MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	LUCAS TVS LIMITED
Registered Office :	6, (New No. 11, 13) Patullo Road, Chennai – 600002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.12.1961
Com. Reg. No.:	18-004678
Paid-up Capital :	Rs. 118.800 Millions
CIN No.: [Company Identification No.]	U35999TN1961PLC004678
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00043B
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturers, Exporters and Importers of the most comprehensive range of Auto Electricals
No. of Employees :	2945 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 21300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company and a part of TVS Group. The company is progressing well. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual trade terms and conditions. The company can be regarded as a promising business partners in a medium to long run.

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	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 :	6, (New No. 11, 13) Patullo Road, Chennai – 600002, Tamilnadu, India
Tel. No.:	91-44-28110063/28115624/28111200 /26258211
Fax No.:	91-44-26257215/26257863/26258227
E-Mail :	mailer.web@lucastvs.co.in nambirajan@lucastvs.co.in marketing.padi@lucastvs.sprintrpg.ems.vsnl.net.in ananthakrishnan.cn@lucastvs.co.in
Website :	www.lucas-tvs.com
Corporate Office :	Aalim Centre, 82, Dr. Radhakrishnan Salai Mylapore, Chennai -600 004, Tamil Nadu.
Tel. No.:	91-44-28110063/28110074
Fax No.:	91-44-28115624
E-Mail :	mailer.web@lucastvs.co.in marketing.padi@lucastvs.sprintrpg.ems.vsnl.net.in recruitment@lucastvs.co.in
Factory 1 :	Lucas-TVS REWARI PLANT Masani Village, Rewari - 122 106, Haryana, India
Tel. No.:	91-1274-240754
Fax No.:	91-1274-240753
E-Mail :	Lucas.Rewari@satyam.net.in
Factory 2 :	Lucas-TVS CHAKAN PLANT B-1/1, MIDC Industrial Area, Village Nicoghe, Khed Taluk, Chakan, Pune - 410 501, Maharashtra, India
Tel. No.:	91-2135 327707
Fax No.:	91-2135 259149
E-Mail :	sidhar.s@lucastvs.co.in
Factory 3 :	Lucas-TVS PUDUCHERRY PLANT Eripakkam Village, Nettapakkam Commune, Puducherry - 605 106, India
Tel. No.:	91-413-2699131
Fax No.:	91-413-2699002
E-Mail :	mktg.pondy@lucastvs.co.in
Factory 4 :	Lucas-TVS UTTARKHAND PLANT Sector 11, Plot No. 55, TML Vendor Park, Sidcul Industrial Area, Pant Nagar, Udhamsingh Nagar – 263153, Uttaranchal, India
Tel. No.:	91-5944 250244
Fax No.:	91-5944 250243
E-Mail :	ut_office@lucastvs.co.in
Factory 5 :	Lucas-TVS PUDUCHERRY PLANT 10, Kothapurinatham Road, Thiruvandar Koil, Mannadipet Commune, Puducherry - 605 102, India
Tel. No.:	91-413-2641095
Fax No.:	91-413-2641096
E-Mail :	krkuma.pondyr@lucastvs.co.in
Factory 6 :	INDRAD AUTO COMPONENTS, MARAIMALAI NAGAR PLANT A1 - F5, Industrial Estate, Maraimalai Nagar, Dist. Kancheepuram, Tamilnadu, India
Tel. No.:	914427451853/27453365
E-Mail :	mktg@indradauto.com
Sales Enquiry :	Padi, Chennai - 600 050, Tamilnadu, India
Tel. No.:	91-44-2625 8211, 2625 4376 (Marketing)
Fax No.:	91-44-2624 7441, 2625 7322 (Marketing)
E-Mail :	bhawani@lucastvs.co.in gnbala@lucastvs.co.in balan.tv@lucastvs.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Tirumala Kumara Balaji
Designation :	Managing Director
Address :	New No.75 (Old No.34), Poes Garden, Chennai – 600 086, Tamilnadu, India
Date of Birth/Age :	12.07.1948
Date of Appointment :	24.08.1979
DIN No.:	00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	24-08-09	24-08-79	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	31-08-79	31-08-79	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	15-10-79	15-10-79	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01-04-07	15-10-79	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28-11-84	28-11-84	-	Active	NO
6	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Director	01-03-86	01-03-86	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28-07-86	28-07-86	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27-12-96	27-12-96	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09-05-97	09-05-97	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15-02-00	15-02-00	14-08-08	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17-09-01	17-09-01	-	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18-07-03	18-07-03	04-08-08	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14-09-05	14-09-05	-	Active	NO
16	U65191TN1994PLC028851	TVS INVESTMENTS LIMITED	Director	14-09-09	28-08-08	-	Active	NO
17	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23-06-10	03-05-10	-	Active	NO

Name :	Mr. Suresh Krishna
Designation :	Chairman
Address :	New No.44 (Old No.79), Poes Garden, Chennai – 600 086, Tamilnadu, India
Date of Birth/Age :	24.12.1936
Date of Appointment :	02.02.1979
DIN No.:	00046919

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	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Managing director	01-07-11	26-08-64	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	25-12-70	25-12-70	-	Active	NO
3	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	26-06-75	26-06-75	-	Active	NO
4	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	02-02-79	02-02-79	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	23-07-08	23-05-79	24-12-11	Active	NO
6	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	02-03-94	02-03-94	24-12-11	Active	NO
7	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	04-11-94	04-11-94	-	Active	NO
8	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	16-11-04	16-11-04	-	Active	NO
9	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	20-08-08	16-04-08	-	Active	NO

Name :	Mr. Venu Srinivasan
Designation :	Director
Address :	Westside House, New No.3 (Old No.2), Adyar Club Gate Road, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	11.12.1952
Date of Appointment :	16.04.1991
DIN No.:	00051523

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	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Managing director	10-02-12	23-05-79	-	Active	NO
2	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	15-06-79	15-06-79	-	Active	NO
3	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	29-06-79	29-06-79	-	Active	NO
4	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	30-06-79	30-06-79	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	16-04-91	16-04-91	-	Active	NO
6	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	06-02-95	06-02-95	-	Active	NO
7	U65191TN1998PLC039853	TVS FINANCE AND SERVICES LIMITED	Director	19-01-99	19-01-99	22-06-09	Active	NO
8	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	22-04-99	22-04-99	-	Active	NO
9	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	27-01-00	27-01-00	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Managing director	24-04-10	27-01-00	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18-08-03	18-08-03	31-07-08	Active	NO
12	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	28-03-08	18-11-04	19-05-10	Active	NO
13	U01132TN2006PLC061095	EMERALD HAVEN ESTATES LIMITED	Director	13-09-06	13-09-06	27-11-07	Active	NO
14	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	28-09-06	28-09-06	02-08-10	Active	NO
15	U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	Director	07-04-08	07-04-08	-	Active	NO
16	U65191TN1994PLC028851	TVS INVESTMENTS LIMITED	Director	14-09-09	28-08-08	-	Active	NO
17	U40109TN2008PLC069101	TVS ENERGY LIMITED	Director	01-09-08	01-09-08	-	Active	NO
18	L01131KA1943PLC000833	TATA COFFEE LIMITED	Director	24-07-09	13-10-08	-	Active	NO
19	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	27-07-10	17-10-08	-	Active	NO
20	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31-08-09	18-05-09	-	Active	NO
21	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23-06-10	21-06-10	-	Active	NO

Name :	Mr. Gopal Srinivasan
Designation :	Director
Address :	New No.3 (Old No.2), Adyar Club Gate Road, Chennai – 600 028, Tamilnadu, India.
Date of Birth/Age :	04.08.1958
Date of Appointment :	Westside House, 2 Adyar Club Gate Road, Chennai – 600028, Taminadu, India
DIN No.:	28.03.1996
	00177699

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	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	31-08-79	31-08-79	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	31-08-79	31-08-79	-	Active	NO
3	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	18-08-08	29-11-85	-	Active	NO
4	U65191TN1994PLC028851	TVS INVESTMENTS LIMITED	Managing director	26-04-10	25-05-95	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	28-03-96	28-03-96	-	Active	NO
6	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09-05-97	09-05-97	-	Active	NO
7	U65191TN1998PLC039853	TVS FINANCE AND SERVICES LIMITED	Director	19-01-99	19-01-99	-	Active	NO
8	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Director	12-07-99	12-07-99	28-07-08	Active	NO
9	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27-01-00	27-01-00	14-08-08	Active	NO
10	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	05-12-01	05-12-01	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Nominee director	23-10-08	18-07-03	-	Active	NO
12	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	22-11-04	22-11-04	-	Active	NO
13	U72900MH2001NPL133410	MEDIA LAB ASIA	Director	28-12-04	28-12-04	24-03-11	Active	NO
14	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	05-08-05	05-08-05	-	Active	NO
15	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	19-01-07	19-01-07	03-05-11	Active	NO
16	U72500TN2007PLC063540	TVS-E SERVICETEC LIMITED	Director	29-08-08	17-05-07	-	Active	NO
17	U72200TN2007PLC064091	HARITA ACADEMY LIMITED	Director	28-08-08	25-06-07	-	Active	NO
18	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	28-06-07	28-06-07	20-04-09	Active	NO
19	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Managing director	06-06-08	28-06-07	-	Active	NO
20	U72900TN2007FTC065500	GRANDTECH INDIA PRIVATE LIMITED	Director	26-11-07	26-11-07	21-09-11	Active	NO
21	U74140TN2004PTC052667	CROSS CREEK CHANNEL INVESTMENT ADVISORS PRIVATE LIMITED	Director	05-08-09	10-05-08	-	Active	NO
22	U22300DL2007PTC167650	NINE DOT NINE MEDIAWORX PRIVATE LIMITED	Nominee director	10-10-08	10-10-08	12-05-10	Active	NO
23	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Director	17-08-10	04-11-09	-	Active	NO
24	U93000KA2008PTC046355	NEXTWEALTH ENTREPRENEURS PRIVATE LIMITED	Director	11-02-10	11-02-10	-	Active	NO
25	U85110TN2010PTC075352	MEDFORT HOSPITALS PRIVATE LIMITED	Additional director	22-11-10	22-11-10	19-01-11	Active	NO
26	U15499DL2005PTC139631	OM PIZZAS AND EATS INDIA PRIVATE LIMITED	Director	24-12-10	24-12-10	-	Active	NO
27	U55101MH2010PTC209517	INDIAN COOKERY PRIVATE LIMITED	Nominee director	01-03-11	01-03-11	-	Active	NO
28	U74900TN2011PLC083371	SUNDARAM ENGINEERING PRODUCTS SERVICES LIMITED	Director	01-12-11	01-12-11	-	Active	NO

Name :	Mr. Arvind Balaji
Designation :	Managing Director
Address :	1B, Rangaprasad Apartments, 14-15/9, Binny Road, Chennai – 600 086, Taminadu, India
Date of Birth/Age :	08.12.1974
Date of Appointment :	18.04.2008
DIN No.:	00557711

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	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	22-09-10	10-05-04	-	Active	NO
2	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14-09-05	14-09-05	-	Active	NO
3	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	15-02-06	15-02-06	-	Active	NO
4	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15-02-06	15-02-06	-	Active	NO
5	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	16-06-06	16-06-06	-	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12-06-07	12-06-07	07-09-11	Active	NO
7	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27-08-08	06-08-07	-	Active	NO
8	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	18-04-08	13-12-07	-	Active	NO
9	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director appointed in casual vacancy	25-10-08	25-10-08	26-03-09	Active	NO
10	U01400TN2009PTC070420	HARITA GREENS PRIVATE LIMITED	Director	09-01-09	09-01-09	-	Active	NO
11	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09-01-09	09-01-09	-	Active	NO
12	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30-07-10	22-04-09	-	Active	NO
13	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director appointed in casual vacancy	16-06-09	16-06-09	-	Active	NO
14	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03-09-09	03-09-09	-	Active	NO

Name	Mr. Kalathur Seshadri
Designation	Director
Date of Birth/Age :	03.10.1933
Address	38, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Taminadu, India
Date of Appointment :	20.07.2009
DIN No.:	00301839

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	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	31-05-95	31-05-95	Active	NO
2	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16-03-00	16-03-00	Active	NO
3	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Nominee director	25-10-00	25-10-00	Active	NO
4	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	23-09-02	23-09-02	Active	NO
5	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27-08-08	27-08-08	Active	NO
6	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Additional director	30-12-08	30-12-08	Active	NO
7	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	20-07-09	20-07-09	Active	NO

KEY EXECUTIVES

Name :	C N Ananthakrishnan
Designation :	Company Secretary
Address :	62, Veerabhadran Street, Nungambakkam, Chennai – 600034, Tamilnadu, India
Date of Birth/Age :	20.03.1962
Date of Appointment :	29.06.2010
Pan No.:	AAAPA4133G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
T. V. Sundaram Iyengar and Sons Limited – India	267984
Sundaram Industries Limited – India	270425
Southern Roadways Limited – India	91367
Sundaram Finance Limited – India	63224
Life Insurance Corporation of India – India	82501
General Insurance Corporation of India – India	41249
United India Insurance Company Limited – India	41249
Hastham Swasthi Private Limited – India	116325
Punarvasu Swasthi Private Limited – India	116325
India Nippon Electrical Limited – India	97351
Total	1188000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Nationalized or other banks	13.89
Bodies corporate	86.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporters and Importers of the most comprehensive range of Auto Electricals

Products :

ITC CODE	Product Description
85114000	Starter Motors
85115000	Generators
85114000	Small Motors

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity @	Installed Capacity #	Actual Production
Starters
Generators
Regulators	Nos.	4590000	17107000	10301757
Ignition Products
Small Motors *
SPECIAL Purpose Machines	Nos.	200	-	124

* (Broad banded)

@ Excluding items covered under Industrial Entrepreneurs Memorandum

# As certified by Management

GENERAL INFORMATION

Customers :

· Tatra Motors

· Same

· Denso

· Arctic Cat

· Wabco

· Ashok Leyland

· Man Forece Truck Private Limited

· Mahindra and Mahindra

· Maruti Suzuki

· Mahindra Renault

· Fiat India

· Ford India

· Escorts

· TVS Motor Company

· Royal Enfield

· Force Motors

· Eicher Motors

· Swaraj Mazda

· Kinetic Engineering

· IVECO – Italy

· Inokom – Malaysia

· Uzel Tractors – Turkey

· Commercial Vehicle Group – USA

No. of Employees :

2945 (approximately)

Bankers :

· Bank of Baroda – Corporate Financial Services Branch, 74, The Agaraya Road, T Nagar, Chennai – 600017, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
- Cash Credit on hypothecation of stocks and book debts	53.266	0.000
- External commercial borrowing on hypothecation of plant and machinery and equipments	223.250	270.840
Term loan on exclusive first charge over specific fixed assets	500.000	201.314
Total	776.516	472.154
Note *Of this a sum of Rs.89.300 Millions falls due for payment during the year 2011-12 (Previous Year Rs.45.140 Millions)
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Bank	1161.900	599.258
Fixed Deposits from Public*	148.207	169.956
Total	1310.107	769.214
Note: * Of this, a sum of Rs.63.717 Millions falls due for payment during the year 2011-12 (Previous Year Rs.54.001 Millions)

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	46 and 48, Masilamani Road, 3^rd Floor, Balaji Nagar, Chennai – 600 014, Tamilnadu, India.
Pan No:	AAAFB2461J
Holding Company :	v T.V. Sundram Iyengar and Sons Limited
Subsidiaries :	v Lucas Indian Service Limited v Iranian Automotive Systems (A Private Joint Stock Company) v TVS Automotive Systems Limited
Fellow Subsidiaries :	v Southern Roadways Limited v Sundaram Industries Limited v The Associated Auto Parts Limited v TVS Interconnect Systems Limited v TVS Logistics Services Limited v Sundaram Clayton Limited v Sundaram Textiles Limited v TVS Automobile Solutions Limited
Company under Common Control :	v Delphi-TVS Diesel Systems Limited
Company under Joint Control :	v India Japan Lighting Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1188000	Equity Shares	Rs.100/- each	Rs. 118.800 Millions

Notes:

134200 shares were issued as fully paid-up for consideration other than cash

45500 shares were issued and credited as paid-up to the extent of Rs.3.080 Millions for consideration other than cash 824000 shares were allotted as fully paid-up Bonus shares by capitalization of share premium and accumulated profits

Of the above 1188000 shares, the holding company M/s T. V. Sundram Iyengar and Sons Limited, holds 267984 shares directly and another 361792 through its other subsidiaries.

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		118.800	118.800	118.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5207.696	4684.379	4318.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5326.496	4803.179	4437.447
LOAN FUNDS
1] Secured Loans		776.516	472.154	341.440
2] Unsecured Loans		1310.107	769.214	881.910
TOTAL BORROWING		2086.623	1241.368	1223.350
DEFERRED TAX LIABILITIES		275.142	265.882	249.577
TOTAL		7688.261	6310.429	5910.374
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2935.932	2795.920	2474.543
Capital work-in-progress		255.540	207.827	330.981
INVESTMENT		1077.905	829.087	844.145
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1850.482	1260.587	991.432
	Sundry Debtors	2259.549	1832.158	1276.989
	Cash & Bank Balances	73.355	44.642	240.984
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1102.788	912.980	966.712
Total Current Assets		5286.174	4050.367	3476.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1500.427	1273.643	983.320
	Other Current Liabilities	223.244	210.145	153.497
	Provisions	143.619	88.984	78.595
Total Current Liabilities		1867.290	1572.772	1215.412
Net Current Assets		3418.884	2477.595	2260.705
MISCELLANEOUS EXPENSES		0.0000	0.000	0.000
TOTAL		7688.261	6310.429	5910.374

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	14440.807	10689.051	8441.234
		Other Income	211.044	161.593	159.838
		TOTAL (A)	14651.851	10850.644	8601.072
Less	EXPENSES
		Material Consumed	10342.927	7472.514	5920.107
		Manufacturing Expenses	667.938	548.259	450.393
		Personnel Expenses	1571.544	1228.797	1110.234
		Selling, Engineering and Administration Expenses	578.339	399.194	359.499
		Research and Development Expenses	99.395	80.125	100.367
		TOTAL (B)	13260.143	9728.889	7940.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1391.708	1121.755	660.472
Less	FINANCIAL EXPENSES (D)		115.103	71.844	96.552
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1276.605	1049.911	563.920
Less/ Add	DEPRECIATION/ AMORTISATION (F)		367.159	339.995	307.688
	PROFIT BEFORE TAX (E-F) (G)		909.446	709.916	256.232
Less	TAX (H)		152.393	167.576	39.213
	PROFIT AFTER TAX (G-H) (I)		757.053	542.340	217.019
	Income tax relating to earlier years – Refund/(paid)		0.000	0.000	(2.511)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		156.491	160.759	188.608
Less	APPROPRIATIONS
		Transfer to General Reserve	430.000	370.000	140.000
		Dividend	207.900	154.440	95.042
		Tax on Dividend	25.836	22.168	7.315
	BALANCE CARRIED TO THE B/S		249.808	156.491	160.759
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1164.142	820.343	587.003
		Net foreign Exchange earned by Export Product Unit	730.021	436.049	313.237
	TOTAL EARNINGS		1894.163	1256.392	900.240
	IMPORTS
		Raw Materials	266.078	135.187	189.901
		Components	1480.555	1304.895	951.685
		Machinery spares and tools	76.019	41.246	40.880
		Capital Goods	58.782	254.992	69.389
	TOTAL IMPORTS		1881.434	1736.320	1251.855
	Earnings Per Share (Rs.)		637.25	456.52	183

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.17	4.99	2.52
Net Profit Margin (PBT/Sales)	(%)	6.30	6.64	3.04
Return on Total Assets (PBT/Total Assets}	(%)	11.06	10.37	4.31
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.06
Debt Equity Ratio (Total Liability/Networth)		0.79	0.59	0.55
Current Ratio (Current Asset/Current Liability)		2.83	2.58	2.86

LOCAL AGENCY FURTHER INFORMATION

ECONOMY AND GOVERNMENT POLICY INITIATIVES

The financial year 2010-11 witnessed significant growth in all segments of the economy especially the auto sector. The GDP growth for the year 2010-11 is expected to be 8.6%. However, the government is concerned about inflation and has taken several steps to curtail it, including raising the interest rates progressively in the last year. This has impacted the growth in the industrial sector which has declined to 7.8% from 10% last year. The recent hikes in petroleum products will further add to the inflation worries of the government.

The Direct Tax Code will be implemented from 1st April 2012. However, the implementation of Goods and Services Tax is yet to be firmed up by the government. The Schedule VI requirements under the Companies Act have been amended with regard to disclosure and this will be effective from 2011-12.

AUTO INDUSTRY OVERVIEW

The four wheeler industry crossed the 4 million production mark during the year and had witnessed growth of around 25% over the previous year. In view of the steep increase in the prices of petroleum based products as well as the increase in interest rates, it is expected that there would be sluggishness in the market primarily in the commercial vehicle and passenger car segments during 2011-12. Hence, the overall growth in the auto sector during 2011-12 is expected to come down to 12%

Passenger Vehicle Segment

The passenger vehicle segment grew by around 25% during the year primarily driven by Maruti Suzuki, the market leader, who registered an increase of 20% in sales over the previous year. While Tata Motors grew by 52%, the sales of Hyundai vehicles were more or less stagnant in view of the significant drop in its exports. Competition in the small car segment is fierce with the introduction of small cars by General Motors, Ford, Toyota and Nissan. Ford’s Figo was well received in the market and it registered an increase of 200% over the previous year. Ford also crossed the one lakh vehicle mark during the year. Spark and Beat contributed to General Motor's growth by 30% over last year. Nissan Micra has been well received in the market and the total production of Nissan vehicles during the year was at 75,000, with substantial exports.

Commercial Vehicle Segment

The commercial vehicle segment grew by 33% during the year primarily driven by the growth in Tata Motors vehicles by about 31% and Ashok Leyland by 35%. Ashok Leyland has started producing vehicles from Neptune platform in its Uttarkhand plant. Tata's Magic has been well received in the market especially in the small passenger segment replacing 3 wheelers and Tata continues to dominate the small vehicle segment inspite of introduction of Gio and Maxximo by Mahindra. Tata Motors also plans to introduce Iris, a smaller 0.5 ton vehicle and Venture fitted with Indica engine.

Tractors

In view of the good monsoon in 2010-11, the Tractor sales registered an increase of 23% over the previous year. Mahindra and TAFE continue to dominate this segment. John Deere proposes to increase the production of vehicles in the current year. With the expectation of normal monsoon in 2011-12, Tractor sales is likely to register growth, albeit marginally with rise in the rates of interest.

Two/Three Wheelers

The three wheeler industry registered a growth of 29% and the total production stood at 800,000 during 2010-11, with Bajaj Auto leading the market with a share of more than 50%. The other significant player in the market, Piaggio, which has a market share of about 28% has also witnessed growth in its products. The TVS King three wheeler is being well received in the market with production having gone up steeply from 15,000 in 2009-10 to 40,000 in 2010-11, an increase of 167%.

The two wheeler grew by 27% during the year reaching a total production of 13.38 million vehicles. Hero Honda crossed the 5 million sales mark during the year 2010-11. Hero Honda purchased shares of Honda Motors in Hero Honda during the year. With new models the vehicle manufacturers are proposing to introduce and with manufacturers trying to get more market share, competition is likely to be intense in the coming years.

COMPANY REVIEW

OVERVIEW

The company’s turnover stood at Rs. 14440.000 Millions, an increase of 35% over the previous year. The company achieved new land marks with the OEM turnover and export turnover crossing the Rs. 10000.000 Millions mark and Rs. 1000.000 Millions mark respectively. The after market sales also grew to Rs. 1710.000 Millions, a growth of about 20% over the previous year.

The buoyancy in the economy also resulted in significant increase in the commodity prices like steel, copper and aluminium. Prices of copper went up steeply in the last quarter by almost about 20%, which could not be recovered fully from the customers. Further, the availability of power in Tamil Nadu continue to pose problems and accordingly third party procurement of power and selective running of the diesel generators put strain on the margins of the company. The company's cost reduction initiatives had partially offset the erosion in the margins of the company. Consequently, the profit before tax increased to Rs. 910.000 Millions from the previous year’s level of Rs. 710.000 Millions, a growth of 28%.

OPERATIONS

The company continued its strategy of introducing contemporary technology products to satisfy the emerging needs of its customers. Accordingly, the gear reduction starters introduced by the company have been well received in the market and the company plans to increase its production in the coming years. Internal fan alternators introduced in the commercial vehicle, utility vehicle and passenger car segments have also received good response from the customers and the company proposes to enhance production of these type of alternators. Stick type ignition coils, production of which commenced last year, reached a production run rate of 60,000 per month and have been well received by the customer. The export sales of compressor motor reached a level of 3 lakh units during the year from 1 lakh units the previous year and in view of further requirements by the customer,

the company proposes to increase the capacity to 4.5 lakh units per annum.

The company has also been taking steps in re-locating products to sites closer to the customers to add value to the product as well as to bring down the transportation costs. The company also has been actively engaged in introducing a new type of engine cooling system for the commercial vehicle segment. During the year, a capital expenditure of Rs. 550.000 Millions was incurred mainly towards introduction of new products, capacity enhancement and quality improvement.

In view of the significant increase in the volume of business, the working capital requirements both in inventory and receivables have gone up requiring the company to resort to selective borrowing for funding the increased operations. The interest rates also have gone up steeply arising out of the government’s steps to contain inflationary pressures. The company, in order to partially reduce the effect of the increase, had selectively resorted to buyer's credit and packing credit.

SUBSIDIARIES AND ASSOCIATES

The subsidiary company, Lucas Indian Service Limited, recorded a sale of Rs. 2660.000 Millions and registered a growth of 21% over the previous year, mainly because of increased off-take by the dealer net work and increased sales of Lucas-TVS and Delphi-TVS products. Consequently, the PBT of the company also went up proportionately in 2010-11.

India Japan Lighting Private Limited, an equal joint venture between your company and Koito Manufacturing Company Limited, Japan, registered a turnover of Rs. 2201.200 Millions, PBT of Rs. 13.900 Millions and cash profit of Rs. 196.800 Millions during 2010-11. The company is trying to get additional business and towards this development work is in progress in respect of new products which are expected to be launched in the next two years.

During the year 2010-11, there was no activity in the Iranian Automotive Systems (IAS), a joint venture company in Iran. It has now been decided, in the absence of profitable alternative arrangement, to close the joint venture. Steps are being taken by the IAS to wind up the operations of the company.

FORM 8

Corporate identity number of the company

U35999TN1961PLC004678

Name of the company

LUCAS TVS LIMITED

Address of the registered office or of the principal place of business in India of the company

6 (NEW NO 11, 13) Patullo Rd.,Chennai - 600002, Tamil Nadu, India

This form is for

Creation of charge

Type of charge

Movable Property

Particular of charge holder

Name :	Bank of Baroda
Address :	Corporate Financial Services Branch, 74, The Agaraya Road, T Nagar, Chennai – 600017, Tamilnadu, India
Email :	INFIMA@bankofbaroda.com

Nature of instrument creating charge

Deed of Hypothecation

Date of instrument Creating the charge

30.09.2009

Amount secured by the charge

Rs. 500.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - 1.75% below prime lending rate of the bank

Terms of Repayment - 8 Equal successive half yearly installment of Rs.62.500 millions each, commencing 2 years after the date of first disbursement.

Margin - 25%

Extent and Operation of the charge - Specific moveable plant and machinery

Particulars of the property charged

Specific charge on the moveable plant and machinery situated at company's plant at Uttarkhand and Rewari, more particularly defined in the annexure to the Hypothecation Agreement.

FIXED ASSETS:

• Land
• Land – Leasehold
• Building
• Plant and Machinery
• Electrical Equipment
• Furniture and Office Equipment
• Vehicles
• Technical Knowhow owned
• Technical Knowhow acquired

AS PER WEBSITE DETAILS

PROFILE:

Subject established in 1961 as a joint venture between Lucas UK and T V Sundram Iyengar and Sons (TVS), India to manufacture Automotive Electrical Systems. Subject is the Leader in Auto Electricals in India today with 48 years experience in design and manufacturing. 4 out of 5 vehicles rolled out daily are fitted with Lucas-TVS products.

Subject is a TS16949 and OSHAS 18001 certified company. Subject has bagged the Deming application price in 2004 from the Japanese Union of Scientists and Engineers (JUSE).

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 50.31
UK Pound	1	Rs. 79.04
Euro	1	Rs. 65.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		69

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.