MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Principal Name 1	Mr. Rajeev Anand
Status	Moderate	Principal Name 2	Mr. Jean Philippe Lecerf
		Registration #	11-075617
Street Address	Plot No. H-18, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India
Established Date	15.12.1993	SIC Code	--
Telephone#	91-240-2564092	Business Style 1	Manufacturer
Fax #	91-240-2554035	Business Style 2	--
Homepage	http://www.goodyear.com	Product Name 1	Automotive Tyres
# of employees	700 (Approximately)	Product Name 2	Flaps
Paid up capital	Rs.5,237,272,500/-	Product Name 3	Automotive Tubes
Shareholders	Foreign holdings – 100.00%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	19 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (39)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	The Goodyear Tire and Rubber Company	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,744,043,000	Current Liabilities	1,044,465,000
Inventories	686,443,000	Long-term Liabilities	0,000
Fixed Assets	3,606,799,000	Other Liabilities	157,626,000
Deferred Assets	0,000	Total Liabilities	1,202,091,000
Invest& other Assets	565,574,000	Retained Earnings	163,495,000
		Net Worth	5,400,768,000
Total Assets	6,602,859,000	Total Liab. & Equity	6,602,859,000
Total Assets (Previous Year)	5,602,007,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	5,344,000,000	Net Profit	435,000,000
Total Income (Previous yr)	4,825,000,000	Net Profit(Prev.yr)	694,000,000

MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED

Formerly Known As :	SOUTH ASIA TYRES LIMITED

Registered Office :	Plot No. H-18, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	15.12.1993

Com. Reg. No.:	11-075617

Capital Investment / Paid-up Capital :	Rs.5237.273 millions

CIN No.: [Company Identification No.]	U99999MH1993PTC075617

TAN No.: (Tax Deduction & Collection Account No.)	NSKG01262C

PAN No.: (Permanent Account No.)	AABCG5544P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Tyres and Rubbers.

No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 21600000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of the previous years. Trade relations are reported as fair. business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory:	Plot No. H-18, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India
Tel No. :	91-240-2564092 / 2554639 / 2554904 / 5 / 6 / 7 / 8 / 2554032 / 6608000 / 6608173
Fax. No.:	91-240-2554035 / 2554779 / 6608281
E-Mail.:	goodyear@vsnl.com g_padmakumar@goodyear.com rakhi_gupta@goodyear.com
Website :	http://www.goodyear.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajeev Anand

Designation :

Director

Address :

Plot No. 17, 1^st Floor, Pocket – II, Jashola Vihar, Behind Apollo Hospital, New Delhi – 110025, India

Date of Birth/Age :

23.05.1960

Date of Appointment :

20.01.2009

DIN :

02519876

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	U99999MH1993PTC075617	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Director	30/09/2009	20/01/2009	Active	NO
2	L25111HR1961PLC008578	GOODYEAR INDIA LIMITED	Managing director	19/06/2009	20/02/2009	Active	NO
3	U25110MH1975NPL018358	AUTOMOTIVE TYRE MANUFACTURERS ASSOCIATION	Director	14/01/2010	14/01/2010	Active	NO

Name :

Mr. Jean Philippe Lecerf

Designation :

Director

Address :

10 Oak Drive, The DLF, Chattarpur Farms, New Delhi-110074, Delhi, India

Date of Birth/Age :

26.04.1966

Date of Appointment :

30.09.2010

DIN :

03103974

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	L25111HR1961PLC008578	GOODYEAR INDIA LIMITED	Additional director	1/7/2010	1/7/2010	31/10/2010	Active	NO
2	U99999MH1993PTC075617	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Director	30/09/2010	5/8/2010	-	Active	NO

Name :

Mr. Marcelo Alcides Toscani

Designation :

Additional Director

Address :

28^th Floor, K. Wah Centre, 1010, Huaihai [M], Shanghai, China - 200031

Date of Birth/Age :

05.02.1958

Date of Appointment :

23.08.2011

DIN :

03587057

Name :

Mr. Damon Joseph Audia

Designation :

Additional Director

Address :

House 205, Land 418, Jinxiu Road [E], Pudong, New Area, Shanghai, China - 200135

Date of Birth/Age :

25.01.1971

Date of Appointment :

23.08.2011

DIN :

03587069

KEY EXECUTIVES

Name :	Mrs. Rakhi Gupta
Designation :	secretary
Address :	House No.5, Ward No.08, Sihi Gate Bazar, Ballabgarh, Faridabad-121004, Haryana, India
Date of Birth/Age :	08.12.1985
Date of Appointment :	01.01.2010
PAN :	AQOPG3628G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
The Goodyear Tire and Rubber Company (USA)	512387250
Goodyear Orient Company Pte Limited (Singapore)	11340000
Total	523727250

As on 30.09.2011

Equity Share Breakup

Category

Percentage

Foreign holdings (Foreign institutional investor(s), Foreign companies (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 :

Manufacture of Tyres and Rubbers.

Products :

Product Description	Item Code No
Automotive Tyres	4011
Flaps	4012
Automotive Tubes	4013

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Annual Installed Capacity	Actual Production
Automotive Tyres	Nos	3750000*	3350151
Automotive Tubes #	Nos	-	266142
Flaps #	Nos	-	2980

NOTE

* Licensed Capacity is not applicable to the Company.

The normal capacity being a technical matter is certified by the Production Manager and has been accepted by the auditors without verification.

# Tubes and flaps are on conversion basis from outside sources.

GENERAL INFORMATION

No. of Employees :	700 (Approximately)

Bankers :	State Bank of India, Aurangabad, Maharashtra, India Punjab National Bank, PNB House, P. M. Road, Mumbai – 400001, Maharashtra, India

Banking Relations :	--

Financial Institution :	The Industrial Credit and Investment Corporation of India Limited, 163, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

Auditors :	Price Waterhouse Chartered Accountants
Address:	Building No.8, 7^th Floor, Tower B, DLF Cyber City, Gurgaon-122002, Haryana, India
PAN :	AAEFP3641G

Subsidiaries :	Goodyear India Limited CIN : L25111HR1961PLC008578 Goodyear S. A., Luxembourg Goodyear Philippines Incorporation Goodyear Malaysia Berhad Goodyear Lux Mold Goodyear (Thailand) Public Company Limited PT Goodyear Indonesia Tbk Goodyear Dalian Tire Rubber Company Limited Nippon Giant Tire Company Limited South Pacific Tyres, Australia Goodyear International Corporation. Goodyear Marketing and Sales, Sdn. Bhd. Goodyear South Africa Pty Limited Goodyear do Brasil Produtos de Borracha Limited Goodyear Taiwan Limited Goodyear Dunlop Tires, France Goodyear Singapore Goodyear Lastikleri TAS, Turkey Goodyear Innovation Centre, Luxembourg Nippon Giant Tire Kabushiki Kaisha

Holding Company :	The Goodyear Tire and Rubber Company

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

530,000,000	Equity Shares	Rs.10/- each	Rs.5300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

523,727,250	Equity Shares	Rs.10/- each	Rs.5237.273 millions

NOTE : 512,387,250 shares are held by The Goodyear Tire and Rubber Company, Akron, Ohio, U.S.A., the Holding Company and 11,340,000 shares are held by its subsidiary company, Goodyear Orient Company (Private) Limited, Singapore.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5237.273	5237.273	5237.273
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		163.495	[288.490]	0.000
4] (Accumulated loss)		0.000	0.000	[982.453]
NETWORTH		5400.768	4948.783	4254.820
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORRWOING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		55.545	0.000	0.000
Diminution in Value of Fixed assets		0.000	0.000	15.931

TOTAL		5456.313	4948.783	4270.751

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3606.799	3448.285	3267.396
Capital work-in-progress		565.574	308.767	310.809

INVESTMENTS		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	686.443	347.676	250.254
	Sundry Debtors	510.177	588.159	593.908
	Cash & Bank Balances	556.409	404.375	152.161
	Other Current Assets	3.765	2.050	3.909
	Loans & Advances	673.692	502.695	285.294
Total Current Assets		2430.486	1844.955	1285.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	788.056	473.926	505.379
	Other Current Liabilities	256.409	97.543	15.507
	Provisions	102.081	81.755	72.094
Total Current Liabilities		1146.546	653.224	592.980
Net Current Assets		1283.940	1191.731	692.546

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		5456.313	4948.783	4270.751

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	5344.000	4825.000	3913.000

Less	EXPENSES
		Cost of Materials
		Manufacturing Expenses
		Employees Remuneration
		Increase/(Decrease) in Finished Goods	4449.000	3778.000	3396.000
		Selling and Distribution Expenses
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	4449.000	3778.000	3396.000

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		895.000	1047.000	517.000

Less	FINANCIAL EXPENSES (D)		9.000	11.000	8.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		886.000	1036.000	509.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		395.000	374.000	336.000

	PROFIT BEFORE TAX (E-F) (G)		491.000	662.000	173.000

Less	TAX (H)		56.000	[32.000]	0.000

	PROFIT AFTER TAX (G-H) (I)		435.000	694.000	155.000

	EARNINGS IN FOREIGN CURRENCY
		Other Earnings	23.040	0.384	6.128
	TOTAL EARNINGS		23.040	0.384	6.128

	IMPORTS
		Raw Materials	-	750.603	809.223
		Stores & Spares	-	37.976	28.206
		Capital Goods	-	459.164	290.816
	TOTAL IMPORTS		NA	1247.743	1128.245

	Earnings Per Share (Rs.)		0.83	1.33	0.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.14	14.38	3.96

Return on Total Assets (PBT/Total Assets}	(%)	8.13	12.51	3.80

Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.04

Debt Equity Ratio (Total Liability/Networth)		0.21	0.13	0.14

Current Ratio (Current Asset/Current Liability)		2.12	2.82	2.17

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year, the net sales and other income increased from Rs. 4824 Million in the previous year to Rs. 5344 Million.

The Company had entered into Technical Assistance and License Agreement with the Parent Company i.e The Goodyear Tire and Rubber Company, Akron, Ohio, USA , effective January 1, 2011 to avail technical information, assistance and license rights on regular and continuous basis.

Future Plan of Action

Continuous efforts are made to introduce newly designed tyre sizes.
Extend the Aromatic oil free compounds to all the WBR tyres to make environmental friendly applications.
Extend the new design tyres to replace the old designs
Promotions to Tubeless tyres to continue.

Contingent Liabilities :

Rs. in millions

PARTICULARS	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts	34.936	34.936
Bills discounted	142.038	114.018

b) Excise amounts in dispute relating to determination of assessable value in respect of sales to certain customers - Rs.384.862 (Previous Year Rs.354.456). Determination of assessable value for the period April'1998 to June'2000 is pending with the Assessing Officer for fresh adjudication as remanded back as de-novo by the Tribunal. No Show Cause Notice received for the period beginning from October' 2010.

c) Other amounts in dispute relating to Excise/Customs/Service tax/Sales Tax - Rs.3.011 millions (Previous Year Rs. 17.023).

Regarding items b) and c) above, in the opinion of the management, no liability is likely to fall on the Company.

d) In respect of certain assessment years under Income Tax laws there are appeals pending before CIT (Appeals) which the management does not consider any contingent liability at this stage.

Fixed Assets :

Leasehold Land
Buildings
Plant and Machinery
Furniture and Fittings
Vehicles
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 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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	no
--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
TOTAL		39

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.

MIRA INFORM REPORT

# Tubes and flaps are on conversion basis from outside sources.

ABRIDGED BALANCE SHEET

NETWORTH

TOTAL

Provisions

Total Current Liabilities

TOTAL

PROFIT & LOSS ACCOUNT

KEY RATIOS

PAT / Total Income

(%)

Return on Total Assets

Return on Investment (ROI)

Debt Equity Ratio

Current Ratio

Unit