MIRA INFORM REPORT

Report No. :	339561
Report Date :	08.09.2015

IDENTIFICATION DETAILS

Name :	WAHLER AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	Flat No. 36, United Apartments, 2^nd Floor, East Street, Pune - 411001, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	25.11.2008
Com. Reg. No.:	11-133082
Capital Investment / Paid-up Capital :	Rs.80.000 Million
CIN No.: [Company Identification No.]	U34300PN2008PTC133082
IEC No.:	3109004747
TAN No.: [Tax Deduction & Collection Account No.]	PNEW01602G
PAN No.: [Permanent Account No.]	AAACW8505F
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of Automotive Parts
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Wahler Duratherm Holding Gmbh, Germany, established during the year 2008, It has a moderate track record. Management has failed to file its financial of 23 ac for the year ended 2014. For the financial year 2013, the company has moderate financial risk profile marked by huge accumulated losses incurred which has eroded the networth of the company. However, Business is active. Payment terms are slow. In view of weak balance sheet profile, company can be considered for business dealings on fully safe and secured 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Unable to contact the company (91-9158000170 - Wrong No. / 91-9158000172 - Wrong No./ 91-9960557650 - Ringing / 91-2138-665807 - Ringing

LOCATIONS

Registered Office :	Flat No. 36, United Apartments, 2^nd Floor, East Street, Pune - 411001, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Finance.India@wahler-automotive.com

DIRECTORS

As on 27.06.2014

Name :	Mr. Eduard Roland Gutt
Designation :	Director
Address :	Kirchheim Unter Teck Villastr. 17, 73230
Date of Birth/Age :	24.01.1962
Date of Appointment :	18.05.2010
DIN No.:	02963296
Name :	Charles Henry Polzin
Designation :	Additional director
Address :	21610 E. Valley Woods, Beverly Hills,, Michigan, 48025, United States Of America
Date of Birth/Age :	09.06.1954
Date of Appointment :	28.02.2014
DIN No.:	00254746
Name :	Mr. Sudhir Jagdishlalji Chawla
Designation :	Additional director
Address :	F-54, Tower-F, Park Place, DLF Phase-5, Golf Course Road, Gurgaon, 122011, Haryana, India
Date of Birth/Age :	14.09.1962
Date of Appointment :	28.02.2014
DIN No.:	06486827

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2014

Names of Shareholders	No. of Shares	%age holding
Wahler Duratherm Holding Gmbh, Germany	7920000	99.00
Gustav Wahler Gmbh and Company – Germany	80000	1.00
Total	8000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 27.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier of Automotive Parts
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Deepak Ashok Ahuja Chartered Accountants
Address :	C-314, Brahma Majestic, NIBM Road, Kondhwa, Pune, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AEPPA1773D
Memberships :	--
Collaborators :	--
Ultimate Holding company:	Gustav Wahler GmbH and Company KG, Germany
Holding company:	Wahler Duratherm Holding GmbH, Germany

CAPITAL STRUCTURE

After 27.06.2017

Authorised Capital : Rs.220.000 Million

Issued, Subscribed & Paid-up Capital : Rs.203.700 Million

As on 27.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/- each	Rs.97.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80.000	80.000	60.000
(b) Reserves & Surplus	(180.400)	(156.889)	(121.239)
(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)	(100.400)	(76.889)	(61.239)
(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	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	14.840	56.220	68.739
(b) Trade payables	127.501	76.314	77.965
(c) Other current liabilities	5.337	8.835	0.998
(d) Short-term provisions	0.000	0.000	0.201
Total Current Liabilities (4)	147.678	141.369	147.903
TOTAL	47.278	64.480	86.664
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	15.429
(ii) Intangible Assets	0.000	0.000	0.012
(iii) Capital work-in-progress	0.000	0.000	0.940
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	16.381
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	34.696
(c) Trade receivables	43.211	47.140	11.366
(d) Cash and cash equivalents	0.008	0.000	0.043
(e) Short-term loans and advances	4.059	7.215	14.052
(f) Other current assets	0.000	10.125	10.126
Total Current Assets	47.278	64.480	70.283
TOTAL	47.278	64.480	86.664

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income
	Other Income
	TOTAL	22.118	61.479	35.404
Less	EXPENSES
	Prior Period	0.000	0.162	0.000
	TOTAL	45.629	97.130	103.686
	PROFIT/ (LOSS) BEFORE TAX	(23.511)	(35.651)	(70.799)
Less	TAX	0.000	(0.001)	0.000
	PROFIT/ (LOSS) AFTER TAX	(23.511)	(35.650)	(70.799)
	EARNINGS IN FOREIGN CURRENCY	0.360	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	(2.93)	(4.45)	(8.84)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	(106.30)	(57.99)	(199.97)
Return on Total Assets (PBT/Total Assets}	(%)	(49.73)	(55.29)	(82.59)
Return on Investment (ROI) (PBT/Networth)		0.23	0.46	1.16
Debt Equity Ratio (Total Debt /Networth)		(0.15)	(0.73)	(1.12)
Current Ratio (Current Asset/Current Liability)		0.32	0.46	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	60.000	80.000	80.000
Reserves & Surplus	(121.239)	(156.889)	(180.400)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(61.239)	(76.889)	(100.400)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	68.739	56.220	14.840
Total borrowings	68.739	56.220	14.840
Debt/Equity ratio	(1.122)	(0.731)	(0.148)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	35.404	61.479	22.118
		73.650	(64.023)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	35.404	61.479	22.118
Profit	(70.799)	(35.650)	(23.511)
	(199.97)%	(57.99)%	(106.30)%

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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
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

PERFORMANCE OF THE COMPANY

During the year under review, due to some unavoidable instances, the turnover range of the Company for the current year was affected and it got reduced to Rs.22.100 Million (approx.), as compare to the turnover range of Rs.61.500 Million (approx.) in the previous year, whereas the Company has also incurred net loss of Rs.25.300 Million (approx.) as compare to net loss of Rs.35.700 Million (Approx.) in the previous financial year.

In this year, there has been a decrease in the sales as compared to the last year’s figures. The Directors of the Company are trying their level best to cope up with the situation that has arisen in the year. They will surely match the earlier benchmarks and also try hard to increase the sales, profits and reach to the scale of new heights, for future growth and new avenues of the Company.

OUTLOOK:

The management is still showing its optimistic vision towards the future growth and development of the Company. The Company will also continue to keep its eyes towards strict cost controls, improvement in better and quality products. This is expected to ensure improved profitability in the future years also.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.12.2013	As on 31.12.2012
SHORT TERM BORROWING
Term Loan from Bank	14.840	56.220
Total
	14.840	56.220

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Plant and machinery
• Computers
• Furniture and fixtures
• Office equipment
• Software
• Capital advances

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.66.74
UK Pound	1	Rs.101.36
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.