MIRA INFORM REPORT

Report No. :	329133
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED (w.e.f. 02.08.2007)
Formerly Known As :	HYSON ENGINEERING PRIVATE LIMITED
Registered Office :	A-15, Ashok Vihar, Phase-1, Delhi - 110052
Tel. No.:	91-1284-268009
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.2006
Com. Reg. No.:	55-155275
Capital Investment / Paid-up Capital :	Rs. 985.000 Million
CIN No.: [Company Identification No.]	U29253DL2006PTC155275
TAN No.: [Tax Deduction & Collection Account No.]	DELM15061E
PAN No.: [Permanent Account No.]	AAFCM1986R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Wire Harness and related product for Automobiles.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1260000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between the Furukawa Group (51 percent), a leading Japanese Automotive Component Manufacturer, and the Ashok Minde Group (49 percent). It is an established company having moderate track record. Management has changed its financial year from 18 months period ending on September 30, 2013 to 12 Months period ending on March 31, 2014. Company has incurred losses from its operations in the year under review. Further, company has recorded some accumulated losses. However, company has achieved decent turnover in financial year 2014. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of extensive industry experience of Furukawa Group along with its technical expertise and support to the subject, it can be considered for business dealings with slight caution.

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 rating = (BBB-)
Rating Explanation	Moderate degree of safety aand moderate credit risk
Date	14.02.2014

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.: 91-1284-268009

LOCATIONS

Registered Office :	A-15, Ashok Vihar, Phase-1, Delhi - 110052
Tel. No.:	91-1284-268009
Fax No.:	91-1284-268014
E-Mail :	vijay.verma@mindafurukawa.com contactus@mindafurukawa.com fg.chennai@mindafurukawa.com contactus@mindafurukawa.com
Website :	http://www.minda.co.in
Factory 1 :	325 - 326, Sector 3, Growth Centre – Bawal, Phase II, District Rewari – 123501, Haryana, India
Tel. No.:	91-1284-264317/18/44/24
Factory 2:	C-16,Sector 67, Noida – 201301, Uttar Pradesh, India
Factory 3 :	25/1A, 25/1B, 25/2, 25/3, 25/5 Vengadu Road, Navalur Village, Sriprembudur Taluk, Kancheepuram - 602105 Tamilnadu India

DIRECTORS

AS ON 14.11.2014

Name :

Mr. Ashok Kumar Minda

Designation :

Director

Address :

17, Olof Palme Marg, Vasant Vihar, New Delhi, 110057, Delhi, India

Date of Birth/Age :

29.06.1961

Date of Appointment :

10.01.2007

PAN No.:

AOEPM1451M

DIN No.:

00054727

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	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Whole-time director	05/07/2011	22/07/1987	-	Active	NO
2	U74899DL1995PLC066645	MINDA STONERIDGE INSTRUMENTS LIMITED	Director	20/05/1995	20/05/1995	-	Active	NO
3	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	09/11/1995	09/11/1995	21/03/2009	Active	NO
4	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	12/12/1996	12/12/1996	14/04/2011	Active	NO
5	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	09/04/2003	09/04/2003	-	Active	NO
6	U74140DL2004PLC125552	MINDA MANAGEMENT SERVICES LIMITED	Director	20/07/2011	01/04/2004	-	Active	NO
7	U34102DL1999PLC098741	MINDA S.M. TECHNOCAST LIMITED	Director	24/08/2006	24/08/2006	19/02/2014	Active	NO
8	U34300DL2007PTC157344	MINDA VAST ACCESS SYSTEMS PRIVATE LIMITED	Director	28/11/2013	03/01/2007	-	Active	NO
9	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	10/01/2007	10/01/2007	-	Active	NO
10	U74899DL1992PTC049657	DORSET KABA SECURITY SYSTEMS PRIVATE LIMITED	Director	29/04/2008	08/02/2007	-	Active	NO
11	U93090DL2007PLC158964	MINDA INTERNATIONAL LIMITED	Director	17/02/2007	17/02/2007	-	Active	NO
12	U29253DL2007PTC168593	MARS MECH-TECH PRIVATE LIMITED	Director	24/09/2007	24/09/2007	25/09/2007	Active	NO
13	U34300DL2002PTC116824	MINDA SILCA ENGINEERING PRIVATE LIMITED	Director	05/12/2007	04/12/2007	-	Active	NO
14	U31300DL1996PLC083438	MINDA CAPITAL LIMITED	Director	30/09/2009	15/06/2008	-	Active	NO
15	U25194DL2009PLC188691	MINDA PLASTIC SOLUTIONS INDIA LIMITED	Director	20/03/2009	20/03/2009	30/01/2014	Active	NO
16	U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED.	Director	08/05/2009	08/05/2009	-	Active	NO
17	U85100DL2014NPL273844	SPARK MINDA FOUNDATION	Additional director	01/04/2015	01/04/2015	-	Active	NO

Name :

Mr. Avinash Parkash Gandhi

Designation :

Director

Address :

C-2/14, Safdarjung, Development Area, New Delhi, 110016, Delhi, India

Date of Birth/Age :

01.10.1938

Date of Appointment :

30.09.2009

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	U34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	14/03/2014	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	05/10/2012	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	09/07/2014	12/05/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	06/10/2005	06/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	10/09/2014	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	01/09/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	05/10/2012	Active	NO
13	U34300DL2007PTC157344	MINDA VAST ACCESS SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	03/05/2008	18/03/2014	Active	NO
15	U34102TG1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	10/11/2012	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	15/03/2013	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	06/03/2010	06/03/2010	07/03/2014	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	05/09/2014	09/04/2011	-	Active	NO
20	U50103TG2006PTC073037	HYUNDAI MOTOR INDIA ENGINEERING PRIVATE LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO
21	U29309TN1996PLC035377	HYUNDAI MOTOR INDIA LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Shigenobu Abe

Designation :

Director

Address :

22-9, 6 Chome, Kanai, Machida-Shi, Tokyo - 1950072, Japan

Date of Birth/Age :

20.09.1961

Date of Appointment :

30.09.2008

DIN No.:

01673056

Name :

Takamitsu Kozuka

Designation :

Director

Address :

7-8-11, Maebara-Nishi, Funabashi-Shi, Chiba - 2740825, Japan

Date of Birth/Age :

17.02.1958

Date of Appointment :

29.12.2012

DIN No.:

05305117

Name :

Mr. Deep Kanwal Singh

Designation :

Whole-time director

Address :

C-3,1202 A, Vatika City, Sector-49, Gurgaon, 122018, Haryana, India

Date of Birth/Age :

18.07.1972

Date of Appointment :

14.11.2014

DIN No.:

06966405

KEY EXECUTIVES

Name :	Mr. Tarun Mohan Gupta
Designation :	Chief Finance Officer
Address :	Pinnacle Tower, Flat No. 501, Gh7, Ahinsa Khand-2, Ghaziabad, 201014, Uttar Pradesh, India
Date of Appointment :	09.12.2014
PAN No.:	AGSPG4001B
Name :	Mr. Pradeep Sharma
Designation :	Secretary
Address :	Trivedi Niketan, Behind Co-operative Bank, Ajitgarh, Shikar – 332701, Rajasthan, India
Date of Birth/Age :	25.02.1984
Date of Appointment :	01.05.2014
PAN No.:	BYWPS1070B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.11.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Furukawa Electric Co. Limited, Japan	28959000	29.40
Furukawa Automotive System Inc., Japan	19306000	19.60
Minda Corporation Limited, India	50235000	51.00
Total	98500000	100.00

AS ON 14.11.2014

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]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Wire Harness and Related product for Automobiles
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 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

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

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

· The Bank of Tokyo Mitsubishi UFJ Limited, 3, Jeevan Vihar Building, Parliament Street, Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	30.09.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	197.680	11.550
SHORT TERM BORROWINGS
Rupee term loans from banks	140.500	84.300
Working capital loans from banks	0.000	56.200
Other loans and advances, others	64.670	48.732
Total	402.850	200.782

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Joint Venture:	· The Furukawa Electric Co. Limited, Japan · Furukawa Automotive Systems Inc. japan · Minda Capital Limited, India (U31300DL1996PLC083438) · Mindarika Private Limited, India (U74899DL1995PTC073692) · Minda Valeo Security Systems Private Limited, India (U34300DL2007PTC157344) · Tokai Rika Minda India Private Limited, India (U34300KA2008PTC047401)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Furukawa Automotive Parts (Vietnam) INC., · Furukawa Auto Parts (HK) Limited, Hong Kong · Furukawa Automative Systems (Thailand) Co. Limited, Thailand · Permintex Furukawa Autoparts Malaysia Sdn. Bhd., Malaysia · Furukawa Electric (Shenzhen) Co., Limited, CHINA · Furukawa Electric Autoparts Phillipines, Inc, · Furukawa Sangya Kaisha India Private Limited · Furukawa Permintex Autoparts Indonesia, Indonesia · Minda Voleo Security Systems Private Limited · Tokai Rika Minda India Private Limited, India · Minda Corporation Limited, India (L74899DL1985PLC020401) · Minda Management Services Limited, India (U74140DL2004PLC125552) · Minda Sai Limited, India (U31905DL1981PLC127345) · Minda Industries Limited, India (L74899DL1992PLC050333) · Minda Kyoraku Limited, India (U35122DL2011PLC223819)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
98,500,000	Equity Shares	Rs. 10/- each	Rs. 985.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98,500,000	Equity Shares	Rs. 10/- each	Rs. 985.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	985.000	985.000	785.000
(b) Reserves & Surplus	(544.783)	(532.178)	(690.267)
(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)	440.217	452.822	94.733
(3) Non-Current Liabilities
(a) Long-term borrowings	197.680	11.550	88.550
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.886	3.791	6.995
Total Non-current Liabilities (3)	202.566	15.341	95.545
(4) Current Liabilities
(a) Short term borrowings	398.648	394.234	181.704
(b) Trade payables	681.968	603.319	1097.285
(c) Other current liabilities	90.806	87.775	88.915
(d) Short-term provisions	9.808	10.364	0.796
Total Current Liabilities (4)	1181.230	1095.692	1368.700
TOTAL	1824.013	1563.855	1558.978
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	614.036	555.446	561.766
(ii) Intangible Assets	4.867	4.798	4.917
(iii) Capital work-in-progress	112.846	124.221	2.805
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	44.122	40.401	2.362
(e) Other Non-current assets	0.200	0.100	0.100
Total Non-Current Assets	776.071	724.966	571.950
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	445.032	380.353	335.800
(c) Trade receivables	242.896	158.018	159.362
(d) Cash and cash equivalents	120.229	78.801	275.466
(e) Short-term loans and advances	239.521	216.177	216.354
(f) Other current assets	0.264	5.540	0.046
Total Current Assets	1047.942	838.889	987.028
TOTAL	1824.013	1563.855	1558.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012
	SALES
		Income	1466.575	1954.351	2733.677
		Other Income	21.207	96.221	2.876
		TOTAL (A)	1487.782	2050.572	2736.553
Less	EXPENSES (B)		1432.845	1785.246	2728.758
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.937	265.326	7.795
Less	FINANCIAL EXPENSES (D)		30.276	40.558	62.401
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.661	224.768	(54.606)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.266	66.679	92.267
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(12.605)	158.089	(146.873)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(12.605)	158.089	(146.873)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	23.711	22.608	24.086
	Earnings Per Share (Rs.)		0.13	1.60	1.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012
Current Maturities of Long term debt	62.405	77.000	77.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	30.09.2013	30.09.2012
Net Profit Margin (PAT / Sales)	(%)	(0.86)	8.09	(5.37)
Operating Profit Margin (PBDIT/Sales)	(%)	3.75	13.58	0.29
Return on Total Assets (PBT/Total Assets}	(%)	(0.74)	10.98	(9.44)
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.35	(1.55)
Debt Equity Ratio (Total Liability/Networth)		1.50	1.07	3.67
Current Ratio (Current Asset/Current Liability)		0.89	0.77	0.72

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	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	785.000	985.000	985.000
Reserves & Surplus	(690.267)	(532.178)	(544.783)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	94.733	452.822	440.217
Long-term borrowings	88.550	11.550	197.680
Short term borrowings	181.704	394.234	398.648
CURRENT MATURITIES OF LONG-TERM DEBTS	77.000	77.000	62.405
Total borrowings	347.254	482.784	658.733
Debt/Equity ratio	3.666	1.066	1.496

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2733.677	1954.351	1466.575
		(28.508)	(24.958)

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2733.677	1954.351	1466.575
Profit	(146.873)	158.089	(12.605)
	(5.37%)	8.09%	(0.86%)

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)	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 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	10551134	06/05/2015 *	187,500,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) CDU, NARAIN MANZIL  , 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C52448479
2	10472720	16/04/2014 *	220,500,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED BANK, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C02835775
3	10371414	25/06/2012	84,300,000.00	MIZUHO CORPORAE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER, 25, BARAKHAMB  A ROAD, NEW DELHI, DELHI - 110001, INDIA	B55993786
4	10361615	21/05/2012	56,200,000.00	THE BANK OF TOKYO MITSUBISHI UFJ LTD	3, JEEVAN VIHAR BUILDING, PARLIAMENT STREET, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	B42031286
5	10286112	06/05/2015 *	185,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	C52446820

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	30.09.2013 (Rs. In Million)
LONG-TERM BORROWINGS
SHORT TERM BORROWINGS
Working capital loans from banks	193.478	205.002
Total	193.478	205.003

CORPORATE INFORMATION

The company was incorporated on 7th Day of November, 2006 and is in the business of manufacturing wire harness for automobiles. The registered office is situated at New Delhi and its production facility is at Bawal Industrial Area, Haryana and Chennai.

PERFORMANCE REVIEW

During the period, the Company recorded a Total Revenue of Rs. 1487.782 Million and Loss for the year / period of Rs. (12.605) Million. The figures of review period are not comparable with the previous year figures in view of the fact that the Accounts for the financial year 2012-13 had been prepared for a period of 12 (Twelve) months i.e. from 1^st October, 2012 to 30^th September, 2013.

FUTURE OUTLOOK

The economic condition of the Company is improving and they are able to create value with continuous increase in profitability and operating margins year after year. Ambitious expansion plans are under way which will enable the company to continue its journey on the growth path.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	30.09.2013 (Rs. In Million)
Service tax demands*	0.764	0.764
Income tax**	284.859	0.000

NOTE:

*Service tax demand comprises show-cause notice received demand from the excise authorities on account of alleging wrong credit taken by the Company for services which did not fall in the preview of input services as defined under rule 2(l) of Cenvat Credit Rules 2004.

**During the period, the Company has received assessment order for the financials year 2008-09. The assessing officer has made adjustment amounting to Rs. 284.859 Million on account of transfer pricing adjustments. The Company has preferred an appeal with CIT(A). The management, based on its internal assessment and advice of its legal counsel, is confident that there would not be any probable outflow of resources in this matter.

FIXED ASSETS:

· Land

· Buildings

· Office Building

· Plant and Equipment

· Factory Equipment’s

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

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.99.79
Euro	1	Rs.71.17

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		36

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.