MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	DELPHI-TVS DIESEL SYSTEMS LIMITED (w.e.f.03.05.2002)
Formerly Known As :	LUCAS-TVS DIESEL SYSTEMS LIMITED
Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.05.1952
Com. Reg. No.:	18-005704
Capital Investment / Paid-up Capital :	Rs.79.200 Million
CIN No.: [Company Identification No.]	U24117TN1952PLC005704
TAN No.: [Tax Deduction & Collection Account No.]	CHEL00047F
PAN No.: [Permanent Account No.]	AAACL1019K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Component.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 is non-cooperative (91-44-27658454)

LOCATIONS

Registered Office :	No. 6, Patullos Road, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-27658454
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	mns.fin@delphitvs.com
Website :	http://www.delphitvs.com
Corporate Office :	Aalim Centre, 2^nd Floor, 82 Dr. Radhakrishan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-28110063 / 28110074
Fax No.:	91-44-28115624
E-Mail :	tvs.corp@lucastvs.co.in
Office and Factory :	Mannur, Thodukadu Post, Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India
Tel. No.:	91-44-27658454 (Extension 130/131/133)
Fax No.:	91-44-27658351/ 91-44-27659657
E-Mail :	ss.mktg@delphitvs.com
Plant Office :	Uttarakhand Plant : Plot number: 58 & 59, Sector 11, I.I.E- Panth Nagar, (District .U.S.NAGAR) Oragadam Plant : Plot No B 16, Sipcot Industrial Park, Kancheepuram District, Tamilnadu, India

DIRECTORS

As on: 20.08.2013

Name :

Mr. Tirumala Kumara Balaji

Designation :

Managing Director

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

01.04.2012

PAN No.:

AAFPB7797J

DIN No.:

00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	30/03/2012	24/08/1979	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	15/10/1979	15/10/1979	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/11/1984	28/11/1984	-	Active	NO
6	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/03/1986	01/03/1986	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28/07/1986	28/07/1986	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15/02/2000	15/02/2000	14/08/2008	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17/09/2001	17/09/2001	15/04/2014	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	04/08/2008	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
16	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U65920TN2008PLC069758	TVS Credit Services Limited	Director	23/06/2010	03/05/2010	-	Active	NO
18	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Kalathur Seshadri

Designation :

Nominee director

Address :

No. 23, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Appointment :

25.10.2000

DIN No.:

00301839

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	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	31/05/1995	31/05/1995	-	Active	NO
2	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
3	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Nominee director	25/10/2000	25/10/2000	-	Active	NO
4	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
5	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
6	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Additional director	30/12/2008	30/12/2008	-	Active	NO
7	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	20/07/2009	20/07/2009	-	Active	NO

Name :

Mr. Stephen David Gregory

Designation :

Director

Address :

Greentrees, Cranbrook Road, Goudhurst, TN171Dy, United Kingdom

Date of Appointment :

25.10.2000

DIN No.:

01014520

Name :

Mr. Arvind Balaji

Designation :

Director Appointed in casual vacancy

Address :

34, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Appointment :

16.06.2009

DIN No.:

00557711

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	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	22/09/2010	10/05/2004	-	Active	NO
2	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
3	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
5	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	07/09/2011	Active	NO
7	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	06/08/2007	-	Active	NO
8	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	18/04/2013	13/12/2007	-	Active	NO
9	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	26/08/2013	25/10/2008	-	Active	NO
10	U01400TN2009PTC070420	HARITA GREENS PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
11	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
12	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
13	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director appointed in casual vacancy	16/06/2009	16/06/2009	-	Active	NO
14	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
15	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	07/10/2013	-	Active	NO
16	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

Name :

Mr. John Martin Fuerst

Designation :

Director Appointed in casual vacancy

Address :

1219, Sandringham way, Bloomfield hills – 48301, USA

Date of Birth/Age :

27.09.1960

Date of Appointment :

18.12.2009

DIN No.:

02951266

Name :

Carlo Sahiavo

Designation :

Director Appointed in casual vacancy

Address :

Strada Castelvecchio 16, Moncalieri To, 10024, Italy

Date of Appointment :

29.03.2012

DIN No.:

05260122

Name :

Pascal Marie Armand Dutfoy

Designation :

Director Appointed in casual vacancy

Address :

9, Rue Du Tertre, Vineuil, France, 41350, France

Date of Appointment :

15.06.2012

DIN No.:

05320431

KEY EXECUTIVES

Name :	Mr. Subramanian Narayanaswamy Mangalam
Designation :	Secretary
Address :	New 38/2, Block 9 , SSV Apartments, Chockalingam Nagar, Velacherry, Chennai – 600042, India
Date of Appointment :	15.10.1979
PAN No.:	AACPS3496G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.08.2013

Names of Shareholders	No. of Shares
Delphi Automotive systems Instruments Private Limited, Singapore	4158000
T.V. Sundaram Iyengar and Sons Limited, India	1071936
Sundaram Industries Limited, India	1081700
Southern Roadways Limited, India	365468
Sundaram finance Limited, India	252896
Lucas – TVS Limited, India	264000
Lucas Indian Service Limited, India	66000
Life Insurance corporation of India, India	330004
General Insurance Corporation of India, India	164996
United India Insurance Company Limited, India	164996
K. Sesahdri	1
Arvind Balaji	1
J.S. Chopra	1
M N Subramanian	1
Total	7920000

Equity Share Break up (Percentage of Total Equity)

As on: 20.09.2013

Category	Percentage
Public financial companies	8.33
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	52.50
Bodies corporate	39.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Component.

Products :

Item Code No.	Production Description
84131101	Fuel Injection Pumps
84139100	Parts of Pumps

GENERAL INFORMATION

Customers :

• TATA
• Mahindra
• Hindustan Motors
• Mahindra Renault
• Force
• Maruti Suzuki
• Ford
• Sangyong
• Perkins
• Renault
• Peugeot
• Escort
• Fiat
• Greaves
• Delphi

No. of Employees :

Information declined by the management

Bankers :

• The South Indian Bank Limited, 150, Triplicane High Road, Chennai – 600005, Tamilnadu, India
• HDFC Bank Limited, Hdfc Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013,, Maharashtra, India
• Export-Import Bank Of India, Centre One Building, Floor 21,, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• State Bank Of India, Industrial Finance Branch, 155, Anna Salai, Chennai - 600002, Tamilnadu, India
• Barclays Bank PLC, 20-21, Kamaj Salai, Kanchipuram – 631501, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loan from banks	3154.610	1490.000
Short Term Borrowings
Working capital loans from banks	1759.421	1226.513
Total	4914.031	2716.513

Banking Relations :

--

Auditors :

Name :

Brahmayya and Company

Chartered Accountants

Address :

No.48, Masilamani Road, Royapettah, Chennai – 600014, Tamilnadu, India

PAN No.:

AAAFB2481J

Holding Company :

Delphi Automotive Systems Singapore Investments Pte Limited

Fellow Subsidiaries (With whom transactions took place during the year) :

· Delphi Diesel Systems Limited, Spain

· Delphi Diesel Systems Limited, France

· Delphi Diesel Aftermarket, UK

· Delphi Diesel Systems Limited, Brazil

· Delphi Diesel Systems, Gillingham, UK

· Delphi Diesel Systems, Sudbury, UK

· Delphi Diesel Systems, Mexico

· Delphi Diesel Systems, Turkey

· Delphi Automotive Systems India Private Limited

CIN No. U74899DLI1995PTC067296

· Delphi Diesel Systems, Romania

· Delphi Electronics and Safety, Singapore

· Delphi Wanyuar Engine Management Systems Company Limited, Beijing

· Delphi LA Rochelle

Associates :

T.V. Sundram Iyengar and Sons Limited, Venture

CIN No. U34101TN1929PLC002973

Company Which Has Common Key Management Personnel :

Lucas TVS Limited

CIN No. U35999TN1961IPLC004678

CAPITAL STRUCTURE

As on: 20.08.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7920000	Equity Shares	Rs.10/- each	Rs.79.200 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	79.200	79.200	79.200
(b) Reserves & Surplus	2721.460	2610.791	2363.936
(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)	2800.660	2689.991	2443.136
(3) Non-Current Liabilities
(a) long-term borrowings	3222.423	1550.308	1356.011
(b) Deferred tax liabilities (Net)	331.629	294.043	240.376
(c) Other long term liabilities	75.336	1.643	6.192
(d) long-term provisions	11.526	1.906	0.999
Total Non-current Liabilities (3)	3640.914	1847.900	1603.578
(4) Current Liabilities
(a) Short term borrowings	1759.421	1226.513	821.488
(b) Trade payables	1478.159	1698.632	997.521
(c) Other current liabilities	1096.706	947.051	888.959
(d) Short-term provisions	127.608	187.022	142.444
Total Current Liabilities (4)	4461.894	4059.218	2850.412
TOTAL	10903.468	8597.109	6897.126
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4610.367	4870.301	4293.613
(ii) Intangible Assets	440.639	485.848	285.329
(iii) Capital work-in-progress	2003.542	149.168	320.097
(iv) Intangible assets under development	39.875	0.000	0.000
(b) Non-current Investments	2.450	2.450	2.450
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	316.569	301.347	185.004
(e) Other Non-current assets	15.485	7.539	3.601
Total Non-Current Assets	7428.927	5816.653	5090.094
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1645.401	1277.400	938.257
(c) Trade receivables	1180.327	1064.489	628.404
(d) Cash and cash equivalents	20.329	33.013	15.430
(e) Short-term loans and advances	624.667	394.954	224.941
(f) Other current assets	3.817	10.600	0.000
Total Current Assets	3474.541	2780.456	1807.032
TOTAL	10903.468	8597.109	6897.126

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	11760.647	10336.307	7020.363
	Other Income	37.772	42.875	44.892
	TOTAL	11798.419	10379.182	7065.255
Less	EXPENSES
	Cost of Materials Consumed	6789.776	5899.839	3614.359
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(171.117)	(89.412)	12.983
	Employees benefits expense	1187.300	947.650	718.091
	Other expenses	2615.272	2124.398	1477.574
	TOTAL	10421.231	8882.475	5823.007
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1377.188	1496.707	1242.248
Less	FINANCIAL EXPENSES	409.389	395.578	309.845
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	967.799	1101.129	932.403
Less/ Add	DEPRECIATION/ AMORTISATION	782.481	699.352	646.383
	PROFIT/ (LOSS) BEFORE TAX	185.318	401.777	286.020
Less	TAX	37.585	53.667	50.781
	PROFIT/ (LOSS) AFTER TAX	147.733	348.110	235.239
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	422.049	210.039	283.600
Less	APPROPRIATIONS
	Proposed final Dividend for the year	31.700	87.100	71.300
	Dividend distribution tax	5.400	14.200	11.500
	Transfer to General Reserve	14.800	34.800	226.000
	Total (M)	51.900	136.100	308.800
	Balance Carried to the B/S (J+K+L-M)	517.882	422.049	210.039
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings			694.182
	Income from Engineering Services			16.084
	TOTAL EARNINGS	503.842	735.689	710.266
	IMPORTS
	Components			1624.271
	Machinery spares and tools			171.959
	Plant and Machinery			81.320
	TOTAL IMPORTS	NA	NA	1877.550
	Earnings / (Loss) Per Share (Rs.)	18.65	43.95	29.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.25	3.35	3.33
Net Profit Margin (PBT/Sales)	(%)	1.58	3.89	4.07
Return on Total Assets (PBT/Total Assets}	(%)	2.09	4.76	4.35
Return on Investment (ROI) (PBT/Networth)		0.07	0.15	0.12
Debt Equity Ratio (Total Debt/Networth)		1.78	1.03	0.89
Current Ratio (Current Asset/Current Liability)		0.78	0.68	0.63

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	79.200	79.200	79.200
Reserves & Surplus	2363.936	2610.791	2721.460
Net worth	2443.136	2689.991	2800.660
long-term borrowings	1356.011	1550.308	3222.423
Short term borrowings	821.488	1226.513	1759.421
Total borrowings	2177.499	2776.821	4981.844
Debt/Equity ratio	0.891	1.032	1.779

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7020.363	10336.307	11760.647
		47.233	13.780

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7020.363	10336.307	11760.647
Profit	235.239	348.110	147.733
	3.35%	3.37%	1.26%

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Deferred sales tax loan	53.943	53.943
Public Deposits	13.870	6.365
Total	67.813	60.308

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478697	30/12/2013	500,000,000.00	THE SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD, CHENNAI - 600005, TAMILNADU, INDIA	B96828405
2	10399636	22/12/2012	400,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO.192, ANNA SALAI, CHENNAI – 600002, TAMILNADU, INDIA	B66373077
3	10349791	19/02/2013 *	1,000,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B71479265
4	10324421	06/12/2013 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013,, MAHARASHTRA, INDIA	B95314951
5	10284535	15/03/2011	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B12174579
6	10240176	05/08/2010	147,307,000.00	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNAD  U LIMITED	19 - A, RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA	A95163846
7	10167913	25/06/2009	500,000,000.00	SOUTH INDIAN BANK LIMITED	150, TRIPLICANE HIGH ROAD, TRIPLICANE, CHENNAI - 600005,  TAMILNADU, INDIA	A66425471
8	10118015	24/10/2008 *	600,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A52827375
9	10107991	06/12/2013 *	3,965,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B95335865
10	10090040	05/11/2007	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A33067257

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Technical Knowhow
• Lease hold Land

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.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.