MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	SUNDARAM AUTO COMPONENTS LIMITED
Formerly Known As :	SUNDARAM AUTO COMPONENTS PRIVATE LIMITED
Registered Office :	Jaya Lakshmi Estates, No. 29 (8), Haddows Road, Chennai – 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.06.1992
Com. Reg. No.:	18-051417
Capital Investment / Paid-up Capital :	Rs. 115.500 Millions
CIN No.: [Company Identification No.]	U29249TN1992PLC051417
PAN No.: [Permanent Account No.]	AAACS7027G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Automobile Parts and Trading of Automobiles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3490000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of TVS Group. It is a well-established company having fine track record. Financial position of the company appears to be sound. 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 commitment. 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 26, 2013

Rating Agency Name	CARE
Rating	Short term Bank facilities : A1
Rating Explanation	Very strong degree of safety and low credit risk.
Date	March 26, 2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-44-28272233)

LOCATIONS

Registered Office :	Jaya Lakshmi Estates, No. 29 (8), Haddows Road, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28272233/ 27173524
Fax No.:	91-44-28257121
E-Mail :	corpsec@scl.co.in mktgsac@sacl.co.in
Website :	http://www.sundaramautocomponents.com
Plant 1 :	Thally Road, Belagondapalli, hosur – 635114, Tamilnadu, India
Plant 2 :	Plot B-11, Sipcot Industrial growth Centre, Oragadam, Sriperumbathur Taluk, Kanchipuram District - 602105, Tamilnadu, India
Plant 3 :	Byathahalli Village, Kadakola Post, Mysore – 571311, Karnataka, India

DIRECTORS

AS ON 22.05.2013

Name :

Mr. Harihara Iyer Lakshmanan

Designation :

Director

Address :

D-1, Palacio, New No. 408, Old No. 216, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.08.1933

Qualification :

S.S.L.C.

Date of Appointment :

19.04.2010

DIN No.:

00057973

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	U65993TN1982PLC009626	ANUSHA INVESTMENTS LIMITED	Whole-time director	14/08/2011	04/08/1993	-	Amalgamated	NO
2	U65191TN1994PLC028851	TVS CAPITAL FUNDS LIMITED	Director	07/10/1994	07/10/1994	-	Active	NO
3	L27209TN1996PLC035293	HARITA SEATING SYSTEMS LIMITED	Director	24/04/2011	24/04/1996	-	Active	NO
4	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	30/09/2009	09/05/1996	-	Active	NO
5	U65191TN1998PLC039853	TVS FINANCE AND SERVICES LIMITED	Director	09/02/1998	09/02/1998	-	Active	NO
6	U93090TN1983GAT009829	SUNDRAM CLAYTON SENIOR OFFICERS WELFARE FOUNDATION PRIVATE LIMITED	Director	20/03/1998	20/03/1998	01/07/2008	Active	NO
7	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	22/04/1999	22/04/1999	-	Active	NO
8	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	26/04/2002	24/04/2000	-	Active	NO
9	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	19/04/2010	01/02/2003	-	Active	NO
10	U99999TN1992PLC022842	SUNDARAM AUTO COMPONENTS LIMITED	Director	01/02/2003	01/02/2003	-	Not Available for eFiling	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	-	Active	NO
12	U72200TN2003PTC052121	HARITA PROPERTIES PRIVATE LIMITED	Director	11/12/2003	11/12/2003	-	Active	NO
13	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	18/11/2004	18/11/2004	30/07/2009	Active	NO
14	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	28/12/2012	22/11/2004	-	Active	NO
15	U70200TN2002PLC049497	SRAVANAA PROPERTIES LIMITED	Director	27/03/2006	27/03/2006	11/10/2007	Active	NO
16	U72200TN2007PLC064091	HARITA ACADEMY LIMITED	Director	28/08/2008	25/06/2007	17/03/2009	Strike off	NO
17	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Director	20/08/2008	28/06/2007	-	Amalgamated	NO
18	U34300TN2003PLC050368	AUTO (INDIA) ENGINEERING LIMITED	Director	28/09/2007	03/07/2007	-	Amalgamated	NO
19	U45200TN2008PLC068511	EMERALD HAVEN DEVELOPMENT LIMITED	Director	09/07/2008	09/07/2008	27/04/2013	Active	NO
20	U40109TN2008PLC069101	GREEN INFRA BTV LIMITED	Director	01/09/2008	01/09/2008	16/08/2013	Active	NO
21	U65920TN2008PLC069758	TVS CREDIT SERVICES LIMITED	Director	04/09/2009	05/11/2008	17/02/2010	Active	NO
22	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
23	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31/08/2009	18/05/2009	01/02/2012	Active	NO
24	U25200TN2008PLC068513	HARITA FEHRER LIMITED	Director	08/09/2010	24/08/2009	-	Active	NO
25	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Director	27/09/2012	22/03/2010	-	Active	NO
26	U70101TN2010PLC075027	TVS HOUSING LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO
27	U70200TN2010PLC078102	HARITA HOUSING CONSTRUCTIONS LIMITED	Director	18/11/2010	18/11/2010	28/02/2012	Active	NO
28	U40105TN2011PLC078729	GREEN INFRA WIND POWER THENI LIMITED	Director	06/01/2011	06/01/2011	16/02/2011	Active	NO
29	U40109TN2011PLC078719	GREEN INFRA WIND ENERGY THENI LIMITED	Director	06/01/2011	06/01/2011	16/02/2011	Active	NO
30	U74999TN2011PLC081397	SUNDRAM SERVICES LIMITED	Director	07/07/2011	07/07/2011	06/12/2011	Active	NO
31	U74910TN2006PTC060188	LAKSON TECHNOLOGY PRIVATE LIMITED	Additional director	11/09/2011	11/09/2011	-	Active	NO
32	U40101TN2011PLC083427	TVS GREENTECH POWER LIMITED	Director	05/12/2011	05/12/2011	28/02/2012	Active	NO
33	U15492TN2013PTC091874	TVS ORGANICS PRIVATE LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO

Name :

Mr. Chundi Narasimha Prasad

Designation :

Director

Address :

1 D, Jacaranda, 21-23 Tas Enclave, AK Block, Extension (Behind SMF), Shanthi Colony, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

01.07.1947

Qualification :

B.E, MSC (Cranfield)., M.B.A

Date of Appointment :

17.08.2009

DIN No.:

01950656

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	U34300TN2003PLC050368	AUTO (INDIA) ENGINEERING LIMITED	Director	02/07/2008	24/12/2007	-	Amalgamated	NO
2	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	17/06/2009	28/03/2008	12/05/2011	Active	NO
3	L27209TN1996PLC035293	HARITA SEATING SYSTEMS LIMITED	Director	07/08/2008	23/04/2008	-	Active	NO
4	U25200TN2008PLC068513	HARITA FEHRER LIMITED	Director	09/07/2008	09/07/2008	-	Active	NO
5	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	17/08/2009	06/05/2009	-	Active	NO
6	U24293TN1999PLC042327	HARITA-NTI LIMITED	Director	29/09/2010	21/09/2009	-	Active	NO
7	U40109TN2008PLC069101	GREEN INFRA BTV LIMITED	Director	30/07/2010	03/12/2009	17/08/2013	Active	NO
8	U70101TN2010PLC075027	TVS HOUSING LIMITED	Additional director	21/06/2010	21/06/2010	03/06/2011	Active	NO
9	U40105TN2011PLC078729	GREEN INFRA WIND POWER THENI LIMITED	Director	06/01/2011	06/01/2011	24/08/2013	Active	NO
10	U40109TN2011PLC078719	GREEN INFRA WIND ENERGY THENI LIMITED	Director	06/01/2011	06/01/2011	23/08/2013	Active	NO
11	U45200TN2010PLC075953	EMERALD HAVEN REALTY LIMITED	Director	30/09/2011	03/06/2011	-	Active	NO
12	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	05/09/2013	06/09/2011	-	Active	NO

Name :

Mr. Kunnath Narayanan Radhakrishnan

Designation :

Director

Address :

“Shoba Aster”, Apartment No.1022, 113/3 Bilekahalli Village, Vijaya Bank Colony, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

15.07.1962

Qualification :

M. Tech.( Maint. Engg and Management)

Date of Appointment :

08.09.2010

DIN No.:

02599393

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	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	Active	NO
2	U65920TN2008PLC069758	TVS CREDIT SERVICES LIMITED	Director	23/06/2010	17/02/2010	Active	NO
3	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	08/09/2010	16/07/2010	Active	NO
4	U34100WB2011PLC164616	NEO STRATEGIC MOTORS LIMITED	Director	07/07/2011	07/07/2011	Active	NO

Name :

Mr. Seeplaputhur Ganapathiramaswamy Murali

Designation :

Director

Address :

Plot No. 8, “Shruthi” 515 Housing Colony, H. A. L. III Stage, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

26.09.1950

Qualification :

B.Com., A.C.A.

Date of Appointment :

08.09.2010

DIN No.:

00348902

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	U93090TN1983GAT009948	TVS MOTOR HARITA EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	21/11/2002	21/11/2002	01/02/2012	Active	NO
2	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
3	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	08/09/2010	16/07/2010	-	Active	NO
4	U40105TN2011PLC078729	GREEN INFRA WIND POWER THENI LIMITED	Director	27/06/2011	16/02/2011	23/08/2013	Active	NO
5	U40109TN2011PLC078719	GREEN INFRA WIND ENERGY THENI LIMITED	Director	27/06/2011	16/02/2011	-	Active	NO
6	U70101TN2010PLC075027	TVS HOUSING LIMITED	Director	12/08/2011	03/06/2011	-	Active	NO
7	U34100WB2011PLC164616	NEO STRATEGIC MOTORS LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
8	U40109TN2008PLC069101	GREEN INFRA BTV LIMITED	Nominee director	14/10/2013	14/10/2013	-	Active	NO

Name :

Dr. Lakshmi Venu

Designation :

Director

Address :

West Side House, No.3, Adyar Club Gate Road, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

16.04.1983

Qualification :

Doctorate in Engineering Management

Date of Appointment :

10.09.2012

DIN No.:

02702020

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	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Managing director	22/09/2010	22/03/2010	Active	NO
2	U29249TN1992PLC051417	SUNDARAM AUTO COMPONENTS LIMITED	Director	10/09/2012	30/01/2012	Active	NO
3	U29211TN2005PLC055476	TAFE MOTORS AND TRACTORS LIMITED	Director	11/09/2013	02/09/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Kalyanasundaram Dharmarajan
Designation :	Secretary
Address :	C-14, Ground Floor, TVS Nagar, Hosur – 635109, Tamilnadu, India
Date of Birth/Age :	04.05.1960
Date of Appointment :	13.03.2008
PAN No.:	ACYPD7722N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.05.2013

Names of Shareholders	No. of Shares
TVS Motor Company Limited, India	11549994
C Mukundhan (Nominee of TVS Motor Company Limited, India)	1
V N Venkatanathan (Nominee of TVS Motor Company Limited, India)	1
K Gopala Desikan (Nominee of TVS Motor Company Limited, India)	1
H Lakshmanan (Nominee of TVS Motor Company Limited, India)	1
C Narsimhan (Nominee of TVS Motor Company Limited, India)	1
Sujatha Balaji (Nominee of TVS Motor Company Limited, India)	1
Total	11550000

AS ON 22.05.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Automobile Parts and Trading of Automobiles.

Products/ Services :

ITC Code No.	Product Descriptions
40169990	Others articles of vulcanised rubber excl. mats/gaskets & other inflatable articles hard rubber (for example, ebonite) in all forms, including waste and scrap
87141900	Other parts & accssrs of motor cycles (incl MPD
87112019	Automobiles

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India

Industrial Finance Branch, No.155, Anna Salai, Chennai - 600002, Tamilnadu, India

· The Bank Of Nova Scotia

Coimbatore - 641018, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks [Secured by first charge on the entire fixed assets of the company including Equitable Mortgage on lease hold rights of the land.]	250.000	250.000
Other loans and advances [On equitable mortgage on leasehold lands to be created after execution of lease deed in favour of the company.]	67.600	0.000
SHORT TERM BORROWINGS
Term loans from banks [Cash Credit Facility secured by hypothecation of entire current assets, viz. inventories and receivables, both present and future]	61.232	116.212
Total	378.832	366.212

Banking Relations :	--
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	23, C P Ramaswamy Road, Alwarpet, Chennai-600018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFF8812J
Holding company :	TVS Motor Company Limited, Chennai [L35921TN1992PLC022845]
Ultimate holding company :	· Sundaram - Clayton Limited, Chennai [L35999TN1962PLC004792] T V Sundram Iyengar & Sons Limited, Madurai [U34101TN1929PLC002973]
Joint Venture :	TVS Global Automobile Traders FZCO, Dubai
Fellow Subsidiaries :	· TVS Housing Limited, Chennai TVS Energy Limited, Chennai TVS Wind Power Limited, Chennai TVS Wind Energy Limited, Chennai [U40109TN2011PLC078719] TVS Motor (Singapore) Pte Limited, Singapore TVS Motor Company (Europe) B.V, Amsterdam PT. TVS Motor Company Indonesia, Jakarta Sundaram Business Development Consulting (Shanghai) Company Limited, China Sundaram-Clayton (USA) Limited, USA Southern Roadways Limited, Madurai Sundaram Industries Limited, Madurai [U65991TN1943PLC002656] Sundaram Lanka Tyres Limited, Sri Lanka Pusam Rubber Products Limited, Madurai The Associated Auto Parts Limited, Mumbai TVS Interconnect Systems Limited, Madurai NSM Holdings Limited, Madurai TOR Projects & Services Limited, Madurai NK Telecom Products Limited, Madurai NK Tele Systems Limited, Madurai TVS Automobile Solutions Limited, Madurai Rajgarhia Automobile Solution Limited, Kolkata Essex Automobile Solutions Limited, Gujarat Navratna Insurance Broking Limited, Coimbatore Focuz Automobile Services Limited, Kerala GS Automotive Service Equipments (Chennai) Private Limited, Madurai SANRAV Automobile Solutions (Chennai) Private Limited, Madurai Lucas-TVS Limited, Chennai [U35999TN1961PLC004678] Lucas Indian Service Limited, Chennai TVS Automotive Systems Limited, Chennai Sundaram Textiles Limited, Madurai Sundaram Investment Limited, Chennai TVS Investments Limited, Chennai TVS Electronics Limited, Chennai [L30007TN1995PLC032941] Tumkur Property Holdings Limited, Chennai Prime Property Holdings Limited, Chennai TVS-E Access (India) Limited, Chennai TVS-E Servicetec Limited, Chennai [U72500TN2007PLC063540] TVS Capital Funds Limited, Chennai Sundaram Engineering Products Services Limited, Chennai
Associate Company :	· Sundaram Engineering Products Services Limited, Chennai TVS Wind Energy Limited, Chennai

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,550,000	Equity Shares	Rs. 10/- each	Rs. 115.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	115.500	115.500	74.000
(b) Reserves & Surplus	757.238	657.599	417.692
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	872.738	773.099	491.692
(3) Non-Current Liabilities
(a) long-term borrowings	317.600	250.000	46.875
(b) Deferred tax liabilities (Net)	79.728	41.090	30.014
(c) Other long term liabilities	248.300	0.000	0.000
(d) long-term provisions	14.947	8.340	7.612
Total Non-current Liabilities (3)	660.575	299.430	84.501
(4) Current Liabilities
(a) Short term borrowings	63.493	178.084	314.440
(b) Trade payables	1199.732	787.335	740.780
(c) Other current liabilities	223.273	237.883	227.619
(d) Short-term provisions	43.591	21.273	28.251
Total Current Liabilities (4)	1530.089	1224.575	1311.090
TOTAL	3063.402	2297.104	1887.283
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1072.051	1105.876	854.310
(ii) Intangible Assets	2.894	0.114	0.000
(iii) Capital work-in-progress	0.713	30.028	0.644
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	279.983	31.683	1.556
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.274	17.480	0.000
(e) Other Non-current assets	57.077	55.857	1.972
Total Non-Current Assets	1414.992	1241.038	858.482
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	824.044	379.420	383.124
(c) Trade receivables	689.098	562.415	502.466
(d) Cash and cash equivalents	46.825	20.141	19.860
(e) Short-term loans and advances	25.358	34.771	47.157
(f) Other current assets	63.085	59.319	76.194
Total Current Assets	1648.410	1056.066	1028.801
TOTAL	3063.402	2297.104	1887.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	13679.191	10665.612	7466.675
		Other Income	4.205	3.191	1.777
		TOTAL (A)	13683.396	10668.803	7468.452
Less	EXPENSES
		Cost of materials consumed	1797.828	1976.515	1745.978
		Purchases of stock-in-trade	10787.070	7550.558	4653.703
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(265.269)	4.091	0.526
		Employee benefit expense	388.583	321.661	266.142
		Other expenses	702.523	570.173	526.288
		Extraordinary items	(126.380)	0.000	0.000
		TOTAL (B)	13284.360	10423.000	7192.637
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		399.036	245.803	275.815
Less	FINANCIAL EXPENSES (D)		70.689	61.969	67.061
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		328.347	183.834	208.754
Less/ Add	DEPRECIATION/ AMORTISATION (F)		109.679	104.629	93.213
	PROFIT BEFORE TAX (E-F) (G)		218.668	79.205	115.541
Less	TAX (H)		82.513	27.884	29.889
	PROFIT AFTER TAX (G-H) (I)		136.155	51.321	85.652
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	43.929	39.304	38.043
		Other Earnings	0.898	1.265	0.931
	TOTAL EARNINGS		44.827	40.569	38.974
	IMPORTS
		Raw Materials	217.314	293.826	282.318
		Stores & Spares	4.189	2.628	0.658
		Capital Goods	0.000	125.089	70.347
	TOTAL IMPORTS		221.503	421.543	353.323
	Earnings Per Share (Rs.)		4.98	5.15	11.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.00	0.48	1.15
Net Profit Margin (PBT/Sales)	(%)	1.60	0.74	1.55
Return on Total Assets (PBT/Total Assets}	(%)	7.86	3.54	6.13
Return on Investment (ROI) (PBT/Networth)		0.25	0.10	0.23
Debt Equity Ratio (Total Debt/Networth)		0.44	0.55	0.73
Current Ratio (Current Asset/Current Liability)		1.08	0.86	0.78

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	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	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

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	CIVIL MISC. APPEAL
Case No.:	1662
Year :	2011
Petitioner :	THE COMMISSIONER OF CENTRAL
Respondent :	M/S.SUNDARAM AUTO COMPONENTS
Pet's Advocate :	M/S.P.BUVANESWARI SCGSC
Res's Advocate :	M/S S.JAIKUMAR
Category :	Excise/Prohibition/Customs
	Last Listed on: No Date Mentioned
Case Updated on :	Apr 10 2013
No Connected Application(s)	No Connected Matter(s)

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80009844	14/05/2013 *	721,600,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, NO.155, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B75038968
2	80024963	15/03/2012 *	335,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, NO.155, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B36731842

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	2.261	61.872
Total	2.261	61.872

PERFORMANCE

The economy in 2012-13 witnessed a slowdown, growing at 5% as compared to 6% growth last year and was the lowest in the last 5 years. The industrial sector was almost stagnant at 3.1% as against 3.3% last year. This slowdown can be attributed to contraction in demand from manufacturing and mining sectors. The agriculture sector witnessed its lowest growth in 3 years at 0.5% owing to below average monsoon. Inflation continued to be at 7.5%.

The two wheeler, car and MUV segments registered marginal growth while the MHCVs were the worst hit segment during the year.

The Company has achieved a growth in PBT (before extraordinary items) of 16.5% during the year 2012-13 compared to the previous year 2011-12 even though the sales of components for the Company remained stagnant at Rs. 2980.000 Millions. The Company earned a profit before tax (before extraordinary items) of Rs. 92.300 Millions during the year 2012-13 as against Rs. 79.200 Millions in the previous year.

The contribution percentage has increased by 2.8% during 2012-13 driven by improvements in material yield. However, power and fuel costs have increased by 1.9% of sales during the year due to frequent power cuts and increase in diesel price.

The Company has secured new orders worth Rs. 2000.000 Millions, to be executed over a period of time from current year. The Company has been nominated for manufacture and supply of a new product line. Air intake manifolds for Ford’s new project.

Gujarat having emerged as the next automotive hub in the nation, the Company has acquired land in Gujarat state for future business expansion.

During March 2013, Rubber Division of the Company was sold to M/s. Mega Rubber Technologies Private Limited for a total consideration of Rs. 210.000 Millions. The sale related to all assets of the division including plant and machinery, current assets and current liabilities, excluding land and buildings owned by the division. The profit on sale of this is reflected in the accounts for the year ended 31st March 2013 and shown under the head ‘Extraordinary Items’.

BUSINESS OUTLOOK

The uncertainty witnessed in 2012-13 is likely to continue during 2013-14. Global economy showed no signs of recovery during 2012-13 and is expected to be more uncertain. This may result in volatile crude and commodity prices and fluctuations in foreign exchange rates.

In domestic economy, continued inflationary pressures, lower private consumption and high interest rates are likely to affect sentiments. The overall automotive industry is expected to go through a phase of decline by 5% compared to previous year owing to higher inflation, interest rates and reduced disposable income.

Only the SCV (small commercial vehicles) is expected to resist the trend and grow at 10%. Four wheelers and two wheelers industries are expected to decline by 6% over previous year.

PRIZES / AWARDS WON

The Company was awarded ‘Best supplier award’ by TVS Motor Company Limited in recognition of the outstanding support given to the customer during the year.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) On counter guarantee given to banks	4.840	3.000
(b) On letters of credit	65.767	131.867
(c) On bills of exchange drawn on customers discounted	141.540	111.080
(d) On import of capital goods under Export Promotion Capital Goods scheme	3.973	3.973
Total	216.120	249.920

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Computer equipments

Other equipments

Computer software

Licenses and franchise

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.52
UK Pound	1	Rs. 101.48
Euro	1	Rs. 84.11

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.