MIRA INFORM REPORT

Report No. :	327748
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	SENIOR INDIA PRIVATE LIMITED (w.e.f. 02.07.2001)
Formerly Known As :	SENIOR FLEXONICS (INDIA) LIMITED (w.e.f. 19.06.1997) INALSA FLEXONICS PRIVATE LIMITED
Registered Office :	4^th Floor, Rectangle No. 1, Behind Sheraton Hotel, Commercial Complex D, Saket, New Delhi – 110017
Tel. No.:	91-11-66544052
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.1996
Com. Reg. No.:	55-082386
Capital Investment / Paid-up Capital :	Rs. 90.003 Million
CIN No.: [Company Identification No.]	U74999DL1996PTC082386
IEC No.:	0597019941
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI2419N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Metallic Tubes, Hoses and Automotive Exhaust Connectors.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile along with zero debt balance sheet, healthy net worth base and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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

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 DECLINED

MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-124-4387704)

LOCATIONS

Registered Office :	4^th Floor, Rectangle No. 1, Behind Sheraton Hotel, Commercial Complex D, Saket, New Delhi – 110017, India
Tel. No.:	91-11-66544052
Fax No.:	Not Available
Email:	sipl@seniorauto.co.in naggarwal@seniorauto.co.in
Website:	www.seniorauto.co.in
Corporate Office / Factory :	Plot No 89, Sector-8, IMT Manesar, Guragaon - 122050, Haryana, India
Tel. No.:	91-124-4387704
Fax No.:	91-124-4387703
E-Mail :	sipl@seniorauto.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Koomar Durbha

Designation :

Managing Director

Address :

H32/4, DLF City, Phase 1, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

30.09.1963

Date of Appointment :

29.09.2009

PAN No.:

AIHPK3405G

DIN No :

02796633

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	U34300DL2002PTC114706	MAGNUM COMPONENTS PRIVATE LIMITED	Additional director	30-09-2002	30-09-2002	02-04-2009	Active	NO
2	U74999DL1996PTC082386	SENIOR INDIA PRIVATE LIMITED	Managing director	29-09-2009	20-08-2009	-	Active	NO

Name :

Mr. Henrich Karl Friedrich Kisker

Designation :

Director

Address :

Stegengasse 4 8001, Zurich, Switzerland

Date of Birth/Age :

22.04.1955

Date of Appointment :

12.06.1997

DIN No :

01418017

Name :

Mr. Michael William Sheppard

Designation :

Director

Address :

7N230, Barb Hill Dr, St Charles IL, 60175, United States of America

Date of Birth/Age :

20.01.1959

Date of Appointment :

12.07.2000

DIN No :

00333566

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	Company/ LLP Status	Defaulting status
1	U74999DL1996PTC082386	SENIOR INDIA PRIVATE LIMITED	Director	12-07-2000	12-07-2000	Active	NO
2	U21022DL1987PLC029401	BACHMANN INDUSTRIES INDIA LIMITED	Director	31-12-2014	20-09-2011	Active	NO

Name :

Mr. Naresh Kumar Aggarwal

Designation :

Director

Address :

H-42, Subhash Gali, Kotla, Mubarakpur, New Delhi - 110003, India

Date of Birth/Age :

10.11.1965

Date of Appointment :

19.06.2010

PAN No.:

ADQPA1501R

DIN No :

03169200

KEY EXECUTIVES

Name :	Mr. Naresh Kumar Aggarwal
Designation :	Secretary
Address :	H-42, Subhash Gali, Kotla, Mubarakpur, New Delhi - 110003, India
Date of Birth/Age :	10.11.1965
Date of Appointment :	04.10.2010
PAN No.:	ADQPA1501R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Senior Investment GMBH, Switzerland	9000299
Senior Engineering Investment Limited, United Kingdom	1
Total	9000300

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 Flexible Metallic Tubes, Hoses and Automotive Exhaust Connectors.

Products :

ITC Code No.	Product Descriptions
87089200	Silencers and Exhaust Pipes
8307.00	SS Flexible Metal Hose Bellow Assy
3917.00	PTFE Hose Assy
8708.00	Automotive Exhaust Connectors

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

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 :

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 :

Not Divulged

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 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

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon - 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,000,300	Equity Shares	Rs.10/- each	Rs. 90.003 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	90.003	90.003	90.003
(b) Reserves & Surplus	151.950	181.993	143.798
(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)	241.953	271.996	233.801
(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	0.000	0.000	2.619
(d) long-term provisions	10.016	9.974	5.655
Total Non-current Liabilities (3)	10.016	9.974	8.274
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	91.153	88.008	107.870
(c) Other current liabilities	10.016	11.159	7.134
(d) Short-term provisions	75.304	15.628	4.051
Total Current Liabilities (4)	176.473	114.795	119.055
TOTAL	428.442	396.765	361.130
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.285	68.695	74.324
(ii) Intangible Assets	1.896	0.516	1.495
(iii) Capital work-in-progress	16.217	24.495	3.521
(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)	25.707	23.676	16.384
(d) Long-term Loan and Advances	22.487	23.028	23.722
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	157.592	140.410	119.446
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.586	44.824	44.657
(c) Trade receivables	130.556	137.320	145.779
(d) Cash and cash equivalents	77.446	58.674	37.422
(e) Short-term loans and advances	17.243	15.519	13.793
(f) Other current assets	6.019	0.018	0.033
Total Current Assets	270.850	256.355	241.684
TOTAL	428.442	396.765	361.130

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	517.722	602.946	662.137
Less	EXPENSES		475.401	546.343	583.779
	PROFIT/ (LOSS) BEFORE TAX		42.321	56.603	78.358
Less	TAX		13.923	18.408	24.721
	PROFIT/ (LOSS) AFTER TAX		28.398	38.195	53.637
	EARNINGS IN FOREIGN CURRENCY		84.080	49.170	45.420
	Earnings Per Share (Rs.)		3.16	4.24	5.96

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.068
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.95	16.24	22.96
Return on Investment (ROI) (PBT/Networth)		0.17	0.21	0.34
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.53	2.23	2.03

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	90.003	90.003	90.003
Reserves & Surplus	143.798	181.993	151.950
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	233.801	271.996	241.953
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.068	0.000	0.000
Total borrowings	0.068	0.000	0.000
Debt/Equity ratio	0.000	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)
Total Income	662.137	602.946	517.722
		(8.939)	(14.135)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	662.137	602.946	517.722
Profit	53.637	38.195	28.398
	8.10%	6.33%	5.49%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	No
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	90368754	30/11/1999 *	2,000,000.00	SYNDICATE BANK	NEHRU PLACE, NEW DELHI, INDIA	-
2	90385717	30/11/1999 *	2,000,000.00	SYNDICATE BANK	NEHRU PLACE, NEW DELHI, INDIA	-
3	90385713	30/06/1998 *	4,000,000.00	SYNDICATE BANK	NEHRU PLACE, NEW DELHI, INDIA	-

* Date of charge modification

CORPORATE INFORMATION

The Company was incorporated on October 1, 1996 to manufacture flexible metallic tubes, hoses and automotive exhaust connectors.

OPERATIONS

The sales of the company (without Excise Duty) was Rs. 510.300 million against Rs. 595.100 million of last year.

The outlook for the next financial year 2014-15 is not encouraging because of recession in Automotive industry.

FUTURE OUTLOOK

Indian economy is expected to grow in coming years.

There was recession in automotive sector due to higher fuel and interest rates. We expect that the new Central Government will take necessary steps to stimulate economic growth.

The company has many new projects in hand namely Honda, Cummins IPO etc. to further increase the revenue of the company.

FINANCE

The company is availing a facility of Rs. 120.000 million from HSBC New Delhi (India) This facility has been sanctioned against corporate guarantee provided our parent company

CONTINGENT LIABILITIES

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Other money for which the Company is contingently liable:
- Income Tax [Refer Note ‘(a)’ and ‘(b) below]	2.153	23.690
- Service tax (excluding the matter given in note (c) below)	0.000	1.039
Total	2.153	24.729
NOTE a) Demand for income tax aggregating to Rs. 0.931 Million for the assessment year 2010-11 which is disputed by the Company and against which the Company has filed an appeal with the Commissioner of Income Tax (Appeals) which is pending for hearing. b) During the year the Company received a demand for income tax aggregating to Rs. 1.222 Million for the assessment year 2011-12 which is disputed by the Company and against which the Company has filed an appeal with the Commissioner of Income Tax (Appeals) which is pending for hearing. c) During the previous year the company has received a claim for service tax from a past labour supplier. The claim has been disputed by the Company and the matter is pending in Delhi high court. The claim amount is presently un certainable.

FIXED ASSETS

Tangible Assets

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other 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. 63.85
UK Pound	1	Rs. 101.00
Euro	1	Rs. 72.46

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		52

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.