Less	FINANCIAL EXPENSES (D)		8.120	9.880	15.860
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.070	63.010	88.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.070	41.350	41.510
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		30.000	21.660	47.140
Less	TAX (H)		(2.890)	4.370	9.440
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		32.890	17.290	37.700
	EARNINGS IN FOREIGN CURRENCY		203.990	209.300	230.620
	IMPORTS
		Raw Materials	275.410	230.880	239.530
		Stores & Spares	58.730	20.820	13.050
		Capital Goods	1.10	1.520	4.290
	TOTAL IMPORTS		335.240	253.220	256.870
	Earnings Per Share (Rs.)		0.88	0.46	1.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	16.380	43.460
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	95.600	88.110	67.10

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.42	1.40	2.83
Operating Profit Margin (PBDIT/Sales)	(%)	5.83	5.89	7.84
Return on Total Assets (PBT/Total Assets}	(%)	3.70	3.53	7.94
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.18
Debt Equity Ratio (Total Debt/Networth)		0.18	0.23	0.37
Current Ratio (Current Asset/Current Liability)		1.01	0.95	0.90

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	375.000	375.000	375.000
Reserves & Surplus	(119.030)	(101.740)	(71.240)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	255.970	273.260	303.760
Long-term borrowings	11.380	0.000	0.000
Short term borrowings	38.880	46.140	55.000
CURRENT MATURITIES OF LONG-TERM DEBTS	43.460	16.380	0.000
Total borrowings	93.720	62.520	55.000
Debt/Equity ratio	0.366	0.229	0.181

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1333.790	1237.370	1358.860
		-7.229	9.818

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1333.790	1237.370	1358.860
Profit	37.700	17.290	32.890
	2.83%	1.40%	2.42%

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	Yes
7	Name of the person contacted	Yes
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	Yes
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)	Yes
16	No. of employees	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10312187	26/12/2012 *	155,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, WAKDEWADI, MUMBAI PUNE ROAD, PUNE - 411003, MAHARASHTRA,  INDIA	B66290057
2	90151614	09/03/2004	14,972,039.00	FORD INDIAN LIMITED	SP KOIL; KANCHEEPOORAM, TAMIL NADU, INDIA	-

* Date of charge modification

FINANCIAL PERFORMANCE

During the year, the company earned a total income of Rs. 1361.85 million for the year ended March 31, 2015 as against Rs. 1240.190 million for the previous year ended March 31, 2014, a Increase of 9.81 %. The Profit before tax for the year has been Rs. 30.000 million as compared to Rs. 21.660 million in the previous year. The profit after tax for the year has been Rs. 32.89 million as against Rs. 17.290 million during the previous year.

STATE OF THE COMPANY’S AFFAIRS

The Company, in order to have ease of business, has been converted into a private limited company. The name of the Company now stands as “Tata Ficosa Automotive Systems Private Limited” and the CIN No. U74999MH1998PTC112992 effective from 11th April 2015.

BUSINESS PERFORMANCE

The year posed significant challenges for the economic environment. The Passenger vehicle production registered a positive growth of 3.89% as compared to the previous year. Further, the Medium and Heavy Commercial vehicle segment registered a negative growth of 2.83% as compared to the previous year. The Company registered a positive sales growth over the previous year. This was mainly on account of supplies to some of the OEM’s.

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 records 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.66.63
UK Pound	1	Rs.101.65
Euro	1	Rs.72.40

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	HNA
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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	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.