MIRA INFORM REPORT

Report No. :	324161
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	SPHEROS MOTHERSON THERMAL SYSTEM LIMITED (w.e.f.14.09.2006)
Formerly Known As :	MOTHERSON ADVANCED AUTOMOBILE SOLUTIONS LIMITED (w.e.f. 31.07.2006) MOTHERSON ADVANCED AUTOMOBILES SOLUTIONS PRIVATE LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044, Delhi
Tel. No.:	91-11-40555940
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.12.2004
Com. Reg. No.:	55-131101
Capital Investment / Paid-up Capital :	Rs. 80.000 Million
CIN No.: [Company Identification No.]	U74899DL2004PLC131101
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM13210B
PAN No.: [Permanent Account No.]	AAECM2630F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer of Air Conditioner
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 340000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject is a joint venture between Samvardhana Motherson Group and Spheros GmbH of Germany. General financial position of the company seems to be fair. The rating also takes into debt free balance sheet of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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	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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. C. S. Sharma
Designation :	Admin
Contact No.:	91-120-6679292
Date :	29.05.2015

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044, Delhi
Tel. No.:	91-11-40555940
Fax No.:	91-11-40555940
E-Mail :	ashoktandon@smil.motherson.com
Location :	Owned
Locality :	Commercial
Factory :	A-79, Sector-2, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

DIRECTORS

As on 25.08.2014

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H1A- 141, DLF Westend Heights, Phase-V, Gurgaon-122009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment :

09.12.2004

DIN No.:

00032733

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	U34107DL2000PTC108736	ANEST IWATA MOTHERSON Private Limited	Director	19/05/2003	19/05/2003	25/08/2014	Active	NO
2	U74999DL2002NPL116010	MOTHERSON INNOVATIVE TECHNOLOGIES AND RESEARCH	Director	23/05/2003	23/05/2003	13/02/2007	Active	NO
3	U55101DL1997PTC090104	KYUNGSHIN INDUSTRIAL MOTHERSON Private Limited	Director	28/05/2003	28/05/2003	-	Active	NO
4	U74999DL1998PLC093544	CTM INDIA LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
5	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
6	U18109DL1999PTC099074	SISBRO MOTOR AND WORKSHOP PRIVATE LIMITED	Director	01/04/2004	01/04/2004	10/05/2007	Active	NO
7	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	16/08/2004	16/08/2004	27/03/2015	Active	NO
8	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	16/08/2004	16/08/2004	27/03/2015	Active	NO
9	U67120DL1997PLC085879	SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED	Director	16/08/2004	16/08/2004	-	Amalgamated	NO
10	U74899DL2004PLC131099	MOTHERSON MACHINERY AND AUTOMATIONS LIMITED	Director	09/12/2004	09/12/2004	15/01/2007	Active	NO
11	U74899DL2004PLC131122	MOTHERSON AUTO SOLUTIONS LIMITED	Director	09/12/2004	09/12/2004	30/11/2007	Active	NO
12	U34300DL2004PLC131121	NACHI MOTHERSON TOOL TECHNOLOGY LIMITED	Director	09/12/2004	09/12/2004	26/03/2015	Active	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	30/09/2014	09/12/2004	-	Active	NO
14	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
15	U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Director	09/12/2004	09/12/2004	-	Active	NO
16	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12/08/2005	12/08/2005	01/03/2009	Active	NO
17	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21/11/2005	21/11/2005	25/08/2006	Amalgamated	NO
18	U74102DL2001PTC112560	FIELD MOTOR Private Limited	Director	29/09/2006	03/12/2005	14/03/2015	Active	NO
19	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30/05/2007	26/07/2006	28/01/2008	Active	NO
20	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31/05/2007	28/07/2006	21/03/2008	Active	NO
21	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LTD.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
22	U34300DL1996PTC084072	Webasto Roofsystems India Private Limited	Alternate director	01/06/2010	14/02/2007	27/12/2010	Active	NO
23	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	19/06/2009	04/09/2007	-	Active	NO
24	U34102DL2007PTC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS Private Limited	Director	28/09/2007	28/09/2007	02/10/2007	Active	NO
25	U90000DL2007PLC169556	SAMVARDHANA MOTHERSON REFRIGERATION PRODUCT LIMITED	Director	21/04/2008	18/10/2007	29/03/2014	Active	NO
26	U24211DL2007PTC169557	NISSIN ADVANCED COATING INDO CO. Private Limited	Director	11/06/2008	18/10/2007	-	Active	NO
27	U51109DL2007PLC170331	AIR FACTORY ENERGY LIMITED	Director	19/05/2008	12/11/2007	17/09/2010	Active	NO
28	U31500DL2008PTC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM Private Limited	Director	14/08/2009	15/02/2008	-	Active	NO
29	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Alternate director	01/09/2008	01/09/2008	03/02/2009	Active	NO
30	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	01/09/2008	01/09/2008	20/03/2009	Active	NO
31	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Alternate director	24/11/2008	24/11/2008	13/02/2009	Amalgamated	NO
32	U28990DL2011PLC229148	MOTHERSON SINTERMETAL Technology Limited	Director	27/08/2012	22/12/2011	-	Active	NO
33	U29292DL2011PLC222184	SAMVARDHANA MOTHERSON POLYMERS LIMITED	Director	30/09/2013	26/08/2013	-	Active	NO
34	U74900PN2008PTC132425	Magneti Marelli Motherson Shock Absorbers India Private Limited	Director	01/08/2014	01/08/2014	-	Active	NO

Name :

Mr. Helmut Jakob Zanker

Designation :

Director

Address :

D-82152 Planegg, Hutfeldstrasse 15, Planegg, 162408 , Germany

Date of Birth/Age :

02.12.1956

Date of Appointment :

12.07.2007

DIN No.:

00862696

Name :

Mr. Gerhart Wiencke

Designation :

Director

Address :

The Mount Rhodes, Hout Bay, Cape Town, 9949 , South Africa

Date of Birth/Age :

04.02.1966

Date of Appointment :

12.07.2007

DIN No.:

00872200

Name :

Anil Kalra

Designation :

Director

Address :

H. No. 6409, Phase- IV, DLF City, Gurgaon-122002, Haryana, India

Date of Birth/Age :

04.10.1952

Date of Appointment :

11.07.2012

DIN No.:

05237699

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	U74899DL2004PLC131101	Spheros Motherson Thermal System Limited	Director	11/07/2012	17/03/2012	-	Active	NO
2	U29130DL2004PLC131100	MOTHERSON CONSULTANCIES SERVICE LIMITED	Director	27/08/2013	01/08/2013	-	Active	NO
3	U45400DL2007PLC169491	MOTHERSON ADVANCED TOOLING SOLUTIONS LIMITED	Director	30/09/2013	17/08/2013	-	Active	NO
4	U90000DL2007PLC169556	SAMVARDHANA MOTHERSON REFRIGERATION PRODUCT LIMITED	Director	19/09/2014	04/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Cyril George Xavier
Designation :	Manager
Address :	Sector 93-B, Grand Omaxe Apartments, Block Regent B, Door No. 301, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	09.02.1964
Date of Appointment :	01.06.2013
PAN No.:	AAAPX0232B
Name :	Shelly Chawla
Designation :	Secretary
Address :	C-40, Sector -30, Noida-201303, Uttar Pradesh, India
Date of Birth/Age :	01.08.1977
Date of Appointment :	29.11.2011
PAN No.:	AJPPC4073K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2014

Names of Shareholders	No. of Shares
Samvardhana Motherson Finance Limited, New Delhi	2988500
Ashok Tandon	100
Vivek Avasthi	100
Laksh Vaaman Sehgal	100
Manoj Maheshwari	100
Renu Alka Segal	100
Spheros GMBH, Germany	3111000
Total	6100000

Names of Preference Shareholders	No. of Shares
Spheros GMBH, Germany	969000
Samvardhana Motherson Finance Limited, New Delhi	931000
Total	1900000

Equity Share Break up (Percentage of Total Equity)

As on 25.08.2014

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	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer of Air Conditioner

Products :

Item Code No.	Product Description
84150000	Bus Air Condition

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Cheque

Purchasing :

Cash / Cheque

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 :

Not Divulged

Bankers :

Bank Name	Axis Bank Limited
Branch	B-2 and B-3, Sector 16, Noida - 201301, Uttar Pradesh, India
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 :	Price Waterhouse Chartered Accountants
Address :	Floor 7-8, Building 8, Tower B, DLF Cyber City Gurgoan-122002, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFP3698A
Memberships :	Not Available
Collaborators :	Not Available
Holding companies :	Spheros GmbH, Germany
Fellow Subsidiary Company :	Spheros Malaysia Sdn Bhd Spheros Climate Systems Singapore Pte. Limited Spheros Electron GUV GMBH Spheros Yangzhou Limited Motherson Zanotti Refrigeration System Limited Spheros South Africa Pty. Limited Spheros Climatizacao do Brasil S/A Spheros Europa GmbH Spheros Limited , Hong Kong Spheros Middle East FZE Spheros Parabus Limited Spheros Termo Sistemleri A.S.
Other Related Parties :	Anest Iwata Motherson Limited Spheros Elektron GmbH
Joint venture :	Samvardhana Motherson International Limited

CAPITAL STRUCTURE

As on 25.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,100,000	Equity Shares	Rs.10/- each	Rs. 61.000 Million
1,900,000	Preference Shares	Rs.10/- each	Rs. 19.000 Million
	Total		Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,100,000	Equity Shares	Rs.10/- each	Rs. 61.000 Million
1,900,000	Preference Shares	Rs.10/- each	Rs. 19.000 Million
	Total		Rs. 80.000 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	80.000	80.000	80.000
(b) Reserves & Surplus	37.503	34.814	29.940
(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)	117.503	114.814	109.940
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.318	0.127	0.436
(d) long-term provisions	1.551	2.202	2.168
Total Non-current Liabilities (3)	1.869	2.329	2.604
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	7.426
(b) Trade payables	87.796	75.046	93.144
(c) Other current liabilities	6.673	9.054	6.946
(d) Short-term provisions	16.476	14.130	29.134
Total Current Liabilities (4)	110.945	98.230	136.650
TOTAL	230.317	215.373	249.194
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.110	3.311	5.901
(ii) Intangible Assets	0.500	0.041	0.331
(iii) Capital work-in-progress	2.809	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	4.779	5.458	3.330
(d) Long-term Loan and Advances	0.200	0.000	1.383
(e) Other Non-current assets	3.241	5.512	5.102
Total Non-Current Assets	15.639	14.322	16.047
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.313	75.577	89.888
(c) Trade receivables	63.592	77.175	111.965
(d) Cash and cash equivalents	53.308	36.364	18.360
(e) Short-term loans and advances	14.773	10.993	12.507
(f) Other current assets	1.692	0.942	0.427
Total Current Assets	214.678	201.051	233.147
TOTAL	230.317	215.373	249.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	427.713	395.108	495.447
		Other Income	2.899	3.206	2.945
		TOTAL (A)	430.612	398.314	498.392
Less	EXPENSES
		Cost of Materials Consumed	297.816	254.070	335.718
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.903)	(0.009)	(0.261)
		Employees benefits expense	48.890	43.568	38.228
		Other expenses	74.458	88.581	84.265
		TOTAL (B)	419.261	386.210	457.950
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.351	12.104	40.442
Less	FINANCIAL EXPENSES (D)		0.000	0.024	1.237
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.351	12.080	39.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.873	2.723	3.485
	PROFIT BEFORE TAX (E-F) (G)		9.478	9.357	35.720
Less	TAX (H)		3.179	3.372	11.816
	PROFIT AFTER TAX (G-H) (I)		6.299	5.985	23.904
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.619	28.745	17.747
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	1.195
		Proposed Dividend on Equity Shares	2.135	0.000	9.150
		Proposed Dividend on Redeemable Preference Shares	0.950	0.950	0.950
		Dividend Distribution Tax	0.524	0.161	1.611
	BALANCE CARRIED TO THE B/S		36.309	33.619	28.745
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	48.579	23.346	42.246
	TOTAL EARNINGS		48.579	23.346	42.246
	Earnings Per Share (Rs.)
	Basic		0.85	0.80	3.74
	Diluted		0.79	0.75	2.99

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.47	1.51	4.82
Operating Profit Margin (PBIDT/Sales)	(%)	2.65	3.06	8.16
Return on Total Assets (PBT/Total Assets}	(%)	4.26	4.46	14.53
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.32
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.07
Current Ratio (Current Asset/Current Liability)		1.93	2.05	1.71

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	80.000	80.000	80.000
Reserves & Surplus	29.940	34.814	37.503
Net worth	109.940	114.814	117.503
long-term borrowings	0.000	0.000	0.000
Short term borrowings	7.426	0.000	0.000
Total borrowings	7.426	0.000	0.000
Debt/Equity ratio	0.068	0.000	0.000

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	495.447	395.108	427.713
		(20.252)	8.252

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	495.447	395.108	427.713
Profit	23.904	5.985	6.299
	4.82%	1.51%	1.47%

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	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	No
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	No
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

NOTE: Registered office of the company has been shifted from 43 Community Centrebhageria House, New Friends Colony, New Delhi – 110065, Delhi to the present address w.e.f. 14.01.2009

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10173491	03/07/2013 *	45,000,000.00	AXIS BANK LIMITED	B-2 & B-3, SECTOR 16, NOIDA, Uttar Pradesh - 201301, INDIA	B80432669

OPERATIONS

During the year, The company achieved a Total Income (Net) of Rs. 430.612 Million as compared to last year of Rs. 398.315 Million and Net Profit after tax is Rs. 6.299 Million as compared to last year profit of Rs. 5.985 Million

During the year The company had participated in selection of suppliers for TATA facelift program to be launched in FY2013-14 and has been selected as supplier.

The company has actively participated in Ashok Leyland new bus project 'Jan Bus' and also being considered as preferred partner for the Global Bus Program for Ashok Leyland project. Also in JCBL has chosen us as their preferred supplier for domestic market and in exports, GB Polo, Egypt has chosen us as preferred supplier.

FIXED ASSETS

• Plant and Machinery
• Motors
• Furniture and Fixtures
• Office Equipments
• Computers
• Vehicles

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.63.61
UK Pound	1	Rs.97.26
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SAN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	2
--RESERVES	1~10	5
--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	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		44

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.