MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	PREMIUM TRANSMISSION LIMITED [w.e.f. 14.06.2010]
Formerly Known As :	PREMIUM ENERGY TRANSMISSION LIMITED [w.e.f. 22.04.2004] BILT INFRASTRUCTURE PRIVATE LIMITED [w.e.f. 31.07.2000] EVEREST FOOD (INDIA) PRIVATE LIMITED
Registered Office :	Premium House, Mumbai Pune Road, Chinchwad, Pune – 411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.04.1983
Com. Reg. No.:	11-133199
Capital Investment / Paid-up Capital :	Rs. 432.500 Millions
CIN No.: [Company Identification No.]	U01119PN1938PLC133199
TAN No.: [Tax Deduction & Collection Account No.]	NSKP02127G NSKP02126F PNEP08128B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Gearboxes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 6500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track record. Financially company seems to be strong. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term rating: A+
Rating Explanation	The default risk is low. The capacity for payment of financial commitments is considered strong.
Date	June, 2012

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.

LOCATIONS

Registered Office/ Factory :	Premium House, Mumbai Pune Road, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-66314100/ 27475141
Fax No.:	91-20-27450287
E-Mail :	svk@premiumtransmission.com rtg@premiumtransmission.com rsk@premiumtransmission.com
Website :	http://www.premiumtransmission.com
Branch Office:	P. B. No.5, Mumbai – Pune Road, Next to Greaves Cotton Limited, Chinchwad, Pune – 411019, Maharashtra, India
Corporate/ Head Office :	The Westin, 402, Business Plaza, 36/3-B, Koregaon Park Annex, Mundhwa Road, Pune – 411001, Maharashtra, India
Tel No.:	91-20-67269713
Fax No.:	91-20-67269728
Email :	snr@premiumtransmission.com
European Branch Office :	Stephan B. V. D-31789, Germany, Ohsener Strasse 79-83.
Tel No.:	+49 (0) 5151/780-0
Fax No.:	+49 (0) 5151/780-441
Email :	info@premium-stephan.com

DIRECTORS

As on 14.06.2012

Name :

Mr. Suresh Kumar Mamanchand Jain

Designation :

Director

Address :

159, Siddharth Enclave, Ashram Chowk, Ring Road, New Delhi - 110014, India

Date of Birth/Age :

12.03.1957

Date of Appointment :

09.11.2006

DIN :

00003500

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC066073	BHARAT PROJECTS PRIVATE LIMITED	Director	20/04/2004	20/04/2004	-	Amalgamated	NO
2	U15421WB1936PLC008512	DEORIA SUGAR MILLS LIMITED	Director	20/04/2004	20/04/2004	-	Amalgamated	NO
3	U51900MH1994PTC076764	DBH INVESTMENTS PRIVATE LIMITED	Director	27/05/2005	27/05/2005	-	Active	NO
4	U29291MH1973PTC016361	PEMBRIL INDUSTRIAL AND ENGINEERING COMPANY PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
5	U01119PN1983PLC133199	PREMIUM TRANSMISSION LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
6	U74899KL1998PLC022979	BHARAT STARCH PRODUCTS LIMITED	Director	27/07/2007	27/04/2007	-	Active	NO
7	U74899DL1950PTC057209	D B H INTERNATIONAL PRIVATE LIMITED	Director	18/10/2010	14/12/2009	-	Active	NO

Name :

Mr. Karan Thapar

Designation :

Director

Address :

8, Cedar Avenue, DLF, Chatarpur, New Delhi – 110030, India

Date of Birth/Age :

20.03.1957

Date of Appointment :

05.09.2008

DIN :

00004264

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70109WB1942PLC011139	STANDARD REFINERY AND DISTILLERY LIMITED	Director	17/03/1989	17/03/1989	24/07/2008	Under liquidation	NO
2	L26939KL1963PLC002039	EICL LIMITED	Director	21/09/1990	21/09/1990	-	Active	NO
3	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	29/09/1991	29/09/1991	-	Active	NO
4	U74899KL1998PLC022979	BHARAT STARCH PRODUCTS LIMITED	Director	24/08/1998	24/08/1998	-	Active	NO
5	U74899DL1995PTC066073	BHARAT PROJECTS PRIVATE LIMITED	Director	15/07/1999	15/07/1999	-	Amalgamated	NO
6	U15421WB1918PLC003088	NEW SAVAN SUGARS AND GUR REFINING COMPANY LIMITED	Director	15/07/1999	15/07/1999	-	Amalgamated	NO
7	U74899DL1950PTC057209	D B H INTERNATIONAL PRIVATE LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
8	U74899DL1985PTC022696	KARUN CARPETS PRIVATE LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
9	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	27/01/2000	27/01/2000	30/05/2007	Active	NO
10	U67120MH1978PLC020308	CG CAPITAL AND INVESTMENTS LIMITED	Director	30/03/2001	30/03/2001	30/05/2007	Amalgamated	NO
11	U24296DL2004PLC129497	KCT CHEMICALS AND ELECTRICALS LIMITED	Director	28/09/2004	28/09/2004	15/09/2010	Amalgamated	NO
12	U01119PN1983PLC133199	PREMIUM TRANSMISSION LIMITED	Director	05/09/2008	19/01/2008	-	Active	NO

Name :

Mr. Sunil Nawal Phatarphekar

Designation :

Director

Address :

Satguru Simran, 5^th Floor, 3^rd Road, Almieda Park, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

02.10.1963

Date of Appointment :

08.06.2004

DIN :

00005164

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22100MH1996PLC096077	REDIFF. COM INDIA LIMITED	Director	26/02/1998	26/02/1998	-	Active	NO
2	U72200MH2000PTC128207	QUINTROL TECHNOLOGIES PRIVATE LIMITED	Director	21/05/2001	21/05/2001	-	Active	NO
3	U74999MH1979PTC021182	AJIT BALAKRISHNAN ESTATES AND SECURITIES PRIVATE LIMITED	Director	24/04/2002	24/04/2002	-	Active	NO
4	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	21/01/2004	21/01/2004	-	Active	NO
5	U01119PN1983PLC133199	PREMIUM TRANSMISSION LIMITED	Director	08/06/2004	08/06/2004	-	Active	NO
6	U74300MH2002PTC137235	SUDLER AND HENNESSEY PRIVATE LIMITED	Director	14/12/2005	14/12/2005	19/03/2009	Active	NO
7	U74300MH1996PTC098864	EVEREST BRAND SOLUTIONS PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Active	NO
8	U74300MH1998PTC115834	WUNDERMAN INDIA PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Active	NO
9	U74120MH2007NPL168353	AJIT BALAKRISHNAN FOUNDATION	Director	05/03/2007	05/03/2007	-	Active	NO
10	U67100MH2007PLC173779	EDELWEISS TRUSTEESHIP COMPANY LIMITED	Director	06/06/2008	30/10/2007	-	Active	NO

Name :

Mr. Tapan Kumar Makhanlal Chattopadhyay

Designation :

Director

Address :

Flat No. 902, Building C1, Montvertapristine, Kirkee, Pune - 411020, Maharashtra, India

Date of Birth/Age :

09.12.1938

Date of Appointment :

03.05.2007

DIN :

00114708

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299MH1958PLC011250	GREAVES LEASING FINANCE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U29291MH1973PTC016361	PEMBRIL INDUSTRIAL AND ENGINEERING COMPANY PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
3	U01119PN1983PLC133199	PREMIUM TRANSMISSION LIMITED	Director	03/05/2007	03/05/2007	-	Active	NO

Name :

Mr. Praveen Krishnachandra Sachdev

Designation :

Director

Address :

D- 846, 3^rd Floor, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

04.04.1945

Date of Appointment :

04.05.2009

DIN :

00291546

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Managing director	30/07/1997	30/07/1997	04/05/2009	Active	NO
2	U35914MH2008PLC181085	GREAVES AUTO LIMITED	Director	11/04/2008	11/04/2008	29/04/2009	Active	NO
3	U01119PN1983PLC133199	PREMIUM TRANSMISSION LIMITED	Director	10/09/2009	04/05/2009	-	Active	NO
4	L26939KL1963PLC002039	EICL LIMITED	Director	10/06/2011	28/01/2011	-	Active	NO
5	U74899DL1950PTC057209	D B H INTERNATIONAL PRIVATE LIMITED	Director	27/07/2012	03/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ratanlal Tikaram Goel
Designation :	Secretary
Address :	Flat No.201/202, Vedant Apartment, Sadashivpeth, Pune - 411030, Maharashtra, India
Date of Birth/Age :	09.02.1962
Date of Appointment :	08.06.2004
PAN :	ABJPG4245P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.06.2012

Names of Shareholders	No. of Shares
DBH International Private Limited, India	12499980
Marble Arch Investments PCC Limited, Mauritius	10000000
Karan Thapar	5
Karam Thapar	5
Suresh Kumar Mamanchand Jain	2
P S Saini	2
Surinder Singh Chugh	2
Tikaram Ratanlal Goel	2
Praveen Sachdev	2
Total	22500000

Equity Share Break up (Percentage of Total Equity)

As on 14.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	44.44
Bodies corporate	55.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Gearboxes.

Products :

Products Description	ITC Code No.
Industrial Gear Boxes	84839000
Fluid Couplings	84836020
Geared Motors	85013119

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity* and Installed Capacity**	Actual Production
Gear Boxes	Nos.	65000	37325
Fluid Couplings	Nos.	3500	2470
Geared Motors	Nos.	25000	15584
Auto Components	Nos.	1500000	1139626

(*) The company’s products are exempt from licensing requirements under the Industrial Policy by virtue of Notification No.477 (E) of 25.07.1991.

(**) As certified by the management on which the statutory auditors have placed reliance.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

§ Axis Bank Limited, JM Road Branch, 1262/B, Sterling Plaza, Jangali Maharaj Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India

§ ICICI Bank Limited, Land Mark, Race Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India

§ State Bank of India, Tarachandra Branch, India

§ Yes Bank

§ HDFC Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks (Secured against first charge on specific fixed assets)	93.750	30.000
Short-term borrowings
Other loans and advances	174.235	273.921
Total	267.985	303.921

Banking Relations :
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	401, Century Arcade, Narangi Baug Road, Off Boat Club Road, Pune - 411001, Maharashtra, India
PAN No.:	AAAFW4298E
Holding Company :	· DBH International Private Limited, India CIN : U74899DL1950PTC057209
Entities in which KMP exercise significant influence:	· APJ Financial Services Private Limited, India CIN: U74899DL1995PTC072523 · Crompton Greaves Limited, India CIN: L99999MH1937PLC002641 · English Indian Clays Limited, India CIN : L26939KL1963PLC002039 · Greaves Cotton Limited CIN : L99999MH1922PLC000987 · Greaves Leasing Finance Limited CIN : U29299MH1958PLC011250 · Pembril Industrial and Engineering Company Private Limited CIN : U29291MH1973PTC016361 · Ascot International FZC, United Arab Emirates · Karun Carpets Private Limited · Bharat Projects Private Limited · Dee Greaves Limited · Standard Refineries and Distillery Limited · Bharat Starch Products Limited · DBH Global Holdings Limited · DBH Investments Private Limited · Greaves Farymann Diesel GmbH · DBH Consulting Limited · Greaves Auto Limited · Greaves Cotton Netherlands B.V.
Entities which exercise significant influence on the Company:	· Marble Arch Investments PCC Limited, Mauritius
Subsidiary company:	· Premium Transmission Cooperatie UA · Premium Stephan BV, Netherlands

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 Millions
3450000	Preference Shares	Rs.100/- each	Rs.345.000 Millions
	Total		Rs.605.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/- each	Rs.225.000 Millions
2075000	Preference Shares	Rs.100/- each	Rs.207.500 Millions
	Total		Rs.432.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	432.500	598.567
(b) Reserves & Surplus	1184.198	971.806
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1616.698	1570.373
(3) Non-Current Liabilities
(a) long-term borrowings	93.750	30.000
(b) Deferred tax liabilities (Net)	64.376	61.164
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	28.439	27.057
Total Non-current Liabilities (3)	186.565	118.221
(4) Current Liabilities
(a) Short term borrowings	233.086	304.349
(b) Trade payables	622.171	601.367
(c) Other current liabilities	314.023	96.888
(d) Short-term provisions	124.644	110.118
Total Current Liabilities (4)	1293.924	1112.723
TOTAL	3097.187	2801.316
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	977.545	915.115
(ii) Intangible Assets	9.753	13.254
(iii) Capital work-in-progress	144.023	23.579
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	226.288	340.903
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	18.637	16.315
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1376.246	1309.166
(2) Current assets
(a) Current investments	2.798	0.000
(b) Inventories	557.660	477.946
(c) Trade receivables	873.996	755.144
(d) Cash and cash equivalents	87.978	127.704
(e) Short-term loans and advances	198.509	131.356
(f) Other current assets	0.000	0.000
Total Current Assets	1720.941	1492.150
TOTAL	3097.187	2801.316

SOURCES OF FUNDS		30.06.2010 [9 months]
SHAREHOLDERS FUNDS
1] Share Capital		598.566
2] Share Application Money		0.000
3] Reserves & Surplus		772.195
4] (Accumulated Losses)		0.000
NETWORTH		1370.761
LOAN FUNDS
1] Secured Loans		292.264
2] Unsecured Loans		38.419
TOTAL BORROWING		330.683
DEFERRED TAX LIABILITIES		61.947
TOTAL		1763.391
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		964.125
Capital work-in-progress		24.465
INVESTMENT		340.903
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	402.281
	Sundry Debtors	712.966
	Cash & Bank Balances	90.371
	Other Current Assets	0.000
	Loans & Advances	58.252
Total Current Assets		1263.870
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	419.517
	Other Current Liabilities	252.401
	Provisions	158.054
Total Current Liabilities		829.972
Net Current Assets		433.898
MISCELLANEOUS EXPENSES		0.000
TOTAL		1763.391

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	30.06.2010 [9 months]
	SALES
		Income	3877.970	2558.623	3157.351
		Other Income	48.566	20.640	29.286
		TOTAL (A)	3926.536	2579.263	3186.637
Less	EXPENSES
		Cost of materials consumed	2070.556	1317.964
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(67.129)	(27.505)
		Employee benefit expense	360.608	238.983
		Other expenses	791.280	496.795
		TOTAL (B)	3155.315	2026.237	2574.243
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		771.221	553.026	612.394
Less	FINANCIAL EXPENSES (D)		48.543	30.543	61.121
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		722.678	522.483	551.273
Less/ Add	DEPRECIATION/ AMORTISATION (F)		125.027	90.648	120.057
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		597.651	431.835	431.216
Less	TAX (H)		120.418	128.896	153.273
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		477.233	302.939	277.943
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		271.806	272.194	258.123
Less	APPROPRIATIONS
		Transfer to General Reserve	250.000	200.000	150.000
		Preference Dividend (including Corporate Dividend Tax)	16.114	13.155	17.539
		Proposed Final Dividend (including Corporate Dividend Tax)	65.201	45.086	51.098
		Interim Dividend (including Corporate Dividend Tax)	52.474	45.086	45.235
	BALANCE CARRIED TO THE B/S		365.250	271.806	272.194
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	NA	125.560	153.067
	TOTAL EARNINGS		NA	125.560	153.067
	IMPORTS
		Raw Materials	NA	66.019	71.084
		Components and Spare Parts	NA	2.360	1.634
		Capital Goods	NA	1.799	59.201
	TOTAL IMPORTS		NA	70.178	131.919
	Earnings/[Loss] Per Share (Rs.)		18.51	11.24	10.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	30.06.2010 [9 months]
PAT / Total Income	(%)	12.15	11.75	8.72
Net Profit Margin (PBT/Sales)	(%)	15.41	16.88	13.66
Return on Total Assets (PBT/Total Assets}	(%)	21.91	17.72	34.12
Return on Investment (ROI) (PBT/Networth)		0.37	0.27	0.31
Debt Equity Ratio (Total Debt /Networth)		0.12	0.08	0.24
Current Ratio (Current Asset/Current Liability)		1.33	1.34	1.52

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10412928	15/03/2013	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B71173173
2	10345159	28/02/2012	100,000,000.00	AXIS BANK LIMITED	214- 215 CITY MALL, 2ND FLOOR, PLOT NO 1, S.NO 1 32,GANESHKHIND ROAD (UNIVERSITY ROAD), PUNE, MAHARASHTRA - 411007, INDIA	B36131514
3	10343653	24/02/2012	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B35615905
4	10303841	30/01/2013 *	260,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 214/215,CITY MALL, 2ND FLOOR,GANESHKHIND (PUNE UNIVERSITY)ROAD, PUNE,MAHARASHTRA 411007, INDIA	B69058998
5	10143416	02/08/2011 *	75,000,000.00	AXIS BANK LIMITED JM ROAD BRANCH	1262/B STERLING PLAZA,JANGALI MAHARAJ ROAD, DECCA N GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	B21618368
6	10144455	14/12/2011 *	201,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, PUNE, MAHARASHTRA - 411003, INDIA	B29119641
7	10127475	28/01/2009 *	75,000,000.00	AXIX BANK LIMITED	1262/B, STERLING PLAZA, J. M. ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A56968530
8	10066696	02/08/2011 *	150,000,000.00	AXIS BANK LIMITED JM ROAD BRANCH	1262/B STERLING PLAZA,JANGALI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA -411004, INDIA	B21619770
9	10074675	28/02/2012 *	300,000,000.00	AXIS BANK LIMITED	214/215, CITY MALL, 2ND FLOOR, GANESHKHIND (PUNE UNIVERSITY) ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B35877943
10	10019534	24/07/2006	340,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A04680542

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Other loans and advances (Cash credit from banks is secured against hypothecation of stocks and charge on all trade receivables)	58.851	30.428
Total	58.851	30.428

OPERATIONS:

The Company has achieved net income of Rs. 3926.500 Millions during the year as against Rs. 2579.300 Millions in the previous period, in respect of continuing operations registering growth of 14% on annualized basis.

The Net income excludes the revenue of Rs. 94.000 Millions from erstwhile Auto Component business, which was divested during the year and the Company earned a profit of Rs. 72.500 Millions (net of tax) by divestment. The Net Profit after tax for the year has also increased by 18% on annualized basis to Rs. 477.200 Millions as against. 302.900 Millions in the previous period.

The exports during the year were Rs. 227.600 Millions against Rs. 125.600 Millions in the previous period, a growth of 36% on annualized basis. The Company has appointed new dealers in Middle East, Brazil and Central Europe. During the year the Company has enhanced its presence in these regions by deploying dedicated resources to explore the business opportunities.

The company has drawn up ambitious plan for growth in the international operations and some effective steps have already been initiated during the year. New products especially for the export markets are under development as also new geographies are being explored.

Business in all product groups has shown a reasonable growth. Considering sluggish economic scenario in the country, growth in the business over the previous period is considered satisfactory. New product lines developed by the Company are also receiving good response from the market. The management is optimistic that with the introduction of new products in the Helical and Planetary Gearbox family, growth trend will continue in the coming financial year also.

FUTURE OUTLOOK

The Indian economy is showing some slow down in the growth and as a fall out of the economic turmoil visible in the global economies like Europe and America, it is likely to have impact on the growth of their economy. As a consequence the manufacturing sector is curtailing growth estimates for the current year.

As the company is having diversified product line and customer base it is expected that the business is partially insulated from major impact due to global economical issues. Despite adversities, the Indian economy is growing at reasonable pace; GDP is expected to grow at about 7% in the new financial year. This augurs very well for future growth prospects of the Company inspite of challenges the manufacturing sector is going through.

The Company is continuously focusing on development of new products, greater penetration in existing markets and increasing the geographies to cater to the new markets.

The Directors are optimistic of improved performance for the current year, barring any unforeseen circumstances.

PROMOTER GROUP

The company is subsidiary of DBH International Private Limited which holds 124, 99,980 shares of Paid Up Equity Capital of the Company.

Consequent to buyback of 32, 76,314 Equity shares from DBH International Private Limited during the year, the holding percentage has come down from 61.20% to 55.55% of the paid up Equity Share Capital of the Company.

The Members may note that the promoter group companies are controlled by Mr. Karan Thapar, comprising of the following Companies 1) Greaves Cotton Limited (2) Pembril Industrial and Engineering Company Private Limited (3) DBH International Private Limited (4) Karun Carpets Private Limited (5) Greaves Leasing Finance Limited (6) Bharat Projects Private Limited (7) Dee Greaves Limited (8) Bharat Starch Products Limited (9) DBH Global Holdings Limited (10) DBH Investments Private Limited (11) Greaves Farymann Diesel GmbH (12) DBH Consulting Limited (13) Greaves Auto Limited (14) Greaves Cotton Netherlands B.V. (15) Ascot International FZC Sharjah, UAE, 16) DBH Stephan Limited (17) Premium Transmission Cooperatie UA and (18) Premium Stephan B.V.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
Bills of exchange discounted with banks	31.528
Guarantee given on behalf of subsidiary	264.921
Central sales tax and VAT liability that may arise in respect of matters in appeal	36.194
Excise duty liability that may arise in respect of matters in appeal	8.283
Income tax liability that may arise in respect of matters in appeal	10.811
Estimated amount of contracts remaining to be executed on capital account and not provided for	209.599
Commitments relating to lease arrangements*	13.260
Total	574.595
*Disclosures in respect of non-cancellable operating leases
Payable not later than 1 year	4.680
Payable later than 1 year not later than five years	8.580
Payable later than five years	0.000

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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 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 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.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.