MIRA INFORM REPORT

Report No. :	312095
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.07.1996
Com. Reg. No.:	08-020766
Capital Investment / Paid-up Capital :	Rs. 58.360 Millions
CIN No.: [Company Identification No.]	U35204KA1996PTC020766
TIN No.:	29720074791
TAN No.: [Tax Deduction & Collection Account No.]	BLRA04872A
PAN No.: [Permanent Account No.]	AABCA7045H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of Window Regulators and Door Latches
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1850000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. However, trade relations are reported as fair. Business is active. Payments term are reported to be usually correct and as per commitment. The company can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Term Loans: “BBB+”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Short term fund based limits: “A2”
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	September, 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 31-03-2014.

LOCATIONS

Registered Office/ Door and Access Division :	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka, India
Tel. No.:	91-80-22637000
Fax No.:	91-80-27625040
E-Mail :	cjayram@adityaauto.com mktg@adityaauto.com
Website :	www.adityaauto.com
Contract Manufacturing Division :	Plot No.13D, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka, India
Tel. No.:	91-80-22637000
Fax No.:	91-80-27625040
E-Mail :	mktg@adityaauto.com
Wiring Harness and Integrated Products Division :	179, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27832955/ 27625041/ 41658114
Fax No.:	91-80-27831103/ 27625040
E-Mail :	mktg@adityaauto.com
Components Division and Tool Room :	23/24, 2^nd Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel No.:	91-80-28394840
Fax No.:	91-80-28394840
Email :	dmsgowda@adityaauto.com
Factory :	Also Located at · Haryana · Tamilnadu · Maharashtra
Branch Office:	SF. No. 222/8 & 223, Boothakudi Village, Virali Malai, Pudukottai District – 621316, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Jayaraman Chandrachudan

Designation :

Managing Director

Address :

283, 15^th A Cross, Yelahanka New Town, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

05.12.1949

Date of Appointment :

01.04.2012

PAN No.:

ACIPJ8327R

DIN No.:

00296405

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	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PVT LTD	Managing director	01-04-2012	03-06-1998	-	Active	NO
2	U22219KA1990PTC011258	REHANS GRAPHICS PRIVATE LIMITED	Director	25-06-1999	25-06-1999	-	Active	NO
3	U24299WB2003PTC096939	POLYGAL INDIA PRIVATE LIMITED	Director	01-06-2004	01-06-2004	24-09-2012	Active	NO
4	U34300KA2008PTC048286	ADITYA AUTO DOOR SYSTEMS PRIVATE LIMITED	Director	14-11-2008	14-11-2008	-	Active	NO
5	U34300KA2008PTC048502	ADITYA ESSAE AUTO COMPONENTS PRIVATE LIMITED	Director	04-12-2008	04-12-2008	-	Active	NO
6	U25112KA2011PTC060384	ARC VALVES INDIA PRIVATE LIMITED	Director	13-09-2011	13-09-2011	-	Active	NO
7	U51420KA2002PTC031383	PRANAV EXIMP PRIVATE LIMITED	Director	23-07-2012	23-07-2012	-	Active	NO

Name :

Ms. Uma Jayaraman

Designation :

Director

Address :

727, Venkateswara Nilaya, 5^th Cross, Yelahanka New Town, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

04.12.1956

Date of Appointment :

22.10.2012

PAN No.:

ACTPJ5951C

DIN No. :

00748403

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	U51420KA2002PTC031383	PRANAV EXIMP PRIVATE LIMITED	Director	23-12-2002	23-12-2002	Active	NO
2	U34300KA2008PTC048286	ADITYA AUTO DOOR SYSTEMS PRIVATE LIMITED	Director	30-07-2011	30-07-2011	Active	NO
3	U34300KA2008PTC048502	ADITYA ESSAE AUTO COMPONENTS PRIVATE LIMITED	Director	30-07-2011	30-07-2011	Active	NO
4	U22219KA1990PTC011258	REHANS GRAPHICS PRIVATE LIMITED	Director	23-07-2012	23-07-2012	Active	NO
5	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PVT LTD	Director	22-10-2012	22-10-2012	Active	NO

Name :

Mr. Ramachandran Jayaraman

Designation :

Chairman

Address :

417, Faculty Quarters, Indian Institute of Management, Bannerghatta, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

01.06.1957

Date of Appointment :

30.09.2008

DIN No.:

00004593

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	U74300KA1998PTC024546	INTEGRATED BRAND.COMM. PRIVATE LIMITED	Director	18-12-1998	18-12-1998	28-06-2012	Active	NO
2	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	17-04-1999	17-04-1999	15-02-2008	Active	NO
3	L72100KA1989PLC014226	SASKEN COMMUNICATION TECHNOLOGIES LIMITED	Director	22-09-2014	15-06-2000	-	Active	NO
4	U51397DL2005PTC190519	LIFETIME HEALTHCARE PRIVATE LIMITED	Director	01-04-2005	01-04-2005	21-11-2008	Amalgamated	NO
5	U64203MH1997PLC166329	RELIANCE COMMUNICATIONS INFRASTRUCTURE LIMITED	Director	26-06-2005	26-06-2005	16-08-2010	Active	NO
6	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	08-12-2005	08-12-2005	26-03-2013	Active	NO
7	L45309MH2004PLC147531	RELIANCE COMMUNICATIONS LIMITED	Director	17-07-2007	07-02-2006	-	Active	NO
8	L52599TN1961PLC028758	REDINGTON (INDIA) LIMITED	Director	21-11-2006	21-11-2006	-	Active	NO
9	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Director	31-10-2007	12-12-2006	12-03-2008	Active	NO
10	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	17-08-2007	06-04-2007	03-06-2014	Active	NO
11	U72900KA2000PLC026980	TEJAS NETWORKS LIMITED	Director	03-08-2007	26-04-2007	21-06-2012	Active	NO
12	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED	Director	30-09-2008	30-09-2008	-	Active	NO
13	L72200TG1991PLC013134	CYIENT LIMITED	Director	01-07-2009	17-11-2008	18-07-2012	Active	NO
14	U65999TN2005PLC069447	EASYACCESS FINANCIAL SERVICES LIMITED	Director	16-06-2010	21-05-2010	30-01-2014	Active	NO
15	U67190KA2000PTC043651	AQUARIUS INVESTMENT ADVISORS (INDIA) PRIVATE LIMITED	Director	16-09-2013	24-10-2012	-	Active	NO
16	L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	Director	07-08-2014	14-04-2013	-	Active	NO
17	U85110KA1992GOI013570	ANTRIX CORPORATION LIMITED	Director	10-06-2013	10-06-2013	01-06-2014	Active	NO
18	U72900MH2001PLC131598	RELIANCE INFRATEL LIMITED	Director	30-09-2013	30-08-2013	-	Active	NO
19	U93000MH2013NPL250169	PEOPLE'S ELECTORAL TRUST	Additional director	27-01-2014	27-01-2014	31-03-2014	Active	NO

Name :

Mr. William Robert Byass

Designation :

Director

Address :

16, Myrnong Crescent, Toorak, Victoria – 3142, Australia

Date of Birth/Age :

28.10.1949

Date of Appointment :

30.09.2006

DIN No.:

00279207

Name :

Mr. Gisbert Bluemel

Designation :

Director

Address :

Mozartstrasse 8, Offenburg - 77654, Germany

Date of Birth/Age :

15.12.1941

Date of Appointment :

30.09.2006

DIN No.:

00330853

Name :

Mr. Narasimhan Chakravarthi Srinivasan

Designation :

Director

Address :

7C, Sukhi Apartment, 17, Rhenius Street, Richmond Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

28.05.1945

Date of Appointment :

30.09.2003

DIN No.:

00471801

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	U29299KA1996PTC038742	STUMPP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED	Director	12-08-1996	12-08-1996	-	Active	NO
2	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED	Director	30-09-2003	30-09-2003	-	Active	NO
3	U02919KA2005PTC037505	KERN-LIEBERS (INDIA) PRIVATE LIMITED	Alternate director	01-07-2007	20-10-2005	31-08-2010	Active	NO
4	U74140KA2006PTC040518	MTI SOURCING PRIVATE LIMITED	Director	15-09-2006	15-09-2006	-	Active	NO
5	U34300KA2006PTC040523	MULTITECH INDUSTRIES INDIA PRIVATE LIMITED	Managing director	15-09-2006	15-09-2006	-	Active	NO
6	U29199KA2007PTC043306	STUMPP SCHUELE AND SOMAPPA SUSPENSION SYSTEMS PRIVATE LIMITED	Managing director	29-06-2007	29-06-2007	-	Strike off	NO
7	U35900TN2007PTC064288	DAEWON INDIA AUTO PARTS PRIVATE LIMITED	Director	20-07-2007	20-07-2007	14-05-2011	Active	NO
8	U29253KA2010PTC052534	OSRAM AUTOMOTIVE LAMPS PRIVATE LIMITED	Director	15-02-2010	15-02-2010	20-01-2011	Amalgamated	NO
9	U72900KA2013PTC072116	NONPLUS ULTRA HOME AUTOMATION PRIVATE LIMITED	Director	26-11-2013	26-11-2013	-	Active	NO
10	U35911KA2014PTC072972	STUMPP SCHUELE AND SOMAPPA AUTO SUSPENSION SYSTEMS PRIVATE LIMITED	Director	09-01-2014	09-01-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	94.96
Other top fifty shareholders	5.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of Window Regulators and Door Latches

Products :

Item Code No. (ITC Code)	Product Description
87089900	Manufactures of Window Regulators and Door Latches

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

· DBS Bank Limited, Salarpuria Windsor, No. 3, Old No. 10, Ulsoor Road, Ward No. 78, Bangalore - 560042, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Term Loan – Secured by way of Personal Guarantee of Managing Director)	100.000	175.000
Loans taken for vehicles (Vehicle Loans are Secured by Hypothecation of vehicles. Repayable within 0 – 36 monthly installments and rate of interest ranges from 12% to 15%.)	5.128	4.214
SHORT TERM BORROWINGS
Rupee term loans from banks (Short-term borrowings are secured by hypothecation of raw materials, finished goods, work in progress and book debts and collateral security of plant and machinery and rate of interest ranges from 7% to 13.5%.)	594.511	0.000
Loans repayable on demand from banks	0.000	539.261
Total	699.639	718.475

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, AnchorageII 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	--
Collaborators :	--
Subsidiary Company :	Rehans Graphics Private Limited CIN No.: U22219KA1990PTC011258
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Pranav Exim Private Limited CIN No.: U33110DL1995PTC073513

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,836,000	Equity Shares	Rs.10/- each	Rs. 58.360 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	58.360	56.660	49.620
(b) Reserves & Surplus	587.508	539.552	437.355
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	23.760
Total Shareholders’ Funds (1) + (2)	645.868	596.212	510.735
(3) Non-Current Liabilities
(a) long-term borrowings	105.128	180.615	281.372
(b) Deferred tax liabilities (Net)	53.583	46.819	43.084
(c) Other long term liabilities	0.000	3.763	26.446
(d) long-term provisions	9.282	10.555	6.393
Total Non-current Liabilities (3)	167.993	241.752	357.295
(4) Current Liabilities
(a) Short term borrowings	594.511	539.261	400.920
(b) Trade payables	265.743	370.669	344.145
(c) Other current liabilities	176.349	236.184	132.001
(d) Short-term provisions	15.351	14.647	19.205
Total Current Liabilities (4)	1051.954	1160.761	896.271
TOTAL	1865.815	1998.725	1764.301
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	834.083	868.307	843.605
(ii) Intangible Assets	4.814	0.891	2.433
(iii) Capital work-in-progress	73.239	45.472	45.472
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.984	2.984	2.984
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	44.494	51.616	49.893
(e) Other Non-current assets	22.912	27.971	8.129
Total Non-Current Assets	982.526	997.241	952.516
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	328.986	376.136	295.925
(c) Trade receivables	325.699	401.502	350.992
(d) Cash and cash equivalents	18.323	12.392	3.036
(e) Short-term loans and advances	145.662	189.419	161.700
(f) Other current assets	64.619	22.035	0.132
Total Current Assets	883.289	1001.484	811.785
TOTAL	1865.815	1998.725	1764.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2332.224	2407.412	1912.632
		Other Income	111.113	11.839	7.825
		TOTAL (A)	2443.337	2419.251	1920.457
Less	EXPENSES
		TOTAL (B)	2219.173	2189.753	1718.256
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		224.164	229.498	202.201
Less	FINANCIAL EXPENSES (D)		87.962	102.634	81.117
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		136.202	126.864	121.084
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.252	63.423	51.906
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		68.950	63.441	69.178
Less	TAX (H)		29.264	17.735	13.651
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		39.686	45.706	55.527
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		380.422	344.345	297.584
Less	APPROPRIATIONS
		General Reserve	3.000	3.000	3.000
		Dividend (Incl. Proposed Dividend)	5.836	5.666	4.962
		Tax on Dividend	1.195	0.963	0.804
	BALANCE CARRIED TO THE B/S		410.077	380.422	344.345
	EARNINGS IN FOREIGN CURRENCY (By Export of Wiring Harness, lead Wire Assemblies and printed circuit Board Assemblies and sub assembilies for Automotive Latches for Window Regulators)		283.200	412.500	435.900
	Earnings / (Loss) Per Share (Rs.)		6.80	8.07	11.19

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.70	1.90	2.90
Operating Profit Margin (PBDIT/Sales)	(%)	9.61	9.53	10.57
Return on Total Assets (PBT/Total Assets}	(%)	3.85	3.25	4.03
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.14
Debt Equity Ratio (Total Debt/Networth)		1.08	1.21	1.34
Current Ratio (Current Asset/Current Liability)		0.84	0.86	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.620	56.660	58.360
Reserves & Surplus	437.355	539.552	587.508
Share Application money pending allotment	23.760	0.000	0.000
Net worth	510.735	596.212	645.868
long-term borrowings	281.372	180.615	105.128
Short term borrowings	400.920	539.261	594.511
Total borrowings	682.292	719.876	699.639
Debt/Equity ratio	1.336	1.207	1.083

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1912.632	2407.412	2332.224
		25.869	-3.123

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1912.632	2407.412	2332.224
Profit	55.527	45.706	39.686
	2.90%	1.90%	1.70%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10529040	09/09/2014	90,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C32218703
2	10506313	16/05/2014	50,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE, PUNE, MAHARASHTRA - 411035, INDIA	C09482282
3	10410519	15/01/2013	22,000,000.00	SKODA AUTO INDIA PRIVATE LIMITED	PLOTNO.A-1/1 SHENDRA, FIVESTAR INDUSTRIAL AREA MIDC, AVRANGABAD, MAHARASHTRA - 431201, INDIA	B70336102
4	10214784	27/01/2015 *	238,800,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, NO.65, LHO COMPOUND, ST. MARK'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C41507518
5	10010644	15/03/2014 *	895,500,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C03697497

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances, others	0.000	1.401
Total	0.000	1.401

BACKGROUND

Subject is a private limited company, incorporated on 5^th July, 1996 under the provisions of the Companies Act, 1956. The company is engaged in the business of manufacturing and domestic sales as well as export of automotive components. The company's manufacturing facilities are located at Karnataka, Haryana, Tamilnadu and Maharashtra.

HIGHLIGHTS OF BUSINESS OPERATIONS

INDUSTRY OVERVIEW:

MILESTONES:

The Company embarked into design and development of motors for new programs of various OEMs with support from Technical leaders on design and optimization of Electric motors and also launched commercial production of Secondary latches for Volkswagen.

The Company has also been nominated for new products of new generation SUVs which have been designed in the USA.

INDUSTRY OUTLOOK FOR THE FINANCIAL YEAR 14:

The ever-increasing development in infrastructure, huge domestic market, increasing purchasing power and stable government framework have made India a favorable destination for investment, as per the vision of Automotive Mission Plan (AMP) 2006 2016.

However the Indian automobile industry has witnessed a period of sluggish demand for almost three consecutive years with signs of recovery still appearing distant. As auto component manufacturers derive over 60% of their revenues from supplies to the domestic auto Original Equipment Manufacturers (OEMs), the ongoing weakness in demand for new vehicles has accordingly had an adverse impact on revenue growth of suppliers which includes the company.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.