MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	ENDURANCE TECHNOLOGIES LIMITED (CN) (w.e.f. 09.07.2010)
Formerly Known As :	ENDURANCE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	K-228, MIDC Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.12.1999
Com. Reg. No.:	11-123296
Capital Investment / Paid-up Capital :	Rs.586.770 Millions
CIN No.: [Company Identification No.]	U34102MH1999PLC123296
TAN No.: [Tax Deduction & Collection Account No.]	NSKE00384G / NSKE00391G / NSKE00465D
PAN No.: [Permanent Account No.]	AAACE7066P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Parts and Accessories for Motor Vehicles and their Engines.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 17000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments 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.

INFORMATION DECLINED BY

Name :	Mr. Jhavar
Designation :	DGM Finance
Date :	31.10.2011

LOCATIONS

Registered Office :	K-228, MIDC Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra, India
Tel. No.:	91-240-2556686/ 87/ 2569737
Fax No.:	91-240-2556685/ 2551700
E-Mail :	enduhox@hotmail.com aksharma@endurance.co.in vmachwal@endurance.co.in snlalai@endurance.co.in
Website :	www.endurancesystems.com www.endurancegroup.com
Corporate Office 1 :	E-92, M.I.D.C., Waluj, Aurangabad - 431 136 , Maharashtra, India
Tel No.:	91-240-2554902 / 2564582 / 2564595
Fax No.:	91-240-2569703
Corporate Office 2 :	K-226/2, MIDC Industrial Area Waluj, Aurangabad-431136, Maharashtra, India
Tel No. :	91-240-2569500 / 2563153 / 2555026 / 27
Fax No.:	91-240-2555423 / 2563553 / 2554373
Head Office 1 :	E - 94, MIDC Industrial Area, P O Box 982, Waluj, Aurangabad - 431136, Maharashtra, India
Tel. No.:	91-240-2554902/ 2564582/ 2564595
Fax No.:	91-240-2555423
E-Mail :	marketing@endurance.co.in
Head Office 2 / Factory 1 :	(Casting Division) B-1/3, MIDC Area, Chakan, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune - 410501. India.
Tel. No.:	91-2135-259587 / 88 / 89
Fax No.:	91-2135-259586
E-Mail :
Administrative Office:	B -2, MIDC, Industrial Area, P O Box -960, Waluj, Aurangabad- 431136, Maharashtra, India
Tel. No.:	91-240-255 5026 / 027 / 256 4864
Fax No.:	91-240-255 4373
Email:	aecplwal_agd@sancharnet.in md@anurang.com
Factory 2 :	(Casting Division) B-2, MIDC Area, Waluj, Post Box No. 960, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2555026/ 27/ 2554864/ 65
Fax No.:	91-240-2554373
Factory 3 :	(Casting Division) L-6/3, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India.
Tel. No.:	91-240-2551246/ 48
Fax No.:	91-240-2556894/ 65
Factory 4 :	(Suspension Division) E-92, MIDC Area, Waluj, Post Box No. 982, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2554902/ 2564582/ 2564595
Fax No.:	91-240-2555423
Factory 5 :	(Suspension Division) K-120, MIDC Area, Waluj, Post Box No. 982, Aurangabad - 431 136, Maharashtra, India
Tel. No.:	91-240-2555304/ 2556683/ 2556684
Fax No.:	91-240-2556682
Factory 6 :	(Suspension Division) K-228 and K-229, MIDC Area, Waluj, Aurangabad - 431 136, Maharashtra, India
Tel. No.:	91-240-2556686/87
Fax No.:	91-240-2556685
Factory 7 :	(Braking Division) K-226/2, MIDC Area, Waluj, Aurangabad - 431 136, Maharashtra, India
Tel. No.:	91-240-2551115
Fax No.:	91-240-2551496
Factory 8 :	(Casting Division) K-227, MIDC Area, Waluj, Aurangabad - 431 136, Maharashtra, India
Tel. No.:	91-240-2551116
Factory 9 :	High Technology Transmission Systems (India) Private Limited (Transmission Division) K-226/1, MIDC Area, Waluj, Aurangabad - 431 136, Maharashtra, India
Tel. No.:	91-240-2552447/2563153
Fax No.:	91-240-2563553
Factory 10 :	PUNE (Casting Division) Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval, District. Pune – 412106, Maharashtra, India.
Factory 11 :	(Machining Division) B-20, MIDC Area, Chakan, Village: Nighoje, Taluka: Khed (Rajgurunagar), Pune - 410 501, Maharashtra, India.
Factory 12 :	Endurance Magneti Marelli Shock Absorbers (India) Private Limited (Suspension Division) B-23, MIDC Area, Chakan, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune – 410501, Maharashtra, India.
Tel. No.:	91-20-30947662
Factory 13 :	(Alloy Wheel Division) Plot B-22, MIDC Area, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune – 410501, Maharashtra, India.
Factory 14 :	MANESAR (Casting Division) Plot no. 400, Sector 8, IMT, Manesar, District. Gurgaon - 122050, Haryana, India
Tel. No.:	91-0124-2291770-73
Fax No.:	91-0124-2291774
Factory 15 :	PANTNAGAR (Suspension Division) Plot No. - 3, Sector 10, Integrated Industrial Estate - IIE, Udham Singh Nagar, Pantnagar, Uttaranchal, India.
Factory 16 :	High Technology Transmission Systems (India) Private Limited (Transmission Division) Plot No. - 7, Sector 10, Integrated Industrial Estate-IIE, Udham Singh Nagar, Pantnagar, Uttaranchal, India
Website :	www.httsindia.com
Factory 17 :	CHENNAI (Casting Division) Plot No F-82, SIPCOT Industrial Park, Irungattukottai, Pennalur Post, Shriperumbudur Taluk, Kanchipuram District, Chennai – 602105, Tamilnadu, India
Factory 18 :	ITALY Endurance Fondalmec S.p.A. (Aluminium/Cast Iron/Steel Machining Division) Via Del Boschetto 2/43, 10100 Lombardore (TO), Italy
Tel. No.:	39 011 9958756
E-Mail :	info@fondalmec.it
Website:	http://www.fondalmec.it
Factory 19 :	GERMANY Amann Druckguss GmbH (Casting / Machining Division) Massenbachhausen, Germany
E-Mail :	info@amann-druckguss.de
Website:	http://www.amann-druckguss.de
Wind Farms :	J-57, J-58, J-62, Village Badabagh, Tehsil and District Jaisalmar - 345001, Rajasthan, India
Branch Office :	74/B, Nariman Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No. :	91-22-22813053/54

DIRECTORS

AS ON 29.08.2011

Name :	Mr. Naresh Chandra
Designation :	Chairman
Address :	Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	11.02.1935
Qualification :	B. E. [Mech.]
Date of Appointment :	27.12.1999
DIN No.:	00027696

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L45400MH1962PLC012385	Hercules Hoists Limited	Director	20-09-72	20-09-72	-	Active	NO
2	U28920MH1988PTC047335	Varroc Engineering Private Limited	Director	11-05-88	11-05-88	-	Active	NO
3	U25209MH1995PTC090037	Varroc Polymers Private Limited	Director	28-06-95	28-06-95	-	Active	NO
4	U28113MH1995PTC092249	Endurance Systems (India) Private Limited	Director	28-08-95	28-08-95	-	Amalgamated	NO
5	U34300MH1997PTC105518	Durovalves India Private Limited	Director	03-09-97	03-09-97	-	Active	NO
6	L24100GJ1983PLC006513	GHCL Limited	Director	28-11-97	28-11-97	03-11-10	Active	NO
7	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Director	27-12-99	27-12-99	-	Active	NO
8	U31506MH2000PTC129904	Varroc Lighting Private Limited	Director	06-12-00	06-12-00	-	Amalgamated	NO
9	U34300MH2002PTC134738	High Technology Transmission Systems (India) Private Limited	Director	29-07-02	29-07-02	-	Active	NO
10	U67120MH1982PTC026669	Varroc Trading Private Limited	Director	21-11-02	21-11-02	-	Active	NO
11	U29100MH2005PTC151756	Varroc Exhaust Systems Private Limited	Director	03-03-05	03-03-05	-	Active	NO
12	U29190MH2005PTC157474	Varroc Elastomers Private Limited	Director	22-11-05	22-11-05	-	Active	NO

Name :	Mr. Anurag Nareshchandra Jain
Designation :	Managing Director
Address :	Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi PaithanRoad,Aurangabad,Maharashtra-431035
Date of Birth/Age :	21.03.1962
Qualification :	MBA (Pittsburg)
Date of Appointment :	27.12.1999
DIN No.:	00291662

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Managing director	01-04-11	27-12-99	Active	NO
2	U34300MH2002PTC134738	High Technology Transmission Systems (India) Private Limited	Managing director	01-04-11	27-07-02	Active	NO
3	U28113MH1995PTC092249	Endurance Systems (India) Private Limited	Managing director	13-11-06	13-11-06	Amalgamated	NO
4	U74900PN2008PTC132425	Endurance Magneti Marelli Shock Absorbers (India) Private Limited	Director	14-07-08	14-07-08	Active	NO

Name :	Mr. Nainesh Jaisingh
Designation :	Director
Address :	Urvashi 3Floor Flat No 66 Jagmohandas Marg,Napmohandas Marg,Napeansea Road,Mumbai - 400006,Maharashtra, India
Date of Birth/Age :	24.04.1967
Date of Appointment :	17.08.2006
DIN No.:	00061014

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74130MH2003PTC141496	Standard Chartered Private Equity Advisory (India) Private Limited	Director	17-06-05	17-06-05	-	Active	NO
2	L61200GJ1985PLC007730	ABG Shipyard Limited	Nominee director	07-07-05	07-07-05	29-07-11	Active	NO
3	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Director	17-08-06	17-08-06	-	Active	NO
4	U31100MH1984PLC032825	Powerica Limited	Nominee director	01-10-07	01-10-07	-	Active	NO
5	U74999DL2005PTC132134	Interglobe Technology Quotient Private Limited	Director	30-06-08	11-12-07	-	Active	NO
6	U74140DL2007PTC162695	ITQ Consultancy Private Limited	Director	30-06-09	23-09-08	-	Active	NO
7	U28999KA2001PTC029937	Firepro Systems Private Limited	Director	15-12-09	15-12-09	-	Active	NO
8	U55101KA2008PTC046866	Coffee Day Resorts Private Limited	Nominee director	10-02-10	10-02-10	-	Active	NO
9	U85110KA1993PLC015001	Amalgamated Bean Coffee Trading Company Limited	Director	30-06-10	07-06-10	-	Active	NO
10	L52599TN1961PLC028758	Redington (India) Limited	Additional director	05-08-11	05-08-11	-	Active	NO

Name :	Mr. Roberto Testore
Designation :	Director
Address :	Fante SRL, Corso Magneta 12 Milano 20123
Date of Birth/Age :	17.10.1952
Date of Appointment :	17.10.2007
Email :	Roberto.testore@industriaesviluppo.com
DIN No.:	01935704

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Director	30-09-08	17-10-07	Active	NO
2	U74140KA2007PTC044392	Pantheon Corporate Consultants Private Limited	Director	06-12-07	06-12-07	Active	NO

Name :	Mr. Soumendra Mohan Basu
Designation :	Director
Address :	22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata – 700094, West Bengal, India
Date of Birth/Age :	19.11.1949
Date of Appointment :	16.06.2010
Email :	Basusoumen1401@gmail.com
DIN No.:	01125409

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74910DL1997PTC085591	Manpower Services (India) Private Limited	Director	01-10-05	01-10-05	03-11-07	Active	NO
2	U74140DL2005PTC183947	Experis Solutions Private Limited	Director	01-10-05	01-10-05	03-12-07	Active	NO
3	U74999HR2000PLC035269	Grow Talent Company Limited	Director	01-12-06	01-12-06	16-10-07	Active	NO
4	U80904HR2007FTC036612	Right Management India Private Limited	Director	12-02-07	12-02-07	16-10-07	Active	NO
5	L23101AS1961PLC001173	India Carbon Limited	Director	21-08-09	13-01-09	-	Active	NO
6	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Director	16-08-10	16-06-10	-	Active	NO

Name :	Mr. Partho Sarothy Datta
Designation :	Director
Address :	19/2, Dover Road, Ballygunge, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	08.12.1948
Date of Appointment :	16.06.2010
Email :	parthodatta@yahoo.com
DIN No.:	00040345

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999TN1997PLC039545	Net Access (India) Limited	Director	15-07-00	15-07-00	26-12-06	Active	NO
2	L65993TN1978PLC007576	Cholamandalam Investment And Finance Company Limited	Director	30-07-01	30-07-01	26-12-06	Active	NO
3	L24239AP1981PLC003325	Godavari Fertilisers And Chemicals Limited	Director	17-09-03	17-09-03	26-12-06	Amalgamated	NO
4	L29224TN1954PLC000318	Carborundum Universal Limited	Director	22-01-04	22-01-04	27-01-07	Active	NO
5	U40101WB2007SGC113474	West Bengalstate Electricity Transmission Company Limited	Director	17-08-07	17-08-07	16-05-11	Active	NO
6	U72200WB2005PTC102280	Pantheon Data Services Private Limited	Director	20-08-07	20-08-07	26-03-11	Active	NO
7	U65990WB2009PLC134537	Peerless Funds Management Co Limited	Director	09-04-09	09-04-09	-	Active	NO
8	U34102MH1999PLC123296	Endurance Technologies Limited (CN)	Director	16-08-10	16-06-10	-	Active	NO
9	L65920MH1994PLC080618	HDFC Bank Limited	Director	06-07-11	30-09-10	-	Active	NO
10	U72900MH2000PLC128943	Iris Business Services Limited	Director	09-08-11	01-12-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Madhukar Achwal
Designation :	Company Secretary
Address :	C/O, Mr. S H Ghude, Plot No. 21, N5, South A1, CIDCO, Aurangabad-431003, Maharashtra, India
Date of Birth/Age :	28.08.1962
Date of Appointment :	01.06.2007
PAN No.:	AAMPA7851P
Name :	Mr. Ramesh Gehaney
Designation :	Senior Vice President
Date of Birth/Age :	50 years
Qualification :	BE
Experience :	26 years
Date of Appointment :	23.07.2004
Name :	Mr. V. Subramanian
Designation :	Senior Vice President
Date of Birth/Age :	57 year
Qualification :	BE, DBM
Experience :	31 years
Date of Appointment :	16.12.1993
Name :	Dr. Mohan Godse
Designation :	Vice President
Date of Birth/Age :	48 years
Qualification :	BE (Civil), ME, Ph. D. (Mech)
Experience :	19 years
Date of Appointment :	02.05.2007
Name :	Mr. S. K. Yogi
Designation :	Vice President
Date of Birth/Age :	43 years
Qualification :	BE, MBA (Marketing)
Experience :	23 years
Date of Appointment :	19.07.2007
Name :	Mr. Biswajit Choudhry
Designation :	Vice President
Date of Birth/Age :	51 years
Qualification :	B. Sc, BE, DMM
Experience :	28 years
Date of Appointment :	28.03.2001
Name :	Mr. Sunil Kolhe
Designation :	Vice President
Date of Birth/Age :	48 years
Qualification :	BE, DBM, DEIM
Experience :	27 years
Date of Appointment :	10.10.2006
Name :	Mr. Ramchandra Marlapalle
Designation :	Vice President
Date of Birth/Age :	52 years
Qualification :	LLB, MLS
Experience :	28 years
Date of Appointment :	01.01.1992
Name :	Mr. Anmolak Singh Bhalla
Designation :	Vice President
Date of Birth/Age :	51 years
Qualification :	BE, PGCBM
Experience :	30 years
Date of Appointment :	25.09.2006
Name :	Mr. Sanjay Sanhai
Designation :	General Manager
Date of Birth/Age :	45 years
Qualification :	DME, GDMM, DBM, MMS
Experience :	23 years
Date of Appointment :	29.07.2000
Name :	Mr. Mukund Chaphekar
Designation :	General Manager
Date of Birth/Age :	54 years
Qualification :	M. Com, LLB, MPM
Experience :	34 years
Date of Appointment :	14.11.1998
Name :	Mr. Jhavar
Designation :	DGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Naresh Chandra	4488850
Suman Jain	5502750
Anurang Jain	26412400
Anurag Jain and Varsha Jain	468925
Naresh Chandra and Suman Jain	1042825
Naresh Chandra HUF	11250
Anurag Jain HUF	125
Standard Chartered Private Equity (Mauritius) II Limited, Mauritius	6029990
Versha Jain	25
Total	43957140

Name of Shareholders (Redeemable Preference Shares)	No of Shares
Naresh Chandra	265000
Suman Jain	1360000
Naresh Chandra HUF	55000
Total	1680000

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

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	13.72
Bodies corporate	86.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Parts and Accessories for Motor Vehicles and their Engines.

Products :

ITC Code No.	Product Description
870897	Aluminium Die Casting Parts
870800, 870880	Shock Absorbers
871400	Disc Brake, Auto Components Parts

• Casting
• Suspension
• Transmission
• Braking

GENERAL INFORMATION

Customers :

• Bajaj Auto Limited
• B M W AG
• Mahindra Two Wheelers Limited
• India Yamaha Motor Private Limited
• Eicher Royal Enfield
• Piaggio Vehicles Private Limited
• Suzuki Motorcycle India Private Limited
• Honda Motorcycle and Scooter India Private Limited
• Mahindra and Mahindra Limited

No. of Employees :

2000 (Approximately)

Bankers :

· Indian Overseas Bank,

Pune Contonment Branch, Wonderland, 7 M G Road, Pune – 411001, Maharashtra, India

· IDBI Bank Limited

IDBI Tower, Worli Trade Complex, Cuffe Parader, Mumbai – 400005, Maharashtra, India

· Indian Overseas Bank,

Aurangabad, Maharashtra, India

· Bank of India

Pune Corporation Banking Branch, 1162/6, University Road, Shivaji Nagar, Pune-411005, Maharashtra, India

· Corporation Bank

Industrial Finance Branch, 14, Wakdewadi, Mumbai-411003, Maharashtra, India

· Standard Chartered Bank,

Crescenzo, 3A/F, Plot No. C-38 and 39, Fort, Mumbai – 400 001, Maharashtra, India

· Bank of In Consortium

Pune Corporate Banking Branch, 1162/6, University Road, Shivaji Nagar, Pune-411005, Maharashtra, India

· Bank of Maharashtra

· Citi Bank N. V.

· HDFC Bank Limited

· ICICI Bank Limited

· Punjab National Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans (Including Foreign currency term loan) Cash Credits, Working Capital Demand Loans and Buyers credit (Including Foreign currency term loan) Interest Accrued and due on Term Loans Other Loan and Advances Term Loan: from IREDAL Term Loan: against Keyman Insurance Policy Interests Free Loan from Customer	5313.220 659.190 4.870 14.030 18.400 7.950	6538.900 636.280 11.770 23.460 18.400 7.950
TOTAL	6017.660	7236.760

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan from Directors and shareholders Short term loans and advances a) From Banks Bills Discounted with banks Overdraft in current account b) From Others Loans from public limited company Interest free loan under sales tax deferral scheme	-- 878.200 -- 387.640 821.670	16.800 299.210 0.620 200.000 835.050
TOTAL	2087.510	1351.680

Banking Relations :

--

Auditors :

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

706, B Wing, 7th Floor, ICC Trade Tower, International Convention Center, Senapati Bapat Road, Pune - 411016, Maharashtra, India

PAN :

AACFD4815A

Joint Venture :

· Endurance Magneti Marelli Shock Absorbers (India) Private Limited

Associates :

· Paioli Meccania SPA, (In the Previous Year ended 31st March 2009)

Enterprise Owned of Controlled by Key Management personnel and/ or their Relatives :

• Varroc Engineering Private Limited
• Varroc Trading Private Limited
• Varroc Exhaust Systems Private Limited
• Durovalves India Private Limited
• Varroc Elastomers Private Limited
• Varroc Polymers Private Limited

Subsidiaries :

· High Technology Transmission Systems [India] Private Limited

CIN No.: U34300MH2002PTC134738

· Endurance Magneti Marelli Shock Absorbers (India) Private Limited

CIN No.: U74900PN2008PTC132425

· Amann Druckguess GmbH (Germany)

· Endurance Overseas S.R.L (Italy)

· Endurance Fondalmec Spa

· Endurance Holding GmbH (formerly Mainsee 493 V.V.GmbH (Direct Subsidiary)

· Nouva Renopress S.p.A, Italy (Indirect Subsidiary, in the Previous year ended 31^st March 2009)

· Endurance Fondalmec Officine Meccaniche S.p.A, Italy (Indirect Subsidiary)

· Endurance Far East Limited, Thailand (Direct Subsidiary)

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/ each	Rs.225.000 Millions
48000000	Compulsorily Convertible Preference Shares	Rs.10/ each	Rs.480.000 Millions
2000000	Redeemable Preference Shares	Rs.10/ each	Rs.20.000 Millions
	Total		Rs.725.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16996760	Equity Shares	Rs.10/ each	Rs.169.970 Millions
40000000	Compulsorily Convertible Preference Shares	Rs.10/ each	Rs.400.000 Millions
1680000	Redeemable Preference Shares	Rs.10/ each	Rs.16.800 Millions
	Total		Rs.586.770 Millions

NOTE:

The above shares include 15,297,084 Equity shares of Rs.10 each allotted as fully paid up bonus share Issued in the ratio 9:1 by way of capitalization of securities premium

FINANCIAL DATA

[all figures are in Rupees Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		586.770	169.970	169.970
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3729.960	3213.050	2631.820
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4316.730	3383.020	2801.790
LOAN FUNDS
1] Secured Loans		6017.660	7236.760	5957.300
2] Unsecured Loans		2087.510	1351.680	1627.470
TOTAL BORROWING		8105.170	8588.440	7584.770
DEFERRED TAX LIABILITIES		173.220	15.290	501.130
TOTAL		12595.120	11986.750	10887.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8532.010	9352.190	5647.510
Capital work-in-progress		259.250	210.480	368.640
INVESTMENT		2823.360	2372.240	2804.170
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1035.600	762.790	863.100
	Sundry Debtors	2443.620	1256.560	1564.710
	Cash & Bank Balances	433.270	423.050	516.030
	Other Current Assets	5.900	7.680	6.930
	Loans & Advances	804.050	592.430	797.170
Total Current Assets		4722.440	3042.510	3747.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2763.040	2126.580	1060.320
	Other Current Liabilities	735.370	656.700	342.120
	Provisions	243.530	207.390	278.130
Total Current Liabilities		3741.940	2990.670	1680.570
Net Current Assets		980.500	51.840	2067.370
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12595.120	11986.750	10887.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	15742.490	14324.200	12546.880
		Other Income	583.000	431.860	620.030
		TOTAL (A)	16325.490	14756.060	13166.910
Less	EXPENSES
		Materials Cost	9722.050	9794.380	8928.040
		Employees Cost	752.290	771.240	0.000
		Other Expenses	3170.290	2571.730	3030.090
		Extra Ordinary Items	56.450	0.000	306.230
		TOTAL (B)	13701.080	13137.350	12264.360
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2624.410	1608.710	902.550
Less	FINANCIAL EXPENSES (D)		677.430	672.210	480.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1946.980	936.500	421.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1107.570	1012.670	730.570
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		839.410	(66.170)	(308.820)
Less	TAX (H)		307.910	(353.010)	(27.970)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		531.500	286.840	(280.850)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		793.560	200.570	481.420
Add	Acquired under the scheme of arrangement		0.000	306.150	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend on Preference Shares	12.470	0.000	0.000
		Dividend Tax on Preference Shares	2.120	0.000	0.000
	BALANCE CARRIED TO THE B/S		1310.470	793.560	200.570
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	234.120	453.77	98.530
		Other Earnings	0.000	0.25	0.000
	TOTAL EARNINGS		234.120	454.02	98.530
	IMPORTS
		Raw Materials	934.000	796.42	1178.660
		Stores & Spares	29.770	29.11	22.330
		Capital Goods	9.300	209.51	446.670
	TOTAL IMPORTS		973.070	1035.040	1647.660
	Earnings / (Loss) Per Share (Rs.)		30.41	16.88	(16.52)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.26	1.94	(2.13)
Net Profit Margin (PBT/Sales)	(%)	5.33	(0.46)	(2.46)
Return on Total Assets (PBT/Total Assets}	(%)	6.33	(0.53)	(3.29)
Return on Investment (ROI) (PBT/Networth)		0.19	(0.02)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		2.74	3.42	3.31
Current Ratio (Current Asset/Current Liability)		1.26	1.02	2.23

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Total Outstanding dues of Micro, Small and Medium Enterprises	459.080	93.870	45.000
Total outstanding dues of creditors other than Micro, Small and Medium Enterprises	2303.960	2032.710	1015.320
Total	2794.271	2157.8109	1091.5508

PERFORMANCE OF MARKETS DURING FINANCIAL YEAR 2009-10:

During the financial year 2009-10, India achieved GDP growth rate between 7.2% to 7.5%.During the said fiscal, 10,511,415 two-wheelers (Domestic + Exports) were sold as compared to 8,441,793 two-wheelers for the year ended 31st

March, 2009. The two-wheeler market witnessed a robust growth in volume of 24%. Motorcycles accounted for over 80% of total two-wheeler sales.

During the said fiscal 613,650 three-wheelers (Domestic + Exports) were sold, as compared to 497,793 three-wheelers for the year ended 31^st March, 2009, witnessing a growth of 23%.

During the said fiscal, 2,395,922 passenger vehicles (Domestic + Exports) were sold as compared to 1,888,432 passenger vehicles for the year ended 31st March, 2009, witnessing a growth of about 27%.

FUTURE OUTLOOK:

They believe that the automotive sector is one of the core industries of the Indian economy and its growth prospects are linked to the growth of the Indian middle class, both in numbers and disposable income, along with the general growth of the national economy. These factors are attracting major global automotive manufacturers to the Indian market. The Indian two-wheeler segment has shown strong overall growth of 60.7% from the fiscal year 2005 to the fiscal year 2010. The motorcycle segment comprises a vast majority of this segment, contributing around 80% of the total sales from the fiscal year 2005 to the fiscal year 2010. Although there was a drop in the sales of two-wheelers during the downturn in the fiscal year 2008, currently the segment has shown constant recovery for the periods following the downturn. Sales in this segment grew by 4% from the fiscal year 2009 to the fiscal year 2010, the highest rate of growth recorded since the fiscal year 2005.

The business and prospects of the automotive components industry are highly correlated with those of the automotive industry. As price competition has grown fiercer in the automotive components industry and environmental regulations have become increasingly stringent, there has been a trend of consolidation by spreading fixed production costs over higher production volume. In addition, OEMs are increasingly looking for relationships with financially healthy suppliers that are expected to survive through the current crisis and be stable and long-term partners.

According to the projections of Automotive Component Manufacturers Association (“ACMA”), the production capacity of the automotive component industry is likely to go up by 20-25 per cent in the current year, at an estimated investment of nearly Rs.90000.000 Millions.

The Company plans to expand its capacities at Chakan (Pune) and Waluj (Aurangabad) to cater to increasing demand from existing customers as well as new customers. The Company will benefit from its long presence, experience and expertise in auto-component manufacturing in India and also from strategic investments in overseas subsidiary companies supplying to reputed customers in Germany and Italy.

Research and Development is another area where government incentives have enabled greater returns for automobile and automotive components manufacturers. The Union Budget for the fiscal year 2011 has raised tax deductions on in-house research and development expenses. The rationale behind such a policy is that investments in research and development will bring many benefits including the application of global norms for safety and emissions, an increase in the competitiveness of local automobile and automotive components manufacturers and furthering the stated goal of India emerging as a small car manufacturing hub. The Company has three R and D centres recognized by the Department of Scientific and Industrial Research (“DSIR”) and additionally one such R and D centre is established by its Indian subsidiary, High Technology Transmission Systems (India) Private Limited at Waluj, Aurangabad.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Outstanding Letters of Credit	582.520	607.040
Grantees Given By Company's Bankers	101.590	587.520
SBLC Given to ICICI Bank for EOSRL	402.310	582.990
Corporate Guarantee given to Bank of India, London for the loan taken by Amann Druckguss GMBH.	601.030	671.120
Corporate Guarantee given to Andhra Bank for the loan taken By EMM	110.000	--
SBLC given to Bank of India, London for the working capital loan taken by Amann Druckguss GMBH.	--	67.790
Disputed Excise Demand	57.280	5.310
Claims by suppliers under dispute	0.450	0.450
Service Tax Matters	3.130	4.760
Sales Tax Matters	0.040	0.320

NOTE:

Endurance Technologies Limited was incorporated as Endurance Suspension Systems (India) Private Limited on December 27, 1999, at Aurangabad, under the Companies Act, 1956, as amended (the“Companies Act”). On July 1, 2000, by virtue of Section 43A of the Companies Act, the Company was converted into a public limited company and the name was changed to Endurance Suspension Systems (India) Limited with effect from July 1, 2000. Subsequently, the name was changed to Endurance Transmission Systems (India) Limited and a fresh certificate of incorporation was issued by the RoC dated December 6, 2000.

On January 27, 2001, the Company was reconverted into a private company and the name was changed to Endurance Transmission Systems (India) Private Limited. Thereafter, the name was changed to Endurance Technologies Private Limited and a fresh certificate of incorporation was issued by the RoC dated August 11, 2006. The Company was again converted into a public company and the name of the Company was changed to Endurance Technologies Limited, pursuant to a fresh certificate of incorporation consequent to change in name dated July 9, 2010.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U34102MH1999PLC123296
Name of the company	Endurance Technologies Limited
Address of the registered office or of the principal place of business in India of the company	K-228, MIDC Industrial Area, Waluj, Aurangabad -431136, Maharashtra, India vmachwal@endurance.co.in
Type of charge	Movable Property
Particular of charge holder	Standard Chartered Bank, Crescenzo, 3A/F,Plot no C-38 and 39 Fort, Mumbai – 400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memrandum of Hypothecation
Date of instrument Creating the charge	23.07.2011
Amount secured by the charge	Rs.300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the sanction letter Terms of Repayment As per the Sanction Letter Margin As per the Sanction Letter Extent and Operation of the charge First and exclusive charge on movable properties /Machinery to be acquired / purchase out of the facility and certain Plant and Machinery as identified in the list contained in schedule to Memorandum of Hypothecation to secure due repayment of amount outstanding under the credit facilities sanctioned by the Bank by way of import Letter of Credit, Financial Guarantees/ Standby Letter of Credit (Trade) upto max principal amount of Rs.300.000 Millions and other cost, charges and expenses relating thereto.
Short particulars of the property charged	All present and future movable properties of the Company to be imported or purchased or procured or obtained using the Facility as per clause 1 of the Schedule of Memorandum of Hypothecation Plant and Machinery specifically identified as per the list contained in clause 2 of Schedule Memorandum of Hypothecation

Fixed AssetS:

· Leasehold land

· Freehold Land

· Buildings

· Plant and machinery

· Wind energy generators

· Factory equipments

· Electrical installation

· Computer

· Dies

· Electrical Fittings

· Vehicles

· Furniture and fixture

· Office equipments

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 records 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 records 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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.