MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	BAJAJ MOTORS LIMITED
Registered Office :	39-40, K M Stone, Delhi Jaipur Highway, Narsingpur, Gurgaon-122001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.07.1986
Com. Reg. No.:	05-024875
Capital Investment / Paid-up Capital :	Rs. 79.846 Millions
CIN No.: [Company Identification No.]	U34103HR1986PLC024875
TAN No.: [Tax Deduction & Collection Account No.]	RTKB02204G
PAN No.: [Permanent Account No.]	AAACB7413P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Automobile Accessories, Automotive Parts, Components and Spares.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 6600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial positions of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

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/ Corporate Office :	39-40, K M Stone, Delhi Jaipur Highway, Narsingpur, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-2371453, 2371553, 2373453, 2371653
Fax No.:	91-124-2372553
E-Mail :	bml@bajajmotors.com bml@satyam.net.in
Website :	http://www.bajajmotors.com
Factory:	159, Udyog Vihar, Phase-I, Gurgoan 122016, Haryana, India
Tel No.:	91-124-2438753, 2438653

DIRECTORS

As on 30.09.2011

Name :	Mr. Virender Pal Bajaj
Designation :	Chairman and Managing Director
Address :	1804, Sector – 17, Gurgoan – 122001, Haryana, India
Date of Birth:	19.02.1940
Qualification :	Mechanical Engineer
Experience :	More than 46 Years
Date of Appointment :	17.07.1986
DIN No.:	00003030

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Managing director	01-09-07	17-07-86	Active	NO
2	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	01-01-89	01-01-89	Active	NO
3	U34300DL2000PTC107443	MICROTEK FORGINGS PRIVATE LIMITED	Director	25-08-00	25-08-00	Active	NO
4	U74220HR2004NPL035339	GURGAON TECHNICAL DEVELOPMENT CENTRE FOR EXCELLENCE	Director	17-03-04	17-03-04	Active	NO
5	U45206HR2006PLC036476	OAL ENERGY & INFRASTRUCTURE LIMITED	Director	04-12-06	04-12-06	Active	NO

Name :	Mr. Surinder Pal Bajaj
Designation :	Director
Address :	2746/1, Gurudev Nagar, Ludhiana, India
Date of Birth:	28.06.1938
Qualification :	Production Engineer
Experience :	48 Years
Date of Appointment :	21.11.1988
DIN No.:	00042105

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	U34300PB1985PLC006127	BAJAJSONS LIMITED	Managing director	01-04-09	01-03-85	Active	NO
2	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	21-11-88	21-11-88	Active	NO
3	U00000PB1998PLC021713	SAROOPSONS INDUSTRIES LIMITED	Director	21-08-98	21-08-98	Active	NO
4	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PVT LTD	Director	21-02-05	21-02-05	Active	NO
5	U34300PB2002PTC025269	ELIXIR MOTORS PRIVATE LIMITED	Additional director	01-09-11	01-09-11	Active	NO

Name :	Mr. Vikas Bajaj
Designation :	Joint Managing Director
Address :	1804, Sector – 17, Gurgoan – 122001, Haryana, India
Date of Birth:	29.08.1970
Qualification :	Production Engineer, MBA
Experience :	11 Years
Date of Appointment :	16.09.1993
DIN No.:	00003039

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Managing director	01-09-07	16-09-93	Active	NO
2	U34300DL1999PLC100959	ESVEE PRECISION COMPONENTS LIMITED	Managing director	01-04-08	02-08-99	Active	NO
3	U34300DL2000PTC107443	MICROTEK FORGINGS PRIVATE LIMITED	Director	25-08-00	25-08-00	Active	NO

Name :	Mr. Subhash Bajaj
Designation :	Director
Address :	2788, Gurudev Nagar, Ludhiana, India
Date of Birth:	18.01.1941
Date of Appointment :	01.04.2004
DIN No.:	00044392

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	U34300PB1985PLC006127	BAJAJSONS LIMITED	Director	31-01-85	31-01-85	-	Active	NO
2	U00000PB1998PLC021713	SAROOPSONS INDUSTRIES LIMITED	Director	21-08-98	21-08-98	-	Active	NO
3	U27203PB1993PTC013707	BAJAJ PRECISION FORGINGS PVT LTD	Director	21-02-03	21-02-03	-	Active	NO
4	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	01-04-04	01-04-04	-	Active	NO
5	U29268PB2008PTC031933	BAJAJ KAIZEN AUTOMOTIVES PRIVATE LIMITED	Director	19-05-08	19-05-08	-	Strike off	NO
6	U99999DL1962PLC003623	FEDERATION OF ALL INDIA AUTOMOBILE SPARE PARTS DEALERS'ASSOCIATION.	Director	30-09-08	30-09-08	24-09-11	Active	NO

Name :	Mr. Neeraj Munjal
Designation :	Director
Address :	J – 49, Jor Bagh Lane, Lodhi, Road, New Delhi – 110003, India
Date of Birth:	11.11.1963
Date of Appointment :	28.09.2006
DIN No.:	00919245

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	28-09-06	28-09-06	Active	NO

Name :	Mr. Bharat Bakhshi
Designation :	Director
Address :	C – 6, Meghdoot, 536, Linking Road, Khar, Mumbai – 400052, India
Date of Birth:	05.09.1968
Date of Appointment :	28.03.2007
DIN No.:	01381524

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	22-09-07	28-03-07	-	Active	NO
2	L24231UP1979PLC004837	COMMERCIAL ENGINEERS & BODY BUILDERS CO LIMITED	Nominee director	29-09-07	01-08-07	10-08-11	Active	NO
3	U31300TN2003PLC051135	SARAVANA GLOBAL ENERGY LIMITED	Nominee director	20-02-08	20-02-08	-	Active	NO
4	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Nominee director	04-07-08	04-07-08	-	Active	NO
5	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Additional director	31-03-09	31-03-09	07-05-10	Active	NO
6	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Alternate director	06-12-10	06-12-10	07-12-10	Active	NO

Name :	Mr. Subhash Chander Kalra
Designation :	Director
Address :	H. No. – 783, Sector – 14, Gurgaon – 122001, Haryana, India
Date of Birth:	18.06.1947
Date of Appointment :	22.09.2007
DIN No.:	01771827

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Whole-time director	01-10-11	22-09-07	Active	NO

KEY EXECUTIVES

Name :	Ms. Geetika Nagpal
Designation :	Company Secretary
Address :	House No. 837, Sector – 23 A, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	27.11.1976
Date of Appointment :	03.03.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Surinder Pal Bajaj	101250
Varinder Pal Bajaj	103750
Subhash Bajaj	821500
Varinder Pal Bajaj (HUF)	442500
S. Sheel Bajaj	122500
Vikas Bajaj	695750
S. Sushma Bajaj	490490
S P Bajaj	352500
Saurabh Bajaj	505000
Sanjay Bajaj	497990
Sumeet Bajaj	522990
V. Sushma Bajaj	480000
Kamna Bajaj	107550
Vimmi Bajaj	75490
Bajaj Sons Limited, India	275000
Ekta Bajaj	251000
Vikas Bajaj (HUF)	128200
Preeti Bajaj	60490
New York Life Investment Management India Fund (FVCI II) LLC	1517154
Jacob Ballas Capital India Private Limited	79771
Deepak Bajaj	353750
Total	7984625

As on 30.09.2011

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]	19.00
Bodies corporate	4.44
Directors or relatives of directors	70.78
Other top fifty shareholders	5.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Automobile Accessories, Automotive Parts, Components and Spares.

Products :

Item Code No. (ITC Code)	Product Description
87141900	Other Auto Parts

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity *	Actual Production **
Auto Parts	No. in Lacs	1615.00	1028.41

Note:

* Figures of installed capacity based on maximum utilization of plant and machineries on triple shift basis as certified by the management (being a technical matter). These have not been verified by the auditors.

** Actual production includes 206.18 lacs (Previous year 117.30 lacs) components which were produced and consumed by the different divisions of the Company.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi - 110001, India

Facilities :

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Secured Loans
Rupee Term Loan from bank	580.207	372.679
Foreign Currency Loans from bank	15.743	42.313
Working Capital Loans	123.325	73.044
Total	719.275	488.036
Unsecured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.428	0.428
From Others	11.296	11.297
Total	11.724	11.725

Banking Relations :	--
Auditors 1:
Name :	Gupta Sanjiv and Company Chartered Accountants
Address :	202, Guru Mansion, 5/69, Padam Singh Road, Karol Bagh, New Delhi-110005, India
Pan No.:	AAAFG3478N
Auditors 2 :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi-110001, India
Pan No.:	AAAFW4298E
Enterprises controlled by the Key management personnel:	Esvee Precision Components Limited, India K.M. Enterprises, India
Enterprises over which key management personnel and their r elatives are able to exercise significant influence:	Bajajsons Limited, India Saroopsons Industries Limited, India Pooja Enterprises, India Ludhiana Motor Agency, India

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs. 10/- Each	Rs. 85.000 Millions
5325	Preference Shares	Rs. 10/- Each	Rs. 0.053 Million
	Total		Rs. 85.053 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7984625	Equity Shares	Rs. 10/- Each	Rs. 79.846 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		79.846	79.846	79.846
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1594.858	1470.115	1347.198
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1674.704	1549.961	1427.044
LOAN FUNDS
1] Secured Loans		719.275	488.036	349.389
2] Unsecured Loans		11.724	11.725	51.615
TOTAL BORROWING		730.999	499.761	401.004
DEFERRED TAX LIABILITIES		100.386	94.564	89.697
TOTAL		2506.089	2144.286	1917.745
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1833.963	1745.170	1378.133
Capital work-in-progress		165.857	62.282	101.602
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	555.424	434.630	406.623
	Sundry Debtors	458.249	317.294	235.600
	Cash & Bank Balances	30.897	16.499	98.678
	Other Current Assets	0.730	0.695	0.000
	Loans & Advances	111.780	97.633	90.000
Total Current Assets		1157.080	866.751	830.901
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	517.388	392.829	371.374
	Other Current Liabilities	97.983	117.331
	Provisions	35.440	19.757	21.517
Total Current Liabilities		650.811	529.917	392.891
Net Current Assets		506.269	336.834	438.010
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2506.089	2144.286	1917.745

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4569.791	3617.026	2937.783
		Other Income	29.464	40.080	24.843
		TOTAL (A)	4599.255	3657.106	2962.626
Less	EXPENSES
		Consumption materials charges inventories	2750.506	2231.935
		Manufacturing service costs	1178.862	850.119	2665.366
		Employee related Expenses	120.193	100.532
		Administrative selling other Expenses	83.605	108.859
		TOTAL (B)	4133.166	3291.445	2665.366
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		466.089	365.661	297.260
Less	FINANCIAL EXPENSES (D)		60.134	36.536	26.492
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		405.955	329.125	270.768
Less/ Add	DEPRECIATION/ AMORTISATION (F)		214.432	155.658	131.063
	PRIOR PERIOD ITEMS BEFORE TAX		(1.100)	0.000	(0.001)
	PROFIT BEFORE TAX (E-F) (G)		190.423	173.467	139.704
Less	TAX (H)		58.721	43.567	45.548
	PROFIT AFTER TAX (G-H) (I)		131.702	129.900	94.156
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		251.156	228.256	238.800
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	100.000	100.000
		Proposed Dividend	6.000	6.000	4.000
		Corporate Dividend	1.000	1.000	0.700
	BALANCE CARRIED TO THE B/S		275.858	251.156	228.256
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	189.894	168.354	97.142
	TOTAL EARNINGS		189.894	168.354	97.142
	IMPORTS
		Raw Materials	210.642	149.604	88.158
		Stores & Spares	5.589	1.731	4.221
		Capital Goods	39.578	49.566	35.284
	TOTAL IMPORTS		255.809	200.901	127.663
	Earnings Per Share (Rs.)
	Basic (Rs.)		16.49	16.27	12.63
	Diluted (Rs.)		15.86	15.64	12.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.86	3.55	3.18
Net Profit Margin (PBT/Sales)	(%)	4.17	4.80	4.76
Return on Total Assets (PBT/Total Assets}	(%)	6.37	6.64	6.32
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.10
Debt Equity Ratio (Total Liability/Networth)		0.89	0.73	0.56
Current Ratio (Current Asset/Current Liability)		1.78	1.64	2.11

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----------
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	------------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----------
Buyer visit details	--------------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

BACKGROUND AND NATURE OF OPERATIONS:

The company, incorporated in July 1986 under the Companies Act 1956, is engaged in the business of manufacturing and supply of auto components for two wheelers, four wheelers, tractors and other heavy machine equipments. Currently, the company has six manufacturing facilities out of which four are in Gurgaon (Haryana) with forging, machining and casting facilities, one manufacturing facility at Pantnagar (Uttarakhand) with forging and machining facilities and one at Haridwar (Uttarakhand) with machining facilities.

CONTINGENT LIABILITIES

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank guarantees outstanding with third parties	3.922	2.321
Liabilities in respect letter of credit outstanding with banks	33.570	43.753
Corporate guarantee to sales tax authorities on behalf of other parties	1.650	1.650
In respect of excise duty matters	0.160	0.160

BUSINESS PERFORMANCE :

During the financial year ended March 31, 2011, the net sales turnover of the company has increased from Rs. 36.170 Millions in 2009-10 to Rs. 45.698 Millions in 2010-11, registering a growth of 26.34%. Profit before tax (PBT) amounted to Rs. 1.915 Millions as against Rs. 1.735 Millions during the previous year, recording a growth of nearly 10.41%. Profit after tax amounted to Rs. 1.328 Millions as against Rs. 1.299 Millions during the previous year. The Rating Committee of ICRA, after due consideration, has retained the long-term ratings to ‘[ICRA] A+’ and revised upwards the short term ratings to ‘[ICRA] A1+’ from ‘A1’. The outlook on the long term rating is ‘Stable’. The ratings reflect the high standards of creditability practiced by the Company.

AWARDS ANDACHIEVEMENTS

The best product and customer satisfaction are an integral part of the Company’s vision. Company’s all round improvements and achievements are recognized from time to time by its customers and industrial associations. Our Promoter and Chairman cum Managing Director, Sh. V.P. Bajaj, carries with him vast and rich professional experience of over 53 years in Automobile Industry. Due to his overwhelming performance in the industry, he was honoured with the prestigious ‘Indian Achievers Award for Business Excellence’ on November, 2010. He was also honoured with the ‘Bhartiya Udyog Ratan Award’ from Indian Economic Development and Research Association (IEDRA) on August 26, 2010. During the year under review, the Company also achieved the following prestigious awards :

(i) First prize in NHH Circles at Hero Honda;

(ii) Excellency award in QCFI Delhi Chapter at Quality Circle Competition;

(iii) Gold award in HONDA NHC-INDIA Block Convention 2010 for Quality Circle;

(iv) Par Excellence award in National Convention on Quality Concepts at Vishakhapatnam at National level;

(v) Re-certification of OHSAS by TUV;

(vi) Certification of GVDP from Hero Honda; and

(vii) Certification of Appreciation from Renault Nissan in acknowledgement of dedicated support in the year 2010. The workers were awarded for their contribution in the development of the Company.

FIXED ASSETS

• Land- Freehold
• Land- Leasehold
• Building
• Plant and Machinery
• Furniture, Fixtures and Office Equipments
• Computer and Data Processing Machines
• Vehicles
• Computer Software

AS PER WEB DETAILS

PROFILE

Located on the Delhi-Jaipur Highway on 39-40 milestones, subject is ISO 9001:2000 certified and recommended for TS-16949, ISO-14001 certifications from TUV GmBH, Germany. Since its inception in 1986, subject has its specialization in machining for Auto components specifically Precision Engine Components.

UNITS

MACHINING UNIT

Located on the Delhi-Jaipur Highway on 39-40 milestone, Bajaj Motors Limited is ISO 9001:2000 certified and recommended for TS-16949, ISO-14001 certifications from TUV GmBH, Germany. Since its inception in 1986, BAJAJ MOTORS has its specialization in Machining for Auto components specifically Precision Engine Components.

FORGING UNIT

Fully Equipped with all the facilities, forging plant at Gurgaon. The plant was established in Year 2000 and started its commercial production in the Year 2001. ISO 9001:2000 certified from TUV and in process to obtain TS 16949 and ISO 14001.

CASTING UNIT

This is an upcoming unit of Bajaj Motors Ltd. at Bhora Kalan, Binola Industries area, Gurgaon, India spread over an area of 6 acres in the process of backward integration.

Export Orientation is the hallmark of this plant. This unit has started production since March 2006.
The specialization of Bajaj Motors Casting Plant is Shell Moulding casting and perhaps this is the largest plant in its category in entire Northern India.

MANAGEMENT

Sh. V.P. Bajaj Chairman and Managing Director

65 years, Mechanical Engineer having more than 46 years of experience in Automobile Industry.

Started his career in 1958 by joining CIMCO of Birla Group (Bharatpur-India) after completing his Engineering.

In 1962 he joined the family business as Partner in Saroop Sons Industry in Ludhiana (India) engaged in manufacturing Auto components.

Set up the company in 1986 to cater to the demand of Automobile Industry GROUP and is presently the Chairman & Managing Director of the company.

Was active member of LIONS Club, Ludhiana from 1975 to 1989

Was President of GURGAON INDUSTRIAL ASSOCIATION (GIA) for 5 years from 1991-92 to 1996-97.

Sh. S.P. Bajaj Director

67 years, Production Engineer backed by 48 years of experience in Automobile Industry.

Promoting a partnership firm named Saroop Sons Industry in Ludhiana for manufacturing Auto parts for four wheelers.

M D of Bajaj Sons (P) Limited

Ex-President of LIONS Club, Ludhiana and presently Active Member

Sh.Vikas Bajaj Joint. Managing Director

Production Engineer (B.E) with all Management Skills (MBA) 11 Years of experience in Auto Industry.

Actively participating in the process of Improvement in Production Quality and Making Strategic Planning for the growth of the company.

MILESTONES

Year Milestones

1986 Start of Bajaj Motors Limited

1992 Incorporation of Second Plant of Bajaj Motors Limited

1995 Establishment of Third plant of Bajaj Motors Limited

1998 Introduction of Flexible Manufacturing Concept.

2000 Establishment of Microtek Forgings as Backward Integration.

2004 Started Export Activities.

2005 Foundation of Casting Plant with capacity of 13 tonnes of Casting per day laid.

2006 Production of casting started

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. 54.29
UK Pound	1	Rs. 86.60
Euro	1	Rs. 68.87

INFORMATION DETAILS

Report Prepared by :

ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.