MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	TRIBOLOGY INDIA LIMITED (w.e.f.12.08.1987)
Formerly Known As :	TRIBOLOGY INDIA PRIVATE LIMITED
Registered Office :	TVS Industrial Complex, Padi, Chennai – 600050, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.03.1984
Com. Reg. No.:	18-010692
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	L24294TN1984PLC010692
TAN No.: [Tax Deduction & Collection Account No.]	CHET00323B
PAN No.: [Permanent Account No.]	AAACT1301J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Providing Processes and Technical Services to Automobile Industry and also Manufacturing of Soft Jaws.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears dip in sales turnover of the company during the financial year 2013. Reserves of the company appears to be low. However, the company has recovered its financial losses during current financial year. Trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Uma Shankar / Mr. Sundaravaradan
Designation :	General Manager in Operations / Vice President
Contact No.:	91-91-9282112373
Date :	28.11.2013

LOCATIONS

Registered/ Corporate Office :	TVS Industrial Complex, Padi, Chennai – 600050, Tamilnadu, India
Tel. No.:	91-44-49011453
Mobile No.:	91-9282112373 (Mr. Sundaravardan)
Fax No.:	91-44-49011452
E-Mail :	fin@tribologyindia.in stc@tribologyindia.in customer@tribologyindia.in
Website :	www.tribologyindia.in
Area :	1200 Acres
Location :	Owned
Branch Office :	J Block - 380, MIDC, Bhosari, Pune - 411026, Maharashtra, India
Tel. No.:	91-20-27130367
E-Mail :	customerpune@tribologyindia.in
Location :	Subleased

DIRECTORS

AS ON 18.09.2013

Name :

Thirugnana Sambandam Nedumaran

Designation :

Whole-time director

Address :

New No. 12, Anandapuram, Off. Dr. Ranga Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

16.05.1959

Qualification :

B.E.

Date of Appointment :

28.09.2004

DIN No.:

00404076

Name :

Narasimhan Rajagopalan

Designation :

Additional director

Address :

Sri Nivas, 39, Sekkizhar Secon Street, MGR Nagar, Chennai – 600078, Tamilnadu, India

Date of Birth/Age :

25.07.1973

Qualification :

B. Com

Date of Appointment :

28.01.2009

DIN No.:

00403316

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	U67120TN1995PTC031009	SRIVITHESA SECURITIES PRIVATE LIMITED	Director	25/01/2010	21/04/1995	25/08/2010	Active	NO
2	U65993TN1983PTC010426	RAJATH HOLDING PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
3	U65993TN1983PTC010427	MANISH HOLDING PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
4	U25190TN1985PTC012395	AMPOL (1) PRIVATE LIMITED	Director	09/05/2003	09/05/2003	17/01/2009	Active	NO
5	U25191TN1999PTC043221	R.R. TREADS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
6	L24294TN1984PLC010692	TRIBOLOGY INDIA LIMITED	Additional director	28/01/2009	28/01/2009	-	Active	NO
7	U25192TN2002PLC048368	KWIK PATCH LIMITED	Director	17/07/2009	17/07/2009	11/01/2010	Active	NO
8	U25111TN1993PTC026083	PRINCESS POLYMERS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO

Name :

Shreedharan Santhanam

Designation :

Director

Address :

34, 5^th Lane, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

10.05.1955

Qualification :

B.A.

Date of Appointment :

27.09.2005

DIN No.:

01171098

KEY EXECUTIVES

Name :	Mr. Uma Shankar
Designation :	General Manager in Operations
Name :	Mr. Sundaravaradan
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 18.09.2013

Equity Share Breakup	Percentage of Holding
Category
Nationalised or other banks	1.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.00
Bodies corporate	34.28
Directors or relatives of directors	0.15
Other top fifty shareholders	32.95
Others	15.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Processes and Technical Services to Automobile Industry and also Manufacturing of Soft Jaws.

Products/ Services :

ITC Code No.	Product Descriptions
99893306	Surface Treatment
35069910	Engineering Components
27101980	Lubricating Oil

Exports :

Products :

Soft Jaws

Countries :

· North America

Terms :

Selling :

Credit

Purchasing :

Cash and Credit [90 Days]

GENERAL INFORMATION

Suppliers :	Whitford Worldwide
Customers :	Automobile Industry · Sodecia India Aditya Auto Parts L & T Bajaj Tata Rane Pricol DGP Bhel Delphi Ford Finolex
No. of Employees :	130 (Approximately)
Bankers :	· Bank of Baroda, Internatonal Business Branch, Chennai - 600001, Tamilnadu, India State Bank of India Indian Overseas Bank Indian Bank Bank of India Axis Bank

Banking Relations :	--
Financial Institution :	Srivithesa Securities Private Limited, S3 Second Floor, "The Habeeda Arcade", No.1, Arumugam Street, Off State Bank Road, Anna Salai - 600002, Tamilnadu, India
Auditors :
Name :	Ramanaathan and Krishnan Chartered Accountants
Address :	No. 6 , Dhandapani Street, T. Nagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAFFR9993Q

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NOTE: FINANCIAL DETAILS FILE ATTACHED

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90296993	21/03/1997	2,500,000.00	PENNAR PATERSON SECURITIEST LIMITED	CHIKOTI GARDENS, BEGUMPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	-
2	90296989	25/02/1997	2,500,000.00	PENNAR PATERSON SECURITIES LIMITED	CHIKOTI GARDENS, BEGUMPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	-

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	2.450	2.450
Total	2.450	2.450

OPERATIONS AND FUTURE OUTLOOK

The sales for the current year was Rs.35.530 Millions as against Rs.42.158 Millions during the previous year. As mentioned in the previous Directors' report, things continue to improve slowly.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a. Guarantee issued to another company in respect of loan extended by Bank / Financial Institution to the said company	80.000	80.000
b. To Bank on Guarantees	0.000	0.000
c. Claims against the company not acknowledged by the company as debts / dues.	10.318	10.318
d. Liability contested and not provided for:
- Provident Fund related dues	1.000	1.000
- Income tax related dues	4.635	4.635
Total	95.953	95.953

TRADE REFERENCES:

· Whitford Worldwide

Sodecia India

Aditya Auto Parts

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Factory equipments

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 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. 61.18
UK Pound	1	Rs. 100.01
Euro	1	Rs. 83.82

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.