MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	V.S.T. TILLERS TRACTORS LIMITED
Registered Office :	Plot No.1, Dyavasandra Industrial Layout, Post Box No.4801, Whitefield Road, Mahadevapura Post, Bangalore – 560 048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.12.1967
Com. Reg. No.:	08-001706
Capital Investment / Paid-up Capital :	Rs.86.395 Millions
CIN No.: [Company Identification No.]	L34101KA1967PLC001706
Legal Form :	A public limited liability company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacture and or deal with Tractor, Tillers, Diesel Engines, Harvesters, Reapers, Binders, Transplanters/ planters, Trench Cutters, Front end Loaders and all kinds of allied agricultural, plantation and horticultural machinery including attachments, components, accessories, spares implements and other equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 8100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. The company is doing well. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term=A+
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	31.08.2012

Rating Agency Name	CRISIL
Rating	Short Term=A1+
Rating Explanation	(Suspended) Strong degree of safety and carry lowest credit risk.
Date	31.08.2012

NOTE:

Reason for Suspension: The suspension of ratings is on account of non-cooperation by VTTL with CRISIL’s efforts to undertake a review of the ratings outstanding.

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 (91-821-2582157)

LOCATIONS

Registered Office/ Corporate Office/ Factory 1 :	Plot No.1, Dyavasandra Industrial Layout, Post Box No.4801, Whitefield Road, Mahadevapura Post, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-28510805 / 06/ 07 / 91-80-67141111
Fax No.:	91-80-28510221
E-Mail :	vstgen@vsttillers.com subash@vttlhq.com chinmaya@vsttillers.com
Website :	http://www.vsttillers.com
Factory 2 :	Plot No. 39, Phase 1, SPICOT Industrial Complex, Mookandapalli, Hosur – 635 126, Tamilnadu, India
Factory 3 :	Precision Component Division, Plot No.42/43, Survey No.20, Metagalli Industrial Area, Mysore – 570 016 Karnataka, India

DIRECTORS

AS ON 31.03.2012

Name :

Mr. Mahendra Vellore Padmanaban

Designation :

Managing Director

Address :

No.5, Lakshmi Vilas, Sankey Road, High Grounds, Bangalore – 560 052, India

Date of Birth/Age :

16.07.1942

Date of Appointment :

20.02.2009

DIN No.:

00033270

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	U55101KA1971PTC002122	HOTEL PEARLS PRIVATE LIMITED	Director	16-08-80	16-08-80	-	Active	NO
2	U17111TZ1974PLC000712	LAKSHMI RING TRAVELLERS (COIMBATORE) LIMITED	Director	09-09-80	09-09-80	-	Active	NO
3	U70102KA1983PTC005112	PEARLS ESTATES PRIVATE LIMITED	Director	13-01-83	13-01-83	-	Active	NO
4	L65921TN1983PLC010029	GOVE INVESTMENT AND FINANCE COMPANY LIMITED	Director	22-09-83	22-09-83	-	Active	NO
5	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Managing director	20-02-09	20-02-84	-	Active	NO
6	U65993TN1985PTC011607	V P MAHENDRA BROTHERS INVESTMENTS PRIVATE LIMITED	Director	26-02-85	26-02-85	-	Active	NO
7	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	16-10-94	16-10-94	28-07-11	Active	NO
8	U50101TN2004PTC054176	V.S.T. AND SONS PRIVATE LIMITED	Director	08-09-04	08-09-04	-	Active	NO
9	U50101TN2005PTC055926	V.S.T.AUTO PARTS PRIVATE LIMITED	Director	11-04-05	11-04-05	-	Active	NO
10	U26999TN1949PLC003210	V.S.T.MOTORS LTD.	Director	10-11-05	10-11-05	-	Active	NO
11	L85110KA1946PLC000415	KIRLOSKAR ELECTRIC COMPANY LIMITED	Director	30-08-07	25-06-07	-	Active	NO
12	U34107KA2007PTC043432	MHI-VST DIESEL ENGINES PRIVATE LIMITED	Director	31-07-08	11-02-08	-	Active	NO

Name :

Mr. Surendra Vellore Krishnamoorthy

Designation :

Director

Address :

No.2, Sankey Road, High Grounds, Vasanth Nagar, Bangalore – 560 052, India

Date of Birth/Age :

18.05.1941

Date of Appointment :

29.09.1980

DIN No.:

00459069

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	U26999TN1949PLC003210	V.S.T.MOTORS LIMITED	Director	11-04-68	11-04-68	-	Active	NO
2	U34201TN1952PTC000045	V.S.T. SERVICE STATION PRIVATE LIMITED	Director	15-02-78	15-02-78	-	Active	NO
3	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Director	29-09-80	29-09-80	-	Active	NO
4	U70102KA1983PTC005112	PEARLS ESTATES PRIVATE LIMITED	Director	13-01-83	13-01-83	01-04-11	Active	NO
5	U55101KA1971PTC002122	HOTEL PEARLS PRIVATE LIMITED	Director	03-06-83	03-06-83	01-04-11	Active	NO
6	L65921TN1983PLC010029	GOVE INVESTMENT AND FINANCE COMPANY LIMITED	Managing director	01-04-09	22-09-83	-	Active	NO
7	U65993TN1984PTC010634	K S INVESTMENTS PRIVATE LIMITED	Director	08-02-84	08-02-84	-	Active	NO
8	U52599TN1992PLC022246	V.S.T. AUTO AGENCY LIMITED	Director	25-02-92	25-02-92	-	Active	NO
9	U65991TN1992PTC022245	V.T.K.INVESTMENTS PRIVATE LIMITED	Director	25-02-92	25-02-92	-	Active	NO
10	U52599TN1997PTC037943	CHENNAI AUTO AGENCY PRIVATE LIMITED	Director	10-04-97	10-04-97	-	Active	NO
11	U50101TN2004PTC054176	V.S.T. AND SONS PRIVATE LIMITED	Director	08-09-04	08-09-04	-	Active	NO
12	U50101TN2005PTC055926	V.S.T.AUTO PARTS PRIVATE LIMITED	Director	11-04-05	11-04-05	-	Active	NO

Name :

Mr. Venkatraman Ramachandran

Designation :

Director

Address :

No.446, 8^th Cross, 5^th Main, Hig Colony, Rajamahal Vilas Extension, 2^nd Stage, Bangalore – 560 094

Date of Birth/Age :

26.01.1948

Date of Appointment :

29.01.2004

DIN No.:

00053007

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	L85110TN1936PLC071646	KAR MOBILES LIMITED	Director	01-04-08	29-05-92	-	Active	NO
2	U40109TN1928PLC003209	VELLORE ELECTRIC CORPORATION LIMITED	Director	08-03-93	08-03-93	-	Active	NO
3	L34103TN1934PLC000669	E L FORGE LIMITED	Director	14-03-96	14-03-96	-	Active	NO
4	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Director	29-01-04	29-01-04	-	Active	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02-09-04	02-09-04	06-09-07	Active	NO
6	U74200KA2008PTC047838	SASYAKA ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	24-09-08	24-09-08	-	Active	NO

Name :

Mr. Moloy Kumar Bannerjee

Designation :

Director

Address :

201, KT-23 Apartments, 17^th A-Cross, 11^th Main Junction, Malleswaram, Bangalore – 560 003, India

Date of Birth/Age :

16.08.1946

Date of Appointment :

12.06.1990

DIN No.:

00219178

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	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Director	12-06-90	12-06-90	-	Active	NO
2	U72900KA2000PTC026821	OSHAM TECHNOLOGIES PRIVATE LIMITED	Director	19-10-01	19-10-01	-	Strike off	NO
3	U30007KA2002PTC030149	OAKDENE(INDIA) SOFTWARE SERVICES PRIVATE LIMITED	Director	22-02-02	22-02-02	-	Active	NO
4	U72200KA2001PTC028380	i - DATA PROFESSIONAL SERVICES PRIVATE LIMITED	Director	19-01-04	19-01-04	-	Active	NO
5	U72200KA2004PTC033954	ISL SOFTWARE (INDIA) PRIVATE LIMITED	Director	17-05-04	17-05-04	18-09-09	Active	NO
6	U72200KA2005PTC037468	M.K.BANNERJEE SOFTWARE SERVICES PRIVATE LIMITED	Director	14-10-05	14-10-05	-	Active	NO
7	U72200KA2011PTC056744	BABEL SYSTEMS (INDIA) PRIVATE LIMITED	Director	21-01-11	21-01-11	-	Active	NO
8	U72400KA2011PTC059238	TECH BRAHMA SERVICES PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Vellore Velu Pravindra

Designation :

Whole-time Director

Address :

No.4/1, Sujana Nivas, Sankey Road, High Grounds, Bangalore – 560 052, India

Date of Birth/Age :

11.05.1965

Date of Appointment :

28.07.2013

DIN No.:

00239888

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	Company/ LLP Status	Defaulting status
1	U65993KA1979PTC003561	V T VELU INVESTMENTS PRIVATE LIMITED	Director	11-06-84	11-06-84	Active	NO
2	U67120KA1991PTC012379	VIJAYENDRA BROTHERS INVESTMENT PRIVATE LIMITED	Director	03-10-91	03-10-91	Active	NO
3	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Whole-time director	28-07-13	28-07-08	Active	NO

Name :

Mr. Subramanian Ramanatha

Designation :

Director

Address :

New No.6, Old No.36, Krishnaswamy Avenue, Luz, Mylapore, Madras – 600 004, India

Date of Birth/Age :

03.10.1943

Date of Appointment :

12.10.1990

DIN No.:

00357153

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	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Director	12-10-90	12-10-90	-	Active	NO
2	L29309AP1990PLC011721	BARTRONICS INDIA LIMITED	Director	10-09-07	22-03-07	27-04-09	Active	NO
3	U33111TN1947NPL000861	HINDUSTAN CHAMBER OF COMMERCE	Director	05-10-07	05-10-07	-	Active	NO
4	L85110TZ1997PLC007783	LOTUS EYE HOSPITAL AND INSTITUTE LIMITED	Director	29-09-09	09-01-09	-	Active	NO
5	L85110KA1954PLC000759	THE SANDUR MANGANESE AND IRON ORES LIMITED	Director	25-09-09	28-05-09	-	Active	NO

Name :

Mr. Kadenja Krishna Rai

Designation :

Director

Address :

1053, Sobha Aster, 5^th Main, S.R.S. Nagar, Bilekahalli, Bannerghatta Road, Bangalore – 560 076, India

Date of Birth/Age :

06.04.1944

Date of Appointment :

26.05.2009

DIN No.:

00629937

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	L45309WB1963PLC025898	TECHNO ELECTRIC AND ENGG COMPANY LIMITED	Director	29-07-06	29-07-06	-	Amalgamated	NO
2	L27109PN1999PLC016417	ISMT LIMITED	Director	15-11-10	02-08-06	-	Active	NO
3	L21010AP1964PLC001008	THE ANDHRA PRADESH PAPER MILLS LIMITED	Nominee director	22-02-07	22-02-07	06-11-07	Active	NO
4	U27109WB2003PLC097232	RAMSARUP LOHH UDYOG LIMITED	Director	01-03-07	01-03-07	-	Amalgamated	NO
5	L32109MH1970PLC014509	UB ENGINEERING LIMITED	Director	14-09-07	23-07-07	10-06-13	Active	NO
6	L36999GJ1991PLC016625	KEMROCK INDUSTRIES AND EXPORTS LIMITED	Director	06-09-08	17-01-08	21-12-11	Active	NO
7	L65993WB1979PLC032113	RAMSARUP INDUSTRIES LIMITED	Director	31-10-08	31-10-08	13-05-09	Active	NO
8	U67120MH1996GOI097783	CANARA BANK SECURITIES LIMITED	Director	11-08-09	18-12-08	30-12-11	Active	NO
9	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Director	21-08-09	26-05-09	-	Active	NO
10	L40108WB2005PLC139595	TECHNO ELECTRIC AND ENGINEERING COMPANY LIMITED	Director	30-06-10	24-06-10	-	Active	NO

Name :

Mr. Baliganapalli Chakrapani Sreenivasa Iyengar

Designation :

Whole-time Director

Address :

No.119, 3^rd Main Block, 2^nd Stage, Rajajinagar, Bangalore – 560 010, India

Date of Birth/Age :

02.09.1949

Date of Appointment :

28.08.2012

DIN No.:

01093220

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	Company/ LLP Status	Defaulting status
1	U85110KA1987PTC008668	SHAKTHI TILLERS AND TRACTORS MARKETING SERVICES PRIVATE LIMITED	Director	15-10-87	15-10-87	Strike off	NO
2	L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	Whole-time director	28-08-12	28-08-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Chinmaya Khatua
Designation :	Secretary
Date of Appointment :	15.02.2012
PAN No.:	AZXPK5343G

SHAREHOLDING PATTERN

AS ON 30.06.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,634,276	42.07
Bodies Corporate	764,663	8.85
Sub Total	4,398,939	50.92
(2) Foreign
Bodies Corporate	253,125	2.93
Sub Total	253,125	2.93
Total shareholding of Promoter and Promoter Group (A)	4,652,064	53.85
(1) Institutions
Mutual Funds / UTI	451,153	5.22
Financial Institutions / Banks	6,642	0.08
Foreign Institutional Investors	196,034	2.27
Sub Total	653,829	7.57
(2) Non-Institutions
Bodies Corporate	511,815	5.92
Individuals	-	-
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2,037,653	23.59
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	651,024	7.54
Any Others (Specify)	133,143	1.54
Non Resident Indians	93,470	1.08
Clearing Members	37,923	0.44
Trusts	1,750	0.02
Sub Total	3,333,635	38.59
Total Public shareholding (B)	3,987,464	46.15
Total (A)+(B)	8,639,528	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued-m	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	8,639,528	-

Equity Share Break up (Percentage of Total Equity)

AS ON 30.06.2013

Category	Percentage
Public Financial Institution	0.03
Nationalised/ Other Institutions Banks	0.02
Mutual Funds	4.80
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.33
Bodies corporate	16.76
Directors or relatives of Directors	32.48
Other top fifty shareholders	16.97
Other	22.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and or deal with Tractor, Tillers, Diesel Engines, Harvesters, Reapers, Binders, Transplanters/ planters, Trench Cutters, Front end Loaders and all kinds of allied agricultural, plantation and horticultural machinery including attachments, components, accessories, spares implements and other equipments.

Products :

Item Code No. (ITC Code)	84328090
Product Description	Power Tiller
Item Code No. (ITC Code)	87019010
Product Description	Tractor
Item Code No. (ITC Code)	84099990
Product Description	Diesel Engine-Components

PRODUCTION STATUS (AS ON 31.03.2011)

(Figures in Numbers)

Particulars	Installed Capacity
Power Tillers and Tractors	30,000
Diesel Engines	33,000
Precision Components	216,000

(Figures in Numbers)

Particulars	Production
Power Tillers	22,706
Tractors	4,602
Diesel Engines	27,637
Precision Components	208,140

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Canara Bank, Cantonment Branch, #88, M.G. Road, Bangalore – 560 001, Karnataka, India · State Bank of India

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	10/2, Khivraj Mansion, Kasturba Road, Bangalore – 560 001, Karnataka, India
Associates :	· VST Auto Ancilliaries Private Limited · Vinay Industries · India Garage Service Station · India Garage Petrol Pump · MHI-VST Diesel Engines Private Limited · Anand and Associates · Rama Infotech

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8639528	Equity Shares	Rs. 10/- each	Rs.86.395 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	86.395	86.395
(b) Reserves & Surplus	1962.699	1553.864
(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)	2049.094	1640.259
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	31.633	27.720
(c) Other long term liabilities	6.684	2.888
(d) long-term provisions	13.864	11.808
Total Non-current Liabilities (3)	52.181	42.416
(4) Current Liabilities
(a) Short term borrowings	159.900	0.000
(b) Trade payables	406.199	368.250
(c) Other current liabilities	451.843	326.935
(d) Short-term provisions	96.626	99.878
Total Current Liabilities (4)	1114.568	795.063
TOTAL	3215.843	2477.738
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	570.466	534.177
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	61.577	22.630
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	41.500	41.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	37.635	17.046
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	711.178	615.353
(2) Current assets
(a) Current investments	202.393	326.776
(b) Inventories	659.143	548.529
(c) Trade receivables	1232.895	621.876
(d) Cash and cash equivalents	206.324	207.661
(e) Short-term loans and advances	203.325	155.434
(f) Other current assets	0.585	2.109
Total Current Assets	2504.665	1862.385
TOTAL	3215.843	2477.738

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		86.395
2] Share Application Money		0.000
3] Reserves & Surplus		1553.864
4] (Accumulated Losses)		0.000
NETWORTH		1640.259
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		99.166
TOTAL BORROWING		99.166
DEFERRED TAX LIABILITIES		27.720
TOTAL		1767.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		534.177
Capital work-in-progress		27.990
INVESTMENT		368.276
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	548.528
	Sundry Debtors	621.876
	Cash & Bank Balances	207.661
	Other Current Assets	0.000
	Loans & Advances	169.230
Total Current Assets		1547.295
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	368.250
	Other Current Liabilities	230.656
	Provisions	111.687
Total Current Liabilities		710.593
Net Current Assets		836.702
MISCELLANEOUS EXPENSES		0.000
TOTAL		1767.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5306.404	4272.464	3445.365
		Other Income	46.341	40.376	27.671
		TOTAL (A)	5352.745	4312.840	3473.036
Less	EXPENSES
		Cost of materials consumed	3762.090	2799.091	2256.920
		Purchase of stock-in-trade	62.399	93.079	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(39.198)	8.644	(0.892)
		Employee benefit expenses	284.179	253.501	0.000
		Other Expenses	508.985	447.842	566.409
		TOTAL (B)	4578.455	3602.157	2822.437
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		774.290	740.683	650.599
Less	FINANCIAL EXPENSES (D)		8.619	7.530	6.737
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		765.671	733.153	643.862
Less	DEPRECIATION/ AMORTISATION (F)		32.078	22.718	25.851
	PROFIT BEFORE TAX (E-F) (G)		733.593	710.435	618.011
Less	TAX (H)		234.323	248.543	194.746
	PROFIT AFTER TAX (G-H) (I)		499.270	461.892	423.265
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		300.836	249.314	101.607
Less	APPROPRIATIONS
		Dividend	77.800	77.756	64.796
		Tax on Distributed Dividends	12.600	12.614	10.762
		Transfer to General Reserve	280.000	320.000	200.000
	BALANCE CARRIED TO THE B/S		429.706	300.836	249.314
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	94.327	122.890	99.438
		Others (Freight, Insurance etc.)	0.590	2.688	2.726
	TOTAL EARNINGS		94.917	125.578	102.164
	IMPORTS
		Components & Spares	0.000	119.849	95.075
		Capital Equipments	0.000	15.379	0.000
	TOTAL IMPORTS		0.000	135.228	95.075
	Earnings Per Share (Rs.)		57.79	53.46	48.99

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.33	10.71	12.19
Net Profit Margin (PBT/Sales)	(%)	13.82	16.63	17.94
Return on Total Assets (PBT/Total Assets}	(%)	23.86	29.64	29.69
Return on Investment (ROI) (PBT/Networth)		0.36	0.43	0.38
Debt Equity Ratio (Total Debt /Networth)		0.08	0.00	0.06
Current Ratio (Current Asset/Current Liability)		2.25	2.34	2.18

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

UNSECURED LOAN:

Particulars	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Short Term Borrowings
Loans and Advances from Others	159.900	0.000
Total	159.900	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80032939	26/03/2012 *	100,000,000.00	CANARA BANK	CANTONMENT BRANCH, NO 86 M G ROAD, BANGALORE, KARNATAKA – 560 001, INDIA	B39776877

* Date of charge modification

COMPANY OVERVIEW:

V.S.T. Tillers Tractors Limited (VTTL) was incorporated on December 18, 1967 in Bangalore, India. It was promoted by the V.S.T Group, a well-known business house in South India, in technical collaboration and joint venture with Mitsubishi Heavy Industries and Mitsubishi Corporation, Japan for the manufacture of Power Tillers and Diesel Engines. The plant went into production in the year 1970.

In 1984, an additional technical and financial collaboration with Mitsubishi Agricultural Machinery Company Limited, Japan for the manufacture of 18.5 HP, 4 wheel drive Tractor was entered into.

Subject was incorporated for the purpose of manufacture and or deal with Tractor, Tillers, Diesel Engines, Harvestors, Reapers, Binders, Transplanters/planters, Trench Cutters, Front end Loaders and all kinds of allied agricultural, plantation and horticultural machinery including attachments, components, accessories, spares implements and other equipments required for the satisfactory functioning of the agricultural equipments.

COMPANY’S PERFORMANCE:

The financial year 2011-12 is of great significance to the Company as it surpassing a turnover of Rs.5000 Millions. During the year subject has been on a consistent upward path with the turnover increasing by 24% from Rs.4250 Millions in 2010-2011 to Rs. 5300 Millions. Subject has clocked a modest growth by selling over 26000 Tillers and maintained its leadership position in the power tiller industry while significantly improving tractor sales which crossed 7000 units.

Though the farm sector was well placed to attain a moderate growth, challenges remained high for subject during the year. The operating profit increased marginally by 3% to Rs. 680 Millions. This marginal increase on a 24% higher turnover is due to steep escalation in cost of raw materials and margins continued to be under pressure. The profit after tax amounted to Rs.500 Millions, an increase of 9% over the previous year and earnings per share during the year increased from Rs.534.6 to Rs.577.9 On the financial front, subject has adopted a disciplined approach towards managing liquidity though delays in realization of government subsidies have significantly pushed up the receivables and working capital. The sale of power tillers during the year increased by 12% and Chinese made Dragon tiller sale improved significantly over the previous year though on a lower base. The Tractor sales have grown by a robust 50% in line with the growing demand. Subject plan to market Rice Transplanters has been encouraging primarily driven by non availability of farm labour during transplanting season. During the year, 370 units were sold in the rice growing belts in India.

The Precision Components Division’s performance has been steady despite the continuous increase in cost of inputs and overheads. Export margins have contracted due to spiralling raw material costs with very little scope for passing on the higher cost. Several cost cutting measures and low cost automation was introduced. Due to the volatility of overseas orders, export revenue slowed down resulting in lower capacity utilization in some areas. This division is primarily contributing to the overall performance of subject on a lower cost base and is now focusing on producing components for captive use.

MANAGEMENT DISCUSSION AND ANALYSIS:

Industry structure and developments:

The GDP growth of the Indian economy declined to 6.5% during 2011-12 against 8.4% recorded in 2010- 11 due to high inflation and lower rate of growth in manufacturing. With the various measures adopted by the government and a normal monsoon the agriculture sector is expected to grow by 3% compared to 5% growth during 2010-2011. The relatively weak responses to price hikes in agricultural commodities brings back into focus on the need for sustained levels of growth in agriculture and allied sectors.

The Power Tiller industry which is growing at around 20% per annum largely relies on Government subsidies and agricultural lending by banks.

On the demand side, Power Tillers being imported from China by various players has seen robust growth during the year and is posing a challenge to subject in its endeavor to increase its market share. It is encouraging for the industry that due to shortage of labor, potential for power tillers, rice transplanters and other farm equipment is well positioned to attain a high growth trajectory.

The Indian tractor market which is the largest in the world is expected to increase at a CAGR of 6-7% by 2014-15. The biggest markets for the tractor industry include States like Uttar Pradesh (UP), Andhra Pradesh (AP), Madhya Pradesh (MP), Rajasthan, and Maharashtra, which together accounted for around 50% of the total tractor sales in India during 2011- 12. In the domestic tractor market, the industry as a whole grew to 607658 units during 2011-12 from 545109 units in the previous year. subject commands a significant market share in Maharashtra and Gujarat in the smaller HP tractors and sales in this segment are expected to grow in the coming year. New players are entering the below 20-25hp segment to tap the potential in these markets.

To cater to market demand, the manufacturing capacities will be established by the year end. A new model with better aesthetics are being planned that will lead to higher revenue streams during the year.

CURRENT YEAR OUTLOOK:

Agriculture is the mainstay of more than two-thirds of the country’s population and with the expansion of non-farm economic activities there is a tendency to exit this field. The Government is targeting over 4% growth for agriculture which is necessary to support a 9% GDP growth which is the theme of the 12th Five Year Plan. Expenditure on rural development and investments are expected to grow, besides improving infrastructure according to the Economic Survey. A favourable monsoon coupled with ease of credit availability to farmers will have a positive influence on the power tiller and tractor industry. During the current year, with various marketing and development initiatives undertaken, subject is confident of maintaining its growth momentum. On the export front, the outlook is positive for tractors and subject is presently taking steps for obtaining export certification for marketing in European countries.

The steps taken to introduce Rice Transplanters in various states are proving to be sustainable in the long term with government support. Extensive works to train self-help groups who have been effective agents of change on various aspects of adapting to mechanized transplantation have been undertaken. Subject driven by these initiatives is expecting to reap rewards in the future with more models. Currently, the pressing need is efficiency in procuring raw material. Due to the growth experienced in industry coupled with shortage of power in certain areas, availability of key raw materials have had adverse repercussions on subject production leading to opportunity losses. The year ahead could be challenging if inflationary conditions are not contained which may lead to lower than expected contribution. Recognizing that for enhancing production, scale is essential; subject is developing new vendors and focusing on improved efficiency from supply chain management.

During the year, subject has commenced work on establishing a new Tractor manufacturing plant located in Hosur, Tamil Nadu with an installed capacity of 36000 units p.a. The financial outlay for this project is budgeted at Rs.660 Millions and funded with a mixture of internal accruals and debt. The plant is expected to go on stream during the end of the first quarter of 2013. This project will also give the Company the prospect of introducing more tractor models and de-risk its current portfolio and seize growth opportunities in the future

At Precision Component Division, investment in critical machinery has been made only in required areas to cater to higher captive consumption. We believe the export demand would remain flat due to the economic downturn in overseas market and the static customer base. Realizing the current scenario, Subject plan is to continue its focus on in-house supply.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Computer Systems

· Office Equipments

· Vehicles

· Furniture and Fixtures

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--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		64

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.