MIRA INFORM REPORT

Report No. :	323301
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	EXEDY INDIA LIMITED (w.e.f.18.11.2010)
Formerly Known As :	CEEKAY DAIKIN LIMITED
Registered Office :	Plot L 4, MIDC Industrial Estate, Chikal Thana, Aurangabad – 431210, Maharashtra
Tel. No.:	91-22-22020849
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.11.1973
Com. Reg. No.:	11-016985
Capital Investment / Paid-up Capital :	Rs.60.067 Million
CIN No.: [Company Identification No.]	U34100MH1973PLC016985
IEC No.:	03881309879
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC0641G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is in business of manufacturing and sale of clutch for automotive industry
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “EXEDY CORPORATION” Japan. It is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. However, rating takes into consideration promoter’s well-entrenched experience in auto clutch business supported by established business relationship with leading domestic Original Equipment Manufacturers (OEMs) and continued financial support and technical assistance from the parent company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of strong parent company support backed by experience management team, the company can be considered for business dealing with some 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	CARE
Rating	Bank facilities fund based – Long term = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 17, 2015

Rating Agency Name	CARE
Rating	Bank facilities non fund based – Short term = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 17, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Sabrina
Designation :	Office Assistant
Contact No.:	91-22-22020849
Date :	18.05.2015

LOCATIONS

Registered Office / Factory 1 :	Plot L 4, MIDC Industrial Estate, Chikal Thana, Aurangabad – 431210, Maharashtra
Tel. No.:	91-22-22020849 / 24833341/ 2484014
Fax No.:	91-22-24833341/ 2484014
E-Mail :	ckd@exedyindia.in hjvora@exedyindia.in
Website :	http://www.exedyindia.in
Head Office :	N.K.M. International House, 4th Floor, 178, Babubhai M. Chinai Marg, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22020849
Factory 2 :	Plot No.9, Udyog Kendra Industrial Area, Greater Noida – 201304, Uttar Pradesh, India
Tel. No.:	91-120-2350280/ 81/ 86
Fax No.:	91-120-2350237

DIRECTORS

As on 09.12.2014

Name :

Mr. Pradeep B. Chinai

Designation :

Managing Director

Address :

8, St. James Court, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

25.01.1949

Qualification :

BS Engineer

Date of Appointment :

27.07.2013

PAN No.:

AAAPC9473H

Voter ID No.:

MT/04/019/286407

DIN No.:

00128368

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	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	27/07/2013	22/07/1975	-	Active	NO
2	U34100MH1987PTC043866	CKANCIL ENGINEERING PRIVATE LIMITED	Director	24/06/1987	24/06/1987	-	Under Process of Striking off	NO
3	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	29/04/1993	29/04/1993	-	Active	NO
4	U51900MH1995PTC090304	TASS OVERSEAS PRIVATE LIMITED	Additional director	06/11/2014	06/07/1995	-	Active	NO
5	U34300MH1984PTC033789	SATIN ENGINEERING PRIVATE LIMITED	Director	19/08/1998	19/08/1998	06/11/2014	Active	NO
6	U22219MH1933PTC002052	THE STATES PEOPLE PRIVATE LIMITED	Director	06/07/2000	06/07/2000	-	Active	NO
7	U91990MH1987NPL042142	JANMABHOOMI NEWS PAPERS EDUCATION FOUNDATION	Director	26/03/2007	26/03/2007	-	Active	NO
8	L27109PY1982PLC000199	EASTCOAST STEEL LIMITED	Director	24/09/2011	14/02/2011	10/07/2014	Active	NO

Name :

Akira Hirai

Designation :

Managing Director

Address :

C, 685, New Friends Colony, New Delhi – 110025, Delhi

Date of Birth/Age :

24.12.1957

Qualification :

Bachelors in Metallurgical Science

Date of Appointment :

27.07.2013

PAN No.:

AFAPH9392H

DIN No.:

03248188

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	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	27/07/2013	27/07/2010	-	Active	NO
2	U35990KA2011FTC060621	EXEDY Clutch India Private Limited	Director	10/04/2013	28/09/2011	-	Active	NO

Name :

Mr. Mahesh Bhogilal Kothari

Designation :

Director

Address :

1, Shashidhar, Dr. Rajbali Patel Lane, Breach Candy, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

14.10.1949

Qualification :

BS Engineer

Date of Appointment :

27.07.2013

PAN No.:

AUFPK3863L

DIN No.:

00128322

Voter ID No.:

MT/04/019/243747

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	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	27/07/2013	03/11/1973	-	Active	NO
2	U34100MH1987PTC043866	CKANCIL ENGINEERING PRIVATE LIMITED	Director	24/06/1987	24/06/1987	-	Under Process of Striking off	NO
3	U51900MH1995PTC090304	TASS OVERSEAS PRIVATE LIMITED	Director	15/11/2012	06/07/1995	04/01/2013	Active	NO
4	U34300MH1984PTC033789	SATIN ENGINEERING PRIVATE LIMITED	Director	19/08/1998	19/08/1998	-	Active	NO

Name :

Homi C. H. Bhabha

Designation :

Director

Address :

49, Cuff Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.12.1955

Qualification :

Chartered Accountant

Date of Appointment :

20.09.1985

Voter ID No.:

MT/04/019/034036

DIN No.:

00286072

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	U55204MH1939PTC002914	BRANDON AND CO PRIVATE LIMITED	Director	28/12/1981	28/12/1981	-	Active	NO
2	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	20/09/1985	20/09/1985	-	Active	NO
3	L99999MH1967PLC013726	MERCK LIMITED	Director	29/12/1986	29/12/1986	-	Active	NO
4	U24111TN1947PLC002534	SICGIL INDIA LIMITED	Director	29/04/1987	29/04/1987	-	Active	NO
5	U24299TN1992PLC053959	SICGIL INDUSTRIAL GASES LIMITED	Director	18/01/2002	18/01/2002	10/12/2013	Active	NO
6	U66010MH2002PTC138276	Marsh India Insurance Brokers Private Limited.	Director	25/11/2003	25/11/2003	-	Active	NO
7	U70100MH1982PTC028734	Rampart Enterprises Private Limited	Director	28/09/2004	28/09/2004	-	Converted to LLP and dissolved	NO
8	U74140MH2005PTC150667	RAMROD ADVISORS PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Converted to LLP and dissolved	NO
9	U74900MH2007PTC173101	BestPrax Club Private Limited	Additional director	22/08/2007	22/08/2007	13/04/2012	Active	NO
10	AAB-7570	RAMROD ADVISORS LLP	Designated Partner	11/09/2013	11/09/2013	-	Active	NO

Name :

Mr. Shreekant V. Mehta

Designation :

Director

Address :

3, Naples, 9, Sobani Road, Cuff Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

24.05.1948

Qualification :

Solicitor

Date of Appointment :

24.07.1989

DIN No.:

00318524

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	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	24/07/1989	24/07/1989	-	Active	NO
2	U74999MH1979PTC021717	GENERAL METALLISERS Private Limited	Director	29/09/2004	29/09/2004	-	Active	NO
3	U72900MH2008PTC177924	VAULT INDIA MEDIA SERVICES PRIVATE LIMITED	Director	18/01/2008	18/01/2008	01/04/2009	Dormant	NO
4	U74140MH2007PTC169754	CREDAL ADVISORY SERVICES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
5	U74140MH2007PTC170138	Iris Investment Advisors Private Limited	Director	24/12/2008	24/12/2008	-	Active	NO

Name :

Mr. Bharat H. Patel

Designation :

Director

Address :

81, Devi Bhavan 38, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

23.07.1945

Date of Appointment :

10.03.2003

DIN No.:

00176784

Voter ID No.:

MT/04/019/004036

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	U29199GJ1961PTC034038	VFC INDUSTRIES PRIVATE LIMITED	Director	01/03/1967	01/03/1967	20/09/2013	Active	NO
2	U74900MH1969PTC014308	JMP TRADING AND PROPERTIES PRIVATE LIMITED	Director	12/06/1969	12/06/1969	20/09/2013	Active	NO
3	U51900MH1984PTC032047	GANGOTRI TRADING CO PRIVATE LIMITED	Director	09/11/1985	09/11/1985	20/09/2013	Amalgamated	NO
4	U22122GJ1972PTC002124	TRIWAL BOARD PRIVATE LIMITED	Director	31/03/1987	31/03/1987	-	Active	NO
5	U65990MH1978PTC020225	SHEFALI INVESTMENTS PRIVATE LIMITED	Director	05/03/1991	05/03/1991	20/09/2013	Amalgamated	NO
6	L21010MH1960PLC011764	CITADEL REALTY AND DEVELOPERS LIMITED	Director	16/09/1993	16/09/1993	27/06/2008	Active	NO
7	U22122GJ1980PTC003860	Omori India Private Limited	Director	20/09/2013	20/09/1995	-	Active	NO
8	U65990MH1974PTC017612	ROHIT INVESTMENTS PRIVATE LIMITED	Director	04/03/1997	04/03/1997	28/03/2014	Amalgamated	NO
9	U51909MH1997PTC111374	BALDOTA TRADING COMPANY PRIVATE LIMITED	Director	17/10/1997	17/10/1997	-	Active	NO
10	U51109MH1998PTC113841	RISHIKESH AGENCIES PRIVATE LIMITED	Director	09/03/1998	09/03/1998	20/09/2013	Amalgamated	NO
11	U34100MH1973PLC016985	EXEDY INDIA LIMITED	Director	10/03/2003	10/03/2003	-	Active	NO
12	U29195MH2003PTC140516	SECUPAC SYSTEMS INDIA PRIVATE LIMITED	Director	21/05/2003	21/05/2003	-	Strike off	NO
13	U29290MH2000NPL127775	INSTITUTE OF PACKAGING MACHINERY MANUFACTURERS OF INDIA	Director	24/09/2005	24/09/2005	-	Active	NO
14	U01111MH2006PTC163896	MONSOON ORGANICS PRIVATE LIMITED	Managing director	01/07/2009	01/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Sabrina
Designation :	Office Assistant

MAJOR SHAREHOLDERS

As on 09.12.2014

SHAREHOLDING DETAILS FILE ATTACHED.

As on 09.12.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Mutual Funds	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	73.32
Bodies corporate	0.18
Directors or relatives of Directors	24.81
Other top fifty shareholders	1.68
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in business of manufacturing and sale of clutch for automotive

industry

Products :

Product Description	Item Code No. (ITC Code)
Clutch Cover Assembly	87089300

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• Japan
• Thailand

Terms :

Selling :

L/C

Purchasing :

L/C

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

· Bajaj

· Eicher

· GM

· Mahindra

· Maruti Suzuki

· Mahindra

· SML Isuzu Limited

· Tata

· Toyota

· Honda

· Lombardini

· Avtec Limited

· Hero

· Yamaha

· Honda

• Ghatge Patil Limited

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	Industrial Finance Branch, Appeejay House, 130 Mumbai Samachar Marg, Mumbai, Maharashtra - 400023,  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

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans taken for vehicles	0.856	1.633
Deferred payment liabilities	0.000	7.096
SHORT TERM BORROWINGS
Working capital loans from banks	182.318	152.820
Total	183.174	161.549

Auditors :
Name :	ASA and Associates LLP Chartered Accountants
Address :	KS House, 118 Shahpur Jat, New Delhi, India
PAN No.:	AAAFA4690A
Memberships :	Not Available
Collaborators :	Not Available
Fellow Subsidiary :	Exedy Friction, Thailand Exedy (Thailand) Company Limited, Thailand Aisin Chemicals Ccompany Limited, Japan Pt Exedy Indonesia, Indonesia Exedy Clutch India Private Limited, India Exedy Australia Pty Limited, Australia Exedy Chongquing Company Limited, China Exedy Middle East Fzco, United Arab Emirates Exedy Clutch Europe Limited, United Kingdom Exedy Logistic Company Limited, Osaka Exedy Malaysia Sdn, Malaysia Exedy Vietnam Company Limited, Vietnam Exedy Corporation, Japan
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Satin Engineering Private Limited, India (CIN No.: U34300MH1984PTC033789)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 Million
100000	Preference Shares	Rs. 100/- each	Rs. 10.000 Million
	Total		Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6006696	Equity Shares	Rs. 10/- each	Rs. 60.067 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	60.067	60.067	60.067
(b) Reserves & Surplus	(384.473)	(239.012)	(212.039)
(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)	(324.406)	(178.945)	(151.972)
(3) Non-Current Liabilities
(a) long-term borrowings	327.325	439.448	403.427
(b) Deferred tax liabilities (Net)	0.000	0.000	1.510
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.496	7.984	5.386
Total Non-current Liabilities (3)	338.821	447.432	410.323
(4) Current Liabilities
(a) Short term borrowings	207.381	177.883	178.324
(b) Trade payables	1173.011	939.279	788.901
(c) Other current liabilities	378.181	289.836	261.822
(d) Short-term provisions	21.553	22.535	19.706
Total Current Liabilities (4)	1780.126	1429.533	1248.753
TOTAL	1794.541	1698.020	1507.104
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	763.590	736.209	594.148
(ii) Intangible Assets	2.485	2.089	1.674
(iii) Capital work-in-progress	2.371	6.068	66.414
(iv) Intangible assets under development	0.000	0.000	3.992
(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	19.622	35.210	71.610
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	788.068	779.576	737.838
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	384.865	361.100	354.363
(c) Trade receivables	363.956	362.707	294.476
(d) Cash and cash equivalents	163.117	92.430	48.248
(e) Short-term loans and advances	76.020	55.427	44.218
(f) Other current assets	18.515	46.780	27.961
Total Current Assets	1006.473	918.444	769.266
TOTAL	1794.541	1698.020	1507.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		3197.014	2506.576	2157.438
	Other Income		2.443	64.933	1.270
	TOTAL		3199.457	2571.509	2158.708
Less	EXPENSES
	Cost of Materials Consumed		2196.047	1644.256	1442.102
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		8.280	4.917	8.461
	Employees benefits expense		341.420	281.760	225.268
	Other expenses		643.351	515.921	642.151
	TOTAL		3189.098	2446.854	2317.982
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.359	124.655	(159.274)
Less	FINANCIAL EXPENSES		67.744	72.230	55.607
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(57.385)	52.425	(214.881)
Less/ Add	DEPRECIATION/ AMORTISATION		88.870	80.114	94.114
Less/ Add	PRIOR PERIOD ITEMS BEFORE TAX		0.000	0.000	(2.844)
	PROFIT/ (LOSS) BEFORE TAX		(146.255)	(27.689)	(311.839)
Less	TAX		0.000	(1.510)	1.091
	PROFIT/ (LOSS) AFTER TAX		(146.255)	(27.689)	(312.930)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.102	19.696	1.822
	TOTAL EARNINGS		2.102	19.696	1.822
	IMPORTS
		Raw Materials	802.461	422.678	360.301
		Stores & Spares	2.171	0.000	0.000
		Capital Goods	5.195	27.707	31.484
	TOTAL IMPORTS		809.827	450.385	391.785
	Earnings / (Loss) Per Share (Rs.)		(24.35)	(4.35)	(52.10)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	209.172	103.597	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(4.57)	(1.04)	(14.50)
Operating Profit Margin (PBDIT / Sales)	(%)	0.32	4.97	(7.38)
Return on Total Assets (PBT/Total Assets}	(%)	(8.16)	(1.64)	(21.71)
Return on Investment (ROI) (PBT/Networth)		0.45	0.15	2.05
Debt Equity Ratio (Total Liability/Networth)		(2.29)	(4.03)	(3.83)
Current Ratio (Current Asset/Current Liability)		0.57	0.64	0.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	60.067	60.067	60.067
Reserves & Surplus	(212.039)	(239.012)	(384.473)
Net worth	(151.972)	(178.945)	(324.406)
long-term borrowings	403.427	439.448	327.325
Short term borrowings	178.324	177.883	207.381
Current Maturities of Long Term Debt	0.000	103.597	209.172
Total borrowings	581.751	720.928	743.878
Debt/Equity ratio	(3.828)	(4.029)	(2.293)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2157.438	2506.576	3197.014
		16.183	27.545

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2157.438	2506.576	3197.014
Profit/loss	(312.930)	(26.179)	(146.255)
	(14.50%)	(1.04%)	(4.57%)

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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	246.110	246.110
Term loan from others	72.120	163.168
Borrowing from government semi-government bodies	8.239	21.441
SHORT TERM BORROWINGS
Loans repayable on demand from others	25.063	25.063
Total	351.532	455.782

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10062383	15/06/2007	49,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, Gujarat, INDIA	A17682261
2	10050856	23/03/2007	20,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APPEEJAY HOUSE, 130 MUMBAI SAMACHAR MARG, MUMBAI - 400023, Maharashtra, INDIA	A15005614
3	10091908	16/11/2006	20,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, 130, M.  S. MARG, FORT, MUMBAI - 400023, Maharashtra, INDIA	A20519575
4	90166799	14/10/2003	15,000,000.00	UFI BANK LIMITED	UPPER GROUND FLOOR; MERCENTILE HOUSE-15, KASTURBA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA	-
5	90164337	31/12/2007 *	221,400,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, 130, MUMBAI SAMACHAR MARG, MUMBAI - 400001, Maharashtra, INDIA	A31581796
6	80046481	03/02/1999 *	85,000,000.00	ICICI LIMITED	163,BACKBAY RECLAMATION, MUMABI - 400020, Maharashtra, INDIA	-
7	90163114	10/10/2003 *	447,700,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI - 400051, Maharashtra, INDIA	-
8	80028949	15/06/2007 *	182,700,000.00	ICICI BANK LIMITED	ICICI TOWER, BANDRA KURLA COMPLEX, BANDRA, MUMBAI - 400051, Maharashtra, INDIA	A19796101

* Date of charge modification

OPERATIONS

The Company has been operating plants under the global policy laid down by EXEDY Corporation Japan. Based on the policy of safety quality just in time quantity and cost the company has minimized the number of accidents through a meticulous safety policy.

Though Sales have increased by around 27.35 in comparison to the increase of only 16.18 in the previous year 2012-13 the operating profit before interest and deprecation has decreased to Rs. 1035.900 million in comparison to Rs. 12465.500 million in the previous year 2012-13. The Company incurred a heavy burden due to increase in imported material cost as compared to the previous year.

The Company achieved production of Rs. 2.180 million Clutch Disc and Rs. 2.030 million Clutch Covers in 2013 14. Production of One Way Clutches was Rs. 2.600 million.

Market Scenario in 2013-14 was such that Commercial Vehicle production has decreased by 16.07 from 832000 nos. in 2012-13 to 698864 nos. in 2013-14. This is attributed to the general sluggish economy as well as high interest rates prevalent. Passenger vehicle production decreased by 4.90 from 3234000 nos. in 2012-13 to 3072651 nos. in 2013-14. However the two wheeler production increased by 7.21 from 15721000 nos. in 2012-13 to 16879891 nos. in 2012-13.

CORPORATE INFORMATION

Subject is formerly known as Ceekay Daikin Limited the Company was incorporated on November 3 1973 under the Companies Act 1956. The Company is a subsidiary of Exedy Corporation Japan. The Company is in business of manufacturing and sale of clutch for automotive industry.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

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.63.86
UK Pound	1	Rs.98.88
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	SPY
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		32

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.