MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	FENNER (INDIA) LIMITED (w.e.f. 25.10.2007)
Formerly Known As :	RR BELTS AND SEALS LIMITED (w.e.f. 18.01.2007) RADICAL RESEARCH LIMITED (w.e.f. 14.08.2006) J.K. DRUG AND PHARMACEUTICALS LIMITED
Registered Office :	3, Madurai - Melakkal Road, Madurai – 625 016, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.04.1992
Com. Reg. No.:	18-062306
Capital Investment / Paid-up Capital :	Rs. 24.831 Millions
CIN No.: [Company Identification No.]	U24231TN1992PLC062306
TAN No.: [Tax Deduction & Collection Account No.]	DELF00082F
PAN No.: [Permanent Account No.]	AAACJ7230N
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Engaged in manufacturing of V Belts and Fan Belts including Cogged Power Transmission Belts, Oil Moulded Rubber Products, Conveyor Beltings and Textile Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are recorded to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	3, Madurai - Melakkal Road, Madurai – 625 016, Tamil Nadu, India
Tel. No.:	91-452-2383801 / 2383802/ 4283800
Fax No.:	91-452-2383822/ 4283831
E-Mail :	rk@fennermail.com filmdu@fennermail.com ptd_mhq@fennermail.com export@fennermail.com apdoe@fennermail.com export@fennermail.com apdrep@fennemail.com export@fennermail.com fennerunit2@eth.net fenunit1@sancharnet.in pattabiraman@fennermail.com amlanjr@fennermail.com vijayaraghavan@fennermail.com fenner_india@fennermail.com admin@fennermail.com
Website :	www.fennerindia.com
Corporate Office :	Khivraj Complex II, 5^th Floor, 480, Anna Salai, Nandanam, Chennai - 600035, Tamilnadu, India
Tel. No.:	91-44-24312450 to 24312457
Fax No.:	91-44-24349016 / 24320193
E-Mail :	fenner_india@fennermail.com

DIRECTORS

AS ON 09.09.2011

Name :

Mr. Raghupati Singhania

Designation :

Chairman

Address :

40, Friends Colony (East), New Delhi -110 065, India

Date of Birth/Age :

08.12.1946

Qualification :

B. Sc, Fellow Institute of Directors (U.K)

Date of Appointment :

18.10.2007

DIN No.:

00036129

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	L67120WB1951PLC019430	JK TYRE AND INDUSTRIES LIMITED	Managing director	01-10-11	29-05-67	-	Active	NO
2	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Nominee director	10-09-87	10-09-87	-	Amalgamated	NO
3	U91200DL1990NPL041439	JKI EMPLOYEES WELFARE ASSOCIATION LIMITED	Director	10-09-90	10-09-90	-	Active	NO
4	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	04-06-91	04-06-91	-	Active	NO
5	U73100RJ1991NPL006245	HARI SHANKAR SINGANIA ELASTOMER AND TYRE RESEARCH INSTITUTE	Director	09-11-91	09-11-91	-	Active	NO
6	U74899DL1989PTC035595	NIYOJIT PROPERTIES PRIVATE LIMITED	Director	15-01-92	15-01-92	04-11-08	Active	NO
7	U74899DL1989PTC035700	RADICAL AGRO PRODUCTS PRIVATE LIMITED	Director	15-01-92	15-01-92	-	Active	NO
8	U74899DL1995PTC069730	RPS SECURITIES PRIVATE LIMITED	Director	13-06-95	13-06-95	-	Active	NO
9	U74899DL1995NPL070915	PUSHPAWATI SINGHANIA RESEARCH INSTITUTE FOR LIVER, RENAL AND DIGESTIVE DISEASES	Director	18-07-95	18-07-95	-	Active	NO
10	L26941UP1983PLC027278	RADICO KHAITAN LIMITED	Director	28-01-03	28-01-03	-	Active	NO
11	L24211WB1993PLC092885	JK AGRI GENETICS LIMITED	Director	25-08-03	25-08-03	-	Active	NO
12	U67120DL2004PTC126956	HARI SHANKAR SINGHANIA HOLDINGS PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
13	U74999DL1990PLC041398	DCM ENGINEERING LIMITED	Director	30-09-04	30-09-04	-	Active	NO
14	U25110DL1975NPL234072	AUTOMOTIVE TYRE MANUFACTURERS ASSOCIATION	Director	19-07-07	19-07-07	14-01-10	Active	NO
15	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Director	30-09-08	18-10-07	-	Active	NO
16	L67120DL1947PLC116830	BENGAL AND ASSAM COMPANY LIMITED	Director	22-09-09	02-02-09	-	Active	NO

Name :

Mr. Vikrampati Singhania

Designation :

Managing director

Address :

B-16, West End, New Delhi – 110021, India

Date of Birth/Age :

08.10.1965

Qualification :

MBA

Date of Appointment :

27.09.2010

DIN No.:

00040659

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	U74899DL1989PTC035700	RADICAL AGRO PRODUCTS PRIVATE LIMITED	Director	15-01-92	15-01-92	25-11-08	Active	NO
2	L67120WB1951PLC019430	JK TYRE AND INDUSTRIES LIMITED	Managing director	01-04-12	14-03-94	-	Active	NO
3	L25206WB1996PLC079417	JK SUGAR LIMITED	Director	25-08-03	25-08-03	-	Active	NO
4	L24211WB1993PLC092885	JK AGRI GENETICS LIMITED	Director	04-09-03	04-09-03	-	Active	NO
5	U93090DL1998NPL097629	YPO (DELHI CHAPTER) U/S25	Director	04-08-06	04-08-06	-	Active	NO
6	U45200DL2006PTC156229	L V P FOODS PRIVATE LIMITED	Director	05-12-06	05-12-06	01-10-07	Active	NO
7	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Managing director	27-09-10	13-10-09	-	Active	NO

Name :

Mr. Surendra Malhotra

Designation :

Director

Address :

1-A-1, Girdhar Apartments, 28 Feroze, Shah Road, New Delhi – 110 001, India

Date of Birth/Age :

20.08.1940

Date of Appointment :

18.10.2007

DIN No.:

00271508

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	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Nominee director	09-06-93	09-06-93	-	Amalgamated	NO
2	U51909DL1946PLC116827	PARAM SHUBHAM VANIJYA LIMITED	Director	26-12-95	26-12-95	-	Active	NO
3	U85300DL1983PLC016479	JKLC EMPLOYEES' WELFARE ASSOCIATION LIMITED	Director	30-06-97	30-06-97	26-09-08	Active	NO
4	U74999DL2002PLC114816	J.K. RISK MANAGERS AND INSURANCE BROKERS LIMITED	Director	03-04-02	03-04-02	-	Active	NO
5	U67120MH2001NPL132860	INSURANCE BROKERS ASSOCIATION OF INDIA	Director	28-09-07	28-09-07	-	Active	NO
6	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Director	27-12-07	18-10-07	-	Active	NO
7	U80302DL2008NPL185209	LAKSHMIPAT SINGHANIA FOUNDATION FOR HIGHER LEARNING	Director	25-11-08	25-11-08	-	Active	NO
8	U51311DL1941PLC116871	JUGGILAL KAMLAPAT UDYOG LIMITED	Director	30-09-10	26-05-10	-	Active	NO
9	U67120DL1983PLC016175	J.K. CREDIT AND FINANCE LIMITED.	Director	20-09-10	26-05-10	-	Active	NO
10	U74140DL2011PLC216818	GLOBAL STRATEGIC TECHNOLOGIES LIMITED	Director	31-03-11	31-03-11	-	Active	NO

Name :

Mr. Harsh Vardhan Lodha

Designation :

Director

Address :

8, National Tower, 13 Loudon Street, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

13.02.1967

Date of Appointment :

18.10.2007

DIN No.:

00394094

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	L74999WB1919PLC003516	ALFRED HERBERT (INDIA) LIMITED	Director	20-09-90	20-09-90	-	Active	NO
2	U21012DL1990PTC102759	SICPA INDIA PRIVATE LIMITED	Director	11-03-94	11-03-94	-	Active	NO
3	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	26-02-96	26-02-96	12-05-08	Active	NO
4	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Director	18-03-96	18-03-96	-	Amalgamated	NO
5	U65999WB1995PTC068123	SWISS INDIA FINANCIAL SERVICES COMPANY PRIVATE LIMITED	Director	21-03-96	21-03-96	-	Active	NO
6	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Director	23-04-96	23-04-96	-	Active	NO
7	U68192WB1983PLC036273	MANORAJ INVESTMENT LIMITED	Alternate director	20-05-96	20-05-96	28-02-12	Active	NO
8	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	24-04-98	24-04-98	-	Active	NO
9	U74140WB1981PLC033942	ELCO CONSULTANTS LIMITED	Alternate director	09-01-01	09-01-01	-	Active	NO
10	U29261WB1982PLC034537	CITY CONSULTANTS LIMITED	Alternate director	09-02-01	09-02-01	-	Active	NO
11	U74140WB1983PLC036275	ADVANCE BUSINESS SERVICES LIMITED	Alternate director	16-02-01	16-02-01	-	Active	NO
12	U24114WB1982PLC034581	HARSH CHEMICALS LIMITED	Alternate director	16-02-01	16-02-01	-	Active	NO
13	U74140WB1983PLC036276	CENTRAL BUSINESS SERVICES LIMITED	Alternate director	16-02-01	16-02-01	-	Active	NO
14	U70109WB1995PLC074449	PUNJAB PRODUCE HOLDINGS LIMITED	Director	08-04-04	08-04-04	-	Active	NO
15	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	05-05-04	05-05-04	-	Active	NO
16	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Director	05-05-04	05-05-04	-	Active	NO
17	U70200WB1995PTC074504	MAZBAT PROPERTIES PRIVATE LIMITED	Director	14-06-04	14-06-04	-	Active	NO
18	U67120WB1995PTC074450	MAZBAT INVESTMENTS PRIVATE LIMITED	Director	14-06-04	14-06-04	-	Active	NO
19	U51109WB1942PTC075039	BARODA AGENTS AND TRADING COMPANY PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
20	U74999WB1937PTC025402	THE PUNJAB PRODUCE AND TRADING COMPANY PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
21	U28939WB1942PTC025403	GWALIOR WEBBING COMPANY PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
22	U65993WB1951PTC019688	EAST INDIA INVESTMENT COMPANY PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
23	U24134DL2007PTC159596	HITEK DERIVATIVES ANDPOLYMERS PRIVATE LIMITED	Director	22-02-07	22-02-07	03-03-08	Active	NO
24	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31-07-07	16-06-07	-	Active	NO
25	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Director	27-12-07	18-10-07	-	Active	NO
26	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	29-10-07	29-10-07	-	Active	NO
27	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	30-06-11	30-06-08	-	Active	NO
28	U74140WB2001PTC093908	ONEWORLD RESOURCES PRIVATE LIMITED	Director	29-09-09	17-10-08	-	Active	NO
29	U33200GA2009PLC006140	BIRLA FURUKAWA FIBRE OPTICS LIMITED	Director	23-07-09	23-07-09	-	Active	NO

Name :

Mr. Lajpat Rai Puri

Designation :

Director

Address :

Bunglow No. 7, Block –D Saket, New Delhi – 110 017, India

Date of Birth/Age :

08.07.1923

Date of Appointment :

18.10.2007

DIN No.:

00033240

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	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Director	10-09-87	10-09-87	-	Amalgamated	NO
2	U74899DL1993PLC054817	HANSDEEP INDUSTRIES AND TRADING COMPANY LIMITED	Director	13-08-93	13-08-93	-	Active	NO
3	U51909DL1993PLC056150	SAGO TRADING LIMITED	Director	19-11-93	19-11-93	-	Active	NO
4	U67120DL1983PLC116663	MAYFAIR FINANCE LIMITED	Director	27-09-94	27-09-94	-	Amalgamated	NO
5	U74899DL1995PLC068913	PANCHMAHAL PROPERTIES LIMITED	Director	23-05-95	23-05-95	-	Active	NO
6	U51909DL1946PLC116827	PARAM SHUBHAM VANIJYA LIMITED	Director	26-12-95	26-12-95	-	Active	NO
7	L67120DL1975PLC116829	ASHIM INVESTMENT COMPANY LIMITED	Director	30-03-96	30-03-96	-	Amalgamated	NO
8	U74999DL2002PLC114816	J.K. RISK MANAGERS AND INSURANCE BROKERS LIMITED	Director	16-04-03	16-04-03	-	Active	NO
9	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Director	27-12-07	18-10-07	-	Active	NO
10	U65993DL1983PLC015984	SIDHI VINAYAK INVESTMENTS LIMITED	Director	28-12-07	19-11-07	-	Amalgamated	NO
11	U80302DL2008NPL185209	LAKSHMIPAT SINGHANIA FOUNDATION FOR HIGHER LEARNING	Director	25-11-08	25-11-08	-	Active	NO
12	L67120DL1947PLC116830	BENGAL AND ASSAM COMPANY LIMITED	Director	22-09-09	02-02-09	-	Active	NO
13	U74899DL1995PLC066896	ACCURATE FINMAN SERVICES LIMITED	Director	30-09-09	29-06-09	-	Active	NO
14	L70101DL1945PLC129687	NAV BHARAT VANIJYA LIMITED	Director	30-09-10	01-10-09	31-10-10	Active	NO
15	U67120DL2005PLC161088	BMF INVESTMENTS LIMITED	Director	30-07-10	14-12-09	-	Active	NO
16	U45200DL2006PTC156229	L V P FOODS PRIVATE LIMITED	Additional director	25-10-11	25-10-11	-	Active	NO

Name :

Mr. Harsh Pati Singhania

Designation :

Director

Address :

19, Prithviraj Road, New Delhi – 110011, India

Date of Birth/Age :

31.12.1961

Date of Appointment :

18.10.2007

DIN No.:

00086742

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	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Director	24-12-88	24-12-88	-	Amalgamated	NO
2	U74899DL1988PTC033498	ROCKWOOD PROPERTIES PRIVATE LIMITED	Director	15-01-92	15-01-92	-	Active	NO
3	L21010GJ1960PLC018099	JK PAPER LIMITED	Managing director	01-01-12	09-07-92	-	Active	NO
4	U85300DL1983PLC016479	JKLC EMPLOYEES' WELFARE ASSOCIATION LIMITED	Director	21-11-92	21-11-92	26-09-08	Active	NO
5	L15412DL1942PLC114497	BHOPAL UDYOG LIMITED	Director	30-05-94	30-05-94	-	Active	NO
6	U74899DL1995NPL070915	PUSHPAWATI SINGHANIA RESEARCH INSTITUTE FOR LIVER, RENAL AND DIGESTIVE DISEASES	Director	28-12-96	28-12-96	-	Active	NO
7	U99999DL1967PLC002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	17-12-00	17-12-00	-	Active	NO
8	U30007DL1992PTC115249	ANANT DESIGN PRIVATE LIMITED	Director	05-07-01	05-07-01	-	Active	NO
9	U74899DL1995PTC067525	OAKWOOD PROPERTIES AND FARMS PRIVATE LIMITED	Director	02-07-07	02-07-07	-	Active	NO
10	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Director	27-12-07	18-10-07	-	Active	NO

Name :

Mr. Alampundi Natarajan Ravichandran

Designation :

President and Whole-time director

Address :

No. 92, Flat No. 1C, Jain Saagarika Apartment, Satya Avenue, MRC Nagar, R.A. Puram (Near Bus Stop), Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

12.05.1954

Qualification :

B.Tech, MBA

Date of Appointment :

24.12.2008

DIN No.:

02485840

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210DL1978PLC009175	ACORN ENGINEERING LIMITED	Director	26-08-09	16-12-08	Active	NO
2	U17111TN2005PLC057274	MODERN COTTON YARN SPINNERS LIMITED	Director	25-09-09	16-12-08	Active	NO
3	U17111TN2005PLC056558	SOUTHERN SPINNERS AND PROCESSORS LIMITED	Director	25-09-09	16-12-08	Active	NO
4	U24231TN1992PLC062306	FENNER (INDIA) LIMITED	Whole-time director	24-12-11	24-12-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghupathy Vijayaraghavan
Designation :	Secretary
Address :	Old No. 2/2B, New No. 8/2B, Nat West Homes, AGS Colony, Velachery, Chennai – 600042, Tamilnadu, India
Date of Birth/Age :	21.11.1964
Date of Appointment :	30.08.2008
PAN No.:	AAGPR6231A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2011

Names of Shareholders	No. of Shares
Bengal and Assam Company Limited, India	2182648
Mr. Hari Shankar Singhania	20150
Mr. Raghupati Singhania	20150
Ms. Bharat H Singhania	6721
Mrs. Vinita Singhania	6721
Mr. Harsh Pati Singhania	6715
Mr. Vikrampati Singhania	6715
Mr. Anshuman Singhania	6715
Mr. Shrinivats Singhania	6715
J.K. Agri Genetics Limited, India	3796
Henry F Cockill and Sons Limited, India	154200
Mr. Dutta D K	13
Boribunder Finance and Investments Limited, India	6666
Mrs. Pallavi Utsav Dhupalia	2666
Mr. Samir Doshi (Joint With) Mr. Kanta Doshi	266
Mr. Kejriwal B.P	76
Mr. Sunil Kumar Mittal (Joint With) Mrs. Kadambari S Mittal	4033
Mrs. Kadambari S Mittal (Joint With) Mr. Sunil K Mittal	3133

AS ON 09.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.21
Bodies corporate	88.86
Directors or relatives of directors	3.25
Other top fifty shareholders	1.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in manufacturing of V Belts and Fan Belts including Cogged Power Transmission Belts, Oil Moulded Rubber Products, Conveyor Beltings and Textile Yarn.

Products :

ITC Code	Product Descriptions
401021 and 401024 and 401029.09	V and Fan Belts
401693.03	Oil Seals

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, 6A, West Veli Street, Madhurai – 625001, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	93.750	156.250
Foreign currency loans banks secured	158.738	195.224
Working capital loans banks secured	226.975	178.013
Total	479.463	529.487
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans banks unsecured	49.733	88.324
Fixed deposits unsecured	244.113	260.155
Other debt unsecured	305.000	250.000
Total	598.846	598.479

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Easwar Nagar, Madura Road, New Delhi-110065, India
Income-tax PAN of auditor or auditor's firm :	AABFS6730L
Holding Company :	Bengal and Assam Company Limited
Subsidiary Companies :	· Southern Spinners and Processors Limited CIN No.: U17111TN2005PLC056558 · Modern Cotton Yarn Spinners Limited CIN No.: U17111TN2005PLC057274 · BMF Investments Limited CIN No.: U67120DL2005PLC161088 · Acorn Engineering Limited CIN No.: U74210DL1978PLC009175 · LVP Foods Private Limited · Panchmahal Properties Limited · Dwarkesh Energy Limited · Hifazat Chemicals Limited
Enterprise over which KMP is able to exercise significant influence :	JK Tyres and Industries Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions
1000000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2483066	Equity Shares	Rs. 10/- each	Rs. 24.831 Millions

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		24.831	24.831	24.831
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2853.865	2503.341	2235.324
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2878.696	2528.172	2260.155
LOAN FUNDS
1] Secured Loans		479.463	529.487	809.516
2] Unsecured Loans		598.846	598.479	697.192
TOTAL BORROWING		1078.309	1127.966	1506.708
DEFERRED TAX LIABILITIES		133.245	120.459	84.244
TOTAL		4090.250	3776.597	3851.107
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1692.920	1571.268	1139.450
Capital work-in-progress		81.880	34.170	502.530
INVESTMENT		1724.805	1724.805	1721.785
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	371.704	257.472	195.803
	Sundry Debtors	695.577	594.918	476.777
	Cash & Bank Balances	46.234	45.102	56.358
	Other Current Assets	7.550	7.568	8.273
	Loans & Advances	650.476	581.721	467.282
Total Current Assets		1771.541	1486.781	1204.493
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	696.815	627.863	527.109
	Other Current Liabilities	145.249	94.528	162.112
	Provisions	338.832	318.036	55.191
Total Current Liabilities		1180.896	1040.427	744.412
Net Current Assets		590.645	446.354	460.081
MISCELLANEOUS EXPENSES		0.000	0.000	27.261
TOTAL		4090.250	3776.597	3851.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4017.910	3230.318	2776.853
		Other Income	129.490	82.120	0.000
		TOTAL (A)	4147.400	3312.438	2776.853
Less	EXPENSES
		Consumption materials changes inventories	2009.391	1467.850
		Manufacturing service costs	320.635	256.394
		Employee related expenses	515.737	468.331
		Administrative selling other expenses	369.315	301.969
		TOTAL (B)	3215.078	2494.544	2268.541
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		932.322	817.894	508.312
Less	FINANCIAL EXPENSES (D)		101.018	119.293	130.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		831.304	698.601	378.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)		168.219	145.049	128.972
	PROFIT BEFORE TAX (E-F) (G)		663.085	553.552	249.248
Less	TAX (I)		190.375	162.490	84.282
	PROFIT AFTER TAX (G-I) (J)		472.710	391.062	164.966
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		262.959	237.715	280.850
Less	APPROPRIATIONS
		Transfer to General Reserve	400.000	250.000	150.000
		Dividend	99.322	99.322	49.661
		Tax on Dividend	16.304	13.496	8.440
	BALANCE CARRIED TO THE B/S		220.043	262.959	237.715
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	418.295	312.154	302.987
	TOTAL EARNINGS		418.295	312.154	302.987
	Earnings Per Share (Rs.) Cash		263.27	230.49	146.56
	After Tax		190.37	157.49	66.44

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.40	11.81	5.94
Net Profit Margin (PBT/Sales)	(%)	16.50	17.14	5.94
Return on Total Assets (PBT/Total Assets}	(%)	19.14	18.10	10.63
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.11
Debt Equity Ratio (Total Liability/Networth)		0.78	0.86	1.00
Current Ratio (Current Asset/Current Liability)		1.50	1.43	1.62

LOCAL AGENCY FURTHER INFORMATION

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

FINANCIAL RESULTS

Sales and Other Income during the year was Rs. 4503.500 Millions, recording an increase of 27% over the previous year. The Operating Profit increased by 14% to Rs. 924.200 Millions and Profit before Tax for the year was Rs. 663.100 Millions and Profit after Tax was Rs. 472.700 Millions.

The Company achieved a record growth during the year despite steep increase in input costs, pricing pressures and challenging market conditions. Increase in both production and sales with higher market shares and all round improvement in operating efficiencies contributed to these results.

OPERATIONS

BELTS

Various demand generation activities across segments helped your company to maintain the growth momentum in the Indian market.

The product range was further widened with the introduction of Green Colored Hi-power wedge belt and Compressor belts for export market and DPL Poly V belt for Industrial applications. Yet another important development during the year was that your Company became a global supply partner to certain leading multinationals including leading Auto companies of Europe and USA.

OIL SEALS

The Company registered another year of impressive growth in Oil Seals sales. In order to meet increasing demand for its Oil Seals in various segments particularly of the automotive industry, the Company undertook substantial expansion of oil seals capacity and introduced new range of Oil Seals for various applications in Automotive OE/ Replacement and Industrial segments.

The Indian automotive industry is becoming increasingly globalized and is operating in a highly dynamic environment, with rising customer expectations. Fenner is proud to be associated with leading automotive manufacturers of the country including several new entrants who have started their operations in India. Global procurement arm of a leading Auto giant accorded approval to Fenner for reciprocating Oil Seals for shock absorber application. Special Oil Seals were developed for a leading bearing manufacturer for railway applications. Quality Assurance Programme Certificate from Association of American Railroads (AAR) was received, which will further facilitate the supply of Oil Seals to American Railways.

ENGINEERING PRODUCTS

During the year, this division achieved 29% growth in sales turnover . SMSR production was automated and Dynamic balancing test equipment was installed.

The major thrust in Engineering Product Division was to provide “Drive Solutions" to customers through value engineering and offering enlarged product portfolios. Further, the engine mountings business recorded an increase of 20%. Order from a leading commercial vehicle manufacturer was received for Fenner’s engine mounts, a testimony to its quality

EXPORTS

Fenner’s export business recorded a significant growth of 36% during the year. The Company’s export during the year stood at Rs. 441.600 Millions.

The Company has entered several new markets in Latin and South America, Iran, China, Argentina, and Australia. Various products including agriculture and automotive high end belts, timing belts, green coloured high power wedge belts, were developed for these markets. Expansion of their business with General Motors also gave additional strength to the Company.

EXPANSION

The Company undertook a major expansion programme to cater to the growing demand for its Oil Seals.

Substantial expansion of capacity of Oil Seals, both at the Sriperumbudur plant as well as the Hyderabad plant has been completed with the production capacity being increased by 85%. The Hyderabad plant with world class manufacturing facilities was put up in a record time of 90 days. Automation has been incorporated in these locations, which will significantly reduce manual efforts.

Major consolidation of operations was achieved across Fenner plants by rationalization of product categories between locations. Certain Oil Seals facilities were transferred to Hyderabad location, likewise Belt facilities were transferred to Madurai Unit. This step will enable the Company to achieve better cost efficiencies and economies of scale in the coming years. Injection molding machines were installed, thereby foraying into a new technological arena which will enable further widening of product mix offerings from Fenner. Production of boots and bellows was started and commercial supplies commenced.

AWARDS AND ACCOLADES

1. Madurai and Hyderabad Units were awarded TPM Excellence Category A-2010 by Japan Institute of Plant Maintenance (JIPM).

2. Operators bagged “Excellence Par/Excellence Award” in the State level QCFI/National Level QCFI.

3. Sustainability Award 2010 was received from M/s. Mahindra & Mahindra Limited.

4. “Export Award” from Ministry of Commerce & Industries, Government of India for 2009-10.

5. Prestigious Chairman’s People Management Award (PMA) for maintaining the Best People Management Practices was bagged by the Patancherru unit at Hyderabad.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231TN1992PLC062306
Name of the company	FENNER (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	3, Madurai - Melakkal Road, Madurai - 625016, Tamilnadu, India
This form is for	Modification of charge
Charge identification number of the modified	10077701
Type of charge	Immovable Property Movable Property
Particular of charge holder	State Bank Of India, Commercial Branch, 6A West Veli Street, Madurai – 625001, Tamilnadu, India Email ID: ganapathy.s@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Form C.2-A- Supplemental Agreement of Hypothecation of goods/assets. Form C.5 - Letter regarding the grant of individual limits within the overall limit dated 3rd Nov 2011.
Date of instrument Creating the charge	03.11.2011
Amount secured by the charge	Rs. 369.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Term Loan I- 2.50% above 6 month LIBOR (as applicable to CRA Rating SBTL) at Quarterly rests. For Term LoanII-11%(1% above BR),( For FCNRB Term Loan - 6 month LIBOR+600 bps ) at monthly rests. Terms of Repayment Term Loan I- Total tenor is 8 years. For FCNRB Loan 5 years repayable in 20 quarterly installments starting from the 1st quarter of 2008-2009. Term Loan II- Total tenor is 6.5 years. For FCNRB Loan 1 year repayable at the end of the 1st year and will be rolled over into another FCNRB Term Loan subject to funds availability or converted into rupee loan. Repayable in 20 Quarterly installments starting from April 2013 to March 2018 with a moratorium from September 2011 to March 2013. Margin Term Loan I- 21.90% Term Loan II-26.33% Extent and Operation of the charge First charge on the entire fixed assets created to be created with bank finance (including EM over windmill land located at Aralvoimozhi Village Kanyakumari District)
Short particulars of the property charged	First charge on the entire fixed assets created to be created with bank finance (including EM over windmill land located at Aralvoimozhi Village Kanyakumari District)
Date of latest modification prior to the present modification	01.02.2008
Particulars of the present modification	The Existing charge of Rs. 250.000 Millions is enhanced to Rs.369.600 Millions by way of first charge on the entire fixed assets created/to be created. The enhanced limit is by way of availing new term loan of Rs. 220.000 Millions and revision of existing term loan amounting to Rs.149.600 Millions.

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. 56.53
UK Pound	1	Rs. 88.09
Euro	1	Rs. 70.83

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		55

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

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.