MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	BAJAJ AUTO LIMITED (w.e.f. 05.03.2008)
Formerly Known as:	BAJAJ HOLDINGS AND INVESTMENTS LIMITED
Registered Office :	Bajaj Auto Limited Complex, Mumbai-Pune Road, Akurdi, Pune - 411035, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.04.2007
Com. Reg. No.:	25-130076
Capital Investment / Paid-up Capital :	Rs.2893.700 Millions
CIN No.: [Company Identification No.]	L65993PN2007PLC130076
TAN No.: [Tax Deduction & Collection Account No.]	PNEB05807E
PAN No.: [Permanent Account No.]	AADCB2923M
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturers and Exporter of Two and Three Wheelers.
No. of Employees :	2802 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (67)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established and a reputed company having a fine track record. The performance capability of the company is good. Financial strength of the company is strong and healthy. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	August 06, 2012

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August 06, 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.

INFORMATION DENIED

Management Non Co-operative (91-20-27472851)

LOCATIONS

Registered/ Head Office/ Factory 1 :	Bajaj Auto Limited Complex, Mumbai-Pune Road, Akurdi, Pune - 411035, Maharashtra, India
Tel. No.:	91-20-27472851/ 27406603 / 27406063 / 27406281/ 27406137
Fax No.:	91-20-27407380 / 27407392
E-Mail :	vpbhand@bajajauto.co.in investors@bajajauto.co.in jsridhar@bajajauto.co.in
Website :	http://www.bajajauto.com
Factory 2 :	Bajaj Nagar, Waluj, Aurangabad – 431136, Maharashtra, India
Factory 3 :	MIDC, Plot No. A1, Mahalunge Village, Chakan Industrial Area, Chakan, Pune - 410501, Maharashtra, India
Factory 4 :	Plot No. 2, Sector -10, IIE Pant Nagar, Udham Singh Nagar - 263531, Uttarkhand, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Rahul Bajaj
Designation :	Chairman
Name :	Mr. Madhur Bajaj
Designation :	Vice Chairman
Name :	Mr. Rajiv Bajaj
Designation :	Managing Director (Executive Director upto 31 March 2012; Non-Executive Director from 1 April 2012)
Name :	Mr. Sanjiv Bajaj
Designation :	Executive Director
Name :	Mr. Kantikumar R. Podar
Designation :	Director
Name :	Mr. Shekhar Bajaj
Designation :	Director
Name :	Mr. D.J. Balaji Rao
Designation :	Director
Name :	Mr. D.S. Mehta
Designation :	Director
Name :	Mr. J.N. Godrej
Designation :	Director
Name :	Mr. S.H. Khan
Designation :	Director
Name :	Ms. Suman Kriloskar
Designation :	Director
Name :	Mr. Naresh Chandra
Designation :	Director
Name :	Mr. Nanoo Pamnani
Designation :	Director
Name :	Mr. Manish Kejriwal
Designation :	Director
Name :	Mr. P. Murari
Designation :	Director
Name :	Mr. Niraj Bajaj
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Pradeep Shrivastava
Designation :	Chief Operating Officer
Name :	Mr. Abraham Joseph
Designation :	Chief Technology Officer
Name :	Mr. S Sridhar
Designation :	President (Motorcycle Business)
Name :	Mr. R C Maheshwari
Designation :	President (Commercial Vehicle Business)
Name :	Mr. Rakesh Sharma
Designation :	President (International Business)
Name :	Eric Vas
Designation :	President (New Projects)
Name :	Mr. K Srinivas
Designation :	President (Retail Finance)
Name :	Mr. Kevin P D’sa
Designation :	President (Finance)
Name :	Mr. S Ravikumar
Designation :	Senior Vice President (Business Development and Assurance)
Name :	Mr. Amrut Rath
Designation :	Vice President (Human Resources)
Name :	Mr. C P Tripathi
Designation :	Vice President (CSR)
Name :	Mr. J Sridhar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12783210	4.42
Bodies Corporate	131949922	45.61
Sub Total	144733132	50.03
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	144733132	50.03
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4033153	1.39
Financial Institutions / Banks	222080	0.08
Insurance Companies	16741596	5.79
Foreign Institutional Investors	52671870	18.21
Sub Total	73668699	25.46
(2) Non-Institutions
Bodies Corporate	24067478	8.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	14263849	4.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	30692403	10.61
Any Others (Specify)	1875263	0.65
Non Resident Indians	990917	0.34
Overseas Corporate Bodies	1425	0.00
Foreign Bodies - D R	91064	0.03
Trusts	614205	0.21
Clearing Members	176019	0.06
Foreign Nationals	1633	0.00
Sub Total	70898993	24.51
Total Public shareholding (B)	144567692	49.97
Total (A)+(B)	289300824	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	66196	0.00
Sub Total	66196	0.00
Total (A)+(B)+(C)	289367020	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No	Name of the Shareholder	Details of Shares held		Encumbered shares (*)
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Anant Bajaj	149614	0.05	0	0.00	0.00
2	Deepa Bajaj	21150	0.01	0	0.00	0.00
3	Geetika Bajaj	600	0.00	0	0.00	0.00
4	Kiran Bajaj	2050	0.00	0	0.00	0.00
5	Kriti Bajaj	70000	0.02	0	0.00	0.00
6	Kumud Bajaj	969868	0.34	0	0.00	0.00
7	Madhur Bajaj	1432232	0.49	0	0.00	0.00
8	Minal Bajaj	125800	0.04	0	0.00	0.00
9	Neelima Bajaj Swamy	535438	0.19	0	0.00	0.00
10	Nimisha Jaipuria	314570	0.11	0	0.00	0.00
11	Niraj Bajaj	2189476	0.76	0	0.00	0.00
12	Niravnayan Bajaj	423132	0.15	0	0.00	0.00
13	Rahulkumar Bajaj	2442464	0.84	0	0.00	0.00
14	Rajivnayan Bajaj	726100	0.25	0	0.00	0.00
15	Rishabnayan Bajaj	17000	0.01	0	0.00	0.00
16	Ruparani Bajaj	536106	0.19	0	0.00	0.00
17	Sanjali Bajaj	18200	0.01	0	0.00	0.00
18	Sanjivnayan Bajaj	800448	0.28	0	0.00	0.00
19	Shefali Bajaj	20000	0.01	0	0.00	0.00
20	Shekhar Bajaj	503880	0.17	0	0.00	0.00
21	Siddhantnayan Bajaj	15000	0.01	0	0.00	0.00
22	Suman Jain	1047008	0.36	0	0.00	0.00
23	Sunaina Kejriwal	423074	0.15	0	0.00	0.00
24	Bachhraj And Company Private Limited	3727756	1.29	0	0.00	0.00
25	Bachhraj Factories Private Limited	1945174	0.67	0	0.00	0.00
26	Bajaj Finance Limited	150	0.00	0	0.00	0.00
27	Bajaj Holdings And Investment Limited	91119000	31.49	0	0.00	0.00
28	Bajaj Sevashram Private Limited	4502720	1.56	0	0.00	0.00
29	Baroda Industries Private Limited	1670802	0.58	69000	4.13	0.02
30	Hercules Hoists Limited	182590	0.06	0	0.00	0.00
31	The Hindustan Housing Company Limited	14400	0.00	0	0.00	0.00
32	Jamnalal Sons Private Limited	25949400	8.97	79855	0.31	0.03
33	Kamalnayan Investment and Trading Private Limited	132200	0.05	0	0.00	0.00
34	Madhur Securities Private Limited	79400	0.03	0	0.00	0.00
35	Niraj Holdings Private Limited	19600	0.01	0	0.00	0.00
36	Rahul Securities Private Limited	270600	0.09	0	0.00	0.00
37	Rupa Equities Private Limited	286800	0.10	0	0.00	0.00
38	Sanraj Nayan Investments Private Limited	60000	0.02	0	0.00	0.00
39	Shekhar Holdings Private Limited	63000	0.02	0	0.00	0.00
40	Bajaj Auto Employees Welfare Fund	1829130	0.63	0	0.00	0.00
41	Bel Employees Welfare Fund	97200	0.03	0	0.00	0.00
	Total	144733132	50.02	148855	0.10	0.05

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Share
1	Jaya Hind Investments Private Limited	10243928	3.54
2	Maharashtra Scooters Limited	6774072	2.34
3	Life Insurance Corporation Of India	10043324	3.47
4	Sikkim Jansewa Pratisthan Private Limited	3659916	1.26
	Total	30721240	10.62

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR	1	66196	0.02
	Total	1	66196	0.02

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter of Two and Three Wheelers.

Products :

ITC Code	Products Description
8711	Scooters, Auto-rickshaw, Motorcycles and Mopeds

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Two Wheelers and Three Wheelers upto 350 CC Engine Capacity [Including two wheelers c. k. d. packs 200000 nos.]	Nos.	1639350	5040000	3844438

Note:

(a) Licensed Capacity is stated as per the Original Licence held by the erstwhile Bajaj Auto Limited (pre-demerger). However, the Company’s products are exempt from licensing requirements under New Industrial Policy in terms of notification no. S.O. 477 (E) dated 25 July1991.

(b) As certified by the COO and being a technical matter, accepted by the Auditors as correct.

GENERAL INFORMATION

No. of Employees :

2802 [Approximately]

Bankers :

• Central Bank of India
• State Bank of India
• Citibank N.A.
• Standard Chartered Bank
• Bank of America
• ICICI Ban
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Banks, against
Cash Credit facilities secured by hypothecation of Stores, Raw Materials , Finished Goods, Stock in Process and Book Debts of the company, book overdraft	0..000	235.300
Total	0.000	235.300

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors :	A.P. Raman Cost Accountants
Holding company, subsidiaries and fellow subsidiary :	PT. Bajaj Auto Indonesia (98.94% shares held by Bajaj Auto Limited) Bajaj Auto International Holdings B V (Fully owned subsidiary) Amsterdam Netherlands (Fully owned subsidiary)
Associates, joint ventures and investing parties :	Bajaj Holdings and Investment Limited (Investing party - holds 31.49% shares of Bajaj Auto Limited)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
289367020	Equity Shares	Rs.10/- each	Rs.2893.700 Millions

a. Reconciliation of shares outstanding at the beginning and at the end of the year

	31 March 2012
Equity shares	Nos.	Rs. In Millions
At the beginning of the year	289367020	2893.700
Issued during the year - Bonus issue *	-	-
Outstanding at the end of the year	289367020	2893.700

* Equity shares allotted as fully paid bonus shares by capitalisation of General Reserve.

b. Further, of the above:-

101,183,510 equity shares were allotted as fully paid up pursuant to the scheme of arrangement for demerger of erstwhile Bajaj Auto Limited (now Bajaj Holdings and Investment Limited) by the Company on 3 April 2008.

1,805,071 equity shares thereof are deemed to be issued by way of Euro Equity Issue represented by Global Depository Receipts (GDR) evidencing Global Depository Shares outstanding on the record date. Outstanding GDRs at the close of the year were 169,088 (220,134)

c. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

d. Details of shareholders holding more than 5% shares in the company

	31 March 2012
Equity shares	Nos.	% Holding
Bajaj Holdings and Investment Limited	91119000	31.49%
Jamnalal Sons Private Limited	25949400	8.97%

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		2893.700	2893.700	1446.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		57517.000	46208.500	27836.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60410.700	49102.200	29283.400
LOAN FUNDS
1] Secured Loans		0.000	235.300	129.800
2] Unsecured Loans		974.800	2681.900	13256.000
TOTAL BORROWING		974.800	2917.200	13385.800
DEFERRED TAX LIABILITIES		484.400	297.100	16.900
TOTAL		61869.900	52316.500	42686.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15116.100	14827.100	14795.900
Capital work-in-progress		117.700	698.600	415.200
INVESTMENT		48828.100	47219.100	40215.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
				0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6785.300	5472.800	4462.100
	Sundry Debtors	4227.900	3598.900	2728.400
	Cash & Bank Balances	16538.300	2287.800	1014.100
	Other Current Assets	2970.200	6180.500	1059.700
	Loans & Advances	16227.100	12190.500	20745.200
Total Current Assets		46748.800	29730.500	30009.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20030.800	17892.600	15712.000
	Other Current Liabilities	7161.100	6708.200	4550.500
	Provisions	21748.900	15558.000	22487.200
Total Current Liabilities		48940.800	40158.800	42749.700
Net Current Assets		(2192.000)	(10428.300)	(12740.200)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61869.900	52316.500	42686.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	188802.700	158968.200	115085.000
		Other Income	12567.500	10779.200	5349.800
		TOTAL (A)	201370.200	169747.400	120434.800
Less	EXPENSES
		Cost of raw material and components consumed	134455.400	113118.900	94899.200
		Purchases of traded goods	7511.500	5684.100
		(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods	(941.500)	(827.900)
		Employee benefits expense	5401.100	4935.800
		Other expenses	12157.700	9525.800
		Expenses, included in above items, capitalized	(494.300)	(166.600)
		Exceptional items	1340.000	(7245.500)
		TOTAL (B)	159429.900	125024.600	94899.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41940.300	44722.800	25535.600
Less	FINANCIAL EXPENSES (D)		222.400	16.900	59.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41717.900	44705.900	25475.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1456.200	1228.400	1364.500
	PROFIT BEFORE TAX (E-F) (G)		40261.700	43477.500	24111.300
Less	TAX (H)		10221.200	10080.200	7075.000
	PROFIT AFTER TAX (G-H) (I)		30040.500	33397.300	17036.300
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of exports	64491.800	44504.500	32457.500
		F.O.B. Value of exports - goods traded in	0.000	0.000	0.700
		F.O.B. Value of exports to Nepal	3.400	0.000
		Forwarding charges exports recovered	1547.900	1013.000	179.700
		Interest	19.500	14.000	33.300
		Royalty	8.000	5.900	7.400
		Technical Know how	3.000	0.000	0.000
		Asset Disposal	0.700	1.200	0.000
		Other Earnings	58.900	21.500	10.900
	TOTAL EARNINGS		66133.200	45560.100	231.300
	IMPORTS
		Raw Materials	1157.000	1092.700	341.700
		Components	5312.800	4054.000	2456.100
		Machinery spares	92.000	68.300	51.400
		Capital goods	217.000	377.800	321.100
		Tools, stores, etc.	68.300	52.500	24.700
	TOTAL IMPORTS		6847.100	5645.300	3195.000
	Earnings Per Share (Rs.)		103.80	115.40	117.70

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	48656.600	49724.000	54127.100
Total Expenditure	39939.600	40571.900	44009.600
PBIDT (Excl OI)	8717.000	9152.100	10117.500
Other Income	1819.700	1667.200	2031.900
Operating Profit	10536.700	10819.300	12149.400
Interest	0.400	2.200	1.000
Exceptional Items	0.000	0.000	0.000
PBDT	10536.300	10817.100	12148.400
Depreciation	352.400	410.400	410.800
Profit Before Tax	10183.900	10406.700	11737.600
Tax	3000.000	3000.000	3550.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	7183.900	7406.700	8187.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	7183.900	7406.700	8187.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.92	19.67	14.15
Net Profit Margin (PBT/Sales)	(%)	21.32	27.35	20.95
Return on Total Assets (PBT/Total Assets}	(%)	65.08	97.58	53.81
Return on Investment (ROI) (PBT/Networth)		0.67	0.89	0.82
Debt Equity Ratio (Total Debt/Networth)		0.02	0.06	0.46
Current Ratio (Current Asset/Current Liability)		0.96	0.74	0.70

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	20030.800	17892.600	15712.000
Total	20030.800	17892.600	15712.000

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	No
8]	No. of employees	Yes
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	No
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

UNSECURED LOAN

[Rs. in Millions]

	As on 31.03.2012	As on 31.03.2011
Sales tax deferral Liability/Loan, an incentive under Package Scheme of Incentives 1983,1988,1993 and 1998 - Interest free	974.800	1338.800
Foreign currency loan, from a bank as packing credit facility against exports	0.000	1343.100
Total	974.800	2681.900

MANAGEMENT DISCUSSION AND ANALYSIS

Performance Highlights for FY2012

• Bajaj Auto recorded its highest ever sales, exports and profits from operations
• Turnover crossed the Rs.200000.000 Millions mark
• Net sales and other operating income grew by 19% to Rs.198040.000 Millions
• Record sales of 4.35 million units — with over a million units being sold in each of the four quarters
• Exports performed very well — rising by 31% to 1.58 million units
• For the first time, the Company’s operating earnings before interest, taxes, depreciation and amortisation (EBITDA) crossed Rs.40000.000 Millions, a growth of 18% over previous year
• Operating EBITDA margin was 20.2% of net sales and other operating income – highest in the industry
• Profit before tax (PBT) and exceptional items was Rs.41600.000 Millions
• Profit after tax (PAT) but before exceptional items grew by 18% to Rs.30950.000 Millions
• Surplus cash and cash equivalents, as on 31 March 2012, stood at Rs.54510.000 Millions

Motorcycles

In FY2012, Bajaj Auto sold over 3.83 million motorcycles in India and abroad. In doing so, it grew sales by 13.2% over FY2011, which was lower than in the previous two years. However, as mentioned earlier, sales growth was muted for the industry as a whole, which grew by 13.7% versus over 24% in the last couple of years. Thus, despite lower growth, Bajaj Auto held on to a share of over 32%.

India

In India, the Company sold 2,566,757 motorcycles during FY2012. That was 6.3% higher than the sales in the previous year. As mentioned earlier, FY2012 has been a year of lower growth for the domestic economy, with almost all sectors reporting subdued numbers. Sale of motorcycles in India was no exception. After two good quarters, sales growth fell very sharply in Q3 FY2012 and Q4 FY2012, to eventually clock 11.9% in FY2012, versus 22.9% last year.

Both urban and rural markets were affected by high consumer interest rates, increasing petrol prices and overall inflation. Even the 11.9% growth was severely skewed across quarters as well as segments. Sales of models belonging to the upper end Performance segment remained flat year-on-year. With a substantial proportion of Bajaj Auto’s business coming from the Performance segment, the Company’s sales growth by volume was more muted at 6%.

As evidenced in the first two months of ongoing financial year 2012-13, the growth continues to be muted. Industry growth for H1/FY2013 is expected to be in the range of 6-7% only. However, we expect an acceleration in growth in the second half of the fiscal year 2012-13.

The good news is that Bajaj Auto continues to dominate the performance segment. It sold 716,267 motorcycles in this segment in FY2012, with a market share of 44%. This, despite the segment being most hotly contested by every major two-wheeler company with a large number of models fighting for market share.

The Company’s key brand in this segment, Pulsar, is now into its 10th year. Pulsar is the only brand in the Performance segment whose cumulative sales have crossed the 5 million mark.

To increase the momentum in the Performance segment, Bajaj Auto unveiled the next generation Pulsar 200 NS in January 2012. Pulsar 200 NS is expected to re-define motorcycling just as the original Pulsars did in 2001.

To dominate the high end, Bajaj Auto launched the KTM Duke 200 in January 2012. Known for their legendary racing achievements, KTM is Europe’s second largest motorcycle manufacturer and dominates the off-road segment across the world. The first offering from the KTM stable in India, the Duke 200, is being retailed through dedicated KTM stores. Both the KTM Duke 200 and the Kawasaki Ninja 650R, launched earlier in June 2011, have received excellent response.

In FY2011-12, the Discover range in the mid-Commuter Deluxe segment has sold more than a lakh motorcycles every month, with annual sales of 1,279,619 bikes. Within Discover, contribution of the more powerful 125cc+ has nearly doubled to 53% of the brand portfolio this year. With several product and marketing initiatives planned for FY2013, Discover is set for further growth.

Reflecting the changing dynamics in the motorcycle market during FY2012, the Commuter Standard segment grew the fastest. Bajaj Auto also clocked healthy growth here with an annual volume of 570,871 motorcycles — contributed largely by the Platina.

New dealers appointed last year now have started contributing significant volumes.

Exports

As in the earlier year, Bajaj Auto has done very well indeed. Exports grew by 30% to clock 1,267,648 motorcycles in FY2012 — or 69% of all motorcycle exports from India.

Within motorcycles, Boxer is the largest selling single brand in Africa. A new 150 cc version of it, the BM-150, has been received well and holds good growth prospects.

In Philippines, Boxer BM-150 and the Pulsar 135 were launched and were well received, with the latter helping Bajaj Auto to gain 34% market share in the Sports segment.

In Latin America, where Bajaj Auto sells 20% of its total motorcycle exports, the business has grown by 43% over the previous year. Market shares increased with the Pulsar Brand doing exceptionally well. High profile media events ensured excitement for the brand. Pulsar 135 ranks among the top selling motorcycle models in various Latin American markets.

Commercial Vehicles

India

Domestic sales for three-wheelers across the industry in FY2012 declined by 2.4% to 513,251 units. Conditions were not conducive to growth of business on account of (i) frequent fuel price hikes, (ii) significant hardening of interest rates, and (iii) political disturbances leading to a generally negative sentiment.

Bajaj Auto, too, saw a marginal fall in sales — by 1.3% to 202,979 vehicles. However, with a fall lower than the industry, the Company’s market share increased by 40 basis points from 39.1% in FY2011 to 39.5% in FY2012.

Bajaj Auto has taken a number of strategic initiatives during the year. These include:

• Network correction and expansion
• Concerted efforts to increase market share of diesel vehicles through new marketing initiatives
• Marketing efforts to promote alternate fuel vehicles in states like Gujarat (using CNG as the fuel),
• Andhra Pradesh (LPG) and Karnataka (LPG)
• Increase the share of public sector bank financing, thus making the vehicles more affordable
• Generating other financing options for customers

With no improvement in the economic environment and with high inflation and fuel cost, we expect the financial year 2012-13 to be a challenging year for the domestic CV industry.

Exports

In contrast, exports have done very well. As Table 2 shows, exports for three-wheelers as a whole grew by over 34% to 362,876 units in FY2012. Accounting for the lion’s share, Bajaj Auto’s exports grew by 35% to 312,176 three-wheelers.

In South Asia, the overwhelming market shares continued to be maintained in the markets of Srilanka and Bangladesh. Srilanka powered the growth of three-wheelers on the back of consumer demand for it as a personal usage vehicle.

Overall, exports of three-wheelers have been more than satisfactory.

International Business

During FY2012, Bajaj Auto exported 1,579,824 vehicles — a growth of 31% over the previous year. This was further sweetened with a 40% increase in the value of exports to USD 1.37 billion as against 975 million in the previous year.

At 41% of the total exports, Africa accounts for the largest share by volume, followed by Asia and Middle East at 40%. This is for both motorcycles and three-wheelers.

The business will continue on the strategy to focus on Brand building and at specific initiatives at territorial levels. Growth in exports for the Company for the financial year 2012-13 in both motorcycles and three wheeler segments is facing some headwinds due to international events such as substantial rise in import duty in Srilanka, trade restrictions imposed in Argentina, Dollar trade embargo in Iran. Given this challenging environment, managing growth with profitability and building a sustainable growth momentum will continue to be a key challenge for the forthcoming financial year.

R and D: New Products

Pulsar 200 NS

This completely new engine and vehicle platform was designed to carry forward the legacy of Pulsar, Bajaj Auto’s most successful brand in the past decade. It has been designed to further enhance and sharpen the sports image of the brand. The Pulsar 200 NS is powered by a high performance 4-valve liquid cooled engine with a triple spark ignition, delivers 23.5 Ps, with a six-speed gear box. It is equipped with state of the art features like perimeter frame with high lateral rigidity, low slung central muffler, Nitrox mono shock rear suspension — all of which add up to provide excellent handling and riding pleasure. The vehicle also has disc brakes for both front and rear wheels.

At the heart of the Pulsar 200 NS is its cutting-edge engine which sets new benchmarks in performance, emission and fuel efficiency. It takes technology altogether to another level with a SOHC 4-valve triple spark engine controlled by an advanced electronic control unit for absolutely unmatched performance. The Pulsar 200 NS has received rave reviews from all biking experts. Bajaj Auto expects it to take the biking world by storm in FY2013.

KTM 200

This model extends the new platform of engine and vehicle co-designed by Bajaj and KTM from 125 cc to 200 cc. Unlike KTM 125, this model is aimed for Indian as well as European markets. The KTM 200 is powered by a high performance 4-valve liquid cooled fuel injection engine delivering 25 Ps, with a six-speed gear box. It is equipped with state of the art features like radial callipers for front disc brakes, inverted front forks, cast aluminium swing arm and radial tyres at both front and back.

BM-150 and BM-100

BM-100 is the number one bike in Africa. BM-150, debuted in FY2012, expands the BM range bringing the power of 150 cc to the utility segment of the market. It has a sturdy frame and wide tyres designed to do duty under demanding usage and difficult terrain conditions. The BM-150 has been well received in the export markets.

The BM-100 complements the BM-150 to bring in features like electric start to enhance the utility of the product. Its strong frame and modern engine make it very robust in trying conditions. The BM-100 and BM-150 together address competitors in Africa in the 100 cc to 150 cc category.

Operations and Productivity

Bajaj Auto’s plants at Waluj, Chakan and Pantnagar have constantly made efforts to improve upon EBITDA margins by optimising resources and increasing efficiency. This has helped in taking effective business decisions and attaining higher levels of efficiency across all operations.

The Pantnagar plant produced 1.138 million vehicles in FY2012, versus 0.914 million a year earlier — a growth of 24.5%. It has further augmented its plant capacity to meet future demand.

Waluj achieved the landmark production of 2.24 million motorcycles and commercial vehicles. The plant, which is also the export hub for Bajaj Auto, has accomplished its stated target of exporting 1.31 million vehicles exports in this year — and is gearing up to export more motorcycles and commercial vehicles.

Chakan has used its core competencies in manufacturing high end sports bikes, such as the Duke-125 and the Duke-200.

Subsidiaries

Bajaj Auto International Holdings BV (BAIH BV)

Bajaj Auto International Holdings BV is a 100% Netherlands based subsidiary of Bajaj Auto set up in FY2008. BAIH BV invested € 98.4 million to acquire 24.45% equity stake in KTM Power Sports AG of Austria, Europe’s second largest sport motorcycle manufacturer.

As the co-operation between KTM and Bajaj Auto took root, further investments were made and as on date BAIH BV has invested € 189.9 million for a 47.18% ownership. BAIH BV is the second largest shareholder in KTM after Cross Industries who owns majority stake.

KTM is a sharply positioned brand that leads global off-road and motor-cross segments, with its products being distributed via 1,100 dealers across the world. It is also an outstanding brand that connotes top class products using best-in-class technology — and thus enjoys tremendous pricing power.

Realising back-end synergies in development and supply chain and preserving the brand focus in the front end is the foundation of co-operation between KTM and Bajaj Auto. Both partners are aligned to the above and to realising the market potential that such co-operation could open up.

In calendar year 2011, KTM strongly rode out of the downturn selling 81,200 motorcycles, achieving a turnover of € 526.8 million and a profit of €20.8 million.

The first jointly developed KTM Duke 125, manufactured at our Chakan plant, was launched in Europe in FY2011 and has become a market leader in its class.

The European racing legend also rode into India with its KTM Duke 200 motorcycle to a rousing response in Q4 FY2012.

PT Bajaj Indonesia (PT BAI)

PT BAI, incorporated in FY2007, is a 98.9% subsidiary of Bajaj Auto in Indonesia. The subsidiary assembles and markets Pulsars in Indonesia. It sold 23,337 motorcycles in FY2012 versus 21,586 in FY2011 — a growth of 8%. At PBT level, the loss for FY2012 was Rs.120.000 Millions as compared to a loss of Rs.110.000 Millions in FY2011.

Total investment in PT BAI stands at USD 29.5 million (Rs.1378.200 Millions).

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts	4187.400	4224.900
Guarantees given by the Company to banks, on behalf of its subsidiary, PT Bajaj Auto Indonesia	254.400	231.900
Guarantees given by the Company to Housing Development Finance Corporation Limited - for loans to Employees	1.200	2.200
Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year	1817.800	1227.000
Income tax matters - Appeal by company	95.800	0.000
Sales Tax matters under dispute	3578.500	3284.100
Total	9935.100	8970.100

FIXED ASSETS:

· Land Leasehold

· Land Freehold

· Buildings

· Water pump

· Reservoirs and Mains

· Plant and Machinery

· Dies and Jigs

· Electric Installations

· Factory Equipments

· Furniture Fixtures

· Electric Fittings

· Vehicles and Aircraft

· Office Equipments

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2012

(Rs. In Millions)

	Particulars	Quarter ended		Nine months ended
		31.12.2012	30.09.2012	31.12.2012
		(Unaudited)	(Unaudited)	(Unaudited)
	Sales in numbers	1127741	1049208	3255920
1	Income from operations
a.	Gross sales	56232.700	51005.700	156952.500
	Less: Excise duty	3160.700	2835.000	8573.400
	Net sales	53072.000	48170.700	148379.100
b.	Other operating income	1055.100	1553.300	4128.600
	Total income from operations (net)	54127.100	49724.000	152507.700
2	Expenses
	(a) Cost of materials consumed	35828.600	34462.300	102298.500
	(b) Purchases of stock-in-trade	2053.300	2126.400	6097.000
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	1328.800	(902.400)	1581.900
	(d) Employee benefits expense	1592.300	1532.200	4728.500
	(e) Depreciation	410.800	410.400	1173.600
	(f) Other expenses	3360.000	3478.700	10200.500
	(g) Expenses capitalised	(153.400)	(125.300)	(385.300)
	Total expenses	44420.400	40982.300	125694.700
3	Profit from operations before other income, finance costs and exceptional items (1-2)	9706.700	8741.700	26813.000
4	Other income (See note 1)	2031.900	1667.200	5518.800
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	11738.600	10408.900	32331.800
6	Finance costs	1.000	2.200	3.600
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	11737.600	10406.700	32328.200
8	Exceptional items
	Valuation gains / (losses) on derivative hedging instruments	-	-	-
9	Profit from ordinary activities before tax (7+8)	11737.600	10406.700	32328.200
10	Tax expense	3550.200	3000.000	9550.200
11	Net Profit for the period (9-10)	8187.400	7406.700	22778.000
12	Paid-up equity share capital (Face value of Rs.10)	2893.700	2893.700	2893.700
13	Reserves excluding Revaluation Reserves
14	Basic and Diluted Earnings per share (Rs.) (not annualised)
	before and after extraordinary items	28.3	25.6	78.7

	Particulars	Quarter ended		Nine months ended
		31.12.2012	30.09.2012	31.12.2012
A	Particulars of shareholding
1	Public shareholding @
	Number of shares	144633688	144633688	144633688
	Percentage of shareholding	49.98%	49.98%	49.98%
2	Promoters & Promoter Group Shareholding
	Pledged / Encumbered
	Number of shares	166585	206585	166585
	Percentage of shares (as a % of the total shareholding of promoters and promoter group)	0.12%	0.14%	0.12%
	Percentage of shares (as a % of the total share capital of the company)	0.06%	0.07%	0.06%
	Non-encumbered
	Number of shares	144566747	144526747	144566747
	Percentage of shares (as a % of the total shareholding of promoters and promoter group)	99.88%	99.86%	99.88%
	Percentage of shares (as a % of the total share capital of the company)	49.96%	49.95%	49.96%

@ including equity shares represented by GDRs.

* The term "encumbrance" has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011

	Quarter ended
	31.12.2012
Investor complaints
Pending at the beginning of the quarter	Nil
Received during the quarter	4
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter, received on 31 December 2012	1

Segment-wise revenue, results and capital employed

(Rs. In Millions)

Particulars	Quarter ended		Nine months ended
	31.12.2012	30.09.2012	31.12.2012
	(Unaudited)	(Unaudited)	(Unaudited)
1. Segment revenue
Automotive	55063.800	50495.800	155107.700
Investments	1095.200	895.400	2918.800
Total	56159.000	51391.200	158026.500
2. Segment profit / (loss) before tax and finance cost
Automotive	10645.400	9515.700	29419.400
Investments	1093.200	893.200	2912.400
Total	11738.600	10408.900	32331.800
Less: Finance cost	1.000	2.200	3.600
Total profit before tax	11737.600	10406.700	32328.200
3. Capital employed
Automotive	19341.100	19028.000	19341.100
Investments	65932.500	58970.700	65932.500
Unallocable	1446.300	80.500	1446.300
Total	86719.900	78079.200	86719.900

Notes :

1. Other income includes following -

(Rs. In Millions)

Particulars	Quarter ended		Nine months ended
	31.12.2012	30.09.2012	31.12.2012
Investment income Others	1095.200 936.700	895.400 771.800	2918.800 2600.000

2. Figures for previous year / period have been regrouped wherever necessary.

3. Rs.10.000 Millions

4. The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 16 January 2013 and subjected to a limited review by the statutory auditors.

AS PER WEBSITE DETAILS:

PRESS RELEASE

BAJAJ LAUNCHES NINJA 300 AT RS. 0.350 MILLION; TO PHASE OUT 250R

April 10, 2013, 09.22 PM IST

Bajaj Auto today said it hopes to sell around 2,000 units of the premium sports bike from the Kawasaki Ninja platform launched today, which is priced at Rs 0.350 Million. The new 'Ninja 300' is the fourth of the Kawasaki Ninja range of products launched in the country and the company said it will phase out the Ninja 250R model soon.

"We have sold 3,500 Ninja family bikes (250R and 650R models) since the first launch in 2009. We are planning to sell 1500-2,000 units of the Ninja 300 by the end of the fiscal," Bajaj Auto managing director Rajiv Bajaj told reporters at the much-awaited launch here.

He also said with this the company will phase out Ninja 250R model launched last August and the new model, Ninja 300 will be sold and serviced through its Probiking stores, the retail chain for premium bikes. Priced at Rs 3.5 lakh (ex-showroom Delhi), the Ninja 300 replaces the Ninja 250R.

The new 300cc Ninja has a host of features which come from Kawasaki's bigger super-sports bikes like ZX-10R, ZX-6R and ZX-14 R, representing the Japanese bike major's racing technology edge, Kawasaki India spokesman Yuji Horiuchi said. Stating that the Ninja 300 would replace and improve upon the Ninja 250R, Horiuchi said, "the Ninja 250R has been a great success in the domestic market with more than 3,000 bikes sold till date and expressed the hope that the Ninja 300 will take this number even higher.

"When asked about the impact of the just-conlcued alliance between TVS and BMW for super premium bikes under the 500 cc category on his sales, Bajaj said, he does not see any threat from the tie-up.

BAJAJ AUTO APRIL SALES DOWN 10%; SEES HIGHER MAY SALES

May 02, 2013, 12.07 PM IST

India's second largest two-wheeler maker Bajaj Auto's total sales in April declined 10 percent year-on-year to 3.44 lakh units, as sales remained sluggish in the domestic market and exports also slipped.

Its total motorcycle sales fell 12 percent to 3.01 lakh units, the Pune-based company said on Thursday.

Three-wheeler commercial vehicle sales in April, meanwhile, rose 10 percent 43,351 units.

Total exports tumbled 23 percent to 1.30 lakh units, last month.

Hero MotoCorp, India's top two-wheeler maker had on Wednesday reported 10 percent decline in April, while TVS Motor's sales were down 6 percent in the domestic market. Honda Motorcycle and Scooter India meanwhile saw its sales last month gain 31 percent in the domestic market.

Bajaj Auto's MD Rajiv Bajaj told CNBC-TV18 he expects sales in May to be higher than April. The recent sales trends at its rivals suggest, consumers are shifting from Hero to Honda, he added.

A meeting of the Board of Directors of Bajaj Auto Limited was held today to consider and approve the results for Q3 / FY13.

In a challenging environment, the company recorded its –

Highest ever Turnover - Rs. 56160.000 Millions

Highest ever Operating EBITDA - Rs. 11050.000 Millions

Highest ever Profit before tax - Rs. 11740.000 Millions

Highest ever Profit after tax - Rs. 8190.000 Millions

EBITDA margin - 20.1%; the best in the industry

1. Performance highlights

Rs. in Millions	Q3 FY13	Q3 FY12	Change	9M FY13	9M FY12	FY12
Rs. in Millions	1127741	1075441	5%	3255920	3332393	4349560
Turnover	56160.000	51540.000	9%	158030.000	15346	201370.000
Export revenue	17480.000	17080.000	2%	51520.000	5129	66040.000
Operating EBITDA	11050.000	10610.000	4%	30590.000	3030	40010.000
Operating EBITDA %	201.00	210.000		197.000	20.1	20.2%
Profit after tax	8190.000	7950.000	3%	22780.000	2232	30040.000

2. Motorcycles

	Q3 FY13	Q3 FY12	Change	9M FY13	9M FY12	FY12
Domestic	687351	642395	7%	1907716	1950241	2566757
Export	298912	304354	-2%	989694	986916	1267648
Total	986263	946749	4%	2897410	2937157	3834405

Launch of new exciting and differentiated products helped the company partially address the slowdown in the domestic market. As a result, the company recorded a growth of 7% in domestic market, higher than the industry growth of 4%.

In the international market, Africa continues to do well with Nigeria recording its highest ever retails in the month of December 2012.

In other international markets, demand remained subdued. Due to high inflation and adverse balance of payment position, respective Central Banks and Governments are curtailing consumption. However, company's market share in these countries has improved.

The bigger and sportier motorcycles now contribute ~70% of total motorcycles sold.

• Discover 125 ST averaged nearly 43,000 units per month taking the average volumes of "Discover" to over 143,000 units per month.

• "Pulsar", aided by Pulsar 200 NS, recorded an average sales of over 78,000 units per month, thus taking its market share in this segment to ~50%.

Overall (domestic + exports ) Market Share for Bajaj Auto stood at ~32%.

3. Commercial Vehicles (Three-wheelers)

	Q3 FY13	Q3 FY12	Change	9M FY13	9M FY12	FY12
Domestic	64168	52134	23%	166052	149742	202979
Export	77310	76558	1%	192458	245494	312176
Total	141478	128692	10%	358510	395236	515155

During Q3 / FY13, the company recorded its highest ever sale of commercial vehicles – over 141,000 units.

Company recorded a growth of 23% in domestic market, higher than the industry growth of 13%. Growth in sales was led by the Diesel passenger carrier segment.

Company outperformed in the Diesel passenger carrier segment - grew by 24% as against industry growth of 14%; segment market share increased to 29%.

S Bajaj Auto continues to dominate the gasoline and alternate fuel domestic passenger segment; market share of ~89%.

4. Margins

Operating EBITDA margins improved sequentially from 19.7% in Q2 / FY13 to 20.1% in Q3 / FY13. The improvement in margins is attributed to richer product mix and better realization on exports.

5. Cash and cash equivalents

Cash and cash equivalents as on 31st December 2012 stood at Rs.53740.000 Millions as against Rs. 45210.000 Millions on 30th September 2012.

6. Awards

In recognition of its consistent and outstanding performance, the company has received the following awards :

	Product	Award
Product and Technology	KTM 200 Duke	CNBC - TV18 OVERDRIVE Award - Bike of the Year.
	KTM 200 Duke	CNBC - TV18 OVERDRIVE Award - Mid-displacement Bike of the Year.
	KTM 200 Duke	CNBC - TV18 OVERDRIVE Award - Viewers Choice Bike of the Year.
	Pulsar 150	Frost and Sullivan's 2012 Voice of Customer Choice Award
	Pulsar 200 NS	NDTV Car and Bike Two wheeler of the Year
	Pulsar 200 NS	NDTV Car and Bike Motorcycle of the year upto 250cc
	Pulsar 200 NS	NDTV Car and Bike Automotive Design of the Year
	Pulsar 200 NS	BBC Topgear Readers Choice Bike of the Year
	Pulsar 200 NS	Zigwheels 2012 - Enthuziast motorcycle 180cc-250cc
	Discover 125 ST	Zigwheels 2012 - 110cc to 125cc Motorcycle of the Year
	Kawasaki Ninja 650	Autocar Awards 2013 Premium Bike of the Year
	KTM Duke 200	Autocar Awards 2013 Bike of the Year
	KTM Duke 200	BBC Topgear Motorcycle of the Year
Manufacturing	Commercial Vehicle Division - Waluj	"Excellence in Operations" Manufacturing Today Awards.
	Bajaj Auto	VOX POPULI AWARD IMTMA-Siemens Productivity Championship Awards 2012
Corporate	Bajaj Auto	CNBC - TV18 OVERDRIVE Award - Auto Manufacturer of the year.
Quality	Mr. Rajiv Bajaj, Managing Director, Bajaj Auto	Qimpro Awards 2012 - Qimpro Gold Standard (Business).

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.53.74
UK Pound	1	Rs.83.54
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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	-

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