MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	BALKRISHNA INDUSTRIES LIMITED

Registered Office :	H-3/1, MIDC, A Road, Tarapur, Boisar – 401506, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	20.11.1961

Com. Reg. No.:	11-12185

Capital Investment/ Paid-up Capital:	Rs.193.317 Millions

CIN No.: [Company Identification No.]	L99999MH1961PLC012185

TAN No.: [Tax Deduction & Collection Account No.]	MUMB11319A

PAN No.: [Permanent Account No.]	AAACB3333J

Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

Line of Business :	Manufacturing and Exporter of Tires

No. of Employees:	5200 (Approximately) (In Factory – 5000, In Branches – 200)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 48200000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a 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 reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA- (Cash Credit)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	February 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Kapin Rambhia
Designation :	Senior Import Manager
Contact No.:	91-22-28315168
Date :	13.09.2012

LOCATIONS

Registered Office :	H-3/1, MIDC, A Road, Tarapur, Boisar - 401 506, Maharashtra, India
Tel. No.:	91-22-28315168
Fax No.:	91-22-66663898
E-Mail :	kapin.rambhia@bkt-tires.com shares@bkt-tires.com
Website :	www.bkt.tires.com

Corporate Office :	BKT House, C Wing, 15^th Floor, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-66663800 extension 836/ 237
Fax No.:	91-22-66663898

Plant:	Tyre Manufacturing Plant: B-66, MIDC Industrial Estate, Waluj Industrial Area, Aurangabad, Maharashtra, India SP-923, RIICO, Phase III, Post Office Bhiwadi – 301 019, District Alwar, Rajasthan RIICO, Phase VIII, Chopanki, P.O. Bhiwadi, 301 109 Dist. Alwar. Rajasthan Village Padhdhar, Taluka Bhuj. Dist. Kachchh, Gujarat Wind Farm: Village Soda And Mada, Tehsil, Fatehgarh, District Jaisalmer, Rajasthan Mould Plant: Plot No. TS-1, M.I.D.C, Phase No. II, Dombivali (East), District Thane - 421 201, Maharashtra, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Dharaprasad R. Poddar
Designation :	Chairman

Name :	Mr. Arvind M. Poddar
Designation :	Vice Chairman and Managing Director
Qualification:	B.Com
Date of Appointment:	01.08.2006

Name :	Mr. Anurag Poddar
Designation :	Executive Director

Name :	Mr. Rajiv Poddar
Designation :	Executive Director

Name :	Mr. Sachin Nath B. Chaturvedi
Designation :	Director
Date of Birth/Age :	61 Years
Qualification:	B.Tech, F.C.A, M.B.A, D.I.S.A.

Name :	Mr. Subhashchand Mantri
Designation :	Director

Name :	Mr. Rameshkumar D. Poddar
Designation :	Director
Date of Birth/Age :	59 Years
Qualification:	B.Sc

Name :	Mr. Khurshed Doongaji
Designation :	Director
Date of Birth/Age :	72 Years
Qualification:	B.A, LLB, C.B.M

Name :	Mr. Laxmidas Merchant
Designation :	Director

Name :	Mr. Ashok M. Saraf
Designation :	Director

Name :	Mr. Sanjay Asher
Designation :	Director
Date of Birth/Age :	47 Years
Qualification:	B.com, C.A and Solicitor

Name :	Mr. Vipul Shah
Designation :	Whole Time Director
Date of Birth/Age :	49 Years
Qualification:	B.com, Acs

Name :	Mr. Basantkumar Bansal
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Vipul Shah
Designation :	Secretary
Date of Birth/Age :	49 Years
Qualification:	B.com, Acs

Management Committee :	Mr. Dilip M Vaidya – Director (Technical) Mr. Rajiv Poddar Ms. Khushboo Poddar Mr. Basantkumar Bansal

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Category of Shareholder	No. of Shares	Percentage of Holding

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	52,551,240	54.37
Bodies Corporate	270	-
Sub Total	52,551,510	54.37

(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	52,551,510	54.37

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13819591	14.30
Financial Institutions / Banks	20535	0.02
Foreign Institutional Investors	6354926	6.57
Sub Total	20195052	20.89

(2) Non-Institutions
Bodies Corporate	11910687	12.32

Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6669819	6.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5075288	5.25

Any Others (Specify)	256239	0.27
Non Resident Indians	255139	0.27
Foreign Nationals	1000	0.000
Trusts	100	0.00
Sub Total	23912033	24.74

Total Public shareholding (B)	44107085	45.63

Total (A)+(B)	96,658,595	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Sub Total	--	--

Total (A)+(B)+(C)	96,658,595	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporter of Tires

Exports :
Products :	Tires
Countries :	· Africa · Europe · Asia · Gulf

Imports :
Products :	Raw Material
Countries :	· China · Indonesia · Thailand

Terms :
Selling :	L/C Advance

Purchasing :	L/C Advance

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Installed Capacity	Actual Production

Tyres	Numbers	42.63 lacs	2781991
Tube	Numbers	12.44 lacs	37,813
Tyres Flaps	Numbers	3.79 lacs	46,824
Wind Power Generation (Captively consumed)	KWH/Units	5 MW	6197218

GENERAL INFORMATION

No. of Employees :

5200 (Approximately) (In Factory – 5000, In Branches – 200)

Bankers :

· Bank Of Baroda

· Barclays Bank PLC

· Corporation Bank

· ING Vysya Bank

· Indusind Bank

· The Royal Bank Of Scotland N.V.

· Standard Chartered Bank

· State Bank Of India

Facilities :

Secured Loans	As on 31.03.2012 Rs. in millions	As on 31.03.2011 Rs. in millions
LONG TERM BORROWINGS
Term Loan
From Banks	9105.857	223.250
Loan repayable on demand
From Banks	3951.938	3645.945
Total	13057.795	3869.195

NOTE:

Nature of Security in respect of secured Loan (Long Term/Short Term):	Amount
Working Capital Loans from Banks Repayable on Demand: Secured by first charge by way of hypothecation of Inventories, Receivables and other movables on paripassu basis and further secured by second charge by way of hypothecation on all the present and future movable fixed assets of the Company on pari - passu basis and immovable fixed assets of the Company situated at Bhiwadi, Chopanki, Jaisalmer & certain assets at Bhui Units and office premises at Creative Industrial Estate - Mumbai on pari-passu basis.	3951.938
Term Loan 'from Banks: Secured by first charge by way of hypothecation on the all present and future movable fixed assets of the Company on pari - passu basis. (Repayment in 14 Quarterly Equal Installments beginning from financial Year 201 1-12, Rate of interest LlBOR + 300 bppa)	255.783
Term Loan from Banks: Secured by first charge by way of hypothecation on the all present and future movable fixed assets of the Company on pari - passu basis and immovable fixed assets of the Company situated at Bhiwadi, Chopanki, Jaisalmer & certain assets at Bhui Units and office premises at Creative Industrial Estate - Mumbai on pari - passu basis and further secured by second charge by way of hypothecation of Inventories, Receivables and other movables on pari-passu basis. (Repayment in 3 Annual Equal Installments beginning from financial Year 201 5-1 6, Rate of lnterest LlBOR + 265 bppa)	8952.388

Unsecured Loans	As on 31.03.2012 Rs. in millions	As on 31.03.2011 Rs. in millions
Deferred Tax Labiality
Deferred Sales Tax under the scheme of Government of Maharashtra (Payable after ten years, from the date of respective loan, in five annual equal installments	31.406	31.406
Loan repayable on demand
From Banks	3540.288	2080.391
Total	3571.694	2111.797


Banking Relations :	--

Auditors :
Name :	Jayantilal Thakkar and Company Chartered Accountants

Internal Auditor :	Dilip A. Jain and Associates Chartered Accountants

Subsidiaries :	· Balkrishna Paper Mills Limited · Balkrishna Synthetics Limited · BKT Tyres Limited · BKT Exim Limited Indirect Subsidiary Companies · Subsidiary Companies of BKT Exim Limited; i.e. BKT (EUROPE) Limited · BKT EUROPE S.R.L · BKT (USA) INC.

Related Parties :	· Govind Rubber Limited. · SPG Infrastructure Limited. · GRL International Limited. · BKT Moulds Limited.

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

96658595	Equity Shares	Rs.2/- each	Rs.193.317 Millions

All the equity shares have equal rights in respect of distribution of dividends and the repayment of capital

Name of Shareholders	No. of shares hold
GPP Enterprise LLP	23476735
%Holding	24.29
RAP Enterprise LLP	23237995
%Holding	24.07
COPA Cabana	9273750
%Holding	9.59

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		193.317	193.317	193.317
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10607.614	8124.441	6414.437
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10800.931	8317.758	6607.754
LOAN FUNDS
1] Secured Loans		13057.795	3869.195	2642.676
2] Unsecured Loans		3571.694	2111.797	2000.606
TOTAL BORROWING		16629.489	5980.992	4643.282
DEFERRED TAX LIABILITIES		625.889	569.935	548.118

TOTAL		28056.310	14868.685	11799.154

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		8281.546	6874.433	6148.834
Capital work-in-progress		4498.700	440.435	588.700

INVESTMENT		322.351	322.351	807.265
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4810.727	4103.762	2030.526
	Sundry Debtors	4796.107	3242.411	2403.040
	Cash & Bank Balances	3573.968	109.866	42.279
	Other Current Assets	253.070	378.951	0.287
	Loans & Advances	5879.187	5503.091	3696.470
Total Current Assets		19313.059	13338.081	8172.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2004.142	1144.982	843.369
	Other Current Liabilities	901.161	1337.550	305.676
	Provisions	1454.044	3624.083	2769.202
Total Current Liabilities		4359.347	6106.615	3918.247
Net Current Assets		14953.712	7231.466	4254.355

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		28056.309	14868.685	11799.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28199.604	19341.422	13869.596
		Other Income	32.970	912.355	264.386
		TOTAL (A)	28232.574	20253.777	14133.982

Less	EXPENSES
		Cost of Materials Consumed	17412.595	12076.089
		Purchase of stock in trade	178.043	212.167
		Employee Benefit expenses	723.328	545.100
		Other Expense	5307.157	3747.715
		Changes in inventories of Finished goods, work in progress and stock in trade	(479.630)	(27.747)
		TOTAL (B)	23141.493	16553.324	10171.910

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5091.081	3700.453	3962.072

Less	FINANCIAL EXPENSES (D)		277.514	206.623	186.590

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4813.567	349.830	3775.482

Less/ Add	DEPRECIATION/ AMORTISATION (F)		831.412	744.390	662.161

	PROFIT BEFORE TAX (E-F) (G)		3982.155	2749.440	3113.321

Less	TAX (H)		1296.955	893.816	1048.047

	PROFIT AFTER TAX (G-H) (I)		2685.200	1855.624	2065.274

	Excess Provision for Taxation of earlier years		(33.500)	1.000	23.648
	Short Provision for (Expenses) (Net)		0.000	0.000	(1.648)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3893.100	2379.310	658.561

Less	APPROPRIATIONS
		Transfer to General Reserve	5499.100	185.659	208.727
		Interim Dividend	0.000	0.000	135.322
		Proposed Final Dividend	145.000	135.322	0.000
		Tax on Dividend	23.500	21.868	22.475
	BALANCE CARRIED TO THE B/S		877.200	3893.100	2379.311

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	24973.390	16370.393	11792.933
		Recovery towards Freight and Insurance on Exports	723.080	596.426	355.654
		Recovery of Capital Expenditure	0.670	5.510	6.791
		Recovery towards Sale of Raw Materials	0.000	0.000	4.437
	TOTAL EARNINGS		25697.140	16972.329	12159.815

	IMPORTS
		Raw Materials	14449.975	9647.369	5029.738
		Stores & Spares	169.032	86.040	78.878
		Capital Goods	1223.814	160.834	258.445
		Traded Goods	4.829	0.000	0.000
		Others	2.160	0.000	3.972
	TOTAL IMPORTS		15849.81	9894.243	5371.033

	Earnings Per Share (Rs.)		27.43	19.21	21.51

Expected Sales (2012-2013): Rs.35000.000 Millions

The above information has been parted by Mr. Kapin Rambhia

QUARTERLY RESULTS

PARTICULARS			30.06.2012 1^st Quarter
Net Sales			8313.000
Total Expenditure			6945.000
PBIDT (Excl OI)			1368.000
Other Income			5.100
Operating Profit			1373.100
Interest			60.900
Exceptional Items			0.000
PBDT			1312.200
Depreciation			229.200
Profit Before Tax			1083.000
Tax			352.100
Provisions and contingencies			0.000
Profit After Tax			730.900
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			730.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.48	9.16	22.03

Net Profit Margin (PBT/Sales)	(%)	14.12	14.22	22.45

Return on Total Assets (PBT/Total Assets}	(%)	14.43	13.60	21.74

Return on Investment (ROI) (PBT/Networth)		0.37	0.33	0.47

Debt Equity Ratio (Total Liability/Networth)		1.94	1.45	1.30

Current Ratio (Current Asset/Current Liability)		4.43	2.18	2.08

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
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010

Sundry Creditors	2004.142	1144.982	843.969

OPERATIONS:

The Company mainly operates in one segment i.e. “tyres” with a focus on manufacture of wide range of “Off-Highway Specialty Tyres”. These specialty tyres are meant for Agricultural, Industrial, Material Handling, Construction, Earthmoving (OTR), Forestry, Lawn and Garden Equipments and All Terrain Vehicles (ATV). Around 90% of their revenue is generated through exports.

During the year under consideration the Company has witnessed a good surge in its top line which was grown by 46%. The Net Turnover and other Income of the company increased from Rs.19340.000 Millions to Rs.28200.000 Millions in the year under consideration.

The Gross Profit of the Company for the year under consideration has increased from Rs.3490.000 Millions to Rs. 4810.000 Millions and correspondingly, the profit after tax has increased to Rs.2690.000 Millions as compare to Rs.1860.000 Millions in the previous year.

The Company continues to enjoy the status of “STAR TRADING HOUSE”.

OUTLOOK FOR THE CURRENT YEAR 2012-2013:

Though the company is seeing continuity in demand of its products in the current financial year in line with that of previous year, the fear of slow down, particularly in Europe and America, is looming large over the company which are the major markets for the company. The said demand is coming from across the geographies. While the replacement demand is constant, the demand from OEM segment is showing some sign of moderation.

The raw material prices and other input costs have started softening in the current financial year as compared to previous year. If the softening in raw material prices and other inputs costs continues, the margins of the company in the current financial year is expected to be better than that of previous year.

The company continues to expand its base through developing new product lines, venturing into new geographies and deeper penetration into existing markets to ensure its sustainable growth.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2012

Particulars			Quarter Ended
			30.06.2012
Net Sales/ Income from Operations			8296.300
1. (b) Other Operating Income			16.700
Total Income From operations			8313.00
2. Expenditure
a. Cost of Raw Materials consumed			4798.300
b. Purchases of stock in trade			28.00
c. Changes in inventories of finished goods , work in progress and stock in trade			(118.500)
d. Employee benefit expenses			251.200
e. Depreciation and amortisation expense			229.200
f. Power and fuel			298.100
g. Other Expenditure			1484.700
Total Expenditure			6971.00
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2)			1342.000
4. Other Income			5.100
5. Profit before Interest and Tax			1347.100
6. Int (Net Loss (Gain) on Foreign currency transaction			60.900 203.200
7. Profit from Ordinary Activities before Tax and exceptional items			1083.000
8. Exceptional items			-
9. Profit from Ordinary Activities before Tax but before exceptional items			1083.000
10. Tax Expenses			352.100
11. Net profit/(loss) for the period			730.900
12. Paid-up Equity Share Capital (face value Rs.2 per share)			-
13. Reserves excluding revaluation reserve as per balance sheet of previous accounting year			730.900
14. Earning Per Share
a. Basic and b. Diluted			7.56
15. Public shareholding
- No. of shares			44107085
- % of holding (to total shareholding)			45.63
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered
-Number of Shares			-
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)			-
-% of Shares (as a % of the total share capital of the Company)			-
b) Non Encumbered
- Number of Shares			52551510
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)			100
-% of Shares (as a % of the total share capital of the Company)			5437

Notes:

The above Unaudited (Stand -alone) results as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on 11th February, 2012. The Auditors of the company have carried out the "Limited Review" of the above results.
Segment reporting as required byAS-17 is not applicable as the Company operates in one single primary business segment i.e. Tyres.
The implementation of green field lyre plant at Bhuj is progressing as per schedule.
The details of number of investor complaints for the quarter:

Beginning-Nil, Received-1, Disposed -1, Pending – Nil

5. Figures for the previous periods/ year have been Re-grouped/ Re-classified wherever necessary

CONTINGENT LIABILITIES AND COMMITMENTS

Rs. In Millions

Particulars	31.03.2012	31.03.2011
CONTINGENT LIABILITIES
a)Claims against the company not acknowledged as debts
-Disputed claims for excise, sales tax and service tax	140.401	136.358
-Disputed income tax demands	79.000	138.795
b)Guarantees given by the Company’s bankers on behalf of the Company against the Company’s indemnity	1203.348	115.609
c) Corporate Guarantee given by the Company
-To President of India through commissioner of custom	15812.500	6500.000
- To the subsidiary company	7.767	Nil
-To the other Company	18.531	Nil

COMMITMENTS
Estimated amount of contacts remaining to be executed an capital account and not provided for	7392.251	2722.165

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings and Roads

· Plant and Machinery

· Factory, Office And Other Equipments

· Electric Installations

· Furniture and Fixtures

· Vehicles

· Air Conditioners

· Intangible Assets - Computer Software

AS PER WEB SITE DETAILS

PROFILE

BKT is one of the world's leading manufacturers of "OFF-HIGHWAY tires". BKT has the widest product range with more than 2000 SKU's (Stock Keeping Units) and is "One Stop Shop" for all off-highway tyre solutions.

The success story of BKT begun in 1995, when it entered into production of cross ply off-highway tires. Product received instant acceptance in European and North American market. With the help of persistent and intensive market research coupled with ever expanding production capabilities, today BKT has made its mark in the specialty segments like Agricultural, Construction, Industrial, Earthmover, Port, ATV (All Terrain Vehicle) and Turf care applications in both cross ply and radial construction.

More than 90% of tyre production is exported to more than 120 countries across all five continents, in all the major markets of Europe, North and South America, Africa, Asia and Middle East.

BKT is continuously expanding its production base. With three state of the art "Tyre manufacturing plants" and one "In-house Hi-tech Mould-manufacturing facility" at different locations in India, BKT is very well equipped to feed the ever-growing demand of its worldwide customers.

EMAIL CONTACTS

Australia and New Zealand :- ANZ@bkt-tires.com
Europe :- europe@bkt-tires.com
North America :- usa@bkt-tires.com
Africa :- africa@bkt-tires.com
South America :- LSA@bkt-tires.com
Asia :- asia@bkt-tires.com
Middle east and North Africa :- MENA@bkt-tires.com

For Media Connections Please Contact :- media@bkt-tires.com

For Career Related Communications Please Contact :- hrd@bkt-tires.com

For Purchase Related Queries Please Contact :-purchase@bkt-tires.com

For Product Technical Queries and Support Please Contact :-technical@bkt-tires.com

For any OEM related Queries Please Contact :-oem@bkt-tires.com

THEIR HISTORY

Year	History
2011	4th Plant; a Greenfield project. Work commenced
2010	Introduced Radial Harvester tires sub branded as AGRIMAX TERIS Radial extra large tires sub branded as AGRI MAX FORTIS Introduced Steel belted Forestry tires sub branded as FORSTECH also introduced steel belted ROADMAX range of tires
2009	Radial MPT Range of tires sub branded as MULTIMAX. Introduced Forestry range of tires
2008	All Steel Radial OTR tires. First company from India to offer All Steel radial OTR tires. Sub branded as EARTHMAX
2007	Introduced 65 series and 90 Series AGRIMAX range of tires Port application tires and Row crop tires.
2006	Third Manufacturing unit commissioned at Chopanki in Northern India Opened European office at Milan , Italy Launched Floatation Radial tires
2005	In house mould shop established
2004	Radial Agricultural tires. First company from India to introduce Radial Agricultural tires sub branded as AGRIMAX
2003	Earthmover tires, All Terrain Vehicle (ATVs), Lawn and Garden tires
2002	Second Manufacturing unit was established at Bhiwadi in Northern part of India, thereby doubling the production capacity. Awarded with prestigious ISO 9001:2000 certificate for Quality Management System by KPMG, Netherlands.
2001	Started production of Flotation and MPT tires and further expanded the production capacities and capabilities.
2000	More than 500 SKUs developed in Agricultural application segment since 1996
1996	Commenced exports to Europe and North American markets with Agricultural Range of tires. Based on initial success in the International markets ,a massive production expansion program was undertaken
1995	Identified a niche segment for International Market, commenced production of Off Highway Segment
1992	A range of Light Commercial Vehicle tires launched in the international market.
1988	First Manufacturing unit was established at Aurangabad in Western India, with full fledged in- house R and D department

Their Brands

All BKT products are sold solely under umbrella brand of BKT . Brand BKT has evolved over the years and today it enjoys enviable brand recognition in Off highway Tyre segment across the world. BKT brand image is associated with its widest range in the segment, quality product and unmatched services.

To have unique identification and immediate association with the customer and end-users BKT has introduced various sub brands for its different categories of product under its umbrella brand BKT.

Agrimax

Agrimaxforce

Agrimax fortis

Agrimax teris

Earth Max

Forestech

Multimax

Ride Max

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.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

INFORMATION DETAILS

Information Gathered by :	SBA

Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

4810.727

2030.526

4796.107

2403.040

3573.968

42.279

253.070

0.287

5879.187

3696.470

19313.059

2004.142

843.369

901.161

305.676

1454.044

2769.202

4359.347

14953.712

2004.142

Unit