MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	APOLLO TYRES LIMITED
Registered Office :	6th Floor, Cherupushpam Building, Shanmugham Road, Ernakulam – 682031, Kerala
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.1972
Com. Reg. No.:	09-002449
Capital Investment / Paid-up Capital :	Rs.504.090 Millions
CIN No.: [Company Identification No.]	L25111KL1972PLC002449
TAN No.: [Tax Deduction & Collection Account No.]	CHNA01479C
PAN No.: [Permanent Account No.]	AAACA6990Q
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Automobile Tyres, Automobile Tubes, Automobile Flaps and Camel Black/Rethreading Materials.
No. of Employees :	16000 [Approximately] Group Employees

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and well-established company having fine track. The ratings continue to reflect Apollo Tyres strong market position in the tyre industry, diversified revenue profile emanating from presence across geographies, products/brands and consumer categories. Over all fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=AA
Rating Explanation	High degree of safety and very low credit risk.
Date	24.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	24.01.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sudhir
Designation :	Treasury Head
Contact No.:	91-124-2721113
Date :	15.12.2014

LOCATIONS

Registered Office :	6^th Floor, Cherupushpam Building, Shanmugham Road, Ernakulam – 682031, Kerala, India
Tel. No.:	91-484-2381902 to 03/ 2381895/ 2381808/ 2381895/2372767/ 2370780
Fax No.:	91-484-2370351
E-Mail :	info@apollotyres.com pn.wahal@apollotyres.com
Website :	http://www.apollotyres.com
Head/ Corporate Office :	Apollo House, 7, Institutional Area, Sector 32, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-6383002 to 18/ 2721000
Fax No.:	91-124-6383017/ 3021
E-Mail :	pn.wahal@apollotyres.com
Factory 1:	P.O Perambra Thrissur, District Kerala - 680689, India
Tel. No.:	91-480-2725901 to 09
Factory 2:	Premier Tyres Limited, Kalamassery Always, Ernakulam (Kerala) – 683104, India
Tel. No.:	91-484-2540261 to 66
Factory 3:	SIPCOT Industrial Growth Centre Orgadam, Tamilnadu, India
Factory 4 :	Village Limda, Tal. Waghodia, Baroda, Gujarat, India
Branch Office :	4^th Floor, 60 Skylark Building, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-2643 1005
Fax No.:	91-11-2647 1283
Overseas Office :	Located At: · South Africa · Zimbabwe · Netherlands

DIRECTORS

AS ON 31.03.2014

Name:	Mr. Onkar S. Kanwar
Designation:	Chairman and Managing Director
Qualification:	B.Sc., Bachelor of Administration (California)
Name :	Mr. Neeraj Kanwar
Designation :	Vice Chairman and Managing Director
Name :	Mr. Arun Kumar Purwar
Designation :	Non-Executive Independent Director
Name :	Mr. K. Jacob Thomas
Designation :	Non-Executive Independent Director
Name :	Mr. K S Srinivas
Designation :	Nominee Director – Govt of Kerala (Equity Investor)
Name :	Mr. M R B Punja
Designation :	Non-Executive Independent Director
Name :	Mr. Nimesh N. Kampani
Designation :	Non-Executive Independent Director
Name :	Mr. Robert Steinmetz
Designation :	Non-Executive Independent Director
Name :	Mr. Suman Sarkar
Designation :	Chief Financial Officer and Whole Time Director
Name :	Mr. Shardul S. Shroff
Designation :	Non-Executive Independent Director
Name :	Dr. S. Narayan
Designation :	Non-Executive Independent Director
Name :	Mr. U. S. Oberoi
Designation :	Chief (Corporate Affairs) and Whole Time Director
Name :	Dr. V P Joy
Designation :	Nominee Director – Govt of Kerala (Equity Investor)
Name :	Mr. Vikram S Mehta
Designation :	Non-Executive Independent Director
Name :	Mr. Alkesh Kumar Sharma
Designation :	Nominee Director – Govt. of Kerala (Equity Investor)

KEY EXECUTIVES

Name :	Mr. P N Wahal
Designation :	Head (Sectt. and Legal) and Company Secretary
Name :	Mr. Sudhir
Designation :	Treasury Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	% of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5330791	1.05
Bodies Corporate	216949951	42.62
Sub Total	222280742	43.67
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1977000	0.39
Sub Total	1977000	0.39
Total shareholding of Promoter and Promoter Group (A)	224257742	44.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	22099578	4.34
Financial Institutions / Banks	422896	0.08
Central Government / State Government(s)	10000000	1.96
Insurance Companies	1645000	0.32
Foreign Institutional Investors	173998723	34.18
Any Others (Specify)	8349336	1.64
Any Other	8349336	1.64
Sub Total	216515533	42.54
(2) Non-Institutions
Bodies Corporate	14523516	2.85
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	27657429	5.43
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1490050	0.29
Any Others (Specify)	24580500	4.83
Non Resident Indians	2281672	0.45
Trusts	19907464	3.91
Foreign Nationals	500	0.00
Clearing Members	941634	0.18
Unclaimed Suspense A/c	1449230	0.28
Sub Total	68251495	13.41
Total Public shareholding (B)	284767028	55.94
Total (A)+(B)	509024770	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	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	509024770	0.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Automobile Tyres, Automobile Tubes, Automobile Flaps and Camel Black / Rethreading Materials.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

16000 [Approximately] Group Employees

Bankers :

· State Bank of India

· Union Bank of India

· Canara Bank

· State Bank of Mysore

· ICICI Bank Limited

· Axis Bank Limited

· IDBI Bank Limited

· Standard Chartered Bank

· BNP Paribas

· State Bank of Travancore

· Yes Bank Limited

· The Hongkong and Shanghai Banking Corporation Limited

· Kotak Mahindra Bank Limited

· Deutsche Bank

· Credit Agricole CIB

· DBS Bank Limited

· The Bank of Nova Scotia

· Citibank N.A.

· HDFC Bank Limited

· ING Vysya Bank Limited

· Corporation Bank

Facilities :

Secured Loan	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
Long Term Borrowings
1,000 - 9.40 % Non-Convertible Debentures of Rs. 1 Million each	1000.000	1000.000
1,000 - 10.15 % Non-Convertible Debentures of Rs. 1 Million each	1000.000	1000.000
1,000 - 10.15 % Non-Convertible Debentures of Rs. 1 Million each	0.000	1000.000
1,250 - 11.50 % Non-Convertible Debentures of Rs. 1 Million each	416.670	833.330
Term Loans
From Banks:
External Commercial borrowings (ECB)	2306.000	3408.110
Rupee Term Loans	333.330	500.000
From Others:
International Finance Corporation - Loan A	902.740	1128.430
International Finance Corporation - Loan B Bharat	598.710	798.280
Earthmovers Limited (BEML)	412.450	494.940
Deferred Payment Liabilities:
Deferred Payment Credit I	155.320	199.880
Deferred Payment Credit II	12.110	20.710
Short Term Borrowings
Buyer’s Credit - Raw Material *	0.000	451.430
Packing Credit	299.570	0.000
Banks - Cash Credit (Repayable on Demand) *	2.020	49.010
TOTAL	7438.920	10884.120

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Chennai, Tamilnadu, India
Subsidiaries :	· Apollo (Mauritius) Holdings Private Limited (AMHPL) · Apollo (South Africa) Holdings (Pty) Limited (ASHPL) (Subsidiary through AMHPL) · Apollo Tyres South Africa (Pty) Limited(ATSA) (Subsidiary through ASHPL) · Dunlop Africa Marketing (UK) Limited(DAMUK) (Subsidiary through ATSA) · Dunlop Zimbabwe (Private) Limited (DZL) (Subsidiary through DAMUK) · Radun Investments (Private) Limited, Zimbabwe (Subsidiary through DAMUK) · AFS Mining (Private) Limited, Zimbabwe (Subsidiary through DZL) · Apollo Tyres (Cyprus) Private Limited ( ATCPL) (Subsidiary through AMHPL) · Apollo Tyres AG, Switzerland (AT AG) (Subsidiary through ATCPL) · Apollo Tyres Holdings (Singapore) PTE. Limited, (ATHS) (Subsidiary through AMHPL) · Apollo Tyres (LAO) Company Limited (Subsidiary through ATHS) · Apollo Tyres (Middle East) FZE, Dubai (ATFZE) (Subsidiary through AMHPL) · Apollo Tyres Co -operatief U.A., Netherlands (Apollo Coop) (Subsidiary through AMHPL) · Apollo Tyres B.V. (ATBV) (Subsidiary through Apollo Coop) · Apollo Tyres (UK) Private Limited (Subsidiary through ATBV) · Apollo Tyres (Brasil) LTDA. (Subsidiary through Apollo Coop) · Apollo Tyres Global RandD B.V. (Subsidiary through Apollo Coop) · Apollo Tyres (Thailand) Limited (Subsidiary through Apollo Coop) · Apollo Vredestein B.V., Netherlands (AVBV) (Subsidiary through ATBV)
Subsidiaries of Apollo Vredestein B.V (AVBV) :	· Vredestein GmbH · Vredestein Norge A.S. · Vredestein U.K. Limited · N.V. Vredestein S.A. · Vredestein GesmbH · Vredestein Schweiz A.G. · Vredestein Nordic A.B. · Apollo Vredestein Srl · Vredestein Iberica S.A · Vredestein Tyres North America Inc. · Vredestein Kft · Vredestein R.O Srl · Vredestein Polska Sp. Z o.o · Vredestein France S.A. · Vredestein consulting B.V. · Finlo B.V. · Vredestein Marketing B.V. · Vredestein Marketing Agentur B.V. and Company KG
Joint Ventures :	PanAridus LLC, USA
Companies in which Directors are interested :	· Apollo International Limited (AIL) · Apollo International Trading LLC, Middle East · Encorp E Services Limited · UFO Moviez India Limited · Landmark Farms and Housing (Private) Limited · Sunlife Tradelinks (Private) Limited · Travel Tracks Limited · Bespoke Tours and Travels Limited · Dusk Valley Technologies Limited · Classic Auto Tubes Limited · PTL Enterprises Limited (PTL) · Apollo Finance Limited · Artemis Medicare Services Limited · Artemis Health Sciences Limited · National Tyre Service, Zimbabwe · Pressurite (Pty) Limited, South Africa · Regent Properties · CLS Logistics Private Limited · Swaranganga Consultants Private. Limited · J and S Systems Corporation, U.K. · Sacred Heart Investment Company Private Limited · Milers Global Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
730000000	Equity Shares	Re.1/- each	Rs.730.000 Millions
200000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Millions
	TOTAL		Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
504024770	Equity Shares	Re.1/- each	Rs.504.020 Millions
	Add: Forfeited Shares		Rs.0.070 Million
	TOTAL		Rs.504.090 Millions

Details of Shareholders holding more than 5% of the Paid Up Equity Share Capital of the Company with Voting Rights:

		As at Mar 31, 2014
S. No.	Name of the Shareholder	No. of Shares	%age
1	Neeraj Consultants Limited	42508142	8.43 %
2	Apollo Finance Limited	36759650	7.29 %
3	Sunrays Properties and Investment Company Private Limited	35725648	7.09 %
4	Constructive Finance Private Limited	29630857	5.88 %
5	CLSA (Mauritius) Limited	27020843	5.36 %
6	ICICI Prudential Life Insurance Company Limited	26665390	5.29%

The rights, preferences and restrictions attached to equity shares of the Company:

The Company has only one class of shares referred to as equity shares having a par value of Rs. 1 each. The holder of equity shares are entitled to one vote per share.

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.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	504.090	504.090
(b) Reserves & Surplus	26786.320	22802.390
(c) Money received against share warrants	107.750	107.750
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27398.160	23414.230
(3) Non-Current Liabilities
(a) Long-term borrowings	7137.330	13383.680
(b) Deferred tax liabilities (Net)	3909.450	3518.400
(c) Other long term liabilities	129.730	124.100
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	11176.510	17026.180
(4) Current Liabilities
(a) Short term borrowings	1806.730	5394.150
(b) Trade payables	8983.410	6000.950
(c) Other current liabilities	8907.380	4625.630
(d) Short-term provisions	2847.820	1910.920
Total Current Liabilities (4)	22545.340	17931.650
TOTAL	61120.010	58372.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32421.610	30633.900
(ii) Intangible Assets	114.210	79.640
(iii) Capital work-in-progress	349.710	2489.730
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6514.640	6126.950
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1230.380	1689.940
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	40630.550	41020.160
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	12836.920	11208.260
(c) Trade receivables	2405.450	2731.360
(d) Cash and cash equivalents	2211.100	1541.920
(e) Short-term loans and advances	2445.800	1869.660
(f) Other current assets	590.190	0.700
Total Current Assets	20489.460	17351.900
TOTAL	61120.010	58372.060

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		504.090
2] Share Application Money		0.000
3] Reserves & Surplus		19971.950
4] (Accumulated Losses)		0.000
NETWORTH		20476.040
LOAN FUNDS
1] Secured Loans		13487.100
2] Unsecured Loans		6645.300
TOTAL BORROWING		20132.400
DEFERRED TAX LIABILITIES		2958.610
TOTAL		43567.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28506.320
Capital work-in-progress		3106.560
INVESTMENT		5626.510
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS LOANS & ADVANCES
	Inventories	11114.170
	Sundry Debtors	3639.130
	Cash & Bank Balances	1155.930
	Other Current Assets	0.000
	Loans & Advances	4546.220
Total Current Assets		20455.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8160.850
	Other Current Liabilities	4233.030
	Provisions	1733.910
Total Current Liabilities		14127.790
Net Current Assets		6327.660
MISCELLANEOUS EXPENSES		0.000
TOTAL		43567.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	86100.800	85074.910	81578.750
		Other Income	1808.780	573.770	181.940
		TOTAL (A)	87909.580	85648.680	81760.690
Less	EXPENSES
		Manufacturing and Other Expenses	--	--	74681.120
		Cost of Materials Consumed	57243.060	58673.640	--
		Purchase of Stock-in-Trade	2502.760	2538.950	--
		Employee Benefits Expense	4866.690	4268.520	--
		Other Expenses	12674.260	10685.650	--
		Exceptional Items	710.470	--	--
		Increase/(Decrease) in Work in Process and Finished Goods	(1158.670)	(73.710)	234.510
		TOTAL (B)	76838.570	76093.050	74915.630
	PROFIT BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION (A-B) (C)		11071.010	9555.630	6845.060
Less	FINANCIAL EXPENSES (D)		2446.100	2609.730	2413.010
	PROFIT BEFORE TAX DEPRECIATION AND AMORTISATION (C-D) (E)		8624.910	6945.900	4432.050
Less	DEPRECIATION/ AMORTISATION (F)		2480.460	2200.710	1856.920
	PROFIT BEFORE TAX (E-F) (G)		6144.450	4745.190	2575.130
Less	TAX (H)		1718.260	1619.910	761.800
	PROFIT AFTER TAX (G-H) (I)		4426.190	3125.280	1813.330
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7886.600	6710.320	6469.050
Less	APPROPRIATIONS
		General Reserve	1000.000	1000.000	NA
		Debenture Redemption Reserve	487.500	654.160	NA
		Proposed Dividend	378.020	252.010	NA
		Dividend Tax	64.240	42.830	NA
	BALANCE CARRIED TO THE B/S		10383.030	7886.600	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8142.280	8091.670	7731.170
		Royalty Received	57.280	43.660	0.000
		Cross Charge of Management Expenses	28.100	62.440	0.000
		Reimbursement of Expenses Received	30.100	36.920	0.000
	TOTAL EARNINGS		8257.760	8234.690	7731.170
	IMPORTS
		Raw Materials	25492.150	26222.050	27587.600
		Stores & Spares	65.110	65.460	59.800
		Capital Goods	503.690	1623.420	2403.040
	TOTAL IMPORTS		26060.950	27910.930	30050.440
	Earnings Per Share (Rs.)
	- Basic		8.78	6.20	3.60
	- Diluted		8.77	6.20	3.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	5.03	3.65	2.22
Net Profit Margin (PBT/Sales)	(%)	7.14	5.58	3.16
Return on Total Assets (PBT/Total Assets}	(%)	11.32	9.54	5.26
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.13
Debt Equity Ratio (Total Debt/Networth)		0.33	0.80	1.00
Current Ratio (Current Asset/Current Liability)		0.91	0.97	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	504.090	504.090
Reserves & Surplus	22802.390	26786.320
Net worth	23306.480	27290.410
long-term borrowings	13383.680	7137.330
Short term borrowings	5394.150	1806.730
Total borrowings	18777.830	8944.060
Debt/Equity ratio	0.806	0.328

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	81578.750	85074.910	86100.800
		4.286	1.206

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	81578.750	85074.910	86100.800
Profit	1813.330	3125.280	4426.190
	2.22%	3.67%	5.14%

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	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	Yes
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge Id	Date Of Charge Creation/Modification	Charge Amount Secured	Charge Holder	Address	Service Request Number (SRN)
1	10364532	29/06/2012	1,530,000,000.00	ICICI BANK LIMITED	LAND MARK, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT , INDIA	B43213123
2	10363215	29/06/2012 *	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B56258189
3	10363216	29/06/2012 *	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B56258460
4	10347294	13/03/2012 *	300,000,000.00	DBS BANK LIMITED	UGF, BIRLA TOWER, 25 BARAKHAMBA ROAD, ACTING AS SECURITY TRUSTE TO DBS BANK LTD, SINGAPOR, NEW DELHI - 110001, INDIA	B38637096
5	10347296	29/08/2012 *	432,390,000.00	DBS BANK LTD.	UGF, BIRLA TOWER, 25 BARAKHAMBA ROAD, ACTING AS SECURITY TRUSTE TO DBS BANK LTD, SINGAPOR, NEW DELHI - 110001, INDIA	B57647109
6	10325438	13/12/2011 *	449,000,000.00	BNP PARIBAS	20 COLLER QUAY #, 01-01, TUNG CENTRE, SINGAPORE,  SINGAPORE, - 049319, SINGAPORE	B29505088
7	10323173	09/12/2011 *	556,750,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBERCITY, EBENE, - 999999, MAURITIUS	B29002615
8	10307999	09/03/2012 *	491,200,000.00	ICICI BANK LIMITED	SUITE 15, PART 3, MUNICIPALITY NO. 116, P.O BOX 1494, BUILDING 114, GOVERNMENT AVENUE, MANAMA, - 316, BAHRAIN	B36268845
9	10314391	09/12/2011 *	960,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT)	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI - 110001, INDIA	B28389666
10	10295206	09/12/2011 *	500,000,000.00	IDBI BANK LIMITED	IRCS BUILDING, 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA	B29013281

* Date of charge modification

UNSECURED LOAN:

Particulars	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
Long Term Borrowings
2,000 - 10.10 % Non-Convertible Debentures of Rs. 1 Million each	0.000	2000.000
1,000 - 9.70 % Non-Convertible Debentures of Rs. 1 Million each	0.000	1000.000
Short Term Borrowings
Commercial Paper #	0.000	3150.000
Buyers Credit - Raw Material	173.800	458.760
Packing Credits	1331.340	1284.950
TOTAL	1505.140	7893.710

CHARGES:

Entity	Person	Competent Authority	Regulatory Charges	Regulatory Action(S) / Date Of Order	Further Developments
Apollo Tyres Limited		SEBI	Did not submit board resolution authorising buy back with SEBI as required under regulation 5a of SEBI (buy back of securities) regulations, 1998 Did not make disclosure of pre and post shareholding pattern as specified under regulation 19 (7) (v) of SEBI (buy back of securities) regulations, 1998 Did not issue public notice within time limit as specified under regulation 19 (7) of SEBI (buy back of securities) regulations, 1998	Imposed Penalty Rs.1,03,00,000 09-Jul-2014

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

  15

  O.M.P. 930/2011

  M/S PREMIER BRANDS PVT LTD ..... Petitioner

  Through Mr. Raman Gandhi, Advocate.

versus

  M/S APOLLO TYRES LTD ..... Respondent

  Through Counsel (appearance not given)

  CORAMN: JUSTICE S. MURALIDHAR

   O R D E R

   02.03.2012

  List on 26th March 2012.

  S. MURALIDHAR, J

  MARCH 02, 2012

  rk

  $

OPERATIONS:

It was a tough year for tyre makers and this is reflected in sales growth numbers at Apollo Tyres Limited which witnessed an increase of 4.03% during FY14.

On a standalone basis, the Company achieved a net turnover of Rs. 86101.000 millions as against Rs. 85075.000 millions during the previous financial year. EBIDTA was at Rs. 11781.000 millions as compared to Rs. 9556.000 millions during the previous financial year. The net profit for the year was Rs. 4426.000 millions, as against Rs. 3125.000 millions in the previous fiscal, a growth of almost 41.63%.

The amount available for appropriations, including surplus from previous year amounted to Rs. 12313.000 millions. Surplus of Rs. 10383.000 millions has been carried forward to the balance sheet after providing for dividend of Rs. 378.000 millions, dividend tax of Rs. 64.000 millions, debenture redemption reserve of Rs. 488.000 millions and general reserve of Rs. 1000.000 millions. In the year under consideration, Apollo Tyres entered new markets, launched high performing products for both the passenger and commercial vehicle categories and redesigned its R&D structure, with focus on profitability, internal efficiencies and customer delight.

MARKETING:

For Apollo Tyres’ India operations, the year began with the launch of Apollo 4G range of tyres for passenger vehicles. To further strengthen its product offering in India, the Indian operations launched its premium European brand, Vredestein, in India to cater to high-end cars and SUVs. In the Off highway tyres segment, an aggressive approach helped the Company launch a slew of products for the segment. These included a new Farm product range, Krishak Gold, product for the specialty segment row crop and sub 30 HP tractor and the new XMR with Live Bond Steer mile technology. To tap the high potential ASEAN market, Apollo Tyres opened its sales offi ce in Bangkok, Thailand. After Dubai for the Middle East region, this was the second ‘home market’ outside Company’s operations in India, The Netherlands and South Africa.

The Company continued to ramp its branding presence in India and other parts of the world. The Company tied up with global football club, Manchester United and launched a high-decibel brand –‘There are no Shortcuts’ – campaign in India during the year.

During the FY14, Apollo was abuzz with activities with the launch of new products and introduction of size extensions for the passenger tyre segment in Europe. In June 2013, the Vredestein Wintrac Xtereme S was launched during a dealer event at Giugiaro Design in Turin, Italy. Before the onset of the winters for 2013-14, the Apollo Alnac Winter was introduced in the market. Multiple products were launched and size extensions were introduced at the Auto Salon Geneva in March 2014 including the Apollo Apterra (4x4/ SUV), Apollo Apterra HL, Vredestein Sportrac 5, Ultrac Vorti and Ultrac Vorti R.

New sizes in Vredestein agricultural and Apollo industrial tyres became available, including a pre-launch of Vredestein Faktor S at the Agritechnica in Germany (the new cross ply tractor rear tyre). At the Eurobike –Friedrichshafen in Germany, a complete new line of racing bike tyres, the Vredestein Fortezza Senso, was successfully introduced.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer Software

PRESS RELEASE:

APOLLO'S FAILED DEAL SOWS DOUBT ON FUTURE INDIA M&A

The ambition from Indian mid-sized companies for large debt-fuelled acquisitions abroad was dealt a major setback after the unravelling of a $2.5 billion bid by Apollo Tyres to buy Cooper Tire & Rubber Co.

While some bankers said Apollo's bid for Cooper was risky due to the larger size of the target, the outcome will add to scepticism about the ability of Indian family-run firms to execute large cross-border deals despite their need to search for growth abroad.

"There wasn't a gung-ho attitude toward outbound M&A anyway in the last couple of years in India and the Apollo-Cooper episode will further slow down the process," said the head of M&A at a European bank in Mumbai.

"Indian companies haven't had much success in their outbound drive and after this, especially the mid-sized names, would be a lot more cautious about the kind of assets they buy, the kind of leverage they take."

India Inc's overseas ambitions rose along with China's roughly 10 years ago as the two countries courted growth outside their own economies.

Corporate India has won some successful overseas deals, including Tata Motors' acquisition of Jaguar Land Rover from Ford Motor in 2008 for $2.3 billion.

But for the most part, India has struggled to show that its companies are equipped with the savvy, the experience and the determination needed to win cross-border deals and to manage them well.

India Inc has launched $117 billion worth of outbound M&A in the past decade, but that pales in comparison to China's $390 billion worth of outbound deals announced in the same period, according to Thomson Reuters data.

Unlike China, where state-owned enterprises have dominated deal flows, in India the private sector companies, especially small and medium-sized ones, have been at the forefront of deal making with deals often fuelled by large amounts of debt.

GVK Power & Infrastructure in 2011 agreed to pay $1.26 billion for a majority stake in three Australian coal mines and a port and rail project owned by Hancock Group, but has seen the debt denting its balance sheet and its shares.

Other mid-sized family-owned Indian enterprises such as GMR Infrastructure are also reeling under the impact of the debt they took on to acquire overseas assets in the last couple of years.

The doubt cast on the outlook for future deals from India is bound to intensify after Cooper said on Monday it was terminating its proposed sale to Apollo in a deal that faced obstacles from the start.

Apollo's bid for Cooper appeared surprising given that the Indian company was a third of the size of its U.S. target. Apollo relied on a hefty debt package for its ambitious attempt.

According to people familiar with the matter, investment bankers had pitched acquisition ideas to Apollo for years. With annual sales of about $2 billion and a market value of roughly $700 million, the practice was restricted to targets worth less than $500 million.

Officials with Apollo declined to comment on Tuesday.

One banker involved said he was shocked when Apollo's managing director, Neeraj Kanwar, whose family owns 43 per cent of Apollo, showed interest in US-based based Cooper Tire.

"In a pitching process, people show all kind of things to a possible buyer, but few thought of showing Cooper to Apollo," a source with direct knowledge of the situation said, declining to be named as he was not authorised to speak to the media. All the bankers Reuters spoke to for this article declined to be named.

Now that the deal has unravelled, questions are being asked whether cheap financing and over-exuberance took precedent over a deeper scrutiny of Cooper, raising worries that it will make other Indian acquirers gun shy.

"People including perhaps Apollo will continue to look at deals, but the outbound deals worth more than $500 million will be very, very selective. Indian companies will have a lot of homework to do before they get back into the aggressive mode," said the investment banking head at a foreign bank in Mumbai.

APOLLO COOPER: THE BIGGEST INDIAN M&A DEAL THAT WASN'T

On Monday, US-based Cooper Tire announced it was calling off a USD 2.5 billion merger agreement it had signed with India’s second-largest tyremaker Apollo Tyres  .

Both parties put out statements blaming the other for the deal falling through and have promised to pursue legal action in a bid to extract a breakup fee that both claim they are owed.

The agreement had specified a liability for both Apollo (USD 112 million) and Cooper (USD 50 million) should either party choose to walk out.

Also read: Apollo Tyres up 12% after Cooper annuls $2.5 bn merger deal

But with both parties blaming each other, we trace our story archives to put together a timeline of an acrimonious corporate battle that brewed right since the deal was announced:

- June 12: Apollo and Cooper announce a merger agreement, consummation of which would create the seventh largest tyre company in the world, and the biggest M&A deal by an Indian company, surpassing Tata's buyout of JLR.

- Within days, Apollo stock falls from a high of Rs 90 to a low of Rs 55 amid concerns over both the leverage it was willing to take on to close the deal and the supposedly rich valuations it had offered for Cooper.

- July 13: 5000 workers in Cooper Chengshan, the US company’s joint venture go on strike to protest the deal, citing Apollo’s potential debt burden and culture clashes with an Indian management.

- August 1: The United SteelWorkers (USW), a Texas labour union, files a grievance with an arbitrator saying it has right to decide on the terms of the deal with Apollo.

- September 15: Arbitrator upholds USW’s grievance, bars Cooper from going ahead until Apollo reached a satisfactory deal with the union over job security.

- September 17: Cooper provides a new forecast for 2013, saying it expects operating profits to fall about 33 percent, blaming the China strike for lower-than-expected revenue and profits. This is the fourth such projection revision Cooper has made since the deal was announced.

- October 8: Apollo seeks a price cut of about “USD 8 or USD 9” per share from the USD 35 it was willing to pay as per the original agreement, citing delays over the union troubles. Cooper says Apollo is suffering from “buyers’ remorse” and drags the company to a Delaware court accusing Apollo of breaching its agreement.

- November 9: Delaware court rules in favour of Apollo and says the company did not breach its contractual agreement. Cooper appeals in a higher court.

- December 16: Delaware Supreme Court dismisses Cooper plea asking for the agreement to be enforced.

- December 30: Cooper announces deal is called off as Apollo "could not arrange for financing" required for the deal. Seeks to claim breakup fee and damages. Apollo says Cooper responsible for deal failure and also seeks breakup fee.

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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		66

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

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

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

RATING EXPLANATIONS

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

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

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